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Synchronoss Technologies, Inc. Announces Second Quarter 2012 Financial Results

Stocks in this article: SNCR

Synchronoss Technologies, Inc. (NASDAQ: SNCR), the mobile innovation company that provides activation and content management solutions for mobile devices, today announced financial results for the second quarter of 2012.

“Synchronoss executed at a high level during the second quarter, achieving non-GAAP revenue and profitability that were in the upper half or above the high-end of our guidance,” said Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss.

Waldis added, “We believe it is increasingly clear that consumers will look to carriers for cloud-based content management solutions that can and will co-exist with those of major operating systems vendors. Synchronoss is becoming entrenched as a key enabler of carriers’ cloud strategies, evidenced by an additional major expansion of our relationship with Verizon and our agreement to deploy cloud-based content management services at a new Tier 1 European carrier. At the same time, we recently had another significant expansion of our relationship with Vodafone related to our enterprise activation platform.

For the second quarter of 2012, on a GAAP basis, Synchronoss reported net revenues of $67.0 million, representing an increase of 22% compared to the second quarter of 2011. Gross profit was $40.4 million and income from operations was $15.4 million in the second quarter of 2012. Net income applicable to common stock was $11.9 million, leading to diluted earnings per share of $0.31, compared to $0.06 for the second quarter of 2011.

On a non-GAAP basis, for the second quarter of 2012, Synchronoss reported net revenues, which adds back the purchase accounting adjustment related to revenues for certain acquisitions, of $67.2 million, an increase of 21% compared to the second quarter of 2011. Gross profit was $41.4 million, representing a gross margin of 62%. Income from operations was $17.5 million, representing a year-over-year increase of 49% and an operating margin of 26%. Net income was $11.2 million, leading to diluted earnings per share of $0.29, an increase of 38% compared to $0.21 for the second quarter of 2011.

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