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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