Synchronoss Reports Accelerated Cloud Subscriber Growth in the Fourth Quarter of 2021

Rhea-AI Summary

Synchronoss Technologies reported an 18% year-over-year increase in subscribers for its Synchronoss Cloud business in Q4 2021. This growth accelerated from 16% in Q3 2021 and 15% in Q4 2020. Key drivers include increased adoption from major customers such as Verizon and AT&T, as well as new contracts with four new clients, including Allstate Protection Plans. The company emphasizes its focus on cloud services as a growth driver for 2022, stating it anticipates healthy, double-digit growth in subscribers, which is expected to enhance overall revenue.

Positive

• 18% year-over-year subscriber growth in Q4 2021, up from 16% in Q3 2021.
• Addition of four new significant customers, enhancing market position.
• Strong focus on cloud services expected to drive revenue growth in 2022.

Negative

• None.

Increased Adoption from New and Existing Customers Drove 18% Year-Over-Year Subscriber Growth for Synchronoss Cloud in Q4 2021

BRIDGEWATER, N.J., Feb. 02, 2022 (GLOBE NEWSWIRE) -- Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) (Nasdaq: SNCR), a global leader and innovator in cloud, messaging and digital products and platforms, today reported an 18% year-over-year increase in subscribers within its Synchronoss Cloud business for the fourth quarter of 2021. The 18% increase represents an acceleration from 16% growth in the prior quarter and 15% growth in the same period in 2020.

The key drivers behind the Company’s continued cloud subscriber growth include further adoption by existing customers, such as Verizon, AT&T, Tracfone, and Assurant, as well as the signing of new Synchronoss Cloud customers in its largest and most strategic business segment. In 2021, Synchronoss secured cloud contracts with four (4) new customers, including Allstate Protection Plans, Telkomsel, TelkomSigma and Kitamura. Allstate Protection Plans launched last year while the other three new customers are scheduled to roll out cloud offerings in 2022.

“The strength of our cloud subscriber performance in Q4 2021 reflects our commitment to Synchronoss Cloud as the future growth driver of our business,” said Jeff Miller, President and CEO of Synchronoss. “We are continuing to place greater focus on this strategic platform, delivering new offerings, feature enhancements, and user experiences to support our global expansion. We entered the new year with strong operating momentum giving us confidence in our ability to deliver healthy, double-digit subscriber growth in 2022, which should translate to greater topline expansion over time as new customers launch and existing customers ramp their cloud offerings.”

Synchronoss Cloud is a white-label platform that enables users to backup, sync, and organize photos, videos, contacts and more between any device and the cloud. The Synchronoss Cloud offering is currently integrated into a range of mobile and wireline service plans as well as other bundled offerings. The platform provides an easy way to securely manage, share, and safeguard all types of digital content. A feature-rich personal cloud offering gives service providers the opportunity to create new services, provide more value for subscribers, build brand loyalty and bolster their bottom lines.

Synchronoss will provide more detail on its cloud subscriber metrics when it reports complete financial results for the fourth quarter and full year 2021 in March. The details of the conference call will be provided prior to the event in the coming weeks.

About Synchronoss
Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. That’s why more than 1,500 talented Synchronoss employees worldwide strive each day to reimagine a world in sync. Learn more at www.synchronoss.com.

Media Relations Contact:
Domenick Cilea
Springboard
dcilea@springboardpr.com

Investor Relations Contact:
Matt Glover and Tom Colton
Gateway Group, Inc.
SNCR@gatewayir.com

FAQ

What is the subscriber growth for Synchronoss Cloud in Q4 2021?

Synchronoss Cloud experienced an 18% year-over-year increase in subscribers in Q4 2021.

Which major companies are adopting Synchronoss Cloud services?

Major customers include Verizon, AT&T, Tracfone, and Assurant.

What new customers did Synchronoss acquire in 2021?

In 2021, Synchronoss signed contracts with Allstate Protection Plans, Telkomsel, TelkomSigma, and Kitamura.

What are Synchronoss's expectations for subscriber growth in 2022?

The company expects to deliver healthy, double-digit subscriber growth in 2022.

When will Synchronoss report its complete financial results for 2021?

Synchronoss will report its complete financial results for Q4 and full year 2021 in March 2022.