BRIDGEWATER, N.J.--(BUSINESS WIRE)--Synchronoss Technologies, Inc. (NASDAQ:SNCR), the leader in mobile cloud innovation and software-based activation for mobile carriers, enterprises, retailers and OEMs around the world, today announced financial results for the second quarter of 2016.

“We are very proud of the Synchronoss team for delivering a healthy second quarter with momentum especially around cloud heading into the rest of the year”, said Stephen G. Waldis, Founder and Chief Executive Officer of Synchronoss. “Cloud was strong this quarter, as solid subscriber growth in our core customer base is setting the stage for incremental cloud opportunities while investments in the enterprise initiatives are already generating significant customer activity in the field. We are continuing to execute on our long-term strategy which is laying the foundation for the future growth of Synchronoss.”

Financial Highlights for the Second Quarter of 2016:

• Total Revenue: $157.6 million GAAP compared to $137.8 million in the second quarter of 2015. $161.5 million non-GAAP compared to $137.9 million in the second quarter of 2015.
• Gross profit: $86.1 million GAAP compared to $82.9 million in the second quarter of 2015. $96.9 million non-GAAP compared to $85.4 million in the second quarter of 2015.
• Operating (Loss) Income: ($3.5 million) GAAP compared to $23.6 million in the second quarter of 2015. $37.3 million non-GAAP compared to $40.2 million in the second quarter of 2015.
• Net (Loss) Income attributable to Synchronoss: ($4.4 million) GAAP compared to $15.2 million in the second quarter of 2015. $26.9 million non-GAAP compared to $26.0 million in the second quarter of 2015.
• Earnings (Loss) per Diluted Share: $(0.10) GAAP compared to $0.33 in the second quarter of 2015. $0.57 non-GAAP compared to $0.56 in the second quarter of 2015.
• Operating Cash Flow: $33.7 million GAAP compared to $62.6 million in the second quarter of 2015. $33.7 million non-GAAP compared to $60.6 million in the second quarter of 2015.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is also included below under the heading "Non-GAAP Financial Measures."

“We are pleased with another quarter that exceeded our expectations, particularly our ability to deliver strong top-line growth,” said Karen L. Rosenberger, Chief Financial Officer and Treasurer. “We believe our ability to drive growth, while investing in our enterprise and international initiatives positions Synchronoss well heading into the second half of 2016 and beyond.”

Second Quarter and Recent Business Highlights:

• Cloud Services revenue accounted for $95.2 million of non-GAAP revenue, representing approximately 59% of total non-GAAP revenue and growing 33% on a year-over-year basis.
• Launched the general availability of our Enterprise Secure Mobility Platform (SMP) in June.
• Free cash flow of $20.0 million delivered in the quarter as generating free cash flow continues to be a major focal point of the Company.
• Share repurchases of $23.4 million completed in the quarter.
• Held our annual analyst day in NYC, outlining the Company’s core strategic and growth initiatives.

Second Quarter Investor Conference Participation Schedule:

• Oppenheimer Annual Technology, Internet & Communication Conference August 9, 2016-Boston, MA
• Drexel Hamilton TMT Conference September 8, 2016-New York, NY
• Deutsche Bank Technology Conference September 14, 2016-Las Vegas, NV
• Credit Suisse US Small & Mid Cap Conference September 15, 2016-New York, NY

About Synchronoss Technologies, Inc.

Synchronoss (NASDAQ:SNCR) is the mobile innovation leader that provides personal cloud solutions and software-based activation for connected devices across the globe. The company’s proven and scalable technology solutions allow customers to connect, synchronize and activate connected devices and services that empower enterprises and consumers. For more information visit us at www.synchronoss.com.