2022 Q2 Form 10-Q Financial Statement

#000113155422000027 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $65.24M $65.87M $73.83M
YoY Change -8.8% 0.56% 6.42%
Cost Of Revenue $22.32M $24.84M $26.03M
YoY Change -17.78% -13.26% -8.36%
Gross Profit $42.92M $41.03M $47.81M
YoY Change -3.31% 11.3% 16.6%
Gross Profit Margin 65.79% 62.29% 64.75%
Selling, General & Admin $15.29M $17.90M $17.20M
YoY Change -30.22% -0.17% 14.67%
% of Gross Profit 35.62% 43.62% 35.98%
Research & Development $13.46M $15.79M $14.38M
YoY Change -21.73% -9.23% -16.91%
% of Gross Profit 31.36% 38.49% 30.07%
Depreciation & Amortization $8.259M $8.034M $8.193M
YoY Change -2.66% -18.58% -6.9%
% of Gross Profit 19.24% 19.58% 17.14%
Operating Expenses $37.01M $33.69M $41.07M
YoY Change -5.37% -4.63% -0.31%
Operating Profit $5.913M -$1.380M $6.731M
YoY Change -245.0% -84.74% -382.82%
Interest Expense $671.0K $3.325M -$5.018M
YoY Change 365.97% 3400.0% -378.78%
% of Operating Profit 11.35% -74.55%
Other Income/Expense, Net $169.0K $1.704M $367.0K
YoY Change -89.28% -150.18% -467.0%
Pretax Income $8.356M -$2.909M -$34.00K
YoY Change -418.81% -76.78% -102.62%
Income Tax $435.0K $100.0K $169.0K
% Of Pretax Income 5.21%
Net Earnings $7.846M -$3.037M -$333.0K
YoY Change -424.21% -75.44% -96.94%
Net Earnings / Revenue 12.03% -4.61% -0.45%
Basic Earnings Per Share $0.06 -$0.07
Diluted Earnings Per Share $87.91K -$0.07 -$3.874K
COMMON SHARES
Basic Shares Outstanding 88.30M shares 85.87M shares 88.34M shares
Diluted Shares Outstanding 89.25M shares 85.87M shares

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.51M $21.73M $31.50M
YoY Change -21.67% -27.09% -6.44%
Cash & Equivalents $25.51M $21.73M $31.50M
Short-Term Investments
Other Short-Term Assets $47.76M $46.74M $42.90M
YoY Change 16.33% 14.27% 7.79%
Inventory
Prepaid Expenses
Receivables $43.31M $48.17M $47.59M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $116.6M $116.6M $122.0M
YoY Change -1.06% -0.24% 0.51%
LONG-TERM ASSETS
Property, Plant & Equipment $27.70M $30.55M $6.979M
YoY Change 182.04% 182.91% -40.51%
Goodwill $223.7M $224.6M
YoY Change -2.11% -3.52%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.597M $5.027M $5.619M
YoY Change -20.09% -26.0% -24.27%
Total Long-Term Assets $300.3M $322.4M $328.7M
YoY Change -13.18% -7.4% -8.91%
TOTAL ASSETS
Total Short-Term Assets $116.6M $116.6M $122.0M
Total Long-Term Assets $300.3M $322.4M $328.7M
Total Assets $416.9M $439.1M $450.7M
YoY Change -10.1% -5.6% -6.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.659M $12.10M $11.10M
YoY Change -61.08% -28.46% -12.96%
Accrued Expenses $58.37M $60.03M $61.92M
YoY Change 0.23% -11.31% -10.69%
Deferred Revenue $19.47M $22.37M
YoY Change -39.84% -32.31%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $82.77M $91.59M $95.38M
YoY Change -26.38% -27.85% -23.77%
LONG-TERM LIABILITIES
Long-Term Debt $133.8M $133.5M $133.1M
YoY Change 14.2%
Other Long-Term Liabilities $40.48M $9.217M $9.218M
YoY Change 775.26% 88.22% 84.54%
Total Long-Term Liabilities $174.3M $142.7M $142.3M
YoY Change 43.09% 2813.6% 2749.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $82.77M $91.59M $95.38M
Total Long-Term Liabilities $174.3M $142.7M $142.3M
Total Liabilities $270.2M $270.1M $274.9M
YoY Change -6.59% 104.85% 45.58%
SHAREHOLDERS EQUITY
Retained Earnings -$371.9M -$368.7M
YoY Change 3.93% 6.64%
Common Stock $492.0M $492.5M
YoY Change 0.14% -1.37%
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares
Shareholders Equity $146.7M $83.98M $90.82M
YoY Change
Total Liabilities & Shareholders Equity $416.9M $439.1M $450.7M
YoY Change -10.1% -5.6% -6.54%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income $7.846M -$3.037M -$333.0K
YoY Change -424.21% -75.44% -96.94%
Depreciation, Depletion And Amortization $8.259M $8.034M $8.193M
YoY Change -2.66% -18.58% -6.9%
Cash From Operating Activities $9.421M -$2.693M -$606.0K
YoY Change 60.58% -219.11% -93.48%
INVESTING ACTIVITIES
Capital Expenditures -$5.869M $154.0K -$6.103M
YoY Change -8.43% -78.64% 38.7%
Acquisitions
YoY Change
Other Investing Activities $7.500M $0.00
YoY Change 1263.64% -100.0%
Cash From Investing Activities $1.631M -$5.399M -$6.103M
YoY Change -127.84% -6.32% 110.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.736M -$1.781M 13.50M
YoY Change -350.69%
NET CHANGE
Cash From Operating Activities 9.421M -$2.693M -606.0K
Cash From Investing Activities 1.631M -$5.399M -6.103M
Cash From Financing Activities -6.736M -$1.781M 13.50M
Net Change In Cash 4.316M -$9.777M 6.792M
YoY Change 60.15% 153.75% -155.67%
FREE CASH FLOW
Cash From Operating Activities $9.421M -$2.693M -$606.0K
Capital Expenditures -$5.869M $154.0K -$6.103M
Free Cash Flow $15.29M -$2.847M $5.497M
YoY Change 24.55% -284.87% -212.18%

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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 “Company”) is a leading provider of white label cloud, messaging, digital and network management solutions that enable our customers to keep subscribers, systems, networks and content in sync. </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 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. </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 Personal Cloud™ platform is specifically designed to support smartphones, tablets and wirelessly enabled consumer electronics such as wearables for health and wellness, cameras, tablets, e-readers, personal navigation devices, and GPS enabled devices, as well as connected automobiles and 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 mobile messaging and mailboxes for hundreds of millions of telecommunication subscribers. The Advanced Messaging platform is a powerful, secure, intelligent, white-label messaging platform that expands capabilities for communications service provider and multi-service providers to offer P2P messaging via Rich Communications Services (“RCS”). The Mobile Messaging Platform (“MMP”) provides a single standard ecosystem for onboarding and management to brands, advertisers and message wholesalers.</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 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 swatch of our target markets. The platform equips customers with the tools to design, deploy and manage end user customer journeys and workflows from one central platform that also integrates across front end customer engagement channels as well as enterprise business systems (e.g. CRM, POS) allowing 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 provides operators with the tools and software to design their physical network, streamline their infrastructure purchases, and manage and optimize comprehensive network expense for leading top tier carriers around the globe.
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