NASDAQ$SNCR
Synchronoss Technologies Inc · Q4 2023 earnings
Q4 2023 earnings · · Investor relations
Briefing
Reported fourth quarter and full year 2023 results, completing strategic transformation into a pure-play cloud company and launching SoftBank Personal Cloud in Q4.
Synchronoss Technologies reported Q4 2023 results, highlighting a strategic transformation into a pure-play cloud company, with revenue of $41.4 million exceeding expectations due to year-over-year cloud growth. The company reaffirms its 2024 guidance, demonstrating a streamlined financial profile and more profitable operations.
- Exceeded the upper end of previously provided guidance ranges for 2023 revenue and adjusted EBITDA, delivering $164.2 million and $31.4 million, respectively, and achieved positive net cash flow in 2023.
- Launched Synchronoss Personal Cloud as Anshin Data Box with SoftBank, expanding the company’s global footprint in the Japanese market.
- Successfully executed on the strategic divestiture of the non-core Messaging and NetworkX businesses, focusing exclusively on providing its industry-leading, high-margin personal Cloud solution.
- Removed $15 million in annualized FY 2024 costs from the go-forward Cloud business, enhancing operational efficiency and recalibrating the financial framework for improved profitability.
Headline financials
Revenue & EPS history
Synchronoss · Revenue · Quarterly
$41.4M
Forward guidance
Synchronoss anticipates positive trends with customers and the addition of SoftBank, expecting net cash flow to be at least $10 million for 2024. Cloud subscriber growth is projected to be in the high-single-digit to low-double-digit range. For fiscal year 2024, GAAP revenue is expected to range between $170.0 million and $175.0 million, with adjusted EBITDA between $42.0 million and $45.0 million.
Tailwinds
- Continuation of positive trends with customers throughout 2023.
- Recent addition of SoftBank as a customer.
- Expiry of certain payment obligations and removal of other general costs in Q1.
- Superior revenue to cash conversion capabilities of Cloud as a standalone business.
- Expectation of net cash flow to be at least $10 million for 2024.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 1 quarterly earnings reports
+1.4%
Avg return
Earnings day
+8.0%
Avg return
5 days after
-6.1%
Avg return
30 days after
48%
29 / 61 earnings
Positive
+40.0%
Q4 2024
Best reaction
-25.4%
Q4 2015
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2024 | +40.0% | — | — | |
| Q3 2025 | — | — | — | |
| Q2 2025 | — | — | — | |
| Q1 2025 | — | — | — | |
| Q3 2024 | -15.6% | — | — | |
| Q2 2024 | -4.2% | — | — | |
| Q1 2024 | +32.4% | — | — | |
| Q4 2023 | -17.4% | — | — | |
| Q3 2023 | -19.3% | — | — | |
| Q2 2023 | +5.2% | — | — | |
| Q1 2023 | -4.2% | — | — | |
| Q4 2022 | -20.2% | — | — | |
| Q3 2022 | -4.7% | — | — | |
| Q2 2022 | -5.4% | — | — | |
| Q1 2022 | +4.2% | — | — | |
| Q4 2021 | -9.2% | — | — | |
| Q3 2021 | +9.3% | — | — | |
| Q2 2021 | -7.8% | — | — | |
| Q1 2021 | -1.9% | +0.0% | -2.0% | |
| Q4 2020 | -0.3% | +15.9% | -10.2% | |
| Q3 2020 | +9.1% | — | — | |
| Q2 2020 | +17.0% | — | — | |
| Q1 2020 | -16.0% | — | — | |
| Q4 2019 | -7.7% | — | — | |
| Q3 2019 | -20.4% | — | — | |
| Q2 2019 | -3.5% | — | — | |
| Q1 2019 | +12.0% | — | — | |
| Q4 2018 | -17.6% | — | — | |
| Q3 2018 | +2.3% | — | — | |
| Q2 2018 | +23.6% | — | — | |
| Q1 2018 | +7.6% | — | — | |
| Q4 2017 | +10.9% | — | — | |
| Q2 2017 | +10.9% | — | — | |
| Q3 2017 | +10.9% | — | — | |
| Q1 2017 | -4.5% | — | — | |
| Q4 2016 | -11.9% | — | — | |
| Q3 2016 | +19.6% | — | — | |
| Q2 2016 | +9.6% | — | — | |
| Q1 2016 | +15.6% | — | — | |
| Q4 2015 | -25.4% | — | — | |
| Q3 2015 | -2.3% | — | — | |
| Q2 2015 | +6.9% | — | — | |
| Q1 2015 | -6.6% | — | — | |
| Q4 2014 | -6.8% | — | — | |
| Q3 2014 | +9.2% | — | — | |
| Q2 2014 | +17.4% | — | — | |
| Q1 2014 | +7.4% | — | — | |
| Q4 2013 | +20.8% | — | — | |
| Q3 2013 | +3.4% | — | — | |
| Q2 2013 | +14.6% | — | — | |
| Q1 2013 | +6.6% | — | — | |
| Q4 2012 | +19.1% | — | — | |
| Q3 2012 | -6.0% | — | — | |
| Q2 2012 | +15.3% | — | — | |
| Q1 2011 | +2.0% | — | — | |
| Q1 2012 | -6.1% | — | — | |
| Q4 2009 | -0.9% | — | — | |
| Q4 2011 | -0.9% | — | — | |
| Q3 2011 | -2.9% | — | — | |
| Q3 2010 | -2.9% | — | — | |
| Q2 2011 | -10.4% | — | — | |
| Q4 2010 | -10.4% | — | — | |
| Q2 2010 | -10.4% | — | — | |
| Q1 2010 | +8.0% | — | — |
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