Synchronoss Technologies, Inc. (NASDAQ:SNCR) Q2 2024 Earnings Conference Call August 6, 2024 4:30 PM ET

Company Participants

Ryan Gardella - Investor Relations
Jeff Miller - President & Chief Executive Officer
Lou Ferraro - Chief Financial Officer

Conference Call Participants

Jon Hickman - Ladenburg
Aditya Dagaonkar - Northland Capital

Operator

Good day, and thank you for standing by. Welcome to the Synchronoss Technologies Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today Ryan Gardella Investor Relations. Please go ahead.

Ryan Gardella

Thank you. Good afternoon, and welcome to the Synchronoss Technologies second quarter 2024 earnings conference call. Joining us today from the company are President and CEO, Jeff Miller; and CFO Lou Ferraro. By now everyone should have access to the company's second quarter 2024 earnings press release issued this afternoon, which is available on the Investor Relations section of our website. Today's call will begin with remarks from Jeff and Lou, after which we will host a question-and-answer session.

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 again that this call is being recorded, and it will be made available for replay via link in the Investor Relations section of the company's website.

Now, I'll turn it over to Jeff Miller, President and CEO of Synchronoss. Jeff?

Jeff Miller

Thank you, Ryan. Welcome everyone and thank you for joining today's call. In the second quarter, we continued to execute on our strategic transformation to a global cloud solutions provider, and we are pleased to announce strong results, including continued subscriber growth, acceleration in year-over-year revenue growth, and as we demonstrated in Q1 continued strong adjusted EBITDA and cash flow results.

We made additional progress on several fronts to strengthen our business operationally and financially, highlighted in Q2 by the successful repurchase of all of our outstanding preferred stock and some of our senior notes at a discounted price, which significantly improves our capital structure, increases our operational flexibility, and remove costs from our business, including a material reduction in our cost of capital.

Both Lou and I will make comments about this shortly. As we look ahead, we see a number of opportunities to drive additional improvements that we can enhance our growth profile, improve our profitability free cash flow conversion and strengthen our balance sheet.