Synchronoss Technologies Inc. (NASDAQ: SNCR), a global leader
and innovator in cloud, messaging, and digital platforms and
products, today announced financial results for its fourth quarter
and year ended December 31, 2020.
Fourth Quarter and Full-Year
Highlights:
- GAAP revenue for the quarter was
$69.4 million. For the full year, GAAP revenue was $291.7
million.
- Recurring revenue for the quarter
represented 82% of total GAAP revenue. For the full year, recurring
revenue represented 78% of total GAAP revenue.
- GAAP net loss for the quarter was
$10.9 million or $0.26 per share. For the full year, GAAP net loss
was $48.7 million or $1.16 per share.
- Non-GAAP net loss for the quarter
was $8.2 million, or $0.19 per share. For the full year, non-GAAP
net loss was $0.2 million, or $0.01 per share.
- Adjusted EBITDA for the quarter was
$6.4 million. For the full year, adjusted EBITDA was $27.8
million.
- Cash and cash equivalent were $33.7
million at year end.
- During the fourth quarter,
Synchronoss worked in conjunction with Verizon to develop the
Unlimited Verizon Cloud offering, and during 2020 renewed Verizon’s
Cloud Services contract for an additional five years.
- During the fourth quarter, Japanese
carrier customers exceeded 20 million Rich Communication Services
(RCS) downloads.
- During the fourth quarter,
Synchronoss extended its partnership to provide AT&T Digital
Services for an additional three years.
Commenting on the results, Jeff Miller, President and
CEO of Synchronoss, said:
“I’m honored and delighted to be the next CEO of
Synchronoss Technologies. I’m grateful for the support of our Board
of Directors and the Synchronoss team, who have enabled us to make
forward progress over the past six months on refining our strategy
and delivering our operating results. We continue to be driven by
delivery and execution for our customers, disciplined cost
containment, and continued product innovation. Despite what was a
challenging year for Synchronoss and indeed the world community,
I’m proud of what the Synchronoss team achieved in 2020 and look
forward to continuing to execute on our strategy of focused and
profitable growth in 2021.”
|
Three Months Ended December 31, |
|
2020 |
|
2019 |
|
% Change |
Revenues |
$ |
69,377 |
|
|
|
$ |
90,588 |
|
|
|
(23.4 |
) |
% |
Net Loss |
(10,892 |
) |
|
|
(14,678 |
) |
|
|
25.8 |
|
% |
Adjusted EBITDA |
$ |
6,411 |
|
|
|
$ |
6,486 |
|
|
|
(1.2 |
) |
% |
|
Twelve Months Ended December 31, |
|
2020 |
|
2019 |
|
% Change |
Revenues |
$ |
291,670 |
|
|
|
$ |
308,749 |
|
|
|
(5.5 |
) |
% |
Net Loss |
(48,683 |
) |
|
|
(136,727 |
) |
|
|
64.4 |
|
% |
Adjusted EBITDA |
$ |
27,848 |
|
|
|
$ |
27,584 |
|
|
|
1.0 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
David Clark, CFO of Synchronoss,
added:
“Our fourth quarter and year end results reflect
progress with our continued focus on expanding both our gross and
adjusted EBITDA margins. We are seeing the benefits of our cost
management efforts, which allowed us to deliver comparable year
over year adjusted EBITDA results despite top-line revenue
pressures. This is in large part due to significant cost savings
delivered during 2020, and we are continuing to streamline our
operations with a focus on increasing our adjusted EBITDA in
2021.”
2021 Adjusted EBITDA
Guidance
The company expects its revenue for full year
2021 to be in the range of $275 million - $285 million, and its
adjusted EBITDA for the full year 2021 to be in the range $30
million - $35 million, representing adjusted EBITDA growth of 8% -
26%, respectively.
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 4:30
p.m. (Eastern Time) today to discuss the financial results.
To access the live call, dial 800-437-2398 or +1
786-204-3966 (International) and give the participant passcode
8321337.
A live and archived webcast of the conference
call will be accessible on the Investor Relations section of the
company’s website at www.synchronoss.com. In
addition, a phone replay will be available approximately two hours
following the end of the call and will be available for one week.
To access the call replay dial-in information, please click
here.
Non-GAAP Financial Measures
Synchronoss 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, adjusted EBITDA, 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 include restructuring and
cease-use lease expense, litigation, remediation and refiling costs
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. Investors are encouraged to also review the Balance
Sheet, Statement of Operations, and Statement of Cash Flow. 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, and digital 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:Todd Kehrli or Joo-Hun KimMKR Investor
Relations623-745-4046investor@synchronoss.com
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(In thousands) |
|
|
|
|
|
|
|
December 31, 2020 |
|
December 31, 2019 |
Assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
33,671 |
|
|
$ |
39,012 |
|
Accounts receivable, net |
|
47,849 |
|
|
65,863 |
|
Operating lease right-of-use
assets |
|
34,538 |
|
|
53,965 |
|
Goodwill |
|
232,771 |
|
|
222,969 |
|
Other Assets |
|
133,426 |
|
|
150,214 |
|
Total
assets |
|
$ |
482,255 |
|
|
$ |
532,023 |
|
|
|
|
|
|
Liabilities and stockholders’ equity |
|
|
|
|
Accounts Payable and Accrued
expenses |
|
$ |
82,075 |
|
|
$ |
87,538 |
|
Debt, current |
|
10,000 |
|
|
— |
|
Deferred revenues |
|
45,614 |
|
|
87,799 |
|
Operating lease liabilities,
non-current |
|
44,273 |
|
|
60,976 |
|
Other liabilities |
|
19,370 |
|
|
18,768 |
|
Preferred Stock |
|
237,641 |
|
|
200,865 |
|
Stockholders’ equity |
|
43,282 |
|
|
76,077 |
|
Total liabilities and
stockholders’ equity |
|
$ |
482,255 |
|
|
$ |
532,023 |
|
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(In thousands, except per
share data) |
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
2018 |
|
|
|
|
|
|
|
|
|
|
|
Net revenues |
|
$ |
69,377 |
|
|
$ |
90,588 |
|
|
$ |
291,670 |
|
|
$ |
308,749 |
|
|
$ |
325,839 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
Cost of revenues |
|
28,414 |
|
|
42,449 |
|
|
121,817 |
|
|
150,407 |
|
|
158,802 |
|
Research and development |
|
17,274 |
|
|
18,286 |
|
|
77,043 |
|
|
75,568 |
|
|
79,172 |
|
Selling, general and administrative |
|
15,043 |
|
|
29,909 |
|
|
89,292 |
|
|
112,771 |
|
|
122,112 |
|
Restructuring charges |
|
1,192 |
|
|
17 |
|
|
7,955 |
|
|
755 |
|
|
12,375 |
|
Depreciation and amortization |
|
9,834 |
|
|
18,116 |
|
|
43,685 |
|
|
77,036 |
|
|
117,654 |
|
Total costs and expenses |
|
71,757 |
|
|
108,777 |
|
|
339,792 |
|
|
416,537 |
|
|
490,115 |
|
Loss from continuing
operations |
|
(2,380 |
) |
|
(18,189 |
) |
|
(48,122 |
) |
|
(107,788 |
) |
|
(164,276 |
) |
Interest income |
|
9 |
|
|
542 |
|
|
1,597 |
|
|
1,258 |
|
|
7,770 |
|
Interest expense |
|
(75 |
) |
|
(104 |
) |
|
(476 |
) |
|
(1,355 |
) |
|
(4,911 |
) |
Gain on extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
822 |
|
|
1,760 |
|
Other Income (expense), net |
|
3,793 |
|
|
7,372 |
|
|
9,535 |
|
|
7,389 |
|
|
(74,917 |
) |
Equity method investment loss |
|
— |
|
|
— |
|
|
— |
|
|
(1,619 |
) |
|
(28,600 |
) |
Income (loss) from continuing
operations, before taxes |
|
1,347 |
|
|
(10,379 |
) |
|
(37,466 |
) |
|
(101,293 |
) |
|
(263,174 |
) |
Benefit (provision) for income taxes |
|
(2,039 |
) |
|
4,439 |
|
|
27,108 |
|
|
(2,174 |
) |
|
17,894 |
|
Net loss from continuing
operations |
|
(692 |
) |
|
(5,940 |
) |
|
(10,358 |
) |
|
(103,467 |
) |
|
(245,280 |
) |
Net income from discontinued
operations, net of tax |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
18,288 |
|
Net loss |
|
(692 |
) |
|
(5,940 |
) |
|
(10,358 |
) |
|
(103,467 |
) |
|
(226,992 |
) |
Net income (loss) attributable to redeemable noncontrolling
interests |
|
(101 |
) |
|
(194 |
) |
|
(344 |
) |
|
(1,126 |
) |
|
8,837 |
|
Preferred stock dividend |
|
(10,099 |
) |
|
(8,544 |
) |
|
(37,981 |
) |
|
(32,134 |
) |
|
(25,593 |
) |
Net loss attributable to
Synchronoss |
|
$ |
(10,892 |
) |
|
$ |
(14,678 |
) |
|
$ |
(48,683 |
) |
|
$ |
(136,727 |
) |
|
$ |
(243,748 |
) |
|
|
|
|
|
|
|
|
|
|
|
Earnings per
share |
|
|
|
|
|
|
|
|
|
|
Basic: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.26 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.16 |
) |
|
$ |
(3.36 |
) |
|
$ |
(6.51 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.46 |
|
Basic |
|
$ |
(0.26 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.16 |
) |
|
$ |
(3.36 |
) |
|
$ |
(6.05 |
) |
Diluted: |
|
|
|
|
|
|
|
|
|
|
Continuing operations |
|
$ |
(0.26 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.16 |
) |
|
$ |
(3.36 |
) |
|
$ |
(6.51 |
) |
Discontinued operations |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.46 |
|
Diluted |
|
$ |
(0.26 |
) |
|
$ |
(0.36 |
) |
|
$ |
(1.16 |
) |
|
$ |
(3.36 |
) |
|
$ |
(6.05 |
) |
Weighted-average
common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
42,464 |
|
|
|
41,085 |
|
|
|
41,950 |
|
|
|
40,694 |
|
|
|
40,277 |
|
Diluted |
|
|
42,464 |
|
|
|
41,085 |
|
|
|
41,950 |
|
|
|
40,694 |
|
|
|
40,277 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS (In
thousands) |
|
|
|
Twelve Months Ended December 31, |
|
2020 |
|
2019 |
|
2018 |
Net loss continuing operations |
$ |
(10,358 |
) |
|
$ |
(103,467 |
) |
|
$ |
(245,280 |
) |
Gain on Sale of discontinued
operations, net of tax |
— |
|
|
— |
|
|
18,288 |
|
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
|
|
Non-cash items |
65,103 |
|
|
127,464 |
|
|
234,854 |
|
Changes in operating assets and liabilities: |
(55,309 |
) |
|
8,586 |
|
|
(39,231 |
) |
Net cash provided by (used in) operating
activities |
(564 |
) |
|
32,583 |
|
|
(31,369 |
) |
|
|
|
|
|
|
Investing activities: |
|
|
|
|
|
Purchases of fixed assets |
(885 |
) |
|
(8,183 |
) |
|
(11,656 |
) |
Purchases of intangible assets and capitalized software |
(17,065 |
) |
|
(13,008 |
) |
|
(14,372 |
) |
Other investing activities |
3,611 |
|
|
40,568 |
|
|
(41,254 |
) |
Net cash provided by (used in) investing
activities |
(14,339 |
) |
|
19,377 |
|
|
(67,282 |
) |
|
|
|
|
|
|
Net cash provided by (used in) financing
activities |
9,991 |
|
|
(121,257 |
) |
|
(35,885 |
) |
Effect of exchange rate changes on cash |
(418 |
) |
|
(1,562 |
) |
|
(1,729 |
) |
Net increase in cash
and cash equivalents |
(5,330 |
) |
|
(70,859 |
) |
|
(136,265 |
) |
|
|
|
|
|
|
Cash, restricted cash and cash
equivalents, beginning of period |
39,001 |
|
|
109,860 |
|
|
246,125 |
|
Cash, restricted cash and cash
equivalents, end of period |
$ |
33,671 |
|
|
$ |
39,001 |
|
|
$ |
109,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data) |
|
|
|
|
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Non-GAAP financial measures
and reconciliation: |
|
|
|
|
|
|
|
|
GAAP Revenue |
|
$ |
69,377 |
|
|
$ |
90,588 |
|
|
$ |
291,670 |
|
|
$ |
308,749 |
|
Less: Cost of revenues |
|
28,414 |
|
|
42,449 |
|
|
121,817 |
|
|
150,407 |
|
Gross Profit |
|
40,963 |
|
|
48,139 |
|
|
169,853 |
|
|
158,342 |
|
Add / (Less): |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
511 |
|
|
782 |
|
|
2,409 |
|
|
2,928 |
|
Restructuring, transition and cease-use lease expense |
|
— |
|
|
— |
|
|
372 |
|
|
405 |
|
Cumulative adjustment to STI receivable |
|
— |
|
|
— |
|
|
— |
|
|
26,044 |
|
Adjusted Gross Profit |
|
41,474 |
|
|
48,921 |
|
|
172,634 |
|
|
187,719 |
|
Adjusted Gross Margin |
|
59.8 |
% |
|
54.0 |
% |
|
59.2 |
% |
|
60.8 |
% |
|
|
|
|
|
|
|
|
|
GAAP Net loss attributable to
Synchronoss |
|
$ |
(10,892 |
) |
|
$ |
(14,671 |
) |
|
$ |
(48,683 |
) |
|
$ |
(136,720 |
) |
Add / (Less): |
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
(3,410 |
) |
|
5,222 |
|
|
11,137 |
|
|
22,250 |
|
Acquisition costs |
|
— |
|
|
— |
|
|
— |
|
|
(230 |
) |
Restructuring, transition and cease-use lease expense |
|
1,222 |
|
|
17 |
|
|
16,503 |
|
|
7,446 |
|
Amortization expense |
|
3,704 |
|
|
5,610 |
|
|
16,199 |
|
|
24,683 |
|
Cumulative adjustment to STI receivable |
|
— |
|
|
— |
|
|
— |
|
|
26,044 |
|
Litigation, remediation and refiling costs |
|
1,145 |
|
|
1,320 |
|
|
4,645 |
|
|
2,826 |
|
Non-GAAP Expenses attributable to Non-Controlling Interest |
|
— |
|
|
— |
|
|
— |
|
|
(76 |
) |
Non-GAAP Net income (loss)
from continuing operations attributable to Synchronoss |
|
$ |
(8,231 |
) |
|
$ |
(2,502 |
) |
|
$ |
(199 |
) |
|
$ |
(53,777 |
) |
|
|
|
|
|
|
|
|
|
Diluted Non-GAAP Net loss from
continuing operations per share |
|
$ |
(0.19 |
) |
|
$ |
(0.06 |
) |
|
$ |
(0.01 |
) |
|
$ |
(1.32 |
) |
|
|
|
|
|
|
|
|
|
Weighted shares outstanding -
Dilutive |
|
42,464 |
|
|
41,085 |
|
|
41,950 |
|
|
40,694 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(In thousands, except
per share data) |
|
|
|
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
|
|
Dec 31, 2019 |
|
Mar 31, 2020 |
|
Jun 30, 2020 |
|
Sep 30, 2020 |
|
Dec 31, 2020 |
|
Dec 31, 2020 |
|
Dec 31, 2019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Synchronoss |
|
$ |
(14,678 |
) |
|
$ |
(12,275 |
) |
|
$ |
(10,148 |
) |
|
$ |
(15,367 |
) |
|
$ |
(10,892 |
) |
|
$ |
(48,683 |
) |
|
$ |
(136,727 |
) |
Add / (Less): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
5,222 |
|
|
5,169 |
|
|
4,987 |
|
|
4,391 |
|
|
(3,410 |
) |
|
11,137 |
|
|
22,250 |
|
Acquisition costs |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(230 |
) |
Restructuring, transition and cease-use lease expense |
|
17 |
|
|
1,696 |
|
|
7,003 |
|
|
6,580 |
|
|
1,222 |
|
|
16,503 |
|
|
7,446 |
|
Cumulative adjustment to STI receivable |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
26,044 |
|
Litigation, remediation and refiling costs |
|
1,320 |
|
|
824 |
|
|
733 |
|
|
1,943 |
|
|
1,145 |
|
|
4,645 |
|
|
2,826 |
|
Depreciation and amortization |
|
18,116 |
|
|
11,356 |
|
|
10,284 |
|
|
12,212 |
|
|
9,834 |
|
|
43,685 |
|
|
77,036 |
|
Interest income |
|
(542 |
) |
|
(58 |
) |
|
(1,509 |
) |
|
(20 |
) |
|
(9 |
) |
|
(1,597 |
) |
|
(1,258 |
) |
Interest Expense |
|
104 |
|
|
245 |
|
|
84 |
|
|
72 |
|
|
75 |
|
|
476 |
|
|
1,355 |
|
Gain on Extinguishment of debt |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(822 |
) |
Other Income |
|
(7,372 |
) |
|
(1,692 |
) |
|
(1,367 |
) |
|
(2,684 |
) |
|
(3,793 |
) |
|
(9,535 |
) |
|
(7,389 |
) |
Equity method investment loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,619 |
|
Provision (benefit) for income taxes |
|
(4,439 |
) |
|
(12,432 |
) |
|
(7,972 |
) |
|
(8,744 |
) |
|
2,039 |
|
|
(27,108 |
) |
|
2,175 |
|
Net loss attributable to noncontrolling interests |
|
194 |
|
|
17 |
|
|
165 |
|
|
60 |
|
|
101 |
|
|
344 |
|
|
1,125 |
|
Preferred dividend |
|
8,544 |
|
|
8,908 |
|
|
9,289 |
|
|
9,685 |
|
|
10,099 |
|
|
37,981 |
|
|
32,134 |
|
Adjusted EBITDA
(non-GAAP) |
|
$ |
6,486 |
|
|
$ |
1,758 |
|
|
$ |
11,549 |
|
|
$ |
8,128 |
|
|
$ |
6,411 |
|
|
$ |
27,848 |
|
|
$ |
27,584 |
|
|
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
|
|
|
|
|
|
|
|
Net Cash (used in) provided by operating activities |
|
$ |
(9,225 |
) |
|
$ |
20,004 |
|
|
$ |
(564 |
) |
|
$ |
31,843 |
|
Add / (Less): |
|
|
|
|
|
|
|
|
Capitalized software |
|
(4,054 |
) |
|
(3,719 |
) |
|
(16,665 |
) |
|
(13,008 |
) |
Property and equipment |
|
(314 |
) |
|
(1,106 |
) |
|
(885 |
) |
|
(8,183 |
) |
Free Cashflow |
|
(13,593 |
) |
|
15,179 |
|
|
(18,114 |
) |
|
10,652 |
|
Add: One-Time Expenses due to Restatement, etc. |
|
1,145 |
|
|
1,320 |
|
|
4,645 |
|
|
2,826 |
|
Adjusted Free Cashflow |
|
$ |
(12,448 |
) |
|
$ |
16,499 |
|
|
$ |
(13,469 |
) |
|
$ |
13,478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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