Exhibit 99.1

Synchronoss Technologies Reports Second Quarter 2022 Results

Cloud Subscriber Growth of 18% Drives Cloud Revenue Increase of 12%

Net Income of $5.3 million versus Loss of $23.9 million in Prior Year

Adjusted EBITDA of $14.2 million, 21.8% Adjusted EBITDA Margin, Up from 18.6% in the Prior Year

Free Cash Flow of $3.6 million, Adjusted Free Cash Flow of $6.7 million

Company Maintains 2022 EBITDA Expectations, Narrows Revenue Guidance Range

BRIDGEWATER, NJ - August 9, 2022 - Synchronoss Technologies Inc. (“Synchronoss” or the “Company”) (NASDAQ: SNCR), a global leader and innovator in cloud, messaging, and digital products and platforms, today reported financial results for its second quarter ended June 30, 2022.

Second Quarter and Recent Operational Highlights:

•Announced 18% year-over-year Cloud subscriber growth for the second quarter of 2022, an improvement from a 16% increase for the second quarter of 2021. The strong growth has been driven by continued adoption of the Company’s Cloud product with existing customers and newly launched customers, including Verizon and AT&T.

•Launched two new premium Personal Cloud solutions with Telkomsigma, the IT and digital services arm of Telkomsel, Indonesia’s largest mobile operator. Following an announced agreement in November, Telkomsigma is now making its Floudrive service, powered by Synchronoss Personal Cloud, available to university students and 170 million Telkomsel mobile customers in Indonesia, another key APAC market in the Company’s geographic expansion of its core offering.

•Signed a new Personal Cloud Letter of Intent with Street Cred Capital, a leading fintech solutions provider in the mobile industry that has customers at major North American carriers, MVNOs, and retailers. The new relationship allows subscribers to finance Synchronoss Cloud, along with other products and accessories.

•Recognized as a 2022 ‘Product of the Year’ winner for Synchronoss Personal Cloud from Cloud Computing Magazine, underscoring the quality of innovation and service in the Company’s core business. The 2022 Cloud Computing Product of the Year Award recognizes vendors with the most innovative and beneficial cloud products and services that have been available to deploy within the past year.

•Certified and deployed the Synchronoss Personal Cloud and Email Suite on the Alibaba and Google Cloud Hosting Platforms, respectively. These platform extensions provide customers with the flexibility to select the hosting platform of their choice to deploy and scale Synchronoss solutions.

•Completed sale to iQmetrix of the Company’s Digital Experience Platform (“DXP”) and Activation Solutions (“Activation”) businesses.This transactionsupports the Company’s goals of enhanced operating flexibility through a leaner business model focusing on its Cloud and Messaging portfolios and provides additional liquidity to support an improved capital structure.

Management Commentary

“Our double-digit Cloud revenue increase in the second quarter marked the fourth consecutive period of year-over-year growth in Cloud, denoting twelve months of consistent topline improvement and accelerated growth in our core business,” stated Jeff Miller, President and CEO of Synchronoss. “Our resilient performance continues to be driven by healthy subscriber growth, which hit 18% for the second straight quarter, leading to record gross margins and an improved cash flow profile. Operationally, we are continuing to drive growth with existing customers while also expanding into new markets and verticals. In just the last few weeks, we successfully launched two new premium Personal Cloud solutions with Telkomsel, marking the first phase of our deployment and opening the door to an additional 170 million potential customers. Early today, we also announced a Letter of Intent signing with Street Cred Capital, which further highlights the market expansion opportunities we are realizing for Synchronoss Cloud.

“While the global economic environment has caused delays in some customer decision making, our overall pipeline remains strong. The ongoing proliferation of 5G deployments should drive greater access to fixed wireless solutions enabling wider adoption of our Cloud for Home offering. We also continue to have significant expansion opportunities within our existing and newly launched customers. Collectively, we believe Synchronoss stands at the nexus of several major tailwinds that support our vision of sustainable, high-margin revenue growth now and in the years to come.”

Key Performance Indicators ("KPIs"):

•Strong Cloud subscriber growth of 18% was the key catalyst to a 12% year-over-year increase in second quarter Cloud revenue, continuing the Company’s trend of double-digit subscriber growth.

•Invoiced Cloud revenue increased 10.3% year-over-year to $37.4 million in the second quarter. This non-GAAP measure is reconciled within the financial statements below. This KPI is intended to provide greater transparency in the underlying Cloud revenue trends as it is not impacted by changes in deferred and unbilled revenue.

•Quarterly recurring revenue was 86.6% of total revenue, an increase from 84.9% of total revenue in the first quarter.

•GAAP revenue breakdown by product is included below:

	Q2 2022 vs Q2 2021
(in thousands)	Q2 2022 Revenue	Q2 2021 Revenue	% Increase/ (Decrease)	% of Total Q2 2022 Revenue
Cloud	$43,477	$38,891	11.8%	66.6%
Digital	10,437	12,131	(14.0)%	16.0%
Messaging	11,322	20,510	(44.8)%	17.4%
	$65,236	$71,532		100.0%

Second Quarter 2022 Financial Results:

•Total revenue decreased 9% to $65.2 million from $71.5 million in the prior year period. Revenue growth in the Cloud business was offset by one-time, accelerated revenue received from the Company’s CCMI contract in the previous year as well as the Company’s divestiture of the DXP and Activation assets in the quarter.

•Gross profit decreased 3% to $42.9 million (65.8% of total revenue) from $44.4 million (62.1% of total revenue) in the prior year period, primarily attributable to decreased revenue in the Company’s Messaging business from the CCMI dissolution and the previously noted sale of the DXP and Activation assets. The increase in gross margin was primarily attributable to increased revenue from high-margin Cloud subscriber growth, a license sale during the quarter and ongoing benefits from cost saving initiatives.

•Income (loss) from operations was $4.9 million compared to a loss of $(4.1) million in 2021. The improvement in operating income was a result of increased high margin Cloud revenue, reduced SG&A expenses and greater efficiency of R&D resources and other cost saving initiatives.

•Net income (loss) improved to $5.3 million, or $0.06 per share, compared to net loss of $(23.9) million, or $(0.54) per share, in the prior year period. The significant improvement in net income was primarily attributable to operational improvements and lower preferred stock dividends resulting from the Company’s June 2021 recapitalization.

•Adjusted EBITDA (a non-GAAP metric reconciled below) increased 7% to $14.2 million from $13.3 million in the prior year period. The increase in adjusted EBITDA resulted from increased revenue from high-margin Cloud subscriber growth and cost saving initiatives implemented throughout the prior year.

•Cash and cash equivalents were $25.5 million at June 30, 2022, compared to $21.7 million at March 31, 2022 and $31.5 million at December 31, 2021. Free cash flow was $3.6 million and adjusted free cash flow was $6.7 million.Contributing to positive cash flow during the second quarter was $4.3 million received in tax refunds.

Financial Commentary

Company CFO Taylor Greenwald added, “The second quarter was highlighted by meaningful profitability improvements in several key metrics as we increased gross margin to an all-time-high 65.8%, delivered net income of $5.3 million and recorded adjusted EBITDA of $14.2 million or 21.8% of revenue. The Company also produced $3.6 million in positive, unadjusted cash flow and $6.7 million of adjusted free cash flow, thanks in part to a $4.3 million tax refund received during the period. The strong quarterly performance resulted from the underlying strength of the Cloud business, which will continue to be a catalyst for growth."

2022 Financial Outlook

Compared to the second quarter of 2022, management expects third quarter revenue and adjusted EBITDA to be down slightly after factoring in an approximate $2 million impact from the sale of the DXP and Activation assets in the second quarter and recognition of approximately $4 million in deferred, non-cash revenue from the Cloud business, which benefited the second quarter and will not repeat in the third quarter. While the Company still expects to be free cash flow positive, on an adjusted basis, for the year, management expects third and fourth quarter cash flow results to decline moderately compared to the second quarter due to the non-recurring tax refund and timing of cash receipts and expenses. Looking to 2023, the Company expects to be free cash flow positive, on an unadjusted basis, given the trajectory of its Cloud business and the actions taken to drive down its cost structures.

Based on the financial performance in the first half of 2022 and better visibility into the remainder of the year, the Company is narrowing the range of its full year 2022 adjusted EBITDA expectations to between $48.0 million and $55.0 million from a previous range of $45.0 million to $55.0 million.

Additionally, the Company now expects GAAP revenue for the fiscal year ending December 31, 2022 to range between $260.0 million and $270.0 million. The comparable 2021 revenue is $265.0 million after adjusting for the divestiture of the Company’s DXP and Activation assets.Despite delay in some customer decision making and expectations due to the macroeconomic environment, the sales pipeline remains healthy and subscriber growth continues to be strong. Synchronoss is reiterating its projection for Cloud subscriber growth to continue at a double-digit rate on a year-over-year basis in 2022.

A reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release. An explanation of these measures is included below under the heading "Non-GAAP Financial Measures."

Conference Call

Synchronoss will hold a conference call today, August 9, 2022, at 4:30 p.m. Eastern time (1:30 p.m. Pacific time) to discuss these results.

Synchronoss management will host the call, followed by a question-and-answer period.

Registration Link: https://register.vevent.com/register/BIcc92c646ecc94181a5f9718229dd0aaa

Please register online at least 10 minutes prior to the start time. Upon registration, the webcast platform will provide dial-in numbers and a unique access code. If you have any difficulty with registration or connecting to the conference call, please contact Gateway Investor Relations at 949-574-3860.

The conference call will be broadcast live and available for replay at: https://edge.media-server.com/mmc/p/uk9abcwi and via the Investor Relations section of Synchronoss's website at www.synchronoss.com.

Non-GAAP Financial Measures

Synchronoss has provided in this release selected financial information that has not been prepared in accordance with GAAP although this non-GAAP financial information is derived from numbers that have been prepared in accordance with GAAP. This information includes historical non-GAAP revenues, gross profit, adjusted EBITDA, operating income (loss), net income (loss), effective tax rate, and earnings (loss) per share. Synchronoss uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors, as a supplement to GAAP measures, in evaluating Synchronoss’ ongoing operational performance. Synchronoss believes that the use of these non-GAAP financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends, and in comparing its financial results with other companies in Synchronoss’ industry, many of which present similar non-GAAP financial measures to investors. As noted, the non-GAAP financial results discussed above add back fair value stock-based compensation expense, acquisition-related costs, which include restructuring and cease-use lease expense, litigation, remediation and refiling costs and amortization of intangibles associated with acquisitions.

Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures as detailed above. Investors are encouraged to also review the Balance Sheet, Statement of Operations, and Statement of Cash Flow. As previously mentioned, a reconciliation of GAAP to non-GAAP results has been provided in the financial statement tables included in this press release.

Forward-Looking Statements

This press release includes statements concerning Synchronoss and its future expectations, plans and prospects that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. For this purpose, any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, the words “may,” “should,” “expects,” “plans,” “anticipates,” “could,” “intends,” “believes,” “potential” or “continue” or other similar expressions are intended to identify forward-looking statements. Synchronoss has based these forward-looking statements largely on its current expectations and projections about future events and financial trends that it believes may affect its business, financial condition and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions including, without limitation, risks relating to the Company’s ability to sustain or increase revenue from its larger customers and generate revenue from new customers, the Company’s expectations regarding expenses and revenue, the sufficiency of the Company’s cash resources, the impact of legal proceedings involving the Company, including the investigations by the Securities and Exchange Commission and the Department of Justice described in the Company’s most recent SEC filings, and other risks and factors that are described in the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which is on file with the SEC and available on the SEC’s website at www.sec.gov. The company does not undertake any obligation to update any forward-looking statements contained in this press release as a result of new information, future events or otherwise.

About Synchronoss

Synchronoss Technologies (NASDAQ: SNCR) builds software that empowers companies around the world to connect with their subscribers in trusted and meaningful ways. The company’s collection of products helps

streamline networks, simplify onboarding, and engage subscribers to unleash new revenue streams, reduce costs and increase speed to market. Hundreds of millions of subscribers trust Synchronoss products to stay in sync with the people, services, and content they love. Learn more at www.synchronoss.com.

Media Relations Contact:

Domenick Cilea

Springboard

dcilea@springboardpr.com

Investor Relations Contact:

Matt Glover and Tom Colton

Gateway Group, Inc.

SNCR@gatewayir.com

-Financial Tables to Follow-

SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited) (In thousands)

	June 30, 2022		December 31, 2021
ASSETS
Cash and cash equivalents	$	25,512	$	31,504
Accounts receivable, net	43,306		47,586
Operating lease right-of-use assets	22,791		26,399
Goodwill	209,806		224,577
Other assets	115,453		120,668
Total assets	$	416,868	$	450,734
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable and accrued expenses	$	64,032	$	73,013
Deferred revenues	19,233		22,916
Debt, non-current	133,826		133,104
Operating lease liabilities, non-current	32,442		36,095
Other liabilities	8,124		9,778
Preferred stock	68,348		72,505
Redeemable noncontrolling interest	12,500		12,500
Stockholders’ equity	78,363		90,823
Total liabilities and stockholders’ equity	$	416,868	$	450,734

SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited) (In thousands, except per share data)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net revenues	$	65,236	$	71,532	$	131,102	$	137,031
Costs and expenses:
Cost of revenues1	22,316		27,142		47,155		55,779
Research and development	13,460		17,197		29,251		34,594
Selling, general and administrative	15,288		21,909		33,185		39,837
Restructuring charges	1,019		877		1,704		1,590
Depreciation and amortization	8,259		8,485		16,293		18,352
Total costs and expenses	60,342		75,610		127,588		150,152
Income (loss) from operations	4,894		(4,078)		3,514		(13,121)
Interest income	118		25		210		30
Interest expense	(3,343)		(144)		(6,668)		(239)
Gain on divestiture	2,622		—		2,622		—
Other income (expense), net	4,065		1,576		5,769		(1,820)
Income (loss) from operations, before taxes	8,356		(2,621)		5,447		(15,150)
(Provision) benefit for income taxes	(435)		201		(563)		364
Net income (loss) from operations	7,921		(2,420)		4,884		(14,786)
Net (loss) income attributable to redeemable noncontrolling interests	(75)		(50)		(190)		286
Preferred stock dividend	(2,519)		(21,476)		(4,957)		(32,006)
Net income (loss) attributable to Synchronoss	$	5,327	$	(23,946)	$	(263)	$	(46,506)
Earnings (loss) per share:
Basic	$	0.06	$	(0.54)	$	—	$	(1.07)
Diluted	$	0.06	$	(0.54)	$	—	$	(1.07)
Weighted-average common shares outstanding:
Basic	87,124		44,131		86,031		43,438
Diluted	89,249		44,131		86,031		43,438

________________________________

1    Cost of revenues excludes depreciation and amortization which are shown separately.

SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

	Six Months Ended June 30,
	2022		2021
Net income (loss) from continuing operations	$	4,884	$	(14,786)
Adjustments to reconcile net loss to net cash provided by operating activities:
Non-cash items	17,432		22,584
Changes in operating assets and liabilities	(15,588)		369
Net cash provided by operating activities	6,728		8,167
Investing activities:
Purchases of fixed assets	(573)		(1,250)
Purchases of intangible assets and capitalized software	(10,695)		(10,959)
Other investing activities	7,500		550
Net cash used in investing activities	(3,768)		(11,659)
Net cash (used in) provided by financing activities	(8,517)		2,687
Effect of exchange rate changes on cash	(435)		(296)
Net decrease in cash and cash equivalents	(5,992)		(1,101)
Cash and cash equivalents, beginning of period	31,504		33,671
Cash and cash equivalents, end of period	$	25,512	$	32,570

SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands, except per share data)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Non-GAAP financial measures and reconciliation:
GAAP Revenue	$	65,236		$	71,532		$	131,102		$	137,031
Less: Cost of revenues	22,316			27,142			47,155			55,779
Gross Profit	42,920			44,390			83,947			81,252
Add / (Less):
Stock-based compensation expense	139			379			360			857
Restructuring, transition and cease-use lease expense	148			—			971			27
Adjusted Gross Profit	$	43,207		$	44,769		$	85,278		$	82,136
Adjusted Gross Margin	66.2		%	62.6		%	65.0		%	59.9		%
	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
GAAP Net loss attributable to Synchronoss	$	5,327		$	(23,946)		$	(263)		$	(46,506)
Add / (Less):
Stock-based compensation expense	964			2,345			2,891			5,066
Restructuring, transition and cease-use lease expense	1,381			2,918			3,392			4,975
Amortization expense	2,490			3,206			5,033			6,815
Litigation, remediation and refiling costs, net	(1,292)			3,607			(315)			3,542
Non-GAAP Net income (loss) attributable to Synchronoss	$	8,870		$	(11,870)		$	10,738		$	(26,108)
Diluted Non-GAAP Net income (loss) per share	$	0.10		$	(0.27)		$	0.12		$	(0.60)
Weighted shares outstanding - Dilutive	89,249			44,131			86,031			43,438

SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands)

	Three Months Ended										Six Months Ended
	Jun 30, 2022		Mar 31, 2022		Dec 31, 2021		Sep 30, 2021		Jun 30, 2021		Jun 30, 2022		Jun 30, 2021
Net loss attributable to Synchronoss	$	5,327	$	(5,590)	$	(2,114)	$	(9,831)	$	(23,946)	$	(263)	$	(46,506)
Add / (Less):
Stock-based compensation expense	964		1,927		1,950		2,289		2,345		2,891		5,066
Restructuring, transition and cease-use lease expense	1,381		2,011		2,286		2,981		2,918		3,392		4,975
Litigation, remediation and refiling costs, net	(1,292)		977		(30)		9,316		3,607		(315)		3,542
Depreciation and amortization	8,259		8,034		9,498		8,215		8,485		16,293		18,352
Interest income	(118)		(92)		15		(24)		(25)		(210)		(30)
Interest expense	3,343		3,325		3,248		2,933		144		6,668		239
Gain on divestiture	(2,622)		—		—		—		—		(2,622)		—
Other expense (income), net	(4,065)		(1,704)		1,388		1,669		(1,576)		(5,769)		1,820
(Benefit) provision for income taxes	435		128		169		(6,982)		(201)		563		(364)
Net loss (income) attributable to noncontrolling interests	75		115		130		—		50		190		(286)
Preferred dividend1	2,519		2,438		1,781		1,722		21,476		4,957		32,006
Adjusted EBITDA (non-GAAP)	$	14,206	$	11,569	$	18,321	$	12,288	$	13,277	$	25,775	$	18,814

___________________________

1 Includes preferred stock amortization costs accelerated due to Series A Preferred stock redemption in the second quarter of 2021.

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Net cash provided by operating activities	$	9,421	$	5,906	$	6,728	$	8,167
Add / (Less):
Capitalized software	(5,450)		(5,917)		(10,695)		(10,959)
Property and equipment	(419)		(529)		(573)		(1,250)
Free Cashflow	3,552		(540)		(4,540)		(4,042)
Add / (Less): Litigation and remediation costs, net	1,471		(482)		674		741
Add: Restructuring	1,642		2,238		4,433		4,509
Adjusted Free Cashflow	$	6,665	$	1,216	$	567	$	1,208

SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

(Unaudited) (In thousands)

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
GAAP Cloud Revenue	$	43,477	$	38,891	$	84,978	$	77,787
Increase / (Decrease) Change in Deferred Revenue	(4,074)		(4,895)		(7,721)		(10,200)
(Increase) / Decrease: Change in Unbilled Receivables & Contract Assets	(2,012)		(83)		(3,837)		192
Invoiced Cloud Revenue	$	37,391	$	33,913	$	73,420	$	67,779

Invoiced Cloud Revenue is defined as GAAP revenue for Cloud disaggregated revenue stream, plus the period change in deferred revenue balance related to the Cloud revenue stream, less the period change in Unbilled Receivables and Contract Assets balance related to the Cloud revenue stream.

NON-PRINTING SECTION BELOW - for mapping and calculations only

(Unaudited) (In thousands, except per share data)

SYNCHRONOSS TECHNOLOGIES, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

ADJUSTED GROSS MARGIN

(Unaudited) (In thousands)

	Three Months Ended June 30,						Six Months Ended June 30,
	2022			2021			2022			2021
Non-GAAP financial measures and reconciliation:
GAAP Revenue	$	65,236		$	71,532		$	131,102		$	137,031
Less: Cost of revenues	22,316			27,142			47,155			55,779
Gross Profit	42,920			44,390			83,947			81,252
Gross Profit as % of Revenue	65.8%			62.1%			64.0%			59.3%
Gross Profit increase (decrease) %	(3.3)%						3.3%
Add / (Less):
Stock-based compensation expense	139			379			360			857
Restructuring, transition and cease-use lease expense	148			—			971			27
Adjusted Gross Profit	$	43,207		$	44,769		$	85,278		$	82,136
Adjusted Gross Margin	66.2		%	62.6		%	65.0		%	59.9		%

SYNCHRONOSS TECHNOLOGIES, INC.

FINANCIAL KEY PERFORMANCE INDICATORS

(Unaudited) (In thousands)

	Three Months Ended June 30,
	2022			2021			$ Change		% Change
Revenues	$	65,236		$	71,532		$	(6,296)	(8.8)	%
Income (loss) from operations	4,894			(4,078)			8,972		220.0	%
Net income (loss) attributable to Synchronoss	5,327			(23,946)			29,273		122.2	%
Adjusted EBITDA	$	14,206		$	13,277		$	929	7.0	%
Adjusted EBITDA Margin	21.8		%	18.6		%

	Six Months Ended June 30,
	2022			2021			$ Change		% Change
Revenues	$	131,102		$	137,031		$	(5,929)	(4.3)	%
Income (loss) from operations	3,514			(13,121)			16,635		126.8	%
Net loss attributable to Synchronoss	(263)			(46,506)			46,243		99.4	%
Adjusted EBITDA	$	25,775		$	18,814		$	6,961	37.0	%
Adjusted EBITDA Margin	19.7		%	13.7		%

Disaggregation of revenue

The Company disaggregates revenue from contracts with customers into the nature of the products and services. The majority of the Company’s revenue is from the Technology, Media and Telecom (collectively, “TMT”) sector.

SYNCHRONOSS TECHNOLOGIES, INC.

REVENUE BY SERVICE LINE

(Unaudited) (In thousands)

Q2 2022 vs Q2 2021	Three Months Ended June 30, 2022												Three Months Ended June 30, 2021												$ Change												% Change
	Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud		Digital		Messaging		Total
Service Line
Professional Services	$	3,234		$	1,380		$	2,642		$	7,256		$	3,884		$	2,118		$	2,587		$	8,589		$	(650)		$	(738)		$	55		$	(1,333)		(16.7)	%	(34.8)	%	2.1	%	(15.5)	%
Transaction Services	210			1,721			33			1,964			1,321			945			2			2,268			(1,111)			776			31			(304)			(84.1)	%	82.1	%	1550.0	%	(13.4)	%
Subscription Services	40,033			6,438			8,037			54,508			33,686			8,546			17,921			60,153			6,347			(2,108)			(9,884)			(5,645)			18.8	%	(24.7)	%	(55.2)	%	(9.4)	%
License	—			898			610			1,508			—			522			—			522			—			376			610			986			—	%	72.0	%	—	%	188.9	%
Total	$	43,477		$	10,437		$	11,322		$	65,236		$	38,891		$	12,131		$	20,510		$	71,532		$	4,586		$	(1,694)		$	(9,188)		$	(6,296)		11.8	%	(14.0)	%	(44.8)	%	(8.8)	%
Recurring Revenue	$	40,243		$	8,159		$	8,070		$	56,472		$	35,007		$	9,491		$	17,923		$	62,421		$	5,236		$	(1,332)		$	(9,853)		$	(5,949)		15.0	%	(14.0)	%	(55.0)	%	(9.5)	%
Recurring Revenue % of Total	92.6		%	78.2		%	71.3		%	86.6		%	90.0		%	78.2		%	87.4		%	87.3		%	2.5		%	(0.1)		%	(16.1)		%	(0.7)		%	2.8	%	(0.1)	%	(18.4)	%	(0.8)	%

Q2 2022 vs Q1 2022	Three Months Ended June 30, 2022												Three Months Ended March 31, 2022												$ Change												% Change
	Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud		Digital		Messaging		Total
Service Line
Professional Services	$	3,234		$	1,380		$	2,642		$	7,256		$	3,354		$	1,636		$	3,141		$	8,131		$	(120)		$	(256)		$	(499)		$	(875)		(3.6)	%	(15.6)	%	(15.9)	%	(10.8)	%
Transaction Services	210			1,721			33			1,964			336			1,028			23			1,387			(126)			693			10			577			(37.5)	%	67.4	%	43.5	%	41.6	%
Subscription Services	40,033			6,438			8,037			54,508			37,811			8,210			8,515			54,536			2,222			(1,772)			(478)			(28)			5.9	%	(21.6)	%	(5.6)	%	(0.1)	%
License	—			898			610			1,508			—			1,290			522			1,812			—			(392)			88			(304)			—	%	(30.4)	%	16.9	%	(16.8)	%
Total	$	43,477		$	10,437		$	11,322		$	65,236		$	41,501		$	12,164		$	12,201		$	65,866		$	1,976		$	(1,727)		$	(879)		$	(630)		4.8	%	(14.2)	%	(7.2)	%	(1.0)	%
Recurring Revenue	$	40,243		$	8,159		$	8,070		$	56,472		$	38,147		$	9,238		$	8,538		$	55,923		$	2,096		$	(1,079)		$	(468)		$	549		5.5	%	(11.7)	%	(5.5)	%	1.0	%
Recurring Revenue % of Total	92.6		%	78.2		%	71.3		%	86.6		%	91.9		%	75.9		%	70.0		%	84.9		%	0.6		%	2.2		%	1.3		%	1.7		%	0.7	%	2.9	%	1.9	%	2.0	%

YTD 2022 vs YTD 2021	Six Months Ended June 30, 2022												Six Months Ended June 30, 2021												$ Change												% Change
	Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud			Digital			Messaging			Total			Cloud		Digital		Messaging		Total
Service Line
Professional Services	$	6,588		$	3,016		$	5,783		$	15,387		$	7,809		$	4,229		$	5,198		$	17,236		$	(1,221)		$	(1,213)		$	585		$	(1,849)		(15.6)	%	(28.7)	%	11.3	%	(10.7)	%
Transaction Services	546			2,749			56			3,351			3,296			3,213			3			6,512			(2,750)			(464)			53			(3,161)			(83.4)	%	(14.4)	%	1766.7	%	(48.5)	%
Subscription Services	77,844			14,648			16,552			109,044			66,682			16,979			28,535			112,196			11,162			(2,331)			(11,983)			(3,152)			16.7	%	(13.7)	%	(42.0)	%	(2.8)	%
License	—			2,188			1,132			3,320			—			687			400			1,087			—			1,501			732			2,233			—	%	218.5	%	183.0	%	205.4	%
Total	$	84,978		$	22,601		$	23,523		$	131,102		$	77,787		$	25,108		$	34,136		$	137,031		$	7,191		$	(2,507)		$	(10,613)		$	(5,929)		9.2	%	(10.0)	%	(31.1)	%	(4.3)	%
Recurring Revenue	$	78,390		$	17,397		$	16,608		$	112,395		$	69,978		$	20,192		$	28,538		$	118,708		$	8,412		$	(2,795)		$	(11,930)		$	(6,313)		12.0	%	(13.8)	%	(41.8)	%	(5.3)	%
Recurring Revenue % of Total	92.2		%	77.0		%	70.6		%	85.7		%	90.0		%	80.4		%	83.6		%	86.6		%	2.3		%	(3.4)		%	(13.0)		%	(0.9)		%	2.5	%	(4.3)	%	(15.5)	%	(1.0)	%

SYNCHRONOSS TECHNOLOGIES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited) (In thousands)

	Six Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021
Operating activities:
Net income (loss) from continuing operations	$	4,884	$	(14,786)	$	7,921	$	(2,420)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	16,293		18,352		8,259		8,485
Amortization of debt issuance costs	678		—		343		—
(Gain) loss on disposals of fixed assets	1		(18)		1		(9)
Gain on sale of DXP & Activations Solutions	(2,622)		—		(2,622)		—
(Gain) loss on disposals of intangible assets	—		(550)		—		(550)
Amortization of bond discount (premium)	44		—		22		—
Deferred income taxes	(28)		(1,471)		(17)		(434)
Stock-based compensation	2,891		5,066		964		2,345
Operating lease impairment, net	175		1,205		(268)		650
Changes in operating assets and liabilities:
Accounts receivable, net	3,661		4,743		4,364		1,529
Prepaid expenses and other current assets	(314)		(648)		3,655		(203)
Accounts payable	(5,237)		686		(6,256)		(3,066)
Accrued expenses	(2,650)		(4,151)		(294)		(389)
Deferred revenues	(3,015)		(5,539)		(398)		1,109
Other liabilities	(8,033)		5,278		(6,253)		(1,141)
Net cash provided by operating activities	$	6,728	$	8,167	$	9,421	$	5,906
Investing activities:
Purchases of fixed assets	(573)		(1,250)		(419)		(529)
Additions to capitalized software	(10,695)		(10,959)		(5,450)		(5,917)
Proceeds from the sale of intangibles	—		550		—		550
Proceeds from the sale of DXP & Activations Solutions	7,500		—		7,500		—
Net cash used in investing activities	$	(3,768)	$	(11,659)	$	1,631	$	(5,896)
Financing activities:
Share-based compensation-related proceeds, net of taxes paid on withholding shares	—		(1)		—		(1)
Taxes paid on withholding shares	80		(1)		80		(1)
Debt issuance costs related to long term debt	—		(7,811)		—		(7,811)
Proceeds from issuance of long term debt	—		125,000		—		125,000
Repayment of revolving line of credit	—		(10,000)		—		(10,000)
Proceeds from issuance of common stock	—		110,000		—		110,000
Common stock issuance costs	—		(8,340)		—		(8,340)
Proceeds from issuance of Series B preferred stock	—		75,000		—		75,000
Series B preferred stock issuance costs	—		(2,495)		—		(2,495)
Series B preferred dividend paid in the form of cash	(1,859)		—		(78)		—
Redemption of Series B Preferred stock	(6,738)		—		(6,738)		—
Redemption of Series A Preferred stock	—		(278,665)		—		(278,665)
Net cash (used in) provided by financing activities	$	(8,517)	$	2,687	$	(6,736)	$	2,687
Effect of exchange rate changes on cash	(435)		(296)		(531)		55
Net (decrease) increase in cash and cash equivalents	$	(5,992)	$	(1,101)	$	3,785	$	2,752
Cash and cash equivalents, beginning of period	$	31,504	$	33,671	$	21,727	$	29,818
Cash and cash equivalents, end of period	$	25,512	$	32,570	$	25,512	$	32,570
Supplemental disclosures of non-cash investing and financing activities:
Paid in kind dividends on Series A Preferred Stock	$	—	$	31,277	$	—	$	21,076
Paid in kind dividends on Series B Preferred Stock	$	2,581	$	—			$	—

Full Year 2022 Financial Results:

	2022 vs 2021
(in thousands)	FY 2022 Revenue	FY 2021 Revenue	Increase/ (Decrease)	% of Total Revenue
Cloud	$84,978	$77,787	9.2%	64.8%
Digital	22,601	25,108	(10.0)%	17.2%
Messaging	23,523	34,136	(31.1)%	17.9%
	$131,102	$137,031		100.0%

•Total revenue decreased 4.3% to $131.1 million from $137.0 million in 2020. Increased Cloud subscriber growth was more than offset by a decline in the Advanced Messaging business largely as a result of a non-recurring license sale and professional services revenue recorded during the prior year.

•Gross profit remained consistent at $83.9 million (64.0% of total revenue) compared to $81.3 million (59.3% of total revenue) in 2020. The increases in gross profit and gross margin on lower revenue were primarily attributable to a shift toward a more profitable revenue mix and cost savings initiatives implemented throughout the year.

•Income (loss) from operations was $3.5 million compared to $(13.1) million in 2020. The improvement was driven by operating expense savings in addition to a reduction in depreciation and amortization expense as a result of utilizing cost-effective third-party data center providers.

•Net loss was $(0.3) million, or $— per share, compared to net loss of $(46.5) million, or $(1.07) per share, in 2020. The change in net loss was primarily attributable to a larger tax benefit related to the CARES Act received in 2020 as well as favorable non-cash foreign currency translations recorded in the prior year.

•Adjusted EBITDA (a non-GAAP metric reconciled below) increased 37% to $25.8 million from $18.8 million in 2020. The increase in adjusted EBITDA was primarily attributable to cost saving initiatives implemented throughout the year.