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Sep 30, 2020
Synchronoss Q3 2020 Earnings Report
Synchronoss reported a revenue increase of 31.5% and a net loss decrease of 77.9% compared to the prior year's third quarter.
Key Takeaways
Synchronoss Technologies Inc. announced financial results for its third quarter ended September 30, 2020. The company reported a 40% increase in adjusted EBITDA year over year and raised its adjusted EBITDA guidance for the full year 2020. They also renewed their largest cloud customer, Verizon, to a five-year contract extension during the third quarter.
GAAP revenue was $68.6 million, compared to GAAP revenue of $52.2 million in the prior year’s third quarter.
Recurring revenue represented 80% of total GAAP revenue, up from 69% in the year ago quarter.
GAAP net loss for the quarter was $15.4 million, or $0.36 cents per share, compared to a GAAP net loss of $69.4 million, or $1.70 per share, in the prior year’s third quarter.
Adjusted EBITDA increased 40% year over year to $8.1 million, compared to $5.8 million in the third quarter of 2019.
Forward Guidance
The company is raising its adjusted EBITDA guidance range for the full year to $23-$26 million, up from $20-$25 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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