Synchronoss narrows FY24 revenue view to $172M-$175M from $170M-$175M

Consensus $173.47M. Synchronoss (SNCR) said the company is revising its 2024 outlook items “upwards to more accurately reflect current expectations.” Now sees revenue range of between $172 and $175 million (previously $170 to $175 million), which equals a range of 6%-8% growth year-over-year. The company now expects adjusted Gross Margin of between 77%-78% (previously 73%-77%). The company now expects adjusted EBITDA of between $47 million and $48 million (previously $43 million to $46 million), which equals at least 27% adjusted EBITDA margin. Recurring revenue of between 90%-92% of total revenue (previously 85%-90%). “Due to the delayed timing of the anticipated tax refund, the Company is updating the net cash flow outlook to be approximately $5 million this year. This does not reflect any change in the efficiency of the business, operating expenses or cash outflows,” the company stated.