The following is a summary of the Synchronoss Technologies, Inc. (SNCR) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Synchronoss Technologies reported Q4 revenue of $41.4 million, leading to full year revenue of $164.2 million, exceeding expectations.

• The firm was able to achieve a positive net cash flow of $2.7 million in fiscal 2023 and further reduce annual costs by an additional $15 million for fiscal 2024.

• Profit in Q4 increased 2.5% to $26.5 million, representing 63.9% of total revenue.

• Net loss in Q4 was $35 million or $3.56 per share compared to a net loss of $15.9 million or $1.66 per share in Q4 2022. For the full year, net loss was $64.5 million or $6.62 per share.

• Adjusted EBITDA in Q4 increased 127% to $10 million. For the full year, adjusted EBITDA increased 13.5% to $31.4 million.

• For FY 2024, they anticipate GAAP revenue to range between $170 million and $175 million, and adjusted EBITDA between $42 million and $45 million.

Business Progress:

• Synchronoss ended 2023 by becoming the world's premier global personal cloud solutions provider after divesting noncore Messaging and NetworkX businesses to Lumine Group in Q4.

• Over 75% of total revenue is now under contracts with at least four-year terms

• In Q4, Synchronoss saw subscriber growth of 9% year-over-year with the addition of SoftBank subscribers which crosses 100 million subscribers across its brands.

• The company plans to focus on protecting and growing this subscriber base, expanding its global customer base, and delivering new anchor features in 2024.

• The firm launched SoftBank's Anshin Data Box, powered by Synchronoss Personal Cloud, which has been well received.

• Subscriber growth is expected to be in the high single to low double digits in 2024. Cloud revenue, up 3% YoY in Q4, is projected to comprise 100% of revenue in 2024.

More details: Synchronoss Technologies IR

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