Synchronoss Technologies (SNCR) Tops Q2 EPS by 10c, Revenues Miss

Synchronoss Technologies (: SNCR) reported Q2 EPS of ($0.48), $0.10 better than the analyst estimate of ($0.58). Revenue for the quarter came in at $76.7 million versus the consensus estimate of $78 million.

Glenn Lurie, President and CEO of Synchronoss, said “We made substantial progress in the second quarter in returning Synchronoss to the path of long-term growth and overall success, including completing our financial restatement process and meeting our SEC financial reporting obligations. Moving forward, Synchronoss will focus on providing platforms that enable TMT customers to deliver compelling digital, cloud, messaging and IoT experiences for their consumers.”

Lurie added, “We believe we will begin delivering substantial improvements in our financial results in the second half of 2018. We currently expect revenue to grow sequentially in the second half of the year and that we will generate adjusted EBITDA profitability and positive free cash flow for the second half. We are confident that we are positioned to return to a financial profile characterized by significant top-line growth and substantial profitability over time.”

GAAP

• Total Revenue: $76.7 million compared to $119.0 million in the second quarter of 2017.
• Gross profit: $37.2 million compared to $71.2 million in the second quarter of 2017.
• Operating Loss: ($43.1 million) compared to ($8.9 million) in the second quarter of 2017.
• Net Loss attributable to Synchronoss: ($47.3 million) compared to ($26.6 million) in the second quarter of 2017.
• Loss per Diluted Share: ($1.20) compared to ($0.60) in the second quarter of 2017.

Non-GAAP

• Gross profit: $38.5 million compared to $72.2 million in the second quarter of 2017.
• Operating Income/Loss: ($15.0 million) compared to $18.4 million in the second quarter of 2017.
• Adjusted EBITDA: $0.0 million compared to $33.5 million in the second quarter of 2017.
• Net Income/Loss attributable to Synchronoss: ($19.0 million) compared to $10.7 million in the second quarter of 2017.
• Earnings/Loss per Diluted Share: ($0.48) compared to $0.24 in the second quarter of 2017.

For earnings history and earnings-related data on Synchronoss Technologies (SNCR) click here.

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