Synchronoss reports Q2 EPS 48c , consensus 6c

Reports Q2 revenue $43.5M , consensus $43.14M…Adjusted EBITDA increased 115% to $13M or 29.9% of total revenue from $6.1 M or 14.4% of total revenue, in the prior year period.”We are pleased with our strong results for the quarter, including year-over-year growth in revenue, more than doubling our adjusted EBITDA, and an approximately $11 million increase in net income. Our strategic transformation into a focused, high margin, cloud-only business is complete, and yielding the improving free cash flow and profitability we expected,” stated Jeff Miller, President and CEO of Synchronoss. “Our opportunistic retirement of our preferred stock and a portion of our Senior Notes, both at a significant discount to face value, were the latest accomplishments of our planned strategic initiatives designed to streamline our business and bolster our balance sheet. We were able to lower our cost of capital, which will result in additional cash generation capabilities to provide greater operational flexibility. Continuing to execute on our strategic decisions, gives us confidence in our ability to consistently deliver top-line growth with improved profitability and free cash flow generation going forward.”