Synchronoss Technologies Inc. (NASDAQ: SNCR), a global leader and
innovator in cloud, messaging, digital and IoT platforms and
products, today announced financial results for its second quarter
ended June 30, 2020.
Second quarter highlights:
- Revenue was $76.5 million, compared to $77.8 million in
the second quarter of 2019. Recurring revenue was 78.4
percent.
- GAAP net loss for the quarter was $10.15 million, or 24
cents per share, compared to $25.0 million or 61 cents per share in
the prior year’s second quarter.
- Non-GAAP net income from continuing operations
attributable to Synchronoss was $6.6 million or 16 cent per share,
compared to a Non-GAAP net loss of $11.3 million or 28 cents per
share in the prior year’s second quarter.
- Synchronoss delivered $11.5 million of adjusted EBITDA,
compared to $8.7 million in the second quarter of 2019. Adjusted
EBITDA margin in the second quarter was 15 percent compared to 11.2
percent in last year’s second quarter.
- Positive Adjusted Free Cash Flow of $13 million drove
an increase in cash and liquidity to $42.8 million at quarter end
up from $31m at the end of Q1.
- This morning, in a separate release, the company
announced the 5-year renewal of its white-label cloud agreement
with its largest customer, Verizon Wireless.
Glenn Lurie, president and chief executive officer, stated,
“Synchronoss continued to overcome the many challenges posed by the
global pandemic and delivered a solid second quarter. The strength
of our customer relationships is highlighted by new wins with some
of our largest customers, including the 5-year renewal of our
personal cloud contract with Verizon, our largest customer, that we
announced this morning in a separate press release. Adjusted EBITDA
margins were at the highest level since the fourth quarter of 2018,
and free cash flow was $13 million. I am proud of the Synchronoss
team as they remained productive and committed to servicing our
customers while still working from home, and these results speak to
their passion and resilience.”
|
|
Three Months Ended June 30, |
|
|
|
$000s |
|
2020 |
|
|
2019 |
|
% Change |
Revenues |
|
$76,535 |
|
|
$77,846 |
|
(1.7 |
%) |
Net Loss |
|
(10,148 |
) |
|
(25,030 |
) |
(59.5 |
%) |
Adjusted EBITDA |
|
11,549 |
|
|
8,669 |
|
33.2 |
% |
|
|
Six Months Ended June 30, |
|
|
|
$000s |
|
2020 |
|
|
2019 |
|
% Change |
Revenues |
|
$153,657 |
|
|
$165,951 |
|
(7.4 |
%) |
Net Loss |
|
(22,423 |
) |
|
(52,617 |
) |
(57.4 |
%) |
Adjusted EBITDA |
|
13,307 |
|
|
15,299 |
|
(13.0 |
%) |
David Clark, chief financial officer, added, “Our cost cutting
efforts remain on track to deliver $45 million of in-year savings
and $55 million of annualized savings. These efforts and execution
were one of the main drivers of improved financial results
including 62.6 percent adjusted gross margins, 15 percent EBITDA
margin, and positive free cash flow of $13 million.”
Guidance
The company’s original 2020 Adjusted EBITDA guidance was $25-$35
million. The Verizon renewal reduces non-cash deferred revenue by
approximately $10 million in the latter half of 2020. Under
accounting standard ASC 606, this remaining $10 million of deferred
revenue will now be amortized over the new term of the contract.
The implied Adjusted EBITDA guidance range would be $15-$25
million. However, the company is also narrowing guidance to the top
half of the range. Accordingly, the company now expects Adjusted
EBITDA for the year of $20-$25 million.
New Business Update
New customer agreements and partnerships that the company has
completed since the last earnings announcement include:
- The 5-year contract extension of our personal cloud agreement
with Verizon. This extension further solidifies our long-term
relationship with Verizon and shows the value they see in our Cloud
solution, which delivers solid incremental revenue and
profitability for them, and a better user experience for their
subscribers.
- This new personal cloud contract with Verizon includes a joint
market agreement to more directly target their existing base of
subscribers.
- We secured additional cloud initiatives in the quarter that
will augment Verizon’s service offerings in other areas and expand
our access to Verizon customers and help us continue to grow cloud
revenue.
- In Advanced Messaging, we signed two additional Agreements with
CCMI to expand our role in preparing for the launch of RCS-based
messaging service to be offered by the joint venture between
AT&T, Sprint, T-Mobile and Verizon.
- In Core Messaging, we won new business and expanded our
relationship with Proximus to provide Messaging services.
- In our Digital Platform, we signed a 5-year extension to our
relationship with Sage Management, who provides audit services as a
complement to our Financial Analytics product. Additionally,
we signed a seven-figure Financial Analytics contract with a
nationwide service provider.
- Finally, we signed Globe Telecom to a Spatial Managed Services
contract in the Philippines.
A reconciliation of GAAP to non-GAAP results has been provided
in the financial statement tables included in this press release.
An explanation of these measures is included below under the
heading "Non-GAAP Financial Measures."
Conference Call Details
Synchronoss will host a conference call at 8:00 a.m. (ET) that
morning to discuss the financial results. Please click the
following link to join the webinar:
https://synchronoss.zoom.us/j/99626412696?pwd=bDJQRlF6MjNoN3c3amJySHFKemx1dz09
Password: 015747
To join by telephone, please dial one of the following numbers
based on your location:US: +1 253 215 8782+1 346 248 7799 +1
408 638 0968 +1 669 900 6833 +1 301 715 8592 +1 312 626 6799 +1 646
876 9923Webinar ID: 996 2641 2696Password: 015747
International numbers are also available:
https://synchronoss.zoom.us/u/ab5P87e92z.
Following the conference call, an archived webcast of the
conference call will be available on the Investor Relations section
of the company’s website at www.synchronoss.com.
Non-GAAP Financial MeasuresSynchronoss has
provided in this release selected financial information that has
not been prepared in accordance with GAAP. This information
includes historical non-GAAP revenues, gross profit, operating
income (loss), net income (loss), effective tax rate, and earnings
(loss) per share. Synchronoss uses these non-GAAP financial
measures internally in analyzing its financial results and believes
they are useful to investors, as a supplement to GAAP measures, in
evaluating Synchronoss’ ongoing operational performance.
Synchronoss believes that the use of these non-GAAP financial
measures provides an additional tool for investors to use in
evaluating ongoing operating results and trends, and in comparing
its financial results with other companies in Synchronoss’
industry, many of which present similar non-GAAP financial measures
to investors. As noted, the non-GAAP financial results discussed
above add back fair value stock-based compensation expense,
acquisition-related costs which includes integration costs,
restructuring and cease-use lease expense, deferred compensation
expense related to earn outs and amortization of intangibles
associated with acquisitions.
Non-GAAP financial measures should not be considered in
isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Investors are encouraged to
review the reconciliation of these non-GAAP measures to their most
directly comparable GAAP financial measures as detailed above. As
previously mentioned, a reconciliation of GAAP to non-GAAP results
has been provided in the financial statement tables included in
this press release.
About Synchronoss Technologies, Inc.
Synchronoss transforms the way companies create new revenue,
reduce costs and delight their subscribers with cloud, messaging,
digital and IoT products, supporting hundreds of millions of
subscribers across the globe. Synchronoss’ secure, scalable and
groundbreaking new technologies, trusted partnerships, and talented
people change the way TMT customers grow their businesses. For more
information, visit us at www.synchronoss.com.
Forward-looking Statements
This press release includes statements concerning Synchronoss
and its future expectations, plans and prospects that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. For this purpose, any
statements contained herein that are not statements of historical
fact may be deemed to be forward-looking statements. Without
limiting the foregoing, the words “may,” “should,” “expects,”
“plans,” “anticipates,” “could,” “intends,” “believes,” “potential”
or “continue” or other similar expressions are intended to identify
forward-looking statements. Synchronoss has based these
forward-looking statements largely on its current expectations and
projections about future events and financial trends that it
believes may affect its business, financial condition and results
of operations. These forward-looking statements speak only as of
the date of this press release and are subject to a number of
risks, uncertainties and assumptions including, without limitation,
risks relating to the Company’s ability to sustain or increase
revenue from its larger customers and generate revenue from new
customers, the Company’s expectations regarding expenses and
revenue, the sufficiency of the Company’s cash resources, the
Company’s growth strategies, the anticipated trends and challenges
in the business and the market in which the Company operates, the
Company’s expectations regarding federal, state and foreign
regulatory requirements, the pending lawsuits against the Company
described in its most recent SEC filings, and other risks and
factors that are described in the “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations” sections of the Company’s Annual Report on Form 10-K
for the year ended December 31, 2019, which is on file with the SEC
and available on the SEC’s website at www.sec.gov. The company does
not undertake any obligation to update any forward-looking
statements contained in this press release as a result of new
information, future events or otherwise.
Contact:
Investors:Leslie GahaganInvestor Relations
Analyst623-745-4046investor@synchronoss.com
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited) (In
thousands)
|
|
June 30, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
42,771 |
|
|
$ |
39,001 |
|
Accounts receivable, net |
|
57,332 |
|
|
65,863 |
|
Operating lease right-of-use
assets |
|
46,913 |
|
|
53,965 |
|
Goodwill |
|
222,854 |
|
|
222,969 |
|
Other Assets |
|
151,782 |
|
|
150,225 |
|
Total
assets |
|
$ |
521,652 |
|
|
$ |
532,023 |
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
Accounts Payable and Accrued
expenses |
|
$ |
96,454 |
|
|
$ |
87,538 |
|
Debt, current |
|
10,000 |
|
|
— |
|
Deferred revenues |
|
63,273 |
|
|
87,799 |
|
Operating lease liabilities,
non-current |
|
53,495 |
|
|
60,976 |
|
Other liabilities |
|
17,946 |
|
|
18,768 |
|
Preferred Stock |
|
218,482 |
|
|
200,865 |
|
Stockholders’ equity |
|
62,002 |
|
|
76,077 |
|
Total liabilities and
stockholders’ equity |
|
$ |
521,652 |
|
|
$ |
532,023 |
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF
OPERATIONS(Unaudited)(In
thousands, except per share data)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
76,535 |
|
|
|
$ |
77,846 |
|
|
|
$ |
153,657 |
|
|
|
$ |
165,951 |
|
|
Costs and expenses: |
|
|
|
|
|
|
|
|
Cost of revenues |
|
29,480 |
|
|
|
33,403 |
|
|
|
64,951 |
|
|
|
72,356 |
|
|
Research and development |
|
19,096 |
|
|
|
19,026 |
|
|
|
38,884 |
|
|
|
38,707 |
|
|
Selling, general and administrative |
|
24,640 |
|
|
|
23,080 |
|
|
|
50,984 |
|
|
|
52,326 |
|
|
Restructuring charges |
|
4,493 |
|
|
|
356 |
|
|
|
5,943 |
|
|
|
777 |
|
|
Depreciation and amortization |
|
10,284 |
|
|
|
20,269 |
|
|
|
21,640 |
|
|
|
40,412 |
|
|
Total costs and expenses |
|
87,993 |
|
|
|
96,134 |
|
|
|
182,402 |
|
|
|
204,578 |
|
|
Loss from continuing
operations |
|
(11,458 |
) |
|
|
(18,288 |
) |
|
|
(28,745 |
) |
|
|
(38,627 |
) |
|
Interest income |
|
1,509 |
|
|
|
299 |
|
|
|
1,568 |
|
|
|
488 |
|
|
Interest expense |
|
(84 |
) |
|
|
(463 |
) |
|
|
(329 |
) |
|
|
(1,048 |
) |
|
Gain (loss) on extinguishment of debt |
|
— |
|
|
|
430 |
|
|
|
— |
|
|
|
817 |
|
|
Other Income |
|
1,367 |
|
|
|
(24 |
) |
|
|
3,058 |
|
|
|
439 |
|
|
Equity method investment loss |
|
— |
|
|
|
(376 |
) |
|
|
— |
|
|
|
(1,619 |
) |
|
Loss from continuing
operations, before taxes |
|
(8,666 |
) |
|
|
(18,422 |
) |
|
|
(24,448 |
) |
|
|
(39,550 |
) |
|
Benefit for income taxes |
|
7,972 |
|
|
|
1,844 |
|
|
|
20,404 |
|
|
|
3,235 |
|
|
Net loss from continuing
operations |
|
(694 |
) |
|
|
(16,578 |
) |
|
|
(4,044 |
) |
|
|
(36,315 |
) |
|
Net loss attributable to redeemable noncontrolling interests |
|
(165 |
) |
|
|
(593 |
) |
|
|
(182 |
) |
|
|
(906 |
) |
|
Preferred stock dividend |
|
(9,289 |
) |
|
|
(7,859 |
) |
|
|
(18,197 |
) |
|
|
(15,396 |
) |
|
Net loss attributable to
Synchronoss |
|
$ |
(10,148 |
) |
|
|
$ |
(25,030 |
) |
|
|
$ |
(22,423 |
) |
|
|
$ |
(52,617 |
) |
|
|
|
|
|
|
|
|
|
|
Earnings per
share |
|
|
|
|
|
|
|
|
Basic |
|
(0.24 |
) |
|
(0.61 |
) |
|
(0.54 |
) |
|
(1.30 |
) |
Diluted |
|
(0.24 |
) |
|
(0.61 |
) |
|
(0.54 |
) |
|
(1.30 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
Basic |
|
41,697 |
|
|
40,810 |
|
|
41,482 |
|
|
40,566 |
|
Diluted |
|
41,697 |
|
|
40,810 |
|
|
41,482 |
|
|
40,566 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In thousands)
(Unaudited)
|
Six Months Ended June 30, |
|
2020 |
|
2019 |
Net loss from continuing operations |
$ |
(4,044 |
) |
|
|
$ |
(36,315 |
) |
|
|
|
|
|
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
Non-cash items |
30,122 |
|
|
|
51,743 |
|
|
Changes in operating assets and liabilities: |
(24,470 |
) |
|
|
3,136 |
|
|
Net cash provided by operating activities |
1,608 |
|
|
|
18,564 |
|
|
|
|
|
|
Investing activities: |
|
|
|
Purchases of fixed assets |
(424 |
) |
|
|
(4,940 |
) |
|
Purchases of intangible assets and capitalized software |
(8,685 |
) |
|
|
(5,959 |
) |
|
Other investing activities |
2,175 |
|
|
|
(9,351 |
) |
|
Net cash used in investing activities |
(6,934 |
) |
|
|
(20,250 |
) |
|
|
|
|
|
Net cash provided by (used in) financing
activities |
9,991 |
|
|
|
(73,574 |
) |
|
Effect of exchange rate changes on cash |
(895 |
) |
|
|
10 |
|
|
Net increase
(decrease) in cash and cash equivalents |
3,770 |
|
|
|
(75,250 |
) |
|
|
|
|
|
Cash, restricted cash
and cash equivalents, beginning of period |
39,001 |
|
|
|
109,860 |
|
|
Cash, restricted cash
and cash equivalents, end of period |
$ |
42,771 |
|
|
|
$ |
34,610 |
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data) (Unaudited)
|
|
Three Months Ended Jun 30, |
|
Six Months Ended Jun 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Non-GAAP financial
measures and reconciliation: |
|
|
|
|
|
|
|
|
GAAP Revenue |
|
$ |
76,535 |
|
|
|
$ |
77,846 |
|
|
|
$ |
153,657 |
|
|
|
$ |
165,951 |
|
|
Less: Cost of revenues |
|
29,480 |
|
|
|
33,403 |
|
|
|
64,951 |
|
|
|
72,356 |
|
|
Gross
Profit |
|
47,055 |
|
|
|
44,443 |
|
|
|
88,706 |
|
|
|
93,595 |
|
|
Add /
(Less): |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
641 |
|
|
|
657 |
|
|
|
1,394 |
|
|
|
1,343 |
|
|
Restructuring, transition, and cease-use lease expense |
|
243 |
|
|
|
— |
|
|
|
283 |
|
|
|
— |
|
|
Adjusted Gross
Profit |
|
$ |
47,939 |
|
|
|
$ |
45,100 |
|
|
|
$ |
90,383 |
|
|
|
$ |
94,938 |
|
|
Adjusted Gross
Margin |
|
62.6 |
% |
|
|
57.9 |
% |
|
|
58.8 |
% |
|
|
57.2 |
% |
|
|
|
|
|
|
|
|
|
|
GAAP Net loss
attributable to Synchronoss |
|
$ |
(10,148 |
) |
|
|
$ |
(25,030 |
) |
|
|
$ |
(22,423 |
) |
|
|
$ |
(52,617 |
) |
|
Add /
(Less): |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
4,987 |
|
|
|
5,474 |
|
|
|
10,156 |
|
|
|
11,028 |
|
|
Acquisition costs |
|
— |
|
|
|
(42 |
) |
|
|
— |
|
|
|
(230 |
) |
|
Restructuring, transition, and cease-use lease expense |
|
7,003 |
|
|
|
474 |
|
|
|
8,699 |
|
|
|
1,214 |
|
|
Amortization expense |
|
4,062 |
|
|
|
7,123 |
|
|
|
8,696 |
|
|
|
13,252 |
|
|
Litigation, remediation and refiling costs |
|
733 |
|
|
|
782 |
|
|
|
1,557 |
|
|
|
1,502 |
|
|
Non-GAAP Expenses attributable to Non-Controlling Interest |
|
— |
|
|
|
(39 |
) |
|
|
— |
|
|
|
(76 |
) |
|
Non-GAAP Net Income
(loss) from continuing operations attributable to
Synchronoss |
|
$ |
6,637 |
|
|
|
$ |
(11,258 |
) |
|
|
$ |
6,686 |
|
|
|
$ |
(25,927 |
) |
|
|
|
|
|
|
|
|
|
|
Diluted Non-GAAP Net Income
(loss) from continuing operations per share |
|
$ |
0.16 |
|
|
|
$ |
(0.28 |
) |
|
|
$ |
0.16 |
|
|
|
$ |
(0.64 |
) |
|
|
|
|
|
|
|
|
|
|
Weighted shares outstanding -
Diluted |
|
41,697 |
|
|
|
40,810 |
|
|
|
41,482 |
|
|
|
40,566 |
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data) (Unaudited)
|
|
Three Months Ended |
|
Six Months Ended |
|
|
Jun 30, 2019 |
|
Sep 30, 2019 |
|
Dec 31, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
|
Jun 30, 2020 |
|
Jun 30, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income attributable to Synchronoss |
|
$ |
(25,030 |
) |
|
|
$ |
(69,432 |
) |
|
|
$ |
(14,678 |
) |
|
|
$ |
(12,275 |
) |
|
|
$ |
(10,148 |
) |
|
|
$ |
(22,423 |
) |
|
|
$ |
(52,617 |
) |
|
Add /
(Less): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
5,474 |
|
|
|
6,000 |
|
|
|
5,222 |
|
|
|
5,169 |
|
|
|
4,987 |
|
|
|
10,156 |
|
|
|
11,028 |
|
|
Acquisition costs |
|
(42 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(230 |
) |
|
Restructuring, transition, and cease-use lease expense |
|
474 |
|
|
|
6,215 |
|
|
|
17 |
|
|
|
1,696 |
|
|
|
7,003 |
|
|
|
8,699 |
|
|
|
1,214 |
|
|
Cumulative adjustment to STI receivable |
|
— |
|
|
|
26,044 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Litigation, remediation and refiling costs |
|
782 |
|
|
|
4 |
|
|
|
1,320 |
|
|
|
824 |
|
|
|
733 |
|
|
|
1,557 |
|
|
|
1,502 |
|
|
Depreciation and amortization |
|
20,269 |
|
|
|
18,508 |
|
|
|
18,116 |
|
|
|
11,356 |
|
|
|
10,284 |
|
|
|
21,640 |
|
|
|
40,412 |
|
|
Interest income |
|
(299 |
) |
|
|
(228 |
) |
|
|
(542 |
) |
|
|
(58 |
) |
|
|
(1,509 |
) |
|
|
(1,567 |
) |
|
|
(488 |
) |
|
Interest Expense |
|
463 |
|
|
|
203 |
|
|
|
104 |
|
|
|
245 |
|
|
|
84 |
|
|
|
329 |
|
|
|
1,048 |
|
|
Gain on Extinguishment of debt |
|
(430 |
) |
|
|
(5 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(817 |
) |
|
Other (Income) expense, net |
|
24 |
|
|
|
422 |
|
|
|
(7,372 |
) |
|
|
(1,692 |
) |
|
|
(1,367 |
) |
|
|
(3,059 |
) |
|
|
(439 |
) |
|
Equity method investment loss |
|
376 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,619 |
|
|
Provision (benefit) for income taxes |
|
(1,844 |
) |
|
|
9,849 |
|
|
|
(4,439 |
) |
|
|
(12,432 |
) |
|
|
(7,972 |
) |
|
|
(20,404 |
) |
|
|
(3,235 |
) |
|
Net (loss) income attributable to noncontrolling interests |
|
593 |
|
|
|
25 |
|
|
|
194 |
|
|
|
17 |
|
|
|
165 |
|
|
|
182 |
|
|
|
906 |
|
|
Preferred dividend |
|
7,859 |
|
|
|
8,194 |
|
|
|
8,544 |
|
|
|
8,908 |
|
|
|
9,289 |
|
|
|
18,197 |
|
|
|
15,396 |
|
|
Adjusted EBITDA
(non-GAAP) |
|
$ |
8,669 |
|
|
|
$ |
5,799 |
|
|
|
$ |
6,486 |
|
|
|
$ |
1,758 |
|
|
|
$ |
11,549 |
|
|
|
$ |
13,307 |
|
|
|
$ |
15,299 |
|
|
|
|
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Net Cash (used in) provided by operating
activities |
|
$ |
16,624 |
|
|
|
$ |
24,248 |
|
|
|
$ |
1,608 |
|
|
|
$ |
18,564 |
|
|
Add /
(Less): |
|
|
|
|
|
|
|
|
Capitalized software |
|
(4,257 |
) |
|
|
(3,255 |
) |
|
|
(8,685 |
) |
|
|
(5,959 |
) |
|
Property and equipment |
|
(175 |
) |
|
|
(2,313 |
) |
|
|
(424 |
) |
|
|
(4,940 |
) |
|
Free
Cashflow |
|
$ |
12,192 |
|
|
|
$ |
18,680 |
|
|
|
$ |
(7,501 |
) |
|
|
$ |
7,665 |
|
|
Add: Litigation, remediation and refiling costs |
|
733 |
|
|
|
782 |
|
|
|
1,557 |
|
|
|
1,502 |
|
|
Adjusted Free
Cashflow |
|
$ |
12,925 |
|
|
|
$ |
19,462 |
|
|
|
$ |
(5,944 |
) |
|
|
$ |
9,167 |
|
|
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