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On Thursday, 22 May 2025, Synchronoss Technologies (NASDAQ:SNCR) presented at the Sidoti May Micro-Cap Virtual Conference. The company emphasized its strategic focus on cloud solutions for global service providers, highlighting both its financial achievements and future growth opportunities. While Synchronoss reported robust recurring revenue and subscriber growth, it also acknowledged challenges in client acquisition timelines and market penetration.
Key Takeaways
- Synchronoss met Q1 2025 revenue consensus at $42.2 million and exceeded EBITDA expectations.
- The company aims for double-digit growth through new client acquisitions, targeting at least one new client by year-end.
- Synchronoss is in discussions with T-Mobile, seeing it as a major opportunity in the U.S. market.
- The company reported a 93% recurring revenue model and a 3.3% increase in cloud subscribers.
- An IRS tax refund of over $28 million is expected in 2025, enhancing financial flexibility.
Financial Results
Synchronoss reported Q1 2025 revenue of $42.2 million, aligning with analyst expectations. The company’s EBITDA surpassed forecasts at $12.7 million, with EBITDA margins remaining steady at 30%. Synchronoss’s revenue guidance for 2025 is set between $170 million and $180 million. The company also highlighted a 93% recurring revenue rate and a 3.3% growth in cloud subscribers. An anticipated IRS tax refund of over $28 million is expected to bolster cash flow in 2025.
Operational Updates
Synchronoss maintains long-term contracts with major clients such as Verizon, AT&T, and SoftBank. The company launched its cloud solution with SoftBank in November 2023, achieving a 1% penetration rate. Additionally, Synchronoss is integrating its cloud solution into the My Verizon app, enhancing customer engagement. The company is actively pursuing opportunities with T-Mobile, identifying it as a significant potential client in the U.S. market.
Future Outlook
Synchronoss is focused on achieving double-digit growth by acquiring new clients and expanding within existing customer bases. The company aims to secure at least one new client by the end of the year, with an eye on T-Mobile as a key target. Synchronoss plans to leverage its cloud solutions to enhance customer retention and expand through retail channels. The company is optimistic about replicating its success with Verizon in its partnership with SoftBank.
Q&A Highlights
During the Q&A session, Synchronoss addressed its growth strategy, emphasizing the importance of new client acquisitions and market penetration. The company acknowledged ongoing discussions with T-Mobile and highlighted the need for a compelling value proposition to attract such clients. Synchronoss also clarified its decision not to pursue share buybacks in the short term, focusing instead on reinvesting in growth opportunities.
For more detailed insights, readers are encouraged to refer to the full transcript.
Full transcript - Sidoti May Micro-Cap Virtual Conference:
Anya, Senior Equity Analyst, Sidoti: So this is a senior equity analyst here at Sidoti. And next up, we have Synchronoss Technologies, as I mentioned. We have Jeff Miller, the CEO with us today. We also have Louie Ferraro. He’s the CFO.
This is gonna be, conducted as a presentation by management followed by q and a. And if you would like to submit a question, you can do so in the Q and A function at the bottom of your screen, and we’ll address them after the presentation. And with that, I’m happy to hand it over to you, Jeff.
Jeff Miller, CEO, Synchronoss: Terrific. Thank you, Anya, and thank you to the Sidoti team for once again assembling a very productive conference for us. So welcome and thank you very much for joining us. My name is Jeff Miller. I’ll introduce you to Lou Ferraro here in just a minute, but we’ll have an opportunity to introduce you to Synchronoss.
We are a software solutions provider that serves the community of large global service providers with a cloud solution that they use as a value added reseller or as a value added service to drive revenue and customer retention. Lou and I as leaders of the team have worked in, worked with or represented some of the largest global service providers in the marketplace and we are a microcosm of the broader team that we have here at Synchronoss. But all of us have understood the ecosystems in which we our our customers represent and then how we serve them reflects the fact that we have an understanding of what drives them, what motivates them and what’s important for their business. And that gets us into it to an introduction of what Synchronoss is. We are a personal cloud solution to allow consumers to back up their digital content, their photos, their videos, their files in a repository that is safe and secure.
And for our clients, the global service providers, we allow them on a white label basis to apply their brand name. So in the marketplace, consumers know us as Verizon Cloud or AT and T Cloud because we serve two of the largest operators in The United States. In in Japan, for SoftBank, we’re known as Anshin Databox, which means peace of mind in Japanese. And in all of those circumstances, we allow our customers to drive new subscription revenue and create an element of better customer retention to reduce their customer churn. We’ll introduce you more to it along the way.
Synchronoss is a business that’s been in operation for twenty five years. But over the last four years, as Lou and I have taken over leadership of the business, we have focused on our cloud solution. During the history of Synchronoss, we’ve offered a wide array of software solutions mostly targeted at the service provider community. But we have found over that period that in the last few years, our cloud solution was the best with opportunities for growth. It had the best operating financial structure.
So we prioritized other businesses to be optimized and sold, leaving us in 2024 with a focus as a pure play cloud business. Today, our cloud solution adds 50,000,000 new photos to the libraries of our subscribers every day. And we serve over 11,000,000 subscribers globally across the brand names that you see at the bottom of this page. Those companies represent in total over 400,000,000 subscribers. So as you can do the quick math, we’re just over 2.5% penetrated on the customers that we currently serve, leaving us a great foundation to continue future growth by more adoption of the cloud solution that’s provided to their subscriber base.
And the reason we’re relevant and important is because we’ve generated over $3,000,000,000 of top line revenue for them over the last number of years. That $3,000,000,000 is also at a healthy margin. So as a result, this is a business that they want to promote. In the case of Verizon alone, in 2024, they generated over a $05,000,000,000 in revenue from Verizon Cloud. Our team that serves them is globally deployed just as our customer base is globally deployed with about seven fifty employees in the company in The United States here at our Bridgewater headquarters, but also with our large development center in Bangalore, India, our development center in Dublin, Ireland and our presence in Japan serving our SoftBank client.
To bring us close to the metrics of our business for 2025, we’ve just recently reported Q1 earnings, which met the revenue consensus, beat the EBITDA consensus and continued to demonstrate 3% plus subscriber growth on the 11,000,000 subscribers that we have. Our business also is quite predictable in its revenue streams. And in Q1, we delivered 93% recurring revenue and that’s because of the subscription model in which we participate. We also have great visibility to the long term nature of our relationships with our clients with over 90% of our revenues entering 2025 under long term contracts, three years or more. Our guidance for the year is 170,000,000 to $180,000,000 in revenue and EBITDA of 52,000,000 to $56,000,000 so therefore EBITDA margins now at 30%.
As I mentioned, we followed a strategy over the last number of years to refine the focus of the business all on our cloud business. And as a result, we are a pure play cloud solutions provider today, which delivered revenue growth of 5.9% last year and improvements that such that in Q4 we had EBITDA margins of 30%. We repeated those types of metrics in Q1. And as I mentioned to you earlier, we’ve got very nice contracts in place with Verizon till 02/1930, with AT and T in December, they extended their contract for another three years. SoftBank is under a five year agreement and SFR also in Q4 of last year, our French customer extended their relationship with us for three more years.
We also are benefiting from the tailwinds of the market dynamics of personal cloud growth. People are capturing more photos and videos all the time and they want to share those. That creation of new ingest needs to be protected someplace and the best place for it is in the cloud. And as such, we participate in a broader market that’s growing at nearly 20% a year. And we’re simply trying to capture a fair share of that under the brand names of our customers.
We’re also seeing adoption of multiple clouds by over 50% of the subscriber base out there. People using them maybe for dual purposes or candidly to have a backup solution for their backup. Yet still 27% of subscribers in the market do not back up their digital content, not through a subscription service today. So we believe there is ample opportunity for continued growth and adoption of our solution as this market continues to expand and grow. Now I mentioned some of our clients, the most recent of which we launched was SoftBank.
That was in November of twenty twenty three, so we had a full year of operation in 2024. And as we shared with the market, we have over hundreds of thousands of subscribers that have now adopted that in its first year of implementation. But that still leaves us with less than 1% or just about 1% penetration of their 50 plus million subscribers. So we believe this is going to be a vector for growth under the Anshin Data Box brand name for many years to come. And we haven’t even started to tap their messaging base of subscribers under their LINE brand, where they have 90,000,000 subscribers.
So there’s a lot of potential for our growth with our US based customers like Verizon and AT and T, but certainly in Japan, we have a similar opportunity. Now again, personal cloud may mean a lot of things to a lot of people. But in our case, we are capturing your digital memories, your most precious digital content. And then we create an inviting environment interface for you to relive those memories and to want to share those. And we put them in the form of albums so that we organize them on your behalf.
But, yes, there are other players in the personal cloud space. So let me just describe why Synchronoss stands apart. First, we are agnostic to the operating system that you might use on your device. So Apple customers, Android customers, all welcome into the Synchronoss personal cloud, allowing our customers to give choice to their consumers to select the device that they wanna use at any given point in time. Or in the case of a family that might have a combination of Apple or Android devices, allow them to have a single cloud repository that can handle both of those operating systems without difference.
We also extend ourselves to tablets, desktop computers, or any end device. So therefore, if you’re working in a Microsoft operating system, it’s just as easy for you to back up and access your content from any place. We also provide a digital protection for your digital content that we think differentiates us from the marketplace. There are many consumers who are suspect or question what happens with the advertising or the other monetization of their digital relationships with firms like Apple and Google, and their relationship with their carriers, one that’s often and long time trusted. So we leverage that relationship as a means by which to protect their digital content, and we do not in any manner monetize that digital content in any way beyond the subscription service itself.
And then we even go beyond that for digital protection, where certain elements of your library that you get to select can be put behind a biometric or password protected private folder, allowing you to treat certain documents that you might want to have proprietary and not even shared with others in the family, put in their own separate repository. We also organize the data, utilizing our technology and AI to better put you in a position that you can find the photo that you want when you want it. And then we’ll present that content back to you in a manner that’s inviting and engaging. It might be a memory of your pictures over the years of the same person or the vacation that you just enjoyed in the last trip you took to Europe. We also made an enhanced announcement today, earlier today, on the latest recently release of our solution.
That even more personalizes the content and the memories that we present back to you, inviting you to engage in the application and to share that content with others. We’ve also introduced the opportunity for you to look at it from a view of the map on the world. So if you don’t remember when you took a photo, you will remember where you took it and you can go search on your photo library in that manner as well. Now, I’d like to give you a quick glimpse into what the experience digitally is for our subscribers. So what you’ll see here is an animation of what an AT and T subscriber would get as they power up the latest Samsung device.
They’re immediately greeted with an invitation to take advantage of a free trial offer of the AT and T cloud. And if they take advantage of that, which many do, you could quickly personalize it with your name and a photo and then select the digital content classes that you’d like to back up in your cloud. And then immediately, we will start taking the content that’s on the device and backing it up in our cloud solution. So that even if you lose that device tomorrow, that digital content will always be there. You can access it from any device from any location.
Then we organize the data and present it back to you in the form of albums or curated slices of your content library that you we think and machine learning would tell us you’re most likely to want to engage with. And that allows you to get what you want when you want and in a more visually enticing manner than just a list of all of your photos. We also organize the data in a manner that allows you to search on it very simply. And if you want, therefore, to capture all of the items that of the pictures of your friend or wife, you could do so by name or you could do so by topic. And we utilize the metadata, the information that’s on the photo itself to allow you to search the device or to search that content in any manner that you like.
And if it’s not by name, it can be a subject where you can organize it by those subject matters or even search such that all the photos I wanna capture which have turtles in them, I can go quickly search those and pick the one that I want or by calendar or as I mentioned, by map. All of these are just ways for us to allow you to engage and interact with the application, which makes this a stickier experience for their relationship with their service provider. And of course, everyone’s talking about AI and machine learning. We utilize it and actually put machine learning and AI and generative AI in the hands of our consumers. So you can take a photo you might have taken years ago and apply a filter to make an anime version of that, which our Japanese customers have found very appealing.
You can also take three d versions or sketch versions or, versions that are not unlike a Van Gogh picture and apply that kind of filter to make your old more new and more inviting you for you to and and to share it with other third parties. All of this is to get more engagement in the platform and to create a sticky experience. Lastly, I wanna mention the fact that we have a multitude of ways for our app to be discovered through digital channels like I just showed you with the AT and T example or through the retail stores and the retail sales representatives of our carrier customers, or through a wide variety of other avenues. Inside your My Account app, for example, My Verizon or My AT and T. We’ve most recently embedded our cloud solution into the My Verizon app, making one more avenue for a customer to discover the app and then engage and launch their own subscription relationship.
All of these are avenues that allow us to continue to drive continued expansion of our existing customers and create a business model that is profitable for our clients and one that we feel confident will replicate with other clients that we don’t yet have under contract to expand the reach of our platform in 2025 and beyond. Now to give you a little bit of sense of what our financial operations and performance is, I’m gonna turn it
Lou Ferraro, CFO, Synchronoss: over to Lou Ferraro. Lou? Thank you very much, Jeff, and good day, everyone. Let’s start with three macro level, performance items from our q one numbers. Jeff highlighted these, but let’s reiterate them.
Number one, we met our analyst consensus for the quarter of $42,200,000 in revenue. We exceeded analyst consensus by our EBITDA performance of 12.7, and our free cash flow performance improved when compared to the first quarter of twenty twenty four. Now a little bit more on the details. Our cloud subscriber growth of 3.3% and our 93.3 and our 93% recurring revenue provided substantial growth within our subscriber revenue category. That was slightly offset by the loss of the European customer that we lost in the fourth quarter of twenty twenty four that we announced previously during our year end earnings call.
From a margin perspective, our gross margin on a GAAP basis was over 70% and on an adjusted basis was 79%. And finally, our EBITDA margin for the quarter was at 30% and that is something that we’re very proud to see us do for the second consecutive quarter. I will note that our net loss for the quarter, was solely the result of the reevaluation of our intercompany payables and receivables, where we reevaluate those as required on a quarterly basis versus the strength of the dollar between our legal entity businesses in The US, Ireland, and in India. Now our EBITDA performance has really been driven as a cloud only business by our revenue growth and very vigilant cost management. When we became a pure play cloud company in the fourth quarter of twenty twenty three, we took a number of actions to make sure that our cost structure was indicative of a SaaS based cloud performance company.
Those included rightsizing the organization, making sure that spans of control were increased, layers of management were decreased, and overall, a very strong vigilance on vendor cost management. That also was complementary to the movement we made years ago to get out of the hosting management of our own data center and take advantage of economies of scale offered by Amazon, Microsoft, and some of our own customers’ data centers where they house their own, experiences. Moving to guidance. As Jeff mentioned, our revenue guide is 1 70 to one eighty. Our adjusted EBITDA guide is 52 to 56,000,000, and our GAAP free cash flow guide is 11 to 16,000,000.
When you look at our overall financial performance, you’ll see that we are again experiencing very positive results that we expect for 2025, and that put us well in on path to hit the rule of 30 and rule of 40 outcomes in the coming years. One other thing to note, we are still waiting the receipt of our IRS tax refund. It is now approved by the joint committee, and we have recently been notified that that information is now current to us and that our payment will be received in 2025, and we have very strong confidence that that is what’s going to happen. Now let’s take a look at our our our history here and our trajectory into the future. When you look at where we performed in 2024, you can see that our ’25 expectations are very realistic.
Trying to grow to the $180,000,000 revenue level, recurring revenue, which we feel very confident about with the strong nucleus of our Verizon, AT and T and SoftBank contracts, margin profiles from adjusted gross margin and EBITDA, and a free cash flow of 11,000,000 to $16,000,000 Achieving those results puts us very well on our path to our two year to three year goals as indicated on the slide in front of you. And now I’ll turn it over to Jeff to recap this session.
Jeff Miller, CEO, Synchronoss: So as we’ve mentioned, we’ve been on a journey over the last few years to place a focus on our cloud business. The operating performance for twenty twenty four continued in q one of twenty twenty five is really what we’ve been striving to achieve for the last number of years. We also recapitalized our financial structure very recently and that puts us in a position where we’ve got line of sight for our capital support through the year 2029. Our focus now is to continue the ongoing growth of subscriber adoption with our existing customers and then bring more clients onto the platform as a means to further accelerate that growth in a business that’s already delivering strong gross margins, strong EBITDA margins and positive cash flow. With that, Anya, I’m going to ask you to come back and we’ll entertain any questions that we have along the way.
Anya, Senior Equity Analyst, Sidoti: Okay, great. Thank you. That was a great overview. And again, for the audience, if you would like to participate in the Q and A, you can submit your question in the Q and A function at the bottom of your screen. So let me start with couple of questions that come in, during the presentation.
So how long, will it take to go back to double digits growth? And please explain in detail.
Jeff Miller, CEO, Synchronoss: Yes. We are what we believe will be necessary to achieve double digit growth will be the addition of one, potentially two new clients to add on top of the continued growth that we have with our existing customer base in further penetration of their base. The timing on that is probably a year and a half to two years away, but we believe we’ve got the opportunity to do so based on the number of clients that we’re speaking with today actively that have given us enough confidence to say that we expect to sign at least one new customer in 2025. Typically, life cycle of those engagements takes time before they launch a new subscriber, offer into their customer marketplace, but that could be towards the end of twenty six, or into ’27.
Anya, Senior Equity Analyst, Sidoti: Okay. And does T Mobile have a service like this? If so, is it an in house solution or competing third party service?
Jeff Miller, CEO, Synchronoss: T Mobile today is actually, we think, missing a significant opportunity to take advantage of the opportunity of driving revenue customer retention that both AT and T and Verizon enjoy. They have chosen a path to leverage a relationship with Google to offer a Google One by T Mobile. However, in that situation, there is no stickiness. There is no reason for a consumer for a Google One that is the same Google One available at Verizon and AT and T to provide retention value for T Mobile. So we are in ongoing conversations with T Mobile to offer ways for us to get them interested in a T Mobile based cloud because they certainly do represent the biggest opportunity in The United States that we don’t currently have under our wing.
Anya, Senior Equity Analyst, Sidoti: Okay. And, please let us know if there are any plans to, do share buybacks to support the the lagging share price. And then also if you could provide more information about the IRS refund, other than what you did during the presentation.
Jeff Miller, CEO, Synchronoss: Sure. I’ll let Blue actually address both of those.
Lou Ferraro, CFO, Synchronoss: In in the in the short term, there are no, plans for any share buybacks in the in the short term. As it relates to the IRS refund, we filed under the legislation known as the CARES Act prior to 2024 in excess of in excess of $42,300,000 of refunds. We quickly received $14,300,000 of refunds. The IRS then decided that if you had received more than 5,000,000 in refunds, we would go into a or any company would, into an audit first, pay second status. In order to be paid, you have to go through a very vigorous process with the IRS that results in a full audit of the years in question.
Then you go through a phase called the tax computation specialist where they apply the tax code and make sure that your refund claims are in conjunction with the code as it applies. Once those two phases are done, it goes to an executive review in the IRS referred as the joint committee. We were re advised in writing by the IRS on March 28 that we had completed all three phases of that and that our refund claim tied to their numbers to the dollar, and we were being sent to the payment process in Ogden, Utah for receipt of refund. So we feel very strongly that we will receive this money in 2025. And on a serious note, we literally check our mail incoming into the company on a daily basis.
Anya, Senior Equity Analyst, Sidoti: Okay. And I have a a question, sir, about signing on other tier one, to customers and sort of sales motion there and and why it’s taking a a long to to announce a new contract. So maybe just talk about, the sales motion there. And, you you mentioned you’re talking to several, large customers. Right?
So
Jeff Miller, CEO, Synchronoss: We are. And we have, as I mentioned, geographically, we have client, very sincere client interest in The United States. We have, interest as well in the Asia Pacific market, likewise, in Western Europe and even potentially in Africa. So we have a multitude of dialogues going on. And the the situation here is one where it’s a key matter of prioritization on behalf of the prospects that we have in our sales funnel, if you will.
The prioritization is whether or not they wanted to enter themselves with their own brand name into this business model where they put their brand name on a cloud service as a new value added service. We have compelling references with Verizon, AT and T, and SoftBank, which have helped these conversations progress well. At the same point in time, you have to get into their IT billing cycles and all that to integrate and successfully launch them. That’s the reason why it takes time, and it takes quite a bit of time for them to contemplate the strategy to employ this. It took SoftBank actually well over a year to assess their alternatives and decided to jump in with Ancient Data Box.
Similarly, it took AT and T over a year before they launched in 2020. So the nature of these contemplations is not unusual, and they’re all all of these communications companies are juggling a wide variety of priorities. And as such, you just try to work to get that in. But we have enough irons in the fire, enough opportunities in the funnel that we feel good about the fact that we will land at least one new client between now and the end of this year, and then bring them on to add more subscribers to the base of penetration that we have with our existing customers.
Anya, Senior Equity Analyst, Sidoti: And what is your opportunity to grow and avenues to grow with existing customers?
Jeff Miller, CEO, Synchronoss: Quite terrific. As I mentioned, we are very lightly penetrated at SoftBank. The most recent client to launch, we’ve only penetrated about 1% of their subscriber base during the first year of operation. That gives us a tremendous base to continue to market to and communicate with. Plus in the case of SoftBank, we’ve not yet integrated our software as a preload as we have already done successfully with AT and T and Verizon.
So we’re working with them to curate that same kind of digital experience that I introduced you on AT and T in the case of SoftBank. So there are a lot of exercises or muscles we have not yet exercised there. In the case of AT and T and Verizon, we’re looking to use more of their retail channels as the means by which to sell the offering and complement their voice and data services. We’ve done more of that in recent quarters where our Verizon take rates are at the highest they’ve ever been through the retail channel as we finished 2024 and entered 2025. So that’s another avenue that candidly has not been the prime channel of customer acquisition.
We’ve also better digitally integrated our cloud solution for discoverability with Apple customers. And we’ve done that in the case of Verizon by completing an SDK or a software development kit integration of our cloud inside the My Verizon app. So almost all Verizon customers deploy and utilize the My Verizon app for customer care, for billing inquiries and so forth. So it’s a central highway that everyone passes through. We’ve now better integrated the cloud to be discovered there for Apple customers so that you don’t even need to download the application of Verizon cloud, and you can find and access and begin a relationship with Verizon cloud through that channel.
We also have expansion opportunities in their value segments, which are their prepaid brands. In their small business segments, Verizon just launched MyBiz, and in that, they have a Verizon Cloud perk. So as you can get a sense, there are a multitude of avenues with existing customers to continue to expand our reach and penetration, driving more subscriber growth and profitability for our business.
Lou Ferraro, CFO, Synchronoss: And and, Anya, maybe just to dimensionalize Jeff’s example at SoftBank. We we have said publicly today, SoftBank represents hundreds of thousands of customers at at just slightly better than a 1% penetration. So if they were to replicate or get close to replicating the Verizon performance, hundreds of thousands of customers to Synchronoss becomes a few million customers to Synchronoss. And and that’s why we feel very confident about a growth in an account like that.
Anya, Senior Equity Analyst, Sidoti: Okay. It’s exciting. Another question here is about the European customer that you lost and, how come you lost them, and did they switch to another third party? Or
Jeff Miller, CEO, Synchronoss: Yeah. Let me provide a little further clarification on that. Actually, it was a wind down of an eight year relationship on a legacy BT wireline cloud service offering. That was a business that they’ve chose to actually exit. BT, as you may or may not know, has gone through a submit significant transformation over the last couple of years.
They have a new CEO who’s been there a little over a year. They have a new chief commercial officer or the CEO of their consumer business and their business segment, and they have been retooling the entire business and consolidating significantly in the cost side. As part of that, they wound down a few platforms. This was one that, because it was only targeted at the wireline subscriber base, was one that did not have significant scale and wasn’t a significant contributor to us on a growth basis, but it did represent nearly $6,000,000 of annualized revenue. So they wound down that service offering, not at all as a result of any issues with the cloud service, but more a consolidation of platforms.
We are in ongoing communication with BT, I was there last week, because now with the new generation of leaders, they’re focused on their converged offerings of their broadband, streaming services and mobile with their EE brand. And we’re in dialogue about how we might be able to revisit a cloud offering that improves their revenue growth and retention as well.
Anya, Senior Equity Analyst, Sidoti: Thank you. We’re kind of out of time. I just wanted to conclude with asking, what do you think is sort of misunderstood with your story and and why why investors didn’t appreciate the good numbers you put out.
Jeff Miller, CEO, Synchronoss: And Yeah. It’s, one of it is I think that there is always an anticipation of what’s the next growth vector. So when’s that next logo gonna come in? And we have, as I said, confidence that we have a path to do that. We have a great set of references and reference accounts in a business model that we know can work.
So as a result, we just need to deliver on that expectation and promise. Next is people have been waiting to hear about this tax refund for years. And the lack of that tax refund caused us to actually refinance more money than we would have liked to have refinanced if we had received that $28,000,000 plus interest. And that also came at a slightly higher interest rate because the last time we refinanced our capital structure, interest rates were at a much lower level. So those contributing factors we think are items that are causing people a little bit of pause.
But when you deliver on the numbers that you said, that you expected to deliver and shared at the end of Q4 and in our earliest communication at 2025, a little bit puzzling to us, so we’re gonna just keep on communicating the strength of the business, the profitability of the business, and the long term nature of our relationships with our key clients.
Anya, Senior Equity Analyst, Sidoti: Okay. Thank you. And we’re actually out of time. So I wanna thank you, Synchronoss, for joining us today and everyone who participated. And I want to I know you have a full one on one schedule, but if anyone wants to catch up with management team, we can squeeze you in outside of the conference maybe.
So reach out to us or to the management team directly. With that, I’ll hand it over to you, Jeff, for some concluding remarks.
Jeff Miller, CEO, Synchronoss: Yes. Again, Anya, I’d like to thank you and the Sidoti team for creating a platform such as this that gets us access to tremendous investors. So we appreciate the fact that you’ve invested time with us. And for those of you who joined the call today, thank you for getting a better understanding of where Synchronoss is today and the business that we’ve transformed and now the trajectory we have for future success. Have a great rest of your day.
Anya, Senior Equity Analyst, Sidoti: Great. Thank you. Thank you, everyone.
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