Q2 2024 Synchronoss Technologies Inc Earnings Call Transcript
Key Points
- Revenue increased by 5.9% year-over-year to $43.5 million, driven by 6.1% year-over-year cloud subscriber growth.
- Adjusted gross margins improved to 77.5% from 73.2% in the prior year period.
- Net income was $78,000, a significant improvement from a loss of $11 million in the prior year period.
- Adjusted EBITDA increased by 115% year-over-year to $13 million, representing a 29.9% EBITDA margin.
- Successful repurchase of all outstanding preferred stock and some senior notes at a discounted price, improving capital structure and reducing costs.
- Prepaid subscriber base represents less than 5% of the overall subscriber base, indicating limited growth in this segment.
- Net loss from discontinued operations was $0.7 million.
- Adjusted free cash flow declined to $8.1 million from $9.6 million in the prior year.
- The company incurred regular expenses for legal costs related to former employees, although these costs are now concluded.
- The company paid income taxes this quarter, which is unusual and indicates a new expense going forward.
Good day, and thank you for standing by. Welcome to the Synchronoss Technologies second-quarter 2024 earnings conference call. (Operator Instructions) After the speaker's presentation, there will be a question-and-answer session. I would now like to hand the conference over to your first speaker today, Ryan Gardella, Investor Relations.
Thank you. Good afternoon, and welcome to the Synchronoss Technologies second-quarter 2024 earnings conference call. Joining us today from the company are President and CEO, Jeff Miller; and CFO, Lou Ferraro. By now, everyone should have access to the company's second quarter 2024 earnings press release issued this afternoon, which is available on the Investor Relations section of our website. Today's call will begin with remarks from Jeff and Lou, after which we will host a question-and-answer session.
Before we conclude, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to
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