Synchronoss Technologies Reports Third Quarter 2024 Results

$SNCR
EDP Services
Technology
Get the next $SNCR alert in real time by email

Third Quarter Revenue Grew 8% Year-Over-Year to $43.0 Million, Including 92.2% Recurring Revenue

GAAP Gross Margin Expands to 69.6%; Adjusted Gross Margin Rises to 79.6%

Introduced the Latest Version of Synchronoss Personal Cloud™ Platform

BRIDGEWATER, N.J., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, today reported financial results for its third quarter ended September 30, 2024.

Third Quarter and Recent Operational Highlights

  • Reported total revenue of $43.0 million, driven primarily by 5.1% subscriber growth year-over-year.
  • Quarterly results included net loss of $(5.7) million, $5.5 million in income from operations, $(27) thousand in free cash flow, and $12.7 million in adjusted EBITDA.
  • Signed a 3-year extension with SFR to continue offering our Personal Cloud storage platform to their 27 million subscriber base.
  • Introduced the latest version of our Personal Cloud platform, which introduced several enhanced features and AI-capabilities including Memories, AI-Enhanced Genius with One-Click Editing, and improved backups.
  • Rolled out auto-scaling, driving additional financial and operating efficiencies for both Synchronoss and several of its major customers.

Management Commentary

"We continue to make strong progress in strengthening our financial performance and customer relationships, including the signing of a three-year extension with SFR for our Personal Cloud platform, as well as delivering year-over-year improvements in key financial results. In the third quarter, our 8% year-over-year revenue growth was driven by 5.1% year-over-year subscriber growth, and resulted in the achievement of approximately 37% adjusted EBITDA growth compared to the prior year period. As a result of the continuing positive progress we have achieved in our financial results, we are pleased to be in a position to increase our full year guidance for revenue, adjusted gross margin, recurring revenue, and adjusted EBITDA," stated Jeff Miller, President and CEO of Synchronoss. "We also released the latest version of our Personal Cloud platform, which builds upon our already robust platform and gives users upgrades they have asked for, as well as enhancements to usability and core backup features. We are always listening to our subscribers and carrier partners in order to add features that users want while enhancing the security, operating efficiency, and functionality of our Personal Cloud platform."

Third Quarter 2024 Financial Results:

On October 31, 2023, the Company entered into an Asset Purchase Agreement to divest its Messaging and NetworkX businesses. As such, unless otherwise noted, all financial metrics herein represent continuing operations, except for comparative purposes to the Consolidated Statements of Cash Flows for full year 2023, which were presented for the whole company at the time.

  • Total revenue increased to $43.0 million from $39.8 million in the prior year period, driven primarily by 5.1% cloud subscriber growth.
  • Quarterly recurring revenue was 92.2% of total revenue, compared to 89.5% in the prior year period.
  • Gross profit increased 14.3% to $29.9 million (69.6% of total revenue) from $26.2 million (65.8% of total revenue) in the prior year period.
  • Adjusted Gross profit increased 12.4% to $34.2 million (79.6% of total revenue) from $30.4 million (76.4% of total revenue) in the prior year period.
  • Income (loss) from operations was $5.5 million, a significant improvement from a loss of $(3.8) million in the prior year period.
  • Net loss was $(5.7) million, or $(0.56) per share, compared to $(5.2) million, or $(0.53) per share, in the prior year period, driven primarily by the negative impact of $5.5 million in realized and unrealized foreign exchange.
  • Adjusted EBITDA (a non-GAAP metric reconciled below) increased 36.8% to $12.7 million (29.5% of total revenue) from $9.2 million (23.2% of total revenue) in the prior year period.
  • Cash and cash equivalents were $25.2 million at September 30, 2024, compared to $23.6 million at June 30, 2024. In the third quarter of 2024, free cash flow was $(27) thousand and adjusted free cash flow was $1.8 million, compared to $1.1 million and $3.9 million, respectively, in the prior year period. The Company did not receive additional U.S. federal tax refunds during the period, leaving its remaining anticipated balance due at approximately $28 million plus applicable interest, which is expected to be received in 2025.

2024 Financial Outlook

The Company is revising its 2024 outlook items upwards to more accurately reflect current expectations:

  • Revenue range of between $172 and $175 million (previously $170 to $175 million), which equals a range of 6%-8% growth year-over-year.
  • The Company now expects adjusted Gross Margin of between 77%-78% (previously 73%-77%).
  • The Company now expects adjusted EBITDA of between $47 million and $48 million (previously $43 million to $46 million), which equals at least 27% adjusted EBITDA margin.
  • Recurring revenue of between 90%-92% of total revenue (previously 85%-90%).
  • Due to the delayed timing of the anticipated tax refund, the Company is updating the net cash flow outlook to be approximately $5 million this year. This does not reflect any change in the efficiency of the business, operating expenses or cash outflows.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is included below under the heading "Non-GAAP Financial Measures." With respect to forward-looking statements related to adjusted EBITDA, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K and has not provided a quantitative reconciliation of forecasted adjusted EBITDA to forecasted GAAP net income (loss) attributable to Synchronoss or to forecasted GAAP income (loss) from operations, before taxes, within this earnings release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, other income, other expense, (provision) benefit for income taxes, depreciation and amortization expense, stock-based compensation expense, restructuring charges, gain (loss) on divestitures, net (loss) income attributable to redeemable non-controlling interests.

Conference Call

Synchronoss will hold a conference call today, November 12, 2024, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

Synchronoss management will host the call, followed by a question-and-answer period.

Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (international)

Conference ID: 13749828

The conference call will be broadcast live and available for replay here and via the Investor Relations section of Synchronoss' website at www.synchronoss.com.

Non-GAAP Financial Measures

Synchronoss has provided in this release selected financial information that has not been prepared in accordance with GAAP although this non-GAAP financial information is derived from numbers that have been prepared in accordance with GAAP. This information includes historical non-GAAP revenues, adjusted gross profit, adjusted gross margin, adjusted EBITDA, non-GAAP net income (loss) attributable to Synchronoss, diluted non-GAAP net income (loss) per share, free cash flow, and adjusted free cash flow (which excludes cash payments and receipts related to non-core business activities). The Company believes that the exclusion of non-routine cash-settled expenses, such as litigation and remediation costs (net) and restructuring costs in the calculation of adjusted free cash flow which do not correlate to the operation of its business, provide for more useful period-to-period comparisons of the Company's results. Synchronoss uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Synchronoss' ongoing operational performance. Synchronoss believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Synchronoss' industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above add back fair value stock-based compensation expense, acquisition-related costs, restructuring, transition and cease-use lease expense, litigation, remediation and refiling costs and depreciation and amortization, interest income, interest expense, loss (gain) on divestitures, other (income) expense, provision (benefit) for income taxes, and net loss (income) attributable to non-controlling interests, and preferred dividends.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed above. Investors are encouraged to also review the Balance Sheet, Statement of Operations, and Statement of Cash Flow. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Forward-Looking Statements

This press release includes statements concerning Synchronoss and its future expectations, plans and prospects that constitute "forward-looking statements" within the meaning of federal securities law. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, though not always made through the use of words or phrases such as "may," "might," "should," "could," "predict," "will," "seek," "estimate," "project," "projection," "annualized," "strive," "goal," "target," "outlook," "aim," "expect," "plan," "anticipate," "intends," "believes," "potential" or "continue" or other similar expressions are intended to identify forward-looking statements. These forward-looking statements are not historical facts and are based on current expectations and projections about future events and financial trends that management believes may affect its business, financial condition and results of operations, any of which, by their nature, are uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements. Except as otherwise indicated, these forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company's ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company's expectations regarding expenses and revenue, the sufficiency of the Company's cash resources, the impact of legal proceedings involving the Company, and other risks and factors that are described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's Annual Report on Form 10-K for the year ended December 31, 2023, which is on file with the SEC and available on the SEC's website at www.sec.gov. Additional factors may be described in those sections of the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, expected to be filed with the SEC in the fourth quarter of 2024.

The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

About Synchronoss

Synchronoss Technologies (NASDAQ:SNCR), a global leader in personal Cloud solutions, empowers service providers to establish secure and meaningful connections with their subscribers. Our SaaS Cloud platform simplifies onboarding processes and fosters subscriber engagement, resulting in enhanced revenue streams, reduced expenses, and faster time-to-market. Millions of subscribers trust Synchronoss to safeguard their most cherished memories and important digital content. Explore how our Cloud-focused solutions redefine the way you connect with your digital world at www.synchronoss.com.

Media Relations Contact:

Domenick Cilea

Springboard

dcilea@springboardpr.com

Investor Relations Contact:

Ryan Gardella

ICR for Synchronoss

SNCRIR@icrinc.com

SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (In thousands)

  September 30, 2024 December 31, 2023
ASSETS    
Cash and cash equivalents $25,228 $24,572
Accounts receivable, net  19,263  23,477
Operating lease right-of-use assets  9,596  14,791
Goodwill  184,815  183,908
Other assets  60,796  63,589
Total assets $299,698 $310,337
     
LIABILITIES AND STOCKHOLDERS' EQUITY    
Accounts payable and accrued expenses $38,180 $46,602
Debt, current  1,875  
Deferred revenues  1,498  1,095
Debt, non-current  184,527  136,215
Operating lease liabilities, non-current  18,416  23,593
Other liabilities  7,399  4,898
Preferred stock    58,802
Redeemable non-controlling interest  12,500  12,500
Stockholders' equity  35,303  26,632
Total liabilities and stockholders' equity $299,698 $310,337



SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (In thousands, except per share data)

  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Net revenues $42,964  $39,790  $129,387  $122,794 
Costs and expenses:        
Cost of revenues1  8,975   9,478   29,599   31,926 
Research and development  10,333   9,304   32,560   35,322 
Selling, general and administrative  13,755   20,285   39,800   53,507 
Restructuring charges     28   267   391 
Depreciation and amortization  4,386   4,482   12,773   12,478 
Total costs and expenses  37,449   43,577   114,999   133,624 
Income (loss) from operations  5,515   (3,787)   14,388   (10,830) 
Interest income  165   149   556   370 
Interest expense  (5,526)   (3,482)   (12,529)   (10,397) 
Other (expense) income, net  (5,241)   4,456   (210)   1,213 
(Loss) income from continuing operations, before taxes  (5,087)   (2,664)   2,205   (19,644) 
Provision for income taxes  (628)   (23)   (3,939)   (850) 
Net loss from continuing operations  (5,715)   (2,687)   (1,734)   (20,494) 
Discontinued operations:        
Income from discontinued operations, before taxes     851      224 
Provision for income taxes     (843)      (1,858) 
Net income (loss) from discontinued operations     8      (1,634) 
Net loss  (5,715)   (2,679)   (1,734)   (22,128) 
Net income (loss) attributable to redeemable non-controlling interests  14   (18)   14   10 
Preferred stock dividend and gain on repurchase of preferred stock     (2,474)   (1,562)   (7,423) 
Net loss attributable to Synchronoss $(5,701)  $(5,171)  $(3,282)  $(29,541) 
Earnings (loss) per share:        
Basic:        
Net loss from continuing operations $(0.56)  $(0.53)  $(0.33)  $(2.87) 
Net loss from discontinued operations           (0.17) 
Basic $(0.56)  $(0.53)  $(0.33)  $(3.04) 
Diluted:        
Net loss from continuing operations $(0.56)  $(0.53)  $(0.33)  $(2.87) 
Net loss from discontinued operations           (0.17) 
Diluted $(0.56)  $(0.53)  $(0.33)  $(3.04) 
Weighted-average common shares outstanding:        
Basic  10,095   9,809   9,994   9,716 
Diluted  10,095   9,809   9,994   9,716 

1 Cost of revenues excludes depreciation and amortization which are shown separately.



SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

 Nine Months Ended September 30,
  2024   2023 
Net loss from continuing operations$(1,734)  $(20,494) 
Net loss from discontinued operations    (1,634) 
Adjustments to reconcile net income (loss) to net cash from operating activities:   
Non-cash items 23,450   34,362 
Changes in operating assets and liabilities (6,511)   7,002 
Net cash provided by operating activities 15,205   19,236 
Investing activities:   
Purchases of fixed assets (1,038)   (1,229) 
Purchases of intangible assets and capitalized software (9,864)   (14,660) 
Other investing activities 1,793    
Net cash used in investing activities (9,109)   (15,889) 
Financing activities:   
Net cash used in financing activities (5,384)   (7,496) 
Effect of exchange rate changes on cash (56)   (198) 
Net decrease in cash and cash equivalents$656  $(4,347) 
    
Beginning cash and cash equivalents from continuing operations 24,572   18,310 
Beginning cash and cash equivalents from discontinued operations    3,611 
Beginning cash and cash equivalents 24,572   21,921 
Ending cash and cash equivalents from continuing operations 25,228   14,088 
Ending cash and cash equivalents from discontinued operations    3,486 
Ending cash and cash equivalents$25,228  $17,574 



SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands, except per share data)

  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Non-GAAP financial measures and reconciliation:        
GAAP Revenue $42,964  $39,790  $129,387  $122,794 
Less: Cost of revenues  8,975   9,478   29,599   31,926 
Less: Restructuring1           92 
Less: Depreciation and amortization2  4,068   4,136   11,792   11,444 
Gross profit  29,921   26,176   87,996   79,332 
Gross margin  69.6%   65.8%   68.0%   64.6% 
         
Add / (Less):        
Stock-based compensation expense1  164   62   258   214 
Restructuring, transition and cease-use lease expense1  29   37   585   634 
Depreciation and amortization2  4,068   4,136   11,792   11,444 
Adjusted gross profit $34,182  $30,411  $100,631  $91,624 
Adjusted gross margin  79.6%   76.4%   77.8%   74.6% 

1 Amounts associated with cost of revenues.

2 Depreciation and amortization contains a reasonable allocation for expenses associated with cost of revenues.



SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands, except per share data)

  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
GAAP Net loss attributable to Synchronoss $(5,701)  $(5,171)  $(3,282)  $(29,541) 
Less: Net (income) loss from discontinued operations     (8)      1,634 
GAAP Net (loss) income attributable to Synchronoss excluding discontinued operations  (5,701)   (5,179)   (3,282)   (27,907) 
Add / (Less):        
Stock-based compensation expense  3,021   1,038   5,376   3,889 
Restructuring, transition and cease-use lease expense  157   203   2,957   3,561 
Amortization expense1  273   272   819   806 
Sublease receivable impairment        806    
STI Note receivable impairment     4,834      4,834 
Change in contingent consideration     824      1,483 
Litigation, remediation and refiling costs, net  (425)   1,654   247   5,997 
Non-GAAP Net (loss) income attributable to Synchronoss $(2,675)  $3,646  $6,923  $(7,337) 
         
Non-GAAP Net (loss) income per share:        
Basic $(0.26)  $0.37  $0.69  $(0.76) 
Diluted $(0.26)  $0.35  $0.66  $(0.76) 
Weighted-average shares outstanding:        
Basic  10,095   9,809   9,994   9,716 
Diluted  10,095   10,536   10,455   9,716 

1 Amortization from acquired intangible assets.

SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands)

  Three Months Ended Nine Months Ended
  Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Sep 30, 2024 Sep 30, 2023
Net (loss) income attributable to Synchronoss $(5,701)  $78  $2,341  $(35,001)  $(5,171)  $(3,282)  $(29,541) 
Add / (Less):              
Stock-based compensation expense  3,021   1,245   1,110   501   1,037   5,376   3,888 
Restructuring, transition and cease-use lease expense  157   2,333   467   4,140   203   2,957   3,561 
Sublease receivable impairment     806            806    
STIN Note receivable impairment              4,834      4,834 
Change in contingent consideration              824      1,483 
Litigation, remediation and refiling costs, net  (425)   291   381   807   1,654   247   5,997 
Net loss (income) from discontinued operations           2,501   (8)      1,634 
Loss on sale of discontinued operations           16,382          
Depreciation and amortization  4,386   4,028   4,359   4,352   4,482   12,773   12,478 
Interest income  (165)   (183)   (208)   (56)   (149)   (556)   (370) 
Interest expense  5,526   3,486   3,517   3,566   3,482   12,529   10,397 
Other expense (income), net  5,241   (1,220)   (3,811)   6,341   (4,456)   210   (1,213) 
Provision (benefit) for income taxes  628   2,708   603   3,893   23   3,939   850 
Net (income) loss attributable to non-controlling interests  (14)   (5)   5   (26)   18   (14)   (10) 
Preferred stock dividend and gain on repurchase of preferred stock     (567)   2,129   2,584   2,474   1,562   7,423 
Adjusted EBITDA (non-GAAP) $12,654  $13,000  $10,893  $9,984  $9,247  $36,547  $21,411 



SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands)

  Three Months Ended September 30, Nine Months Ended September 30,
   2024   2023   2024   2023 
Net cash provided by operating activities $3,365  $6,680  $15,205  $19,236 
Add / (Less):        
Capitalized software  (3,250)   (5,310)   (9,864)   (14,660) 
Property and equipment  (142)   (235)   (1,038)   (1,229) 
Free Cashflow  (27)   1,135   4,303   3,347 
Add: Litigation and remediation costs, net  714   2,425   3,720   7,609 
Add: Restructuring  1,092   302   3,303   2,403 
Adjusted Free Cashflow $1,779  $3,862  $11,326  $13,359 


Primary Logo

Get the next $SNCR alert in real time by email

Chat with this insight

Save time and jump to the most important pieces.

Recent Analyst Ratings for
$SNCR

DatePrice TargetRatingAnalyst
11/25/2024$11.00 → $13.00Neutral → Buy
ROTH MKM
8/10/2021$9.00 → $3.00Buy → Neutral
ROTH Capital
6/30/2021$5.25Buy
B. Riley Securities
More analyst ratings

$SNCR
Press Releases

Fastest customizable press release news feed in the world

See more
  • Synchronoss Technologies Reports Fourth Quarter and Full Year 2024 Results

    Fourth Quarter Revenue Grew 6.8% Year-Over-Year to $44.2 Million, Including 91% Recurring Revenue GAAP Gross Margin Expands to 69.1%; Adjusted Gross Margin Rises to 79.3% Announced Three-Year Contract Extension with Major U.S. Telecom Provider in December Unveiled Capsyl, a Turn-Key Personal Cloud Solution for Global Operators, in March 2025 BRIDGEWATER, N.J., March 11, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, today reported financial results for its fourth quarter and full year ended December 31, 2024. Fourth Quarter and Recent Operational Highlights Reported tota

    $SNCR
    EDP Services
    Technology
  • Synchronoss Unveils Capsyl Cloud at MWC Barcelona – A Turn-Key Personal Cloud Solution for Global Operators

    Empowering Mobile Operators and Service Providers toRapidly Launch and Monetize Consumer Cloud Services BRIDGEWATER, N.J., March 03, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. ("Synchronoss") (NASDAQ:SNCR), a global leader in personal cloud solutions, today introduced Capsyl Cloud™, a new turn-key personal cloud platform designed for mobile operators and broadband service providers worldwide. Capsyl Cloud expands Synchronoss's cloud portfolio, enabling service providers to launch secure, scalable, and revenue-generating personal cloud services with minimal deployment time. Synchronoss will showcase live demonstrations of Capsyl Cloud at MWC Barcelona in Executive Suite [3A19

    $SNCR
    EDP Services
    Technology
  • Synchronoss Technologies Announces Fourth Quarter and Full Year 2024 Earnings Call Date

    BRIDGEWATER, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, March 11, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Financial results will be issued in a press release prior to the call. Synchronoss management will host the presentation, followed by a question-and-answer period. Date: Tuesday, March 11, 2025Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (in

    $SNCR
    EDP Services
    Technology

$SNCR
Analyst Ratings

Analyst ratings in real time. Analyst ratings have a very high impact on the underlying stock. See them live in this feed.

See more

$SNCR
Insider Purchases

Insider purchases reveal critical bullish sentiment about the company from key stakeholders. See them live in this feed.

See more

$SNCR
Insider Trading

Insider transactions reveal critical sentiment about the company from key stakeholders. See them live in this feed.

See more

$SNCR
SEC Filings

See more

$SNCR
Leadership Updates

Live Leadership Updates

See more
  • Synchronoss Technologies Set to Join Russell Microcap® Index

    BRIDGEWATER, N.J., July 01, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, is set to join the Russell Microcap® Index at the conclusion of the 2024 Russell US Indexes annual reconstitution, effective after the US market opens today, July 1. The annual Russell US Indexes reconstitution captures the 4,000 largest US stocks as of Tuesday, April 30, ranking them by total market capitalization. Membership in the Russell Microcap® Index, which remains in place for one year, means automatic inclusion in the appropriate growth and value style indexes. FTSE Russell determines member

    $SNCR
    EDP Services
    Technology
  • Synchronoss Technologies Board Appoints 180 Degree Capital's Kevin Rendino as New Director

    BRIDGEWATER, N.J., Dec. 04, 2023 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a leading global provider of personal cloud software and services, today announced the appointment of Kevin Rendino as a new director, effective December 4, 2023. Mr. Rendino, Chairman and Chief Executive Officer of 180 Degree Capital Corp., is a respected leader with a distinguished career in financial services, bringing extensive expertise in capital markets, value investing, and corporate governance. Kevin Rendino assumed the role of Chairman and CEO at 180 Degree Capital in the first half of 2017, following his appointment to its board in 2016. With over

    $SNCR
    EDP Services
    Technology
  • Synchronoss Appoints Stanley Lowe as Chief Information Security Officer

    BRIDGEWATER, N.J., April 13, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. ("Synchronoss" or the "Company")(Nasdaq: SNCR), a global leader and innovator in cloud, messaging and digital products and platforms, today announced the addition of Stanley Lowe to the Company's executive management team as Chief Information Security Officer ("CISO"). Lowe will report directly to Patrick Doran, Chief Technology Officer. Lowe brings to Synchronoss more than 20 years of experience in information security and cybersecurity. Most recently, he was Global Chief Information Security Officer at Zscaler, a cloud-based security company. At Zscaler he was responsible for overseeing all informatio

    $SNCR
    EDP Services
    Technology

$SNCR
Financials

Live finance-specific insights

See more
  • Synchronoss Technologies Reports Fourth Quarter and Full Year 2024 Results

    Fourth Quarter Revenue Grew 6.8% Year-Over-Year to $44.2 Million, Including 91% Recurring Revenue GAAP Gross Margin Expands to 69.1%; Adjusted Gross Margin Rises to 79.3% Announced Three-Year Contract Extension with Major U.S. Telecom Provider in December Unveiled Capsyl, a Turn-Key Personal Cloud Solution for Global Operators, in March 2025 BRIDGEWATER, N.J., March 11, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, today reported financial results for its fourth quarter and full year ended December 31, 2024. Fourth Quarter and Recent Operational Highlights Reported tota

    $SNCR
    EDP Services
    Technology
  • Synchronoss Technologies Announces Fourth Quarter and Full Year 2024 Earnings Call Date

    BRIDGEWATER, N.J., Feb. 25, 2025 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, will hold a conference call on Tuesday, March 11, 2025 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss its financial results for the fourth quarter and full year ended December 31, 2024. Financial results will be issued in a press release prior to the call. Synchronoss management will host the presentation, followed by a question-and-answer period. Date: Tuesday, March 11, 2025Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)Dial-In Number: 877-451-6152 (domestic) or 201-389-0879 (in

    $SNCR
    EDP Services
    Technology
  • Synchronoss Technologies Reports Third Quarter 2024 Results

    Third Quarter Revenue Grew 8% Year-Over-Year to $43.0 Million, Including 92.2% Recurring Revenue GAAP Gross Margin Expands to 69.6%; Adjusted Gross Margin Rises to 79.6% Introduced the Latest Version of Synchronoss Personal Cloud™ Platform BRIDGEWATER, N.J., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. ("Synchronoss" or the "Company") (NASDAQ:SNCR), a global leader and innovator in Personal Cloud platforms, today reported financial results for its third quarter ended September 30, 2024. Third Quarter and Recent Operational Highlights Reported total revenue of $43.0 million, driven primarily by 5.1% subscriber growth year-over-year.Quarterly results include

    $SNCR
    EDP Services
    Technology

$SNCR
Large Ownership Changes

This live feed shows all institutional transactions in real time.

See more