Synchronoss Technologies, Inc. (SNCR) Bundle
A Brief History of Synchronoss Technologies, Inc. (SNCR)
Company Overview
Company Overview
Founded in 2000, Synchronoss Technologies, Inc. is headquartered in Bridgewater, New Jersey. The company specializes in cloud solutions and mobile activation software for communication service providers and enterprises.
Initial Public Offering (IPO)
Synchronoss went public on January 26, 2017, under the ticker symbol SNCR on the NASDAQ. The IPO raised approximately $108 million, pricing 7.2 million shares at $15 each.
Acquisitions and Expansion
In December 2017, Synchronoss acquired [the company] for $100 million. The acquisition was aimed at enhancing its cloud solutions portfolio.
Financial Performance
The revenue for the fiscal year 2020 reached $203.8 million, a decrease from $213.5 million in 2019. The net income for 2020 was -$53.4 million, compared to $14.6 million in 2019.
Stock Performance
As of October 2023, SNCR's stock price is approximately $2.45 per share, representing a market capitalization of about $66 million.
Table of Financial Highlights
Year | Revenue ($ millions) | Net Income ($ millions) | Stock Price ($) |
---|---|---|---|
2018 | 210.4 | 1.2 | 20.15 |
2019 | 213.5 | 14.6 | 16.78 |
2020 | 203.8 | -53.4 | 1.95 |
2021 | 172.4 | -34.1 | 3.18 |
2022 | 149.2 | -39.7 | 1.89 |
2023 | 153.0 (estimated) | -20.5 (estimated) | 2.45 |
Recent Developments
In July 2023, Synchronoss Technologies announced a partnership with a major telecom operator, aimed at enhancing its customer engagement strategies.
Challenges and Future Outlook
The company has faced challenges due to increasing competition and market saturation. As of 2023, Synchronoss is focusing on improving operational efficiency and diversifying its service offerings.
A Who Owns Synchronoss Technologies, Inc. (SNCR)
Current Ownership Structure
As of October 2023, Synchronoss Technologies, Inc. (SNCR) is publicly traded, and its ownership is divided among institutional investors, individual shareholders, and company insiders. The following table outlines the ownership distribution:
Ownership Type | Percentage Owned |
---|---|
Institutional Investors | 60.3% |
Individual Shareholders | 24.2% |
Company Insiders | 15.5% |
Major Institutional Shareholders
The largest institutional shareholders include:
Institution | Shares Owned | Percentage Ownership |
---|---|---|
The Vanguard Group | 2,125,000 | 10.5% |
BlackRock, Inc. | 1,950,000 | 9.7% |
Dimensional Fund Advisors | 1,500,000 | 7.4% |
Shareholder Engagement
Synchronoss Technologies engages with its shareholders regularly, ensuring transparency and responsiveness to their needs. The following statistics detail recent shareholder meetings and engagements:
Year | Meetings Held | Shareholder Votes Cast |
---|---|---|
2021 | 4 | 85% of total shares |
2022 | 5 | 90% of total shares |
2023 | 3 (up to October) | 78% of total shares |
Executive Compensation
Compensation for top executives reflects the ownership structure and performance of the company. In 2022, the following were the compensation figures for key executives:
Executive | Title | Total Compensation |
---|---|---|
Jeffrey L. Smith | CEO | $1,300,000 |
Maria L. Wright | CFO | $900,000 |
Richard A. Jones | COO | $850,000 |
Stock Performance
As of October 2023, the stock performance of SNCR shows fluctuations influenced by market trends and ownership dynamics. Below are key financial metrics:
Metric | Value |
---|---|
Current Stock Price | $3.45 |
Market Capitalization | $215 million |
52-Week High | $5.00 |
52-Week Low | $2.80 |
Recent Changes in Ownership
The ownership of Synchronoss has seen several changes in the past year. Key transactions are detailed below:
Date | Transaction Type | Shares Affected |
---|---|---|
January 2023 | Insider Sale | 100,000 |
June 2023 | Institutional Purchase | 250,000 |
September 2023 | Open Market Sale | 50,000 |
Conclusion on Ownership Dynamics
The ownership of Synchronoss Technologies, Inc. is characterized by significant institutional investment, individual shareholder interest, and insider holdings. This distribution plays a critical role in shaping the company’s strategic direction and operational performance.
Synchronoss Technologies, Inc. (SNCR) Mission Statement
Core Mission
The mission of Synchronoss Technologies, Inc. is to deliver innovative cloud solutions that enable service providers and enterprises to transform their digital businesses effectively. The company aims to empower businesses through seamless connectivity and automation.
Mission Statement Components
- Innovation: Drive transformation through cutting-edge technology solutions.
- Customer-Centric: Focus on delivering value to customers through tailored services.
- Integrity: Uphold ethical practices in all business dealings.
- Collaboration: Foster partnerships to enhance service offerings.
- Sustainability: Commit to sustainable business practices and contribute to community well-being.
Financial Overview
As of Q2 2023, Synchronoss Technologies reported the following financial metrics:
Financial Metric | Amount (USD) |
---|---|
Revenue | $63.2 million |
Net Loss | $(3.4) million |
Gross Profit | $38.1 million |
Operating Expenses | $41.5 million |
Total Assets | $134.6 million |
Total Liabilities | $97.8 million |
Market Position and Statistics
As of 2023, Synchronoss Technologies operates in the cloud services market with the following statistics:
Metric | Value |
---|---|
Market Share | 3.2% |
Growth Rate (CAGR 2023-2027) | 11.5% |
Number of Employees | 750 |
Global Presence | 20 countries |
Partnerships | Over 50 |
Strategic Objectives
- Enhance product offerings and expand into new market segments.
- Increase customer retention through improved support services.
- Invest in research and development to foster innovation.
- Improve operational efficiency to reduce costs and enhance profitability.
- Strengthen existing partnerships while exploring new collaborations.
Corporate Values
Synchronoss Technologies is committed to the following core values:
- Customer Focus: Prioritizing customer needs in all strategic decisions.
- Integrity: Conducting business with honesty and transparency.
- Teamwork: Encouraging collaboration across all levels of the organization.
- Excellence: Striving for high-quality solutions and services.
- Innovation: Promoting a culture of creativity and forward-thinking.
How Synchronoss Technologies, Inc. (SNCR) Works
Business Model
Synchronoss Technologies, Inc. operates primarily as a provider of cloud solutions, enabling businesses to manage their data and communication services effectively. Their offerings include:
- Cloud-based Data Management
- Mobile Messaging Services
- Device Activation Solutions
The company's business model focuses on delivering solutions to telecommunications companies, enterprises, and other organizations to facilitate seamless data management and communication. In 2022, Synchronoss reported revenues of approximately $108 million.
Revenue Breakdown
Category | Revenue (in Millions USD) | Percentage of Total Revenue |
---|---|---|
Cloud Services | 70 | 64.8% |
Messaging Services | 30 | 27.8% |
Other Services | 8 | 7.4% |
Key Partnerships
Synchronoss collaborates with various major telecommunications operators and technology providers. Notable partnerships include:
- Verizon
- T-Mobile
- AT&T
These partnerships enable Synchronoss to integrate its solutions into existing telecommunications infrastructures, enhancing service delivery and operational efficiency.
Product Offerings
The company’s key product offerings include:
- Synchronoss Personal Cloud: A platform for storing and managing personal content.
- Synchronoss Messaging: Tools for enhancing mobile communication and user engagement.
- Synchronoss Device Management: Solutions for device activation and lifecycle management.
Financial Performance
For the fiscal year ending December 31, 2022, Synchronoss Technologies reported:
- Net Income: $5 million
- Gross Profit Margin: 40.5%
- Operating Expenses: $40 million
Market Position
Synchronoss operates within a competitive landscape, primarily focusing on the telecommunications sector. Key metrics include:
- Market Share: Approximately 10% within the cloud solutions market for telecommunications.
- Customer Base: Engaging with over 200 enterprise clients globally.
- Growth Rate: Projected annual growth rate of 15% over the next five years.
Recent Developments
In 2023, Synchronoss announced several strategic developments:
- Launched a new version of its cloud platform.
- Increased R&D spending to expand product capabilities to $15 million.
- Acquired a small tech firm to bolster its messaging capabilities for $10 million.
Customer Segmentation
Segment | Percentage of Revenue | Number of Clients |
---|---|---|
Telecommunications | 75% | 150 |
Enterprises | 20% | 40 |
Government | 5% | 10 |
How Synchronoss Technologies, Inc. (SNCR) Makes Money
Revenue Streams
Synchronoss Technologies, Inc. generates revenue primarily through several key segments:
- Cloud Solutions: Offering cloud-based products such as cloud storage, messaging, and digital transformation services.
- Intelligent Automation: Providing automation technology for managed services and operational efficiencies.
- Messaging: Revenue from SMS, MMS, and RCS messaging services.
- Digital Banking: Solutions for financial institutions, including customer engagement and digital onboarding.
Financial Performance
For the fiscal year ended December 31, 2022, the financial performance metrics were as follows:
Year | Total Revenue | Net Income | Gross Margin | Operating Income |
---|---|---|---|---|
2022 | $134 million | -$5.4 million | 60% | -$3 million |
2021 | $145 million | $1.2 million | 58% | $4 million |
Major Clients
The company serves major telecommunications and technology clients, contributing significantly to their revenue:
- AT&T
- Verizon
- T-Mobile
- Samsung
Geographic Revenue Distribution
Synchronoss Technologies derives revenue from various regions, detailed in the table below:
Region | Revenue (2022) | Percentage of Total Revenue |
---|---|---|
North America | $80 million | 60% |
Europe | $36 million | 27% |
Asia Pacific | $18 million | 13% |
Cost Structure
The company’s cost structure includes:
- Cost of Goods Sold (COGS): Primarily associated with technology development and support.
- Research and Development (R&D): Investments approximately $15 million in 2022.
- Sales and Marketing: Around $20 million allocated for customer acquisition and retention activities.
Market Position and Competition
Synchronoss operates in a competitive space, with the following companies as main competitors:
- Twilio
- RingCentral
- Salesforce
- Oracle
Future Growth Strategies
The company is focusing on these strategies to drive future revenue growth:
- Expansion into emerging markets.
- Enhancing AI capabilities in messaging and cloud solutions.
- Strategic partnerships with fintech companies.
Synchronoss Technologies, Inc. (SNCR) DCF Excel Template
5-Year Financial Model
40+ Charts & Metrics
DCF & Multiple Valuation
Free Email Support