Synchronoss Technologies Inc.
(“Synchronoss” or the “Company”) (Nasdaq: SNCR), a
global leader and innovator in Personal Cloud platforms, today
reported financial results for its first quarter ended March 31,
2024.
First Quarter and
Recent Operational Highlights
- Surpassed 91% recurring
revenue, fueled by 7% year-over-year Personal Cloud
subscriber growth across its global customer bases, including
Verizon, AT&T, and SoftBank.
- Enhanced profitability
through post-divestiture cost
restructuring, reflecting the execution
of the Company’s operational and financial strategy, with adjusted
EBITDA margins of 25.4%.
- Recorded strong early
subscriber adoption with SoftBank’s Anshin Data
Box, laying a solid foundation for
continued growth in the Japanese market.
- Unveiled the power of
Enhanced Plans that allow operators and providers the
flexibility to select which capabilities and functionality, such as
artificial intelligence, they want to include as part of their
service plans to market compelling and competitive tiered offerings
to their subscribers.
- Implemented Auto-scaling on
the Personal Cloud platform to increase operational and
financial efficiency by reducing the staff needed to operate the
platform, and, most importantly, to dynamically scale the Company’s
public Cloud footprint to optimally align with the peaks and
valleys of consumer demand.
Management Commentary
“In the first quarter, we continued to execute
on our strategic transformation as a global Cloud solutions
provider focused solely on our high-margin Personal Cloud services.
This targeted approach has allowed us to streamline our operations
and enhance our financial profile, delivering topline growth and
improved profitability in Q1,” stated Jeff Miller, President and
CEO of Synchronoss. “In the quarter, total revenue grew to $43.0
million on recurring revenue of 91%, and adjusted gross margins
strengthened year-over-year to 76%, positioning us well to meet our
financial guidance for 2024.
“Building on this momentum, the successful
rollout of the Anshin Data Box Personal Cloud application with
SoftBank exemplifies our ability to seamlessly integrate
Synchronoss Personal Cloud with complex global carrier ecosystems
and support language localization to extend our international
footprint. Additionally, we are taking targeted steps to enhance
the capabilities of our platform by offering our customers the
marketing flexibility of Enhanced Plans and the operational
efficiency of Auto-scaling.
“Further highlighting our strong start to the
year, we are pleased to report positive net income of $2.3 million
and earnings per share of $0.23 for the first quarter, representing
a significant improvement in net income of $15.7 million and $1.62
in EPS, respectively. With our Q1 financial performance affirming
our strategy, we’re on track to elevate free cash flow generation
to at least $10 million in 2024, and we anticipate further
improvement in 2025 as we enhance revenue-to-cash conversion and
continue to optimize our operations.”
Key Performance Indicators
(“KPIs”)
- Quarterly recurring revenue was
91.1% of total revenue, an improvement compared to 88.0% of total
revenue in the fourth quarter of 2023 and 87.9% in the first
quarter of 2023.
- Cloud subscriber growth of
approximately 7% continued the Company’s ongoing performance of
year-over-year subscriber growth.
First Quarter
2024 Financial Results:Results
compare 2024 fiscal first quarter end (March 31, 2024) to 2023
fiscal first quarter end (March 31, 2023) unless otherwise
indicated.
On October 31, 2023, the Company entered into an
Asset Purchase Agreement to divest its Messaging and NetworkX
businesses. As such, unless otherwise noted, all financial metrics
herein represent continuing operations, except for comparative
purposes to the Consolidated Statements of Cash Flows for full year
2023, which were presented for the whole company at the time.
- Total revenue
increased to $43.0 million from $42.0 million in the prior year
period. The revenue performance was the result of growth in Cloud
subscribers.
- Gross profit
increased 5.1% to $28.7 million (66.9% of total revenue) from $27.3
million (65.1% of total revenue) in the prior year period. Gross
margins increased as a result of post-divestiture measures taken to
streamline operations resulting in lower cost of revenues.
- Income (loss) from
operations was $4.6 million, a significant improvement
from a loss of $(2.0) million in the prior year period. This
increase was primarily due to the rise in revenue coupled with
continued expense management and post-divestiture measures taken to
streamline operations.
- Net income (loss)
was $2.3 million, or $0.23 per share, compared to $(13.4) million,
or $(1.39) per share, in the prior year period. Net loss from
discontinued operations was $(2.3) million, or $(0.25) per share,
in the prior year period.
- Adjusted EBITDA (a
non-GAAP metric reconciled below) increased 78% to $10.9 million
(25.4% of total revenue) from $6.1 million (14.5% of total revenue)
in the prior year period.
- Cash and cash
equivalents were $19.1 million at March 31, 2024, compared
to $24.6 million at December 31, 2023. In the first quarter of
2024, free cash flow was $(3.3) million and adjusted free cash flow
was $0.6 million, improvements from $(4.2) million and $(0.1)
million, respectively, in the prior year period. The Company did
not receive additional U.S. federal tax refunds during the period,
leaving its remaining balance due at approximately $28 million,
which is expected to be received in the second half of 2024.
Financial CommentaryCFO Lou
Ferraro added: “We’ve kicked off 2024 with strong financial
performance, evident in our 78% increase in adjusted EBITDA to
$10.9 million. Post-divestiture, we immediately implemented actions
to streamline operations and further improve the profitability of
our high-margin Personal Cloud business. The first quarter
historically sees higher cash usage due to annual employee and
vendor commitments, a pattern we expected and managed to improve
upon compared to past performance. In Q1, we made the final payment
of our SEC obligation related to the Company’s 2018 restatement.
With this obligation behind us and the favorable impact of our
post-divestiture cost restructuring also combined with topline
growth, we’re on a path to generate free cash flow for 2024. In
addition, we’re actively pursuing strategies to decrease the cost
of our capital structure, and are well-positioned to utilize the
pending $28 million U.S. federal tax refund for that purpose. Our
continued subscriber growth gives us confidence in maintaining our
momentum. We are reiterating our financial guidance for 2024.”
2024 Financial
OutlookSynchronoss anticipates the continuation of
positive trends it experienced with its customers throughout 2023
and in the first quarter of 2024. Coupled with its recent addition
of SoftBank, the expiry of certain payment obligations and removal
of other general costs in the first quarter, and the superior
revenue to cash conversion capabilities of Cloud as a standalone
business, Synchronoss is expecting net cash flow to be at least $10
million for 2024.
The Company maintains its expectation for Cloud
subscriber growth to be in the high-single-digit to
low-double-digit range throughout 2024.
For the fiscal year ending December 31, 2024,
the Company maintains its expectation for GAAP revenue to range
between $170.0 million and $175.0 million, consistent with the
previously communicated range of 5-8% growth.
The Company also maintains its expectation for
adjusted EBITDA to range between $42.0 million and $45.0 million in
2024.
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." With respect to
forward looking statements related to adjusted EBITDA, the Company
has relied upon the exception in item 10(e)(1)(i)(B) of Regulation
S-K and has not provided a quantitative reconciliation of
forecasted adjusted EBITDA to forecasted GAAP net income (loss)
attributable to Synchronoss or to forecasted GAAP income (loss)
from operations, before taxes, within this earnings release because
the Company is unable, without making unreasonable efforts, to
calculate certain reconciling items with confidence. These items
include, but are not limited to, other income, other expense,
(provision) benefit for income taxes, depreciation and amortization
expense, stock-based compensation expense, restructuring charges,
gain (loss) on divestitures, net (loss) income attributable to
redeemable noncontrolling interests.
Conference CallSynchronoss will
hold a conference call today, May 7, 2024, 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.
Registration Link: Click here to register
Please register online at least 10 minutes prior
to the start time. Upon registration, the webcast platform will
provide dial-in numbers and a unique access code. If you have any
difficulty with registration or connecting to the conference call,
please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and
available for replay here and via the Investor Relations section of
Synchronoss' website at www.synchronoss.com.
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, adjusted gross
profit, adjusted gross margin, adjusted EBITDA, non-GAAP net income
(loss) attributable to Synchronoss, diluted non-GAAP net income
(loss) per share, free cash flow, and adjusted free cash flow
(which excludes cash payments and receipts related to non-core
business activities). The Company believes that the exclusion of
non-routine cash-settled expenses, such as litigation and
remediation costs (net) and restructuring costs in the calculation
of adjusted free cash flow which do not correlate to the operation
of its business, provide for more useful period-to-period
comparisons of the Company’s results. 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, restructuring,
transition and cease-use lease expense, litigation, remediation and
refiling costs and depreciation and amortization, interest income,
interest expense, loss (gain) on divestitures, other (income)
expense, provision (benefit) for income taxes, and net loss
(income) attributable to noncontrolling interests, and preferred
dividends.
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 StatementsThis
press release includes statements concerning Synchronoss and its
future expectations, plans and prospects that constitute
“forward-looking statements” within the meaning of federal
securities law. These forward-looking statements reflect our
current views with respect to, among other things, future events
and our financial performance. These statements are often, though
not always made through the use of words or phrases such as “may,”
“might,” “should,” “could,” “predict,” “will,” “seek,” “estimate,”
“project,” “projection,” “annualized,” “strive,” “goal,” “target,”
“outlook,” “aim,” “expect,” “plan,” “anticipate,” “intends,”
“believes,” “potential” or “continue” or other similar expressions
are intended to identify forward-looking statements. These
forward-looking statements are not historical facts and are based
on current expectations and projections about future events and
financial trends that management believes may affect its business,
financial condition and results of operations, any of which, by
their nature, are uncertain and beyond our control. Accordingly, we
caution you that any such forward looking statements are not
guarantees of future performance and are subject to risks,
assumptions, estimates and uncertainties that are difficult to
predict. Although we believe that the expectations reflected in
these forward looking statements are reasonable as of the date
made, actual results may prove to be materially different from the
results expressed or implied by the forward looking statements.
Except as otherwise indicated, 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
litigation by the Securities and Exchange Commission against
certain former employees of the Company 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, 2023, and the Company’s Quarterly Report on Form 10-Q
for the period ended March 31, 2024, which are 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 SynchronossSynchronoss
Technologies (Nasdaq: SNCR), a global leader in personal Cloud
solutions, empowers service providers to establish secure and
meaningful connections with their subscribers. Our SaaS Cloud
platform simplifies onboarding processes and fosters subscriber
engagement, resulting in enhanced revenue streams, reduced
expenses, and faster time-to-market. Millions of subscribers trust
Synchronoss to safeguard their most cherished memories and
important digital content. Explore how our Cloud-focused solutions
redefine the way you connect with your digital world at
www.synchronoss.com.
Media Relations
Contact:Domenick
CileaSpringboarddcilea@springboardpr.com
Investor Relations Contact:Tom
Colton and Alec WilsonGateway Group, Inc.SNCR@gateway-grp.com
-Financial Tables to Follow-
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
BALANCE SHEETS(Unaudited) (In
thousands)
| |
|
March 31, 2024 |
|
December 31, 2023 |
|
ASSETS |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
19,100 |
|
$ |
24,572 |
|
Accounts receivable, net |
|
|
22,482 |
|
|
23,477 |
|
Operating lease right-of-use assets |
|
|
13,867 |
|
|
14,791 |
|
Goodwill |
|
|
182,150 |
|
|
183,908 |
|
Other assets |
|
|
60,904 |
|
|
63,589 |
|
Total assets |
|
$ |
298,503 |
|
$ |
310,337 |
| |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Accounts payable and accrued expenses |
|
$ |
39,243 |
|
$ |
46,602 |
|
Deferred revenues |
|
|
656 |
|
|
1,095 |
|
Debt, non-current |
|
|
136,649 |
|
|
136,215 |
|
Operating lease liabilities, non-current |
|
|
21,953 |
|
|
23,593 |
|
Other liabilities |
|
|
4,742 |
|
|
4,898 |
|
Preferred stock |
|
|
58,802 |
|
|
58,802 |
|
Redeemable noncontrolling interest |
|
|
12,500 |
|
|
12,500 |
|
Stockholders’ equity |
|
|
23,958 |
|
|
26,632 |
|
Total liabilities and stockholders’ equity |
|
$ |
298,503 |
|
$ |
310,337 |
SYNCHRONOSS
TECHNOLOGIES, INC.CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS(Unaudited) (In thousands,
except per share data)
| |
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
| Net revenues |
|
$ |
42,965 |
|
|
$ |
41,985 |
|
| Costs and expenses: |
|
|
|
|
|
Cost of revenues1 |
|
|
10,223 |
|
|
|
10,960 |
|
|
Research and development |
|
|
10,331 |
|
|
|
12,744 |
|
|
Selling, general and administrative |
|
|
13,257 |
|
|
|
15,966 |
|
|
Restructuring charges |
|
|
219 |
|
|
|
342 |
|
|
Depreciation and amortization |
|
|
4,359 |
|
|
|
3,932 |
|
|
Total costs and expenses |
|
|
38,389 |
|
|
|
43,944 |
|
| Income (loss) from
operations |
|
|
4,576 |
|
|
|
(1,959 |
) |
|
Interest income |
|
|
208 |
|
|
|
94 |
|
|
Interest expense |
|
|
(3,517 |
) |
|
|
(3,454 |
) |
|
Other income (expense), net |
|
|
3,811 |
|
|
|
(2,975 |
) |
| Income (loss) from continuing
operations, before taxes |
|
|
5,078 |
|
|
|
(8,294 |
) |
|
Provision for income taxes |
|
|
(603 |
) |
|
|
(295 |
) |
| Net income (loss) from
continuing operations |
|
|
4,475 |
|
|
|
(8,589 |
) |
| Discontinued operations: |
|
|
|
|
|
Loss from discontinued operations, before taxes |
|
|
— |
|
|
|
(1,578 |
) |
|
Provision for income taxes |
|
|
— |
|
|
|
(764 |
) |
|
Net loss from discontinued operations |
|
|
— |
|
|
|
(2,342 |
) |
| Net income (loss) |
|
|
4,475 |
|
|
|
(10,931 |
) |
|
Net (loss) income attributable to redeemable noncontrolling
interests |
|
|
(5 |
) |
|
|
14 |
|
|
Preferred stock dividend |
|
|
(2,129 |
) |
|
|
(2,474 |
) |
| Net income (loss) attributable
to Synchronoss |
|
$ |
2,341 |
|
|
$ |
(13,391 |
) |
| Earnings (loss) per
share: |
|
|
|
|
| Basic: |
|
|
|
|
|
Net income (loss) from continuing operations |
|
$ |
0.24 |
|
|
$ |
(1.14 |
) |
|
Net loss from discontinued operations |
|
|
— |
|
|
|
(0.25 |
) |
|
Basic |
|
$ |
0.24 |
|
|
$ |
(1.39 |
) |
| Diluted: |
|
|
|
|
|
Net income (loss) from continuing operations |
|
$ |
0.23 |
|
|
$ |
(1.14 |
) |
|
Net loss from discontinued operations |
|
|
— |
|
|
|
(0.25 |
) |
|
Diluted |
|
$ |
0.23 |
|
|
$ |
(1.39 |
) |
| Weighted-average common shares
outstanding: |
|
|
|
|
|
Basic |
|
|
9,842 |
|
|
|
9,653 |
|
|
Diluted |
|
|
10,277 |
|
|
|
9,653 |
|
______________________________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, |
|
|
|
2024 |
|
|
|
2023 |
|
| Net income (loss) from
continuing operations |
$ |
4,475 |
|
|
$ |
(8,589 |
) |
| Net loss from discontinued
operations |
|
— |
|
|
|
(2,342 |
) |
|
Adjustments to reconcile net income (loss) to net cash from
operating activities: |
|
|
|
|
Non-cash items |
|
1,953 |
|
|
|
12,438 |
|
|
Changes in operating assets and liabilities |
|
(5,901 |
) |
|
|
(212 |
) |
|
Net cash provided by operating activities |
|
527 |
|
|
|
1,295 |
|
| |
|
|
|
|
Investing activities: |
|
|
|
|
Purchases of fixed assets |
|
(517 |
) |
|
|
(876 |
) |
|
Purchases of intangible assets and capitalized software |
|
(3,286 |
) |
|
|
(4,594 |
) |
|
Net cash used in investing activities |
|
(3,803 |
) |
|
|
(5,470 |
) |
| |
|
|
|
|
Net cash used in financing activities |
|
(2,129 |
) |
|
|
(2,299 |
) |
|
Effect of exchange rate changes on cash |
|
(67 |
) |
|
|
113 |
|
|
Net increase (decrease) in cash and cash equivalents |
|
(5,472 |
) |
|
|
(6,361 |
) |
| |
|
|
|
| Beginning cash and cash
equivalents from continuing operations |
|
24,572 |
|
|
|
18,310 |
|
| Beginning cash and cash
equivalents from discontinued operations |
|
— |
|
|
|
3,611 |
|
|
Beginning cash and cash equivalents |
|
24,572 |
|
|
|
21,921 |
|
| Ending cash and cash
equivalents from continuing operations |
|
19,100 |
|
|
|
12,921 |
|
| Ending cash and cash
equivalents from discontinued operations |
|
— |
|
|
|
2,639 |
|
|
Ending cash and cash equivalents |
$ |
19,100 |
|
|
$ |
15,560 |
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands, except per share data)
| |
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
| Non-GAAP financial measures
and reconciliation: |
|
|
|
|
| GAAP Revenue |
|
$ |
42,965 |
|
|
$ |
41,985 |
|
|
Less: Cost of revenues |
|
|
10,223 |
|
|
|
10,960 |
|
|
Less: Restructuring1 |
|
|
— |
|
|
|
92 |
|
|
Less: Depreciation and Amortization2 |
|
|
4,001 |
|
|
|
3,592 |
|
| Gross Profit |
|
|
28,741 |
|
|
|
27,341 |
|
| Add / (Less): |
|
|
|
|
|
Stock-based compensation expense |
|
|
23 |
|
|
|
79 |
|
|
Restructuring, transition and cease-use lease expense |
|
|
24 |
|
|
|
183 |
|
|
Depreciation and Amortization2 |
|
|
4,001 |
|
|
|
3,592 |
|
| Adjusted Gross Profit |
|
$ |
32,789 |
|
|
$ |
31,195 |
|
| Adjusted Gross Margin |
|
|
76.3 |
% |
|
|
74.3 |
% |
_________________________________1 Amounts
associated with cost of revenues.2 Depreciation
and Amortization contains a reasonable allocation for expenses
associated with cost of revenues.
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands, except per share data)
| |
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
2023 |
|
| GAAP Net income (loss)
attributable to Synchronoss |
|
$ |
2,341 |
|
$ |
(13,391 |
) |
|
Less: Net loss (income) from discontinued operations |
|
|
— |
|
|
2,342 |
|
| GAAP Net income (loss)
attributable to Synchronoss excluding discontinued operations |
|
|
2,341 |
|
|
(11,049 |
) |
|
Add / (Less): |
|
|
|
|
|
Stock-based compensation expense |
|
|
1,110 |
|
|
1,459 |
|
|
Restructuring, transition and cease-use lease expense |
|
|
467 |
|
|
716 |
|
|
Amortization expense |
|
|
273 |
|
|
261 |
|
|
Litigation, remediation and refiling costs, net |
|
|
381 |
|
|
1,959 |
|
| Non-GAAP Net income
attributable to Synchronoss |
|
|
4,572 |
|
|
(6,654 |
) |
| Non-GAAP Net (loss) income per
share: |
|
|
|
|
|
Basic |
|
$ |
0.46 |
|
$ |
(0.69 |
) |
|
Diluted |
|
$ |
0.44 |
|
$ |
(0.69 |
) |
| Weighted-average shares
outstanding: |
|
|
|
|
|
Basic |
|
|
9,842 |
|
|
9,653 |
|
|
Diluted |
|
|
10,277 |
|
|
9,653 |
|
_________________________________1 Amortization
from acquired intangible assets.
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands)
| |
|
Three Months Ended |
| |
|
Mar 31, 2024 |
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Net income (loss) attributable to Synchronoss |
|
$ |
2,341 |
|
|
$ |
(35,001 |
) |
|
$ |
(5,171 |
) |
|
$ |
(10,979 |
) |
|
$ |
(13,391 |
) |
| Add / (Less): |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
|
1,110 |
|
|
|
501 |
|
|
|
1,037 |
|
|
|
1,392 |
|
|
|
1,459 |
|
|
Restructuring, transition and cease-use lease expense |
|
|
467 |
|
|
|
4,140 |
|
|
|
203 |
|
|
|
2,642 |
|
|
|
716 |
|
|
STIN Note receivable impairment |
|
|
— |
|
|
|
— |
|
|
|
4,834 |
|
|
|
— |
|
|
|
— |
|
|
Change in contingent consideration |
|
|
— |
|
|
|
— |
|
|
|
824 |
|
|
|
659 |
|
|
|
— |
|
|
Litigation, remediation and refiling costs, net |
|
|
381 |
|
|
|
807 |
|
|
|
1,654 |
|
|
|
2,384 |
|
|
|
1,959 |
|
|
Net loss (income) from discontinued operations |
|
|
— |
|
|
|
2,501 |
|
|
|
(8 |
) |
|
|
(700 |
) |
|
|
2,342 |
|
|
Loss on sale of discontinued operations |
|
|
— |
|
|
|
16,382 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Depreciation and amortization |
|
|
4,359 |
|
|
|
4,352 |
|
|
|
4,482 |
|
|
|
4,064 |
|
|
|
3,932 |
|
|
Interest income |
|
|
(208 |
) |
|
|
(56 |
) |
|
|
(149 |
) |
|
|
(127 |
) |
|
|
(94 |
) |
|
Interest expense |
|
|
3,517 |
|
|
|
3,566 |
|
|
|
3,482 |
|
|
|
3,461 |
|
|
|
3,454 |
|
|
Other expense (income), net |
|
|
(3,811 |
) |
|
|
6,341 |
|
|
|
(4,456 |
) |
|
|
268 |
|
|
|
2,975 |
|
|
Provision (benefit) for income taxes |
|
|
603 |
|
|
|
3,893 |
|
|
|
23 |
|
|
|
532 |
|
|
|
295 |
|
|
Net (income) loss attributable to noncontrolling interests |
|
|
5 |
|
|
|
(26 |
) |
|
|
18 |
|
|
|
(14 |
) |
|
|
(14 |
) |
|
Preferred dividend |
|
|
2,129 |
|
|
|
2,584 |
|
|
|
2,474 |
|
|
|
2,475 |
|
|
|
2,474 |
|
| Adjusted EBITDA
(non-GAAP) |
|
$ |
10,893 |
|
|
$ |
9,984 |
|
|
$ |
9,247 |
|
|
$ |
6,057 |
|
|
$ |
6,107 |
|
SYNCHRONOSS
TECHNOLOGIES, INC.RECONCILIATION OF GAAP TO
NON-GAAP FINANCIAL MEASURES(Unaudited) (In
thousands)
| |
|
Three Months Ended March 31, |
|
|
|
|
2024 |
|
|
|
2023 |
|
| Net cash provided by operating
activities |
|
$ |
527 |
|
|
$ |
1,295 |
|
| Add / (Less): |
|
|
|
|
|
Capitalized software |
|
|
(3,286 |
) |
|
|
(4,594 |
) |
|
Property and equipment |
|
|
(517 |
) |
|
|
(876 |
) |
| Free Cashflow |
|
|
(3,276 |
) |
|
|
(4,175 |
) |
|
Add: Litigation and remediation costs, net |
|
|
2,556 |
|
|
|
2,826 |
|
|
Add: Restructuring |
|
|
1,342 |
|
|
|
1,203 |
|
| Adjusted Free Cashflow |
|
$ |
622 |
|
|
$ |
(146 |
) |
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