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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Synchronoss Technologies Inc | NASDAQ:SNCR | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 6.31 | 2.55 | 7.50 | 0 | 09:15:27 |
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
06-1594540
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
|
|
200 Crossing Boulevard, 8th
Floor
Bridgewater, New Jersey
|
08807
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
|
☐
|
|
Accelerated filer
|
x
|
Non-accelerated filer
|
☐
|
|
Smaller Reporting Company
|
☐
|
Emerging growth company
|
☐
|
|
|
|
Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Common Stock, par value $.0001 par value
|
SNCR
|
The Nasdaq Stock Market, LLC
|
|
|
Page No.
|
|
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|
|
|
|
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|
|
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|
|
|
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||
|
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||
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||
|
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|
|
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|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
|
|
|
|
||||
ASSETS
|
|||||||
Current assets:
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
88,768
|
|
|
$
|
103,771
|
|
Restricted cash*
|
1,526
|
|
|
6,089
|
|
||
Marketable securities, current
|
19,674
|
|
|
28,230
|
|
||
Accounts receivable, net of allowances of $5,139 and $4,599 at March 31, 2019 and December 31, 2018, respectively**
|
108,939
|
|
|
102,798
|
|
||
Prepaid expenses
|
41,932
|
|
|
45,058
|
|
||
Other current assets
|
10,045
|
|
|
8,508
|
|
||
Total current assets
|
270,884
|
|
|
294,454
|
|
||
Marketable securities, non-current
|
369
|
|
|
6,658
|
|
||
Property and equipment, net
|
52,128
|
|
|
67,937
|
|
||
Operating lease right-of-use assets
|
64,747
|
|
|
—
|
|
||
Goodwill
|
223,359
|
|
|
224,899
|
|
||
Intangible assets, net
|
92,759
|
|
|
98,706
|
|
||
Other assets
|
10,013
|
|
|
8,982
|
|
||
Equity method investment
|
376
|
|
|
1,619
|
|
||
Total assets
|
$
|
714,635
|
|
|
$
|
703,255
|
|
|
|||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Current liabilities:
|
|
|
|
||||
Accounts payable
|
18,948
|
|
|
13,576
|
|
||
Accrued expenses
|
52,875
|
|
|
59,545
|
|
||
Deferred revenues, current
|
65,083
|
|
|
57,101
|
|
||
Short-term convertible debt, net of debt issuance costs
|
97,205
|
|
|
113,542
|
|
||
Total current liabilities
|
234,111
|
|
|
243,764
|
|
||
Lease financing obligation
|
—
|
|
|
9,494
|
|
||
Operating lease liabilities, non-current
|
66,559
|
|
|
—
|
|
||
Deferred tax liabilities
|
796
|
|
|
1,347
|
|
||
Deferred revenues, non-current
|
46,700
|
|
|
59,841
|
|
||
Other non-current liabilities
|
7,504
|
|
|
10,797
|
|
||
Redeemable noncontrolling interest
|
12,500
|
|
|
12,500
|
|
||
Commitments and contingencies (Note 13)
|
|
|
|
|
|
||
Series A Convertible Participating Perpetual Preferred Stock, $0.0001 par value; 10,000 shares authorized; 195 shares issued and outstanding at March 31, 2019
|
177,065
|
|
|
176,603
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.0001 par value; 100,000 shares authorized, 49,908 and 49,836 shares issued; 42,746 and 42,674 outstanding at March 31, 2019 and December 31, 2018, respectively
|
5
|
|
|
5
|
|
||
Treasury stock, at cost (7,162 and 7,162 shares at March 31, 2019 and December 31, 2018, respectively)
|
(82,087
|
)
|
|
(82,087
|
)
|
||
Additional paid-in capital
|
533,224
|
|
|
534,673
|
|
||
Accumulated other comprehensive loss
|
(31,966
|
)
|
|
(30,383
|
)
|
||
Accumulated deficit
|
(249,776
|
)
|
|
(233,299
|
)
|
||
Total stockholders’ equity
|
169,400
|
|
|
188,909
|
|
||
Total liabilities and stockholders’ equity
|
$
|
714,635
|
|
|
$
|
703,255
|
|
*
|
See
Note
2
.
Basis of Presentation and Consolidation
for restricted cash details.
|
**
|
See
Note
6. Investments in Affiliates and Related Transactions
for related party transactions reflected in this account.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
||||
Net revenues
|
|
$
|
88,105
|
|
|
$
|
83,709
|
|
Costs and expenses:
|
|
|
|
|
||||
Cost of revenues*
|
|
38,953
|
|
|
44,549
|
|
||
Research and development
|
|
19,681
|
|
|
20,905
|
|
||
Selling, general and administrative
|
|
29,246
|
|
|
38,110
|
|
||
Restructuring charges
|
|
421
|
|
|
1,108
|
|
||
Depreciation and amortization
|
|
20,143
|
|
|
23,271
|
|
||
Total costs and expenses
|
|
108,444
|
|
|
127,943
|
|
||
Loss from operations
|
|
(20,339
|
)
|
|
(44,234
|
)
|
||
Interest income
|
|
189
|
|
|
3,552
|
|
||
Interest expense
|
|
(585
|
)
|
|
(1,247
|
)
|
||
Gain on extinguishment of debt
|
|
387
|
|
|
—
|
|
||
Other Income
|
|
463
|
|
|
4,282
|
|
||
Equity method investment loss, net
|
|
(1,243
|
)
|
|
(205
|
)
|
||
Loss from operations, before taxes
|
|
(21,128
|
)
|
|
(37,852
|
)
|
||
Benefit (provision) for income taxes
|
|
1,391
|
|
|
(125
|
)
|
||
Net loss
|
|
(19,737
|
)
|
|
(37,977
|
)
|
||
Net (income) loss attributable to redeemable noncontrolling interests
|
|
(313
|
)
|
|
1,285
|
|
||
Preferred stock dividend
|
|
(7,537
|
)
|
|
(3,353
|
)
|
||
Net loss attributable to Synchronoss
|
|
$
|
(27,587
|
)
|
|
$
|
(40,045
|
)
|
|
|
|
|
|
||||
Earnings per share:
|
|
|
|
|
||||
Basic
|
|
$
|
(0.68
|
)
|
|
$
|
(0.95
|
)
|
Diluted
|
|
$
|
(0.68
|
)
|
|
$
|
(0.95
|
)
|
|
|
|
|
|
||||
Weighted-average common shares outstanding:
|
|
|
|
|
||||
Basic
|
|
40,320
|
|
|
42,181
|
|
||
Diluted
|
|
40,320
|
|
|
42,181
|
|
*
|
Cost of revenues excludes depreciation and amortization which are shown separately.
|
|
|
Three Months Ended
March 31, |
||||||
|
|
2019
|
|
2018
|
||||
Net loss
|
|
$
|
(19,737
|
)
|
|
$
|
(37,977
|
)
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
||||
Foreign currency translation adjustments
|
|
(295
|
)
|
|
2,872
|
|
||
Unrealized loss on available for sale securities
|
|
(905
|
)
|
|
(21
|
)
|
||
Net (loss) income on intra-entity foreign currency transactions
|
|
(383
|
)
|
|
829
|
|
||
Total other comprehensive (loss) income
|
|
(1,583
|
)
|
|
3,680
|
|
||
Comprehensive loss
|
|
(21,320
|
)
|
|
(34,297
|
)
|
||
Comprehensive (income) loss attributable to redeemable noncontrolling interests
|
|
(313
|
)
|
|
1,285
|
|
||
Comprehensive loss attributable to Synchronoss
|
|
$
|
(21,633
|
)
|
|
$
|
(33,012
|
)
|
|
Three Months Ended March 31, 2019
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
|
|
Accumulative Other
|
|
|
|
Total
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Paid-In Capital
|
|
Comprehensive Income (Loss)
|
|
Accumulated deficit
|
|
Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2018
|
49,836
|
|
|
$
|
5
|
|
|
(7,162
|
)
|
|
$
|
(82,087
|
)
|
|
$
|
534,673
|
|
|
$
|
(30,383
|
)
|
|
$
|
(233,299
|
)
|
|
$
|
188,909
|
|
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,779
|
|
|
—
|
|
|
—
|
|
|
5,779
|
|
||||||
Issuance of restricted stock
|
73
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Preferred stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(7,075
|
)
|
|
—
|
|
|
—
|
|
|
(7,075
|
)
|
||||||
Amortization of preferred stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
|
—
|
|
|
—
|
|
|
(462
|
)
|
||||||
Shares withheld for taxes in connection with issuance of restricted stock
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
||||||
Net loss attributable to Synchronoss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(20,050
|
)
|
|
(20,050
|
)
|
||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
313
|
|
|
—
|
|
|
—
|
|
|
313
|
|
||||||
Total other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,583
|
)
|
|
—
|
|
|
(1,583
|
)
|
||||||
ASC 842 lease standard implementation impact
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,573
|
|
|
3,573
|
|
||||||
Balance at March 31, 2019
|
49,908
|
|
|
$
|
5
|
|
|
(7,162
|
)
|
|
$
|
(82,087
|
)
|
|
$
|
533,224
|
|
|
$
|
(31,966
|
)
|
|
$
|
(249,776
|
)
|
|
$
|
169,400
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Common Stock
|
|
Treasury Stock
|
|
Additional
|
|
Accumulative Other
|
|
|
|
Total
|
||||||||||||||||||
|
Shares
|
|
Amount
|
|
Shares
|
|
Amount
|
|
Paid-In Capital
|
|
Comprehensive Income (Loss)
|
|
Accumulated deficit
|
|
Stockholders' Equity
|
||||||||||||||
Balance at December 31, 2017
|
52,028
|
|
|
$
|
5
|
|
|
(5,060
|
)
|
|
$
|
(105,584
|
)
|
|
$
|
597,553
|
|
|
$
|
(23,373
|
)
|
|
$
|
(5,014
|
)
|
|
$
|
463,587
|
|
Stock based compensation
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,186
|
|
|
—
|
|
|
—
|
|
|
7,186
|
|
||||||
Issuance of restricted stock
|
246
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Preferred stock dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,353
|
)
|
|
—
|
|
|
—
|
|
|
(3,353
|
)
|
||||||
Amortization of preferred stock issuance costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
|
—
|
|
|
—
|
|
|
(86
|
)
|
||||||
Treasury shares received in connection with PIPE Purchase Agreement
|
—
|
|
|
—
|
|
|
(5,995
|
)
|
|
(44,830
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(44,830
|
)
|
||||||
Net loss attributable to Synchronoss
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(36,692
|
)
|
|
(36,692
|
)
|
||||||
Non-controlling interest
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,496
|
|
|
—
|
|
|
—
|
|
|
11,496
|
|
||||||
Total other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,647
|
|
|
—
|
|
|
3,647
|
|
||||||
ASC 606 revenue recognition implementation impact
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
33
|
|
|
(10,130
|
)
|
|
(10,097
|
)
|
||||||
Other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(38
|
)
|
|
—
|
|
|
(1
|
)
|
|
(39
|
)
|
||||||
Balance at March 31, 2018
|
52,274
|
|
|
$
|
5
|
|
|
(11,055
|
)
|
|
$
|
(150,414
|
)
|
|
$
|
612,758
|
|
|
$
|
(19,693
|
)
|
|
$
|
(51,837
|
)
|
|
$
|
390,819
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Operating activities:
|
|
|
|
||||
Net loss
|
$
|
(19,737
|
)
|
|
$
|
(37,977
|
)
|
Adjustments to reconcile Net Loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
20,143
|
|
|
23,272
|
|
||
Change in fair value of financial instruments
|
—
|
|
|
(3,849
|
)
|
||
Amortization of debt issuance costs
|
155
|
|
|
353
|
|
||
(Gain) loss on extinguishment of debt
|
(387
|
)
|
|
—
|
|
||
Accrued PIK interest*
|
—
|
|
|
(3,447
|
)
|
||
(Earnings) loss from equity method investments*
|
1,243
|
|
|
205
|
|
||
Amortization of bond premium
|
(36
|
)
|
|
17
|
|
||
Deferred income taxes
|
(525
|
)
|
|
191
|
|
||
Non-cash interest on leased facility
|
—
|
|
|
275
|
|
||
Stock-based compensation
|
5,555
|
|
|
7,184
|
|
||
Changes in operating assets and liabilities:
|
|
|
|
||||
Accounts receivable, net of allowance for doubtful accounts
|
(6,141
|
)
|
|
36,153
|
|
||
Prepaid expenses and other current assets
|
4,272
|
|
|
9,402
|
|
||
Other assets
|
(242
|
)
|
|
710
|
|
||
Accounts payable
|
6,084
|
|
|
8,646
|
|
||
Accrued expenses
|
(10,780
|
)
|
|
(10,873
|
)
|
||
Other liabilities
|
(370
|
)
|
|
(137
|
)
|
||
Deferred revenues
|
(4,918
|
)
|
|
(39,514
|
)
|
||
Net cash used for operating activities
|
(5,684
|
)
|
|
(9,389
|
)
|
||
Investing activities:
|
|
|
|
||||
Purchases of property and equipment
|
(2,627
|
)
|
|
(1,093
|
)
|
||
Purchases of capitalized software
|
(2,704
|
)
|
|
(7,047
|
)
|
||
Purchases of marketable securities available for sale
|
(11,278
|
)
|
|
(6,676
|
)
|
||
Maturity of marketable securities available for sale
|
26,207
|
|
|
1,450
|
|
||
Net cash provided by (used for) investing activities
|
9,598
|
|
|
(13,366
|
)
|
||
Financing activities:
|
|
|
|
||||
Share-based compensation-related proceeds, net of taxes paid on withholding shares
|
—
|
|
|
263
|
|
||
Extinguishment of outstanding Convertible Senior Notes
|
(16,106
|
)
|
|
—
|
|
||
Proceeds from issuance of preferred stock
|
—
|
|
|
86,220
|
|
||
Preferred dividend payment
|
(7,075
|
)
|
|
—
|
|
||
Payments on capital obligations
|
(280
|
)
|
|
(369
|
)
|
||
Net cash (used for) provided by financing activities
|
(23,461
|
)
|
|
86,114
|
|
||
Effect of exchange rate changes on cash
|
(19
|
)
|
|
2,253
|
|
||
Net decrease in cash, restricted cash and cash equivalents
|
(19,566
|
)
|
|
65,612
|
|
||
Cash, restricted cash and cash equivalents, beginning of period
|
109,860
|
|
|
246,126
|
|
||
Cash, restricted cash and cash equivalents, end of period
|
$
|
90,294
|
|
|
$
|
311,738
|
|
|
|
|
|
||||
Cash and cash equivalents per the Condensed Consolidated Balance Sheets
|
$
|
88,768
|
|
|
$
|
310,426
|
|
Restricted cash per the Condensed Consolidated Balance Sheets
|
$
|
1,526
|
|
|
$
|
1,312
|
|
Total cash, cash equivalents and restricted cash
|
$
|
90,294
|
|
|
$
|
311,738
|
|
|
|
|
|
||||
Supplemental disclosures of non-cash investing and financing activities:
|
|
|
|
||||
Accrued dividends on Series A Convertible Participating Perpetual Preferred Stock
|
$
|
7,075
|
|
|
$
|
3,353
|
|
*
|
See
Note
6. Investments in Affiliates and Related Transactions
for related party transactions reflected in this account.
|
•
|
Digital experience management (Platform as a Service) - including digital journey creation, and journey design products that use analytics that power digital advisor products for IT and Business Channel Owners
|
•
|
Cloud sync, backup, storage, device set up, content transfer and content engagement for user generated content
|
•
|
Advanced, multi-channel messaging peer-to-peer (“P2P”) communications and application-to-person (“A2P”) commerce solutions
|
•
|
IoT management technology for Smart Cities, Smart Buildings, Automotive and more
|
Standard
|
|
Description
|
|
Effect on the financial statements
|
Update 2018-07—Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting
|
|
In June 2018, the FASB issued ASU 2018-07, regarding ASC Topic 718 “Compensation - Stock Compensation,” which largely aligns the accounting for share-based compensation for non-employees with employees. The amendments in this ASU are effective for public business entities for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early adoption is permitted, but no earlier than an entity’s adoption date of Topic 606.
|
|
The adoption of this standard does not have a material effect on the Company’s condensed consolidated financial statements.
|
Date of adoption: January 1, 2019.
|
|
|
|
|
ASU 2018-15 Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40): Cloud Computing Arrangements
|
|
In August 2018, the FASB issued final guidance requiring a customer in a cloud computing arrangement that is a service contract to follow the internal use software guidance in Accounting Standards Codification (“ASC”) 350-402 Intangibles - Goodwill and Other - Internal Use Software (Subtopic 350-40) to determine which implementation costs to capitalize as assets. The amendments in this ASU are effective for fiscal years beginning after December 15, 2019. Early adoption of the amendments is permitted, including adoption in any interim period, for all entities and should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.
|
|
The adoption of this standard does not have a material effect on the Company’s condensed consolidated financial statements.
|
Date of adoption: January 1, 2020.
|
|
|
|
|
Standard
|
|
Description
|
|
Effect on the financial statements
|
Update 2018-17-Consolidation (Topic 810): Targeted Improvements to Related Party Guidance for Variable Interest Entities
|
|
For entities other than private companies, the amendments in this Update are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The amendments in this Update are effective for a private company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted.
|
|
The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements.
|
Date of adoption: January 1, 2020.
|
|
|
|
|
ASU 2016-13 Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
|
|
In June 2016, the FASB issued ASU 2016-13 which replaces the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The ASU is effective for public companies in annual periods beginning after December 15, 2019, and interim periods within those years. Early adoption is permitted beginning after December 15, 2018 and interim periods within those years.
|
|
The Company is currently evaluating the impact of the adoption of this ASU on its condensed consolidated financial statements.
|
Date of adoption: January 1, 2020.
|
|
|
|
|
|
Three Months Ended March 31, 2019
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||||||||||||
|
Cloud
|
|
Digital
|
|
Messaging
|
|
Total
|
|
Cloud
|
|
Digital
|
|
Messaging
|
|
Total
|
||||||||||||||||
Geography
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Americas
|
$
|
38,914
|
|
|
$
|
20,764
|
|
|
$
|
2,064
|
|
|
$
|
61,742
|
|
|
$
|
35,860
|
|
|
$
|
20,879
|
|
|
$
|
2,611
|
|
|
$
|
59,350
|
|
APAC
|
—
|
|
|
998
|
|
|
18,470
|
|
|
19,468
|
|
|
—
|
|
|
1,684
|
|
|
15,923
|
|
|
17,607
|
|
||||||||
EMEA
|
1,796
|
|
|
1,089
|
|
|
4,010
|
|
|
6,895
|
|
|
2,444
|
|
|
448
|
|
|
3,860
|
|
|
6,752
|
|
||||||||
Total
|
$
|
40,710
|
|
|
$
|
22,851
|
|
|
$
|
24,544
|
|
|
$
|
88,105
|
|
|
$
|
38,304
|
|
|
$
|
23,011
|
|
|
$
|
22,394
|
|
|
$
|
83,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Service Line
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Professional Services
|
$
|
3,718
|
|
|
$
|
4,248
|
|
|
$
|
12,015
|
|
|
$
|
19,981
|
|
|
$
|
3,444
|
|
|
$
|
5,708
|
|
|
$
|
4,559
|
|
|
$
|
13,711
|
|
Transaction Services
|
1,467
|
|
|
2,557
|
|
|
6
|
|
|
4,030
|
|
|
2,343
|
|
|
1,779
|
|
|
—
|
|
|
4,122
|
|
||||||||
Subscription Services
|
35,489
|
|
|
15,916
|
|
|
9,010
|
|
|
60,415
|
|
|
32,129
|
|
|
15,077
|
|
|
8,779
|
|
|
55,985
|
|
||||||||
License
|
36
|
|
|
130
|
|
|
3,513
|
|
|
3,679
|
|
|
388
|
|
|
447
|
|
|
9,056
|
|
|
9,891
|
|
||||||||
Total
|
$
|
40,710
|
|
|
$
|
22,851
|
|
|
$
|
24,544
|
|
|
$
|
88,105
|
|
|
$
|
38,304
|
|
|
$
|
23,011
|
|
|
$
|
22,394
|
|
|
$
|
83,709
|
|
|
Contract Liabilities*
|
||
Balance - January 1, 2019
|
$
|
116,942
|
|
Revenue recognized in the period
|
(76,737
|
)
|
|
Amounts billed but not recognized as revenue
|
71,578
|
|
|
Balance - March 31, 2019
|
$
|
111,783
|
|
*
|
Comprised of Deferred Revenue
|
1.
|
Contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty;
|
2.
|
Contracts for which the Company recognizes revenues based on the right to invoice for services performed;
|
3.
|
Variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with Topic 606 Section 10-25-14(b), for which the criteria in Topic 606 Section 10-32-40 have been met. This applies to a limited number of situations where the Company is dependent upon data from a third party or where fees are highly variable.
|
•
|
Level 1 - Observable inputs - quoted prices in active markets for identical assets and liabilities;
|
•
|
Level 2 - Observable inputs other than the quoted prices in active markets for identical assets and liabilities includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets; and
|
•
|
Level 3 - Unobservable inputs - includes amounts derived from valuation models where one or more significant inputs are unobservable and require the Company to develop relevant assumptions.
|
|
March 31, 2019
|
||||||||||||||
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash, cash equivalents and restricted cash
(1)
|
$
|
90,294
|
|
|
$
|
90,294
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities-short term
(2)
|
19,674
|
|
|
—
|
|
|
19,674
|
|
|
—
|
|
||||
Marketable securities-long term
(2)
|
369
|
|
|
—
|
|
|
369
|
|
|
—
|
|
||||
Total assets
|
$
|
110,337
|
|
|
$
|
90,294
|
|
|
$
|
20,043
|
|
|
$
|
—
|
|
Temporary equity
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests
(3)
|
$
|
12,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,500
|
|
Total temporary equity
|
$
|
12,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,500
|
|
|
December 31, 2018
|
||||||||||||||
|
Total
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Cash, cash equivalents and restricted cash
(1)
|
$
|
109,860
|
|
|
$
|
109,860
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Marketable securities-short term
(2)
|
28,230
|
|
|
—
|
|
|
28,230
|
|
|
—
|
|
||||
Marketable securities-long term
(2)
|
6,658
|
|
|
—
|
|
|
6,658
|
|
|
—
|
|
||||
Total assets
|
$
|
144,748
|
|
|
$
|
109,860
|
|
|
$
|
34,888
|
|
|
$
|
—
|
|
Temporary Equity
|
|
|
|
|
|
|
|
||||||||
Redeemable noncontrolling interests
(3)
|
$
|
12,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,500
|
|
Total temporary equity
|
$
|
12,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,500
|
|
(1)
|
Cash equivalents primarily included money market funds.
|
(2)
|
Marketable securities are comprised of municipal bonds, certificates of deposit. corporate bonds, treasury bonds, and mutual funds.
|
(3)
|
Put arrangements held by the noncontrolling interests in certain of the Company’s joint ventures.
|
|
March 31, 2019
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Marketable securities - debt:
|
|
|
|
|
|
|
|
||||||||
Municipal bonds
|
2,475
|
|
|
2
|
|
|
(3
|
)
|
|
2,474
|
|
||||
Treasury bonds
|
9,929
|
|
|
—
|
|
|
—
|
|
|
9,929
|
|
||||
Total
|
$
|
12,404
|
|
|
$
|
2
|
|
|
$
|
(3
|
)
|
|
$
|
12,403
|
|
|
December 31, 2018
|
||||||||||||||
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
||||||||
Marketable securities - debt:
|
|
|
|
|
|
|
|
||||||||
Certificates of deposit
|
$
|
3,776
|
|
|
$
|
—
|
|
|
$
|
(16
|
)
|
|
$
|
3,760
|
|
Corporate bonds
|
402
|
|
|
—
|
|
|
(1
|
)
|
|
401
|
|
||||
Municipal bonds
|
10,913
|
|
|
—
|
|
|
(32
|
)
|
|
10,881
|
|
||||
Treasury bonds
|
15,685
|
|
|
—
|
|
|
—
|
|
|
15,685
|
|
||||
Total
|
$
|
30,776
|
|
|
$
|
—
|
|
|
$
|
(49
|
)
|
|
$
|
30,727
|
|
|
March 31, 2019
|
||||||
|
Amortized
Cost
|
|
Fair
Value
|
||||
Due within one year
|
$
|
12,035
|
|
|
$
|
12,034
|
|
Due after 1 year through 5 years
|
67
|
|
|
67
|
|
||
Due after 5 years through 10 years
|
302
|
|
|
302
|
|
||
Due after 10 years
|
—
|
|
|
—
|
|
||
Total marketable securities - debt
|
$
|
12,404
|
|
|
$
|
12,403
|
|
Balance at December 31, 2018
|
|
$
|
4,161
|
|
Mutual funds purchases
|
|
3,479
|
|
|
Realized gains (losses)
|
|
—
|
|
|
Balance at March 31, 2019
|
|
$
|
7,640
|
|
Balance at December 31, 2018
|
$
|
12,500
|
|
Fair value adjustment
|
(313
|
)
|
|
Net loss attributable to redeemable noncontrolling interests
|
313
|
|
|
Balance at March 31, 2019
|
$
|
12,500
|
|
ROU assets:
|
|
||
Non-current operating lease ROU assets
|
$
|
64,747
|
|
|
|
||
Operating lease liabilities:
|
|
||
Current operating lease liabilities*
|
$
|
7,230
|
|
Non-current operating lease liabilities
|
66,559
|
|
|
Total operating lease liabilities
|
$
|
73,789
|
|
*
|
Amounts are included in Accrued Expenses on Condensed Consolidated Balance Sheets.
|
Operating lease cost*
|
$
|
3,434
|
|
Other lease costs and income:
|
|
||
Variable lease costs*
|
408
|
|
|
Sublease income*
|
(695
|
)
|
|
|
|
||
Total net lease cost
|
$
|
3,147
|
|
*
|
Amounts are included in Cost of revenues, Selling, general and administrative and/or Research and development based on the function that the underlying leased asset supports which are reflected in the Condensed Consolidated Statements of Operations.
|
|
Operating Leases
|
||
Remainder of 2019
|
$
|
9,491
|
|
2020
|
13,448
|
|
|
2021
|
12,621
|
|
|
2022
|
12,111
|
|
|
2023
|
10,056
|
|
|
Thereafter
|
43,646
|
|
|
Total future lease payments
|
101,373
|
|
|
Less: amount representing interest
|
(27,584
|
)
|
|
Present value of future lease payments (lease liability)
|
$
|
73,789
|
|
Operating Leases:
|
|
|
Weighted-average remaining lease term (years), weighted based on lease liability balances
|
8.23
|
|
Weighted-average discount rate (percentages), weighted based on the remaining balance of lease payments
|
8.0
|
%
|
Operating Leases:
|
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
$
|
3,068
|
|
Lease liabilities arising from obtaining right-of-use assets
|
—
|
|
|
March 31, 2019
|
|
December 31, 2018
|
||||
Convertible Senior Notes
|
$
|
97,429
|
|
|
$
|
113,980
|
|
Unamortized debt issuance cost
(1)
|
(224
|
)
|
|
(438
|
)
|
||
Total debt, carrying value
|
$
|
97,205
|
|
|
$
|
113,542
|
|
Total short-term debt, carrying value
|
$
|
97,205
|
|
|
$
|
113,542
|
|
(1)
|
Unamortized debt issuance cost is related to Convertible Senior Notes.
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Convertible Senior Notes
|
|
|
|
|
||||
Amortization of debt issuance costs
|
|
155
|
|
|
353
|
|
||
Interest on borrowings
|
|
191
|
|
|
431
|
|
||
Additional interest on default
|
|
—
|
|
|
129
|
|
||
Capital leases
|
|
—
|
|
|
242
|
|
||
Other
|
|
239
|
|
|
92
|
|
||
Total
|
|
$
|
585
|
|
|
$
|
1,247
|
|
|
Balance at December 31, 2018
|
|
Other comprehensive loss
|
|
Tax effect
|
|
Balance at March 31, 2019
|
||||||||
Foreign currency
|
$
|
(26,436
|
)
|
|
$
|
(295
|
)
|
|
$
|
—
|
|
|
$
|
(26,731
|
)
|
Unrealized loss on intra-entity foreign currency transactions
|
(3,906
|
)
|
|
(538
|
)
|
|
155
|
|
|
(4,289
|
)
|
||||
Unrealized holding losses on marketable debt securities
|
(41
|
)
|
|
(905
|
)
|
|
—
|
|
|
(946
|
)
|
||||
Total
|
$
|
(30,383
|
)
|
|
$
|
(1,738
|
)
|
|
$
|
155
|
|
|
$
|
(31,966
|
)
|
|
Preferred Stock
|
|||||
|
Shares
|
|
Amount
|
|||
Balance at December 31, 2018
|
195
|
|
|
$
|
176,603
|
|
Issuance of preferred stock
|
—
|
|
|
—
|
|
|
Initial discount and issuance costs related to preferred stock
|
—
|
|
|
—
|
|
|
Amortization of preferred stock issuance costs
|
—
|
|
|
462
|
|
|
Issuance of preferred PIK dividend
|
—
|
|
|
—
|
|
|
Balance at March 31, 2019
|
195
|
|
|
$
|
177,065
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Cost of revenues
|
|
$
|
686
|
|
|
$
|
1,112
|
|
Research and development
|
|
1,225
|
|
|
1,540
|
|
||
Selling, general and administrative
|
|
3,644
|
|
|
4,534
|
|
||
Total stock-based compensation expense
|
|
$
|
5,555
|
|
|
$
|
7,186
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Stock options
|
|
$
|
1,697
|
|
|
$
|
1,760
|
|
Restricted stock awards
|
|
3,858
|
|
|
5,426
|
|
||
Employee Stock Purchase Plan
|
|
—
|
|
|
—
|
|
||
Total stock-based compensation before taxes
|
|
5,555
|
|
|
7,186
|
|
||
Tax benefit
|
|
$
|
1,058
|
|
|
$
|
2,423
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
Expected stock price volatility
|
|
69.2
|
%
|
|
64.5
|
%
|
||
Risk-free interest rate
|
|
2.5
|
%
|
|
2.5
|
%
|
||
Expected life of options (in years)
|
|
4.23
|
|
|
4.09
|
|
||
Expected dividend yield
|
|
0.0
|
%
|
|
0.0
|
%
|
||
Weighted-average fair value (grant date) of the options
|
|
$
|
3.95
|
|
|
$
|
4.17
|
|
Options
|
|
Number of
Options
|
|
Weighted-Average
Exercise Price
|
|
Weighted-Average
Remaining
Contractual
Term (Years)
|
|
Aggregate
Intrinsic
Value
|
|||||
Outstanding at December 31, 2018
|
|
4,254
|
|
|
$
|
17.93
|
|
|
|
|
|
||
Options Granted
|
|
167
|
|
|
7.79
|
|
|
|
|
|
|||
Options Exercised
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Options Cancelled
|
|
(273
|
)
|
|
29.31
|
|
|
|
|
|
|||
Outstanding at March 31, 2019
|
|
4,148
|
|
|
$
|
16.77
|
|
|
4.97
|
|
$
|
33
|
|
Vested at March 31, 2019
|
|
1,470
|
|
|
$
|
26.61
|
|
|
3.67
|
|
$
|
—
|
|
Exercisable at March 31, 2019
|
|
1,470
|
|
|
$
|
26.61
|
|
|
3.67
|
|
$
|
—
|
|
Unvested Restricted Stock
|
|
Number of
Awards
|
|
Weighted- Average
Grant Date
Fair Value
|
|||
Unvested at December 31, 2018
|
|
2,700
|
|
|
$
|
12.71
|
|
Granted
(1)
|
|
124
|
|
|
7.17
|
|
|
Vested
|
|
(407
|
)
|
|
17.30
|
|
|
Forfeited
|
|
(52
|
)
|
|
13.74
|
|
|
Unvested at March 31, 2019
(2)
|
|
2,365
|
|
|
$
|
11.62
|
|
(2)
|
Includes 102 performance-based cash units.
|
|
Balance at December 31, 2018
|
|
Charges
|
|
Payments
|
|
Balance at March 31, 2019
|
||||||||
Employment termination costs
|
$
|
1,276
|
|
|
$
|
421
|
|
|
$
|
(1,250
|
)
|
|
$
|
447
|
|
|
Three Months Ended March 31,
|
||||||
|
2019
|
|
2018
|
||||
Numerator - Basic:
|
|
|
|
||||
Net loss from operations
|
$
|
(19,737
|
)
|
|
$
|
(37,977
|
)
|
Net (income) loss attributable to redeemable noncontrolling interests
|
(313
|
)
|
|
1,285
|
|
||
Preferred stock dividend
|
(7,537
|
)
|
|
(3,353
|
)
|
||
Net loss attributable to Synchronoss
|
$
|
(27,587
|
)
|
|
$
|
(40,045
|
)
|
|
|
|
|
||||
Numerator - Diluted:
|
|
|
|
||||
Net loss from operations attributable to Synchronoss
|
$
|
(27,587
|
)
|
|
$
|
(40,045
|
)
|
Income effect for interest on convertible debt, net of tax
|
—
|
|
|
—
|
|
||
Net loss attributable to Synchronoss
|
$
|
(27,587
|
)
|
|
$
|
(40,045
|
)
|
|
|
|
|
||||
Denominator:
|
|
|
|
||||
Weighted average common shares outstanding — basic
|
40,320
|
|
|
42,181
|
|
||
Dilutive effect of:
|
|
|
|
||||
Shares from assumed conversion of convertible debt
1
|
—
|
|
|
—
|
|
||
Shares from assumed conversion of preferred stock
2
|
—
|
|
|
—
|
|
||
Options and unvested restricted shares
|
—
|
|
|
—
|
|
||
Weighted average common shares outstanding — diluted
|
40,320
|
|
|
42,181
|
|
||
|
|
|
|
||||
Earnings per share:
|
|
|
|
||||
Basic
|
$
|
(0.68
|
)
|
|
$
|
(0.95
|
)
|
Diluted
|
$
|
(0.68
|
)
|
|
$
|
(0.95
|
)
|
|
|
|
|
||||
Anti-dilutive stock options excluded
|
—
|
|
|
2,441
|
|
||
Unvested shares of restricted stock awards
|
2,365
|
|
|
1,855
|
|
(1)
|
The calculation does not include the effect of assumed conversion of convertible debt of
1,957,105
shares for
2019
and
4,325,646
, for
2018
, which is based on 18.8072 shares per $1,000 principal amount of the 2019 Notes.
|
(2)
|
The calculation for
2019
period does not include the effect of assumed conversion of preferred stock of
10,843,394
shares, which is based on
55.5556
shares per $1,000 principal amount of the preferred stock, because the effect would have been anti–dilutive.
|
Year ending March 31,
|
|
Colocation
|
||
Remainder of 2019
|
|
$
|
14,795
|
|
2020
|
|
18,641
|
|
|
2021
|
|
43
|
|
|
2022
|
|
—
|
|
|
2023 and thereafter
|
|
—
|
|
|
|
|
$
|
33,479
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2019
|
|
2018
|
||||
FX gains (losses)
(1)
|
|
$
|
157
|
|
|
$
|
(237
|
)
|
Remeasurement gain (loss) on financial instrument
(2)
|
|
—
|
|
|
3,849
|
|
||
Others
(3)
|
|
306
|
|
|
670
|
|
||
Total
|
|
$
|
463
|
|
|
$
|
4,282
|
|
(1)
|
Fair value of foreign exchange gains and losses
|
(2)
|
Remeasurement of gain/loss on Mandatorily Redeemable Put option for common shares held by Siris.
|
(3)
|
Represents an aggregate of individually immaterial transactions
|
|
Three Months Ended March 31,
|
|
2019 vs 2018
|
||||||||
|
2019
|
|
2018
|
|
$ Change
|
||||||
Net revenues
|
$
|
88,105
|
|
|
$
|
83,709
|
|
|
$
|
4,396
|
|
Cost of revenues*
|
38,953
|
|
|
44,549
|
|
|
(5,596
|
)
|
|||
Research and development
|
19,681
|
|
|
20,905
|
|
|
(1,224
|
)
|
|||
Selling, general and administrative
|
29,246
|
|
|
38,110
|
|
|
(8,864
|
)
|
|||
Restructuring charges
|
421
|
|
|
1,108
|
|
|
(687
|
)
|
|||
Depreciation and amortization
|
20,143
|
|
|
23,271
|
|
|
(3,128
|
)
|
|||
Total costs and expenses
|
108,444
|
|
|
127,943
|
|
|
(19,499
|
)
|
|||
Loss from continuing operations
|
$
|
(20,339
|
)
|
|
$
|
(44,234
|
)
|
|
$
|
23,895
|
|
*
|
Cost of revenues excludes depreciation and amortization which are shown separately.
|
|
Three Months Ended March 31,
|
|
2019 vs 2018
|
||||||||
|
2019
|
|
2018
|
|
Change
|
||||||
Net cash provided by (used in):
|
|
|
|
|
|
||||||
Operating activities
|
$
|
(5,684
|
)
|
|
$
|
(9,389
|
)
|
|
$
|
3,705
|
|
Investing activities
|
9,598
|
|
|
(13,366
|
)
|
|
22,964
|
|
|||
Financing activities
|
(23,461
|
)
|
|
86,114
|
|
|
(109,575
|
)
|
|
|
Payments Due by Period
|
||||||||||||||||||
|
|
Total
|
|
Remainder of 2019
|
|
2020 - 2022
|
|
2023 - 2024
|
|
Thereafter
|
||||||||||
Convertible Senior Notes
(1)
|
|
97,429
|
|
|
97,429
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Interest
(1)
|
|
343
|
|
|
343
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating lease obligations
|
|
101,372
|
|
|
9,491
|
|
|
38,181
|
|
|
20,234
|
|
|
33,466
|
|
|||||
Purchase obligations
(2)
|
|
33,479
|
|
|
14,795
|
|
|
18,684
|
|
|
—
|
|
|
—
|
|
|||||
Other long-term liabilities
(3)
|
|
2,608
|
|
|
2,608
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
|
$
|
235,231
|
|
|
$
|
124,666
|
|
|
$
|
56,865
|
|
|
$
|
20,234
|
|
|
$
|
33,466
|
|
(2)
|
Amount represents obligations associated with colocation agreements and other customer delivery related purchase obligations.
|
(3)
|
Amount represents unrecognized tax positions recorded in our balance sheet. Although the timing of the settlement is uncertain, we believe this amount will be settled within
three
years.
|
•
|
The CEO and CFO continue to communicate and reinforce the importance of our control environment.
|
•
|
The Company has developed a more comprehensive revenue recognition policy and controls.
|
•
|
The Company has increased standardization of contract documentation and revenue analysis for individual transactions, including increased oversight of revenue opportunities and contract review by personnel with the requisite accounting knowledge to identify revenue-impacting terms and consider potential downstream effects.
|
•
|
The Company has developed a more comprehensive review process and monitoring controls over contracts with customers to ensure accurate accounting for multiple-element arrangements.
|
•
|
The Company has developed a recurring non-recurring transaction review meeting cadence with key stakeholders within the Company to identify and discuss potentially significant transactions. Meetings are attended by process owners across various functions or departments, both domestic and international, to promote regular and effective communication between finance and non-finance personnel, and to ensure that information related to significant transactions is communicated timely.
|
•
|
The Company performed a review of key business process controls related to high-risk financial statement accounts, such as revenue, significant transactions, capitalized software, accounts receivable, treasury and financial close, which resulted in the redesign of existing controls and the addition of newly developed / documented control activities, in order to mitigate known risks and strengthen the overall control environment.
|
•
|
The Company has hired a Director of Revenue Recognition, a Director of Technical Accounting, and other resources to augment our staff to support further enhancement on the controls and procedures surrounding revenue recognition and technical matters.
|
•
|
The Company developed a comprehensive revenue recognition and contract review training program that has been focused on the impacts of adopting Topic 606. This training is focused on senior-level management and customer-facing employees, as well as finance, sales and marketing personnel.
|
•
|
The Company has performed a review of key IT process controls and is in the process of enhancing our controls to remediate material weakness in the IT general control environment.
|
•
|
The Company has engaged external resources to assist in developing more detailed process flows. The process flows clearly document the financial statement risks and the corresponding control(s) designed to mitigate the identified risk. Management’s process flows are substantially complete, and our testing is planned to begin in the second quarter.
|
•
|
The Company has established a Disclosure Committee that includes key members of management that include key members of management that have responsibility for disclosure information necessary for periodic filings with the SEC. The committee met formally for purposes of the Fiscal 2019 Form 10-Q filing to discuss all significant events and relevant disclosure matters for the filing.
|
•
|
The Company has established a quarterly significant non-recurring transactions meeting that includes key members of management from each functional business area including sales, marketing, finance, operations, information technology, and legal. The meeting includes a standardized agenda that discusses relevant business matters and updates that may have an accounting implication for the quarter. Each matter is documented, the accounting implications are assessed, and the appropriate actions are taken.
|
•
|
We formally established an Internal Audit function and our Audit Committee approved their charter in January 2019.
|
•
|
We have enhanced our risk assessment processes to identify relevant accounts and assertions and design control procedures that relate to relevant risks.
|
•
|
We have reevaluated and completed our control design of our entity level controls.
|
•
|
We have hired external resources to support and improve our Internal Audit function.
|
Exhibit No.
|
|
Description
|
|
3.1
|
|
|
|
3.2
|
|
|
|
3.3
|
|
|
|
10.1†
|
|
|
|
10.2†
|
|
|
|
31.1
|
|
|
|
31.2
|
|
|
|
32.1
|
|
|
|
32.2
|
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
101.SCH
|
|
|
XBRL Schema Document
|
101.CAL
|
|
|
XBRL Calculation Linkbase Document
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase
|
101.LAB
|
|
|
XBRL Labels Linkbase Document
|
101.PRE
|
|
|
XBRL Presentation Linkbase Document
|
|
|
Synchronoss Technologies, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
/s/ Glenn Lurie
|
|
|
|
Glenn Lurie
|
|
|
|
Chief Executive Officer
|
|
|
|
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
|
|
|
/s/ David Clark
|
|
|
|
David Clark
|
|
|
|
Chief Financial Officer
|
|
1 Year Synchronoss Technologies Chart |
1 Month Synchronoss Technologies Chart |
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