Synchronoss Technologies, Inc. Announces Third Quarter 2013 Financial Results
November 4, 2013
Third quarter non-GAAP total revenue of $90.3 million increases 30%
Third quarter non-GAAP operating income of $21.0 million represents
23% non-GAAP operating margin and drives non-GAAP EPS of $0.34
BRIDGEWATER, N.J.--(BUSINESS WIRE)--
Technologies, Inc. (NASDAQ: SNCR), the mobile innovation leader that
provides personal cloud solutions and software-based activation for
connected devices across the globe, today announced financial results
for the third quarter of 2013.
“We are pleased to announce our strong third quarter results,” said
Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss.
“We are excited by the positive adoption trends we are seeing across our
Personal Cloud Services deployments. Our software is enabling our mobile
operator customers to provide compelling cloud services that have become
a critical part of their overall strategic initiatives. At the same time
our Activation Services offering continues to be positively impacted by
industry trends and marketing initiatives by mobile operators to drive
more frequent upgrade activity and enable more family share plans. We
believe Synchronoss is well positioned to continue driving strong top
line growth, and our differentiated value proposition is further
reinforced as our Tier One customers such as AT&T and Verizon commit to
new and expanded multi-year agreements.”
On a GAAP basis, Synchronoss reported net revenues of $89.7 million,
representing an increase of 30% compared to the third quarter of 2012.
Gross profit was $51.6 million and income from operations was $8.8
million in the third quarter of 2013. Net income applicable to common
stock was $3.6 million, leading to diluted earnings per share of $0.09,
compared to $0.16 for the third quarter of 2012.
On a non-GAAP basis, Synchronoss reported net revenues of $90.3 million,
an increase of 30% compared to the third quarter of 2012. Gross profit
for the third quarter of 2013 was $53.9 million, representing a gross
margin of 60%. Income from operations was $21.0 million in the third
quarter of 2013, representing an operating margin of 23%. Net income was
$13.5 million in the third quarter of 2013, compared to $10.7 million in
the year ago period. Diluted earnings per share were $0.34 for the third
quarter of 2013, compared to $0.28 for the third quarter of 2012.