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Synchronoss
Technologies, Inc. (NASDAQ: SNCR), the mobile innovation company
that provides personal cloud solutions and software-based activation for
connected devices across the globe, today announced financial results
for the fourth quarter and full year 2012.
“The company’s strong business momentum contributed to revenue and
profitability that were above the high end of our expectations for the
fourth quarter,” said Stephen G. Waldis, Founder and Chief Executive
Officer of Synchronoss. “2012 was a transformational year for
Synchronoss. Mobile operators began to solidify their cloud strategies,
and we achieved our goal of winning cloud services engagements with
several of the largest mobile operators around the globe. In addition,
our recent acquisition of NewBay further expands our market share, our
Personal Cloud platform functionality and our customer relationships.”
Waldis added, “As we look ahead, we are very optimistic about
Synchronoss’ future as we are positioned to take advantage of certain
powerful industry drivers such as the growth in connected devices and
cloud services. We remain on track to deploy our Personal Cloud platform
with multiple major operators over the course of 2013, and we believe
Synchronoss is poised to deliver strong growth on a sustained basis as
our customers launch, scale and expand their cloud services.”
On a GAAP basis, Synchronoss reported net revenues of $73.2 million,
representing an increase of 18% compared to the fourth quarter of 2011.
Gross profit was $41.9 million and income from operations was $6.6
million in the fourth quarter of 2012. Net income applicable to common
stock was $3.4 million, leading to diluted earnings per share of $0.09,
compared to $0.21 for the fourth quarter of 2011.
On a non-GAAP basis, Synchronoss reported net revenues, which adds back
the purchase accounting adjustment related to revenues for certain
acquisitions, of $73.9 million, an increase of 19% compared to the
fourth quarter of 2011. Gross profit for the fourth quarter of 2012 was
$44.2 million, representing a gross margin of 60%. Income from
operations was $18.7 million in the fourth quarter of 2012, representing
a year-over-year increase of 18% and an operating margin of 25%. Net
income was $11.1 million in the fourth quarter of 2012, down from $13.3
million in the year ago period due to a higher tax rate in the fourth
quarter of 2012 caused by the delayed renewal of federal research and
development tax credits in the United States. Diluted earnings per share
were $0.29 for the fourth quarter of 2012, above the high-end of our
expectations and compared to $0.34 for the fourth quarter of 2011.
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."
“We are pleased with the leverage displayed in Synchronoss’ business
model during 2012. While we invested heavily in the company’s Personal
Cloud platform and global distribution, Synchronoss delivered a record
annual non-GAAP gross margin of 60% along with 200 basis points of
non-GAAP operating margin expansion,” said Lawrence R. Irving, Chief
Financial Officer and Treasurer. “We believe there is additional,
leverage in our financial model over time as our Tier 1 carrier
customers deploy and scale our higher margin cloud platform.”
Other Fourth Quarter and Recent Business Highlights:
Business outside of the AT&T relationship accounted for approximately
$43.6 million of non-GAAP revenue, representing approximately 59% of
total revenue. Verizon Wireless remained the largest contributor to
Synchronoss’ business outside of AT&T, representing over 10% of
Synchronoss’ revenue for the quarter. Business related to AT&T
accounted for approximately $30.3 million of non-GAAP revenue,
representing the other 41% of total revenue.
During December 2012, Synchronoss acquired NewBay, a wholly owned
subsidiary of Blackberry (formerly Research in Motion), for $55.5
million in cash. NewBay’s technology assets and millions of worldwide
subscribers further establish Synchronoss as the leader in providing
cloud based mobile content services for mobile operators around the
world. NewBay also bolsters Synchronoss’ international presence,
including its relationship with several mobile operators in Europe.
Full Year 2012 Summary Financial Results
On a GAAP basis: Revenues for the full year 2012 were $273.7 million,
an increase of 19% compared to $229.1 million in the prior year. Gross
profit was $158.0 million for the full year 2012. Income from
operations was $41.5 million and net income was $27.1 million, leading
to full year 2012 diluted earnings per share of $0.69.
On a Non-GAAP basis: Revenues for the full year 2012 were $275.2
million, an increase of 19% compared to $230.5 million in the prior
year. Gross profit for the full year 2012 was $164.3 million,
representing a gross margin of 60%. Income from operations was $69.8
million for the full year 2012 and represented an operating margin of
25%. Net income was $43.2 million for the full year 2012, leading to
diluted earnings per share of $1.10, an increase from $0.98 in the
prior year.
Conference Call Details
In conjunction with this announcement, Synchronoss will host a
conference call on Thursday, February 7, 2013, at 4:30 p.m. (ET) to
discuss the company's financial results. To access this call, dial
866-700-7101 (domestic) or 617-213-8837 (international). The pass code
for the call is 44264651. Additionally, a live web cast of the
conference call will be available on the “Investor Relations” page on
the company’s web site www.synchronoss.com.
Following the conference call, a replay will be available at
888-286-8010 (domestic) or 617-801-6888 (international). The replay pass
code is 55365997. An archived web cast of this conference call will also
be available on the “Investor Relations” page of the company’s web site, www.synchronoss.com.
Non-GAAP Financial Measures
Synchronoss has provided in this release selected financial information
that has not been prepared in accordance with GAAP. This information
includes historical non-GAAP revenues, gross profit, operating income,
net income, effective tax rate, earnings per share and cash flows from
operating activities. 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 the deferred revenue write-down associated with
acquisitions, fair value stock-based compensation expense,
acquisition-related costs, changes in the contingent consideration
obligation, deferred compensation expense related to earn outs and
amortization of intangibles associated with acquisitions.
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. As previously mentioned, a reconciliation of
GAAP to non-GAAP results has been provided in the financial statement
tables included in this press release.
About Synchronoss Technologies, Inc.
Synchronoss Technologies (NASDAQ: SNCR) is the mobile innovation company
that provides personal cloud solutions and software-based activation for
connected devices across the globe. The company’s proven and scalable
technology solutions allow customers to connect, synchronize and
activate connected devices and services that empower enterprises and
consumers to live in a connected world. For more information visit us at:
This document may include certain "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements include, but are not limited to, plans,
objectives, expectations and intentions and other statements contained
in this press release that are not historical facts and statements
identified by words such as "expects," "anticipates," "intends,"
"plans," "believes," "seeks," "estimates," “outlook” or words of similar
meanings. These statements are based on our current beliefs or
expectations and are inherently subject to various risks and
uncertainties, including those set forth under the caption "Risk
Factors" in Synchronoss’ Annual Report on Form 10-K for the year ended
December 31, 2011 and other documents filed with the U.S. Securities and
Exchange Commission. Actual results may differ materially from these
expectations due to changes in global political, economic, business,
competitive, market and regulatory factors. Synchronoss does not
undertake any obligation to update any forward-looking statements
contained in this document as a result of new information, future events
or otherwise.
The Synchronoss logo, Synchronoss, ConvergenceNow, InterconnectNow,
ConvergenceNow Plus+ and SmartMobility are trademarks of Synchronoss
Technologies, Inc. All other trademarks are property of their respective
owners.
SYNCHRONOSS TECHNOLOGIES, INC.
BALANCE SHEETS
(in thousands, except per share data)
(Unaudited)
December 31,
2012
2011
ASSETS
Current assets:
Cash and cash equivalents
$
36,028
$
69,430
Marketable securities
20,188
51,504
Accounts receivable, net of allowance for doubtful accounts of
$258 and $356 at December 31, 2012 and 2011, respectively
77,565
57,387
Prepaid expenses and other assets
19,009
16,061
Deferred tax assets
4,114
3,938
Total current assets
156,904
198,320
Marketable securities
653
31,642
Property and equipment, net
58,162
34,969
Goodwill
115,517
54,617
Intangible assets, net
110,760
63,969
Deferred tax assets
6,961
12,606
Other assets
3,482
2,495
Total assets
$
452,439
$
398,618
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
8,980
$
7,712
Accrued expenses
37,069
24,153
Deferred revenues
11,320
8,834
Contingent consideration obligation
3,279
4,735
Total current liabilities
60,648
45,434
Lease financing obligation - long term
9,540
9,241
Contingent consideration obligation - long-term
5,100
8,432
Other liabilities
2,494
948
Stockholders’ equity:
Preferred stock, $0.0001 par value; 10,000 shares authorized, 0
shares issued and outstanding at December 31, 2012 and 2011
—
—
Common stock, $0.0001 par value; 100,000 shares authorized, 42,533
and 41,063 shares issued; 38,674 and 38,394 outstanding at
December 31, 2012 and 2011, respectively
4
4
Treasury stock, at cost (3,859 and 2,669 shares at December 31, 2012
and 2011, respectively
(67,918
)
(43,712
)
Additional paid-in capital
344,469
307,586
Accumulated other comprehensive loss
(365
)
(699
)
Retained earnings
98,467
71,384
Total stockholders’ equity
374,657
334,563
Total liabilities and stockholders’ equity
$
452,439
$
398,618
SYNCHRONOSS TECHNOLOGIES, INC.
STATEMENT OF INCOME
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Net revenues
$
73,181
$
62,151
$
273,692
$
229,084
Costs and expenses:
Cost of services (2)(3)(4)*
31,282
28,325
115,670
106,595
Research and development (2)(3)(4)
14,216
10,504
52,307
41,541
Selling, general and administrative (2)(3)(4)
14,952
12,973
46,680
44,886
Net change in contingent consideration obligation
(500
)
(357
)
(6,235
)
2,954
Depreciation and amortization
6,611
3,710
23,812
14,739
Total costs and expenses
66,561
55,155
232,234
210,715
Income from operations
6,620
6,996
41,458
18,369
Interest income
292
349
1,315
821
Interest expense
(296
)
(255
)
(998
)
(928
)
Other income (expense) (5)
303
(43
)
889
97
Income before income tax expense
6,919
7,047
42,664
18,359
Income tax expense (benefit)
(3,470
)
1,161
(15,581
)
(3,233
)
Net income
$
3,449
$
8,208
$
27,083
$
15,126
Net income per common share:
Basic (1)
$
0.09
$
0.22
$
0.71
$
0.44
Diluted (1)
$
0.09
$
0.21
$
0.69
$
0.43
Weighted-average common shares outstanding:
Basic
37,894
37,683
38,195
37,372
Diluted
38,631
38,755
39,126
38,619
* Cost of services excludes depreciation which is shown separately.
(1) Adjustment to net income for equity mark-to-market on contingent
consideration obligation:
Net income
$
3,449
$
8,208
$
27,083
$
15,126
Income effect for equity mark-to-market on contingent consideration
obligation, net of tax
-
-
-
1,466
Net income applicable to shares of common stock for earnings per
share
$
3,449
$
8,208
$
27,083
$
16,592
(2) Amounts include fair value stock-based compensation as follows:
Cost of services
$
1,183
$
1,308
$
4,244
$
4,981
Research and development
1,585
1,579
5,441
4,510
Selling, general and administrative
3,270
2,725
10,740
11,236
Total fair value stock-based compensation expense
$
6,038
$
5,612
$
20,425
$
20,727
(3) Amounts include acquisition and restructuring costs as follows:
Cost of services
$
73
$
-
$
73
$
15
Research and development
76
-
285
253
Selling, general and administrative
2,886
2,149
3,310
2,491
Total acquisition and restructuring costs
$
3,035
$
2,149
$
3,668
$
2,759
(4) Amounts include fair value earn-out cash and stock compensation
as follows:
Cost of services
$
283
$
82
$
482
$
432
Research and development
161
264
630
1,023
Selling, general and administrative
227
303
546
2,448
Total fair value earn-out cash and stock compensation expense
$
671
$
649
$
1,658
$
3,903
(5) Amounts include Fx change of the contingent consideration
obligation as follows:
Other (expense) income
$
(62
)
$
-
$
20
$
-
SYNCHRONOSS TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Financial Measures
(in thousands, except per share data)
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2012
2011
2012
2011
Non-GAAP financial measures and reconciliation:
GAAP Revenue
$
73,181
$
62,151
$
273,692
$
229,084
Add: Deferred Revenue Write-Down
736
150
1,484
1,387
Non-GAAP Revenue
$
73,917
$
62,301
$
275,176
$
230,471
GAAP Revenue
$
73,181
$
62,151
$
273,692
$
229,084
Less: Cost of Services
31,282
28,325
115,670
106,595
GAAP Gross Margin
41,899
33,826
158,022
122,489
Add: Deferred revenue write-down
736
150
1,484
1,387
Add: Fair value stock-based compensation
1,183
1,308
4,244
4,981
Add: Acquisition and restructuring costs
73
-
73
15
Add: Deferred compensation expense - earn-out
283
82
482
432
Non-GAAP Gross Margin
$
44,174
$
35,366
$
164,305
$
129,304
Non-GAAP Gross Margin %
60
%
57
%
60
%
56
%
GAAP income from operations
$
6,620
$
6,996
$
41,458
$
18,369
Add: Deferred revenue write-down
736
150
1,484
1,387
Add: Fair value stock-based compensation
6,038
5,612
20,425
20,727
Add: Acquisition and restructuring costs
3,035
2,149
3,668
2,759
Add: Net change in contingent consideration obligation
(500
)
(357
)
(6,235
)
2,954
Add: Deferred compensation expense - earn-out
671
649
1,658
3,903
Add: Amortization expense
2,110
660
7,360
2,640
Non-GAAP income from operations
$
18,710
$
15,859
$
69,818
$
52,739
GAAP net income attributable to common stockholders
$
3,449
$
8,208
$
27,083
$
15,126
Add: Deferred revenue write-down, net of tax
473
61
959
922
Add: Fair value stock-based compensation, net of tax
3,865
3,253
13,199
13,773
Add: Acquisition and restructuring costs, net of taxes
1,956
1,409
2,370
1,833
Add: Net change in contingent consideration obligation, net of Fx
change, net of tax
(438
)
(341
)
(6,255
)
1,963
Add: Deferred compensation expense - earn-out, net of tax
430
330
1,071
2,594
Add: Amortization expense, net of tax
1,348
376
4,756
1,754
Non-GAAP net income
$
11,083
$
13,296
$
43,183
$
37,965
Diluted non-GAAP net income per share
$
0.29
$
0.34
$
1.10
$
0.98
Weighted shares outstanding - Diluted
38,631
38,755
39,126
38,619
SYNCHRONOSS TECHNOLOGIES, INC.
STATEMENT OF CASH FLOWS
(in thousands)
(Unaudited)
Year Ended December 31,
2012
2011
Operating activities:
Net income
$
27,083
$
15,126
Adjustments to reconcile net income to net cash provided by
operating activities:
Depreciation and amortization expense
23,812
14,739
Loss on disposal of asset
230
—
Amortization of bond premium
1,216
622
Proceeds from insurance claim
—
(199
)
Deferred income taxes
1,475
(642
)
Non-cash interest on leased facility
921
918
Stock-based compensation
20,425
22,051
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts
(11,611
)
(19,409
)
Prepaid expenses and other current assets
8,129
597
Other assets
(496
)
(349
)
Accounts payable and accrued expenses
(631
)
7,695
Contingent consideration obligation
(8,211
)
2,188
Excess tax benefit from the exercise of stock options
(6,920
)
(3,575
)
Other liabilities
(497
)
(183
)
Deferred revenues
949
3,006
Net cash provided by operating activities
55,874
42,585
Investing activities:
Purchases of fixed assets
(33,234
)
(14,732
)
Proceeds from insurance claim
—
199
Purchases of marketable securities available-for-sale
(13,146
)
(82,098
)
Sales and maturities of marketable securities available-for-sale
74,334
7,259
Business acquired, net of cash
(105,177
)
(55,752
)
Net cash used in investing activities
(77,223
)
(145,124
)
Financing activities:
Proceeds from the exercise of stock options
7,949
17,707
Payments on contingent consideration obligation
(2,268
)
(8,533
)
Excess tax benefit from the exercise of stock options
6,920
3,576
Repurchase of common stock
(24,615
)
(19,999
)
Proceeds from the sale of Treasury Stock in connection with an
employee stock purchase plan
612
—
Payments on capital obligations
(1,015
)
(945
)
Net cash (used in) provided by financing activities
(12,417
)
(8,194
)
Effect of exchange rate changes on cash
364
(204
)
Net decrease in cash and cash equivalents
(33,402
)
(110,937
)
Cash and cash equivalents at beginning of year
69,430
180,367
Cash and cash equivalents at end of period
$
36,028
$
69,430
SYNCHRONOSS TECHNOLOGIES, INC.
Reconciliation of GAAP to Non-GAAP Cash Provided by Operating
Activities
(in thousands)
(Unaudited)
Year Ended December 31,
2012
2011
Non-GAAP cash provided by operating activities and reconciliation:
Net cash provided by operating activities (GAAP)
$
55,874
$
42,585
Add: Tax benefits from stock options exercised
6,920
3,575
Add: Cash payments on settlement of Earn-out
3,533
3,026
Adjusted cash flow provided by operating activities (Non-GAAP)
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