BRIDGEWATER, N.J., March 12, 2019 (GLOBE NEWSWIRE) -- Synchronoss Technologies Inc. (NASDAQ: SNCR), a global leader and innovator in cloud, messaging, digital and IoT platforms and products, today announced financial results for fourth quarter and full year ended December 31, 2018.

Fourth quarter highlights include:

• Revenue was $82.1 million, including 83 percent recurring revenue.
• GAAP net loss for the quarter was $101.9 million, or $2.56 per share, which included $109.1 million of pretax non-cash asset impairments.
• Synchronoss delivered $15.4 million of adjusted EBITDA, up 64.9 percent from $9.4 million in the third quarter. Adjusted EBITDA margin in the fourth quarter reached 18.8 percent, up 67.3 percent from 11.2 percent in the third quarter.
• Cash flow provided by operations during the quarter was $29.3 million.

Glenn Lurie, president and chief executive officer, stated, “Our fourth quarter financial results show that Synchronoss continues to meet its financial and operational commitments to shareholders. We delivered positive adjusted EBITDA for the second straight quarter and the third straight quarter of improvement, adjusted EBITDA margins reached their highest level of the year, and we delivered nearly $30 million of cash flow from operations. In addition, thus far in early 2019 we are winning a growing number of new customers while expanding engagements with existing customers.  Our success is being driven by the significant value our platforms deliver in solving some of the most complex challenges facing the Telecommunications Media and Technology (TMT) industry, including the risk of disintermediation from Over-The-Top (OTT) applications, managing the increasing complexity to deliver a true digital consumer experiences and journeys that end-users expect while reducing costs and driving incremental revenue.”

Today, Synchronoss is announcing a new Cloud agreement with Assurant, Inc. which will white-label our Synchronoss cloud platform for its Pocket Geek solution which is offered in their device protection bundles.

This announcement builds on several important customer agreements and partnerships that the company won earlier in the quarter, including:

• A deal and partnership with Rackspace, which will utilize the DXP platform to enhance its internal operational efficiencies and journeys, as well as resell the entire Synchronoss DXP platform and product suite to its global customer portfolio.
• The renewal of its agreement to power the BT Cloud. BT has been a Synchronoss cloud services and storage partner since 2015, and the contract renewal signifies a deepening relationship between Synchronoss and BT.
• The continued expansion and development of our advanced messaging initiative with the 3 major Japanese mobile operators.

 Full year financial highlights include:

• Synchronoss delivered $325.8 million of revenue for the year. In addition, Synchronoss successfully migrated to over 79 percent recurring revenue in 2018, from 75 percent in 2017.
• GAAP net loss for the year was $243.7 million, or $6.05 per share, which included $127.3 million of pretax non-cash asset impairments.
• Adjusted EBITDA for the full year was $14.0 million.
• Synchronoss generated $24.8 million of adjusted EBITDA in the second half of the year, after adjusting for $4.9 million of first quarter expenses that were recognized in the third quarter.
• Synchronoss achieved $20 million of annualized cost savings in 2018 with another $25 million annualized run rate expected to be realized in 2019.
• Synchronoss retired over 50% of its convertible debt and paid its third and fourth-quarter quarter dividend on its convertible preferred stock in cash instead of additional shares.

David Clark, chief financial officer, added, “During 2018, we stabilized and reset our core business, aligned the entire team towards our key priorities and core values, and evolved our platforms and product roadmaps to meet customer needs. As a result of those actions, we made a great deal of progress to improve operating leverage and profitability, drive free cash flow, and reduce debt. We believe there is additional cost savings opportunity, and going forward, we will continue to focus on delivering profitable revenue growth and cost efficiencies. Finally, demonstrating our confidence in our cash-generating abilities, in early 2019 we again paid the quarterly dividend on our preferred stock in cash instead of shares, and we repurchased an additional $11.5 million of our convertible debt.”

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 included below under the heading "Non-GAAP Financial Measures."

Conference Call Details
Synchronoss will host a conference call on Tuesday, March 12, 2019, at 5:00 p.m. (ET) to discuss the company’s financial results. To access this call, dial 1-201-493-6784. Additionally, a live web cast of the conference call will be available on the Investor Relations page on the company’s web site www.synchronoss.com.

Following the conference call, a replay will be available for a limited time at 1-412-317-6671. The replay pass code is 13687208. An archived web cast of this conference call will also be available on the Investor Relations page of the company’s web site, www.synchronoss.com.

Non-GAAP Financial Measures
Synchronoss has provided in this release selected financial information that has not been prepared in accordance with GAAP. This information includes historical non-GAAP revenues, gross profit, operating income (loss), net income (loss), effective tax rate, earnings (loss) per share and cash flows from operating activities. Synchronoss uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Synchronoss’ ongoing operational performance. Synchronoss believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Synchronoss’ industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above add back fair value stock-based compensation expense, acquisition-related costs which includes integration costs, changes in the contingent consideration obligation, deferred compensation expense related to earn outs and amortization of intangibles associated with acquisitions.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed above. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

About Synchronoss Technologies, Inc.
Synchronoss transforms the way companies create new revenue, reduce costs and delight their subscribers with cloud, messaging, digital and IoT products, supporting hundreds of millions of subscribers across the globe. Synchronoss’ secure, scalable and groundbreaking new technologies, trusted partnerships, and talented people change the way TMT customers grow their businesses. For more information, visit us at www.synchronoss.com.

Forward-looking Statements
This press release includes statements concerning Synchronoss and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. Synchronoss has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company’s ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company’s expectations regarding expenses and revenue, the sufficiency of the Company’s cash resources and its ability to satisfy or refinance its existing debt obligations, the Company’s growth strategies, the anticipated trends and challenges in the business and the market in which the Company operates, the Company’s expectations regarding federal, state and foreign regulatory requirements, the pending lawsuits against the Company described in its most recent SEC filings, and other risks and factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2017 and Quarterly Report on Form 10-Q/A for the quarter ended September 30, 2018, which are on file with the SEC and available on the SEC’s website at www.sec.gov. The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

Contact:
Investors:
Joe Crivelli
Vice President, Investor Relations
908-566-3131
investor@synchronoss.com

Media:
CCgroup
US: Diane Rose, +1 727-238-7567 or International: Anais Merlin, +44 20 3824 9219
synchronoss@ccgrouppr.com

SYNCHRONOSS TECHNOLOGIES, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)

	December 31, 2018				December 31, 2017
ASSETS
Current assets:
Cash and cash equivalents	$	103,771			$	156,299
Restricted cash	6,089				89,826
Marketable securities, current	28,230				3,111
Accounts receivable, net of allowances of $4,599 and $3,107 at December 31, 2018 and December 31, 2017, respectively	102,798				78,186
Prepaid expenses	45,058				33,957
Other current assets	8,508				9,600
Total current assets	294,454				370,979
Marketable securities, non-current	6,658				—
Property and equipment, net	67,937				111,825
Goodwill	223,090				237,303
Intangible assets, net	98,706				132,167
Other assets	8,982				5,236
Note receivable from related party	—				73,984
Equity method investment	1,619				33,917
Total assets	$	701,446			$	965,411
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	13,576			$	5,959
Accrued expenses	59,545				72,739
Deferred revenues, current	57,101				75,829
Short-term convertible debt, net of debt issuance costs	113,542				—
Mandatorily redeemable financial instrument	—				37,959
Total current liabilities	243,764				192,486
Lease financing obligation	9,494				11,183
Long-term convertible debt, net of debt issuance costs	—				227,704
Deferred tax liabilities	1,347				13,735
Deferred revenues, non-current	59,841				25,241
Other liabilities	10,797				6,195
Commitments and contingencies
Redeemable noncontrolling interest	12,500				25,280
Series A Convertible Participating Perpetual Preferred Stock, $0.0001 par value; 10,000 shares authorized; 195 shares issued and outstanding at December 31, 2018	176,603				—
Stockholders’ equity:
Common stock, $0.0001 par value; 100,000 shares authorized, 49,836 and 52,024 shares issued; 42,674 and 46,965 outstanding at December 31, 2018 and December 31, 2017, respectively	5				5
Treasury stock, at cost (7,162 and 5,059 shares at December 31, 2018 and December 31, 2017, respectively)	(82,087		)		(105,584		)
Additional paid-in capital	534,673				597,553
Accumulated other comprehensive loss	(32,192		)		(23,373		)
Accumulated deficit	(233,299		)		(5,014		)
Total stockholders’ equity	187,100				463,587
Total liabilities and stockholders’ equity	$	701,446			$	965,411

SYNCHRONOSS TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)

		Twelve Months Ended December 31,
		2018				2017				2016
Net revenues		$	325,839			$	402,361			$	426,294
Costs and expenses:
Cost of revenues		158,802				181,453				194,684
Research and development		79,172				90,850				114,493
Selling, general and administrative		122,112				154,037				126,228
Net change in contingent consideration obligation		—				—				1,194
Restructuring charges		12,375				10,739				6,333
Depreciation and amortization		117,654				94,884				105,966
Total costs and expenses		490,115				531,963				548,898
Loss from continuing operations		(164,276		)		(129,602		)		(122,604		)
Interest income		7,770				12,502				1,907
Interest expense		(4,911		)		(55,771		)		(7,414		)
Gain (loss) on extinguishment of debt		1,760				(29,413		)		—
Other (expense) income, net		(74,917		)		(17,678		)		1,022
Equity method investment loss, net		(28,600		)		(9,125		)		—
Loss from continuing operations, before taxes		(263,174		)		(229,087		)		(127,089		)
Benefit for income taxes		17,894				34,863				33,220
Net loss from continuing operations		(245,280		)		(194,224		)		(93,869		)
Net income from discontinued operations, net of tax		18,288				75,495				90,560
Net loss		(226,992		)		(118,729		)		(3,309		)
Net loss attributable to redeemable noncontrolling interests		8,837				9,291				15,203
Preferred stock dividend		(25,593		)		—				—
Net loss attributable to Synchronoss		$	(243,748	)		$	(109,438	)		$	11,894
Basic:
Continuing operations		$	(6.51	)		$	(4.14	)		$	(1.81	)
Discontinued operations		0.46				1.69				2.08
		$	(6.05	)		$	(2.45	)		$	0.27
Diluted:
Continuing operations		$	(6.51	)		$	(4.14	)		$	(1.81	)
Discontinued operations		0.46				1.69				2.08
		$	(6.05	)		$	(2.45	)		$	0.27
Weighted-average common shares outstanding:
Basic		40,277				44,669				43,551
Diluted		40,277				44,669				43,551

SYNCHRONOSS TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(Unaudited)

		Three Months Ended December 31,
		2018				2017
Net revenues		$	82,102			$	106,259
Costs and expenses:
Cost of revenues		31,014				42,067
Research and development		19,383				23,616
Selling, general and administrative		22,744				50,988
Restructuring charges		3,950				(976		)
Depreciation and amortization		47,324				23,786
Total costs and expenses		124,415				139,481
Loss from continuing operations		(42,313		)		(33,222		)
Interest income		252				3,345
Interest expense		(976		)		(7,755		)
Gain (loss) on extinguishment of debt		1,760				(29,413		)
Other expense, net		(65,737		)		(20,052		)
Equity method investment loss, net		(28,671		)		(10,751		)
Loss from continuing operations, before taxes		(135,685		)		(97,848		)
Benefit for income taxes		16,290				16,890
Net loss from continuing operations		(119,395		)		(80,958		)
Net income from discontinued operations, net of tax		18,288				89,562
Net (loss) income		(101,107		)		8,604
Net loss attributable to redeemable noncontrolling interests		6,715				2,311
Preferred stock dividend		(7,517		)		—
Net (loss) income attributable to Synchronoss		$	(101,909	)		$	10,915
Basic:
Continuing operations		$	(3.01	)		$	(1.75	)
Discontinued operations		0.45				1.99
		$	(2.56	)		$	0.24
Diluted:
Continuing operations		$	(3.01	)		$	(1.75	)
Discontinued operations		0.45				1.99
		$	(2.56	)		$	0.24
Weighted-average common shares outstanding:
Basic		39,885				45,039
Diluted		39,885				45,039

SYNCHRONOSS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Twelve Months Ended December 31,
		2018				2017
Non-GAAP financial measures and reconciliation:
GAAP Revenue		$	325,839			$	402,361
Less: Cost of revenues		158,802				181,453
Gross Profit		167,037				220,908
Add / (Less):
Stock-based compensation expense		4,370				4,602
Acquisition costs		—				(2		)
Integration		—				1,744
Adjusted Gross Profit		$	171,407			$	227,252
Adjusted Gross Margin		52.6		%		56.5		%
GAAP Net loss from continuing operations		(164,276		)		(129,602		)
Add / (Less):
Stock-based compensation expense		27,604				22,495
Acquisition costs		258				13,023
Restructuring		12,375				10,739
Amortization expense		53,717				34,695
Integration		—				7,804
One-Time Expenses due to Restatement, etc.		20,408				37,197
Non-GAAP Net loss from continuing operations		$	(49,914	)		$	(3,649	)
GAAP Net loss attributable to Synchronoss		$	(243,748	)		$	(109,438	)
Less: Net income from discontinued operations, net of taxes		(18,288		)		(75,495		)
Net loss from continuing operations attributable to Synchronoss		(262,036		)		(184,933		)
Add / (Less):
Stock-based compensation expense		27,604				22,495
Acquisition costs		258				13,023
Restructuring		12,375				10,739
Amortization expense		53,717				34,695
Loss on Extinguishment of Debt		—				29,413
Non-GAAP Expenses attributable to Non-Controlling Interest		(8,673		)		(1,955		)
One-Time Expenses due to Restatement, etc.		20,408				37,197
Integration		—				7,804
Income Tax Effect at Statutory Tax Rates		(17,894		)		(34,863		)
Non-GAAP Net loss from continuing operations attributable to Synchronoss		$	(174,241	)		$	(66,385	)
Diluted Non-GAAP Net loss from continuing operations per share		$	(4.33	)		$	(1.49	)
Weighted shares outstanding - Basic		40,277				44,669

SYNCHRONOSS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Twelve Months Ended December 31,
		2018				2017
Net loss attributable to Synchronoss		$	(243,748	)		$	(109,438	)
Add / (Less):
Restructuring		12,375				10,739
Depreciation and amortization		117,654				94,884
Interest income		(7,770		)		(12,502		)
Interest Expense		4,911				55,771
Loss on Extinguishment of debt		(1,760		)		29,413
Other Income (expense), net		74,917				17,678
Equity method investment income (loss), net		28,600				9,125
Benefit for income taxes		(17,894		)		(34,863		)
Net (loss) income attributable to noncontrolling interests		(8,837		)		(9,291		)
Preferred dividend		25,593				—
Stock-based compensation expense		27,604				22,495
Acquisition costs		258				13,023
Integration		—				7,804
One-Time Expenses due to Restatement, etc.		20,408				37,197
Net income from discontinued operations, net of taxes		(18,288		)		(75,495		)
Adjusted EBITDA (non-GAAP)		$	14,023			$	56,540

SYNCHRONOSS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Three Months Ended December 31,
		2018				2017
Non-GAAP financial measures and reconciliation:
GAAP Revenue		$	82,102			$	106,259
Less: Cost of revenues		31,014				42,067
Gross Profit		51,088				64,192
Add / (Less):
Stock-based compensation expense		923				1,276
Integration		—				253
Adjusted Gross Profit		$	52,011			$	65,721
Adjusted Gross Margin		63.3		%		61.8		%
GAAP Net loss from continuing operations		(42,313		)		(33,222		)
Add / (Less):
Stock-based compensation expense		5,566				8,067
Acquisition costs		109				10,499
Restructuring		3,950				(976		)
Amortization expense		28,595				8,634
Integration		—				944
One-Time Expenses due to Restatement, etc.		800				21,920
Non-GAAP Net (loss) income from continuing operations		$	(3,293	)		$	15,866
GAAP Net (loss) income attributable to Synchronoss		$	(101,909	)		$	10,915
Less: Net income from discontinued operations, net of taxes		(18,288		)		(89,562		)
Net loss from continuing operations attributable to Synchronoss		(120,197		)		(78,647		)
Add / (Less):
Stock-based compensation expense		5,566				8,067
Acquisition costs		109				10,499
Restructuring		3,950				(976		)
Amortization expense		28,595				8,634
Loss on Extinguishment of Debt		—				29,413
Non-GAAP Expenses attributable to Non-Controlling Interest		(7,404		)		(465		)
One-Time Expenses due to Restatement, etc.		800				21,920
Integration		—				944
Income Tax Effect at Statutory Tax Rates		(10,655		)		(16,619		)
Non-GAAP Net loss from continuing operations attributable to Synchronoss		$	(99,236	)		$	(17,230	)
Diluted Non-GAAP Net loss from continuing operations per share		$	(2.49	)		$	(0.38	)
Weighted shares outstanding - Basic		39,885				45,039

SYNCHRONOSS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Three Months Ended December 31,
		2018				2017
Net (loss) income attributable to Synchronoss		$	(101,909	)		$	10,915
Add / (Less):
Restructuring		3,950				(976		)
Depreciation and amortization		47,324				23,786
Interest income		(252		)		(3,345		)
Interest Expense		976				7,755
Loss on Extinguishment of debt		(1,760		)		29,413
Other Income (expense), net		65,737				20,052
Equity method investment income (loss), net		28,671				10,751
Benefit for income taxes		(16,290		)		(16,890		)
Net (loss) income attributable to noncontrolling interests		(6,715		)		(2,311		)
Preferred dividend		7,517				—
Stock-based compensation expense		5,566				8,067
Acquisition costs		109				10,499
Integration		—				944
One-Time Expenses due to Restatement, etc.		800				21,920
Net income from discontinued operations, net of taxes		(18,288		)		(89,562		)
Adjusted EBITDA (non-GAAP)		$	15,436			$	31,018

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Three Months Ended September 30,
		2018				2017
Net (loss) income attributable to Synchronoss		$	(54,529	)		$	(35,088	)
Add / (Less):
Restructuring		4,539				2,312
Depreciation and amortization		23,658				23,459
Interest income		(203		)		(3,274		)
Interest Expense		1,370				25,555
Other Income (expense), net		13,439				256
Equity method investment income (loss), net		(283		)		(645		)
Benefit for income taxes		(2,308		)		(12,825		)
Net (loss) income attributable to noncontrolling interests		422				(1,276		)
Preferred dividend		7,463				—
Stock-based compensation expense		7,216				3,678
Acquisition costs		38				30
Integration		—				1,569
One-Time Expenses due to Restatement, etc.		3,638				9,438
Net income from discontinued operations, net of taxes		—				(8,842		)
Adjusted EBITDA (non-GAAP)		$	4,460			$	4,347

SYNCHRONOSS TECHNOLOGIES, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)

		Twelve Months Ended December 31,
		2018				2017
Net Cash (used in) provided by operating activities		$	(31,369	)		$	(18,248	)
Add / (Less):
Software Capitalization		(14,372		)		(9,119		)
Fixed Assets		(11,656		)		(12,151		)
Free Cashflow		$	(57,397	)		$	(39,518	)
Add: One-Time Restatement Expenses		20,408				37,197
Adjusted Free Cashflow		$	(36,989	)		$	(2,321	)

		Three Months Ended December 31,
		2018				2017
Net Cash (used in) provided by operating activities		$	29,293			$	(17,155	)
Add / (Less):
Software Capitalization		(3,360		)		(1,271		)
Fixed Assets		(3,091		)		(1,836		)
Free Cashflow		$	22,842			$	(20,262	)
Add: One-Time Restatement Expenses		800				21,920
Adjusted Free Cashflow		$	23,642			$	1,658

SYNCHRONOSS TECHNOLOGIES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands)
(Unaudited)

	Twelve Months Ended December 31,
	2018				2017				2016
Operating activities:
Net loss from continuing operations	$	(245,280	)		$	(194,224	)		$	(93,869	)
Net income from discontinued operations	—				75,495				90,560
Gain (loss) on sale of discontinued operations, net of tax	18,288				(122,842		)		(113,129		)
Adjustments to reconcile Net Loss to net cash used in operating activities:
Depreciation and amortization expense	97,092				93,924				94,911
Goodwill impairment	9,100				—				—
Impairment of long-lived assets and capitalized software	11,462				960				11,055
Change in fair value of financial instruments	(3,849		)		4,367				—
Amortization of debt issuance costs	1,294				12,771				1,607
(Gain) loss on extinguishment of debt	(1,760		)		29,413				—
Accrued PIK interest	(7,037		)		(12,090		)		(34		)
Allowance for loan losses	84,314				14,562				—
(Earnings) loss from equity method investments	28,600				9,125				—
Loss (Gain) on disposals	277				(4,947		)		(122		)
Discontinued operations non-cash and working capital adjustments	—				48,647				371
Amortization of bond premium	107				244				1,416
Deferred income taxes	(12,350		)		19,243				17,148
Non-cash interest on leased facility	—				1,203				1,392
Stock-based compensation	27,604				22,495				34,178
Contingent consideration obligation	—				(2,711		)		1,194
Changes in operating assets and liabilities:
Accounts receivable, net of allowance for doubtful accounts	(21,521		)		29,283				(13,650		)
Prepaid expenses and other current assets	(5,315		)		(5,513		)		31,648
Other assets	973				3,237				8,880
Accounts payable	6,846				(9,098		)		(10,089		)
Accrued expenses	(18,068		)		(4,949		)		(7,523		)
Other liabilities	(4,675		)		(3,337		)		(6,558		)
Deferred revenues	2,529				(23,506		)		55,173
Net cash used in operating activities	(31,369		)		(18,248		)		104,559
Investing activities:
Purchases of fixed assets	(11,656		)		(12,151		)		(42,570		)
Purchases of intangible assets and capitalized software	(14,372		)		(9,119		)		(7,677		)
Proceeds from the sale of SpeechCycle	—				13,500				—
Purchases of marketable securities available for sale	(36,789		)		(219		)		(13,445		)
Maturity of marketable securities available for sale	4,865				12,371				82,904
Proceeds from the sale of discontinued operations	—				928,171				27,335
Equity investment distributions	404				608				—
Investing in discontinued operations	—				(13,721		)		—
Investment in note receivable	—				(6,187		)		—
Business acquired, net of cash	(9,734		)		(815,008		)		(86,322		)
Net cash used in investing activities	(67,282		)		98,245				(39,775		)
Financing activities:
Proceeds from the exercise of stock options	—				2,584				13,633
Taxes paid on withholding shares	—				(442		)		—
Payments on contingent consideration	—				(122		)		—
Debt issuance costs related to the Credit Facility	—				(3,692		)		(1,346		)
Debt issuance cost related to amendment	—				(16,776		)		—
Debt issuance costs related to long-term debt	—				(19,887		)		—
Extinguishment of outstanding Convertible Senior Notes	(113,696		)		—				—
Proceeds from issuance of long-term debt	—				900,000				—
Repayment of long-term debt	—				(900,000		)		—
Borrowings on revolving line of credit	—				—				144,000
Repayment of revolving line of credit	—				(29,000		)		(115,000		)
Excess tax benefits from stock option exercises	—				17				—
Repurchase of common stock	—				—				(40,025		)
Proceeds from the sale of treasury stock in connection with an employee stock purchase plan	—				1,047				2,183
Proceeds from issuance of preferred stock	86,220				—				—
Preferred dividend payment	(7,075		)		—				—
Proceeds from mandatorily redeemable financial instruments	—				33,592				—
Payments on capital obligations	(1,334		)		(2,985		)		(3,815		)
Net cash provided by financing activities	(35,885		)		(35,664		)		(370		)
Effect of exchange rate changes on cash	(1,729		)		(9,641		)		(853		)
Net decrease in cash, restricted cash and cash equivalents	(136,265		)		34,692				63,561
Cash, restricted cash and cash equivalents, beginning of period	246,125				211,433				147,872
Cash, restricted cash and cash equivalents, end of period	$	109,860			$	246,125			$	211,433