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Synchronoss Technologies, Inc. Announces QUARTER FINANCIAL RESULTS

The following excerpt is from the company's SEC filing.

Non-GAAP total revenue of

$151.3 million

increases

year-over-year

Cloud Services revenue of

$76.1 million

Activation Services revenue of

$75.2 million

Non-GAAP EPS of

BRIDGEWATER, NJ –

Synchronoss Technologies, Inc.

(NASDAQ: SNCR),

the mobile innovation leader that provides cloud solutions and software-based activation for mobile carriers, retailers and OEMs around the world, today announced financial results for

quarter 2015.

“During the third quarter, Synchronoss passed the $600 mi llion annualized revenue run rate, and did so while delivering 21% top line growth and a non-GAAP operating margin of 29%,” said Stephen G. Waldis, Founder, Chairman and Chief Executive Officer of Synchronoss. “We are excited about the growth opportunities ahead of us. Adoption of our cloud and activation platforms continues to grow globally, and we recently introduced powerful new predicative analytic capabilities. In addition, we have significantly expanded our addressable market with the launch of our enterprise business and the Synchronoss Secure Mobility Suite.”

On a GAAP basis, Synchronoss reported net revenues of

$150.9 million

, representing an increase of

compared to the

quarter of 2014. Gross profit was

$87.4 million

and income from operations was

$22.3 million

. Net income was

$9.6 million

, leading to diluted earnings per share of

, compared to

for the

On a non-GAAP basis, Synchronoss reported net revenues, which adds back the purchase accounting adjustment related to revenues for certain acquisitions, of

, an incre

$92.1 million

, representing a gross margin of

. Income from operations was

$43.2 million

representing a year-over-year increase of

and an operating margin of

$27.1 million

, up from

$20.0 million

in the year ago period. Diluted earnings per share were

, an increase of

compared to the third quarter of 2014.

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 also included below under the heading "Non-GAAP Financial Measures."

“We are pleased with our third quarter financial results that were highlighted by ongoing strong margin performance and increased earnings,” said Karen L. Rosenberger, Chief Financial Officer and Treasurer. “We are confident that our strategic customer relationships, combined with our growth investments and expansion into new market opportunities, position us well to scale Synchronoss to the next level and generate greater shareholder value over time.”

Recent Business Highlights:

Announced the launch of our enterprise business, which will offer secure mobility solutions to enterprise clients, initially in the financial services, life sciences and healthcare industries, and will be led by David Schuette, a seasoned enterprise executive.

Established a new venture to develop

advanced mobile solutions by leveraging proprietary secure mobility technology contributed by The Goldman Sachs Group, Inc. (NYSE: GS) that will address the challenges associated with enterprise mobility applications.

Verizon reaffirmed its commitment to Synchronoss as a valued

strategic partner.

Conference Call Details

In conjunction with this announcement, Synchronoss will host a conference call today,

, at 8:30 a.m. (ET)

to discuss the company's financial results. To access this call, dial 877-930-7767 (domestic) or 253-336-7416 (international). The pass code for the call is 61520070. Additionally, a live web cast of the conference call will be available on the “Investor Relations” page on the company’s web site

www.synchronoss.com

Following the conference call, a replay will be available for a limited time at 855-859-2056 (domestic) or 404-537-3406 (international). The replay pass code is 61520070. An archived web cast of this conference call will also be available on the “Investor Relations” page of the company’s web site,

Synchronoss has provided in this release selected financial information that has not been prepared in accordance with GAAP. This information includes historical non-GAAP revenues, gross profit, operating income, net income, effective tax rate, earnings per share and cash flows from operating activities. 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...


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