The following is a summary of the Synchronoss Technologies, Inc. (SNCR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Synchronoss Technologies reported Q1 revenue of $43 million, with 91% being recurring, and is on pace for its annual financial targets.

• The company improved its gross margins to 76% from 74% year-over-year.

• Adjusted EBITDA rose 78% from last year, totaling $10.9 million this quarter, largely due to its transition to a cloud-only business model.

• Net income and earnings per share stood at $2.3 million and $0.23,respectively, for Q1.

• The company projects at least $10 million in free cash flow in 2024 and expects 2025 to be even better.

Business Progress:

• Synchronoss continued its transition into a global cloud solutions provider, focusing on high-margin personal cloud services.

• Cloud subscribers increased by 7% and relationships with Verizon, AT&T, and SoftBank continue to be central to growth and subscriber acquisition.

• A long-term contract with Verizon ensures 75% of total revenues come from contracts of at least four years.

• Synchronoss is expanding its role with SoftBank, driving cloud subscriber growth.

• Technological enhancements were announced like auto scaling, which adjusts the capacity of the personal cloud platform according to varying demands.

• Synchronoss launched enhanced plans within its Personal Cloud Platform to allow telecom operators to offer tiered service models and foster subscriber growth and customer retention.

More details: Synchronoss Technologies IR

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