Synchronoss Technologies Inc (SNCR) 2025 Q2 法說會逐字稿

Ladies and gentlemen, greetings and welcome to the Synchronoss Technologies second-quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，大家好，歡迎參加 Synchronoss Technologies 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce your host for today, Ryan Gardella, Investor Relations. Please go ahead.

現在我很高興介紹今天的主持人，投資者關係部門的 Ryan Gardella。請繼續。

Thank you. Good afternoon. Welcome to the Synchronoss Technologies second quarter of 2025 earnings conference call. Joining us from Synchronoss today is President and CEO, Jeff Miller; and CFO, Lou Ferraro.

謝謝。午安.歡迎參加 Synchronoss Technologies 2025 年第二季財報電話會議。今天與我們一起出席的 Synchronoss 有總裁兼執行長 Jeff Miller 和財務長 Lou Ferraro。

By now, everybody should have access to the company's second-quarter 2025 earnings press release issued this afternoon, which is available in the Investor Relations section of our website. Today's call will begin with remarks from Jeff and Lou, after which we'll host a question-and-answer session.

現在，每個人都應該可以看到今天下午發布的公司 2025 年第二季財報新聞稿，該新聞稿可在我們網站的「投資者關係」部分找到。今天的電話會議將以傑夫和盧的演講開始，之後我們將舉辦問答環節。

Before we conclude, I'll provide the necessary cautions regarding the forward-looking statements made by management during this call. I'd 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.

在我們結束之前，我將對管理層在本次電話會議中做出的前瞻性陳述提供必要的警告。我想提醒大家，本次電話會議將被錄音，並透過公司網站投資者關係部分的連結提供重播。

Now I'd like to turn the call over to Jeff Miller, President and CEO of Synchronoss. Jeff?

現在我想將電話轉給 Synchronoss 總裁兼執行長 Jeff Miller。傑夫？

Thank you, Ryan. Welcome, everyone, and thank you for joining today's call. We're delighted to report another quarter of progress against our planned initiatives and solid results across our operational and financial metrics. Our strategic transformation this past year to a leading global cloud solutions provider has resulted in a more predictable and stable business model, strengthening our financial profile and delivering improved profitability.

謝謝你，瑞安。歡迎大家，感謝大家參加今天的電話會議。我們很高興地報告，我們的計劃舉措又取得了一個季度的進展，並且我們的營運和財務指標取得了穩健的成果。我們去年進行了策略轉型，成為全球領先的雲端解決方案供應商，從而形成了更可預測和穩定的業務模式，增強了我們的財務狀況並提高了獲利能力。

Revenue for the quarter was $42.5 million, up slightly from $42.2 million in the prior quarter, driven by year-over-year subscriber growth of 2% across our global customer base. Adjusted EBITDA was also up sequentially to $12.8 million with an adjusted EBITDA margin of 30.2%, representing the third consecutive quarter of 30% or more adjusted EBITDA margin performance. Recurring revenue was 92.6% of quarterly total, demonstrating the consistency and predictability of our SaaS business model.

本季營收為 4,250 萬美元，略高於上一季的 4,220 萬美元，這得益於我們全球客戶群的用戶數量年增 2%。調整後的 EBITDA 也較上季上漲至 1,280 萬美元，調整後的 EBITDA 利潤率為 30.2%，這是連續第三個季度調整後的 EBITDA 利潤率達到或超過 30%。經常性收入佔季度總收入的 92.6%，反映了我們 SaaS 業務模式的一致性和可預測性。

I'd like to start off by highlighting the receipt of our CARES Act federal tax refund. In the time since we announced receiving the first portion of our tax refund, I'm pleased to share that we've received our final federal CARES Act tax refund payment of $3.7 million. This brings the total amount of our refund to $33.9 million, which includes $5.2 million in interest.

首先，我想強調我們收到了《關懷法案》聯邦退稅。自從我們宣布收到第一筆退稅以來，我很高興地告訴大家，我們已收到最後一筆聯邦《關懷法案》退稅，金額為 370 萬美元。這樣我們的退款總額就達到了 3,390 萬美元，其中包括 520 萬美元的利息。

This long-awaited milestone initiated a $25.4 million-dollar mandatory pre-payment at par that we applied against our term loan resulting in reduced interest payments and significantly strengthening the company's financial position. We conclude the refund process with a reduced debt load, lower interest payments, and the remaining $8.5 million of the tax refund proceeds available to enhance operational flexibility. Lou will discuss this more in detail shortly.

這個期待已久的里程碑啟動了我們用於償還定期貸款的 2540 萬美元強制預付款，從而減少了利息支付並大大增強了公司的財務狀況。我們透過減少債務負擔、降低利息支付以及剩餘的 850 萬美元退稅收益來提高營運彈性，從而完成退稅流程。樓先生很快會更詳細地討論這個問題。

Taken together with our previous actions to improve our balance sheet, this pre-payment towards our term loan represents a total debt reduction of over $100 million in the last four years. We're pleased to have a satisfactory conclusion on what was a long and tedious process to get what was properly owed to Synchronoss and our shareholders, and we're happy to put this chapter of the company's history behind us.

結合我們先前為改善資產負債表所採取的措施，這筆定期貸款的預付款意味著過去四年內我們的債務總額減少了 1 億多美元。我們很高興能夠透過一個漫長而乏味的過程得到令人滿意的結論，以獲得我們應得的 Synchronoss 和股東應得的回報，我們也很高興將公司歷史上的這一章拋在身後。

Moving on to operations, the improved profitability of the business has been achieved by driving high margin top line subscriber revenue while continuing to streamline costs of delivering our global cloud solution. The 9% year-over-year reduction in our operating expenses substantiates our ongoing commitment to tightly manage costs.

在營運方面，透過推動高利潤率的頂線用戶收入，同時繼續精簡提供全球雲端解決方案的成本，實現了業務獲利能力的提高。我們的營運費用年減 9%，證實了我們持續嚴格管理成本的承諾。

With more capital on the balance sheet, lower debt and interest expense, and a sharp eye on expenses, we're well positioned to continue the investment in our product, expand the capabilities of our cloud solution, and explore adjacent products and verticals to create greater value for our shareholders now and in the future.

隨著資產負債表上資本的增加、債務和利息支出的降低以及對支出的密切關注，我們有能力繼續投資於我們的產品，擴展我們的雲端解決方案的功能，並探索相鄰的產品和垂直行業，從而為我們現在和未來的股東創造更大的價值。

In May, we added new features to improve our user experience by releasing Personal Cloud version 25.5. Among the changes in this version were significantly enhanced Genius AI functionality to improve photo discovery and engagement for users. This new release included AI-curated personalized memories with auto-styled photos and innovative timeline comparisons that feature the then and now retrospectives.

五月，我們發布了 Personal Cloud 25.5 版本，新增功能，提升使用者體驗。此版本的改進包括顯著增強的 Genius AI 功能，提升了用戶的照片發現和參與度。此新版本包括人工智慧策劃的個人化記憶，帶有自動風格的照片和創新的時間軸比較，以回顧過去和現在。

New features like stylized moments dynamically apply artistic effects to photos with preview notifications for easy interaction while the locations map organizes content geographically for spatial memory browsing. These enhancements built on synchronous Genius AI address digital content overload by intelligently indexing and categorizing photos, enabling users to unlock and relive meaningful memories.

風格化時刻等新功能可以透過預覽通知動態地將藝術效果應用於照片，以便於交互，而位置地圖則按地理位置組織內容，以便於空間記憶瀏覽。這些基於同步 Genius AI 的增強功能透過智慧索引和分類照片解決了數位內容過載問題，使用戶能夠解鎖和重溫有意義的回憶。

This update underscores Synchronoss' commitment to AI-driven innovation, and that we will be rolling this out to our 11 million subscribers worldwide. Through our Tier 1 carrier partners, we are empowering users to protect and personalize their digital lives while delivering enhanced value to carriers through improved subscriber engagement and increased customer loyalty.

此次更新強調了 Synchronoss 對人工智慧驅動創新的承諾，並且我們將向全球 1,100 萬用戶推出這項服務。透過我們的一級營運商合作夥伴，我們正在幫助用戶保護和個人化他們的數位生活，同時透過提高用戶參與度和增加客戶忠誠度為營運商提供更高的價值。

We also validated our privacy framework with a third party and self-certified under the EU-US Data Privacy Framework Certification, demonstrating our commitment to security of our users' data. Administered by the US Department of Commerce, achieving the certification reinforces our resolve to comply with international privacy standards and enhances trust with our Tier 1 telecom operators and their subscribers worldwide.

我們還與第三方驗證了我們的隱私框架，並根據歐盟-美國資料隱私框架認證進行了自我認證，顯示了我們對用戶資料安全的承諾。該認證由美國商務部管理，獲得該認證增強了我們遵守國際隱私標準的決心，並增強了我們與全球一級電信營運商及其用戶的信任。

This certification confirms our adherence to applicable European privacy laws and validates the robust safeguards that we have in place for cross-border data transfers, underscoring Synchronoss' dedication to responsible data governance, security, and transparency.

此認證證實了我們遵守適用的歐洲隱私法，並驗證了我們為跨境資料傳輸採取的強有力保障措施，凸顯了 Synchronoss 對負責任的資料治理、安全性和透明度的奉獻精神。

It also complements our existing credentials, including SOC 2 Type II, ISO 27001, and Trust e-certifications, further solidifying our position as a trusted provider of secure, scalable cloud solutions.

它還補充了我們現有的資質，包括 SOC 2 Type II、ISO 27001 和 Trust 電子認證，進一步鞏固了我們作為安全、可擴展雲端解決方案的可信賴提供者的地位。

Next, I want to provide an update on each of our core customers. For AT&T, we're experiencing sustained momentum and subscriber growth that has exceeded our expectations with notable year-over-year improvements in adoption and performance of our cloud offerings. This growth is driven by enhanced digital onboarding processes that continue to boost cloud awareness and increase take rates among their customer base.

接下來，我想介紹我們每個核心客戶的最新情況。對於 AT&T 而言，我們正經歷持續的發展動能和用戶成長，這超出了我們的預期，我們的雲端產品的採用和效能同比顯著提高。這一成長是由增強的數位入職流程推動的，該流程不斷提高雲端意識並增加客戶群的接受率。

We're particularly excited about the potential uplift from Samsung's recent launch of new flagship devices just this past week, which we anticipate to further contribute to subscriber editions. Overall, our partnership with AT&T remains a key positive contributor to Synchronoss' success, reinforcing our position as a trusted provider of innovative personal cloud solutions.

我們對三星上週剛推出的新旗艦設備帶來的潛在提升感到特別興奮，我們預計這將進一步促進訂閱版本的銷售。總體而言，我們與 AT&T 的合作仍然是 Synchronoss 成功的關鍵積極因素，鞏固了我們作為創新個人雲端解決方案值得信賴的供應商的地位。

Next, at Verizon, we've sustained growth by expanding our retail presence through both direct and more recently indirect channel partners with retail activations now comprising a growing share of our subscriber base. Our cloud offering continues to hold a prominent position within Verizon's go-to-market portfolio strategy encompassing myPlan for their consumers, myHome for their broadband users, and My Biz for small business. This reinforces our integral role in their ecosystem.

其次，在 Verizon，我們透過直接和最近的間接通路合作夥伴擴大我們的零售業務，從而保持成長，零售活動現在占我們用戶群的越來越大份額。我們的雲端產品在 Verizon 的市場組合策略中繼續佔據突出地位，該策略涵蓋針對消費者的 myPlan、針對寬頻用戶的 myHome 和針對小型企業的 My Biz。這強化了我們在其生態系中不可或缺的角色。

At SoftBank, their retail channel continues to drive robust performance, and we're now expanding our presence into their digital channels to further accelerate growth. In the second quarter, we signed an agreement to integrate the cloud technology via SDK, or software development kit into their native account management applications with the SoftBank Corporation, mirroring our successful implementation with Verizon's integration, which we expect to boost uptakes in their heading as we head into 2026.

在軟銀，其零售通路繼續保持強勁表現，我們現在正在將業務擴展到其數位管道，以進一步加速成長。在第二季度，我們與軟銀公司簽署了一項協議，透過 SDK 或軟體開發工具包將雲端技術整合到他們的原生帳戶管理應用程式中，這與我們與 Verizon 的整合成功實施的情況相似，我們預計在 2026 年，這將推動他們的採用率。

This strategic expansion will enhance the visibility and accessibility of Anshin Data Box cloud offered through SoftBank's mobile brands. Our Capsyl solution, Synchronoss' branded personal cloud platform tailored for smaller and international operators, continues to gain traction with encouraging early results.

此次策略擴張將增強軟銀行動品牌提供的安信資料盒雲端的知名度和可近性。我們的 Capsyl 解決方案是 Synchronoss 專為小型和國際營運商量身定制的品牌個人雲端平台，該解決方案繼續獲得關注並取得令人鼓舞的早期成果。

In Q2, our partnership with Telecom sales saw progress following their revised go-to-market strategy, which eliminated the need for monthly opt-in for their subscribers, driving favorability on the growth trends in adoption. We expect this streamlined approach to enhance the accessibility and appeal of Capsyl's plug-and-play model, enabling operators to efficiently deploy our cloud solution to their users.

在第二季度，我們與電信銷售部門的合作取得了進展，他們修改了市場進入策略，取消了用戶每月選擇加入的需要，從而推動了採用的成長趨勢。我們期望這種簡化的方法能夠增強 Capsyl 即插即用模型的可存取性和吸引力，使營運商能夠有效地向其用戶部署我們的雲端解決方案。

As we highlighted last quarter, the macroeconomic environment continues to present uncertainties, including tariffs, global trade tensions, and broader economic fluctuations. Despite some modest growth in the US handset market, US carriers are grappling with elongated device upgrade cycles and the widespread adoption of multi-year price locks, prompting them to increasingly prioritize value-added services as a key driver of revenue growth.

正如我們在上個季度所強調的那樣，宏觀經濟環境繼續存在不確定性，包括關稅、全球貿易緊張局勢和更廣泛的經濟波動。儘管美國手機市場略有成長，但美國營運商仍在努力應對延長的設備升級週期和廣泛採用的多年價格鎖定，這促使他們越來越多地將增值服務作為收入成長的主要驅動力。

This strategic shift is reflected in the robust expansion in the US mobile market of value-added services, estimated to be growing at least 10% annually. We're confident that Synchronoss is in an ideal position to capitalize on this trend through our strong relationships with leading carriers and our role as a trusted provider of secure and innovative cloud storage solutions.

這一戰略轉變體現在美國行動加值服務市場的強勁擴張上，預計每年增長率至少為 10%。我們相信，憑藉與領先營運商的牢固關係以及作為安全和創新雲端儲存解決方案的值得信賴的供應商的角色，Synchronoss 處於利用這一趨勢的理想位置。

With this backdrop, we remain confident in our ability to sign at least one new customer in 2025, as we previously indicated. The conversations that we're having with prospects are progressing well, and we are deep in the process with several potential new clients. While we don't have anything new specific today to share, we'll update the financial community as soon as we have more to discuss.

在這樣的背景下，我們仍然有信心在 2025 年簽約至少一位新客戶，正如我們之前所說。我們與潛在客戶的對話進展順利，我們正在與幾位潛在的新客戶進行深入交流。雖然我們今天沒有任何新的具體內容可以分享，但一旦有更多內容可以討論，我們就會立即向金融界通報。

To wrap up, we created another quarter of solid results across the business through the team's steady execution. We generated $12.8 million of adjusted EBITDA at greater than 30% margins and with 92% recurring revenue for the quarter. We closed a chapter of our story with the receipt of the $33.9 million in the CARES Act refund, which allowed us to pay down our term loan by $25.4 million at par and add $8.5 million of cash to the balance sheet.

總而言之，透過團隊的穩健執行，我們在整個業務中又創造了一個季度的穩健業績。本季我們的調整後 EBITDA 為 1,280 萬美元，利潤率超過 30%，經常性收入為 92%。我們的故事以收到 3390 萬美元的《關懷法案》退款而告一段落，這使我們能夠按面值償還 2540 萬美元的定期貸款，並在資產負債表上增加 850 萬美元的現金。

The refund enabled us to reduce our annual interest expenses by approximately $2.9 million and that capped off an over $100 million reduction in debt over the last four years.

這筆退款使我們每年的利息支出減少了約 290 萬美元，並且在過去四年中總共減少了超過 1 億美元的債務。

We saw a 9% year-over-year reduction in our operating expenses, contributing to improved profitability, and we have growing confidence in our pipeline and remain on track to deliver at least one new customer in 2025, as we've previously mentioned.

我們的營運費用年減了 9%，這有助於提高獲利能力，而且我們對我們的產品線越來越有信心，正如我們之前提到的那樣，我們有望在 2025 年至少獲得一位新客戶。

Now I'd like to turn the call over to Lou.

現在我想把電話轉給 Lou。

Thank you, Jeff, and thank you, everyone, for joining us today. First, I'll review our key financial metrics for the second quarter of 2025, which we believe serves as a critical benchmark for our performance, and then we'll provide an update on our financial results and outlook.

謝謝傑夫，也謝謝大家今天加入我們。首先，我將回顧我們 2025 年第二季的關鍵財務指標，我們認為這是我們業績的關鍵基準，然後我們將提供有關財務結果和前景的最新資訊。

Starting with our key performance indicators, quarterly revenue was 92.6% of total revenue, reflecting our stable cloud business model, which is driven by cloud subscriber growth of 2.0%.

從我們的關鍵績效指標開始，季度營收佔總營收的 92.6%，反映了我們穩定的雲端業務模式，該模式由 2.0% 的雲端用戶成長推動。

Turning to our financial results for the second quarter ended June 30, 2025, total revenue was $42.5 million, down slightly from $43.5 million in the prior year period due to the expiration of a customer contract in December 2024 as disclosed last quarter, partially offset by cloud subscriber growth.

談到我們截至 2025 年 6 月 30 日的第二季度財務業績，總收入為 4,250 萬美元，較去年同期的 4,350 萬美元略有下降，原因是上個季度披露的客戶合約將於 2024 年 12 月到期，但雲端用戶成長部分抵消了這一影響。

Adjusted gross profit was $33.7 million or 79.3% of total revenue compared to the same dollar amount in the prior year which amounted to 77.5% of revenue. The improvement in adjusted gross profit was due to recurring revenue representing a higher percentage of the revenue mix in 2025.

調整後的毛利為 3,370 萬美元，佔總收入的 79.3%，而去年同期的毛利為總收入的 77.5%。調整後毛利的提高是由於經常性收入在 2025 年收入結構中所佔比例更高。

Income from operations was up 59.6% year over year from $4.3 million to $6.9 million driven by further reductions in operating.

營業收入年增 59.6%，從 430 萬美元增至 690 萬美元，得益於營業成本的進一步減少。

As Jeff mentioned, we've now received our entire CARES Act refund, which allowed us to pay down $25.4 million of our existing term loan at par with the remaining 25% of the refund applied to our balance sheet for additional operational flexibility. According to the terms of the agreement, the pre-payment was all applied towards the scheduled amortization payments. Therefore, we do not foresee having to make another scheduled amortization payment prior to 2028. This should provide us with more free cash flow going to the bottom line over the next three years.

正如 Jeff 所提到的，我們現在已經收到了全部《關懷法案》退款，這使我們能夠按面值償還 2540 萬美元的現有定期貸款，並將剩餘 25% 的退款計入我們的資產負債表，以增加營運靈活性。根據協議條款，預付款全部用於預定的攤銷付款。因此，我們預計在 2028 年之前無需進行另一次預定的攤銷付款。這將為我們在未來三年內帶來更多的自由現金流。

Moving down the income statement, our total operating expenses decreased 9% from $39.2 million to $35.6 million. All components, including cost of revenues, research and development, sales, general, and administrative, restructuring charges, and depreciation and amortization, were down year over year. We are going to continue to be focused on intense cost control to help our profitability.

在損益表中，我們的總營運費用從 3,920 萬美元下降了 9% 至 3,560 萬美元。所有組成部分，包括營業成本、研發成本、銷售成本、一般成本、行政成本、重組費用以及折舊和攤提成本，均較去年同期下降。我們將繼續注重嚴格成本控制，以提高獲利能力。

Net loss was $19.6 million or a negative $1.87 per share. As in the first quarter, this negative result was primarily driven by the impact of $12.5 million of non-cash foreign exchange losses, primarily due to reevaluations of inter-company payables and receivables between our US and Irish subsidiaries, as well as $6.4 million in debt refinancing costs. I want to stress that the foreign exchange charge is a non-cash paper loss that has no impact on the financial viability of the business, nor does it reflect on the fundamentals of our performance.

淨虧損為 1,960 萬美元，即每股虧損 1.87 美元。與第一季一樣，這一負面結果主要受1250萬美元非現金外匯損失的影響，這主要是由於我們美國和愛爾蘭子公司之間的公司間應付款和應收款重新評估，以及640萬美元的債務再融資成本。我想強調的是，外匯費用是一種非現金帳面損失，不會對企業的財務可行性產生影響，也不會反映我們業績的基本面。

Adjusted EBITDA was $12.8 million, representing a 30.2% margin consistent with our high margin model and supported by cost control, including a reduction in operating expenses on a year-over-year basis as we previously mentioned.

調整後的 EBITDA 為 1,280 萬美元，利潤率為 30.2%，與我們的高利潤率模型一致，並受到成本控制的支持，包括我們之前提到的同比營運費用的減少。

Moving to the balance sheet, cash and cash equivalents were $24.6 million as of June 30, 2025. This does not include approximately $8.5 million in cash that was not used for the repayment of debt from the tax refund that received subsequent to the end of the quarter.

轉到資產負債表，截至 2025 年 6 月 30 日，現金及現金等價物為 2,460 萬美元。這還不包括本季結束後收到的退稅中未用於償還債務的約 850 萬美元現金。

Free cash flow was negative $1.1 million and adjusted free cash flow was positive $0.5 million. As we've communicated previously and consistent with our company's seasonality, we have full confidence in our ability to hit our free cash flow guidance for the year.

自由現金流為負 110 萬美元，調整後自由現金流為正 50 萬美元。正如我們之前所傳達的，並且與我們公司的季節性相一致，我們完全有信心實現今年的自由現金流指導。

With that in mind, we are reaffirming our 2025 outlook and are currently expecting the following: revenue of $170 million to $180 million, adjusted gross margin of between 78% and 80%, recurring revenue of at least 90% of total revenue, adjusted EBITDA of between $52 million and $56 million, and free cash flow of between $11 million and $16 million. The company's free cash flow guidance excludes proceeds from the federal tax refund as previously communicated.

考慮到這一點，我們重申了對 2025 年的展望，目前預期如下：收入 1.7 億美元至 1.8 億美元，調整後毛利率在 78% 至 80% 之間，經常性收入至少佔總收入的 90%，調整後的 EBITDA 在 5200 萬美元至 5600 萬美元之間在 10 萬美元，自由現金流為 100 萬美元。該公司的自由現金流指引不包括先前公佈的聯邦退稅收益。

Additionally, the guidance excludes approximately $4.4 million of transaction fees from the 2025 term loan reflected in cash flow from operations and included in free cash flow. These fees resulted from the company's recapitalization in which the $75 million term loan and a portion of the senior notes were considered modified under accounting principles were replaced with a new $200 million term loan due to participation by existing lenders.

此外，該指南還排除了 2025 年定期貸款中反映的約 440 萬美元的交易費用，這些費用計入經營現金流並包含在自由現金流中。這些費用是公司資本重組的結果，由於現有貸款人的參與，7500 萬美元的定期貸款和部分優先票據根據會計原則被視為已修改，被 2 億美元的新定期貸款所取代。

These projections reflect our confidence in subscriber growth, cost discipline, and financial flexibility from our refinancing and refund, despite macroeconomic challenges. I'll now turn the call over to the operator for Q&A.

儘管面臨宏觀經濟挑戰，這些預測反映了我們對用戶成長、成本控制以及再融資和退款帶來的財務靈活性的信心。我現在將電話轉給接線員進行問答。

Thank you for joining us.

感謝您加入我們。

(Operator Instructions) Jon Hickman, Ladenburg.

（操作員指示）喬恩·希克曼，拉登堡。

Hi. Just a couple of questions. The foreign exchange, is that going to be an ongoing non-cash expense?

你好。僅有幾個問題。外匯會成為持續的非現金支出嗎？

John, it's similar to the first quarter, that foreign exchange item is the reevaluation of our intercompany payables and receivables and really ties to the strength of the dollar as it relates primarily to the euro. There's been the constantly strengthening position of the dollar. And it's very hard for us to predict how that fluctuation will happen in the future.

約翰，這與第一季類似，外匯項目是對我們的公司間應付款和應收款的重新評估，並且實際上與美元的強勢相關，因為它主要與歐元相關。美元的地位一直在不斷加強。我們很難預測未來這種波動會如何發生。

So I do think there will be some level of performance there. Hopefully, it won't continue to be as negative as it is, but again, it's a non-cash item for us.

所以我確實認為那裡會有一定程度的表現。希望它不會繼續像現在這樣產生負面影響，但對我們來說，這又是一項非現金項目。

Okay, and then going forward, the debt restructuring, is that all done or are you going to keep advertising those expenses?

好的，那麼接下來，債務重組，都完成了嗎，還是你會繼續宣傳這些費用？

So the debt cost, John, that we recorded, there will be pieces in the third and fourth quarter that flow through, but in terms of the P&L impact, that's primarily now behind us.

因此，約翰，我們記錄的債務成本將在第三季和第四季產生影響，但就損益表的影響而言，這基本上已經過去了。

Okay. And then when you say you're going to get one new customer, does that mean like an A&T type customer or any kind of customer?

好的。然後，當您說您將獲得一個新客戶時，這是否意味著 A&T 類型的客戶或任何類型的客戶？

Yeah, we have conversations going on with actually a wide variety of customers, prospects, in a wide variety of geographies. Some represent a similar scale to AT&T. Some of them are smaller, some of them are primarily mobile and some are broadband and mobile, so we do have a number of prospects.

是的，我們實際上正在與來自不同地區的各種各樣的客戶、潛在客戶進行對話。有些規模與 AT&T 類似。其中一些規模較小，一些主要涉及行動領域，還有一些同時涉及寬頻和行動領域，因此我們確實有很多潛在客戶。

What we're indicating now is that we've made enough progress through enough of these customer conversations that we expect to have at least one new customer contract in before the end of the year and contributions made by those customers as we enter 2026.

我們現在表明，透過足夠多的客戶對話，我們已經取得了足夠的進展，我們預計在今年年底之前至少會簽訂一份新客戶合同，並且在進入 2026 年時這些客戶會做出貢獻。

Okay, and your guidance would imply a somewhat stronger second half, is that --?

好的，你的預測意味著下半年會稍微強勁一些，是嗎？--？

Yes, that's correct.

是的，正確。

Right there? Okay, thanks, that's it for me.

就在那裡？好的，謝謝，對我來說就這樣了。

Thank you, Jon.

謝謝你，喬恩。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Jeff Miller for the closing comments.

女士們、先生們，由於沒有其他問題，我現在想將會議交給傑夫米勒作結束語。

I'd simply like to thank the members of the Synchronoss team who do an amazing job of serving our customers, enhancing our products, and supporting each other to deliver the results that we just spoke about, and again, we would like to thank all of those who are stakeholders and shareholders of Synchronoss Technologies for your ongoing support.

我只想感謝 Synchronoss 團隊的成員，他們出色地服務了我們的客戶，改進了我們的產品，並相互支持以實現我們剛才談到的成果，並且再次感謝 Synchronoss Technologies 的所有利益相關者和股東一直以來的支持。

With that, I'll turn it back to Ryan.

說完這些，我就把話題轉回給瑞安。

Thanks, Jeff. Before we conclude today's call, I'd like to provide Synchronoss' Safe Harbor statement that includes important cautions regarding forward-looking statements made during this call.

謝謝，傑夫。在我們結束今天的電話會議之前，我想提供 Synchronoss 的安全港聲明，其中包括對本次電話會議期間做出的前瞻性陳述的重要警告。

During this call, management discuss certain factors that are likely to influence the company's business going forward. Any factors that are discussed today that are not historical, particularly comments regarding our prospects and market opportunities, are considered forward-looking statements on the meaning of applicable securities laws. These forward-looking statements include comments about the company's plans and expectations about future performance.

在這次電話會議中，管理層討論了可能影響公司未來業務的某些因素。今天討論的任何非歷史因素，特別是有關我們的前景和市場機會的評論，都被視為對適用證券法含義的前瞻性陳述。這些前瞻性陳述包括對公司計劃的評論和對未來業績的預期。

Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results differ materially. All listeners are encouraged to review the company's SEC filing, including its most recent 10-K and 10-Q for a description of these risks.

前瞻性陳述受多種風險和不確定因素的影響，可能導致實際結果有重大差異。鼓勵所有聽眾查看該公司向美國證券交易委員會提交的文件，包括最新的 10-K 和 10-Q，以了解這些風險的描述。

Statements made during the call are as of today, and the company does not undertake any obligation to update or revise any such forward-looking statements, whether as a result of new information, future events, or changes in expectations, or otherwise.

電話會議期間所作的聲明截至今日為止，本公司不承擔更新或修改任何此類前瞻性聲明的義務，無論是由於新資訊、未來事件或預期變化，還是其他原因。

Please note that throughout today's call management discussed certain non-GAAP financial measures such as adjusted EBITDA. Although the non-GAAP financial measures are derived from GAAP numbers, adjusted EBITDA is not necessarily cash generated by operations. It does not account for such items that's deferred revenue or the capitalization of software development.

請注意，在今天的電話會議中，管理層討論了某些非 GAAP 財務指標，例如調整後的 EBITDA。儘管非 GAAP 財務指標源自 GAAP 數字，但調整後的 EBITDA 不一定是經營產生的現金。它不考慮遞延收入或軟體開發資本化等項目。

Today's earnings release describes differences between the company's non-GAAP and GAAP reporting measures presents reconciliation for the periods reported in that release.

今天的收益報告描述了公司非 GAAP 和 GAAP 報告指標之間的差異，並對該報告期間進行了對帳。

Thank you for joining Synchronoss Technologies' second quarter of 2025 earnings call. You may now disconnect.

感謝您參加 Synchronoss Technologies 2025 年第二季財報電話會議。您現在可以斷開連線。

Thank you. Ladies and gentlemen, the conference of Synchronoss Technologies has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。女士們、先生們，Synchronoss Technologies 的會議現已結束。感謝您的參與。現在您可以斷開線路了。