$SNCR
SYNCHRONOSS TECHNOLOGIES INC

2024 Q3 Form 10-Q Financial Statement

#000113155424000074 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $42.96M $43.46M $41.40M
YoY Change -22.79% -27.22% -32.82%
Cost Of Revenue $8.975M $10.40M $10.29M
YoY Change -49.85% -52.25% -53.44%
Gross Profit $33.99M $33.06M $31.11M
YoY Change -9.97% -12.85% -21.29%
Gross Profit Margin 79.11% 76.07% 75.14%
Selling, General & Admin $13.76M $12.79M $11.71M
YoY Change -38.22% -35.66% -46.3%
% of Gross Profit 40.47% 38.68% 37.64%
Research & Development $10.33M $11.90M $11.24M
YoY Change -4.82% -20.92% -16.46%
% of Gross Profit 30.4% 35.99% 36.14%
Depreciation & Amortization $4.386M $4.028M $5.347M
YoY Change -41.81% -41.95% -30.86%
% of Gross Profit 12.9% 12.19% 17.19%
Operating Expenses $24.09M $28.71M $27.30M
YoY Change -27.27% -17.77% -36.49%
Operating Profit $5.515M $4.345M $3.806M
YoY Change -287.9% -210.08% -209.62%
Interest Expense -$5.242M -$3.303M -$9.732M
YoY Change -250.55% -195.43% -11.5%
% of Operating Profit -95.05% -76.02% -255.7%
Other Income/Expense, Net -$5.241M $1.220M -$144.0K
YoY Change -217.64% -368.72% -114.95%
Pretax Income -$5.087M $2.214M -$9.667M
YoY Change 180.58% -128.62% -28.42%
Income Tax $600.0K $2.708M $2.138M
% Of Pretax Income 122.31%
Net Earnings -$5.715M $78.00K -$32.44M
YoY Change 113.33% -100.92% 103.7%
Net Earnings / Revenue -13.3% 0.18% -78.36%
Basic Earnings Per Share -$0.56 $0.01 -$3.56
Diluted Earnings Per Share -$0.56 $0.01 -$3.56
COMMON SHARES
Basic Shares Outstanding 10.82M shares 10.79M shares 93.34M shares
Diluted Shares Outstanding 10.10M shares 10.42M shares 9.822M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.23M $23.65M $24.57M
YoY Change 43.34% 22.34% 12.09%
Cash & Equivalents $25.23M $23.65M $24.57M
Short-Term Investments
Other Short-Term Assets $33.45M $32.01M $33.95M
YoY Change -7.09% -17.12% -6.57%
Inventory
Prepaid Expenses
Receivables $19.26M $19.86M $23.50M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.94M $43.51M $82.00M
YoY Change -9.27% -55.51% -22.12%
LONG-TERM ASSETS
Property, Plant & Equipment $12.57M $10.70M $3.673M
YoY Change -37.47% -51.16% -19.84%
Goodwill $184.8M $181.6M $183.9M
YoY Change -11.77% -14.4% -12.79%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.466M $59.89M $3.749M
YoY Change -16.88% 1676.07% -8.14%
Total Long-Term Assets $221.8M $252.2M $228.3M
YoY Change -19.45% -11.93% -22.01%
TOTAL ASSETS
Total Short-Term Assets $77.94M $43.51M $82.00M
Total Long-Term Assets $221.8M $252.2M $228.3M
Total Assets $299.7M $295.7M $310.3M
YoY Change -17.03% -23.03% -22.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.691M $7.976M $7.475M
YoY Change -55.97% -32.29% -47.39%
Accrued Expenses $32.49M $39.47M $39.13M
YoY Change -27.35% -23.32% -24.92%
Deferred Revenue $1.498M $1.059M $1.095M
YoY Change -91.13% -94.62% -92.1%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.875M $1.875M $0.00
YoY Change
Total Short-Term Liabilities $41.55M $42.40M $47.70M
YoY Change -44.25% -48.88% -40.51%
LONG-TERM LIABILITIES
Long-Term Debt $184.5M $184.4M $136.2M
YoY Change 35.89% 36.18% 1.21%
Other Long-Term Liabilities $3.481M $25.80M $1.691M
YoY Change 37.75% 901.75% -57.0%
Total Long-Term Liabilities $188.0M $210.2M $137.9M
YoY Change 35.92% 52.33% -0.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.55M $42.40M $47.70M
Total Long-Term Liabilities $188.0M $210.2M $137.9M
Total Liabilities $251.9M $265.1M $212.4M
YoY Change 4.43% 5.12% -14.74%
SHAREHOLDERS EQUITY
Retained Earnings -$432.9M -$427.2M -$431.2M
YoY Change 8.56% 7.86% 14.48%
Common Stock $492.9M $491.8M $483.5M
YoY Change 1.56% 1.07% -1.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.30M $30.62M $26.63M
YoY Change
Total Liabilities & Shareholders Equity $299.7M $295.7M $310.3M
YoY Change -17.03% -23.03% -22.04%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$5.715M $78.00K -$32.44M
YoY Change 113.33% -100.92% 103.7%
Depreciation, Depletion And Amortization $4.386M $4.028M $5.347M
YoY Change -41.81% -41.95% -30.86%
Cash From Operating Activities $3.365M $11.31M -$371.0K
YoY Change -49.02% 0.46% -105.91%
INVESTING ACTIVITIES
Capital Expenditures $3.392M $3.707M $3.974M
YoY Change -39.43% -23.94% -18.82%
Acquisitions
YoY Change
Other Investing Activities $1.793M $23.67M
YoY Change
Cash From Investing Activities -$1.599M -$3.707M $19.70M
YoY Change -71.45% -23.94% -502.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -279.0K -2.976M -12.48M
YoY Change -89.27% 14.24% 442.33%
NET CHANGE
Cash From Operating Activities 3.365M 11.31M -371.0K
Cash From Investing Activities -1.599M -3.707M 19.70M
Cash From Financing Activities -279.0K -2.976M -12.48M
Net Change In Cash 1.487M 4.630M 6.850M
YoY Change -192.94% 22.42% -848.63%
FREE CASH FLOW
Cash From Operating Activities $3.365M $11.31M -$371.0K
Capital Expenditures $3.392M $3.707M $3.974M
Free Cash Flow -$27.00K $7.606M -$4.345M
YoY Change -102.7% 19.09% -413.49%

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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 income (loss) from discontinued operations, before taxes in the Consolidated Statements of Operations for prior periods presented. There were no assets and liabilities related to discontinued operations as of June 30, 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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CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
78000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10979000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2419000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24370000 usd
CY2024Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
78000 usd
CY2023Q2 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-11679000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
2419000 usd
us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-22728000 usd
CY2024Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 usd
CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
700000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
0 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
-1642000 usd
CY2024Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
78000 usd
CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10979000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
2419000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24370000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10042000 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9685000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9942000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9669000 shares
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10424000 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9685000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10265000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9669000 shares
CY2024Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.01
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-1.21
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
0.24
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-2.35
CY2024Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.08
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
-0.17
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.13
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.52
CY2024Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.01
CY2023Q2 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.21
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
0.24
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-2.35
CY2024Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
CY2023Q2 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.08
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
-0.17
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.13
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.24
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.52
CY2024Q2 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
12687000 usd
CY2024Q2 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
14563000 usd
CY2024Q2 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
1501000 usd
CY2024Q2 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
34000 usd
CY2024Q2 us-gaap Purchase Obligation
PurchaseObligation
28785000 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
CY2024Q2 us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
145000 usd
CY2024Q2 us-gaap Loss Contingency Number Of Defendants
LossContingencyNumberOfDefendants
1 defendant
CY2024Q2 us-gaap Litigation Settlement Amount Awarded From Other Party
LitigationSettlementAmountAwardedFromOtherParty
430741 usd
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
2800000 usd
CY2023Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
1200000 usd
CY2024Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1220000 usd
CY2023Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-268000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
5021000 usd
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3221000 usd
CY2024Q2 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
0 usd
CY2023Q2 sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
0 usd
sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
10000 usd
sncr Other Sundry Nonoperating Income Expense Net
OtherSundryNonoperatingIncomeExpenseNet
-22000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
1220000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-268000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
5031000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3243000 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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