2020 Q4 Form 10-Q Financial Statement

#000113155420000088 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $69.38M $68.64M $52.21M
YoY Change -23.41% 31.46% -37.31%
Cost Of Revenue $28.40M $28.45M $35.60M
YoY Change -33.02% -20.08% -18.53%
Gross Profit $41.00M $40.18M $16.61M
YoY Change -14.76% 141.96% -58.06%
Gross Profit Margin 59.1% 58.55% 31.81%
Selling, General & Admin $15.00M $23.27M $30.54M
YoY Change -49.83% -23.81% 11.77%
% of Gross Profit 36.59% 57.9% 183.86%
Research & Development $17.30M $20.89M $18.58M
YoY Change -5.46% 12.44% -0.58%
% of Gross Profit 42.2% 51.97% 111.84%
Depreciation & Amortization $8.800M $12.21M $18.51M
YoY Change -51.38% -34.02% -21.77%
% of Gross Profit 21.46% 30.39% 111.44%
Operating Expenses $41.20M $44.15M $49.11M
YoY Change -37.95% -10.1% 6.75%
Operating Profit -$2.380M -$17.00M -$50.97M
YoY Change -86.92% -66.65% 47.19%
Interest Expense $1.800M $72.00K $203.0K
YoY Change 350.0% -64.53% -85.18%
% of Operating Profit
Other Income/Expense, Net -$100.0K $2.684M -$422.0K
YoY Change -101.35% -736.02% -96.86%
Pretax Income $1.300M -$14.37M -$51.36M
YoY Change -112.5% -72.03% 4.93%
Income Tax $2.000M -$8.744M $9.849M
% Of Pretax Income 153.85%
Net Earnings -$10.89M -$15.37M -$69.43M
YoY Change -25.79% -77.87% 27.33%
Net Earnings / Revenue -15.7% -22.39% -132.99%
Basic Earnings Per Share -$0.36 -$1.70
Diluted Earnings Per Share -$18.82K -$0.36 -$1.70
COMMON SHARES
Basic Shares Outstanding 44.11M shares 42.36M shares 40.91M shares
Diluted Shares Outstanding 42.36M shares 40.91M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $33.67M $46.36M $20.09M
YoY Change -13.67% 130.76% -91.24%
Cash & Equivalents $33.67M $46.36M $19.19M
Short-Term Investments $0.00 $0.00 $897.0K
Other Short-Term Assets $39.80M $43.40M $4.934M
YoY Change 730.55% 779.61% -65.04%
Inventory
Prepaid Expenses $17.10M
Receivables $47.85M $47.71M $73.57M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.4M $137.5M $115.7M
YoY Change -15.07% 18.81% -66.7%
LONG-TERM ASSETS
Property, Plant & Equipment $11.73M $13.41M $35.63M
YoY Change -55.77% -62.37% -55.75%
Goodwill $232.8M $227.0M $220.4M
YoY Change 4.4% 3.02% -6.02%
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $7.420M $12.17M $7.769M
YoY Change -7.87% 56.61% -13.1%
Total Long-Term Assets $360.9M $361.1M $400.2M
YoY Change -7.26% -9.78% -26.81%
TOTAL ASSETS
Total Short-Term Assets $121.4M $137.5M $115.7M
Total Long-Term Assets $360.9M $361.1M $400.2M
Total Assets $482.3M $498.6M $516.0M
YoY Change -9.35% -3.37% -42.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.75M $11.29M $15.50M
YoY Change -40.84% -27.13% 8.36%
Accrued Expenses $69.33M $77.69M $54.22M
YoY Change 5.06% 43.29% 0.79%
Deferred Revenue $33.05M $33.90M $53.79M
YoY Change -49.82% -36.98% -0.48%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $10.00M $10.00M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $125.1M $132.9M $123.5M
YoY Change -18.43% 7.59% -64.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.995M $3.212M $4.624M
YoY Change 8.85% -30.54% -59.18%
Total Long-Term Liabilities $4.995M $3.212M $4.624M
YoY Change 8.85% -30.54% -59.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $125.1M $132.9M $123.5M
Total Long-Term Liabilities $4.995M $3.212M $4.624M
Total Liabilities $188.8M $136.1M $128.1M
YoY Change 19.53% 6.22% -64.63%
SHAREHOLDERS EQUITY
Retained Earnings -$345.8M -$345.0M -$328.2M
YoY Change 3.43% 5.12% 109.06%
Common Stock $499.4M $512.5M $528.7M
YoY Change -5.02% -3.07% -5.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $82.09M $82.09M $82.09M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 7.162M shares 7.162M shares 7.162M shares
Shareholders Equity $43.28M $53.26M $84.59M
YoY Change
Total Liabilities & Shareholders Equity $482.3M $498.6M $516.0M
YoY Change -9.35% -3.37% -42.31%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$10.89M -$15.37M -$69.43M
YoY Change -25.79% -77.87% 27.33%
Depreciation, Depletion And Amortization $8.800M $12.21M $18.51M
YoY Change -51.38% -34.02% -21.77%
Cash From Operating Activities -$9.300M $7.100M -$6.800M
YoY Change -144.71% -204.41% -163.55%
INVESTING ACTIVITIES
Capital Expenditures -$4.400M -$4.500M -$5.500M
YoY Change -8.33% -18.18% -27.63%
Acquisitions
YoY Change
Other Investing Activities $1.400M $0.00 $43.50M
YoY Change -78.46% -100.0% -3446.15%
Cash From Investing Activities -$2.900M -$4.500M $38.00M
YoY Change -270.59% -111.84% -531.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 -47.40M
YoY Change -100.0% -100.0% 15700.0%
NET CHANGE
Cash From Operating Activities -9.300M 7.100M -6.800M
Cash From Investing Activities -2.900M -4.500M 38.00M
Cash From Financing Activities 0.000 0.000 -47.40M
Net Change In Cash -12.20M 2.600M -16.20M
YoY Change -154.95% -116.05% -1112.5%
FREE CASH FLOW
Cash From Operating Activities -$9.300M $7.100M -$6.800M
Capital Expenditures -$4.400M -$4.500M -$5.500M
Free Cash Flow -$4.900M $11.60M -$1.300M
YoY Change -119.14% -992.31% -107.1%

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Description of Business <div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">General</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) Digital, Cloud, Messaging and IoT platforms help the world’s leading companies, including operators, original equipment manufacturers (“OEMs”), and Technology, Media and Telecom (“TMT”) providers to deliver continuously transformative customer experiences that create high value engagement and new monetization opportunities.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company currently operates in and markets solutions and services directly through the Company’s sales organizations in North America, Europe and Asia-Pacific. The Company’s platforms give customers new opportunities in the TMT space, taking advantage of the rapidly converging services, connected devices, networks and applications.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company delivers platforms, products and solutions including:</span></div><div><span><br/></span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Cloud sync, backup, storage, device set up, content transfer and content engagement for user generated content</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Advanced, multi-channel messaging peer-to-peer (“P2P”) communications and application-to-person (“A2P”) commerce solutions</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Digital experience management (Platform as a Service) - including digital journey creation, and journey design products that use analytics that power digital advisor products for IT and Business Channel Owners</span></div><div style="padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">IoT management technology for Smart Cities, Smart Buildings and more</span></div><div><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Synchronoss Personal Cloud Platform™ is a secure and highly scalable white label platform designed to store and sync subscriber’s personally created content seamlessly to and from current and new devices. This allows an Operator’s customers to protect, engage with and manage their personal content and gives the Company’s Operator customers the ability to increase average revenue per user (“ARPU”) through a new monthly recurring charge (“MRC”) and opportunities to mine valuable data that will give subscribers access to new, beneficial services. Additionally, the Synchronoss Personal Cloud Platform performs an expanding set of value-add services including facilitating an Operator’s initial device setup and enhancing visibility and control across disparate devices within subscribers’ smart homes.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Synchronoss Messaging Platform powers hundreds of millions of subscribers’ mail boxes worldwide. The Company’s Advanced Messaging Product is a powerful, secure and intelligent white label messaging platform that expands capabilities for Operators and TMT companies to offer P2P messaging via Rich Communications Services (“RCS”). Additionally, the Company’s Advanced Messaging Product powers commerce and a robust ecosystem for Operators, brands and advertisers to execute Application to Person (“A2P”) commerce and data-rich dialogue with subscribers.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Synchronoss Digital Experience Platform (“DXP”) is a purpose-built experience management toolset that sits between the Company’s customers end-user facing applications and their existing back end systems, enabling the authoring and management of customer journeys in a cloud-native no/low-code environment. This platform uses products such as Journey Creator, Journey Advisor, CX Baseline and Digital Coach to create a wide variety of insight-driven customer experiences across existing channels (digital and analogue) including creating the ability to pause and resume continuous, intelligent experiences in an omni-channel environment. DXP can be operated by IT professionals and “citizen” developers (business analysts, etc.) enabling the Company’s customers to bring more compelling and complex experiences to market in less time with fewer and more diverse resources in a real-time, collaborative environment.</span></div><div style="text-align:justify;text-indent:18pt"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Synchronoss IoT Platform creates an easy to use environment and extensible ecosystem making the management of disparate devices, sensors, data pools and networks easier to manage by IoT administrators and drives the propagation of new IoT applications and monetization models for TMT companies. The Company’s IoT platform utilizes Synchronoss platforms (DXP, Cloud, Messaging), products and solutions to make IoT more accessible and actionable for Smart Building facility managers, Smart City planners, Automotive OEMs and TMT ecosystem players.</span></div>
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OtherNonoperatingIncomeExpense
2684000 USD
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-422000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5743000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5743000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
17000 USD

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0001131554-20-000088-index.html Edgar Link pending
0001131554-20-000088.txt Edgar Link pending
0001131554-20-000088-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
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sncr-093020ex311.htm Edgar Link pending
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sncr-093020ex321.htm Edgar Link pending
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sncr-20200930.htm Edgar Link pending
sncr-20200930.xsd Edgar Link pending
sncr-20200930_cal.xml Edgar Link unprocessable
sncr-20200930_def.xml Edgar Link unprocessable
sncr-20200930_htm.xml Edgar Link completed
sncr-20200930_lab.xml Edgar Link unprocessable
sncr-20200930_pre.xml Edgar Link unprocessable
sncr-maryclarkreleaseagree.htm Edgar Link pending
verizonexhibit.htm Edgar Link pending