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1. Synchronoss is like a white-label iCloud or Google Drive provider for telecom companies, enabling them to offer their own branded cloud storage to subscribers.

2. Synchronoss is like Shopify for telecom carriers' digital services, providing the platform for them to offer branded cloud storage, messaging, and other digital products to their customers.

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• Personal Cloud Solutions: These services provide white-label cloud storage and content transfer platforms for mobile carriers and enterprises.
• Advanced Messaging Platforms: Synchronoss offers platforms that enable communication service providers to deploy and manage rich communication services (RCS) and other messaging solutions.
• Digital Journey Platform: This platform helps communication service providers optimize customer acquisition, activation, and lifecycle management processes.

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Synchronoss Technologies (SNCR) Major Customers

Synchronoss Technologies (SNCR) sells its cloud, messaging, and digital products primarily to other companies, specifically large mobile network operators and communications service providers. The company's business model is Business-to-Business (B2B), providing technology solutions that these companies then offer to their own end-users.

Based on their latest public filings, the following are Synchronoss's major customers, each accounting for 10% or more of Synchronoss's total revenue:

• Verizon Communications Inc. (Symbol: VZ)
• AT&T Inc. (Symbol: T)
• BT Group plc (Symbol: BTGOF - OTC; primarily listed as BT.A on the London Stock Exchange)

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Jeff Miller, President and Chief Executive Officer

Jeff Miller was appointed President and Chief Executive Officer of Synchronoss Technologies in March 2020, where he has focused on driving growth and profitability through the expansion of the company's Cloud business. Prior to this, he served as Synchronoss' Chief Commercial Officer. Before joining Synchronoss, Miller was President for IDEAL Industries Technology Group, a century-old, family-owned business focused on smart commercial buildings. He also had a 16-year career with Motorola, including serving as Corporate Vice President and General Manager of Operations in North America for Motorola Mobility, LLC. Additionally, he spent five years as Executive Vice President of Sales & Marketing at Somera Communications and eleven years at AT&T, holding various leadership positions in Sales Management, Marketing, and Product Management.

Lou Ferraro, Chief Financial Officer

Lou Ferraro joined Synchronoss in 2018 and currently serves as Chief Financial Officer, having been appointed to the permanent role in November 2022 after serving as acting CFO. His previous roles at Synchronoss include EVP of Financial Operations and Chief Human Resources Officer. Before Synchronoss, Ferraro worked as a business consultant for the Populus Group, supporting Comcast Corporation. From 2014 to 2016, he was the COO/CFO of BrandYourself.com Inc., leading finance and operations during a period of significant growth. He also served as CFO of AWI/iMobile and CEO for the Magicpins.com business unit from 2010 to 2014, and as CFO of Vitaltrax.com from 2008 to 2010.

Patrick Doran, Chief Technology Officer

Patrick Doran has been with Synchronoss since 2002 and holds the position of Chief Technology Officer. He is an experienced executive in development, hosting, and managed services, with over 20 years of experience in the telecommunications industry, building products at scale. Prior to his current role, he served as VP of Development, Chief Architect, and Senior Software Engineer at Synchronoss. Before joining Synchronoss, he was a Senior Development Engineer at Agility Communications from 2000 to 2002 and a Member of Technical Staff at AT&T/Lucent from 1996 to 2000.

Christina Gabrys, Chief Legal Officer

Christina Gabrys serves as the Chief Legal Officer for Synchronoss Technologies.

Mina Lackner, Chief Human Resources Officer

Mina Lackner joined Synchronoss in 2016 as Senior Director, Compensation, Benefits and Payroll, and was appointed Chief Human Resources Officer in November 2022, after serving as acting CHRO. She has extensive experience leading global teams and developing, managing, and implementing global HR policies and strategies.

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1. High Dependency on Few Key Telecommunications and Enterprise Clients: Synchronoss Technologies faces a significant risk due to its high reliance on a limited number of major clients, particularly within the telecommunications sector. The top three clients account for 47% of the total annual revenue, and the telecommunications sector contributes 62% of the company's total revenue. The expiration of a customer contract in December 2024 also led to a year-over-year revenue decline. The loss of even one major client could substantially impact the company's financial performance.
2. Financial Stability and Debt Burden: The company has historically struggled with financial stability, largely due to its debt obligations. In Q2 2025, Synchronoss reported a net loss, primarily driven by non-cash foreign exchange losses and debt refinancing costs. The company also has a considerable amount of liabilities compared to its cash and near-term receivables, indicating an ongoing challenge in managing its balance sheet.
3. Macroeconomic Challenges and Intense Competition: Synchronoss operates within a dynamic environment susceptible to broader macroeconomic challenges, including tariffs, global trade tensions, and economic fluctuations. The company also faces intense competition in the cloud and digital transformation services market, which limits its market presence compared to larger technology service providers and presents ongoing challenges in sustaining revenue growth.

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The primary clear emerging threat for Synchronoss Technologies is the increasing trend among its core telecommunications customers to internalize critical software development and cloud infrastructure capabilities, or to form direct strategic partnerships with major hyperscale cloud providers (e.g., AWS, Azure, Google Cloud) and specialized SaaS vendors. This reduces telcos' reliance on third-party white-label solutions for core services like personal cloud, advanced messaging, and digital customer experience platforms, thereby shrinking Synchronoss's addressable market and increasing competitive pressure.

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1. Growth in Cloud Subscribers: Synchronoss Technologies has consistently reported year-over-year cloud subscriber growth, with 6.1% in Q2 2024 and 5.1% in Q3 2024, which directly contributes to its revenue. The company's personal cloud solutions are a core offering, and continued expansion of the subscriber base is a key driver.
2. Acquisition of New Customers, particularly Tier 1 Clients: The company is actively focused on expanding its customer base, with expectations to onboard a new customer by the end of 2025 and a Tier 1 customer in the first half of 2026. These new customer additions are anticipated to significantly drive future revenue growth.
3. Contract Extensions and Expansion with Existing Major Clients: Synchronoss has secured significant long-term contract extensions with major clients, such as a three-year extension with SFR, a key client with 27 million subscribers. The company also notes ongoing progress and strong subscriber growth with other major partners like AT&T, Verizon, and SoftBank, ensuring continued recurring revenue streams and potential for further expansion within these accounts.
4. Launch of New and Enhanced Product Features: Synchronoss is committed to enhancing its Personal Cloud platform through the introduction of advanced features. Recent upgrades include AI-driven functionalities such as "Memories" and "one-click AI-Enhanced Genius editing." These innovations aim to improve user experience and satisfaction, which can lead to increased adoption and monetization of their cloud services.
5. Strategic Focus as a Cloud-Only Business: Following its transformation into a cloud-only business in November 2023 through the sale of its Messaging and NetworkX segments, Synchronoss is now entirely focused on its higher-margin cloud solutions. This strategic shift is projected to drive revenue growth (forecasted between 5% and 8% for 2024) by streamlining operations and eliminating non-core costs, thereby improving overall business growth and corporate gross margins.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Synchronoss Technologies has had a 0.00% buyback yield from December 2020 through September 2025, indicating no significant common share repurchases during this period.

Share Issuance

• In June 2021, Synchronoss Technologies priced an underwritten public offering of 38,461,538 shares of its common stock at $2.60 per share, expecting gross proceeds of $100 million.
• The company granted underwriters an option to purchase up to 3,846,154 additional shares of common stock.
• The proceeds from this offering, along with senior notes and Series B Preferred Stock, were intended to redeem Series A Convertible Participating Perpetual Preferred Stock and repay its revolving credit facility.

Inbound Investments

• In June 2021, B. Riley Principal Investments, LLC agreed to purchase $75.0 million of Synchronoss' Series B Preferred Stock in a private transaction.
• In 2025, Synchronoss received a $33.9 million tax refund from the 2020 CARES Act, including $5.9 million in interest.
• Approximately $25.4 million of the tax refund was used to pay down an existing term loan.

Capital Expenditures

• Expected combined Capital Expenditures and Depreciation & Amortization (CAPEX/D&A) were estimated to be between $15 million and $20 million in 2024.
• The primary focus of recent capital expenditures and investments has been on AI-driven product innovation, new customer acquisitions, and strengthening its core cloud product.