2021 Q4 Form 10-Q Financial Statement

#000113155421000088 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $73.83M $69.75M $68.64M
YoY Change 6.42% 1.63% 31.46%
Cost Of Revenue $26.03M $27.25M $28.45M
YoY Change -8.36% -4.24% -20.08%
Gross Profit $47.81M $42.51M $40.18M
YoY Change 16.6% 5.78% 141.96%
Gross Profit Margin 64.75% 60.94% 58.55%
Selling, General & Admin $17.20M $27.95M $23.27M
YoY Change 14.67% 20.15% -23.81%
% of Gross Profit 35.98% 65.76% 57.9%
Research & Development $14.38M $15.37M $20.89M
YoY Change -16.91% -26.42% 12.44%
% of Gross Profit 30.07% 36.15% 51.97%
Depreciation & Amortization $8.193M $8.215M $12.21M
YoY Change -6.9% -32.73% -34.02%
% of Gross Profit 17.14% 19.33% 30.39%
Operating Expenses $41.07M $43.32M $44.15M
YoY Change -0.31% -1.88% -10.1%
Operating Profit $6.731M -$10.51M -$17.00M
YoY Change -382.82% -38.15% -66.65%
Interest Expense -$5.018M $2.933M $72.00K
YoY Change -378.78% 3973.61% -64.53%
% of Operating Profit -74.55%
Other Income/Expense, Net $367.0K -$1.669M $2.684M
YoY Change -467.0% -162.18% -736.02%
Pretax Income -$34.00K -$15.09M -$14.37M
YoY Change -102.62% 5.05% -72.03%
Income Tax $169.0K -$6.982M -$8.744M
% Of Pretax Income
Net Earnings -$333.0K -$8.109M -$15.37M
YoY Change -96.94% -47.23% -77.87%
Net Earnings / Revenue -0.45% -11.63% -22.39%
Basic Earnings Per Share -$0.11 -$0.36
Diluted Earnings Per Share -$3.874K -$0.11 -$0.36
COMMON SHARES
Basic Shares Outstanding 88.34M shares 85.65M shares 42.36M shares
Diluted Shares Outstanding 85.65M shares 42.36M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.50M $24.14M $46.36M
YoY Change -6.44% -47.93% 130.76%
Cash & Equivalents $31.50M $24.14M $46.36M
Short-Term Investments $0.00
Other Short-Term Assets $42.90M $47.24M $43.40M
YoY Change 7.79% 8.85% 779.61%
Inventory
Prepaid Expenses
Receivables $47.59M $39.07M $47.71M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $122.0M $110.5M $137.5M
YoY Change 0.51% -19.66% 18.81%
LONG-TERM ASSETS
Property, Plant & Equipment $6.979M $35.79M $13.41M
YoY Change -40.51% 166.93% -62.37%
Goodwill $224.6M $226.8M $227.0M
YoY Change -3.52% -0.08% 3.02%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.619M $6.994M $12.17M
YoY Change -24.27% -42.52% 56.61%
Total Long-Term Assets $328.7M $337.9M $361.1M
YoY Change -8.91% -6.42% -9.78%
TOTAL ASSETS
Total Short-Term Assets $122.0M $110.5M $137.5M
Total Long-Term Assets $328.7M $337.9M $361.1M
Total Assets $450.7M $448.4M $498.6M
YoY Change -6.54% -10.07% -3.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.10M $6.795M $11.29M
YoY Change -12.96% -39.82% -27.13%
Accrued Expenses $61.92M $70.26M $77.69M
YoY Change -10.69% -9.57% 43.29%
Deferred Revenue $22.37M $31.51M $33.90M
YoY Change -32.31% -7.05% -36.98%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $10.00M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $95.38M $108.6M $132.9M
YoY Change -23.77% -18.31% 7.59%
LONG-TERM LIABILITIES
Long-Term Debt $133.1M $117.5M $0.00
YoY Change
Other Long-Term Liabilities $9.218M $4.578M $3.212M
YoY Change 84.54% 42.53% -30.54%
Total Long-Term Liabilities $142.3M $122.1M $3.212M
YoY Change 2749.29% 3700.5% -30.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $95.38M $108.6M $132.9M
Total Long-Term Liabilities $142.3M $122.1M $3.212M
Total Liabilities $274.9M $282.8M $136.1M
YoY Change 45.58% 107.78% 6.22%
SHAREHOLDERS EQUITY
Retained Earnings -$368.7M -$368.4M -$345.0M
YoY Change 6.64% 6.78% 5.12%
Common Stock $492.5M $492.4M $512.5M
YoY Change -1.37% -3.93% -3.07%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00 $82.09M
YoY Change -100.0% -100.0% 0.0%
Treasury Stock Shares 0.000 shares 0.000 shares 7.162M shares
Shareholders Equity $90.82M $93.09M $53.26M
YoY Change
Total Liabilities & Shareholders Equity $450.7M $448.4M $498.6M
YoY Change -6.54% -10.07% -3.37%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$333.0K -$8.109M -$15.37M
YoY Change -96.94% -47.23% -77.87%
Depreciation, Depletion And Amortization $8.193M $8.215M $12.21M
YoY Change -6.9% -32.73% -34.02%
Cash From Operating Activities -$606.0K -$2.616M $7.100M
YoY Change -93.48% -136.85% -204.41%
INVESTING ACTIVITIES
Capital Expenditures -$6.103M -$6.181M -$4.500M
YoY Change 38.7% 37.36% -18.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$6.103M -$6.181M -$4.500M
YoY Change 110.45% 37.36% -111.84%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 13.50M 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -606.0K -2.616M 7.100M
Cash From Investing Activities -6.103M -6.181M -4.500M
Cash From Financing Activities 13.50M 0.000 0.000
Net Change In Cash 6.792M -8.797M 2.600M
YoY Change -155.67% -438.35% -116.05%
FREE CASH FLOW
Cash From Operating Activities -$606.0K -$2.616M $7.100M
Capital Expenditures -$6.103M -$6.181M -$4.500M
Free Cash Flow $5.497M $3.565M $11.60M
YoY Change -212.18% -69.27% -992.31%

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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="margin-bottom:8pt;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 “Com</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">pany”) Digital, Cloud, Messaging and Total Network Management platforms help the world’s leading companies, including operators, original equipment manufacturers (“OEMs”), and Media and Technology providers to deliver continuously transformative customer experiences that create high value engagement and new monetization opportunities.</span></div><div style="margin-bottom:8pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;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 Telecommunications, Media and Technology (“TMT”) space, taking advantage of the rapidly converging services, connected devices, networks and applications.</span></div><div style="margin-bottom:8pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;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 style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">White Label Personal Cloud: Cloud sync, backup, storage, device set up, content transfer and content engagement for user generated content. </span></div><div style="padding-left:54pt;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Messaging: White label consumer email solutions. Advanced, multi-channel messaging peer-to-peer (“P2P”) communications and application-to-person (“A2P”) commerce solutions. </span></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Digital: Customer journey and workflow design, development, orchestration and experience management. </span></div><div style="padding-left:54pt;text-align:justify;text-indent:-18pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">•</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;padding-left:14.5pt">Total Network Management (“TNM”): integrated application suite that designs, procures, manages and optimizes telecom network infrastructure. </span></div><div style="padding-left:54pt;text-align:justify"><span><br/></span></div><div style="margin-bottom:8pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;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 a carrier’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 Company’s 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="margin-bottom:8pt;text-align:justify;text-indent:18pt"><span style="background-color:#ffffff;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”). Add</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">itionally, 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="margin-bottom:8pt;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 Platform is a suite of technology, tools and solutions that includes digital experience creation and management, automated provisioning, artificial intelligence and financial analytics that service a broad array of TMT markets. The products equip customers with a toolkit of capabilities where they can design, deploy and manage end user customer journeys and workflows easily and quickly from one central platform that also integrates across front end customer engagement channels as well as enterprise business systems (e.g. CRM, POS) allowing non-citizen developers to configure rather than code experiences. The platform sits between customer-facing touch points and a customer’s existing back-office systems to orchestrate data, workflows and processes into digital customer journeys that interface with end user channels creating user experiences that can be centrally managed and coordinated with less resources than is typical in a traditional IT environment.</span></div>The Synchronoss Total Network Management application suite provides Operators with the tools and software to design their physical network, streamline their infrastructure purchases, and comprehensive network expense optimization and management for leading top tier carriers around the globe.
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P6Y21D
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4391000 USD
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CY2021Q3 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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2192000 USD
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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10900000 USD
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P1Y3M18D
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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9.60
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y1M20D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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0 USD
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CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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IncomeTaxExpenseBenefit
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EffectiveIncomeTaxRateContinuingOperations
-0.243
CY2021Q3 sncr Unrecognized Tax Benefit Discrete Tax Benefit
UnrecognizedTaxBenefitDiscreteTaxBenefit
7400000 USD
CY2021Q3 sncr Unrecognized Tax Benefit Discrete Tax Expense
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2100000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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60000 USD
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242000 USD
CY2021Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
1722000 USD
CY2020Q3 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
9685000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
33728000 USD
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
27882000 USD
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021Q3 us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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85646000 shares
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
42360000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
57662000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
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41777000 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
us-gaap Incremental Common Shares Attributable To Conversion Of Preferred Stock
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0 shares
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2020Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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0 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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85646000 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
42360000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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57662000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2021Q3 us-gaap Earnings Per Share Diluted
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CY2020Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2021Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
4788000 USD
CY2021Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
21696000 USD
CY2021Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
14541000 USD
CY2021Q3 sncr Purchase Obligation To Be Paid After Year Two
PurchaseObligationToBePaidAfterYearTwo
21995000 USD
CY2021Q3 us-gaap Purchase Obligation
PurchaseObligation
63020000 USD
CY2021Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2228000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
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us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
2330000 USD
CY2021Q3 sncr Government Refunds
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195000 USD
CY2020Q3 sncr Government Refunds
GovernmentRefunds
322000 USD
sncr Government Refunds
GovernmentRefunds
199000 USD
sncr Government Refunds
GovernmentRefunds
874000 USD
CY2021Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
0 USD
CY2020Q3 us-gaap Gain Loss On Disposition Of Intangible Assets
GainLossOnDispositionOfIntangibleAssets
0 USD
us-gaap Gain Loss On Disposition Of Intangible Assets
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550000 USD
us-gaap Gain Loss On Disposition Of Intangible Assets
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2164000 USD
CY2021Q3 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
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CY2020Q3 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
134000 USD
sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
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sncr Other Sundry Nonoperating Income Expense Net
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375000 USD
CY2021Q3 us-gaap Other Nonoperating Income Expense
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CY2020Q3 us-gaap Other Nonoperating Income Expense
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2684000 USD
us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5743000 USD

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