Synchronoss 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 second quarter of 2013.
“Both our Activation Services and Cloud Services delivered a strong performance during the second quarter, leading to total revenue that exceeded our expectations,” said Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss. “Our second quarter was highlighted by many successful deployments in our Personal Cloud Services offerings, and very encouraging initial subscriber adoption rates and customer forecasts for storage growth. Synchronoss is well positioned to participate in this growth opportunity based on our highly differentiated cloud services platform, proven track record and Tier One customer base.”
On a GAAP basis, Synchronoss reported net revenues of $83.8 million, representing an increase of 25% compared to the second quarter of 2012. Gross profit was $48.3 million and income from operations was $5.7 million in the second quarter of 2013. Net income applicable to common stock was $3.4 million, leading to diluted earnings per share of $0.09, compared to $0.31 for the second quarter of 2012.
On a non-GAAP basis, Synchronoss reported net revenues of $85.2 million, an increase of 27% compared to the second quarter of 2012. Gross profit for the second quarter of 2013 was $51.2 million, representing a gross margin of 60%. Income from operations was $19.5 million in the second quarter of 2013, representing an operating margin of 23%. Net income was $12.3 million in the second quarter of 2013, compared to $11.2 million in the year ago period. Diluted earnings per share were $0.31 for the second quarter of 2013, compared to $0.29 for the second quarter of 2012.
A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."