Synchronoss Technologies
Inc. (“Synchronoss” or the “Company”)
(Nasdaq: SNCR), a global leader and innovator in cloud,
messaging, and digital products and platforms, today reported
financial results for its first quarter ended March 31, 2022.
First Quarter and Recent Operational
Highlights:
- Announced 18%
year-over-year Cloud subscriber growth for the first
quarter of 2022, an improvement from a 14% increase for
the first quarter of 2021. The accelerating growth has been driven
by continued adoption of the Company’s Cloud product with existing
customers, including Verizon and AT&T.
- Launched Synchronoss Cloud
with Kitamura as a white-label solution under the name
PicStorage, marking the first implementation of Synchronoss Cloud
in Japan. Kitamura is the leading Japanese multimedia retailer with
over 1,000 retail locations across the country with over 20 million
paying visitors each year and approximately 10 million consumers
registered for its online services.
- Introduced Synchronoss
Cloud for Home, enhancing the Company’s overall cloud
offering and capitalizing on the momentum of 5G adoption amongst
wireless carriers. The solution allows unlimited shared cloud
storage for multiple users in a household across devices and
operating systems to safeguard a greater range of digital
content.
- Launched RCS-based Business
Messaging Service with a major Tier One operator in the United
States, marking the first North American launch of
Synchronoss’ advanced messaging platform. The launch signifies
Synchronoss’ involvement in the carrier’s effort to provide its
wireless subscribers with more meaningful engagement experiences
with the brands they interact with every day.
- Finalized a three-year
extension with FastWeb to continue providing its Core
Messaging product, including an upgrade to Synchronoss’s latest
core email platform.
- Awarded multimillion dollar
contract from Brightspeed, a recently formed high-speed
internet provider focused on rural markets, for the Company’s iNow
and Financial Analytics products. The company will utilize
Synchronoss’ networkX Platform across its fiber optics network
deployment that supports six million residential and business
customers.
- Reached final stages of
closing the transaction with iQmetrix for the sale of the
Company’s Digital Experience Platform (“DXP”) and Activation
Solutions (“Activation”) businesses for a total value of up to $14
million. The Company expects to finalize the transaction within the
next week.
- Appointed Stanley Lowe as
Chief Information Security Officer, a 20-year enterprise
security and cybersecurity industry veteran, further strengthening
the executive leadership team. Lowe will be responsible for
protecting the Company’s customer-facing digital assets, including
the Cloud, Messaging and Digital products as well as IT
infrastructure and endpoint security.
Management Commentary
“In the first quarter we continued to grow and
focus on our high-margin, recurring revenue Cloud business,” stated
Jeff Miller, President and CEO of Synchronoss. “Our results
demonstrate that our cloud-first strategy is working, exemplified
by a 7% increase in Cloud revenue and a more than 100% increase in
adjusted EBITDA. Operationally, we are also making great strides in
upgrading and expanding the reach of our Cloud capabilities. During
the period, we launched our Cloud offering with Kitamura, expanding
our already-strong foothold overseas where we are continuing to see
demand and need for our solutions. We also recently introduced
Synchronoss Cloud for Home. This new offering positions us to
further benefit from the momentum of 5G adoption among our major
wireless carrier customers by expanding our cloud application into
the home to safeguard a greater range of digital content through a
fixed wireless 5G connection.
“Going forward, simplifying the focus and
improving the composition of our business remains a top priority.
When completed, the imminent sale of our DXP and Activation assets
to iQmetrix will represent a concrete step in this direction and
provide us with additional capital to improve our balance sheet.
Over the course of this year, we expect to continue driving
improvements on the topline through Cloud subscriber growth, while
improving the bottom line through diligent cost management.”
Key Performance Indicators
("KPIs"):
- Strong Cloud subscriber growth of
18% was the key catalyst to a 6.7% year-over-year increase in first
quarter Cloud revenue, more than offsetting a $1.6 million decline
in Mobile Content Transfer transaction revenue recorded during the
prior year. Transaction revenue from the legacy Mobile Content
Transfer product largely ended in the fourth quarter and should not
impact sequential results going forward.
- Invoiced Cloud revenue increased
6.4% year-over-year to $36.0 million in the first quarter. This
non-GAAP measure is reconciled within the financial statements
below. This newly disclosed KPI is intended to provide greater
transparency in the underlying Cloud revenue trends as it is not
impacted by changes in deferred and unbilled revenue. The Company
expects this metric to improve significantly throughout the year as
subscriber growth continues to propel the business forward and the
year-over-year impact of the Mobile Content Transfer transaction
revenue lessens.
- Quarterly recurring revenue was
84.9% of total revenue, an increase from 80.0% of total revenue in
the fourth quarter and down from 85.9% in the prior year.
- Revenue breakdown by product is
included below:
|
Q1 2022 vs Q1 2021 |
(in thousands) |
Q1 2022 Revenue |
|
Q1 2021 Revenue |
|
% Increase/ (Decrease) |
|
% of Total Q1 2022 Revenue |
Cloud |
$ |
41,501 |
|
$ |
38,896 |
|
6.7 |
% |
|
63.0 |
% |
Digital |
|
12,164 |
|
|
12,977 |
|
(6.3 |
)% |
|
18.5 |
% |
Messaging |
|
12,201 |
|
|
13,626 |
|
(10.5 |
)% |
|
18.5 |
% |
|
$ |
65,866 |
|
$ |
65,499 |
|
|
|
100.0 |
% |
First Quarter 2022 Financial
Results:
- Total revenue
increased 1% to $65.9 million from $65.5 million in the prior year
period. The increase in revenue was the result of continued strong
subscriber growth in the Company’s Cloud business, the Brightspeed
license and the launch of the RCS platform at a Tier One operator
in the United States. Revenue growth was partially offset by
revenue received from the Company’s CCMI contract in the previous
year and the deemphasizing of the Mobile Content Transfer
product.
- Gross profit
increased 11% to $41.0 million (62.3% of total revenue) from $36.9
million (56.3% of total revenue) in the prior year period. The
increase in gross profit and gross margin was primarily
attributable to increased revenue from high-margin Cloud subscriber
growth, the license sale and cost saving initiatives implemented
throughout the prior year.
- Loss from
operations was $(1.4) million compared to a loss of $(9.0)
million in 2021. The improvement in operating loss was a result of
improved gross profit, greater efficiency of R&D resources and
cost saving initiatives implemented throughout the prior year.
- Net loss improved
to $(5.6) million, or $(0.07) per share, compared to net loss of
$(22.6) million, or $(0.53) per share, in the prior year period.
The improvement in net loss was primarily attributable to
operational improvements and lower preferred stock dividends
resulting from the Company’s June 2021 recapitalization.
- Adjusted EBITDA (a
non-GAAP metric reconciled below) increased 109% to $11.6 million
from $5.5 million in the prior year period. The increase in
adjusted EBITDA resulted from increased revenue from high-margin
Cloud subscriber growth and cost saving initiatives implemented
throughout the prior year.
- Cash and cash
equivalents were $21.7 million at March 31, 2022, compared
to $31.5 million at December 31, 2021. As expected, cash flow
during the first quarter was impacted by large, primarily
vendor-related, annual payments that will not recur in subsequent
quarters in 2022.
Financial Commentary
Company CFO Taylor Greenwald added, “Our
strategic initiatives to streamline the business and focus on our
high-margin Cloud business resulted in another quarter of strong
Cloud revenue, gross profit, and EBITDA performance. In recognition
of the traction we have seen to date, we are increasing our EBITDA
expectations for the year to $45 to $55 million from $40 to $50
million in previous guidance. We recently received $4.3 million of
the total $32 million outstanding tax refunds, and have applied
those proceeds to redeem preferred shares. We plan to make further
redemptions as our cash flow continues to improve."
2022 Financial Outlook
Compared to the first quarter of 2022,
management expects second quarter revenue to be up slightly and
adjusted EBITDA to be in-line with the first quarter, after
factoring in the impact of the pending sale of the DXP and
Activation assets in the second quarter. Based on the performance
within the core Cloud business as well as the Company’s improved
cost structure, Synchronoss will be free cash flow positive, on an
adjusted basis, in the second quarter. In addition, the Company is
reconfirming that it will be adjusted free cash flow positive for
the full year 2022.
Synchronoss is also reiterating its projection
for Cloud subscriber growth to continue at a double-digit rate on a
year-over-year basis in 2022 with Cloud revenue also growing year
over year. Separately, Digital revenue is expected to decline on a
full-year basis due to the pending asset sale, and Messaging
revenue will also decline as this business is operated for improved
profitability rather than revenue growth. Both businesses are
expected to remain stable going forward.
For the fiscal year ending December 31, 2022,
the Company is maintaining its expectation for GAAP revenue to
range between $260.0 million and $275.0 million. The comparable
2021 revenue is $265.0 million after adjusting for the pending sale
of the Company’s DXP and Activation assets over the last eight
months of 2021. The net contribution to GAAP revenue from non-cash
deferred revenue is expected to be approximately $10 million less
in 2022 than it was in 2021 with the vast majority of this delta
coming from the Cloud business.
The Company is increasing its expectations for
adjusted EBITDA performance in 2022 and now expects to achieve
between $45.0 million and $55.0 million.
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
Synchronoss will hold a conference call today,
May 10, 2022, at 4:30 p.m. Eastern time (1:30 p.m. Pacific
time) to discuss these results.
Synchronoss management will host the call,
followed by a question-and-answer period.
Toll-Free Dial-In: +1
888-428-7458International Dial-In: +1
862-298-0702Conference ID: 13729605
Please call the conference telephone number 10
minutes prior to the start time. An operator will register your
name and organization. If you have any difficulty connecting with
the conference call, please contact Gateway Investor Relations at
949-574-3860.
The conference call will be broadcast live and
available for replay as well as on the company’s website at
www.synchronoss.com.
A telephonic replay of the conference call will
be available after 7:30 p.m. Eastern time today through May 17,
2022.
Toll-Free Replay Number: +1
877-660-6853International Replay Number: +1
201-612-7415Replay ID: 13729605
Non-GAAP Financial Measures
Synchronoss has provided in this release
selected financial information that has not been prepared in
accordance with GAAP although this non-GAAP financial information
is derived from numbers that have 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.
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 impact of legal proceedings involving the
Company, including the investigations by the Securities and
Exchange Commission and the Department of Justice described in the
Company’s 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, 2021, 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.
About Synchronoss
Synchronoss Technologies (NASDAQ: SNCR) builds
software that empowers companies around the world to connect with
their subscribers in trusted and meaningful ways. The company’s
collection of products helps streamline networks, simplify
onboarding, and engage subscribers to unleash new revenue streams,
reduce costs and increase speed to market. Hundreds of millions of
subscribers trust Synchronoss products to stay in sync with the
people, services, and content they love. That’s why more than 1,500
talented Synchronoss employees worldwide strive each day to
reimagine a world in sync. Learn more at www.synchronoss.com.
Media Relations
Contact:Domenick
CileaSpringboarddcilea@springboardpr.com
Investor Relations Contact:
Matt Glover and Tom ColtonGateway Group, Inc.SNCR@gatewayir.com
-Financial Tables to Follow-
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited) (In
thousands)
|
|
March 31, 2022 |
|
December 31, 2021 |
ASSETS |
|
|
|
|
Cash and cash equivalents |
|
$ |
21,727 |
|
$ |
31,504 |
Accounts receivable, net |
|
|
48,172 |
|
|
47,586 |
Operating lease right-of-use assets |
|
|
24,606 |
|
|
26,399 |
Goodwill |
|
|
223,712 |
|
|
224,577 |
Other assets |
|
|
120,867 |
|
|
120,668 |
Total assets |
|
$ |
439,084 |
|
$ |
450,734 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
72,122 |
|
$ |
73,013 |
Deferred revenues |
|
|
20,237 |
|
|
22,916 |
Debt, non-current |
|
|
133,462 |
|
|
133,104 |
Operating lease liabilities, non-current |
|
|
34,498 |
|
|
36,095 |
Other liabilities |
|
|
9,776 |
|
|
9,778 |
Preferred Stock |
|
|
72,505 |
|
|
72,505 |
Redeemable noncontrolling interest |
|
|
12,500 |
|
|
12,500 |
Stockholders’ equity |
|
|
83,984 |
|
|
90,823 |
Total liabilities and stockholders’ equity |
|
$ |
439,084 |
|
$ |
450,734 |
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Unaudited) (In thousands,
except per share data)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Net revenues |
|
$ |
65,866 |
|
|
$ |
65,499 |
|
Costs and expenses: |
|
|
|
|
Cost of revenues1 |
|
|
24,839 |
|
|
|
28,637 |
|
Research and development |
|
|
15,791 |
|
|
|
17,397 |
|
Selling, general and administrative |
|
|
17,897 |
|
|
|
17,928 |
|
Restructuring charges |
|
|
685 |
|
|
|
713 |
|
Depreciation and amortization |
|
|
8,034 |
|
|
|
9,867 |
|
Total costs and expenses |
|
|
67,246 |
|
|
|
74,542 |
|
Loss from operations |
|
|
(1,380 |
) |
|
|
(9,043 |
) |
Interest income |
|
|
92 |
|
|
|
5 |
|
Interest expense |
|
|
(3,325 |
) |
|
|
(95 |
) |
Other income (expense), net |
|
|
1,704 |
|
|
|
(3,396 |
) |
Loss from operations, before
taxes |
|
|
(2,909 |
) |
|
|
(12,529 |
) |
(Provision) benefit for income taxes |
|
|
(128 |
) |
|
|
163 |
|
Net loss from operations |
|
|
(3,037 |
) |
|
|
(12,366 |
) |
Net (loss) income attributable to redeemable noncontrolling
interests |
|
|
(115 |
) |
|
|
336 |
|
Preferred stock dividend |
|
|
(2,438 |
) |
|
|
(10,530 |
) |
Net loss attributable to
Synchronoss |
|
$ |
(5,590 |
) |
|
$ |
(22,560 |
) |
|
|
|
|
|
Earnings (loss) per
share: |
|
|
|
|
Basic |
|
$ |
(0.07 |
) |
|
$ |
(0.53 |
) |
Diluted |
|
$ |
(0.07 |
) |
|
$ |
(0.53 |
) |
Weighted-average common shares
outstanding: |
|
|
|
|
Basic |
|
|
85,866 |
|
|
|
42,737 |
|
Diluted |
|
|
85,866 |
|
|
|
42,737 |
|
________________________________1 Cost of revenues
excludes depreciation and amortization which are shown
separately.
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS(Unaudited) (In
thousands)
|
Three Months Ended March 31, |
|
|
2022 |
|
|
|
2021 |
|
Net loss from operations |
$ |
(3,037 |
) |
|
$ |
(12,366 |
) |
Adjustments to reconcile net loss to net cash provided by operating
activities: |
|
|
|
Non-cash items |
|
10,750 |
|
|
|
12,097 |
|
Changes in operating assets and liabilities: |
|
(10,406 |
) |
|
|
2,530 |
|
Net cash (used in) provided by operating
activities |
|
(2,693 |
) |
|
|
2,261 |
|
|
|
|
|
Investing activities: |
|
|
|
Purchases of fixed assets |
|
(154 |
) |
|
|
(721 |
) |
Purchases of intangible assets and capitalized software |
|
(5,245 |
) |
|
|
(5,042 |
) |
Net cash used in investing activities |
|
(5,399 |
) |
|
|
(5,763 |
) |
|
|
|
|
Net cash (used in) provided by financing
activities |
|
(1,781 |
) |
|
|
— |
|
Effect of exchange rate changes on cash |
|
96 |
|
|
|
(351 |
) |
Net decrease in cash and cash equivalents |
|
(9,777 |
) |
|
|
(3,853 |
) |
|
|
|
|
Cash and cash equivalents,
beginning of period |
|
31,504 |
|
|
|
33,671 |
|
Cash and cash equivalents, end
of period |
$ |
21,727 |
|
|
$ |
29,818 |
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands, except per share data)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
Non-GAAP financial measures
and reconciliation: |
|
|
|
|
GAAP Revenue |
|
$ |
65,866 |
|
|
$ |
65,499 |
|
Less: Cost of revenues |
|
|
24,839 |
|
|
|
28,637 |
|
Gross Profit |
|
|
41,027 |
|
|
|
36,862 |
|
Add / (Less): |
|
|
|
|
Stock-based compensation expense |
|
|
221 |
|
|
|
478 |
|
Restructuring, transition and cease-use lease expense |
|
|
823 |
|
|
|
— |
|
Adjusted Gross Profit |
|
$ |
42,071 |
|
|
$ |
37,340 |
|
Adjusted Gross Margin |
|
|
63.9 |
% |
|
|
57.0 |
% |
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP Net loss attributable to
Synchronoss |
|
$ |
(5,590 |
) |
|
$ |
(22,560 |
) |
Add / (Less): |
|
|
|
|
Stock-based compensation expense |
|
|
1,927 |
|
|
|
2,721 |
|
Restructuring, transition and cease-use lease expense |
|
|
2,011 |
|
|
|
2,057 |
|
Amortization expense |
|
|
2,543 |
|
|
|
3,609 |
|
Litigation, remediation and refiling costs, net |
|
|
977 |
|
|
|
(65 |
) |
Non-GAAP Net income (loss)
attributable to Synchronoss |
|
$ |
1,868 |
|
|
$ |
(14,238 |
) |
|
|
|
|
|
Diluted Non-GAAP Net income
(loss) per share |
|
$ |
0.02 |
|
|
$ |
(0.33 |
) |
|
|
|
|
|
Weighted shares outstanding -
Dilutive |
|
|
85,866 |
|
|
|
42,737 |
|
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands, except per share data)
|
|
Three Months Ended |
|
|
Mar 31, 2022 |
|
Dec 31, 2021 |
|
Sep 30, 2021 |
|
Jun 30, 2021 |
|
Mar 31, 2021 |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Synchronoss |
|
$ |
(5,590 |
) |
|
$ |
(2,114 |
) |
|
$ |
(9,831 |
) |
|
$ |
(23,946 |
) |
|
$ |
(22,560 |
) |
Add / (Less): |
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
1,927 |
|
|
|
1,950 |
|
|
|
2,289 |
|
|
|
2,345 |
|
|
|
2,721 |
|
Restructuring, transition and cease-use lease expense |
|
|
2,011 |
|
|
|
2,286 |
|
|
|
2,981 |
|
|
|
2,918 |
|
|
|
2,057 |
|
Litigation, remediation and refiling costs, net |
|
|
977 |
|
|
|
(30 |
) |
|
|
9,316 |
|
|
|
3,607 |
|
|
|
(65 |
) |
Depreciation and amortization |
|
|
8,034 |
|
|
|
9,498 |
|
|
|
8,215 |
|
|
|
8,485 |
|
|
|
9,867 |
|
Interest income |
|
|
(92 |
) |
|
|
15 |
|
|
|
(24 |
) |
|
|
(25 |
) |
|
|
(5 |
) |
Interest expense |
|
|
3,325 |
|
|
|
3,248 |
|
|
|
2,933 |
|
|
|
144 |
|
|
|
95 |
|
Other expense (income), net |
|
|
(1,704 |
) |
|
|
1,388 |
|
|
|
1,669 |
|
|
|
(1,576 |
) |
|
|
3,396 |
|
(Benefit) provision for income taxes |
|
|
128 |
|
|
|
169 |
|
|
|
(6,982 |
) |
|
|
(201 |
) |
|
|
(163 |
) |
Net loss (income) attributable to noncontrolling interests |
|
|
115 |
|
|
|
130 |
|
|
|
— |
|
|
|
50 |
|
|
|
(336 |
) |
Preferred dividend1 |
|
|
2,438 |
|
|
|
1,781 |
|
|
|
1,722 |
|
|
|
21,476 |
|
|
|
10,530 |
|
Adjusted EBITDA
(non-GAAP) |
|
$ |
11,569 |
|
|
$ |
18,321 |
|
|
$ |
12,288 |
|
|
$ |
13,277 |
|
|
$ |
5,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
___________________________1
Includes $10.4 million preferred stock amortization
costs accelerated due to Series A Preferred stock redemption in the
second quarter of 2021.
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
|
|
|
|
|
Net Cash (used in) provided by
operating activities |
|
$ |
(2,693 |
) |
|
$ |
2,261 |
|
Add / (Less): |
|
|
|
|
Capitalized software |
|
|
(5,245 |
) |
|
|
(5,042 |
) |
Property and equipment |
|
|
(154 |
) |
|
|
(721 |
) |
Free Cashflow |
|
|
(8,092 |
) |
|
|
(3,502 |
) |
Add: Litigation and remediation costs, net |
|
|
(797 |
) |
|
|
1,223 |
|
Add: Restructuring |
|
|
2,791 |
|
|
|
2,271 |
|
Adjusted Free Cashflow |
|
$ |
(6,098 |
) |
|
$ |
(8 |
) |
|
|
|
|
|
|
|
|
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands)
|
|
Three Months Ended March 31, |
|
|
|
2022 |
|
|
|
2021 |
|
GAAP Cloud Revenue |
|
$ |
41,501 |
|
|
$ |
38,896 |
|
Increase / (Decrease) Change
in Deferred Revenue |
|
|
(3,647 |
) |
|
|
(5,305 |
) |
(Increase) / Decrease: Change
in Unbilled Receivables & Contract Assets |
|
|
(1,825 |
) |
|
|
275 |
|
Invoiced Cloud Revenue |
|
$ |
36,029 |
|
|
$ |
33,866 |
|
Invoiced Cloud Revenue is defined as GAAP
revenue for Cloud disaggregated revenue stream, plus the period
change in deferred revenue balance related to the Cloud revenue
stream, less the period change in Unbilled Receivables and Contract
Assets balance related to the Cloud revenue stream.
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