Artificial Intelligence
Synchronoss Technologies Reports First Quarter 2023 Results
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Net Cash Provided by Operating Activities of $1.3 Million, a $4.0 Million Improvement from Q1 2022
Core Business Continues Upward Trajectory with Twelfth Consecutive Quarter of Double-Digit Cloud Subscriber Growth and Invoiced Cloud Revenue Growth of 11.8% in Q1
Company Reaffirms 2023 Guidance, Provides Update to Strategic Review Process
BRIDGEWATER, N.J., May 09, 2023 (GLOBE NEWSWIRE) — Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in cloud, messaging, and digital products and platforms, today reported financial results for its first quarter ended March 31, 2023.
Management Commentary
“In the first quarter we continued to build on the growth and momentum of our core Cloud business, which remains the growth engine for our company,” said Jeff Miller, President and CEO of Synchronoss. “Led by our twelfth consecutive quarter of double-digit Cloud subscriber growth, we officially surpassed 10 million subscribers across our global customer base during the period. While this milestone reflects our efforts to date, we believe it represents only a fraction of our potential opportunity within this expanding group. After several major launches over the past few quarters and with work underway for another global Tier One operator scheduled to go live later this year, we expect to continue our double-digit rate of subscriber growth for the foreseeable future.
“At the same time, invoiced Cloud revenue increased nearly 12% year over year in Q1, representing our strongest quarterly performance since introducing this metric. Over the last twelve months we’ve maintained a 9.6% growth rate for this metric, approaching our double-digit subscriber growth. This performance has resulted in improved cash flow generation as well. While the macroeconomic environment remains challenging, we continue to execute according to plan and remain on track to achieve our financial targets for the year, including cash flow positivity in 2023 and a return to GAAP revenue growth in the second half of the year.”
Strategic Review Process Update
During 2022, the Company engaged UBS Securities, LLC as its financial advisor to assist in exploring and evaluating potential strategic transactions involving the Company or certain of its lines of business, all with the objective of maximizing value for the Company’s stockholders.
On March 10, 2023, Synchronoss received an unsolicited, non-binding proposal from B. Riley Financial, to acquire all outstanding shares of common stock for a price of $1.15 per share, payable in cash. B. Riley, together with its affiliates, owns approximately 13.9% of the Company’s outstanding common stock and is the Company’s largest common shareholder. B. Riley also nominated Mr. Martin Bernstein as one of the Company’s directors pursuant to a pre-existing agreement with the Company.
Consistent with its fiduciary duties and in consultation with UBS and its legal advisors, the Company’s Board of Directors, excluding B. Riley’s designee Mr. Bernstein, is continuing to carefully review the B. Riley proposal as well as other potential strategic transactions over the last several weeks to determine the course of action that it believes will maximize value for the Company’s stockholders.
First Quarter and Recent Operational Highlights
- Achieved 11% year-over-year Cloud subscriber growth and exceeded milestone of 10 million global Cloud subscribers. The twelfth consecutive quarter of double-digit subscriber growth has been driven by the continued adoption of the Company’s Personal Cloud product by its customers’ subscribers, including Verizon and AT&T.
- Unveiled next generation Personal Cloud platform at CES. The updated offering includes new and enhanced features as well as other functionality that leverages artificial intelligence and machine learning to ensure data privacy and security while adding capabilities to share files and optimize photos.
- Progressed significantly toward the launch of Synchronoss Personal Cloud with the new Tier One operator in APAC, which is scheduled for the second half of 2023 and is currently generating revenue through professional services. The expanded commercial relationship with the global operator is forecasted to deliver more than $50 million over the term of the relationship.
- Announced a multi-million-dollar Email Suite expansion contract with leading APAC telecom operator. Building on a long-standing relationship spanning over 20 years, the Synchronoss Email Suite now supports over 50 million users for this customer by offering an array of new features to ensure security, data privacy, and an improved user experience.
- Reached milestone of more than 32.5 million RCS-based Messaging subscribers in Japan. The growth has been primarily fueled by recent deployments and partnerships with global service providers like NTT DOCOMO, KDDI and SoftBank.
- Deployed Synchronoss ExpenseNX suite of products to a Tier One operator. The multi-year deal enables this customer to streamline their inventory management, enhance auditing performance, and improve overall workflow efficiencies.
- Recognized as a 2023 ‘Product of the Year’ winner for Synchronoss Personal Cloud from TMC’s Cloud Computing Magazine for the second year in a row.
Key Performance Indicators (“KPIs”)
- Cloud subscriber growth of 11% continued the Company’s ongoing performance of year-over-year double-digit subscriber growth. First quarter GAAP Cloud revenue decreased 1.0% year over year as a result of expected deferred revenue run-off and the sunsetting of a legacy cloud offering.
- Invoiced Cloud revenue increased 11.8% year over year to $40.3 million in the first quarter. On a trailing twelve-month basis, invoiced Cloud revenue increased 9.6% from the comparable period. This non-GAAP measure is reconciled within the financial statements below. This KPI is intended to provide greater transparency in the underlying Cloud revenue trends as it is not impacted by changes in deferred and unbilled revenue.
- Quarterly recurring revenue was 86.6% of total revenue, an increase from 81.6% of total revenue in the fourth quarter of 2022 and an increase from 84.9% in the first quarter of last year. The increase in recurring revenue percentage is a direct reflection of the increasing contribution of Cloud revenue to total revenue.
GAAP revenue breakdown by product is included below:
| Q1 2023 vs Q1 2022 | |||||||
| (in thousands) | Q1 2023 Revenue |
Q1 2022 Revenue |
% Increase/ (Decrease) |
% of Total Revenue |
|||
| Cloud | $41,078 | $41,501 | (1.0)% | 71.2% | |||
| NetworkX (formerly Digital) | 7,145 | 12,164 | (41.3)% | 12.4% | |||
| Messaging | 9,485 | 12,201 | (22.3)% | 16.4% | |||
| Total | $57,708 | $65,866 | 100.0% | ||||
First Quarter 2023 Financial Results:
Results compare 2023 fiscal first quarter end (March 31, 2023) to 2022 fiscal first quarter end (March 31, 2022) unless otherwise indicated.
- Total revenue decreased 12.4% to $57.7 million from $65.9 million in the prior year period. The decline in revenue was a result of expected impact from the sale and product sunsetting of the non-strategic DXP and Activation assets in 2022 ($3.8 million in the prior year), the expected deferred revenue run-off in the current quarter (an additional $3.8 million in the prior year), and temporary slowdowns in purchasing activity.
- Gross profit decreased 10.3% to $30.1 million (52.1% of total revenue) from $33.5 million (50.9% of total revenue) in the prior year period. Gross margins increased as a result of continued expense management, which lowered cost of revenues, research and development, and depreciation and amortization costs. The decrease in gross profit was primarily a result of the previously mentioned changes in deferred revenue, a legacy Cloud product sunsetting, and the sale of the Company’s DXP and Activation assets previously noted.
- (Loss) income from operations was $(3.6) million compared to a loss of $(1.4) million in 2022. The increase in operating loss was a result of the changes in revenue, slightly offset by greater efficiency of R&D resources and other cost-saving initiatives.
- Net loss was $13.4 million, or $(0.15) per share, compared to net loss of $5.6 million, or $(0.07) per share, in the prior year period. The increase in net loss was primarily attributable to the aforementioned changes in revenue.
- Adjusted EBITDA (a non-GAAP metric reconciled below) decreased 28% to $8.4 million (14.5% of total revenue) from $11.6 million (17.6% of total revenue) in the prior year period. The decrease in adjusted EBITDA margin was primarily attributable to the change in revenues as previously outlined, partially offset by expense management.
- Cash and cash equivalents were $15.6 million at March 31, 2023, compared to $21.9 million at December 31, 2022 and $21.7 million at March 31, 2022. Free cash flow was ($4.2) million and adjusted free cash flow was $(0.1) million. The Company did not receive additional tax refunds during the period, leaving its remaining balance due at approximately $28 million, which is expected to be paid out in the coming quarters. Management does not anticipate needing to raise additional capital for the foreseeable future. Additionally, the Company’s existing accounts receivable securitization agreement remained available at the end of the quarter with an undrawn balance.
Financial Commentary
CFO Lou Ferraro added: “Our focus on the core Cloud business and ongoing commitment to cost management resulted in solid progress toward achieving our cash flow targets for 2023. Strategic actions we took over the past year such as transitioning from directly operating datacenters led to a nearly $6 million decrease in total costs and expenses during the first quarter. We expect these cost efficiencies to continue benefiting our bottom-line results throughout 2023 and beyond. In the first quarter we achieved free cash flow of $(4.2) million and adjusted free cash flow of $(0.1) million, which were increases of $3.9 million and $6.0 million, respectively, from the prior year period.
“We also met our revenue expectations for the first quarter, despite moderate impacts from ongoing macroeconomic conditions that are slowing the pace of customer decision making. The Company expects to be cash flow positive in Q2. In the second half of 2023, we are forecasting improved profitability as well as a return to GAAP revenue growth.”
Second Quarter and 2023 Financial Outlook
Compared to the first quarter of 2023, management expects second quarter revenue and adjusted EBITDA to moderately improve. Based on the continued strong performance within the Company’s core Cloud business as well as improvements in operational expense management, Synchronoss is reiterating its expectation to be cash flow positive, on an unadjusted basis, for 2023. The current expectation is to generate cash flow in the single-digit millions for the full year. Additionally, after factoring in anticipated revenue growth and the expiry of certain existing payment obligations as well as other general costs, management expects cash flow generation to significantly improve in 2024.
The Company also expects Cloud subscriber growth to continue at a double-digit rate on a year-over-year basis in 2023.
For the fiscal year ending December 31, 2023, the Company expects GAAP revenue to range between $242.0 million and $255.0 million. The comparable 2022 pro forma GAAP revenue is $240.4 million after adjusting for the deferred revenue run-off and $4.8 million in revenue recognized prior to the sale of the Company’s DXP and Activation assets. The net contribution to GAAP revenue from non-cash deferred revenue is expected to be $7.4 million less in 2023 than it was in 2022, most of which is related to the first half of the year. As a result of these factors, revenue in the second quarter of 2023 is expected to decline moderately year over year on a GAAP basis. The Company expects to return to total revenue growth on a GAAP basis for the second half of the year and in 2024.
The Company expects adjusted EBITDA to range between $44.0 million and $55.0 million in 2023.
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 included below under the heading “Non-GAAP Financial Measures.” With respect to forward looking statements related to adjusted EBITDA, the Company has relied upon the exception in item 10(e)(1)(i)(B) of Regulation S-K and has not provided a quantitative reconciliation of forecasted adjusted EBITDA to forecasted GAAP net income (loss) attributable to Synchronoss or to forecasted GAAP income (loss) from operations, before taxes, within this earnings release because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include, but are not limited to, other income, other expense, (provision) benefit for income taxes, depreciation and amortization expense, stock-based compensation expense, restructuring charges, gain (loss) on divestitures, net (loss) income attributable to redeemable noncontrolling interests.
Conference Call
Synchronoss will hold a conference call today, May 9, 2023, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.
Synchronoss management will host the call, followed by a question-and-answer period.
Registration Link: Click here to register.
Please register online at least 10 minutes prior to the start time. Upon registration, the webcast platform will provide dial-in numbers and a unique access code. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Investor Relations at 949-574-3860.
The conference call will be broadcast live and available for replay here and via the Investor Relations section of Synchronoss’ website.
Non-GAAP Financial Measures
Synchronoss has provided in this release selected financial information that has not been prepared in accordance with GAAP although this non-GAAP financial information is derived from numbers that have been prepared in accordance with GAAP. This information includes historical non-GAAP revenues, adjusted gross profit, adjusted gross margin, adjusted EBITDA, effective tax rate, non-GAAP net income (loss) attributable to Synchronoss, diluted non-GAAP net income (loss) per share, free cash flow, invoiced cloud revenue and adjusted free cash flow (which excludes cash payments and receipts related to non-core business activities). The Company believes that the exclusion of non-routine cash-settled expenses, such as Litigation and Remediation costs (net) and Restructuring costs in the calculation of adjusted free cash flow which do not correlate to the operation of its business, provide for more useful period-to-period comparisons of the Company’s results. Synchronoss uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Synchronoss’ ongoing operational performance. Synchronoss believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Synchronoss’ industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above add back fair value stock-based compensation expense, acquisition-related costs, restructuring, transition and cease-use lease expense, litigation, remediation and refiling costs and depreciation and amortization, interest income, interest expense, loss (gain) on divestitures, other (income) expense, provision (benefit) for income taxes, and net loss (income) attributable to noncontrolling interests, and preferred dividends.
Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed above. Investors are encouraged to also review the Balance Sheet, Statement of Operations, and Statement of Cash Flow. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.
Forward-Looking Statements
This press release includes statements concerning Synchronoss and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. Synchronoss has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company’s ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company’s expectations regarding expenses and revenue, the sufficiency of the Company’s cash resources, the impact of legal proceedings involving the Company, including the investigations by the Securities and Exchange Commission and the Department of Justice described in the Company’s most recent SEC filings, and other risks and factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, which is on file with the SEC and available on the SEC’s website at www.sec.gov. The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.
About Synchronoss
Synchronoss Technologies (Nasdaq: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.
Media Relations Contact:
Domenick Cilea
Springboard
[email protected]
Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
[email protected]
-Financial Tables to Follow-
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
| (Unaudited) (In thousands) | |||||
| March 31, 2023 | December 31, 2022 | ||||
| ASSETS | |||||
| Cash and cash equivalents | $ | 15,560 | $ | 21,921 | |
| Accounts receivable, net | 48,035 | 47,024 | |||
| Operating lease right-of-use assets | 20,033 | 20,863 | |||
| Goodwill | 212,170 | 210,889 | |||
| Other assets | 95,531 | 97,375 | |||
| Total assets | $ | 391,329 | $ | 398,072 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Accounts payable and accrued expenses | $ | 68,103 | $ | 66,324 | |
| Deferred revenues | 15,660 | 14,183 | |||
| Debt, non-current | 134,977 | 134,584 | |||
| Operating lease liabilities, non-current | 28,374 | 29,637 | |||
| Other liabilities | 2,792 | 4,399 | |||
| Preferred stock | 68,348 | 68,348 | |||
| Redeemable noncontrolling interest | 12,500 | 12,500 | |||
| Stockholders’ equity | 60,575 | 68,097 | |||
| Total liabilities and stockholders’ equity | $ | 391,329 | $ | 398,072 | |
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
| (Unaudited) (In thousands, except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Net revenues | $ | 57,708 | $ | 65,866 | |||
| Costs and expenses: | |||||||
| Cost of revenues1 | 20,381 | 24,839 | |||||
| Research and development | 14,735 | 15,791 | |||||
| Selling, general and administrative | 18,309 | 17,897 | |||||
| Restructuring charges | 345 | 685 | |||||
| Depreciation and amortization | 7,520 | 8,034 | |||||
| Total costs and expenses | 61,290 | 67,246 | |||||
| Loss from operations | (3,582 | ) | (1,380 | ) | |||
| Interest income | 95 | 92 | |||||
| Interest expense | (3,454 | ) | (3,325 | ) | |||
| Other (expense) income, net | (2,931 | ) | 1,704 | ||||
| Loss from operations, before taxes | (9,872 | ) | (2,909 | ) | |||
| Provision for income taxes | (1,059 | ) | (128 | ) | |||
| Net loss | (10,931 | ) | (3,037 | ) | |||
| Net income (loss) attributable to redeemable noncontrolling interests | 14 | (115 | ) | ||||
| Preferred stock dividend | (2,474 | ) | (2,438 | ) | |||
| Net loss attributable to Synchronoss | $ | (13,391 | ) | $ | (5,590 | ) | |
| Earnings (loss) per share: | |||||||
| Basic | $ | (0.15 | ) | $ | (0.07 | ) | |
| Diluted | $ | (0.15 | ) | $ | (0.07 | ) | |
| Weighted-average common shares outstanding: | |||||||
| Basic | 86,501 | 85,866 | |||||
| Diluted | 86,501 | 85,866 | |||||
_________________________________
1 Cost of revenues excludes depreciation and amortization which are shown separately.
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (Unaudited) (In thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Net loss from continuing operations | $ | (10,931 | ) | $ | (3,037 | ) | |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||
| Non-cash items | 9,673 | 10,750 | |||||
| Changes in operating assets and liabilities | 2,553 | (10,406 | ) | ||||
| Net cash provided by (used in) operating activities | 1,295 | (2,693 | ) | ||||
| Investing activities: | |||||||
| Purchases of fixed assets | (876 | ) | (154 | ) | |||
| Purchases of intangible assets and capitalized software | (4,594 | ) | (5,245 | ) | |||
| Net cash used in investing activities | (5,470 | ) | (5,399 | ) | |||
| Net cash used in financing activities | (2,299 | ) | (1,781 | ) | |||
| Effect of exchange rate changes on cash | 113 | 96 | |||||
| Net decrease in cash and cash equivalents | (6,361 | ) | (9,777 | ) | |||
| Cash and cash equivalents, beginning of period | 21,921 | 31,504 | |||||
| Cash and cash equivalents, end of period | $ | 15,560 | $ | 21,727 | |||
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||
| (Unaudited) (In thousands, except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Non-GAAP financial measures and reconciliation: | |||||||
| GAAP Revenue | $ | 57,708 | $ | 65,866 | |||
| Less: Cost of revenues | 20,381 | 24,839 | |||||
| Less: Restructuring1 | 92 | 342 | |||||
| Less: Depreciation and Amortization2 | 7,163 | 7,161 | |||||
| Gross Profit | 30,072 | 33,524 | |||||
| Add / (Less): | |||||||
| Stock-based compensation expense | 224 | 221 | |||||
| Restructuring, transition and cease-use lease expense | 183 | 1,165 | |||||
| Depreciation and Amortization2 | 7,163 | 7,161 | |||||
| Adjusted Gross Profit | $ | 37,642 | $ | 42,071 | |||
| Adjusted Gross Margin | 65.2 | % | 63.9 | % | |||
_________________________________
1 Amounts reflected in cost of revenues.
2 Depreciation and Amortization contains a reasonable allocation for expenses associated with cost of revenues.
| SYNCHRONOSS TECHNOLOGIES, INC. |
|||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||
| (Unaudited) (In thousands, except per share data) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| GAAP Net loss attributable to Synchronoss | $ | (13,391 | ) | $ | (5,590 | ) | |
| Add / (Less): | |||||||
| Stock-based compensation expense | 1,739 | 1,927 | |||||
| Restructuring, transition and cease-use lease expense | 719 | 2,011 | |||||
| Amortization expense1 | 1,997 | 2,543 | |||||
| Litigation, remediation and refiling costs, net | 1,959 | 977 | |||||
| Non-GAAP Net (loss) income attributable to Synchronoss | $ | (6,977 | ) | $ | 1,868 | ||
| Diluted Non-GAAP Net (loss) income per share | $ | (0.08 | ) | $ | 0.02 | ||
| Weighted shares outstanding – Dilutive | 86,501 | 85,866 | |||||
_________________________________
1 Amortization from acquired intangible assets.
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||||
| (Unaudited) (In thousands) | |||||||||||||||||||
| Three Months Ended | |||||||||||||||||||
| Mar 31, 2023 |
Dec 31, 2022 |
Sep 30, 2022 |
Jun 30, 2022 |
Mar 31, 2022 |
|||||||||||||||
| Net (loss) income attributable to Synchronoss | $ | (13,391 | ) | $ | (15,927 | ) | $ | (1,278 | ) | $ | 5,327 | $ | (5,590 | ) | |||||
| Add / (Less): | |||||||||||||||||||
| Stock-based compensation expense | 1,739 | 769 | 1,801 | 964 | 1,927 | ||||||||||||||
| Restructuring, transition and cease-use lease expense | 719 | 324 | 557 | 1,381 | 2,011 | ||||||||||||||
| Change in contingent consideration | — | 3,638 | — | — | — | ||||||||||||||
| Litigation, remediation and refiling costs, net | 1,959 | 1,892 | 88 | (1,292 | ) | 977 | |||||||||||||
| Depreciation and amortization | 7,520 | 7,734 | 7,726 | 8,259 | 8,034 | ||||||||||||||
| Interest income | (95 | ) | (235 | ) | (20 | ) | (118 | ) | (92 | ) | |||||||||
| Interest expense | 3,454 | 3,509 | 3,463 | 3,343 | 3,325 | ||||||||||||||
| Loss (gain) on sale of DXP Business | — | — | 73 | (2,622 | ) | — | |||||||||||||
| Other expense (income), net | 2,931 | 6,759 | (4,437 | ) | (4,065 | ) | (1,704 | ) | |||||||||||
| Provision (benefit) for income taxes | 1,059 | 181 | 1,115 | 435 | 128 | ||||||||||||||
| Net (income) loss attributable to noncontrolling interests | (14 | ) | (56 | ) | 66 | 75 | 115 | ||||||||||||
| Preferred dividend | 2,474 | 2,297 | 2,298 | 2,519 | 2,438 | ||||||||||||||
| Adjusted EBITDA (non-GAAP) | $ | 8,355 | $ | 10,885 | $ | 11,452 | $ | 14,206 | $ | 11,569 | |||||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| Net Cash provided by (used in) operating activities | $ | 1,295 | $ | (2,693 | ) | ||
| Add / (Less): | |||||||
| Capitalized software | (4,594 | ) | (5,245 | ) | |||
| Property and equipment | (876 | ) | (154 | ) | |||
| Free Cashflow | (4,175 | ) | (8,092 | ) | |||
| Add: Litigation and remediation costs, net | 2,826 | (797 | ) | ||||
| Add: Restructuring | 1,203 | 2,791 | |||||
| Adjusted Free Cashflow | $ | (146 | ) | $ | (6,098 | ) | |
| SYNCHRONOSS TECHNOLOGIES, INC. | |||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||
| (Unaudited) (In thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2023 | 2022 | ||||||
| GAAP Cloud Revenue | $ | 41,078 | $ | 41,501 | |||
| Increase / (Decrease) Change in Deferred Revenue | (899 | ) | (3,647 | ) | |||
| (Increase) / Decrease: Change in Unbilled Receivables & Contract Assets | 114 | (1,825 | ) | ||||
| Invoiced Cloud Revenue | $ | 40,293 | $ | 36,029 | |||
Invoiced Cloud Revenue is defined as GAAP revenue for Cloud disaggregated revenue stream, plus the period change in deferred revenue balance related to the Cloud revenue stream, less the period change in Unbilled Receivables and Contract Assets balance related to the Cloud revenue stream.
Artificial Intelligence
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TRENDS INFLUENCING THE GROWTH OF THE DATA CENTER CHIP MARKET:
In data centers, Graphics Processing Units (GPUs) are essential for speeding up computing operations and data processing. They are perfect for managing workloads related to artificial intelligence (AI), machine learning, and large-scale data analytics because of their parallel processing capabilities. The need for GPUs in data centers is growing as these technologies become increasingly essential to corporate operations. Businesses are purchasing GPUs in order to increase the effectiveness of their data processing, lower latency, and boost overall performance. The need for data center chips is being driven by the increasing reliance on GPUs for sophisticated computing activities, which is considerably contributing to the market’s rise. This need is further increased by the growing use of AI and machine learning in a variety of sectors, which puts GPUs at the forefront of the data center semiconductor industry.
Compared to general-purpose chips, Application Specific Integrated Circuits (ASICs) provide better performance and efficiency since they are designed specifically for a given application. ASICs are extensively utilized in data centers for specific tasks including networking, data compression, and encryption. ASICs are becoming more and more common as a result of the growth of cloud computing, big data analytics, and blockchain technology, which has increased demand for high-performance, energy-efficient processors. Their capacity to provide tailored performance for certain applications aids data centers in better workload management, power conservation, and operating expense reduction. The market is expanding as a result of the increased preference for ASICs in data centers, which is fueling the need for specialized data center chips.
Large data centers are important users of data center chips; they are run by well-known IT firms and cloud service providers. To manage enormous volumes of data and provide a wide range of services, these facilities need a great deal of processing power and sophisticated computing skills. High-performance data center chips are becoming more and more necessary as a result of the growth of massive data centers and the rising demand for online streaming, cloud services, and digital transactions. These chips are necessary to ensure effective data management, processing, and storage, which helps big data centers fulfill the increasing expectations of its clientele. Large data center proliferation is anticipated to considerably boost the data center chip industry as the digital economy continues to grow.
Data centers are becoming more and more important to the Banking, Financial Services, and Insurance (BFSI) industry as a means of safely and effectively managing high transaction volumes, consumer data, and financial records. The need for sophisticated data center processors is being driven by the sector’s requirement for real-time data processing, high-performance computing, and strong security measures. BFSI organizations may improve their operational efficiency, guarantee data integrity, and deliver superior client services by utilizing data centers fitted with robust chips. The BFSI sector’s need for data center chips is being driven by the increasing use of online banking, digital banking, and financial analytics tools, all of which increase the requirement for sophisticated data center infrastructure.
The market for data center chips is significantly influenced by the cloud computing industry’s explosive growth. There is a growing need for scalable, effective, and high-performance data center infrastructure as more companies move their operations to the cloud. In order to handle enormous volumes of data, facilitate virtualization, and guarantee flawless service delivery, cloud service providers need sophisticated data center chips. Sturdy data center chips are becoming more and more necessary as cloud-based solutions become more and more popular. Benefits like cost savings, flexibility, and scalability are driving this trend. In places like North America and Europe, where cloud adoption rates are high and data center chip demand is rising rapidly, this tendency is especially significant.
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DATA CENTER CHIP MARKET SHARE
In 2022, North America gained a sizable portion of the market.
In 2022, the GPU made up the largest portion of the market share.
Throughout the projection period, large data centers are expected to gain a significant portion.
The BFSI market is anticipated to be one of the most profitable markets.
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Key Companies:
Advanced Micro Devices IncTaiwan Semiconductor Manufacturing Company LimitedBroadcomHuawei Technologies Co LtdIntel CorporationNVidia CorporationSamsung Electronics Co LtdQualcomm Technologies IncGlobalFoundriesARM LIMITED (SOFTBANK GROUP CORP.)Purchase Chapters @ https://reports.valuates.com/request/chaptercost/ALLI-Auto-2B326/Data_Center_Chip_Market
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Artificial Intelligence
Industry 4.0 Market to Surpass USD 513.89 Billion by 2031 with Automation Surge | SkyQuest Technology
WESTFORD, Mass., July 26, 2024 /PRNewswire/ — According to SkyQuest, the global Industry 4.0 Market size was valued at USD 133.05 billion in 2022 and is poised to grow from USD 154.6 billion in 2023 to USD 513.89 billion by 2031, growing at a CAGR of 16.2% during the forecast period (2024-2031).
Industry 4.0 or the fourth industrial revolution emphasizes the use of automation and interconnectivity. Employment of advanced technologies such as artificial intelligence, machine learning, robotics, and connected devices to improve the productivity and efficiency of industries. Rapid digitization and advancements in technology are forecasted to bolster the Industry 4.0 market growth over the coming years. The global Industry 4.0 market is segmented into technology, industry vertical, and region.
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Industry 4.0 Market Overview:
Report Coverage
Details
Market Revenue in 2023
$ 154.6 billion
Estimated Value by 2031
$ 513.89 billion
Growth Rate
Poised to grow at a CAGR of 16.2%
Forecast Period
2024–2031
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Technology, Industry and Region
Geographies Covered
North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Report Highlights
Internet of Things (IoT) technology takes centerstage for Industry 4.0 adoption
Key Market Opportunities
Adoption of smart manufacturing and additive manufacturing practices
Key Market Drivers
Rising demand for automation across all industry verticals
Segments covered in Industry 4.0 Market are as follows:
TechnologyRobots (Traditional Industrial Robots {Articulated robots, Cartesian Robots, Selective Compliance Assembly Robot Arm (SCARA), Cylindrical Robots, Others}, Collaborative Robots), Blockchain in Manufacturing, Industrial Sensors (Level Sensors, Temperature Sensors, Flow Sensors, Position Sensors, Pressure Sensors, Force Sensors, Humidity & Moisture Sensors, Gas Sensors), Industrial 3D Printing, Machine Vision (Camera {Digital Camera, Smart Camera}, Frame Grabbers, Optics, and LED Lighting, Processor and Software), HMI (Offering {Hardware [Basic HMI, Advanced Panel-based HMI, Advanced PC-based HMI, Others], Software [On-premises HMI, Cloud-based HMI], Services}), Configuration ({Embedded HMI, Standalone HMI}, Technology {Motion HMI, Bionic HMI, Tactile HMI, Acoustic HMI}, End-user Industry {Process industries [Oil & Gas, Food & beverages, Pharmaceuticals, Chemicals, Energy & power, Metals & mining, Water & wastewater, Others], Discrete industry [Automotive, Aerospace & defense, Packaging, Medical devices, Semiconductor & electronics, Others]}), AI In Manufacturing (Offering {Hardware [Processor MPU, GPU, FPGA, ASIC, Memory, Network], Software [AI solutions- | On-premises, Cloud |, AI platform- | Machine learning framework, Application program interface |], Services [Deployment & integration, Support & maintenance]}, Technology {Machine learning [Deep learning, Supervised learning, Reinforcement learning, Reinforcement learning, Others], Natural language processing [Context-aware computing, Computer vision]}, Application {Predictive maintenance and machinery inspection, Material movement, Production planning, Field services, Quality control, Cybersecurity, Industrial robots, Reclamation}, Digital Twin {Technology [Internet of Things (IOT), Blockchain, Artificial intelligence & machine learning, Artificial intelligence & machine learning, Big data analytics, 5G], Usage Type [Product digital twin, Process digital twin, System digital twin], Application [Product design & development, Performance monitoring, Predictive maintenance, Inventory management, Business optimization, Others]}, Automated Guided Vehicles (AGV) {Type [Tow vehicles, Unit load carriers, Pallet trucks, Assembly line vehicles, Forklift trucks, Others], Navigation Technology [Laser guidance, Magnetic guidance, Inductive guidance, Optical tape guidance, Vision guidance, Others]}, Machine Condition Monitoring {Monitoring Technique [Vibration monitoring, Embedded systems, Vibration analyzers and meters, Thermography, Oil analysis, Corrosion monitoring, Ultrasound emission, Motor current analysis], Offering [Hardware – Vibration sensors, Accelerometers, Tachometers, Infrared sensors, Spectrometers, Ultrasound detectors, Spectrum analyzers, Corrosion probes], Software [Data integration, Diagnostic reporting, Order tracking analysis, Parameter calculation], Deployment Type [On-premises deployment, Cloud deployment], Monitoring Process [Online condition monitoring, Portable condition monitoring]})IndustryManufacturing, Automotive, Energy, Medical, Semiconductor & Electronics, Food & Beverage, Oil & Gas, Aerospace, Metals & Mining, Chemicals, and OthersRequest Free Customization of this report:
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Internet of Things (IoT) Technology to Remain Indispensable for Industry 4.0
Internet of Things (IoT) remains the most crucial technology in global Industry 4.0 market growth owing to its role in interconnectivity and automation across different verticals. Advancements in connectivity technologies and rising use of automation in different industry verticals are also estimated to help this sub-segment gain an impressive market share. Surging demand for predictive maintenance will also boost the adoption of IoT technology in the long run.
Advanced robotic technologies are also slated to gain traction in the Industry 4.0 market. Growing acceptance of robots and high investments in advancements of robotic technologies are also slated to create new opportunities for providers of advanced robotics in the Industry 4.0 market. The low margin of error and the immense scope of automation are key benefits of robotics that help this sub-segment flourish.
Artificial intelligence (AI) will be another popular technology in the Industry 4.0 world going forward. Increasing demand for continuous monitoring, real-time analytics, and predictive maintenance are slated to help the demand for artificial intelligence in the future. The rising use of IoT devices will also boost the demand for cloud computing technology in the long run.
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Manufacturing Vertical to Spearhead Industry 4.0 Market Development
The manufacturing vertical is estimated to be at the forefront when it comes to Industry 4.0 adoption. The surge in use of robotics, advanced technologies, and smart manufacturing practices sets the tone for Industry 4.0 in this industry vertical. High emphasis on improving manufacturing efficiency, reducing downtime, and maximizing profits are all contributing to the high market share of this sub-segment.
The automotive industry is another vertical where Industry 4.0 market players could invest to get good returns. The high adoption of advanced robotics and other smart manufacturing technologies to maximize production allows this sub-segment to become a crucial one for Industry 4.0 providers. The aerospace and defense industry vertical also shows a lot of promise for Industry 4.0 companies going forward. Growing demand for advanced manufacturing techniques and technologies to create complex aerospace components is helping Industry 4.0 market growth via this segment.
The oil & gas industry is also estimated to embrace Industry 4.0 trend with open hands as they try to improve their operations and promote better resource utilization. High demand for predictive maintenance to reduce downtime and the growing adoption of digital oilfield solutions are estimated to bolster Industry 4.0 market development in the long run.
To sum it up, the application scope for Industry 4.0 is endless as automation and digitization pick up pace around the world. High investments in development of IoT and AI technologies will create better opportunities for Industry 4.0 companies in the future. The manufacturing industry will remain the top revenue generating sub-segment and more opportunities for aerospace, automotive, and oil & gas verticals will be seen over the coming years.
Related Report:
Digital Twin Market
Cyber Security Market
Artificial Intelligence (AI) Market
Internet Of Things (IoT) Market
Machine Learning Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
Contact: Mr. Jagraj SinghSkyQuest Technology1 Apache Way,Westford,Massachusetts 01886USA (+1) 351-333-4748Email: [email protected] Our Website: https://www.skyquestt.com/
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Artificial Intelligence
Generative AI Cybersecurity Market worth $40.1 billion by 2030 – Exclusive Report by MarketsandMarkets™
CHICAGO, July 26, 2024 /PRNewswire/ — The Generative AI cybersecurity Market is anticipated to experience substantial expansion, ascending from a value of USD 7.1 billion in 2024 to a substantial worth of USD 40.1 billion by the year 2030, according to a new report by MarketsandMarkets™. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 33.4% over the forecast period.
Browse in-depth TOC on “Generative AI cybersecurity Market”
350 – Tables 60 – Figures450 – Pages
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Scope of the Report
Report Metrics
Details
Market size available for years
2019–2030
Base year considered
2023
Forecast period
2024–2030
Forecast units
USD (Million)
Segments Covered
Offering, Generative AI-based Cybersecurity, Cybersecurity for Generative AI, Security Type, End-user, and Region
Geographies covered
North America, Europe, Asia Pacific, Middle East & Africa, and Latin America
Companies covered
Microsoft (US), IBM (US), Google (US), SentinelOne (US), AWS (US), NVIDIA (US), Cisco (US), CrowdStrike (US), Fortinet (US), Zscaler (US), Trend Micro (Japan), Palo Alto Networks (US), BlackBerry (Canada), Darktrace (UK), F5 (US), Okta (US), Sangfor (China), SecurityScorecard (US), Sophos (UK), Broadcom (US), Trellix (US), Veracode (US), LexisNexis (US), Abnormal Security (US), Adversa AI (Israel), Aquasec (US), BigID (US), Checkmarx (US), Cohesity (US), Credo AI (US), Cybereason (US), DeepKeep (Israel), Elastic NV (US), Flashpoint (US), Lakera (US), MOSTLY AI (Austria), Recorded Future (US), Secureframe (US), Skyflow (US), SlashNext (US), Snyk (US), Tenable (US), TrojAI (Canada), VirusTotal (Spain), XenonStack (UAE), and Zerofox (US).
This dramatic surge is being fueled by a number of causes. The primary growth driver is the enhancement of existing cybersecurity tools through generative AI algorithms by improving anomaly detection, automating threat hunting and penetration testing, and providing complex simulations for security testing purposes. These techniques enable various cyber-attack scenarios that can be simulated using the Generative Adversarial Networks (GANs), thus enabling the development of better preparedness and response strategies. On the other hand, it requires special cyber security tools to protect generative AI workloads against unique vulnerabilities such as adversarial attacks, model inversions and LLM poisoning. These tools include differential privacy and secure multi-party computation that are integrated into AI systems for training and deployment data protection purposes.
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Generative AI apps security segment will account for largest market share during the forecast period.
The cybersecurity landscape is rapidly changing for generative AI apps, which are already making their way into chatbots, content creation tools like word processors, and personalized recommendation systems. According to McAfee, 55% of these programs have had security breaches. This highlights the dire need for stronger protective measures from unauthorized access. Several generative AI applications that use adversarial techniques to force the desired reaction out of intelligent machines.
Therefore, there is a pressing demand in the number of developers who ensure that such machines are made more robust through techniques like adversarially trained models and resistant architectures. Finally, the usage of secure enclaves plus hardware-based security measures is growing off late, mainly aimed at safeguarding vulnerable AI computations from being tampered with. For instance, OpenAI has very strict security rules meant to protect GPT models thereby ensuring data integrity and user privacy.
By end-user, government & defense sector is poised to account for larger market share in 2024.
Government as well as defense industries are increasingly resorting to generative AI for cyber security purposes due to the urgency of protecting sensitive information and national security. According to a recent CSIS report, AI is being integrated into the cybersecurity framework of 43% of government agencies which resultantly improves their ability to identify and counter threats. As an example, the United States Department of Defense has started using artificial intelligence (AI) based security solutions backed by generative AI that can create fictitious cyber-attacks, thereby providing them with enhanced preparedness against advanced types of threats.
This technology also helps these sectors handle and analyze large volumes of data more effectively, giving valuable insights that will enable them prevent or mitigate cyber threats. This trend demonstrates an increasing reliance on generative AI in fortifying cyber security measures so as to ensure that critical infrastructure and sensitive data remain secure in today’s intricate digital landscape.
By region, North America to hold the largest share by market value in 2024.
In 2024, North America will be the leading region based on market share due to its excellent technology infrastructure, substantial investments in AI-enabled cybersecurity and the presence of key players. Major cyber security research universities and tech companies such as Google, AWS, CrowdStrike, SentinelOne and IBM are present in this area, pushing them on the forefront of potent risk management technologies and generative AI tools for threat detection. For example, IBM’s security platform powered by AI has improved detection rates for threats up by 40%, thus proving the relevance of AI technology to enhancing cybersecurity.
Moreover, legislative instruments such as Cybersecurity Information Sharing Act (CISA) are being put in place to promote advanced cybersecurity technologies. As internet attacks continue getting more complicated, North American enterprises prefer generative artificial intelligence (AI), so as to enhance their safety measures pertaining to personal data and digital infrastructure.
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Top Key Companies in Generative AI cybersecurity Market:
The major players in the generative AI cybersecurity market include Palo Alto Networks (US), AWS (US), CrowdStrike (US), SentinelOne (US), and Google (US), along with SMEs and startups such as MOSTLY AI (Austria), XenonStack (UAE), BigID (US), Abnormal Security (US), and Adversa AI (Israel).
Browse Adjacent Market: Artificial Intelligence (AI) Market Research Reports & Consulting
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Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
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