$SNCR
SYNCHRONOSS TECHNOLOGIES INC

2024 Q2 Form 10-Q Financial Statement

#000113155424000055 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $43.46M $42.97M $57.71M
YoY Change -27.22% -25.55% -12.39%
Cost Of Revenue $10.40M $10.22M $20.38M
YoY Change -52.25% -49.84% -17.95%
Gross Profit $33.06M $32.74M $37.33M
YoY Change -12.85% -12.28% -9.02%
Gross Profit Margin 76.07% 76.21% 64.68%
Selling, General & Admin $12.79M $13.26M $18.31M
YoY Change -35.66% -27.59% 2.3%
% of Gross Profit 38.68% 40.49% 49.05%
Research & Development $11.90M $10.33M $14.74M
YoY Change -20.92% -29.89% -6.69%
% of Gross Profit 35.99% 31.55% 39.48%
Depreciation & Amortization $4.028M $4.359M $7.520M
YoY Change -41.95% -42.03% -6.4%
% of Gross Profit 12.19% 13.31% 20.15%
Operating Expenses $28.71M $23.59M $33.04M
YoY Change -17.77% -28.62% -1.91%
Operating Profit $4.345M $4.576M -$3.582M
YoY Change -210.08% -227.75% 159.57%
Interest Expense -$3.303M $3.517M $3.454M
YoY Change -195.43% 1.82% 3.88%
% of Operating Profit -76.02% 76.86%
Other Income/Expense, Net $1.220M $3.811M -$2.931M
YoY Change -368.72% -230.02% -272.01%
Pretax Income $2.214M $5.078M -$9.872M
YoY Change -128.62% -151.44% 239.36%
Income Tax $2.708M $600.0K $1.100M
% Of Pretax Income 122.31% 11.82%
Net Earnings $78.00K $4.475M -$10.93M
YoY Change -100.92% -140.94% 259.93%
Net Earnings / Revenue 0.18% 10.42% -18.94%
Basic Earnings Per Share $0.01 $0.24 -$0.15
Diluted Earnings Per Share $0.01 $0.23 -$0.15
COMMON SHARES
Basic Shares Outstanding 10.79M shares 10.31M shares 90.81M shares
Diluted Shares Outstanding 10.42M shares 10.28M shares 86.50M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.65M $19.10M $15.56M
YoY Change 22.34% 22.75% -28.38%
Cash & Equivalents $23.65M $19.10M $15.56M
Short-Term Investments
Other Short-Term Assets $32.01M $32.31M $36.39M
YoY Change -17.12% -11.19% -22.15%
Inventory
Prepaid Expenses
Receivables $19.86M $22.48M $48.04M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $43.51M $73.90M $99.98M
YoY Change -55.51% -26.09% -14.28%
LONG-TERM ASSETS
Property, Plant & Equipment $10.70M $17.43M $24.81M
YoY Change -51.16% -29.76% -18.8%
Goodwill $181.6M $182.2M $212.2M
YoY Change -14.4% -14.15% -5.16%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.89M $3.731M $3.886M
YoY Change 1676.07% -3.99% -22.7%
Total Long-Term Assets $252.2M $224.6M $291.3M
YoY Change -11.93% -22.91% -9.64%
TOTAL ASSETS
Total Short-Term Assets $43.51M $73.90M $99.98M
Total Long-Term Assets $252.2M $224.6M $291.3M
Total Assets $295.7M $298.5M $391.3M
YoY Change -23.03% -23.72% -10.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.976M $6.207M $11.79M
YoY Change -32.29% -47.37% -2.5%
Accrued Expenses $39.47M $33.04M $56.31M
YoY Change -23.32% -41.33% -6.19%
Deferred Revenue $1.059M $656.0K $15.04M
YoY Change -94.62% -95.64% -22.73%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.875M $557.0K
YoY Change
Total Short-Term Liabilities $42.40M $39.90M $83.15M
YoY Change -48.88% -52.01% -9.22%
LONG-TERM LIABILITIES
Long-Term Debt $184.4M $136.6M $135.0M
YoY Change 36.18% 1.24% 1.14%
Other Long-Term Liabilities $25.80M $1.529M $2.324M
YoY Change 901.75% -34.21% -74.79%
Total Long-Term Liabilities $210.2M $138.2M $137.3M
YoY Change 52.33% 0.64% -3.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.40M $39.90M $83.15M
Total Long-Term Liabilities $210.2M $138.2M $137.3M
Total Liabilities $265.1M $203.2M $249.9M
YoY Change 5.12% -18.67% -7.47%
SHAREHOLDERS EQUITY
Retained Earnings -$427.2M -$426.7M -$387.5M
YoY Change 7.86% 10.1% 4.22%
Common Stock $491.8M $482.5M $487.7M
YoY Change 1.07% -1.06% -0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.62M $23.96M $60.58M
YoY Change
Total Liabilities & Shareholders Equity $295.7M $298.5M $391.3M
YoY Change -23.03% -23.72% -10.88%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $78.00K $4.475M -$10.93M
YoY Change -100.92% -140.94% 259.93%
Depreciation, Depletion And Amortization $4.028M $4.359M $7.520M
YoY Change -41.95% -42.03% -6.4%
Cash From Operating Activities $11.31M $527.0K $1.295M
YoY Change 0.46% -59.31% -148.09%
INVESTING ACTIVITIES
Capital Expenditures $3.707M $517.0K $876.0K
YoY Change -23.94% -40.98% 468.83%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$3.707M -$3.803M -$5.470M
YoY Change -23.94% -30.48% 1.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.976M -$2.129M -$2.299M
YoY Change 14.24% -7.39% 29.08%
NET CHANGE
Cash From Operating Activities 11.31M $527.0K $1.295M
Cash From Investing Activities -3.707M -$3.803M -$5.470M
Cash From Financing Activities -2.976M -$2.129M -$2.299M
Net Change In Cash 4.630M -$5.472M -$6.361M
YoY Change 22.42% -13.98% -34.94%
FREE CASH FLOW
Cash From Operating Activities $11.31M $527.0K $1.295M
Capital Expenditures $3.707M $517.0K $876.0K
Free Cash Flow $7.606M $10.00K $419.0K
YoY Change 19.09% -97.61% -114.72%

Facts In Submission

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CY2024Q1 us-gaap Nature Of Operations
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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”) is a leading provider of white label cloud software and services that enable our customers to keep subscribers, systems, networks and content in sync. </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 CloudTM solution is designed to create an engaging and trusted customer experience through ongoing content management and engagement. The Synchronoss Personal CloudTM platform is a secure and highly scalable, white label platform that allows our customers’ subscribers to backup and protect, engage with, and manage their personal content and gives our operator customers the ability to increase average revenue per user (“ARPU”) and reduce churn.</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%">Our Synchronoss Personal CloudTM platform is specifically designed to support smartphones, tablets, desktops computers, and laptops.</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’ Messaging platform (Owned and operated through October 31, 2023) had powered mobile messaging and mailboxes for hundreds of millions of telecommunication subscribers. Our Advanced Messaging platform had been a powerful, secure, intelligent, white label messaging platform that expanded capabilities for communications service provider and multi-service providers to offer P2P messaging via Rich Communications Services (“RCS”). Our Mobile Messaging Platform (“MMP”) provided 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 NetworkX (Owned and operated through October 31, 2023) products had provided operators with the tools and software to design their physical network, streamlined their infrastructure purchases, and managed and optimized comprehensive network expenses for leading top tier carriers around the globe. </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%">On October 31, 2023, Synchronoss Technologies, Inc. entered into an Asset Purchase Agreement with Lumine Group Software Solutions (Ireland) Limited, pursuant to which the Company sold its Messaging and NetworkX businesses. This transaction represented a strategic shift designed to maximize shareholder value and allow the Company to solely focus on providing cloud-centric solutions. In connection with the sale transaction, the Company determined its Messaging and NetworkX Businesses qualified for discontinued operations accounting treatment in accordance with ASC 205-20. Accordingly, the operating results of, and costs to separate the Messaging and NetworkX businesses are reported in Net loss from discontinued operations, net of taxes in the Consolidated Statements of Operations for prior periods presented. There were no assets and liabilities related to discontinued operations as of March 31, 2024 and December 31, 2023, as all balances were transferred to Lumine Group upon sale. The notes to the financial statements have been adjusted on a retrospective basis. For additional information, see Note 4. Divestitures and Discontinued Operations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of the Notes to Consolidated Financial Statements in Item 1 of this Form 10-Q.</span></div>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
319000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
38.63
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P3Y6M3D
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.39
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.23
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
300000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.119
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.036
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4400000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
4475000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-8589000 usd
CY2024Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
5000 usd
CY2023Q1 us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
-14000 usd
CY2024Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2129000 usd
CY2023Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
2474000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2341000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-11049000 usd
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 usd
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2342000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2341000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13391000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2341000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-11049000 usd
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 usd
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-2342000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2341000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13391000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9842000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9653000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10277000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9653000 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.24
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.14
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.25
CY2024Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3811000 usd
CY2023Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-2975000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.14
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.25
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.39
CY2024Q1 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
16391000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
12674000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
901000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
28000 usd
CY2024Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
0 usd
CY2024Q1 us-gaap Purchase Obligation
PurchaseObligation
29994000 usd
CY2022Q2 us-gaap Loss Contingency Damages Awarded Value
LossContingencyDamagesAwardedValue
12500000 usd
CY2022Q2 sncr Loss Contingency Payment Terms
LossContingencyPaymentTerms
P2Y
CY2022Q2 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
2 defendant
CY2023Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1200000 usd
CY2024Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
3801000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2953000 usd
CY2024Q1 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
10000 usd
CY2023Q1 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
-22000 usd
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

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