Q1 2024 Synchronoss Technologies Inc Earnings Call Transcript
Key Points
- Synchronoss Technologies Inc (SNCR) reported a significant improvement in net income to $2.3 million and earnings per share of $0.23 for Q1 2024, marking a substantial year-over-year improvement.
- The company achieved a 78% year-over-year growth in adjusted EBITDA, reaching $10.9 million in Q1 2024.
- Recurring revenue constituted 91% of total revenue, indicating a stable and predictable revenue stream.
- Synchronoss Technologies Inc (SNCR) has secured long-term contracts, such as the one with Verizon extending through 2030, ensuring revenue stability.
- The company successfully launched the Anshin Data Box with SoftBank, expanding its global footprint and subscriber base.
- Despite improvements, the company reported a negative free cash flow of $3.3 million in Q1 2024, although it was an improvement from the previous year.
- The company's total revenue saw a modest year-over-year increase to $43 million from $42 million, indicating slow revenue growth.
- Synchronoss Technologies Inc (SNCR) still faces significant outstanding debt, with a remaining balance due of approximately $28 million.
- Legal expenses and SEC penalty payments continue to impact financial flexibility, although they are expected to decrease in 2025.
- The company's cash and cash equivalents decreased to $19.1 million at the end of March 2024, from $24.6 million at the end of December 2023.
Good afternoon. Welcome to Synchronoss Technologies first-quarter 2024 earnings conference call. Joining us today are Synchronoss Technologies, President and CEO, Jeff Miller; and CFO, Lou Ferraro. Following their remarks, we'll open the call for your questions. Then before we conclude, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call.
I would like to remind everyone that this call will be recorded and made available for replay via link in the Investor Relations section of the company's website at synchronoss.com.
Now, I'd like to turn the call over to Synchronoss CEO, Jeff Miller. Sir, please proceed.
Thank you, operator. Welcome, everyone, and thank you for joining us today. After the market closed, we issued a press release announcing our results for the first-quarter ended March 31, 2024. A copy of the press release is available in the Investor Relations section of our website.
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