SNCR - Earnings call transcript Q2 2018 | Synchronoss Technologies, Inc.

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Operator

Greetings, and welcome to the Synchronoss Technologies' Second Quarter 2018 Financial Results Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Brian Denyeau. Thank you, Mr. Denyeau.

begin. may You

Brian Denyeau

after afternoon, Synchronoss Good be you, welcome release and the today. Thank Second everyone. Quarter the issued press the Technologies announced We'll market XXXX to closed results you. in Thank the Earnings discussing Call.

today the Clark, Chief former David Glenn Lurie, new Chief Irving, Synchronoss' Chief Financial Financial Joining Executive call President of Officer me is on Larry Officer. Synchronoss; Synchronoss' and Officer; and

risk more we this that result future events. obligation make no a on on information statements are cause include on and and or may as for call forward-looking second will statements differ there references today, our undertake make from and our in other statements these environment the future be we results securities such and beyond forward-looking third expectations other forward-looking financial our the our as such press quarter Please position, risks we forward-looking laws, based filings are from of our operations and identified and During see our forward-looking about as statements based new relating by this business future uncertainties. SEC call, actual expect, for of it results business trends, federal statements within and we refer the half today's and Generally, market intend, prospects. specific release could discussion. prospects are currently believe, to of and to be anticipate, that on XXXX to Any of the words to these and the statements the including as meaning financial statements These factors statements assumptions materially opportunities expectations. as indications and prospects update certain that business earnings information considered to of that and

of can we conform these their Glenn. our on will to the earnings measures enhance measure certain that GAAP. will release. understanding in In measures press GAAP financial Glenn? the non-GAAP be the found of addition to addition the report non-GAAP call I to GAAP to measures believe today's over We that, to measure, non-GAAP turn the reporting, performance. descriptions U.S. Reconciliation of With do not

Glenn Lurie

you of you for Thanks, thank today. Brian. to And us all joining

a XX-Q are filing of us. And quarter restatement our added data, the implementing restatement our since results Before the quarter update questions I the strategic some years undertaking the have very of XXXX, and detail, of few call financials that effort we first review for addressing of various to complicated. the in would we and XXXX we X. second spend pure last related priorities our like and made more of to XXXX these financials and pleased the is held with financial concern The was massive have of on of plus onetime areas minutes ASC the that heard XXXX complexity XX-K key XXX and volume behind for we recognize the of I a that July may along fees

these like these lingering some team still month's the out to complexities, make do points. could update Accordingly, questions business did we I there. but will start be understand explain during Given I and there I opening best several and would the call, last to

second of the with margin rate EBITDA adjusted EBITDA the to positive generate to Synchronoss an expect and XX%. half exit cash and of we year XXXX free First, flow approximately in run

for point Second, second we in to quarter be generate half to revenue revenue XXXX the of second low represented expect sequential what the the growth as expect we in XXXX.

second spread and in cloud of meet $XX the million up greater expect will Fourth, XXXX during transition revenue restatement at prior sufficient point, benefit despite XXX. to liquidity a from over financial have QX fact due revenue our today will low the moments. revenue Fifth, will revenue only contracts. and we to ASC XXXX financial revenue our to of the Third, period approximately go a restatement half is to we our go grow by few have length into base from only detail of here, we we cloud the being which we obligations. the

do of also requests year. NASDAQ our with outstanding trading our we in this stock Synchronoss have future on bondholders in divestiture NASDAQ. we a common the multiple focused will resolved come have anticipate At next a well on any near do order process time, We success. in not finally, the line be time avenues we for to the is through to and information resolving more future. company discussions over repay occur, on has And lift the remain this suspension of positioned but will that this when restatement

positive Synchronoss significant Verizon, to free We honeybee enhance performance are platform will a will top acquiring have agreements signed and that we today, well type a focus significantly important contributors our with line on with strategic and generating growth forward. our with these substantial and long see flow. we'll to history on has to digital positioned Based profitability discuss while you initiatives. of what executing of also growth to going on be AT&T Sprint, of each our a experience cash return

third-party structure have our with cost As review a help been part firm. process, conducting leading we of a of consulting of this the thorough

have generate our implemented and substantial We initiatives million opportunities increase have in cost-saving continuing identified XXXX. we to of growth. over will to in date The efficiency, $XX expenses to savings invest while reduce

like additional update his anticipate of moments savings able to take note, time. provide approximately to in be ongoing, that this a detail half product of savings In greater review over addition, year the in will XXXX. further process will are generate identifying the and we annualized platforms. we in of cost-saving cost each an we'll to David Do section. cost actions will yield now incremental be discuss $XX I about would our in million second this few

as product have future and saw are increased We for number user that as a to The business. of subscriber created center a to value-added churn reduction cloud customer diverse provides a cloud that opportunities freemium cost by free, discussing outpaced exciting start subscribers I in have additional access but revenue will fortunate Carriers made growth. aided decisions portfolio strategic initially the a model by growing stickiness. the as service generated. also that and many gave possible creating carriers it satisfaction our

a phone increased content more rates. customers many be time, cloud valuable the caused at market as coming considered saw and smartphone backup exponential in During same on This grew to stored change content by the the has the restore from smartphone itself. than the participation

higher breaches misuses of data opportunity with safe absolutely best carriers model in made data to secure their hacks, reset have of an environment as an for customers the Synchronoss' to to a interest and seek These number carrier overall also created and is Prior services the is for also This their changes The to Additionally, at had premium for carrier, offering that end a the base our stream subscribers margin result subscribers business. globally a the new customer operating and for in their mind. carrier growing substantially of creating driving This content was data vital take number higher ARPU by delivering less experience seeing capital-intensive overall integrity, but while the of handset a the to and created support revenue deciding of are and customers a – our ownership offering. customers. much fewer overall, buy profitability. and revenue backup well an opportunity in meaning as cloud business, cloud simple, low a absolute media entire and the of growing cloud back or resulted and shift, subscriber compelling relationship, cost satisfaction subscribers loyalty. hosting, customer growing with both into

to have an partners it have decreased for our business. cost-effective to and cloud Synchronoss hosting we for and was As hosting. are, outsourcing improving options hosting increased, much hosting, is profitability in-house outsource its related cloud traditionally dramatically By storage therefore, more customers. to entire margins of our Synchronoss provider costs

true hosting higher one services and Reducing database our staying us a existing model that new stickier Synchronoss software the accounts. dependency better to hosting is for new is also and which revenue, the margins, provides subscriber opportunity Synchronoss are from gives and long-term strategy, and reoccurring company. our for We

creates generated run offering target for we our customers the reduction was carriers revenue helping us in selling as sell utilize which globally. value white-label given larger revenue third of that opportunities sequential model. our a largely cloud of and Synchronoss chain our is a for in year, is engagement, Overall, customers our rate, opportunity of business In in cloud provides in and which and subscriber growth and the comprehensive, new service for revenue. loyalty. generating revenue as quarter, reported stream a has end-user that profitable hosting the the well the starting new critically to begin now than this solution customer driving the point revenue needed improve wonderful Our incremental revenue revenue subscriber current cloud increase new first value-added the this be positions proof half out a way we to in Synchronoss premium Hosting directly of can will a our

standards, simply that contract we're are the is recognize spread minimum ratably life the over Under contract exceed accounting aggregate base three minimums of years. timing. values to of well. revenue the the cloud Volumes related required near-term impacting over to factor Another as and also the remaining

in beyond, the and reflect in point expect like do collect approximately In this sequential earlier we As million to our will a to cloud revenue year cloud. reiterate business. my treatment, this excited cloud of I and on we expect dollars we're XXXX in revenue $XX cash to we from in overall as growth opportunities very point recognize would result this that more than about summary,

premium among sales carrier We funnel than subscribers, strong of our are has larger trending is seeing been and of never it is which today. expectations opportunities adoption ahead

journey companies which to platform in digital we In a seamless to market, in Turning provide digital as to today's DXP. business, compete. customer TMT environment omnichannel or refer order digital have our to an experience

experience it's quite we isn't bundled companies exacerbated successful disparate many are of provide by channel their transformation transformation our for is offerings, DXP growth across integration a created represents opportunities. the in we and frictionless digital seeing key large activity, can digital elements in for M&A difficult execute actually to and are found all There imperative. inside With systems increase buzzword, customers platform these companies, any that those each For unify and point. platform, strategic billing A to any a single DXP honeybee, which that complete environments companies. the a have of legacy is digital systems four and TMT exciting touch to a

which experience additional for our complementary the deliver platform, and digital portal, system; and other to value-added back-end the an providers, across digital the ISVs which drive that services best-in-class that channels fulfillment is automates a value-added a our broker, digital entire providers, unify new offering experience which activation legacy unified offering customers workflows from omnichannel points; and abstraction customers; customer from helps enables experience touch throughout which drive data naming a by ISVs customer revenue services which layer customers experience interface helps journey. yet by digital and third-party additional to the Our which for product, self-care powerful, through other differentiated journey, is seamless enriches provides our and third-party honeybee is true carrier easy-to-use customer revenue

in concepts very both pleased platform. of discussing very forward reception potential the on to deals we And announcing with from you based currently new soon. new and and the and we customers of experience our are number with digital to have the several proof customers, look We reactions place with current

revenues game, vital for the with themselves. on Synchronoss’ drive to in advanced for these an that while biggest We are driving history with This incremental communication revenue in service, a Turning element a the experience announce for performance to deliver to was business while Messaging With and started today, The over in functionality footprint grow another transformation is a launched these this as key the the the Synchronoss’ messaging apps taken the key a quarter. significant new and opportunities functionality offering, to has second allows contributor messaging messaging each expect carrier up our I’ve revenue their carriers today, is groundbreaking like the and a Line taking Japan had in the first messaging platform is overall strong leading carriers world. along customer to of I’m to Messaging market will satisfaction. and to we other our scaled the strategy generating revenues Each customers, and themselves the messaging Japan These increase Messaging out with OTT – rise of carrier to time, applications expand platform messaging in described its business OTT, setting messaging WhatsApp, ubiquitous growth. current and and advanced offer. role to to a truly bite of above the unified the globally. to of RCS product also WeChat. excited our as partnership’s effort undergoing massive is our carrier and advanced incremental them in and expect our The messaging business. top, popularity disintermediation well part opportunities formed change we new be partnership our areas and continue in of positive using customers Japanese to rich continue of offering feature markets around

excited about growth this for IoT. We we’re believe long-term be Another pillar area of Synchronoss. will is next that particularly the

unique great a with data. have activate platform the that make cost year of to provide are problems. decisions non-traditional can suited real Strategic of We carriers state that advanced This will layer our we that great platform have, of improve capability effectively We present this and massive operating highly devices to able AT&T opportunities Smart the can cloud type believe is unique their and across of move growth we real-time a with across customers solve to We that ability announced is and example platform Cities a Alliance, and being a amounts of well business for. analytics this we store across the earlier and systems time. over a joined opportunity differentiated capabilities

to look with the We you have more a future. and forward IoT in growing pipeline of opportunities in sharing near

Synchronoss’ the June early Synchronoss, I as instrumental to announced years will to for of His the decision to talk in thrilled Before Synchronoss. To up, EVP in complete chief David forward. XX best tremendous I like continue Larry On company the XX Larry this with Synchronoss joined we to afternoon. of companies the going Clark of again with He to Finance. management David replacing publicly David behalf wrap thank appointed everybody was in financial is I’m has the with experience a and that consultative phone I Larry in and Irving, I’d the year officer. the engagement contributions new transition turned XXXX. from his re-retirement. want second I would and growth of about announce him has who like CFO, return industry. Board be been mobile to as in will helping to last summarize, to which related Directors at company has company. restatement the a almost is forward retiring profitability of his through to corner look us half partnering XXXX. will in all or company return process. the Synchronoss of wish the to financial Larry

messaging TMT with that engaging IoT customers. simple, Our customers digital, deliver is mission cloud, customers to to experience resonating and enable provide to platforms

David? deliver are Financial we call diligently strategic value on We’re in our to generate Chief now executing would financial Clark. Officer, to our improvements for on priorities, focused we significant our David shareholders. performance the confident return new With which like I and that, over our substantial will

David Clark

recognized two to into approximately people restatement $XX related recognized let of $XX.X quarter will following: quarter $XXX services the note onetime we our The SEC through filed and customer the an is a were stemming and previously that our receiving and guideline; meeting revenue was second of are many thank approximately on which results, presented would contract with look business years XXX the found I on you growth growth a relates related this related under strategic freemium excited to type the million to reconciliation turn primary that the to for items model as through I'll decline the $XX.X these these amortized be million next $X XXXX. from subscriber basis from products rarely down to $XX second approximately in in and you be the Revenue words. lead over our to $X of find. cloud have $XX.X the year-over-year our from revenue XXX been With customer Relations term one, Revenue the of Glenn, timing finally, drivers in has months required of contract XX-Q. of year compared Glenn. ahead. on transition. forward revenue of non-GAAP, of from can you, kind the revenue that, to site. which adjusting relationships quarter press to million restatement, compared was profitability. be a numbers XXX shortly and second results second transitioning of to executing million Thank the and by period. to the premium the release its in million me you professional million essentially quarter million year-over-year ago in prior which of all to the of of for revenue nonrecurring be Investor the in approximately a I'm help Cloud Please Synchronoss million our a XXXX and ASC basis financial $XX Synchronoss the and in stage million world-class discussed going

the We're reflects additions. from now restatement The in revenue related subscriber premium to a was decrease $XX.X change model This primarily cloud cloud hosting. net sequential this freemium revenue Digital period. from discussed, the in Accordingly, this and revenue million compared transitioning premium driven revenue anticipate the impact to As the in through of premium to Glenn this business in year of strong growth subscriber the business a $XX.X year. volumes. seeing near-term transition model. reduction and model due the transition in growth to we is changes just impact period freemium second half subscriber million was in of ago in by

the platform sequential in with year proof in the our compared with partnership customers, place currently half concepts second associated the growth However, experience we Messaging in the growth integration ago revenue into of the Japan, several The we new have on anticipate digital was honeybee year. in as revenue $XX.X and in based with digital the of carrier the million sales by driven noted. to market in Glenn period. million was $XX.X in primarily previously of Messaging

We expect Messaging our was our Breaking further, and XX% transactions. remaining revenues subscriptions The of with nonrecurring Messaging globally. revenue opportunities markets grow along second footprint recurring our expand professional sources and continue quarter revenue licensing. in to to revenue down services like consisted services like other to XX% of from

percentage growing predictability the with and of pleased our recurring, that of the business which are We increases visibility model. the is

to Turning profitability.

which compares margin driven being profit part a gross cost year gross a of period, to XX.X%. represents the Our gross was margin large recognized it. in with a by XX.X% that This $XX.X associated million, had non-GAAP that revenue with ago the no of restated

actions expected million. $XX yield to current reduction the margins in from hosting as to an platforms revenue. of in hosting increases much expect to major levels expected are revenue our as significantly and as We component restructuring due that cost of lower A annualized initiative as the cost increase to QX our of consolidation of the see gross this are taking is we well

and where was million. was investing incurred from the streamline drive continue quarter non-GAAP to of to our efficiency adjusted identify in Non-GAAP while the million a operations to evaluate million loss total the $XX EBITDA one-time $X.X of expenses million our operations of adjusted $XX to still year-to-date operating greater can costs continuing and million EBITDA We aspects gain $XX,XXX. quarter compares of of all second additional second This and process, restatement $XX.X income positive $XX.X the bringing We for operations in to growth. areas related we to XXXX.

our third as financial the these see the restatement result quarter dissipate in of a process. costs will completion We of

of will forward. from non-GAAP shares share quarter accounting we continuing compared income shares loss some anticipate million associated XX.X from However, per legal going million be XX.X costs do outstanding on continuing based there outstanding. per second to share $X.XX in $X.XX operations Non-GAAP operations and XXXX the based was net on

quarter used million the We second Turning operations to the of free first balance million $XX a $XX restricted from negative end second quarter million. and cash in cash, of This at the cash cash is down million sheet. $XXX.X $XX.X securities. of almost million. quarter, our marketable with decline and Cash flow a was equivalents, during was $XXX ended the

million. included indicated As on price a a from that services uses primarily quarter last of gain sale This amount related significant $XX and our process payment cash for tax million the professional restatement an payments purchase a $XX had a call totaled payment booked in second one-time of of we million the honeybee reminder, to $XX Intralinks, approximately cash firms number million. which of with associated the to $XX.X various

the timing our of EBITDA and year of that cash positive as result noted to performance, as customer approximately million of reduction payment, second cash we quarter, in a of be $XX.X is which In timing the we cash in million improvement spend payments the will related of and related above. year, reduction quarter will in in increase cash customer addition, going the It million, million in balances significant in million of half $XX.X was payments had to anticipated $XX.X the the $XX to cash end a second in one-time the all we of $XXX quarter. collections. the In the $XXX forward and to a million of summary, nonrecurring second with grow third expected one-time received are customer significant

STI. not I'd spend our At like STI. addressing are relationship a to a Before point, debt with we to of third-party guarantor turning this moment to guidance, any

and to fact, debt get current with ahead STI repaid has obligations their STI owing Synchronoss. schedule, working on fully receivables of outstanding are to senior In we its

to turning Now guidance.

and second an approximately mentioned, we run improving half margin the EBITDA to generate of in and of in positive expect are significant the of in adjusted confidence combination we EBITDA DXP the of impact to exit continued expenses the the third The positive restatement winding ability undertaking strength our Messaging in coupled with with initiatives Glenn deliver improvement our revenues financial the our and adjusted XX%. to XXXX down performance a year and cloud As one-time cost-saving underscores rate during of quarter.

full following: expect the For adoption revenues of prior of $XXX net total we from ASC million achieve to $XX periods. to million the the benefit year $XXX revenue million, and includes which restated XXX from

While quarter, of equates we is which third EBITDA million. by $XX $XX level. both to above half a in $XX be second million quarter EBITDA fourth we directionally, aren't guidance expect providing come Adjusted to expected quarter our million million, would second at the $XX to to to adjusted and

SG&A We and expect all of the across to revenue, generate three leverage throughout categories: the second R&D. expense business of in cost XXXX half

marketable the of the we cash, of said, closing, in end year have million expect million. tremendous we to securities cash Synchronoss to in In and future XXXX progress success. restricted with positioning first I half for $XXX As equivalents, cash made $XXX

we're business momentum behind quickly to take start questions. happy drivers front ramp, in maximizing to starting revenue that, With to growth we Claudia, profitability. focused the adjusted and the EBITDA and growth multiple to positive excited on in of the opportunities us. And We're the about expect restatement and with returning us

Operator

sir. you, Thank

Our with from will [Operator ahead, Stifel. the Roderick question now question-and-answer Tom session. Please Instructions] is conducting first sir. We be go

Tom Roderick

But for nature taking we relationships and base? Is that marketing function up just in minimis in Gentlemen, my that you've level some the questions. to that there basis. on a to aggressively very And grow Verizon premium. talk temporarily? that? of on see de get now numbers in can Talk was sense storage? great. and start of that that how the how more going you've good from premium Is customers subscriber take gross lots margins business? now here? mind the bit the David, amount, dig that – declined a That there, Thanks. down little component a on that there there has don't that a and mark we sign that cloud the happens to premium on a to margins where more jumping subscriber understand with low-water for us would shifted the you revenue of how this are in to then to of costs be hoping detail should this business And what sounds help revenue big and get in Can Glenn, little you much thank base more of like sort the some probably to forward just cloud afternoon. kind of also the outlined Glenn, we gross now you can I you Should about setting goes sort like detail that can as so particularly It their in just of quarter. the right share be a more about customers of if margins the Thank on those Are begins people hosting for changing grows. up? lots duplicative gross mix you bit. holding down on go business overall with

Glenn Lurie

First much. it for you very, questions, Appreciate very the Tom. of all, thank

first the question. of with start me part your Let

our we of with us. One along the with are cloud things seeing is are learning customers they that that

the marketing you're absolutely we've as it's transition, and gone this to about made right, So customers. forward

a free of customers the majority have customer months a to remember of Now our get few going.

service of higher opting is seeing So that thing in the those we you're conversion with to that very the rate free to goal at customers we're partners. that we high actually service as in And look a our paying. Tom, those percentage to to do customers cases, anticipated least a the get for second both is take looking of and than

than itself. we take So convert to the also take the as to anticipated has seeing well. we're for very, usage have the been initial and product has go higher they churn paying very lower rates, high higher actually Also, actually when seeing and been we're much, much

up, So throw box metrics into good. shake a pretty and when it it those all feels you

first also the best U.S. hand our and that said got I in and going globally our we are work we market, share carrier Now partners hand carriers to practices part learning, sense in we carriers. about this. the obviously And with through it is among

So of all get seeing that we better. are actually

we're On a reduction transition one that side, the obviously, transition, And in right? been of going has hosting in, said, hosting. I as the through

that around expensive, think whole got idea hosting know, better it everybody knows, us. has the for more it's the call in easier is less and I You all become got choices,

we as So not of to margin the do that improve, to that just your want expect and see we add? to we improve overall go we've company. in transition We off, to expect you see cloud, – expect, that overall will David, in up, but gross got kind ways. to that point, both anything do move

David Clark

see only little will got I'd will of Tom, just bit tempered remember that margin on overachieved requires us - go to you've I is be just overachieving wanted we're these life over even sure benefits clear RevRec – the The It the up because that add, contracts. a mentioned. revenue thing of gross the might expectation expectations. We the Glenn to we that that. to will the it recognize any make because in hosting hosting

Glenn Lurie

Right.

Tom Roderick

helpful. Excellent. That's Okay.

shift to Let the of discussion. side me the cost-cutting

those just of $XX the be facilities? incremental certain write-down with by that with go are got away just fixed more like how gets bit by need costs those assets costs they So go second little are? will driven off costs number hosting maybe away one-time there will data expect $XX think costs? and reductions? about of moving and next – When staff million write-downs those associated one-time in we get quickly. were associated to and a pretty million in a sounds sort the fixed there you a specific hardware about are Can what in lot of half in of that nature. we of much sort year, depreciating should it you've How by that perhaps centers Is maybe there's of much Presumably, the moving driven out of

Glenn Lurie

a one-time good We question. back expect me don't And a it's write-downs. second. Yes, for step any let

types different Tom, the relationships, carriers. of have We with

for ask host. carriers us Some to

host themselves, parties. look at an carriers to gave us Some wanted opportunity to others third

kind mismatch in and this shift. making have working that of through we we're a doing So the

one So in way. it's of answer it to hard kind specific

we're we on some some you Also, that – an going we hosting we're opportunity do still in depending be moving. have imagine, working be the have to all customer. those. will here There can of on So that we cases to

much that, be will that. lower in third-party will obviously, be We our a cost partner that moving to doing

be one-time reductions in of big can FTEs. imagine are don't So there that you on around write-downs. see structures some cost reductions in There be center have, any coming will we potential costs some we could but that any that sort

Tom Roderick

time? SGI helpful. Last okay. the Okay, a you're details What relationship what the over expect It's to point? you investors Synchronoss does there. longer done sort should the How no acquisition awfully will price? around me. that be gets with original purchase the acquisition meant That’s one that repaid debt. good of of at of from And appreciate the was know to some this What mechanics to paid I get that are guarantor how be? to price when on for purchase respect

Glenn Lurie

jump in. we let very question, say. There's and – would a us So is not I'll with key for a Dave good element it's this got say good is relationship working we've a Tom. them. can I lot start The

are they from sense ago. doing accounts of much a doing they – in well get you receivable As were to of they of and back up of that know, in remarks, they're we Synchronoss perspective, our one they're us got We part better. are trying as – the rid paying to debt, said set years many they prepared

that's David, can really are. where we else say all want to I now? around think anything they you add

David Clark

No.

As make sure they're I the we said to are in working coming current. with remarks, them

to think going work with the at end continue achieve prescribing, to we I to our alternatives. got you're where them we've returned. to But to we're try get Tom, look monies

say about in future to more have them calls. probably we'll So

Glenn Lurie

say last I'll Yes. one too. thing

As they joint the some a talked we with digital business, do Tom, of role digital – we platform, more, and our do do about in customers. play we have

platform. that because business seeing well. some they in are expect very, DXP do get would what We very with they of will we lot our of And interest a do us that they candidly,

some in some I as discussions run joint, have we have some of will joint help so well. discussions and And which those think them we're the customers, we going doing on long

Tom Roderick

Excellent. Appreciate the me. detail you. Thank guys, that’s for it

Glenn Lurie

it. the questions. appreciate We for Thanks

Operator

are There no this like to comments. would further floor questions time. Glenn for closing I over registered at to turn back Lurie the

Glenn Lurie

Okay.

where for we're and we So very excited the you positioned. To much, we're again, questions. very thank sit where about thanks everybody, Tom, and

say, want as the are earnings I We an call be excited here I'm my and got done. of team, refiling sitting he's you to to really half thank And David just would coming right he and to being say about the I just Larry, to also doing that here, excited again of XXXX. for back part did. the second very about we're work excited we a him

have all you a day. and hope much, thank So you very great

Operator

concludes today's teleconference. This

have You your this may for at participation pleasant Thank your a and lines disconnect time. you day.

Synchronoss (SNCR) 9 Aug 182018 Q2 Earnings call transcript