Good morning, everyone. My name is Aashi Shah, I'm an analyst here at Sidoti, and I have the pleasure of having Jeff Miller, the CEO and Co-Founder of Synchronoss Technologies, and along with him we have Lou Ferraro, the CFO of Synchronoss Technologies. We have about 30 minutes today, including the Q&A after the presentation. If you have any questions, I request you to submit them at the Q&A function at the bottom of your screen. With that, I will hand it over to you, gentlemen. Thank you very much. Good morning, and thank you for taking some time to get acquainted with Synchronoss Technologies. Again, my name is Jeff Miller, and I'm the CEO of the company. We'll quickly introduce you to the business, talk a bit about the financial makeup of the company as well. At Synchronoss, we're a software platform provider, and our software solutions are bringing cloud-based solutions to mobile and wireline subscribers around the globe. We provide our solutions mostly to global service providers. We then provide that offering under their brand name to their subscribers. And the reason they do that is because we drive revenue growth for them, and we drive reduction in customer churn. That's the prime value proposition. Of course, today we'll share forward-looking statements, and I think you're all familiar with that. So with that introduction, let me get you introduced briefly to our team. Lou is here with me today, and the two of us are a microcosm of the leadership team of Synchronoss, with decades of experience either working inside of telecommunications or mobile communications operators or serving them by providing solutions, as I did for 16 years when I was at Motorola, providing solutions to all the U.S. operators and those around the globe. Lou similarly has experience both at AT&T, Verizon, Comcast, and other service providers, and the rest of our team has experience for decades of providing tightly integrated software solutions that work in the complex IT environments and security environments of our mobile and wireline carriers. Just to give you a brief overview of the company today, we're a new Synchronoss in 2024, but what we have is large scale in providing cloud solutions providers. We have of the customers that we serve, they represent over 400 million subscribers globally. And of that large base of subscriber populations, today roughly 10 million, a little over 10 million subscribers utilize our platform to back up and secure their digital content. That content is massive. Over the period of time that we've been in the Cloud business, we have now captured over 200 PB of data that we protect, organize, and allow our subscribers to access at any point in time from any device and any operators, any operating system. The reason we're relevant to the mobile service providers is because we drive high revenue per user. And in fact, we've generated over $2 billion of top-line revenue for our clients. As an example, Verizon in 2023 alone generated over $400 million of top-line revenue by reselling the Verizon Cloud. That's all enabled by Synchronoss Technologies. The cast of our customers are brand names that you're well familiar with in both the postpaid and prepaid mobile worlds and fixed-line providers like BT or Frontier. To get you current, and we just announced earnings in the last 48 hours, our company has provided consistent subscriber growth on our cloud platform. We announced in fiscal Q1 a 7% year-over-year growth on cloud subscriber adoption. That is the latest of 16 straight quarters of growth that is 7% or greater. As a result of that continued growth in our subscriber adoption, our revenue hit a new milestone in fiscal Q1 as well, that 91% of total revenues were recurring revenue made up of that subscription revenue. Of the clients we serve, the vast majority of our clients today, over 75%, have commercial agreements in place with us that last still more than four years from today to protect your expectations on future revenue driven by our customer relationships. In our current year plans, we've outlined expectations of $100 million-$175 million as the range of top-line revenue that represents a 5%-8% growth year-over-year. On the EBITDA side, we've set a range of $42 million-$45 million as an expectation, representing significant growth over $31 million on the comparable period for 2023. Our first quarter results also reflected significant progress in the EBITDA arena, with a $10.9 million contribution of EBITDA, a 78% year-over-year increase from the prior year. Now, we've been very thoughtful over the last three years to prioritize our Cloud business. And in fact, any other product and software solution within our portfolio, we have optimized for profitability and prepared for sale. We therefore took the last step in the fourth quarter of last year to sell our Messaging and NetworkX businesses, which represented over 25% of our revenue. We sold those to Lumine Group for $42 million in November of last year. That has left us and positioned us exactly where we wanted to be as a pure-play cloud provider entering the new year, with great dimensions of strong customers backed by strong contract and a predictable revenue stream. So we find ourselves in a situation with a cloud approach and recurring revenue as the anchor for our business and revenue stream, a platform that plays well in the United States, Western Europe, and in Asia, and therefore can be globally applied to other operators as we expand our reach. The name of our game is continued subscriber growth through digital channels and retail channels and other access points to introduce our proposition to the subscribers of our customers. And you'll see that we've had a financial track record under Lou's financial leadership of optimizing our financial performance, best evidenced by the fact that immediately after the divestiture that took place in the fourth quarter, we removed an additional $15 million plus of annualized operating expenses out of the company. That also was evident in our net income performance for the first quarter, which was a positive $0.23 per share. Now, everyone talks about cloud, but what is cloud in Synchronoss's vocabulary? We are providing a consumer-based solution that is most often accessed by a mobile device, but equally accessible from a desktop computer, a tablet, or Android or iOS operating systems. To give you a sense for what this experience is like for a consumer, let me just give you an example of how an AT&T client gets introduced to our solution or the AT&T Cloud it is branded, and they're done so through a digital onboarding process that provides them access to a free trial. Once they take advantage of that trial, they immediately are invited to personalize the experience of their interaction with the AT&T Cloud. They can apply their photo, they can apply their name, and then select the content classes that they would like backed up in their personal cloud, in this case, photos, videos, and contacts. Then immediately we begin backing that content up from the device itself into the cloud to make sure that it is securely protected independent of that device. Even if they lose that device in the next taxi ride, they can access that content and know that it's protected forever. Then we create a visually stimulating interface that allows you to look at, interact with the content itself. We organize it in a very simple way through dates, or we place it into albums that we curate on your behalf and present back to you, allowing you to interact with that digital content in whatever simple manner that you'd like. We also find it critical as the proliferation of digital content is captured to make it easily organized for access and recovery. So as a result of that, we use the tags and the metadata inside the device to allow you to search, search based on the visual people that you know, or search on topics that you like, and we'll organize the information and photos in that manner so that you can search on something as obscure as turtles, and we'll bring forth all the content that you have in your library that has metadata associated with turtles. And if you don't like that approach, we can do it by calendar. We can do it by location, allowing you to interact with and engage with your content in a manner that you find interesting and exciting. To make it more exciting, we're employing artificial intelligence to take damaged photos and repair them, or black and white photos and colorize them, allowing you and inviting you to engage with your content and making it more dynamic over time. You can even apply filters to put a watercolor palette on top of a photo that you've previously taken, creating essentially a brand new piece of art. All of this is to try to manage both effectively, securely, and efficiently your digital content. And then the key for us is to make sure that you're invited to engage and interact with that content. So we will curate on your behalf highlights and flashbacks so that you're pushed messages to engage with that content over time and encourage equally to share it with other third parties and invite them to interact with your same content cloud if you choose. So that gives you a quick introduction of what we do to interact with our subscribers. But the reason we're so bullish on the future of our company and the area in which we compete is because today only about a third of subscribers are paying for a digital monthly subscription to protect their digital content. That leaves a massive amount of precious content vulnerable for loss or not being captured in the way that you expect. And we've seen based on our evidence that only, you know, there are a number of people who do not back up any digital content, but almost everyone is willing to pay to make sure that they recover the lost files, the last voicemail, the lost messages or photos if they were to have that vulnerable to loss. So we see a tremendous growth opportunity in this segment, and we believe that the mobile and fixed-line communication operators are a great and natural provider of this solution to their end subscribers, both because they already have a digital relationship and it's a trusted relationship, and in some cases it's trusted more than a relationship with an Apple or a Google, because we do not monetize digital content in any secondary manner, which is sometimes happening with other forms of digital content providers. Our most recent addition to the Synchronoss family was the expansion of the launch of the SoftBank Personal Cloud in November of last year. They go by Anshin Data Box. That is the nomenclature of the SoftBank Cloud as introduced to their subscribers in Japan. Anshin means peace of mind. So that, as you can tell, the intent is to provide the consumer confidence that their digital content will be protected securely and always available to them from any device. SoftBank as a partner represents a massive new growth potential for our ongoing subscriber growth with over 50 million mobile subscribers. Beyond that, there are other mobile brands like Y!mobile. They're also the owner of the largest messaging application in Japan known as LINE. So that's a WhatsApp comparable solution that proliferates across the Japanese community. All of these operators or all of these subscribers are now available or getting available the Anshin Data Box, and we believe will drive significant growth for us over time. In Japan and across our operators in both North America and Europe, we have a vast number of channels to communicate with subscribers to both attract new customers and to keep the ongoing dialogue of existing clients to engage with their application, whether it's mobile or through digital channels or even in the home through their home router. In the home, because there's such a proliferation of digital devices, we are seeing this as a growth avenue for us for more content capture for all of your in-home devices, whether it's your PC, your mobile device, or even IoT device where you might have a home camera. The prospects for our business, we think, are also validated by the size of the overall growth in cloud computing expected in the country. This is a U.S. version only, but as you can appreciate, there are substantial opportunities for growth for a company such as ours that's early in its adoption and proliferation of our solution set. Now, to give you a little bit more on the financial makeup of the company, we're going to turn this over to Lou. Thank you, Jeff. Let's look at our performance on revenue first. As Jeff mentioned, 91% of our revenue was recurring in Q1, and that was our highest quarter in history for the company. We've had 16 consecutive quarters providing the foundation for our revenue growth built on subscriber growth of our key cloud customers. For this quarter, we also returned to GAAP revenue growth of 2.4%. And all of this is anchored on the long-standing relationships we have with our anchor cloud customers, AT&T, SoftBank, and Verizon. When you look at our financial performance from an EBITDA or a profitability perspective, you can see looking at our business on a cloud-only basis, we have substantially improved the trajectory of our EBITDA performance, ending last year at just north of $31 million. And with $10.9 million delivered in Q1, we feel very strongly about our $42 million-$45 million EBITDA guidance for 2024. We've done this now by a vigilance with our cost basis. A number of things to note there. We have moved away from our physical data centers to third-party hosting arrangements to take advantage of the pricing and the commoditization within the hosting industry. We've also looked at how to streamline our operations as we became a cloud-only company, most notably by the last movement we made in Q4 of 2023, where we took an additional $15 million out of the business to right-size the organization to be a cloud-only company. Jeff touched on this earlier. When we look at our GAAP guidance for the year, revenue of $170 million-$175 million and then adjusted EBITDA of $42 million-$45 million, the revenue guide provides for growth of 5%-8%. The adjusted EBITDA is an improvement, as you might see, even on the low end of over $11 million. We are clearly a company positioned to achieve the rule of 30 on our way to the rule of 40. Finally, from a cash flow perspective, we improved to being cash flow positive in a low single-digit range at $2.4 million in 2023. That number will grow to $10 million, and we feel confident about that, especially after our first quarter results. We've changed the company, as we've mentioned. If you look at what our profile was in the years of 2020 to 2023 versus where we are today as a cloud-only company, it's returning to GAAP revenue growth. It's improving recurring revenue. It's getting to an adjusted gross margin of 75%+, which we were proud to achieve already in Q1, getting that adjusted EBITDA today in the 25% range, but moving into that 30% range and getting back to free cash flow fully levered into that double-digit range. And finally to close out, where are our key areas to focus in our operating model? Well, in the short term, we want to improve our operating model. That could be by redemption of our outstanding preferred shares or reduction in our outstanding baby b onds. As I mentioned, we've restructured the organization and are focused on our cloud-only business and producing free cash flow. Then from a longer-term basis, we're set to positively grow our subscribers, expand our global footprint, and then address our capital structure, really from improving our debt perspective as we move forward. Thank you. With that, I think we're ready to go to questions. If you'd like to take over the responsibility in that. Yeah, of course. Thank you for the presentation. And before we move on to the Q&A, I would like to remind you, if you have any questions, please submit them at the Q&A section at the bottom of your screen, and I am happy to ask them on your behalf. Until then, I will kick it off with one of the questions that I have. Like, we spoke a lot about the Cloud business. Can you tell us why did you choose to prioritize that business and divest from the other businesses that you have? Yeah, great. Essentially, we had a great collection of different product offerings that mostly served the telecommunications service provider market. But the financial dynamics of a number of those were less predictable, less recurring revenue as a makeup of total revenue. So we would see lumpier performance with license sales and transaction business that wasn't quite as clear. And candidly, the whole was not a greater output than the sum of the parts. So we didn't see as much synergy across those product lines. And the best and strongest, most reliable business was our cloud business with the greatest economics and the greatest value to our clients. So we've prioritized that over the last three years until we've landed that it is the sole focus of the company. Great. Thank you. And where do you have a better attach rate? Like, is it for Android or iOS? And what is the customer mix like? What% of the new subscriber growth is driven at the point of sale on a new device versus during the life of the smartphone in use? Great question. So we are more Android than we are iOS. In fact, the mix is roughly 85% Android, 15% iOS. Some of the dynamics that lead to that are the fact that we can preload our application, Verizon Cloud, AT&T Cloud, preloaded on the device as you power it up right out of the box, leaving the retail store or having it mailed to you. The other way that we get our customers on board, and this is to your second question, do we see what's the best way to get customers on board is through that digital onboarding process. The fact that you are walked in a curated walk by the operator sequence, as soon as you power up the device, you will be guided through a step-by-step flow that will invite you, if you don't already have cloud service, to take advantage of a cloud offer. It is usually during a device upgrade cycle or a new subscriber coming into an AT&T or Verizon that we will see that those new subscribers are added to the cloud service. We've taken a slightly different approach in Japan, where we're not yet onboarded as a preload to the devices. We're utilizing the in-store retail associates to sell their Anshin Data Box to existing and upgrading clients. So we have a bit of a mix of different channels to market, and then we communicate with clients through digital channels, typically once they've left the store. Great. And can you tell us, like, why would a subscriber choose your cloud over Apple, Google, or Microsoft? Well, one is we find that the carriers are often appealing to families, and families have diverse devices and diverse operating systems. So we can offer the agnostic nature of any operating system can be placed into a Verizon Cloud. And in fact, a family of five can have an unlimited amount of backup storage of their secure devices of any operating system, from their desktop computer to an Apple to an Android device, and create just don't worry about what your operating system is. And that's one key reason. The other reason why people will choose our solution versus an Apple or an iOS or an Android solution is because they trust their relationship with the service provider that they've had probably longer than they've had a Gmail account. As a result of that trusted relationship, that positions a carrier like AT&T to be in an excellent position to expand their relationship and the dynamics of their interaction with their clients. People trust that they're not going to do anything to monetize that data or that digital content and bring it back as an advertisement, because we are private by design in the way that we implement our cloud solutions. Great. Yeah, that totally makes sense. Can you please talk about the current sales pipeline and opportunities to win new business? Yes. The vast majority of our revenue stream, in fact, the entire set of financial expectations we've established for 2024, are anchored in the customers that we already have under contract with expectations to continue to grow their subscriber adoption. Beyond that, however, we have conversations going on with well over a dozen global service providers considering being the next customer to utilize the Synchronoss cloud platform. And why would they want to do that? Well, there are a number of companies in the United States that you'll all be familiar with that have gotten into the mobile business through an MVNO approach like Comcast or Charter or DISH. Those companies are now getting to the point where they have a critical mass of digital subscribers on their mobile service. But all they've been doing is acquiring new customers and not worried about retention. What they're also observing is that they're losing broadband subscribers. We represent an avenue to both generate incremental revenue for those companies, as well as to improve the customer churn, which will become increasingly important as their subscriber populations grow. That's true in the U.S., but those dynamics apply around the globe. Okay. Do you have sufficient financing in place to fund your growth, or do you need to raise more capital? I'll let Lou comment on that. Go ahead. We absolutely right now have the financing in place to fund our business. When you look at our overall capital structure, we have been able to pay all our obligations on a timely basis. Today, we are in the luxurious position of not needing to do anything in terms of our refinancing, which puts us in an advantageous position to potentially look at doing something. Three things of note. Number one, as I think we've discussed in the past and we've publicly disclosed in our earnings release, we have a $28 million receivable due from the federal government. We would put the majority of that once received late Q3, early Q4 to pay down our preferred obligation, which sits at about $60-$60.5 million today. But in the meantime, we are looking right now at what we could do to refinance that preferred obligation, not from an equity standpoint, but to see if we could replace it with a lower cost of capital security. And there are people who are aggressively looking to talk to us about that opportunity. Okay. And another question is, why do you think you are getting so little visibility from Wall Street? Well, the company has had some noise in its history. There was a financial restatement that took place in 2017 that was finalized and closed in 2018, but it led to SEC actions, shareholder lawsuits, derivative lawsuits. So there's some noise in the background. We've taken over as a new leadership team over the course of the last three years, and we have put all of that noise behind us. But it takes time to rebuild credibility. Plus, we've taken what was a rather difficult story to tell and understand in terms of what was going to drive the future of our revenue. And we have simplified it dramatically by virtue of divesting these non-core assets. And it's going to take some time for people to understand that. We think the company is utterly undervalued. Yes, we've had some nice response following the announcement of our earnings for the first quarter, but that's just the beginning. We've got a very clear line of sight to achieve our goals for 2024. And as a result, we think the company has a long way to go. Great. And are you pursuing opportunities for new markets in the U.S. or underserved international markets? Sorry. Oh, that's okay. The dynamics that make most sense for us to continue to pursue are markets that are not unlike the United States or Japan. And the things that make those good targets for us are that they are high average revenue per mobile user markets. In the United States, it's somewhere around $50 per month per user. When you have a subscriber base that is mostly postpaid with that kind of revenue per user, they're also highly likely to want to take advantage of additional value-added services and generate more revenue. But beyond that market and other postpaid markets, we are finding resonance in prepaid. So we're already successful with TracFone, AT&T Prepaid, Simple Mobile. As a result of that dynamic, we're seeing that the higher-end tiers of the prepaid market will be another area for us to serve and expand the cloud offering as it already is. We think there's a lot of growth potential there as well. Right. And so as you've spoken about the contracts, contracts are a huge booster to your sustainability of your business. So when you don't get contracts, what is the other revenue-generating option that you can pursue? Actually, all of our revenues are under contract. Everything we do is done typically through a multi-year agreement. What I was emphasizing by saying that 75% of our revenues are on contracts that have yet 4 years of length beyond is just to show that we have multi-year visibility on where the revenues are going to come from, from clients like Verizon and SoftBank who have 7-year and 5-year contracts, respectively. That's a great place for us to be. From an investor's perspective, the intent is to make you feel comfortable that while we have a dozen clients, they represent clients that we have very tight relationships with, and we have an application that is so deeply integrated into their IT and billing and security infrastructures that we're here to stay. Okay. And how much incremental sales opportunity do you have in 2025 if you're better integrated into My Verizon and My SoftBank, and where does that stand? Yes. So what we're integrating to speak to that capability is to take our cloud application, reduce it to a software development kit, which is sort of a mini version of the application, and embed it right into the My Account apps that are provided by our service providers to their subscribers. So that's a My Verizon application or a my AT&T or a My SoftBank. We are developing as a key priority for Verizon and SoftBank right now to complete the integration, which I think we'll have done by the end of the year. What I believe that does for us is gives us even better access to the operating system of folks of iOS because the My Account applications are even broadly distributed across Apple customers. If we're able to create a digital on-ramp through the my Account app, we think our Apple growth will extend and continue the kind of growth that we're seeing now, which is 5%-8%, and potentially accelerate it from there. Okay. Thank you so much. We're at the end of our time. So any last words that you want to give to the audience right here? As I mentioned to you, I have great respect for the Sidoti Organization for assembling a conference that brings together strong investors with great inquiries and great portfolios. We have found that to be the case again in this session. I commend you and your team, and thank you for the opportunity to participate. To the investors. Thank you so much. We feel like we're an area that you should get to know better, and we will make ourselves available and invite you to interact with us following today's session. So thank you again, and I always wish you a great rest of the day. Thank you. Thank you so much for taking the time and speaking to us today. Thank you. You bet. Bye-bye. Bye-bye. Bye.