Synchronoss Technologies, Inc. (NASDAQ:SNCR) Q3 2022 Earnings Conference Call November 8, 2022 4:30 PM ET

Company Participants

Jeff Miller – President and Chief Executive Officer

Lou Ferraro – Chief Financial Officer

Conference Call Participants

Josh Nichols – B. Riley

Operator

Good afternoon. Welcome to Synchronoss Technologies Third Quarter 2022 Earnings Conference Call. Joining us today are Synchronoss Technologies’ President and CEO, Jeff Miller; and CFO, Lou Ferraro.

Following their remarks, we will open the call for your questions. Then before we conclude, I’ll provide the necessary cautions regarding the forward-looking statements made by management during this call.

I would like to remind everyone that this call will be 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. Sir, please proceed.

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 third quarter ended September 30, 2022. A copy of the press release is available in the 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.

As just mentioned, joining me on today's call is Lou Ferraro, and as many of you may have seen, we announced last week by a press release that Lou has officially been appointed our Chief Financial Officer. For additional context, Lou has capably led the finance operations since his interim appointment a few months ago, but even before that, he has been integral in architecting and implementing many operational enhancements and financial improvements for the business, including his industry background, we believe Lou is an ideal fit to lead our finance and strategic planning efforts as we execute on our profitable growth cloud-first strategy.

So as we begin, I wanted to formally congratulate Lou on this well deserved recognition. I'll start with a review of recent updates and highlights before turning it over to Lou to discuss our financial results for the quarter. After that, we'll take questions.

From a high level, in Q3, we continue to successfully execute our cloud-first strategy resulting in another period of solid progress of subscriber growth and cloud invoiced revenue growth contributing towards our long-term revenue and profitability goals. Additionally, we took proactive steps to preserve our profitability and cash flow generation with operating income improving $12 million year-over-year to a positive $1.3 million and net loss improving approximately $55 million in the first nine months of the year.