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Synchronoss Technologies Inc. (SNCR) has filed its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports net revenues of $173.6 million, an increase from $164.2 million in the previous year, primarily due to continued cloud subscriber growth.
Cost of revenues decreased to $39.0 million from $42.2 million, attributed to lower hosting and telecom expenses and reduced baseline employee costs.
Research and development expenses decreased to $42.8 million, reflecting reduced third-party contractor expenses and lower employee costs.
Selling, general, and administrative expenses decreased to $51.7 million, driven by reduced employee costs, decreased professional fees, and a reserve related to a previous receivable.
The company reported restructuring charges of $1.3 million, primarily related to employment termination costs.
Depreciation and amortization expenses slightly increased to $17.1 million due to increased amortization of capitalized software.
Interest expense increased to $18.0 million, mainly due to interest related to a new Term Loan obtained to retire the Series B Preferred stock.
The company reported a net income from continuing operations of $6.2 million, compared to a net loss of $34.1 million in the previous year.
Synchronoss completed the sale of its Messaging and NetworkX businesses, determining these qualified for discontinued operations accounting treatment.
The company entered into a Credit Agreement establishing a $75.0 million Term Loan, with proceeds used to repurchase Senior Notes and Series B Preferred stock.
Synchronoss reported cash and cash equivalents of $33.4 million as of December 31, 2024, with operating cash flows of $28.3 million for the year.
The company continues to focus on its cloud-centric solutions following the divestiture of its Messaging and NetworkX businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Synchronoss Technologies Inc. annual 10-K report dated March 12, 2025. To report an error, please email earnings@qz.com.