Published on 13 Dec 2023 on Zacks via Yahoo Finance
Synchronoss (SNCR) Completes Transition to Cloud-Only Business
Synchronoss Technology SNCR recently announced that it has completed its transformation into a cloud-only business.As part of the transformation, Synchronoss sold its Messaging and NeworkX segment to Lumine Group in November 2023, eliminating $10 million to $15 million of stranded and other costs to improve the company’s cost profile.Following the removal of restructuring-related charges and some stranded costs, Synchronoss forecasts revenue growth between 5% and 8% for 2024, gross margin of more than 75%, and adjusted EBITDA margin greater than 25%.The company anticipates a considerable increase in cash flow generation in 2024, resulting in overall business growth, improved corporate gross margins, and a $15 million reduction in annual operating expenses.The company expects to generate positive trends in revenues and free cash flows with the establishment of long-term contracts with its present and future customers.
Synchronoss Technologies, Inc. Price and Consensus
