Synchronoss Technologies, Inc. (NASDAQ:SNCR) Q2 2023 Earnings Conference Call August 8, 2023 4:30 PM ET

Company Participants

Jeff Miller - President and Chief Executive Officer

Lou Ferraro - Chief Financial Officer

Operator

Good afternoon, and welcome to Synchronoss Technologies Second Quarter 2023 Earnings Conference Call.

Joining us today are Synchronous Technologies' President and CEO, Jeff Miller; and CFO, Lou Ferraro. Following their remarks, we will open the call for questions. Then before we conclude, I will provide the necessary cautions regarding the forward-looking statements made by management during this call.

I would like to remind everyone that this call is being recorded and made available for replay via a link in the Investor Relations section of the company's website at synchronoss.com.

Now I would like to turn the call over to Synchronoss CEO, Jeff Miller. Please go ahead.

Jeff Miller

Thank you, operator. Welcome, everyone, and thank you for joining us today. After the market closed, we issued a press release announcing our results for the second quarter ended June 30, 2023. A copy of the press release is available in our Investor Relations section of our website and I encourage all listeners to view our release for additional information on what we'll be discussing today.

I'll start with a review of our recent updates and highlights before turning it over to Lou to discuss our financial results for the quarter. Then we'll open the call for questions.

From a high level, our core cloud business demonstrated continued resilience in the second quarter, highlighted by strong subscriber additions, invoice cloud revenue growth, and improved cash generation. Our performance was punctuated by the significant multiyear renewal with our largest customer, Verizon, through the year 2030, which we announced a few weeks ago. And I'll share more details on that agreement shortly.

We've also made great progress towards the launch readiness of Synchronoss Cloud and the international Tier One operator, scheduled to debut later this year. Having surpassed a milestone of 10 million global subscribers in recent months, we are continuing to see strong demand for our cloud solutions across the entire customer base, and we're looking forward to expanding our market reach through ongoing sales funnel activity over the coming quarters.

These achievements, combined with our strong operating results collectively reaffirm our view that of the promising future of the growth trajectory of our cloud business. Financially, our performance in Q2 aligned with our expectations, increasing our confidence in achieving our financial targets for 2023.