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Sep 30, 2024
Synchronoss Q3 2024 Earnings Report
Synchronoss reported an 8% increase in third quarter revenue, driven by subscriber growth and recurring revenue.
Key Takeaways
Synchronoss Technologies reported strong third quarter 2024 results, with revenue increasing by 8% year-over-year to $43.0 million, driven by subscriber growth and a high percentage of recurring revenue. The company also improved its profitability and signed a three-year extension with SFR.
Total revenue increased to $43.0 million, primarily driven by 5.1% subscriber growth year-over-year.
Recurring revenue accounted for 92.2% of total revenue.
Gross profit increased 14.3% to $29.9 million, with a gross margin of 69.6%.
Adjusted EBITDA increased 36.8% to $12.7 million.
Synchronoss
Synchronoss
Forward Guidance
Synchronoss is revising its 2024 outlook items upwards to more accurately reflect current expectations.
Positive Outlook
- Revenue range of between $172 and $175 million, which equals a range of 6%-8% growth year-over-year.
- Adjusted Gross Margin of between 77%-78%.
- Adjusted EBITDA of between $47 million and $48 million, which equals at least 27% adjusted EBITDA margin.
- Recurring revenue of between 90%-92% of total revenue.
- Net cash flow outlook to be approximately $5 million this year.