Synchronoss Technologies, Inc. (NASDAQ:SNCR) Q3 2024 Earnings Conference Call November 12, 2024 4:30 PM ET

Company Participants

Ryan Gardella - Investor Relations
Jeff Miller - President and Chief Executive Officer
Lou Ferraro - Chief Financial Officer

Conference Call Participants

Jon Hickman - Ladenburg Thalmann
Aditya Dagaonkar - Northland Capital

Operator

Greetings and welcome to the Synchronoss Technologies Third Quarter 2024 Earnings Call. At this time, all participants are in the listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce Ryan Gardella of Investor Relations.

Ryan Gardella

Thanks, Phil. Good afternoon and welcome to the Synchronous Technologies third quarter 2024 earnings conference call. Joining us today are Synchronous Technologies President and CEO Jeff Miller and CFO Lou Ferraro.

By now, everyone should have access to the company's third quarter 2024 earnings press release issued this afternoon, which is available on the investor relations section of our website. Today's call will begin with remarks from Jeff and Lou, after which we will host the question-and-answer session.

Before we conclude, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I would like to remind everyone that this call will be recorded and made available for replay via a link in the investor relations section of the company's website.

With that, I'll turn the call over to Jeff Miller.

Jeff Miller

Thank you, Ryan. Welcome, everyone, and thank you for joining today's call.

The third quarter continued our steady advance of operational and financial progress, and I'm pleased to report some of the strongest year-over-year comparisons since our transformation to a global SaaS cloud solutions provider. For the quarter, we recorded revenue of $43 million, an 8% increase over the prior year period, and strong adjusted EBITDA results of $12.7 million, which represented a 37% increase to last year's comparable result of $9.2 million.

We also reported another quarter of positive net cash flow generation and solid subscriber growth of 5.1% year-over-year. As a result of the continuing positive progress we've achieved with our financial results, we are pleased to be in a position to increase our full-year guidance for revenue, adjusted gross margin, recurring revenue, and adjusted EBITDA.

Our transformation to a global cloud solutions provider has succeeded, and our strong growth and profitability results speak to that success and the execution of our strategy. In addition for the positive financial results, we were also thrilled to have announced today a key client renewal. In early October, SFR signed a three-year contract extension to continue offering our personal cloud storage platform to their subscriber base. SFR is part of Altice France, and it operates high speed, fixed, and mobile networks across France, and serves more than 27 million individuals, businesses, and communities.