0001131554-25-000029 | 10-K | XBRL Viewer | Synchronoss Technologies INC

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Revenue - Contract Assets and Liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($)
Changes In Contract Liabilities [Roll Forward]
Balance at December 31, 2023	$ 1,095
Revenue recognized in the period	(173,105)
Amounts billed but not initially recognized as revenue	172,847
Balance at December 31, 2024	837
Deferred revenue	$ 1,100

Divestitures and Discontinued Operations - Schedule of Cash Flows Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Loss on divestiture	$ 0	$ (16,382)	$ 0
Investing activities:
Proceeds from sales of business	0	0	8,000
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses
Operating activities:
Depreciation and amortization	0	10,517	16,997
Stock-based compensation	0	763	997
Loss on divestiture	0	16,382	0
Investing activities:
Additions to capitalized software	0	(4,497)	(5,809)
Proceeds from divestiture	1,515	23,674	$ 0
Proceeds from sales of business		31,300
Transaction expense		400
Offset amount		7,200
Deferred consideration, cash received	$ 1,500	$ 1,500

Additional Financial Information (Tables)

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Schedule of Other Income (Expense)

The following table sets forth the components of Other income (expense), net included on the Consolidated Statements of Operations:


	Year Ended December 31,
	2024		2023		2022
Foreign exchange gains (losses)1	$	8,894	$	(5,131)	$	2,835
Government refunds2	156		—		828


Other3	228		3		(110)
Total	$	9,278	$	(5,128)	$	3,553

_____________________________

1 Represents fair value of foreign exchange gains and losses.

2 Represents government and tax refunds.

3 Represents an aggregate of individually immaterial transactions.

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Income Statement [Abstract]

Net revenues

$ 173,594

$ 164,196

$ 173,756

Costs and expenses:

Cost of revenues

^[1]

39,041

42,218

46,500

Research and development

42,819

46,565

49,598

Selling, general and administrative

51,688

65,216

61,153

Restructuring charges

1,273

4,013

1,443

Depreciation and amortization

17,091

16,830

14,756

Total costs and expenses

151,912

174,842

173,450

Income (loss) from operations

21,682

(10,646)

306

Interest income

810

426

453

Interest expense

(18,003)

(13,963)

(13,639)

Gain on sale of DXP

2,549

Other income (expense), net

9,278

(5,128)

3,553

Income (loss) from continuing operations, before taxes

13,767

(29,311)

(6,778)

(Provision) benefit for income taxes

(7,613)

(4,743)

Net income (loss) from continuing operations

6,154

(34,054)

(6,719)

Discontinued operations (Note 4):

(Loss) income from discontinued operations, before taxes

(2,200)

921

Loss on divestiture

(16,382)

Provision for income taxes

(1,935)

(1,918)

Net loss from discontinued operations

(20,517)

(997)

Net income (loss)

6,154

(54,571)

(7,716)

Net income (loss) attributable to redeemable non-controlling interests

(200)

Preferred stock dividend, net of gain on repurchase of preferred stock

(1,562)

(10,007)

(9,552)

Net income (loss) attributable to Synchronoss

$ 4,607

$ (64,542)

$ (17,468)

Basic:

Net income (loss) from continuing operations (in dollars per share)

$ 0.46

$ (4.52)

$ (1.71)

Net loss from discontinued operations (in dollars per share)

(2.10)

(0.10)

Basic (in dollars per share)

0.46

(6.62)

(1.81)

Diluted:

Net income (loss) from continuing operations (in dollars per share)

0.43

(4.52)

(1.71)

Net loss from discontinued operations (in dollars per share)

(2.10)

(0.10)

Diluted (in dollars per share)

$ 0.43

$ (6.62)

$ (1.81)

Weighted average common shares outstanding:

Basic (in shares)

10,023

9,745

9,626

Diluted (in shares)

10,668

9,745

9,626

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

Capital Structure

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Capital Structure

Reverse Stock Split

On December 4, 2023, the Company’s stockholders approved proposals at a special meeting of stockholders (the “Special Meeting”) amending the Company’s Restated Certificate of Incorporation (as amended, the “Certificate of Incorporation”), to effect a reverse stock split of the Company’s common stock, $0.0001 par value (“Common Stock”), at a ratio in the range of 1-for-5 to 1-to-20, and an associated reduction in the number of shares of Common Stock the Company is authorized to issue. On December 4, 2023, the Company’s Board of Directors (the “Board”) approved a final split ratio of 1-for-9 (the “Reverse Stock Split”) where each nine (9) shares of Common Stock issued and outstanding immediately prior to the Effective Time shall, automatically and without any action on the part of the respective holders thereof, be combined and converted into one (1) share of Common Stock.

Following such approvals, the Company filed an amendment to the Certificate of Incorporation (the “Certificate of Amendment”) to effect the Reverse Stock Split with the Secretary of State of the State of Delaware on December 8, 2023 as of 4:01 p.m. Eastern Time. The Certificate of Amendment states that the Company is authorized to issue two classes of stock to be designated common stock (“Common Stock”) and preferred stock (“Preferred Stock”). The number of shares of Common Stock authorized to be issued is sixteen million six hundred sixty-six thousand six hundred sixty-seven (16,666,667), par value $0.0001 per share, and the number of shares of Preferred Stock authorized to be issued is ten million (10,000,000), par value $0.0001 per share.

As of the opening of trading on December 11, 2023, the Company’s Common Stock began trading on a post-split basis under CUSIP number 87157B400. The Company’s Common Stock will continue to trade on the Nasdaq Capital Market under the symbol “SNCR.”

The Reverse Stock Split was effected simultaneously for all shares of Common Stock issued and outstanding, and affected all holders of the Company’s Common Stock uniformly and does not affect any stockholder’s percentage ownership interests in the Company, except with respect to the treatment of fractional shares. The Company did not issue fractional shares for post-Reverse Stock Split shares in connection with the Reverse Stock Split. Stockholders who otherwise were entitled to receive a fractional share of Common Stock had such fractional share rounded up to the nearest whole share. The Company retroactively displayed the effect of the Reverse Stock Split change on the Consolidated Balance Sheets, and retroactively adjusted the computations of basic and diluted EPS for all periods presented on the Consolidated Statements of Operations.

As of December 31, 2024, the Company’s authorized capital stock was 26,666,667 shares of stock with a par value of $0.0001, of which 16,666,667 shares were designated as common stock and 10,000,000 shares were designated as preferred stock.

Common Stock

Each holder of common stock is entitled to vote on all matters and is entitled to one vote for each share held. Dividends on common stock will be paid when, and if, declared by the Company’s Board of Directors. No common stock dividends have ever been declared or paid by the Company.

Treasury Stock

The Company’s Treasury Stock balance is nil as of December 31, 2024.

Preferred Stock

The Board of Directors is authorized to issue preferred shares and has the discretion to determine the rights, preferences, privileges and restrictions, including voting rights, dividend rights, conversion rights, redemption privileges and liquidation preferences of preferred stock.

Series B Non-Convertible Preferred Stock

On June 30, 2021, the Company closed a private placement of 75,000 shares of its Series B Perpetual Non-Convertible Preferred Stock, par value $0.0001 per share, with an initial liquidation preference of $1,000 per share (the “Series B Preferred Stock”), for net proceeds of $72.8 million (the “Series B Transaction”). The sale of the Series B Preferred Stock was pursuant to the Series B Preferred Stock Purchase Agreement, dated as of June 24, 2021 (the “Series B Purchase Agreement”), between the Company and B. Riley Principal Investments, LLC (“BRPI”). In connection with the closing of the Series B Transaction, the Company (i) filed a Certificate of Designation with the State of Delaware setting forth the rights, preferences, privileges, qualifications, restrictions and limitations on the Series B Preferred Stock (the “Series B Certificate”) and (ii) entered into an Investor Rights Agreement with B. Riley Financial, Inc. (“B. Riley Financial”) and BRPI setting forth certain governance and registration rights of B. Riley Financial with respect to the Company.

Repurchase of Series B Preferred Stock

On June 28, 2024 the Company repurchased all outstanding shares of the Series B Preferred stock, as discussed in Note 13. Debt. On July 1, 2024 the Company filed a Certificate of Elimination to the Series B Certificate with the Secretary of State of the State of Delaware. As a result of the Series B Repurchase, no shares of the Series B Preferred remain outstanding and none are authorized for issuance as of December 31, 2024, and the authorized shares of Series B Preferred Stock were returned to the status of authorized but unissued shares of preferred stock of the Company, without designation as to series pursuant to the Certificate of Designations.

A summary of the Company’s Series B Preferred stock balance at December 31, 2024 and changes during the year ended December 31, 2024 and 2023, are presented below:


	Series B Preferred Stock
	Shares	Amount
Balance at December 31, 20221	71	$	68,348


Amortization of preferred stock issuance costs	—	328




Redemption of Series B preferred shares	(10)	(9,874)
Balance at December 31, 20231	61	$	58,802






Excise tax on fair value of Series B preferred stock at redemption	—	(576)
Redemption of Series B preferred shares	(61)	(58,226)
Balance at December 31, 2024	—	$	—

________________________________

1 Series B preferred stock principal balance is presented net of unamortized issuance costs.

The Company paid Series B Perpetual Non-Convertible Preferred Stock dividend of $4.3 million in cash for the year ended December 31, 2024.

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS

12 Months Ended

Dec. 31, 2024

SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract]

Schedule II - Valuation and Qualifying Accounts

The following table presents Valuation allowance for deferred tax assets for the years ended December 31, 2024, 2023, 2022 (in thousands):


	Beginning Balance		Additions		Reductions		Ending Balance

Valuation allowance for deferred tax assets:
2024	$	64,065	$	573	$	(3,356)	$	61,282
2023	$	63,029	$	11,843	$	(10,807)	$	64,065
2022	$	68,933	$	542	$	(6,446)	$	63,029

Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Leases
2025	$ 7,531
2026	7,539
2027	6,185
2028	4,272
2029	0
Thereafter	0
Total future lease payments	25,527
Less: amount representing interest	(3,197)
Present value of future lease payments (lease liability)	22,330	$ 28,875	$ 33,931
Finance Leases
2025	763
2026	501
2027	23
2028	0
2029	0
Thereafter	0
Total future lease payments	1,287
Less: amount representing interest	(109)
Present value of future lease payments (lease liability)	$ 1,178	$ 1,118

Fair Value Measurements (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Assets
Money market accounts	$ 9,552	$ 12,500
Total assets	9,552	12,500
Liabilities
Performance-based cash units	948	434
Total liabilities	948	434
(Level 1)
Assets
Money market accounts	9,552	12,500
Total assets	9,552	12,500
Liabilities
Performance-based cash units	0	0
Total liabilities	0	0
(Level 2)
Assets
Money market accounts	0	0
Total assets	0	0
Liabilities
Performance-based cash units	948	434
Total liabilities	948	434
(Level 3)
Assets
Money market accounts	0	0
Total assets	0	0
Liabilities
Performance-based cash units	0	0
Total liabilities	$ 0	$ 0

Leases - Operating Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Liabilities [Roll Forward]
Beginning balance	$ 28,875	$ 33,931
Interest accretion	2,011	2,490
Cash payments	(7,663)	(7,717)
Remeasurements	(632)
Foreign exchange and Other	(261)	171
Ending balance	$ 22,330	$ 28,875

Summary of Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Discontinued Operations

On October 31, 2023, Synchronoss Technologies, Inc. entered into an Asset Purchase Agreement with Lumine Group Software Solutions (Ireland) Limited, pursuant to which the Company sold its Messaging and NetworkX businesses. This transaction represented a strategic shift designed to maximize shareholder value and allowed the Company to solely focus on providing cloud-centric solutions. In connection with the sale transaction, the Company determined its Messaging and NetworkX Businesses qualified for discontinued operations accounting treatment in accordance with ASC 205-20. Accordingly, the operating results of, and costs to separate the Messaging and NetworkX businesses are reported in Net loss from discontinued operations, net of taxes on the Consolidated Statements of Operations for all periods presented. The Notes to the Consolidated Financial Statements have been adjusted on a retrospective basis. For additional information, see Note 4. Divestitures and Discontinued Operations of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.

Basis of Presentation and Consolidation

The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries and variable interest entities (“VIE”) in which the Company is the primary beneficiary and entities in which the Company has a controlling interest. Investments in less than majority-owned companies in which the Company does not have a controlling interest, but does have significant influence, are accounted for as equity method investments. Investments in less than majority-owned companies in which the Company does not have the ability to exert significant influence over the operating and financial policies of the investee are accounted for using the cost method. All material intercompany transactions and accounts are eliminated in consolidation.

Unless otherwise noted, tables are presented in U.S. dollars in thousands. Certain columns and rows may not add due to the use of rounded numbers. Percentages presented are calculated from the underlying numbers in thousands. Earnings per share amounts are computed independently for earnings from continuing operations, earnings from discontinued operations and net earnings. As a result, the sum of per-share amounts may not equal the total. Unless otherwise noted, all amounts and disclosures included in the Notes to Consolidated Financial Statements reflect only the Company's continuing operations except for the Consolidated Statements of Cash Flows for the year ended December 31, 2023 and 2022, which are presented for the whole company. For supplemental cash flow disclosures, see Note 4. Divestitures and Discontinued Operations of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.

During the fourth quarter of 2023 there was a change in the capital structure due to a reverse stock split, which decreased the number of common shares outstanding. The Company retroactively displayed the effect of the change on the Consolidated Balance Sheets, and retroactively adjusted the computations of basic and diluted EPS on the Consolidated Statements of Operations for the year ended December 31, 2022. For additional information, see Note 15. Capital Structure of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.

Risks and Uncertainties

There continue to be uncertainties regarding the current geopolitical tensions. The Company is closely monitoring the impact of the geopolitical environment on all aspects of its business, including how it will impact its customers, employees, suppliers, vendors, business partners and distribution channels. While the geopolitical environment did not materially affect the Company’s financial results and business operations for the year ended December 31, 2024, the Company is unable to predict the impact these factors will have on its financial position and operating results due to numerous uncertainties. The Company will continue to assess the evolving impact of geopolitical tensions and will make adjustments to its operations as necessary.

Recently Issued Accounting Standards

Standards recently adopted

Standard

Description

Effect on the financial statements

Update 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

The amendments in this Update improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in this Update requires that a public entity that has a single reportable segment provide all the disclosures required by the amendments in this Update and all existing segment disclosures in Topic 280.

The Company evaluated these changes and noted that the adoption of this standard did not have a material impact on the Company’s consolidated financial position or results of operations. Refer to Note 24. Segment Information for enhanced disclosures about significant segment expenses.

Date of adoption: December 31, 2024

Standards issued not yet adopted

Standard

Description

Effect on the financial statements

Update 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

Requires a public business entity to disclose, on an annual basis and interim basis, disaggregated information about certain income statement line items in a tabular format in the notes to the financial statements. The guidance does not change what is presented on the face of the income statement.

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2027

Update 2024-01 - Compensation-Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards

The amendments in this Update related to the scope application issue apply to all reporting entities that account for profits interest awards as compensation to employees or nonemployees in return for goods or services. This Update provides specific examples to help stakeholders to determine whether a profits interest award should be accounted for as a share-based payment arrangement (Topic 718) or similar to a cash bonus or profit-sharing arrangement (Topic 710, Compensation—General, or other Topics).

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Update 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

The amendments in this Update related to the rate reconciliation and income taxes paid disclosures improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction.

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Use of Estimates

The preparation of financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.

Revenue Recognition

Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company generates all of its revenue from contracts with customers. Revenues are presented net of discounts, which are volume level driven.

Subscription revenues consist of revenues derived from the processing of transactions through the Company’s service platforms, providing enterprise portal management services on a subscription basis, and maintenance agreements on software licenses. The Company generates revenue from Subscription services by charging monthly active user fees, software as a service (“SaaS”) fees, hosting and storage fees, and fees for the related maintenance support for those services. In most cases, the subscription arrangement is a single performance obligation comprised of a series of distinct services that are substantially the same and that have the same pattern of transfer (i.e., distinct days of service). The Company applies the variable consideration allocation exception when the terms of variable payment relate specifically to efforts to satisfy the performance

obligation or the transfer of service based on usage within the corresponding period, under Topic 606 Section 10-25-14(b) – in such situations the revenue booked and the revenue billed for any month are the same. When the Company does not allocate variable consideration to distinct periods of service or apply the variable consideration allocation exception, the total estimated transaction price is recognized ratably over the term of the contract, where the level of service provided to the customer does not vary significantly from one period to another.

Some of the Company’s contracts guarantee minimum volume transactions from the customer. In these instances, if the customer’s total estimated transaction volume for the period is expected to be less than the contractual amount, the Company records revenues at the minimum guaranteed amount on a straight-line basis over the period covered by the minimum. Setup fees for service arrangements are deferred until set up activities are completed and recognized on a straight‑line basis over remaining expected customer relationship period.

In accordance with Topic 606 Section 10-50-20, any credits due to customers, which are generally performance driven and based upon system availability or response times to incidents, are determined and accounted for in the period in which the services are provided.

The Company recognizes revenues from support and maintenance performance obligations over the service delivery period.

The Company’s software licenses typically provide for a perpetual or term right to use the Company’s software. The Company has concluded that in most cases the software license is distinct as the customer can benefit from the software on its own. Software revenue is typically recognized when the software is delivered to the customer. Contracts that include software customization or specified upgrades may result in the combination of the customization services with the software license as one performance obligation. The Company does not have a history of returns, or refunds of its software licenses, however, in limited instances, the Company may constrain consideration to high-risk customers, until collection is resolved.

The Company’s professional services include software development and customization. The contracts generally include project deliverables specified by each customer. The performance obligations in the agreements are generally combined into one deliverable and generally result in the transfer of control over time. The underlying deliverable is owned and controlled by the customer and does not create an asset with an alternative use to us. The Company recognizes revenue on fixed fee contracts on the proportion of labor hours expended to the total hours expected to complete the contract performance obligation, or ratably to the extent the level of effort to satisfy the performance obligation is materially consistent each period.

Most of the Company’s contracts with customers contain multiple performance obligations which generally include a term SaaS agreement sold along with professional services. In other instances contracts will include a perpetual software license with support and maintenance and sometimes a hosting agreement sold along with professional services. For these contracts, the Company accounts for individual goods and services separately if they are distinct performance obligations. This often requires significant judgment based upon knowledge of the products, the solution provided and the structure of the sales contract. In SaaS agreements, the Company provides a service to the customer which combines the software functionality, maintenance and hosting into a single performance obligation when the customer doesn’t have the ability to take possession of the underlying software license. The Company may also sell the same three goods and services in a contract, but there may be three performance obligations, where the customer has the right to take possession of the software license without significant penalty.

The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company estimates standalone selling prices of software based on observable inputs of past transactions to similarly situated customers. When such observable data is not available for certain software licenses because there is a limited number of transactions or prices are highly variable, the Company will estimate the standalone selling price using the residual approach. Standalone selling prices of services are typically determined based on observable transactions when these services are sold on a standalone basis to similarly situated customers or estimated using a cost-plus margin approach.

Estimating the transaction price of variable consideration including the variable quantity subscription or transaction contracts in a multiple performance obligation arrangement requires judgment. The Company generally estimates this variable consideration at the most likely amount to which the Company expects to be entitled and in certain cases based on the expected value. The Company includes estimated amounts in the transaction price to the extent it is probable that a significant reversal of

cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is resolved. The Company’s estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current and forecasted) that is reasonably available to us. The Company reviews and updates these estimates on a quarterly basis.

The Company’s typical performance obligations include the following:

Performance Obligation

When Performance Obligation is Typically Satisfied

How Standalone Selling Price is Typically Estimated

Software License

Upon shipment or made available for download (point in time)

Observable transactions or residual approach when prices are highly variable or uncertain

Software License with significant customization

Over the performance of the customization and installation of the software (over time)

Residual approach

Hosting Services

As hosting services are provided (over time)

Estimated using a cost-plus margin approach

Professional Services

Consulting

As work is performed (over time)

Observable transactions

Customization

SaaS: Over the remaining term of the SaaS agreement

License: Over the performance of the customization and installation of the software (over time)

Observable transactions

Subscription Services

Customer Support

Ratably over the course of the support contract (over time)

Observable transactions

SaaS

Over the course of the SaaS service once the system is available for use (over time)

Estimated using a cost-plus margin approach

The payments for the Company’s performance obligations are typically due within 90 days of services being provided for Software License, Professional Services, and Subscription Services.

Deferred Revenue

Deferred revenues represent billings to customers for services in advance of the performance of services, with revenues recognized as the services are rendered.

Service Level Standards

Pursuant to certain contracts, the Company is subject to service level standards and to corresponding penalties for failure to meet those standards. All performance-related penalties are reflected as a corresponding reduction of the Company’s revenues. These penalties, if applicable, are recorded in the month incurred and were insignificant for the years ended December 31, 2024, 2023 and 2022, respectively.

Cost of Revenues

Cost of revenues includes all direct materials, direct labor and those indirect costs related to revenues such as indirect labor, materials and supplies and facilities cost, exclusive of depreciation and amortization expense.

Research and Development

Software development costs are accounted for in accordance with either ASC 985-20, “Software - Costs of Software to be Sold, Leased or Marketed,” or ASC 350-40, “Internal-Use Software.” Costs associated with the planning and designing phase of software development are classified as research and development costs and are expensed as incurred. The amounts capitalized include external direct costs of services used in developing internal-use software, and employee compensation and related expenses of personnel directly associated with the development activities. Once technological feasibility has been determined, a portion of the costs incurred in development, including coding, testing and quality assurance, are capitalized until available for general release to clients.

Amortization is calculated on a solution-by-solution basis and is recognized over the estimated economic life of the software, typically ranging two to three years. Amortization begins when the software is substantially completed for its intended use. Costs incurred during the preliminary and post-implementation stages are expensed as incurred. The amounts capitalized include external direct costs of services used in developing internal-use software, employee compensation and related expenses of personnel directly associated with the development activities. Software development costs are evaluated for recoverability whenever events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Unrecoverable costs are reviewed annually and recognized in the period they become unrecoverable, as needed, and are recorded on the Consolidated Statements of Operations as depreciation and amortization expense.

Research and Development

Concentration of Credit Risk

The Company’s financial instruments that are exposed to concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company maintains its cash and cash equivalents at several major financial institutions. The Company believes that concentration of credit risk with respect to accounts receivable is limited because of the creditworthiness of its major customers.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents.

Accounts Receivable

Allowance for Credit Losses

The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions, and a review of the current status of customers' trade accounts receivables. Customers are pooled based on sharing specific risk factors, including geographic location. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances.

Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on our analysis of their financial statements when a credit rating is not available. The Company evaluates contract terms and

conditions, country and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on a timely basis, and balances are written off as they are determined to be uncollectible after all collection efforts have been exhausted. Estimates of potential credit losses are used to determine the allowance; they are based on an assessment of anticipated payment and all other historical, current and future information that is reasonably available.

Fair Value of Financial Instruments and Liabilities

The Company includes disclosures of fair value information about financial instruments and liabilities, whether or not recognized on the Consolidated Balance Sheets, for which it is practical to estimate that value. Due to their short-term nature, the carrying amounts reported in the financial statements approximate the fair value for cash and cash equivalents, marketable securities, accounts receivable and accounts payable.

In accordance with US GAAP, fair value is defined as the price that would be received to sell an asset, or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level hierarchy prioritizes the inputs used to measure fair value as follows:

•Level 1 - Observable inputs - quoted prices in active markets for identical assets and liabilities;

•Level 2 - Observable inputs other than the quoted prices in active markets for identical assets and liabilities includes quoted prices for similar instruments, quoted prices for identical or similar instruments in inactive markets, and amounts derived from valuation models where all significant inputs are observable in active markets; and

•Level 3 - Unobservable inputs - includes amounts derived from valuation models where one or more significant inputs are unobservable and require the Company to develop relevant assumptions.

Property and Equipment

Property and equipment and leasehold improvements are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets, which range from 3 to 5 years, or the lesser of the related initial term of the lease or useful life for leasehold improvements. Amortization of property and equipment recorded under a capital lease is included with depreciation expense. Expenditures for routine maintenance and repairs are charged against operations, while major replacements, improvements and additions are capitalized.

Noncontrolling Interests and Mandatorily Redeemable Financial Instruments

Noncontrolling interests (“NCI”) are evaluated by the Company and are shown as either a liability, temporary equity (shown between liabilities and equity) or as permanent equity depending on the nature of the redeemable features at amounts based on formulas specific to each entity. Generally, mandatorily redeemable NCIs are classified as liabilities and non-mandatorily redeemable NCIs are classified outside of stockholders’ equity on the Consolidated Balance Sheets as temporary equity under the caption Redeemable noncontrolling interests, and are measured at their redemption values at the end of each period. If the redemption value is greater than the carrying value, an adjustment is recorded in retained earnings to record the NCI at its redemption value. Redeemable NCIs that are mandatorily redeemable are classified as a liability on the Consolidated Balance Sheets under either other current liabilities or other long-term liabilities, depending on the remaining duration until settlement, and are measured at the amount of cash that would be paid if settlement occurred at the balance sheet date with any change from the prior period recognized as interest expense.

If the noncontrolling interest is not currently redeemable yet probable of becoming redeemable, the Company is required to either (1) accrete changes in the redemption value over the period from the date of issuance to the earliest redemption date of the instrument using an appropriate methodology, usually the interest method, or (2) recognize changes in the redemption value immediately as they occur and adjust the carrying value of the security to equal the redemption value at the end of each reporting period. The Company has elected to recognize changes in the redemption value immediately as they occur and adjust the carrying value of the noncontrolling interest to the greater of the estimated redemption value, which approximates fair value, at the end of each reporting period or the initial carrying amount.

Net income attributable to NCIs reflects the portion of the net income (loss) of consolidated entities applicable to the NCI stockholders in the accompanying Consolidated Statements of Operations. The net income attributable to NCI is classified on the Consolidated Statements of Operations as part of consolidated net income and deducted from total consolidated net income to arrive at the net income attributable to the Company.

Investments in Affiliates and Other Entities

In the normal course of business, Synchronoss enters into various types of investment arrangements, each having unique terms and conditions. These investments may include equity interests held by Synchronoss in business entities, including general or limited partnerships, contractual ventures, or other forms of equity participation. Synchronoss determines whether such investments involve a variable interest entity (“VIE”) based on the characteristics of the subject entity. If the entity is

determined to be a VIE, then management determines if Synchronoss is the primary beneficiary of the entity and whether or not consolidation of the VIE is required. The primary beneficiary consolidating the VIE must normally have both (i) the power to direct the activities of a VIE that most significantly affect the VIE’s economic performance and (ii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE, in either case that could potentially be significant to the VIE. When Synchronoss is deemed to be the primary beneficiary, the VIE is consolidated and the other party’s equity interest in the VIE is accounted for as a noncontrolling interest.

The Company generally accounts for investments it makes in VIEs in which it has determined that it does not have a controlling financial interest but has significant influence over and holds at least a 20% ownership interest using the equity method. Any such investment not meeting the parameters to be accounted under the equity method would be accounted for using the cost method unless the investment had a readily determinable fair value, at which it would then be reported.

If an entity fails to meet the characteristics of a VIE, the Company then evaluates such entity under the voting model. Under the voting model, the Company consolidates the entity if they determine that they, directly or indirectly, have greater than 50% of the voting shares, and determine that other equity holders do not have substantive participating rights.

Goodwill

Goodwill represents the excess of the purchase price over the fair value of net assets acquired, including other definite-lived intangible assets. Goodwill is tested for impairment annually on the first day of the fourth quarter or when an interim triggering event has occurred indicating potential impairment. The Company has concluded that it has one operating segment and one reporting unit. The Company tests for goodwill impairment on its reporting unit.

The Company can opt to perform a qualitative assessment to test a reporting unit’s goodwill for impairment or the Company can directly perform the quantitative impairment test. If the Company determines that the fair value of a reporting unit is more likely than not to be less than its carrying amount, a quantitative impairment test is performed.

During the Company’s qualitative assessment, the Company makes assumptions and judgments around the financial performance of the Company, changes in share price, and forecasts of earnings, working capital requirements and cash flows. The Company considers its reporting unit's historical results and operating trends when determining these assumptions.

Fair value estimates used in the quantitative impairment test are calculated using a combination of the income and market approaches. The income approach is based on the present value of future cash flows of each reporting unit, while the market approach is based on certain multiples of selected guideline public companies or selected guideline transactions. The approaches incorporate a number of market participant assumptions including future growth rates, discount rates, income tax rates and market activity in assessing fair value and are reporting unit specific. If the carrying amount exceeds the reporting unit's fair value, the Company recognizes an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The Company also considers the market capitalization of the Company when evaluating goodwill for impairment.

The fair value measurement associated with the quantitative goodwill impairment test is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Significant changes in the underlying assumptions used to value goodwill could significantly increase or decrease the fair value estimates used for impairment assessments.

If the fair value of the reporting unit is less than its carrying amount, goodwill is impaired and the excess of the reporting unit’s carrying value over the fair value is recognized as an impairment loss.

In the current year the Company performed a qualitative assessment and determined the carrying value of the reporting unit was not more likely than not in excess of the fair value.

Impairment of Long-Lived Assets

A review of long-lived assets for impairment is performed when events or changes in circumstances indicate that the carrying value of such assets may not be recoverable. If an indication of impairment is present, the Company compares the

estimated undiscounted future cash flows to be generated by the asset to the asset’s carrying amount. If the undiscounted future cash flows are less than the carrying amount of the asset, the Company records an impairment loss equal to the amount by which the asset’s carrying amount exceeds its fair value. The fair value is determined based on valuation techniques such as a comparison to fair values of similar assets or using a discounted cash flow analysis.

This fair value measurement is based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Significant changes in the underlying assumptions used to value long lived assets could significantly increase or decrease the fair value estimates used for impairment assessments.

Long lived assets that do not have indefinite lives are amortized/depreciated over their useful lives and reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company reevaluates the useful life determinations each year to determine whether events and circumstances warrant a revision to the remaining useful lives.

Leases

Whenever the Company enters into a new arrangement it must determine whether the arrangement contains a lease at the inception date. This determination generally depends on whether the arrangement conveys to the Company the right to control the use of an explicitly or implicitly identified fixed asset for a period of time in exchange for consideration. Control of an underlying asset is conveyed to the Company if the Company obtains the rights to direct the use of and to obtain substantially all of the economic benefits from using the underlying asset.

If a lease exists, the Company must then determine the separate lease and non-lease components of the arrangement. Each right to use an underlying asset conveyed by a lease arrangement should generally be considered a separate lease component if it both: (i) can benefit the Company without depending on other resources not readily available to the Company and (ii) does not significantly affect and is not significantly affected by other rights of use conveyed by the lease. Aspects of a lease arrangement that transfer other goods or services to the Company but do not meet the definition of lease components are considered non-lease components. The consideration owed by the Company pursuant to a lease arrangement is generally allocated to each lease and non-lease component for accounting purposes. However, the Company has elected to not separate lease and non-lease components. Each lease component is accounted for separately from other lease components, but together with the associated non-lease components.

For each lease, the Company must then determine:

•The lease term - The lease term is the period of the lease not cancellable by the Company, together with periods covered by: (i) renewal options the Company is reasonably certain to exercise or that are controlled by the lessor and (ii) termination options the Company is reasonably certain not to exercise.

•The present value of lease payments is calculated based on:

–Lease payments - Lease payments include certain fixed and variable payments, less lease incentives, together with amounts probable of being owed by the Company under residual value guarantees and, if reasonably certain of being paid, the cost of certain renewal options and early termination penalties set forth in the lease arrangement. Lease payments exclude consideration that is: (i) not related to the transfer of goods and services to the Company and (ii) allocated to the non-lease components in a lease arrangement, except for the classes of assets where the Company has elected to not separate lease and non-lease components.

–Discount rate - The discount rate must be determined based on information available to the Company upon the commencement of a lease. Lessees are required to use the rate implicit in the lease whenever such rate is readily available; however, as the implicit rate in the Company's leases is generally not readily determinable, the Company generally uses the hypothetical incremental borrowing rate it would have to pay to borrow an amount equal to the lease payments, on a collateralized basis, over a timeframe similar to the lease term.

•Lease classification - In making the determination of whether a lease is an operating lease or a finance lease, the Company considers the lease term in relation to the economic life of the leased asset, the present value of lease payments in relation to the fair value of the leased asset and certain other factors, including the lessee's and lessor's rights, obligations and economic incentives over the term of the lease.

Generally, upon the commencement of a lease, the Company will record a lease liability and a right-of-use (“ROU”) asset. However, the Company has elected, for certain classes of underlying assets with initial lease terms of twelve months or less (known as short-term leases), to not recognize a lease liability or ROU asset. Lease liabilities are initially recorded at lease commencement as the present value of future lease payments. ROU assets are initially recorded at lease commencement as the initial amount of the lease liability, together with the following, if applicable: (i) initial direct costs and (ii) lease payments made, net of lease incentives received, prior to lease commencement.

Over the lease term, the Company generally increases its lease liabilities using the effective interest method and decreases its lease liabilities for lease payments made. The Company generally amortizes its ROU assets over the shorter of the estimated useful life or the lease term and assesses its ROU assets for impairment, similar to other long-lived assets.

For finance leases, amortization expense and interest expense are recognized separately on the Consolidated Statements of Operations, with amortization expense generally recorded on a straight-line basis and interest expense recorded using the effective interest method. For operating leases, a single lease cost is generally recognized on the Consolidated Statements of Operations on a straight-line basis over the lease term. Lease costs for short-term leases not recognized on the Consolidated Balance Sheets are recognized on the Consolidated Statements of Operations and are expensed as incurred. Variable lease costs not initially included in the lease liability and ROU asset impairment charges are expensed as incurred.

Income Taxes

Since we conduct operations on a global basis, our effective tax rate has and will depend upon the geographic distribution of our pre-tax earnings among locations with varying tax rates. We account for the effects of income taxes that result from our activities during the current and preceding years. Under this method, deferred income tax liabilities and assets are based on the difference between the financial statement carrying amounts and the tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse or be utilized. The realization of deferred tax assets is contingent upon the generation of future taxable income. A valuation allowance is recorded if it is “more likely than not” that a portion or all of a deferred tax asset will not be realized.

In evaluating our ability to recover our deferred tax assets within the jurisdiction from which they arise, we consider all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, we begin with historical results and incorporate assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates we are using to manage the underlying businesses.

We recognize a tax benefit from an uncertain tax position only if it is more likely than not to be sustained upon examination based on the technical merits of the position. The amount of the accrual for which an exposure exists is measured by determining the amount that has a greater than 50 percent likelihood of being realized upon the settlement of the position. Components of the reserve are classified as current or a long-term liability on the Consolidated Balance Sheets based on when we expect each of the items to be settled. We record interest and penalties accrued in relation to uncertain tax benefits as a component of interest expense.

While we believe we have identified all reasonably identifiable exposures and that the reserve we have established for identifiable exposures is appropriate under the circumstances, it is possible that additional exposures exist and that exposures may be settled at amounts different than the amounts reserved. It is also possible that changes in facts and circumstances could cause us to either materially increase or reduce the carrying amount of our tax reserves. In general, tax returns for the year 2020 and thereafter are subject to future examination by tax authorities.

Our policy has been to leave our cumulative unremitted foreign earnings invested indefinitely outside the United States, and we intend to continue this policy for most of our foreign subsidiaries. During 2023 we changed our indefinite reinvestment assertion for future years related to our Indian subsidiary and recorded a deferred tax liability associated with the outside basis difference. The Company continues to assert permanent reinvestment of foreign earnings in all other foreign jurisdictions. Due to the timing and circumstances of repatriation of such earnings, if any, it is not practicable to determine the unrecognized deferred tax liability relating to such amounts.

Foreign Currency Exchange

The functional currency of non-U.S. entities is translated into U.S. dollars for balance sheet accounts using the month end rates in effect as of the balance sheet date and average exchange rate for revenue and expense accounts for each respective period. Fluctuations in foreign currency transaction gains and losses are mainly related to intercompany payables and receivables. The translation adjustments are deferred as a separate component of stockholders’ equity within Accumulated other comprehensive income.

Comprehensive (Loss) Income

Reporting on comprehensive income requires components of other comprehensive income, including unrealized gains or losses on available-for-sale securities, to be included as part of total comprehensive income. Comprehensive income is comprised of net income, translation adjustments and unrealized gains and losses on available-for-sale securities. The components of comprehensive income are included in the Consolidated Statements of Comprehensive (Loss) Income.

Basic and Diluted Net Income Attributable to Common Stockholders per Common Share

Basic EPS is computed based upon the weighted average number of common shares outstanding for the year, excluding amounts associated with restricted shares.

Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the potential dilutive effect of common stock equivalents using the treasury stock method and the average market price of the Company’s common stock for the year. The potential dilutive effect of common stock includes stock options, convertible debt and unvested restricted stock. The dilutive effects of stock options and restricted stock awards are based on the treasury stock method. The dilutive effect of the assumed conversion of convertible debt is determined using the if-converted method. The after-tax effect of interest expense related to the convertible securities is added back to net income, and the convertible debt is assumed to have been converted into common shares at the beginning of the period.

The Company includes participating securities (Redeemable Convertible Preferred Stock - Participation with Dividends on Common Stock that contain preferred dividend) in the computation of EPS pursuant to the two-class method. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.

Stock-Based Compensation

As of December 31, 2024, the Company maintains two stock-based compensation plans.

The Company utilizes the Black-Scholes pricing model to determine the fair value of stock options on the grant dates. Restricted stock awards are measured based on the fair market values of the underlying stock on the grant dates. The Company recognizes stock-based compensation over the requisite service period with an offsetting credit to Additional paid-in capital.

For the Company’s performance-based restricted stock awards and units, the Company estimates the number of shares the recipient is to receive by applying a probability of achieving the performance goals. The actual number of shares the recipient receives is determined at the end of the performance period based on the results achieved versus goals based on the performance targets, such as revenues and earnings before interest, tax, depreciation and amortization (“EBITDA”) after certain adjustments, and Total Shareholder Return (“TSR”). The compensation cost is recognized using the straight-line method over the requisite service period for each vesting tranche. The Company utilizes the Monte Carlo simulation pricing model to determine the fair value of performance-based market awards on the grant dates. Performance-based cash units that are accounted for as liability awards are measured at the closing stock price at the reporting period end date and are recognized on a straight-line basis over the requisite service period. The expense for the period will increase or decrease based on updated fair values of these awards as well as the percentage achievement of the performance metrics at each reporting date. Performance-based cash units that are accounted for as equity awards are measured at the closing stock price at the grant date and are recognized on a straight-line basis over the requisite service period. The expense for the period will increase or decrease based on the percentage achievement of the performance metrics at each reporting date.

Use of a valuation model requires management to make certain assumptions with respect to selected model inputs. Expected volatility was calculated based on historical information of the Company’s stock. The average expected life was determined using historical stock option exercise activity. The risk-free interest rate is based on U.S. Treasury zero-coupon issues with a remaining term equal to the expected life assumed at the grant date. The Company has never declared or paid cash dividends on the common equity and does not anticipate paying any cash dividends on the common equity in the foreseeable future. Forfeitures are accounted for as they occur.

Segment and Geographic Information

The Company’s chief operating decision‑maker is the Chief Executive Officer. The Company operates and offers various products in North America, Europe and Asia‑Pacific with the majority of the Company’s revenue and assets in the U.S. The Company assessed its current structure and operations and determined it has one operating segment and a single reportable segment as the business is managed and assessed by the chief operating decision-maker based on the consolidated results of the organization.

Leases - Weighted Average Lease Term and Rates (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted average remaining lease term (years), weighted based on lease liability balances:
Finance leases	2 years	2 years 2 months 12 days	2 years 2 months 12 days
Operating leases	3 years 8 months 12 days	4 years 4 months 24 days	5 years 4 months 24 days
Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Finance leases	10.00%	9.30%	7.40%
Operating leases	8.00%	8.00%	8.00%
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases	$ 926	$ 641	$ 424
Operating leases	7,663	7,717	7,876
Lease liabilities arising from obtaining right-of-use assets:
Finance leases	710	787	387
Operating leases	$ 0	$ 0	$ 0

Goodwill and Intangibles - Composition of Intangible Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Intangible assets:
Cost	$ 195,298	$ 189,239
Accumulated Amortization	(176,181)	(167,025)
Total	19,117	22,214
Technology
Intangible assets:
Cost	50,479	52,545
Accumulated Amortization	(50,479)	(52,545)
Total	0	0
Customer lists and relationships
Intangible assets:
Cost	64,950	67,129
Accumulated Amortization	(63,283)	(64,387)
Total	1,667	2,742
Capitalized software and patents
Intangible assets:
Cost	78,006	67,687
Accumulated Amortization	(60,556)	(48,215)
Total	17,450	19,472
Trade name
Intangible assets:
Cost	1,863	1,878
Accumulated Amortization	(1,863)	(1,878)
Total	$ 0	$ 0

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Held and their Related Classifications Under the Fair Value Hierarchy

The following is a summary of assets, liabilities and their related classifications under the fair value hierarchy:


	December 31, 2024
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Money market accounts1	$	9,552	$	9,552	$	—	$	—


Total assets	$	9,552	$	9,552	$	—	$	—
Liabilities
Performance-based cash units2,3	$	948	$	—	$	948	$	—

Total liabilities	$	948	$	—	$	948	$	—


	December 31, 2023
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Money market accounts1	$	12,500	$	12,500	$	—	$	—


Total assets	$	12,500	$	12,500	$	—	$	—
Liabilities
Performance-based cash units2,3	$	434	$	—	$	434	$	—
Total liabilities	$	434	$	—	$	434	$	—

________________________________

1 Included in Cash and cash equivalents on the Consolidated Balance Sheets.

2 The short-term portion is included in Accrued expenses and the long-term portion is included in Other liabilities, non-current on the Consolidated Balance Sheets.

3 For a discussion of performance-based cash units see Note 16. Stock Plans of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.

Insider Trading Arrangements	3 Months Ended	12 Months Ended
Insider Trading Arrangements	Dec. 31, 2024 shares	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Laurie Harris [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 10, 2024, Laurie Harris, director and chairperson of the audit committee of the Company’s Board of Directors, adopted a trading arrangement for the sale of shares of our common stock (a "Rule 10b5-1 Trading Plan") that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c). Ms. Harris’ Rule 10b5-1 Trading Plan provides for the sale of up to 4,800 shares of common stock pursuant to the terms of the plan. Ms. Harris’ Rule 10b5-1 Trading Plan expires on September 3, 2025, unless earlier terminated in accordance with the terms of the plan.
Name	Laurie Harris
Title	director and chairperson
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 10, 2024
Expiration Date	September 3, 2025
Arrangement Duration	358 days
Aggregate Available	4,800	4,800

Property and Equipment

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and equipment consist of the following:


	December 31,
	2024		2023
Computer hardware	$	25,758	$	27,000
Computer software	17,254		17,021

Furniture and fixtures	2,214		2,434
Finance lease assets	2,300		2,085
Leasehold improvements	11,039		12,246
Property and equipment, gross	58,565		60,786
Less: Accumulated depreciation	(55,411)		(57,113)
Property and equipment, net	$	3,154	$	3,673

Depreciation expense was approximately $1.9 million, $2.2 million and $2.9 million for the year ended December 31, 2024, 2023, and 2022, respectively. Amortization of property and equipment recorded under capital leases are included in depreciation expense.

Summary of Significant Accounting Policies - Property and Equipment (Details)	Dec. 31, 2024
Minimum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	3 years
Maximum
Property, Plant and Equipment [Line Items]
Property and equipment, useful life	5 years

Debt - Carrying Amounts (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Total carrying value of debt	$ 186,715	$ 136,215
Current portion of long-term debt	1,875	0
Long-term debt, net of debt issuance costs	184,840	136,215
2021 Senior Notes: \| Senior Notes
Debt Instrument [Line Items]
Long-term debt, gross	121,387	141,077
Unamortized discount and debt issuance cost	(2,625)	(4,862)
Total carrying value of debt	118,762	136,215
2024 Term Loan: \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	74,063	0
Unamortized discount and debt issuance cost	(6,110)	0
Total carrying value of debt	$ 67,953	$ 0

Stock Plans - Stock-based Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	$ 6,372	$ 4,390	$ 4,464
Tax benefit	1,218	958	938
Stock-based compensation cost related to non-vested equity awards not yet recognized as an expense	$ 4,100
Weighted-average period over which stock-based compensation cost related to non-vested equity awards is expected to be recognized	1 year 10 months 24 days
Stock options
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	$ 568	1,334	1,981
Restricted stock awards
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	2,681	2,930	2,500
Performance-based cash units
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	3,123	126	(17)
Stock-based compensation cost related to non-vested equity awards not yet recognized as an expense	$ 2,900
Weighted-average period over which stock-based compensation cost related to non-vested equity awards is expected to be recognized	1 year 9 months 18 days
Cost of revenues
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	$ 325	109	249
Research and development
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	1,669	1,291	1,472
Selling, general and administrative
Employee Service Share-based Compensation, Aggregate Disclosures [Abstract]
Total stock-based compensation expense	$ 4,378	$ 2,990	$ 2,743

Insider Trading Policies and Procedures	12 Months Ended
Insider Trading Policies and Procedures	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Accumulated Other Comprehensive (Loss) / Income

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Accumulated Other Comprehensive (Loss) / Income

The changes in accumulated other comprehensive (loss) income during the years ended December 31, 2024, 2023, and 2022 were as follows:


	Balance at December 31, 2023		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2024
Foreign currency	$	(22,212)	$	(15,405)	$	—	$	(37,617)
Unrealized loss on intercompany foreign currency transactions	(3,520)		—		—		(3,520)

Total	$	(25,732)	$	(15,405)	$	—	$	(41,137)


	Balance at December 31, 2022		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2023
Foreign currency	$	(40,611)	$	18,399	$	—	$	(22,212)
Unrealized loss on intercompany foreign currency transactions	(3,520)		—		—		(3,520)

Total	$	(44,131)	$	18,399	$	—	$	(25,732)


	Balance at December 31, 2021		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2022
Foreign currency	$	(29,350)	$	(11,261)	$	—	$	(40,611)
Unrealized (loss) income on intercompany foreign currency transactions	(3,635)		191		(76)		(3,520)

Total	$	(32,985)	$	(11,070)	$	(76)	$	(44,131)

Revenue

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Revenue

Disaggregation of revenue

The Company disaggregates revenue from contracts with customers into the nature of the products and services and geographical regions. The Company’s geographic regions are the North America, Europe, the Middle East and Africa (“EMEA”), and Asia Pacific (“APAC”). The majority of the Company’s revenue is from the TMT sector.


	Year Ended December 31, 2024
	Cloud		NetworkX1		Messaging2		Total
Geography:
North America	$	160,428	$	—	$	124	$	160,552
APAC	5,316		—		—		5,316
EMEA	7,726		—		—		7,726
Total	$	173,470	$	—	$	124	$	173,594

Service Line:
Professional Services	$	14,483	$	—	$	—	$	14,483
Transaction Services	—		—		—		—
Subscription Services	158,247		—		26		158,273
License	740		—		98		838
Total	$	173,470	$	—	$	124	$	173,594


	Year Ended December 31, 2023
		Cloud		NetworkX1		Messaging2		Total
Geography:
North America		$	149,901	$	790	$	1,191	$	151,882
APAC		5,078		—		—		5,078
EMEA		7,236		—		—		7,236
Total		$	162,215	$	790	$	1,191	$	164,196

Service Line:
Professional Services		$	18,004	$	—	$	(68)	$	17,936
Transaction Services		185		—		—		185
Subscription Services		143,430		790		1,259		145,479
License		596		—		—		596
Total		$	162,215	$	790	$	1,191	$	164,196


	Year Ended December 31, 2022
	Cloud		NetworkX1		Messaging2		Total
Geography:
North America	$	155,296	$	5,748	$	3,211	$	164,255
APAC	1,470		(28)		—		1,442
EMEA	6,565		1,494		—		8,059
Total	$	163,331	$	7,214	$	3,211	$	173,756

Service Line:
Professional Services	$	14,278	$	1,838	$	894	$	17,010
Transaction Services	858		31		—		889
Subscription Services	148,195		5,097		2,022		155,314
License	—		248		295		543
Total	$	163,331	$	7,214	$	3,211	$	173,756

_____________________________

1 Includes revenue associated with DXP and Activation contracts divested in the prior period, as well as residual NetworkX contracts not included in the Asset Purchase Agreement with Lumine Group recognized in the current and prior periods.

2 Includes revenue recognized in the current and prior periods associated with residual Messaging contracts not included in the Asset Purchase Agreement with Lumine Group.

Trade Accounts Receivable and Contract balances

The Company classifies its right to consideration in exchange for deliverables as either a receivable or a contract asset. A receivable is a right to consideration that is unconditional (i.e., only the passage of time is required before payment is due). For example, the Company recognizes a receivable for revenues related to its time and materials and transaction or volume-based contracts. The Company presents such receivables in Trade accounts receivable, net on the Consolidated Balance Sheets at their net estimated realizable value. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that may not be collected. The allowance is based upon an assessment of customer creditworthiness, historical payment experience, the age of outstanding receivables and other applicable factors.

A contract asset is a right to consideration that is conditional upon factors other than the passage of time. For example, the Company would record a contract asset if it records revenue on a professional services engagement, but are not entitled to bill until the Company achieves specified milestones. The Company presents such contract assets in Other current assets and Other noncurrent assets on the Consolidated Balance Sheets. The contract asset balance was $0.6 million and $1.2 million at December 31, 2024 and 2023, respectively.

Amounts collected in advance of services being provided are accounted for as contract liabilities, which are presented as Deferred revenue, current on the Consolidated Balance Sheets and are realized with the associated revenue recognized under the contract. Nearly all of the Company's contract liabilities balance are related to services revenue, primarily subscription services contracts.

The Company’s contract assets and liabilities are reported in a net position on a customer basis at the end of each reporting period.

Significant changes in the contract liabilities balance (current and non-current) during the period are as follows:


	Contract Liabilities1
Balance at December 31, 2023	$	1,095
Revenue recognized in the period	(173,105)
Amounts billed but not initially recognized as revenue	172,847


Balance at December 31, 2024	$	837

_____________________________

1 Comprised of Deferred Revenue. $1.1 million of revenue recognized in the period was included in the contract liability balance at the beginning of the period.

Revenues recognized during the year ended December 31, 2024 for performance obligations satisfied or partially satisfied in previous periods were immaterial.

Contract acquisition costs

In connection with the adoption of Topic 606 and the related cost accounting guidance under Accounting Standards Codification (“ASC”) 340, the Company is required to capitalize certain contract acquisition costs consisting primarily of commissions and bonuses paid when contracts are signed. For contracts that have a duration of less than one year, the Company follows a Topic 606 practical expedient and expenses these costs over the estimated customer life, because it does not pay commissions upon renewals that are commensurate with the initial contract. During the years ended December 31, 2024, 2023 and 2022 the amounts of amortization were not material and there were no impairments in relation to costs capitalized.

Contract Fulfillment Costs

Under ASC 340-40, the Company evaluates whether or not it should capitalize the costs of fulfilling a contract. Such costs would be capitalized when they are not within the scope of other standards and: (1) are directly related to a contract; (2) generate or enhance resources that will be used to satisfy performance obligations; and (3) are expected to be recovered. As of December 31, 2024 and 2023, the Company had nil and $0.2 million of capitalized contract fulfillment costs, respectively.

Transaction price allocated to the remaining performance obligations

Topic 606 requires that the Company disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of December 31, 2024. The Company has elected not to disclose transaction price allocated to remaining performance obligations for:

1.Contracts with an original duration of one year or less, including contracts that can be terminated for convenience without a substantive penalty;

2.Contracts for which the Company recognizes revenues based on the right to invoice for services performed;

3.Variable consideration allocated entirely to a wholly unsatisfied performance obligation or to a wholly unsatisfied promise to transfer a distinct good or service that forms part of a single performance obligation in accordance with Topic 606 Section 10-25-14(b), for which the criteria in Topic 606 Section 10-32-40 have been met. This applies to a limited number of situations where the Company is dependent upon data from a third party or where fees are highly variable.

Many of the Company’s performance obligations meet one or more of these exemptions. Specifically, the Company has excluded the following from the Company’s remaining performance obligations, all of which will be resolved in the period in which amounts are known:

•consideration for future transactions, above any contractual minimums;

•consideration for success-based transactions contingent on third-party data;

•credits for failure to meet future service level requirements.

As of December 31, 2024, the aggregate amount of transaction price allocated to remaining performance obligations, other than those meeting the exclusion criteria above, was $165.7 million, of which approximately 80.0% is expected to be recognized as revenues within 2 years, and the remainder thereafter.

Estimates of revenue expected to be recognized in future periods also exclude unexercised customer options to purchase services that do not represent material rights to the customer. Customer options that do not represent a material right are only accounted for in accordance with Topic 606 when the customer exercises its option to purchase additional goods or services.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Name Accounting Standards Codification
-Section 50
-Paragraph 15
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details

Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Impact of New Accounting Standard

Standards issued not yet adopted

Standard

Description

Effect on the financial statements

Update 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2027

Update 2024-01 - Compensation-Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Update 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Schedule of Typical Remaining Performance Obligations

The Company’s typical performance obligations include the following:

Performance Obligation

When Performance Obligation is Typically Satisfied

How Standalone Selling Price is Typically Estimated

Software License

Upon shipment or made available for download (point in time)

Observable transactions or residual approach when prices are highly variable or uncertain

Software License with significant customization

Over the performance of the customization and installation of the software (over time)

Residual approach

Hosting Services

As hosting services are provided (over time)

Estimated using a cost-plus margin approach

Professional Services

Consulting

As work is performed (over time)

Observable transactions

Customization

SaaS: Over the remaining term of the SaaS agreement

License: Over the performance of the customization and installation of the software (over time)

Observable transactions

Subscription Services

Customer Support

Ratably over the course of the support contract (over time)

Observable transactions

SaaS

Over the course of the SaaS service once the system is available for use (over time)

Estimated using a cost-plus margin approach

Schedule of Software Development Costs

The unamortized software development costs and amortization expense were as follows:


	Year ended December 31,
	2024		2023		2022
Unamortized software development costs	$	17,324	$	19,327	$	18,374
Software development amortization expense	$	14,120	$	13,633	$	10,265

Schedule of Foreign Currency Gains (Losses)

Gains or losses resulting from transactions denominated in foreign currencies are included in Other income or expense, on the Consolidated Statements of Operations and were as follows:


	Year Ended December 31,
	2024		2023		2022
Foreign exchange gain (loss)	$	8,894	$	(5,131)	$	2,835

Schedule of Revenue From External Customers and Long-lived assets, by Geographical Areas

Revenues by geography are based on the billing addresses of the Company’s customers. The following tables set forth revenue and property and equipment, net by geographic area:


	Year Ended December 31,
	2024		2023		2022
Revenue:
Domestic	$	160,552	$	151,882	$	164,255
Foreign	13,042		12,314		9,501
Total revenue	$	173,594	$	164,196	$	173,756


	Year Ended December 31,
	2024		2023
Property and equipment, net:
Domestic	$	2,525	$	2,570
Foreign	629		1,103
Total property and equipment, net	$	3,154	$	3,673

Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of Significant Accounting Policies

Discontinued Operations

Basis of Presentation and Consolidation

Risks and Uncertainties

Recently Issued Accounting Standards

Standards recently adopted

Standard

Description

Effect on the financial statements

Update 2023-07 - Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures

Date of adoption: December 31, 2024

Standards issued not yet adopted

Standard

Description

Effect on the financial statements

Update 2024-03 - Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2027

Update 2024-01 - Compensation-Stock Compensation (Topic 718) - Scope Application of Profits Interest and Similar Awards

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Update 2023-09 - Income Taxes (Topic 740) - Improvements to Income Tax Disclosures

The Company continues to evaluate these changes and does not anticipate any material impact on the Company’s consolidated financial position or results of operations upon adoption.

Planned date of adoption: January 1, 2025

Use of Estimates

Revenue Recognition

The Company recognizes revenues from support and maintenance performance obligations over the service delivery period.

The Company’s typical performance obligations include the following:

Performance Obligation

When Performance Obligation is Typically Satisfied

How Standalone Selling Price is Typically Estimated

Software License

Upon shipment or made available for download (point in time)

Observable transactions or residual approach when prices are highly variable or uncertain

Software License with significant customization

Over the performance of the customization and installation of the software (over time)

Residual approach

Hosting Services

As hosting services are provided (over time)

Estimated using a cost-plus margin approach

Professional Services

Consulting

As work is performed (over time)

Observable transactions

Customization

SaaS: Over the remaining term of the SaaS agreement

License: Over the performance of the customization and installation of the software (over time)

Observable transactions

Subscription Services

Customer Support

Ratably over the course of the support contract (over time)

Observable transactions

SaaS

Over the course of the SaaS service once the system is available for use (over time)

Estimated using a cost-plus margin approach

The payments for the Company’s performance obligations are typically due within 90 days of services being provided for Software License, Professional Services, and Subscription Services.

Deferred Revenue

Deferred revenues represent billings to customers for services in advance of the performance of services, with revenues recognized as the services are rendered.

Service Level Standards

Cost of Revenues

Research and Development

The unamortized software development costs and amortization expense were as follows:


	Year ended December 31,
	2024		2023		2022
Unamortized software development costs	$	17,324	$	19,327	$	18,374
Software development amortization expense	$	14,120	$	13,633	$	10,265

The Company recognized no impairment charges to its capitalized software intangible assets for the years ended December 31, 2024, 2023 and 2022, respectively.

Concentration of Credit Risk

The Company’s top five customers accounted for 97.6%, 96.6% and 94.6% of net revenues for the years ended December 31, 2024, 2023 and 2022, respectively. Contracts with these customers typically run for three to five years. Of these customers, Verizon accounted for more than 10% of the Company’s revenues in 2024, 2023, and 2022, and AT&T accounted for more than 10% of the Company’s revenues in 2024 and 2023.

Cash and Cash Equivalents

The Company considers all highly liquid investments purchased with an original maturity of three months or less at the date of acquisition to be cash equivalents.

Accounts Receivable

Accounts receivable include amounts billed to customers, claims, and unbilled revenue, which consists of amounts recognized as sales but not yet billed. Substantially all amounts of unbilled receivables are expected to be billed and collected in the subsequent year. The Company had unbilled receivable balances of nil and $0.7 million as of December 31, 2024 and 2023, respectively.

Allowance for Credit Losses

Fair Value of Financial Instruments and Liabilities

Property and Equipment

Noncontrolling Interests and Mandatorily Redeemable Financial Instruments

Investments in Affiliates and Other Entities

Goodwill

In the current year the Company performed a qualitative assessment and determined the carrying value of the reporting unit was not more likely than not in excess of the fair value.

Impairment of Long-Lived Assets

Leases

For each lease, the Company must then determine:

•The present value of lease payments is calculated based on:

Income Taxes

Foreign Currency Exchange

Gains or losses resulting from transactions denominated in foreign currencies are included in Other income or expense, on the Consolidated Statements of Operations and were as follows:


	Year Ended December 31,
	2024		2023		2022
Foreign exchange gain (loss)	$	8,894	$	(5,131)	$	2,835

Comprehensive (Loss) Income

Basic and Diluted Net Income Attributable to Common Stockholders per Common Share

Basic EPS is computed based upon the weighted average number of common shares outstanding for the year, excluding amounts associated with restricted shares.

Stock-Based Compensation

As of December 31, 2024, the Company maintains two stock-based compensation plans.

Segment and Geographic Information

Revenues by geography are based on the billing addresses of the Company’s customers. The following tables set forth revenue and property and equipment, net by geographic area:


	Year Ended December 31,
	2024		2023		2022
Revenue:
Domestic	$	160,552	$	151,882	$	164,255
Foreign	13,042		12,314		9,501
Total revenue	$	173,594	$	164,196	$	173,756


	Year Ended December 31,
	2024		2023
Property and equipment, net:
Domestic	$	2,525	$	2,570
Foreign	629		1,103
Total property and equipment, net	$	3,154	$	3,673

Goodwill and Intangibles (Tables)

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Schedule of Adjustments to Goodwill

The following table shows the adjustments to goodwill during 2024 and 2023:


	Goodwill
Balance at December 31, 20221	$	182,259




Translation adjustments	1,649
Balance at December 31, 2023	$	183,908




Translation adjustments	(4,500)
Balance at December 31, 2024	$	179,408

________________________________

1 In connection with the sale of the Messaging and NetworkX businesses, the Company allocated goodwill in the amount of $28.6 million to these businesses based upon relative fair value. Such amount is excluded from the balance in the table above and is included in discontinued operations. For additional information, see Note 4. Divestitures and Discontinued Operations of the Notes to Consolidated Financial Statements in Part II, Item 8 of this Form 10-K.

Schedule of Composition of Intangible Assets

The Company’s intangible assets consist of the following:


	December 31, 2024
	Cost		Accumulated Amortization		Net
Technology	$	50,479	$	(50,479)	$	—
Customer lists and relationships	64,950		(63,283)		1,667
Capitalized software and patents	78,006		(60,556)		17,450
Trade name	1,863		(1,863)		—
Total	$	195,298	$	(176,181)	$	19,117


	December 31, 2023
	Cost		Accumulated Amortization		Net
Technology	$	52,545	$	(52,545)	$	—
Customer lists and relationships	67,129		(64,387)		2,742
Capitalized software and patents	67,687		(48,215)		19,472
Trade name	1,878		(1,878)		—
Total	$	189,239	$	(167,025)	$	22,214

Schedule of Estimated Annual Amortization Expense of Intangible Assets for the Next Five Years

Estimated future amortization expense of its intangible assets for the next five years is as follows:


Year ending December 31,
2025	$	11,253
2026	3,951
2027	145
2028	17
2029	16
Thereafter	42
Total future amortization	15,424
Capitalized software costs in the development stage1	3,693
Total	$	19,117

_____________________________

1 Amounts represent capitalized software costs that are currently in the development stage. Amortization of these costs will begin once the software projects are complete and ready for their intended use.

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 24
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482548/350-20-55-24

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 350
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-Section 50
-Paragraph 1
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482573/350-20-50-1

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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-Paragraph 1
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482573/350-20-50-2

+ Details

Segment Information - Narrative (Details)	12 Months Ended
Segment Information - Narrative (Details)	Dec. 31, 2024 segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1

Segment Information - Schedule of Reconciliation of Operating Profit (Loss) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting Information [Line Items]
Net revenues	$ 173,594	$ 164,196	$ 173,756
Less:
Depreciation and amortization	17,091	16,830	14,756
Interest income	(810)	(426)	(453)
Interest expense	18,003	13,963	13,639
Provision (benefit) for income taxes	7,613	4,743	(59)
Net income (loss) from continuing operations	6,154	(34,054)	(6,719)
Reportable Segment
Less:
Net income (loss) from continuing operations	6,154	(34,054)	(6,719)
Reportable Segment \| Operating Segments
Segment Reporting Information [Line Items]
Net revenues	173,594	164,196	173,756
Less:
Employees related expense net of capitalized software	76,216	79,580	84,527
Hosting expense	15,554	16,871	15,871
Professional services expense	20,310	21,958	24,715
Other segment items	13,463	44,731	27,479
Depreciation and amortization	17,091	16,830	14,756
Interest income	(810)	(426)	(453)
Interest expense	18,003	13,963	13,639
Provision (benefit) for income taxes	7,613	4,743	(59)
Net income (loss) from continuing operations	6,154	(34,054)	(6,719)
Reportable Segment \| Segment Reporting, Reconciling Item, Corporate Nonsegment
Less:
Net income (loss) from continuing operations	$ 0	$ 0	$ 0

Income Taxes - Deferred Tax Assets (Liabilities) Components (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Deferred tax assets:
Accrued liabilities	$ 543	$ 486
Bad debts reserve	1,458	3,163
Deferred compensation	4,342	4,150
Federal net operating loss carry forwards	2,716	4,271
State net operating loss carry forwards	9,439	8,641
Foreign net operating loss carry forwards	943	4,999
Lease obligations	4,631	5,706
Capital loss carry forwards	6,768	7,633
Intangible assets	534	1,470
Basis difference	6,315	6,372
Credits	1,292	3,331
Fixed assets	591	639
Interest limitation	3,125	1,088
Capitalization of research expenses	25,717	21,805
Other	11	33
Total deferred tax assets	68,425	73,787
Deferred tax liabilities:
Unrepatriated Earnings	(6,694)	(6,604)
Basis difference	(1,925)	(2,078)
Depreciation and amortization	(444)	(666)
Prepaids	(290)	(323)
Lease assets	(1,419)	(2,524)
Unrealized Foreign Exchange Gain	(1,269)	0
Other	(4)	(734)
Total deferred tax liabilities	(12,046)	(12,929)
Less: valuation allowance	(61,282)	(64,065)
Net deferred income tax (liabilities) assets	$ (4,903)	$ (3,207)

Divestitures and Discontinued Operations - Schedule of Net Income From Discontinued Operations (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Costs and expenses:
(Loss) income from operations, before taxes	$ 0	$ (2,200)	$ 921
Loss on divestiture	0	(16,382)	0
Provision for income taxes	0	(1,935)	(1,918)
Net loss	0	(20,517)	(997)
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net revenues	0	55,409	78,872
Costs and expenses:
Cost of revenues	0	29,979	45,202
Research and development	0	5,967	6,022
Selling, general and administrative	0	11,061	9,173
Restructuring charges	0	3	462
Depreciation and amortization	0	10,518	16,997
Total costs and expenses	0	57,528	77,856
(Loss) income from operations	0	(2,119)	1,016
Interest income	0	8	12
Interest expense	0	0	(1)
Other expense, net	0	(89)	(106)
(Loss) income from operations, before taxes	0	(2,200)	921
Loss on divestiture	0	(16,382)	0
Provision for income taxes	0	(1,935)	(1,918)
Net loss	$ 0	$ (20,517)	$ (997)

Segment Information (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment

Segment operating results and a reconciliation of segment operating income to consolidated net income (loss) from continuing operations are as follows:


	Year Ended December 31,
		2024		2023		2022

Net revenues1		$	173,594	$	164,196	$	173,756
Less:
Employees related expense net of capitalized software		76,216		79,580		84,527
Hosting expense		15,554		16,871		15,871
Professional services expense		20,310		21,958		24,715
Other segment items2		13,463		44,731		27,479
Depreciation and amortization		17,091		16,830		14,756


Interest income		(810)		(426)		(453)
Interest expense		18,003		13,963		13,639




Provision (benefit) for income taxes		7,613		4,743		(59)
Segment net income (loss)		$	6,154	$	(34,054)	$	(6,719)
Reconciliation of profit or loss
Adjustments and reconciling items		$	—	$	—	$	—
Consolidated net income (loss) from continuing operations		$	6,154	$	(34,054)	$	(6,719)

_____________________________

1 There are no intra-entity sales or transfers.

2 Other segment items include: administrative expense, facilities expense, maintenance charges, restructuring expense, sales and marketing expense, stock-based compensation expense, gain on sale of DXP, foreign currency gains and losses and other overhead expense.

Accounts Receivable Securitization Facility	12 Months Ended
Accounts Receivable Securitization Facility	Dec. 31, 2024
Receivables [Abstract]
Accounts Receivable Securitization Facility	Accounts Receivable Securitization Facility On June 23, 2022 (the “Closing Date”), the Company and certain of its subsidiaries (together with the Company, the “Company Group”) entered into a $15 million accounts receivable securitization facility (the “A/R Facility”) with Norddeutsche Landesbank Girozentrale. The A/R Facility transaction includes (i) Receivables Purchase Agreements (the “Receivables Purchase Agreements”) dated as of the Closing Date, among the Company, as initial servicer, SN Technologies, LLC, a wholly owned special purpose subsidiary of the Company (“SN Technologies”), as seller, Norddeutsche Landesbank Girozentrale, as administrative agent (the “Administrative Agent”), and the purchasers party thereto, the group agents party thereto and the originators party thereto; (ii) Purchase and Sale Agreements (the “Purchase and Sale Agreements”) dated as of the Closing Date, between the Company Group, as originators (the “Originators”), and SN Technologies, as purchaser; (iii) the Administration Agreement (the “Administration Agreement”) dated as of the Closing Date, between the Company, as servicer, and Finacity Corporation, as administrator; and (iv) the Performance Guaranty (the “Performance Guaranty”) dated as of the Closing Date made by the Company in favor of the Administrative Agent. Pursuant to the Purchase and Sale Agreements, the Originators will sell existing and future accounts receivable (and related assets) (the “Receivables”) to SN Technologies in exchange for cash and/or subordinated notes. The Originators and SN Technologies intend the transactions contemplated by the Purchase and Sale Agreements to be true sales to SN Technologies by the respective Originators. Pursuant to the Receivables Purchase Agreement, SN Technologies will in turn grant an undivided security interest to the Administrative Agent in the Receivables in exchange for a credit facility permitting borrowings of up to $15 million outstanding from time to time. Yield is payable to the Administrative Agent under the Receivables Purchase Agreements at a variable rate based on the Norddeutsche Landesbank Girozentrale’s Hanover funding rate plus a 2.35% margin. The Company’s commitment fee shall equal 0.85% per annum on the average daily unused outstanding capital. Pursuant to the Performance Guaranty, the Company guarantees the performance of the Originators of their obligations under the Purchase and Sale Agreements. The Company has not agreed to guarantee any obligations of SN Technologies or the collection of any of the receivables and will not be responsible for any obligations to the extent the failure to perform such obligations by the Company or any Originators results from receivables being uncollectible on account of the insolvency, bankruptcy or lack of creditworthiness or other financial inability to pay of the related obligor. Unless earlier terminated or subsequently extended pursuant to the terms of the Receivables Purchase Agreement, the A/R Facility will expire on June 23, 2025. The Company drew $9.0 million on the A/R Facility in 2024, and had repaid the balance in full as of December 31, 2024. The Company drew $12.0 million on the A/R Facility in 2023, and had repaid the balance in full as of December 31, 2023. The interest associated with the draw and repayment was not material for both periods. The draw down and subsequent repayment of the A/R Facility represent financing activity, as reported in the Consolidated Statements of Cash Flows. As of December 31, 2024 approximately $2.3 million of the Company’s receivables are held by SN Technologies. As of December 31, 2024 there were no outstanding borrowings against the A/R facility and $1.4 million was available for the Company to draw under the A/R Facility.

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Operating/Financing Assets and Liabilities

The following table presents information about the Company's ROU assets and lease liabilities:


	December 31,
	2024		2023
Operating lease assets:
Non-current operating lease ROU assets	$	8,445	$	14,791
Finance lease assets:
Equipment, net	1,137		1,094



Operating lease liabilities:
Lease liabilities, current1	6,010		5,838
Lease liabilities, non-current	16,320		23,037
Total operating lease liabilities	$	22,330	$	28,875

Finance lease liabilities:
Lease liabilities, current1	722		562
Lease liabilities, non-current	456		556
Total finance lease liabilities	$	1,178	$	1,118

________________________________

1 Amounts are included in Accrued expenses on the Consolidated Balance Sheets.

Schedule of Right of Use Asset

The following table provides a roll-forward of the operating lease ROU assets:


	ROU Assets
Balance at December 31, 2022	$	20,106

ROU assets amortization	(3,473)
ROU assets impairment	(1,918)
Foreign exchange	76
Balance at December 31, 2023	$	14,791

ROU assets amortization	(3,007)
ROU assets impairment and remeasurements, net	(3,166)
Foreign exchange	(173)
Balance at December 31, 2024	$	8,445

Schedule of Operating Lease Liabilities

The following table provides a roll-forward of the operating lease liabilities:


	Operating Lease Liabilities
Balance at December 31, 2022	$	33,931

Interest accretion	2,490
Cash payments	(7,717)

Foreign exchange and Other	171
Balance at December 31, 2023	$	28,875

Interest accretion	2,011
Cash payments	(7,663)
Remeasurements1	(632)
Foreign exchange and Other	(261)
Balance at December 31, 2024	$	22,330

Schedule of Components of Lease Expense and Weighted Average Lease Term and Rates

The following table presents information about lease expense and sublease income:


	Year Ended December 31,
	2024		2023		2022
Finance leases:
Interest expense	$	107	$	77	$	59
Depreciation expense	662		562		378
Total finance leases	769		639		437

Operating leases:
Operating lease costs1	5,056		5,961		6,485
Other lease costs and income:
Variable lease costs1	798		1,131		1,141
Operating lease impairments (remeasurements), net1,2	2,534		1,918		(274)
Sublease income1	(2,427)		(3,555)		(2,767)
Total operating leases	5,961		5,455		4,585
Total net lease cost	$	6,730	$	6,094	$	5,022

_____________________________

1 Amounts are included in Cost of revenues, Selling, general and administrative and/or Research and development based on the function that the underlying leased asset supports, which are reflected on the Consolidated Statements of Operations.

2 Reflects impairments and remeasurements recorded for Bethlehem, Pennsylvania and Bangalore, India office locations in the current and prior periods, respectively.

The following table provides the weighted average remaining lease term and weighted average discount rates for the Company’s leases:


	Year Ended December 31,
	2024		2023		2022
Weighted average remaining lease term (years), weighted based on lease liability balances:
Finance leases	2.0		2.2		2.2
Operating leases	3.7		4.4		5.4

Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Finance leases	10.0	%	9.3	%	7.4	%
Operating leases	8.0	%	8.0	%	8.0	%

The following table provides certain cash flow and supplemental noncash information related to the Company’s lease liabilities:


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases	$	926	$	641	$	424
Operating leases	$	7,663	$	7,717	$	7,876

Lease liabilities arising from obtaining right-of-use assets:
Finance leases	$	710	$	787	$	387
Operating leases	$	—	$	—	$	—

Schedule of Maturities of Operating Lease Liabilities

The following table provides the undiscounted amount of future cash flows included in the Company’s lease liabilities at December 31, 2024 for each of the five years subsequent to December 31, 2024 and thereafter, as well as a reconciliation of such undiscounted cash flows to the Company’s lease liabilities at December 31, 2024:


	Operating Leases		Finance Leases
2025	$	7,531	$	763
2026	7,539		501
2027	6,185		23
2028	4,272		—
2029	—		—
Thereafter	—		—
Total future lease payments	25,527		1,287
Less: amount representing interest	(3,197)		(109)
Present value of future lease payments (lease liability)	$	22,330	$	1,178

Debt - 2024 Term Loan (Details) - USD ($)		12 Months Ended
Debt - 2024 Term Loan (Details) - USD ($)	Jun. 28, 2024	Dec. 31, 2024	Jun. 30, 2021
Term Loan Facility
Debt Instrument [Line Items]
Quarterly principal repayment amount		$ 900,000
Line of Credit \| 2024 Term Loan:
Debt Instrument [Line Items]
Borrowing capacity	$ 75,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Secured Overnight Financing Rate (SOFR) [Member]
Basis spread on variable rate (as a percent)	5.50%
Basis spread on variable rate, floor	2.50%
Exit fee required if conditions met	$ 1,500,000
Line of Credit \| 2024 Term Loan: \| September 30, 2024 through June 30, 2026
Debt Instrument [Line Items]
Quarterly principal repayment amount	468,750
Line of Credit \| 2024 Term Loan: \| September 30, 2026 and thereafter
Debt Instrument [Line Items]
Quarterly principal repayment amount	$ 1,875,000
Senior Notes \| 2021 Senior Notes:
Debt Instrument [Line Items]
Debt instrument, interest rate, stated percentage			8.375%

Restructuring - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring accrual and changes
Restructuring charges	$ 1,273	$ 4,013	$ 1,443
Accrued expenses
Restructuring accrual and changes
Restructuring charges	$ 700

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Goodwill and Intangibles - Narrative (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization expense	$ 15.2	$ 14.6	$ 11.9

Segment Information

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Information

The Company assessed its current structure and operations and determined it has one operating segment and a single reportable segment as the business is managed and assessed by the chief operating decision-maker based on the consolidated results of the organization. The Chief Executive Officer is the chief operating decision-maker (“CODM”) for the Company.

The segment derives revenues from customers through the Company’s cloud product under software-as-a-service arrangements. In prior periods, the Company derived revenues from the NetworkX and Messaging businesses, which were sold in 2023. The financial data for those disposed businesses is detailed in Note 4. Divestitures and Discontinued Operations.

The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources based on consolidated net income (loss) from continuing operations. The measure of segment assets is reported on the balance sheet as total consolidated assets.

The CODM uses consolidated net income (loss) from continuing operations to evaluated the overall financial performance of the company. The focus is on revenue performance as well as on comparing actual functional spend categories to forecast and, occasionally, prior-year results to assess variances and trends. Decisions regarding resource allocation are primarily made during the annual budget planning process and augmented as needed throughout the year.

Segment operating results and a reconciliation of segment operating income to consolidated net income (loss) from continuing operations are as follows:


	Year Ended December 31,
		2024		2023		2022

Net revenues1		$	173,594	$	164,196	$	173,756
Less:
Employees related expense net of capitalized software		76,216		79,580		84,527
Hosting expense		15,554		16,871		15,871
Professional services expense		20,310		21,958		24,715
Other segment items2		13,463		44,731		27,479
Depreciation and amortization		17,091		16,830		14,756


Interest income		(810)		(426)		(453)
Interest expense		18,003		13,963		13,639




Provision (benefit) for income taxes		7,613		4,743		(59)
Segment net income (loss)		$	6,154	$	(34,054)	$	(6,719)
Reconciliation of profit or loss
Adjustments and reconciling items		$	—	$	—	$	—
Consolidated net income (loss) from continuing operations		$	6,154	$	(34,054)	$	(6,719)

_____________________________

1 There are no intra-entity sales or transfers.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Revenue - Disaggregation of Revenue (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Net revenues	$ 173,594	$ 164,196	$ 173,756
Professional Services
Disaggregation of Revenue [Line Items]
Net revenues	14,483	17,936	17,010
Transaction Services
Disaggregation of Revenue [Line Items]
Net revenues	0	185	889
Subscription Services
Disaggregation of Revenue [Line Items]
Net revenues	158,273	145,479	155,314
License
Disaggregation of Revenue [Line Items]
Net revenues	838	596	543
Cloud
Disaggregation of Revenue [Line Items]
Net revenues	173,470	162,215	163,331
Cloud \| Professional Services
Disaggregation of Revenue [Line Items]
Net revenues	14,483	18,004	14,278
Cloud \| Transaction Services
Disaggregation of Revenue [Line Items]
Net revenues	0	185	858
Cloud \| Subscription Services
Disaggregation of Revenue [Line Items]
Net revenues	158,247	143,430	148,195
Cloud \| License
Disaggregation of Revenue [Line Items]
Net revenues	740	596	0
NetworkX
Disaggregation of Revenue [Line Items]
Net revenues	0	790	7,214
NetworkX \| Professional Services
Disaggregation of Revenue [Line Items]
Net revenues	0	0	1,838
NetworkX \| Transaction Services
Disaggregation of Revenue [Line Items]
Net revenues	0	0	31
NetworkX \| Subscription Services
Disaggregation of Revenue [Line Items]
Net revenues	0	790	5,097
NetworkX \| License
Disaggregation of Revenue [Line Items]
Net revenues	0	0	248
Messaging
Disaggregation of Revenue [Line Items]
Net revenues	124	1,191	3,211
Messaging \| Professional Services
Disaggregation of Revenue [Line Items]
Net revenues	0	(68)	894
Messaging \| Transaction Services
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
Messaging \| Subscription Services
Disaggregation of Revenue [Line Items]
Net revenues	26	1,259	2,022
Messaging \| License
Disaggregation of Revenue [Line Items]
Net revenues	98	0	295
North America
Disaggregation of Revenue [Line Items]
Net revenues	160,552	151,882	164,255
North America \| Cloud
Disaggregation of Revenue [Line Items]
Net revenues	160,428	149,901	155,296
North America \| NetworkX
Disaggregation of Revenue [Line Items]
Net revenues	0	790	5,748
North America \| Messaging
Disaggregation of Revenue [Line Items]
Net revenues	124	1,191	3,211
APAC
Disaggregation of Revenue [Line Items]
Net revenues	5,316	5,078	1,442
APAC \| Cloud
Disaggregation of Revenue [Line Items]
Net revenues	5,316	5,078	1,470
APAC \| NetworkX
Disaggregation of Revenue [Line Items]
Net revenues	0	0	(28)
APAC \| Messaging
Disaggregation of Revenue [Line Items]
Net revenues	0	0	0
EMEA
Disaggregation of Revenue [Line Items]
Net revenues	7,726	7,236	8,059
EMEA \| Cloud
Disaggregation of Revenue [Line Items]
Net revenues	7,726	7,236	6,565
EMEA \| NetworkX
Disaggregation of Revenue [Line Items]
Net revenues	0	0	1,494
EMEA \| Messaging
Disaggregation of Revenue [Line Items]
Net revenues	$ 0	$ 0	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 33,375	$ 24,572
Accounts receivable, net	18,129	23,477
Prepaid & other current assets	29,878	33,953
Total current assets	81,382	82,002
Non-current assets:
Property and equipment, net	3,154	3,673
Operating lease right-of-use assets	8,445	14,791
Goodwill	179,408	183,908
Intangible assets, net	19,117	22,214
Other assets, non-current	2,319	3,749
Total non-current assets	212,443	228,335
Total assets	293,825	310,337
Current liabilities:
Accounts payable	7,067	7,475
Accrued expenses	30,519	39,127
Deferred revenues, current	837	1,095
Debt, current	1,875	0
Total current liabilities	40,298	47,697
Long-term debt, net of debt issuance costs	184,840	136,215
Deferred tax liabilities	4,903	3,207
Leases, non-current	16,776	23,593
Other liabilities, non-current	4,733	1,691
Total liabilities	251,550	212,403
Commitments and contingencies:
Redeemable non-controlling interest	12,500	12,500
Stockholders’ equity:
Common stock, $0.0001 par value; 16,667 and 16,667 shares authorized, 11,075 and 10,314 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	1	1
Additional paid-in capital	495,906	483,527
Accumulated other comprehensive loss	(41,137)	(25,732)
Accumulated deficit	(424,995)	(431,164)
Total stockholders’ equity	29,775	26,632
Total liabilities and stockholders’ equity	293,825	310,337
Series B Preferred Stock
Current liabilities:
Series B Non-Convertible Perpetual Preferred Stock, $0.0001 par value; 0 and 150 shares authorized, 0 and 61 shares issued and outstanding at December 31, 2024 and December 31, 2023, respectively	$ 0	$ 58,802

Additional Financial Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Income and Expenses [Abstract]
Foreign exchange gains (losses)	$ 8,894	$ (5,131)	$ 2,835
Government refunds	156	0	828
Other	228	3	(110)
Total	$ 9,278	$ (5,128)	$ 3,553

Commitments (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
2025	$ 19,618
2026	2,373
2027	920
Thereafter	0
Total	$ 22,911

Legal Matters	12 Months Ended
Legal Matters	Dec. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Legal Matters	Legal Matters In the ordinary course of business, the Company is regularly subject to various claims, suits, regulatory inquiries and investigations. The Company records a liability for specific legal matters when it determines that the likelihood of an unfavorable outcome is probable, and the loss can be reasonably estimated. Management has also identified certain other legal matters where they believe an unfavorable outcome is not probable and, therefore, no reserve is established. Although management currently believes that resolving claims against the Company, including claims where an unfavorable outcome is reasonably possible, will not have a material impact on the Company’s business, financial position, results of operations, or cash flows, these matters are subject to inherent uncertainties and management’s view of these matters may change in the future. The Company also evaluates other contingent matters, including income and non-income tax contingencies, to assess the likelihood of an unfavorable outcome and estimated extent of potential loss. It is possible that an unfavorable outcome of one or more of these lawsuits or other contingencies could have a material impact on the liquidity, results of operations, or financial condition of the Company. In the third quarter of 2017, the SEC and Department of Justice (the “DoJ”) initiated investigations in connection with certain financial transactions that the Company effected in 2015 and 2016 and its disclosure of and accounting for such transactions, which the Company restated in the third quarter of 2018 in its restated annual and quarterly financial statements for 2015 and 2016. On June 7, 2022 the SEC approved the Offer of Settlement and filed an Order Instituting Cease-And-Desist Proceedings pursuant to Section 21C of the Securities Exchange Act of 1934, Making Findings, and Imposing a Cease-And-Desist Order (the “SEC Order”). Pursuant to the terms of the SEC Order, the Company consented to pay a civil penalty in the amount of $12.5 million in equal quarterly installments over two years and to cease and desist from committing or causing any violations of Sections 10(b), 13(a), 13(b)(2)(A) and 13(b)(2)(B) of the Exchange Act and the associated rules thereunder. Failure to comply with the provisions of the SEC Order could result in further actions by one or both governmental agencies which could have a material adverse effect on the Company’s results of operations. The penalties have been paid in full as of March 31, 2024. Also on June 7, 2022, the SEC filed a civil action against two former members of the Company’s management team (the “defendants”), alleging misconduct arising out of certain of the restated transactions that took place in 2015 and 2016 investigated by the SEC as set forth above. During the second quarter of 2024, the Court entered final judgments in both of these civil actions pursuant to which the defendants agreed to pay civil penalties totaling an aggregate of $145,000 and one defendant agreed to disgorge incentive compensation received during the period of the restated transactions in the amount of $430,741. The Company has indemnified the defendants in these actions for certain costs and expenses, including reasonable attorney’s fees, and as of December 31, 2024 the Company has accrued $266,012 relating to these actions, which is reflected in Accrued expenses on the Consolidated Balance Sheets. On or about July 12, 2023, the Company filed a complaint in the Superior Court of the State of Delaware against iQmetrix Global Ltd. (“iQmetrix") for breach of the asset purchase and transition services agreements by and between the Company and iQmetrix as a result of iQmetrix’s failure to pay amounts due under those agreements in excess of $1.2 million. On September 11, 2023, iQmetrix filed its “Answer Defenses and Counterclaims” against the Company, claiming the Company breached the asset purchase, transition services and software license agreements, committed fraud and breached the implied covenant of good faith and fair dealing entitling iQmetrix to an amount to be determined at trial. On October 10, 2023, the Company filed its “Answer to Defendant’s Counterclaims” denying all counts asserted by iQmetrix and asserting certain affirmative defenses thereto. On December 30, 2024 the parties entered into a written Settlement and Mutual Release Agreement and on January 7, 2025 the parties filed a Stipulation of Dismissal under which the Company will receive compensation. Except as set forth above, the Company is not currently subject to any other legal proceedings that would be expected to have a material adverse effect on its operations; however, the Company may from time to time become a party to various legal proceedings arising in the ordinary course of its business.

Accrued Expenses

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Accrued Expenses

The Company’s accrued expenses consist of the following:


	December 31,
	2024		2023
Accrued compensation and benefits	$	14,314	$	17,439
Accrued operating lease liabilities	6,010		5,838
Accrued professional service fees	2,047		4,587
Accrued income taxes payable	2,028		338
Accrued interest	1,716		1,969
Accrued other	1,578		2,074
Accrued telecommunications and hosting	1,117		3,101
Accrued sales and use tax	987		1,090
Accrued finance lease liabilities	722		562
Accrued Series B preferred stock dividend	—		2,129

Total	$	30,519	$	39,127

Goodwill and Intangibles

12 Months Ended

Dec. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangibles

Goodwill

The Company records goodwill which represents the excess of the purchase price over the fair value of assets acquired, including other definite-lived intangible assets. Goodwill is reviewed annually for impairment or upon the occurrence of events or changes in circumstances that would more likely than not reduce the fair value of the reporting unit below its carrying amount.

The Company recognized no impairment charges to its goodwill for the years ended December 31, 2024, 2023, and 2022, respectively.

The following table shows the adjustments to goodwill during 2024 and 2023:


	Goodwill
Balance at December 31, 20221	$	182,259




Translation adjustments	1,649
Balance at December 31, 2023	$	183,908




Translation adjustments	(4,500)
Balance at December 31, 2024	$	179,408

________________________________

Other Intangible Assets

The Company’s intangible assets with definite lives consist primarily of technology, capitalized software, trade names, and customer lists and relationships. These intangible assets are being amortized using the straight-line method over the estimated useful lives of the assets. Amortization expense related to intangible assets for the years ended December 31, 2024, 2023 and 2022 was $15.2 million, $14.6 million, and $11.9 million, respectively.

The Company includes impairment charges to its intangible assets within depreciation and amortization on the Consolidated Statements of Operations. The Company recognized no impairment charges to its intangible assets for the years ended December 31, 2024, 2023 and 2022 respectively.

The Company’s intangible assets consist of the following:


	December 31, 2024
	Cost		Accumulated Amortization		Net
Technology	$	50,479	$	(50,479)	$	—
Customer lists and relationships	64,950		(63,283)		1,667
Capitalized software and patents	78,006		(60,556)		17,450
Trade name	1,863		(1,863)		—
Total	$	195,298	$	(176,181)	$	19,117


	December 31, 2023
	Cost		Accumulated Amortization		Net
Technology	$	52,545	$	(52,545)	$	—
Customer lists and relationships	67,129		(64,387)		2,742
Capitalized software and patents	67,687		(48,215)		19,472
Trade name	1,878		(1,878)		—
Total	$	189,239	$	(167,025)	$	22,214

Estimated future amortization expense of its intangible assets for the next five years is as follows:


Year ending December 31,
2025	$	11,253
2026	3,951
2027	145
2028	17
2029	16
Thereafter	42
Total future amortization	15,424
Capitalized software costs in the development stage1	3,693
Total	$	19,117

_____________________________

Debt (Tables)

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Schedule of Carrying Amounts

The carrying amounts of the Company’s borrowings were as follows:


	Balance at December 31,
	2024		2023
2021 Senior Notes:
Senior Notes	$	121,387	$	141,077
Unamortized discount and debt issuance cost1	(2,625)		(4,862)
Carrying value of Senior Notes	118,762		136,215
2024 Term Loan:
Term Loan	74,063		—
Unamortized debt issuance cost1	(6,110)		—

Carrying value of Term Loan	67,953		—
Total carrying value of debt	186,715		136,215
Current portion of long-term debt	1,875		—
Long-term debt, net of current portion	$	184,840	$	136,215

________________________________

1 Debt issuance costs are deferred and amortized into interest expense using the effective interest method.

Schedule of Debt Covenants


	Balance at December 31, 2024
			Fair Value
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total



Total debt	$	186,715	$	—	$	193,275	$	—	$	193,275


	Balance at December 31, 2023
			Fair Value
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total



Total debt	$	136,215	$	—	$	107,557	$	—	$	107,557

Schedule of Interest Expense

The following table summarizes the Company’s interest expense:


	Year Ended December 31,
		2024		2023		2022
2021 Senior Notes:
Amortization of debt issuance costs		$	1,563	$	1,534	$	1,391
Interest on borrowings		10,991		11,816		11,815
Amortization of debt discount		107		97		88
2024 Term Loan:
Amortization of debt issuance costs		682		—		—
Amortization of exit fee		151		—		—
Interest on borrowings		4,105		—		—

Other1		404		516		345
Total		$	18,003	$	13,963	$	13,639

________________________________

1 Includes interest on uncertain tax provisions.

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(22))
-SubTopic 10
-Topic 210
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B

Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 69E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.12-04(a))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 835
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482925/835-30-45-2

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 942
-SubTopic 470
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477734/942-470-50-3

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-8

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-6

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-7

+ Details

Earnings per Common Share (“EPS”)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Earnings per Common Share (“EPS”)

Basic EPS is computed based upon the weighted average number of common shares outstanding for the year. Diluted EPS is computed based upon the weighted average number of common shares outstanding for the year plus the dilutive effect of common stock equivalents using the treasury stock method and the average market price of the Company’s common stock for the year. The Company includes participating securities (such as performance-based cash unit awards) in the computation of EPS pursuant to the two-class method. The two-class method of computing earnings per share is an allocation method that calculates earnings per share for common stock and participating securities. During periods of net loss, no effect is given to the participating securities because they do not share in the losses of the Company.

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income attributable to common stockholders per common share from operations.


	Year Ended December 31,
		2024		2023		2022
Numerator - Basic:
Net income (loss) from continuing operations		$	6,154	$	(34,054)	$	(6,719)
Net income (loss) attributable to redeemable non-controlling interests		15		36		(200)
Preferred stock dividend, net of gain on repurchase of preferred stock		(1,562)		(10,007)		(9,552)
Net income (loss) attributable to Synchronoss from continuing operations		4,607		(44,025)		(16,471)

Net loss from discontinued operations		—		(20,517)		(997)
Net income (loss) attributable to Synchronoss		$	4,607	$	(64,542)	$	(17,468)

Numerator - Diluted:
Net income (loss) attributable to Synchronoss from continuing operations		$	4,607	$	(44,025)	$	(16,471)



Net loss from discontinued operations		—		(20,517)		(997)
Net income (loss) attributable to Synchronoss		$	4,607	$	(64,542)	$	(17,468)

Denominator:
Weighted average common shares outstanding — basic		10,023		9,745		9,626
Dilutive effect of:


Shares from assumed conversion of performance-based cash units		420		—		—
Options and unvested restricted shares		225		—		—
Weighted average common shares outstanding — diluted		10,668		9,745		9,626

Earnings (loss) per share:
Basic EPS:
Net income (loss) from continuing operations		$	0.46	$	(4.52)	$	(1.71)
Net loss from discontinued operations		$	—	$	(2.10)	$	(0.10)
Basic EPS		$	0.46	$	(6.62)	$	(1.81)
Diluted EPS:
Net income (loss) from continuing operations		$	0.43	$	(4.52)	$	(1.71)
Net loss from discontinued operations		$	—	$	(2.10)	$	(0.10)
Diluted EPS		$	0.43	$	(6.62)	$	(1.81)




Anti-dilutive stock options and restricted stock awards1		504		901		761

________________________________

1 Represent stock options and restricted stock awards excluded from the Diluted EPS calculations because the effect would be anti-dilutive.

Revenue - Narrative (Details) - USD ($)	12 Months Ended
Revenue - Narrative (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Disaggregation of Revenue [Line Items]
Contract asset, balance	$ 600,000	$ 1,200,000
Contract Acquisition Costs
Disaggregation of Revenue [Line Items]
Impairment capitalized contract cost	0	0	$ 0
Contract Fulfillment Costs
Disaggregation of Revenue [Line Items]
Capitalized contract cost	$ 0	$ 200,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

The Company has entered into contracts with third parties to lease a variety of assets, including certain real estate, equipment, automobiles and other assets. The Company’s leases frequently allow for lease payments that could vary based on factors such as inflation or the degree of utilization of the underlying asset. For example, certain of the Company’s real estate leases could require us to make payments that vary based on common area maintenance charges, insurance and other charges. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.

The Company is party to certain sublease arrangements, primarily related to the Company’s real estate leases, where it acts as the lessee and intermediate lessor.

Assets under operating leases are included in Operating lease right-of-use assets, with the related short-term liabilities included in Accrued expenses and long-term portion included in Leases, non-current on the Consolidated Balance Sheets.

Assets under finance leases are included in Property, plant and equipment, net, with the related short-term liabilities included in Accrued Expenses and long-term portion in Leases, non-current on the Consolidated Balance Sheets.

Operating lease costs are recognized on a straight-line basis over the lease terms. Finance lease assets are amortized on a straight-line basis over the shorter of the estimated useful lives of the assets or the lease terms.

The following table presents information about the Company's ROU assets and lease liabilities:


	December 31,
	2024		2023
Operating lease assets:
Non-current operating lease ROU assets	$	8,445	$	14,791
Finance lease assets:
Equipment, net	1,137		1,094



Operating lease liabilities:
Lease liabilities, current1	6,010		5,838
Lease liabilities, non-current	16,320		23,037
Total operating lease liabilities	$	22,330	$	28,875

Finance lease liabilities:
Lease liabilities, current1	722		562
Lease liabilities, non-current	456		556
Total finance lease liabilities	$	1,178	$	1,118

________________________________

1 Amounts are included in Accrued expenses on the Consolidated Balance Sheets.

The following table provides a roll-forward of the operating lease ROU assets:


	ROU Assets
Balance at December 31, 2022	$	20,106

ROU assets amortization	(3,473)
ROU assets impairment	(1,918)
Foreign exchange	76
Balance at December 31, 2023	$	14,791

ROU assets amortization	(3,007)
ROU assets impairment and remeasurements, net	(3,166)
Foreign exchange	(173)
Balance at December 31, 2024	$	8,445

The following table provides a roll-forward of the operating lease liabilities:


	Operating Lease Liabilities
Balance at December 31, 2022	$	33,931

Interest accretion	2,490
Cash payments	(7,717)

Foreign exchange and Other	171
Balance at December 31, 2023	$	28,875

Interest accretion	2,011
Cash payments	(7,663)
Remeasurements1	(632)
Foreign exchange and Other	(261)
Balance at December 31, 2024	$	22,330

_____________________________

1 Reflects remeasurement recorded for Bangalore, India office location.

The following table presents information about lease expense and sublease income:


	Year Ended December 31,
	2024		2023		2022
Finance leases:
Interest expense	$	107	$	77	$	59
Depreciation expense	662		562		378
Total finance leases	769		639		437

Operating leases:
Operating lease costs1	5,056		5,961		6,485
Other lease costs and income:
Variable lease costs1	798		1,131		1,141
Operating lease impairments (remeasurements), net1,2	2,534		1,918		(274)
Sublease income1	(2,427)		(3,555)		(2,767)
Total operating leases	5,961		5,455		4,585
Total net lease cost	$	6,730	$	6,094	$	5,022

_____________________________

2 Reflects impairments and remeasurements recorded for Bethlehem, Pennsylvania and Bangalore, India office locations in the current and prior periods, respectively.


	Operating Leases		Finance Leases
2025	$	7,531	$	763
2026	7,539		501
2027	6,185		23
2028	4,272		—
2029	—		—
Thereafter	—		—
Total future lease payments	25,527		1,287
Less: amount representing interest	(3,197)		(109)
Present value of future lease payments (lease liability)	$	22,330	$	1,178

The following table provides the weighted average remaining lease term and weighted average discount rates for the Company’s leases:


	Year Ended December 31,
	2024		2023		2022
Weighted average remaining lease term (years), weighted based on lease liability balances:
Finance leases	2.0		2.2		2.2
Operating leases	3.7		4.4		5.4

Weighted average discount rate (percentages), weighted based on the remaining balance of lease payments:
Finance leases	10.0	%	9.3	%	7.4	%
Operating leases	8.0	%	8.0	%	8.0	%

The following table provides certain cash flow and supplemental noncash information related to the Company’s lease liabilities:


	Year Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Finance leases	$	926	$	641	$	424
Operating leases	$	7,663	$	7,717	$	7,876

Lease liabilities arising from obtaining right-of-use assets:
Finance leases	$	710	$	787	$	387
Operating leases	$	—	$	—	$	—

401(k) Plan (Details) - USD ($) $ in Millions	12 Months Ended
401(k) Plan (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Employer contribution incurred and expensed under 401(k) Plan	$ 1.3	$ 1.6	$ 1.5

SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Allowance for credit losses:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	$ 108	$ 51	$ 89
Additions	1,765	61	86
Reductions	(48)	(4)	(124)
Ending Balance	1,825	108	51
Valuation allowance for deferred tax assets:
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward]
Beginning Balance	64,065	63,029	68,933
Additions	573	11,843	542
Reductions	(3,356)	(10,807)	(6,446)
Ending Balance	$ 61,282	$ 64,065	$ 63,029

Income Taxes - Reconciliation of Statutory Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	21.00%	21.00%	21.00%
State taxes, net of federal benefit	0.50%	(0.20%)	0.80%
Effect of rates different than statutory	(24.80%)	4.20%	30.20%
Stock based compensation	4.70%	(1.90%)	(14.50%)
Foreign basis differences	(17.40%)	5.00%	16.10%
Other permanent adjustments	0.90%	(3.30%)	(3.30%)
Executive Compensation Limitations	1.90%	0.00%	0.00%
Financing Transactions	4.50%	0.00%	0.00%
Withholding tax	0.80%	(2.80%)	0.00%
Tax Credits	0.00%	0.60%	1.60%
Change in valuation allowance	(24.50%)	4.80%	89.20%
Uncertain tax positions	0.00%	0.10%	(2.30%)
Other	0.20%	0.00%	0.50%
Divestiture of assets	0.00%	0.00%	(17.60%)
Global intangible low-taxed income	61.40%	(20.50%)	(131.30%)
Deferred tax adjustments	3.70%	(1.10%)	2.20%
Entity Liquidation	5.30%	0.00%	0.00%
Return to provision	2.60%	(1.20%)	8.30%
ABP 23 liability	7.30%	(20.90%)	0.00%
Amended returns and refund claims	7.20%	0.00%	0.00%
Effective tax rate	55.30%	(16.20%)	0.90%

Earnings per Common Share (“EPS”) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Earnings Per Share Reconciliation [Abstract]
Net income (loss) from continuing operations	$ 6,154	$ (34,054)	$ (6,719)
Net income (loss) attributable to redeemable non-controlling interests	15	36	(200)
Preferred stock dividend, net of gain on repurchase of preferred stock	(1,562)	(10,007)	(9,552)
Net income (loss) attributable to Synchronoss from continuing operations	4,607	(44,025)	(16,471)
Net loss from discontinued operations	0	(20,517)	(997)
Net income (loss) attributable to Synchronoss from continuing operations	4,607	(44,025)	(16,471)
Net income (loss) attributable to Synchronoss	$ 4,607	$ (64,542)	$ (17,468)
Denominator:
Weighted average common shares outstanding — basic (in shares)	10,023	9,745	9,626
Shares from assumed conversion of performance-based cash units (in shares)	420	0	0
Options and unvested restricted shares (in shares)	225	0	0
Weighted average common shares outstanding — diluted (in shares)	10,668	9,745	9,626
Basic EPS:
Net income (loss) from continuing operations (in dollars per share)	$ 0.46	$ (4.52)	$ (1.71)
Net loss from discontinued operations (in dollars per share)	0	(2.10)	(0.10)
Basic (in dollars per share)	0.46	(6.62)	(1.81)
Diluted EPS:
Net income (loss) from continuing operations (in dollars per share)	0.43	(4.52)	(1.71)
Net loss from discontinued operations (in dollars per share)	0	(2.10)	(0.10)
Diluted (in dollars per share)	$ 0.43	$ (6.62)	$ (1.81)
Anti-dilutive stock options and restricted stock awards (in shares)	504	901	761

Divestitures and Discontinued Operations (Tables)

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Schedule of Discontinued Operations

The following tables set forth details of net income from discontinued operations for the years ended December 31, 2024, 2023 and 2022, related to Messaging and NetworkX Businesses sale.


	Year Ended December 31,
	2024		2023		2022

Net revenues	$	—	$	55,409	$	78,872
Costs and expenses:
Cost of revenues1	—		29,979		45,202
Research and development	—		5,967		6,022
Selling, general and administrative	—		11,061		9,173
Restructuring charges	—		3		462
Depreciation and amortization	—		10,518		16,997
Total costs and expenses	—		57,528		77,856
(Loss) income from operations	—		(2,119)		1,016
Interest income	—		8		12
Interest expense	—		—		(1)

Other expense, net	—		(89)		(106)

(Loss) income from operations, before taxes	—		(2,200)		921
Loss on divestiture	—		(16,382)		—
Provision for income taxes	—		(1,935)		(1,918)
Net loss	$	—	$	(20,517)	$	(997)

_____________________________

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

There were no assets and liabilities related to discontinued operations as of December 31, 2024 and 2023, as all balances were transferred to Lumine Group upon sale.

The following table summarizes the significant non-cash items and capital expenditures of the discontinued operations that are included in the Consolidated Statements of Cash Flows for the years ended December 31, 2024, 2023 and 2022:


	Year Ended December 31,
	2024		2023		2022
Operating activities:
Depreciation and amortization	$	—	$	10,517	$	16,997
Stock-based compensation	—		763		997
Loss on divestiture	—		16,382		—

Investing activities:
Additions to capitalized software	—		(4,497)		(5,809)
Proceeds from divestiture1	$	1,515	$	23,674	$	—

_____________________________

1 In 2023 the Company received $31.3 million in cash proceeds from the sale of the Messaging and NetworkX, which was offset by $0.4 million of assumed transaction expenses and $7.2 million of operating cash on the divested entities. In addition to the cash received in 2023, total consideration for the sale also included $1.5 million of deferred consideration received in 2024.

- Definition

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

+ References

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+ Details

Capital Structure - Narrative (Details)			12 Months Ended
Capital Structure - Narrative (Details)	Dec. 04, 2023 $ / shares shares	Jun. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) vote $ / shares shares	Dec. 31, 2023 $ / shares shares
Class of Stock [Line Items]
Common stock, par value (in dollars per share) \| $ / shares	$ 0.0001		$ 0.0001	$ 0.0001
Stock split, conversion ratio	0.09
Common stock, shares issued (in shares)	9		11,075,000	10,314,000
Shares converted (in shares)	1
Common stock, shares authorized (in shares)	16,666,667		16,666,667	16,667,000
Preferred stock, shares authorized (in shares)	10,000,000
Preferred stock, par value (in dollars per share) \| $ / shares	$ 0.0001
Capital stock authorized (in shares)			26,666,667
Capital stock, par value (in dollars per share) \| $ / shares			$ 0.0001
Dividends \| $			$ 0
Common stock, shares outstanding (in shares)	9		11,075,000	10,314,000
Preferred Stock
Class of Stock [Line Items]
Preferred stock, shares authorized (in shares)			10,000,000
Common Stock
Class of Stock [Line Items]
Number of votes per share (vote) \| vote			1
Series B Preferred Stock
Class of Stock [Line Items]
Preferred stock, par value (in dollars per share) \| $ / shares		$ 0.0001	$ 0.0001	$ 0.0001
Preferred stock, liquidation preference (in dollars per share) \| $ / shares		$ 1,000
Series B Preferred Stock \| Private Placement
Class of Stock [Line Items]
Number of shares issued in transaction (in shares)		75,000
Consideration received on transaction \| $		$ 72,800,000
Series B Perpetual Non-Convertible Preferred Stock
Class of Stock [Line Items]
Dividends, preferred stock, cash \| $			$ 4,300,000
Minimum
Class of Stock [Line Items]
Stock split, conversion ratio	0.05
Maximum
Class of Stock [Line Items]
Stock split, conversion ratio	0.2

Allowance for Credit Losses

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Allowance for Credit Losses

The Accounts receivable balance on the Company’s Consolidated Balance Sheets as of December 31, 2024 was $18.1 million, net of $1.8 million of allowances. For the year ended December 31, 2024 changes in the allowance of $1.7 million were related primarily related to certain sublease payments not received as of December 31, 2024.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of trade accounts receivable to present the net amount expected to be collected for the years ended December 31, 2024, 2023, and 2022:


	Beginning Balance		Additions		Reductions		Ending Balance

Allowance for credit losses:
2024	$	108	$	1,765	$	(48)	$	1,825
2023	$	51	$	61	$	(4)	$	108
2022	$	89	$	86	$	(124)	$	51

Description of Business	12 Months Ended
Description of Business	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business General Synchronoss Technologies, Inc. (“Synchronoss” or the “Company”) is a leading provider of white label cloud software and services that enable our customers to keep subscribers, systems, networks, and content in sync. The Synchronoss Personal CloudTM platform is a secure and highly scalable white label platform that allows our customers’ subscribers to backup and protect, engage with, and manage their personal content and gives our operator customers the ability to increase average revenue per user (“ARPU”) and reduce churn. Designed for smartphones, tablets, and desktops across all operating systems, our platform ensures a seamless, cross-device experience.

Restructuring (Tables)

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of the Restructuring Accrual and Changes

A summary of the Company’s restructuring accrual at December 31, 2024 and changes during the year ended December 31, 2024 are presented below:


	Balance at December 31, 2023		Charges		Payments		Other Adjustments		Balance at December 31, 2024
Employment termination costs	$	2,388	$	1,273	$	(2,949)	$	—	$	712

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities:
Net income (loss) from continuing operations	$ 6,154	$ (34,054)	$ (6,719)
Net loss from discontinued operations	0	(20,517)	(997)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Depreciation and amortization	17,091	27,347	31,753
Amortization of debt issuance costs	2,245	1,534	1,391
Gain on sale of DXP	0	0	(2,549)
Loss on divestiture	0	16,382	0
Sublease receivable impairment	806	0	0
Deferred income taxes	2,253	2,741	(164)
Stock-based compensation	6,372	5,153	5,461
Contingent consideration obligation	0	1,483	3,638
Impairment of STI Loan and iQmetrix receivable	0	4,834	0
Operating lease impairment, net	2,534	1,918	175
Other, net	(10,518)	4,847	214
Changes in operating assets and liabilities:
Accounts receivable, net	4,384	14,237	14
Prepaid expenses and other current assets	2,402	(473)	6,954
Accounts payable	28	(5,353)	3,024
Accrued expenses	(6,291)	(5,208)	(8,430)
Other assets	1,371	361	0
Deferred revenues	(208)	6,384	(8,312)
Other liabilities	(343)	(2,787)	(8,094)
Net cash provided by operating activities	28,280	18,829	17,359
Investing activities:
Purchases of fixed assets	(1,896)	(1,302)	(1,408)
Additions to capitalized software	(13,027)	(18,572)	(19,758)
Proceeds from the sale of intangibles	278	0	0
Proceeds from the divestiture, net	1,515	23,674	0
Proceeds from the sale of DXP	0	0	8,000
Net cash (used in) provided by investing activities	(13,130)	3,800	(13,166)
Financing activities:
Share-based compensation-related proceeds, net of taxes paid on withholding shares	236	(8)	0
Taxes paid on withholding shares	(1)	(249)	(83)
Debt issuance costs related to long-term debt	(6,792)	0	0
Proceeds from issuance of Term Loan	75,000	0	0
Retirement of Senior Notes and related costs	(11,524)	0	0
Repayment of Term Loan	(938)	0	0
Drawdown on A/R Facility	9,000	12,000	0
Repayment of A/R Facility	(9,000)	(12,000)	0
Net cash used in financing activities	(5,853)	(19,979)	(13,276)
Effect of exchange rate changes on cash	(494)	1	(500)
Net increase (decrease) in cash and cash equivalents	8,803	2,651	(9,583)
Beginning cash and cash equivalents of continuing operations	24,572	18,310	29,336
Beginning cash and cash equivalents of discontinued operations	0	3,611	2,168
Beginning cash and cash equivalents	24,572	21,921	31,504
Ending cash and cash equivalents of continuing operations	33,375	24,572	18,310
Ending cash and cash equivalents of discontinued operations	0	0	3,611
Ending cash and cash equivalents	33,375	24,572	21,921
Supplemental disclosures of cash flow information:
Cash paid for income taxes	4,947	3,399	4,562
Cash refund for income taxes	767	991	5,206
Cash paid for interest	15,130	11,894	11,822
Supplemental disclosures of non-cash investing and financing activities:
Gain on Senior Notes repurchase	7,862	0	0
Amortization of Series B Preferred stock issuance costs and paid in kind dividends	0	328	2,581
Series B Preferred Stock
Financing activities:
Series B Preferred dividend paid in the form of cash	(4,258)	(9,848)	(6,455)
Redemption of Series B Preferred stock	(57,576)	(9,874)	(6,738)
Supplemental disclosures of non-cash investing and financing activities:
Gain on Series B Preferred stock redemption	$ 2,696	$ 0	$ 0

Additional Financial Information

12 Months Ended

Dec. 31, 2024

Other Income and Expenses [Abstract]

Additional Financial Information

Other Income (Expense)

The following table sets forth the components of Other income (expense), net included on the Consolidated Statements of Operations:


	Year Ended December 31,
	2024		2023		2022
Foreign exchange gains (losses)1	$	8,894	$	(5,131)	$	2,835
Government refunds2	156		—		828


Other3	228		3		(110)
Total	$	9,278	$	(5,128)	$	3,553

_____________________________

1 Represents fair value of foreign exchange gains and losses.

2 Represents government and tax refunds.

3 Represents an aggregate of individually immaterial transactions.

Stock Plans

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Stock Plans

In March 2015, the Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”). The 2015 Plan replaces the Company’s prior 2000 Equity Incentive Plan and the 2006 Equity Incentive Plan. Beginning March 2015, all awards were granted under the 2015 Plan. In addition, any awards that were previously granted under any prior Plans that terminate without issuance of shares, shall be eligible for issuance under the 2015 Plan.

Under the 2015 Plan, the Company may grant to its employees, outside directors, and consultants awards in the form of non-qualified stock options, shares of restricted stock, stock units, or stock appreciation rights and performance shares. The Company’s Board of Directors administers the Plan and is responsible for determining the individuals to be granted options or shares, the number of options or shares each individual will receive, the price per share and the exercise period of each option. At the annual meeting of stockholders the Company held on June 5, 2024, the Company’s stockholders approved the amendment and restatement of the Company’s 2015 Equity Incentive Plan to increase the maximum total number of shares of

common stock issuable under the Plan by 1,053,000 shares. The maximum number of shares of common stock authorized for issuance under the 2015 Plan is 5,741,575 shares as of December 31, 2024.

On December 15, 2017, the Compensation Committee adopted the 2017 New Hire Equity Incentive Plan (“2017 Plan”), which is intended to be exempt from the stockholder approval requirements under the “inducement grant exception” provided by the Inducement Rule. The Committee authorized the issuance of stock grants to new hires, with the purpose of promoting the long-term success of the Company and the creation of stockholder value by (a) providing for the attraction and retention of new employees with exceptional qualifications, (b) encouraging new employees to focus on critical long-range objectives, and (c) linking new employees directly to stockholder interests through increased stock ownership. As required by the Inducement Rule, the Company issues a press release promptly upon issuing shares to new employees pursuant to the 2017 Plan. The maximum number of shares of common stock authorized for issuance under the 2017 Plan is 229,635 shares as of December 31, 2024.

As of December 31, 2024, there were 0.8 million shares available for the grant or award under the Company’s 2015 Plan and 0.1 million shares available for the grant or award under the Company’s 2017 Plan.

Stock Options

Stock options granted under the Company’s Plans generally vest one-third of the shares on the first, second and third anniversary of the grant date subject to optionee’s continuous service.

Other than as set forth in Note 15. Capital Structure, there were no significant changes to the Company’s Stock Option Plans during the year ended December 31, 2024.

The Company uses the Black-Scholes option pricing model for determining the estimated fair value for stock options. The weighted average assumptions used in the Black-Scholes stock option pricing model are as follows:


	Year Ended December 31,
		2024			2023			2022
Expected stock price volatility		78.8		%	74.5		%	74.1		%
Risk-free interest rate		4.2		%	4.3		%	3.1		%
Expected life of options (in years)		4.06			4.30			4.15
Expected dividend yield		0.0		%	0.0		%	0.0		%
Weighted average fair value of the options		$	5.69		$	3.95		$	6.39

The following table summarizes information about stock options outstanding as of December 31, 2024:


Stock Options	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	649	$	30.44
Options Granted	6	8.94
Options Exercised	(22)	10.79
Options Cancelled	(171)	40.89
Outstanding at December 31, 2024	462	$	28.27	3.39	$	20

Vested and exercisable at December 31, 2024	382	$	31.94	3.12	$	6

The total intrinsic value of stock options exercised during the year ended December 31, 2024 and 2023 was $0.06 million and nil, respectively. The total intrinsic value of stock options exercisable as of December 31, 2024 and 2023 was nil and nil, respectively.

Restricted Stock Awards

Restricted stock awards (“Restricted Stock”) granted under the Company’s Plans generally vest one-third of the applicable shares on the first, second, and third anniversary of the grant date, subject to continuous service provided.

Other than as set forth in Note 15. Capital Structure, there were no significant changes to the Company’s restricted stock award (“Restricted Stock”) and performance stock plan during the year ended December 31, 2024.

A summary of the Company’s unvested restricted stock at December 31, 2024 and changes during the year ended December 31, 2024 are presented below:


Restricted Stock Awards	Number of Awards	Weighted- Average Grant Date Fair Value
Unvested at December 31, 2023	491	$	10.88
Granted	521	8.01
Granted adjustment1	38	12.24
Vested	(268)	11.82
Forfeited	(66)	10.22
Unvested at December 31, 2024	716	$	8.54

_____________________________

1 Represents performance-based cash units grants that vested and were paid out in form of shares of stock during the period.

Restricted stock awards are granted subject to service conditions. Restricted stock are measured at the closing stock price at the date of grant and expense is recognized on a straight-line basis over the requisite service period.

Performance-Based Cash Units

Performance-based cash units (“PBCU”) are performance-based awards granted under Company’s Long Term Incentive (“LTI”) Plans. PBCU generally vest at the end of a three-year period based on service and achievement of certain performance

objectives determined by the Company’s Board of Directors. The PBCU can be settled in cash or in equity as determined by the Compensation Committee, subject to the availability of shares for issuance.

Performance-based cash units that are accounted for as equity awards are measured at the closing stock price at the grant date and are recognized on a straight-line basis over the requisite service period. The expense for the period will increase or decrease based on the percentage achievement of the performance metrics at each reporting date. The expense for these awards is recorded in APIC on the Consolidated Balance Sheets.

Performance-based cash units that are accounted for as liability awards are measured at the closing stock price at the reporting period end date and are recognized straight-line over the requisite service period. The expense for the period will increase or decrease based on updated fair values of these awards as well as the percentage achievement of the performance metrics at each reporting date. These awards are reflected in Accrued expenses on the Consolidated Balance Sheets.

The Company has three active LTI Plans: 2022-2024 LTI Plan, 2023-2025 LTI Plan and 2024-2026 LTI Plan as of December 31, 2024.

As of December 31, 2024, the Company’s PBCU granted to employees under the 2022-2024 LTI Plan have been accounted for as equity awards, due to the Company’s intent and the ability to settle such awards in shares of stock upon vesting during the first quarter of 2025.

As of December 31, 2024, the Company’s PBCU granted to employees under the 2023-2025 LTI Plan and 2024-2026 LTI Plan have been accounted for as liability awards, due to the Company’s intent and the ability to settle such awards in cash upon vesting and expected lack of shares available for issuance. As of December 31, 2024, the liability for such awards is approximately $0.9 million.

A summary of the Company’s unvested performance-based cash units at December 31, 2024 and changes during the year ended December 31, 2024, is presented below:


Performance-Based Cash Units	Number of Awards	Period end Fair Value
Outstanding at December 31, 2023	507	$	6.21
Granted	206
Granted adjustment 1	(37)
Vested and distributed 2	(38)
Forfeited	(36)
Outstanding at December 31, 2024	602	$	9.88

_____________________________

1 Includes changes in the unvested units due to performance adjustments.

2 Includes earned PBCU that vested and were distributed to participants during the period.

Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by operating expense categories, as follows:


	Year Ended December 31,
		2024		2023		2022
Cost of revenues		$	325	$	109	$	249
Research and development		1,669		1,291		1,472
Selling, general and administrative		4,378		2,990		2,743
Total stock-based compensation expense		$	6,372	$	4,390	$	4,464

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by award types, as follows:


	Year Ended December 31,
		2024		2023		2022
Stock options		$	568	$	1,334	$	1,981
Restricted stock awards		2,681		2,930		2,500
Performance-based cash units		3,123		126		(17)

Total stock-based compensation before taxes		$	6,372	$	4,390	$	4,464
Tax benefit		$	1,218	$	958	$	938

The total stock-based compensation cost related to unvested equity awards as of December 31, 2024 was approximately $4.1 million. The expense is expected to be recognized over a weighted average period of approximately 1.9 years.

The total stock-based compensation cost related to unvested performance-based cash units as of December 31, 2024 was approximately $2.9 million. The expense is expected to be recognized over a weighted average period of approximately 1.8 years.

Accumulated Other Comprehensive (Loss) / Income (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in accumulated other comprehensive income (loss)
Other Comprehensive Income (Loss)	$ (15,405)	$ 18,399	$ (11,070)
Tax Effect	0	0	(76)
Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income (loss)
Beginning balance	(25,732)	(44,131)	(32,985)
Ending balance	(41,137)	(25,732)	(44,131)
Foreign currency
Changes in accumulated other comprehensive income (loss)
Beginning balance	(22,212)	(40,611)	(29,350)
Other Comprehensive Income (Loss)	(15,405)	18,399	(11,261)
Tax Effect	0	0	0
Ending balance	(37,617)	(22,212)	(40,611)
Unrealized loss on intercompany foreign currency transactions
Changes in accumulated other comprehensive income (loss)
Beginning balance	(3,520)	(3,520)	(3,635)
Other Comprehensive Income (Loss)	0	0	191
Tax Effect	0	0	(76)
Ending balance	$ (3,520)	$ (3,520)	$ (3,520)

- Definition

Amount before tax, after reclassification adjustments of other comprehensive income (loss).

+ References + Details

- Definition

Amount of tax expense (benefit) allocated to other comprehensive income (loss).

+ References

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-Name Accounting Standards Codification
-Section 45
-Paragraph 12
-SubTopic 10
-Topic 220
-Publisher FASB
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+ Details

- Definition

Amount of equity (deficit) attributable to parent and noncontrolling interest. Excludes temporary equity.

+ References

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+ Details

Property and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following:


	December 31,
	2024		2023
Computer hardware	$	25,758	$	27,000
Computer software	17,254		17,021

Furniture and fixtures	2,214		2,434
Finance lease assets	2,300		2,085
Leasehold improvements	11,039		12,246
Property and equipment, gross	58,565		60,786
Less: Accumulated depreciation	(55,411)		(57,113)
Property and equipment, net	$	3,154	$	3,673

Stock Plans - Options Vesting (Details) - Stock options	12 Months Ended
Stock Plans - Options Vesting (Details) - Stock options	Dec. 31, 2024
Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	33.33%
Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	33.33%
Share-Based Payment Arrangement, Tranche Three
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of awards vesting	33.33%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal	$ (1,632)	$ (1,114)	$ (1,159)
State	(82)	(67)	(62)
Foreign	(3,646)	(821)	1,139
Deferred:
Federal	(739)	(2,747)	(26)
State	(3)	3	157
Foreign	(1,511)	3	10
Income tax (provision) benefit	$ (7,613)	$ (4,743)	$ 59

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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+ Details

Accounts Receivable Securitization Facility (Details) - USD ($)		12 Months Ended
	Jun. 23, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Noncurrent, Past Due [Line Items]
Proceeds from accounts receivable facility		$ 9,000,000	$ 12,000,000	$ 0
Accounts Receivable Securitization Facility
Accounts Receivable, Noncurrent, Past Due [Line Items]
Accounts receivable from securitization	$ 15,000,000
Borrowing capacity	$ 15,000,000
Debt Instrument, Variable Interest Rate, Type [Extensible Enumeration]	Hanover Rate [Member]
Basis spread on variable rate (as a percent)	2.35%
Commitment fee percentage	0.85%
Proceeds from accounts receivable facility		9,000,000.0	$ 12,000,000
Remaining borrowing capacity		1,400,000
Accounts Receivable Securitization Facility \| SN Technologies
Accounts Receivable, Noncurrent, Past Due [Line Items]
Accounts receivable from securitization		$ 2,300,000

Cover - USD ($) $ in Millions	12 Months Ended
Cover - USD ($) $ in Millions	Dec. 31, 2024	Mar. 07, 2025	Jun. 30, 2024
Document Information [Line Items]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Current Fiscal Year End Date	--12-31
Document Transition Report	false
Entity File Number	001-40574
Entity Registrant Name	SYNCHRONOSS TECHNOLOGIES, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1594540
Entity Address, Address Line One	200 Crossing Boulevard
Entity Address, Address Line Two	8th Floor
Entity Address, City or Town	Bridgewater
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08807
City Area Code	866
Local Phone Number	620-3940
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 61.9
Entity Common Stock, Shares Outstanding (in shares)		11,490,918
Documents Incorporated by Reference	Information required by Part III (Items 10, 11, 12, 13 and 14) is incorporated by reference to portions of the Registrant’s definitive Proxy Statement for its 2025 Annual Meeting of Stockholders (the “Proxy Statement”), which is to be filed pursuant to Regulation 14A within 120 days after the end of the Registrant’s fiscal year ended December 31, 2024. Except as expressly incorporated by reference, the Proxy Statement shall not be deemed to be a part of this report on Form 10‑K.
Entity Central Index Key	0001131554
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $.0001 par value
Trading Symbol	SNCR
Security Exchange Name	NASDAQ
8.375% Senior Notes due 2026
Document Information [Line Items]
Title of 12(b) Security	8.375% Senior Notes due 2026
Trading Symbol	SNCRL
Security Exchange Name	NASDAQ

Divestitures and Discontinued Operations - Narrative (Details) $ in Thousands						3 Months Ended	12 Months Ended
	Dec. 30, 2024 USD ($) installment	Nov. 03, 2023 USD ($) shares	Oct. 31, 2023 USD ($)	May 11, 2022 USD ($)	Mar. 07, 2022 USD ($)	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill							$ 179,408	$ 183,908	$ 182,259
Loss on divestiture							0	16,382	0
Proceeds from the sale of DXP							0	0	8,000
Proceeds from the divestiture, net							1,515	23,674	0
Messaging and NetworkX Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Goodwill			$ 28,600					28,600
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Divestiture consideration			41,800
Cash payment			31,300
Escrow deposit			7,200
Escrow additional cash			$ 300
Period following closing date			9 months
Escrow deposit additional amount			$ 3,000
Loss on divestiture							0	16,382	$ 0
Proceeds from the sale of DXP								31,300
Transaction expense								400
Offset amount								7,200
Deferred consideration, cash received							1,500	$ 1,500
Proceeds from the divestiture, net						$ 1,500
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses \| Series B Preferred Stock
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Shares redeemed (in shares) \| shares		9,874
Purchase price		$ 10,000
Value of shares redeemed		9,900
Dividends, preferred stock		$ 100
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses \| Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period of days following closing date			150 days
Discontinued Operations, Disposed of by Sale \| Messaging and NetworkX Businesses \| Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Period of days following closing date			300 days
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| DXP Business
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Purchase price					$ 14,000
Proceeds from the divestiture, net				$ 7,500
Amount to be received on the closing date					7,500
Escrow deposit				500	500
Disbursement to be received 12 months from closing date					1,000
Earn-out					$ 5,000
Disposal group, including discontinued operation, additional escrow deposit				$ 1,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations \| DXP Business \| Chrysalis Software Inc.
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discontinued operation, payment in five equal quarterly installments	$ 500
Number of quarterly installments \| installment	5
Discontinued operation, first installment payment							$ 100

Income Taxes - Components of Income before Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Domestic	$ (41,981)	$ (48,967)	$ (34,752)
Foreign	55,748	19,656	27,974
Income (loss) from continuing operations, before taxes	$ 13,767	$ (29,311)	$ (6,778)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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+ Details

Divestitures and Discontinued Operations

12 Months Ended

Dec. 31, 2024

Discontinued Operations and Disposal Groups [Abstract]

Divestitures and Discontinued Operations

Discontinued Operations

Messaging and NetworkX Businesses Sale

On October 31, 2023 (the “Closing Date”), Synchronoss Technologies, Inc. and certain of its affiliated entities (such entities, together with the Company, the “Company Group”) entered into an Asset Purchase Agreement (the “Agreement”) with Lumine Group Software Solutions (Ireland) Limited, a private limited company incorporated under the laws of Ireland, Lumine Group UK Holdco Ltd, Incognito Software Systems Inc., Lumine Group US Holdco, Inc., Lumine Group Australia Holdco Pty Ltd, Openwave Messaging (Ireland) Limited, Razersight Software Solutions Ireland Limited, Spatial Software Solutions Ireland Limited, Razorsight Software Solutions US Inc., and Openwave Messaging US Inc. (such entities, the “Buyer”), pursuant to which the Company Group sold its Messaging and NetworkX businesses (the “Messaging and NetworkX Businesses”) to Buyer (the “Transaction”) for a total purchase price of up to $41,800,000 (the “Purchase Price”), and Buyer assumed certain liabilities of the Messaging and Digital Businesses. Lumine Group Inc., the parent entity of Lumine Group Software Solutions (Ireland) Limited, guaranteed certain obligations of Buyer under the Agreement pursuant to a separate Limited Guaranty, by and between Lumine Group Inc. and the Company, dated as of the date of the Agreement. The Purchase Price, which was subject to set-off rights in certain circumstances and certain adjustments, was payable as follows: (i) $31,300,000 (as adjusted) was paid in cash to the Company on the Closing Date, (ii) an additional $7,200,000 was deposited by Buyer into an escrow account on the Closing Date (which amount will remain in escrow until reconciliation of a net tangible asset adjustment), with any amounts in such escrow account to be released from escrow to either Buyer or the Company, based on whether such reconciliation indicates a deficit or a surplus in net tangible assets relative to a negotiated target amount, following such reconciliation process, which took in excess of 150 days following the Lumine Closing Date for the initial portion of the net tangible asset reconciliation and 300 days or more following the Closing Date for reconciliation of certain specified assets to be completed,

(iii) an additional $300,000 in cash (which amount was not deposited into an escrow account) could have become payable to the Company in accordance with the terms of the Agreement in the event that the voluntary disclosure process with respect to certain sales tax matters related to the Messaging and NetworkX Businesses were resolved by the Company within 9 months following the Closing Date, and (iv) an additional amount of up to $3,000,000 in cash (which amount was not deposited into an escrow account) could have become payable to the Company as an earn-out based on the achievement of specified gross revenue targets for the Messaging and NetworkX Businesses in fiscal year 2023. Pursuant to the Certificate of Designations of the Series B Perpetual Non-Convertible Preferred Stock, on November 3, 2023 the Company redeemed 9,874 shares of its outstanding Series B Preferred Stock by using $10,000,000 of the Purchase Price, of which $9.9 million was related to principal and $0.1 million was related to accrued dividend.

This transaction represented a strategic shift designed to maximize shareholder value and allow the Company to solely focus on providing cloud-centric solutions. In connection with the sale transaction, the Company determined its Messaging and NetworkX Businesses qualified for discontinued operations accounting treatment in accordance with ASC 205-20. The Company allocated $28.6 million goodwill to the transaction using Level 3 estimates, and recognized a loss on divestiture of $16.4 million reported in Loss on divestiture on the Consolidated Statements of Operations for the year ended December 31, 2023. The Company received $31.3 million in cash proceeds from the sale of Messaging and NetworkX, which was offset by $0.4 million of assumed transaction expenses and $7.2 million of operating cash on the divested entities. Total consideration for the sale also included $1.5 million of deferred consideration representing the estimated fair value of Purchase Price items ii, iii and iv referenced above, which were reflected in the Prepaid & other current assets line on the Consolidated Balance Sheets as of December 31, 2023. During the third quarter of 2024 final settlements were completed in accordance with the terms of the Purchase Agreement, resulting in the Company receiving $1.5 million in cash which was reported under investing activities on the Consolidated Statements of Cash Flows.

The following tables set forth details of net income from discontinued operations for the years ended December 31, 2024, 2023 and 2022, related to Messaging and NetworkX Businesses sale.


	Year Ended December 31,
	2024		2023		2022

Net revenues	$	—	$	55,409	$	78,872
Costs and expenses:
Cost of revenues1	—		29,979		45,202
Research and development	—		5,967		6,022
Selling, general and administrative	—		11,061		9,173
Restructuring charges	—		3		462
Depreciation and amortization	—		10,518		16,997
Total costs and expenses	—		57,528		77,856
(Loss) income from operations	—		(2,119)		1,016
Interest income	—		8		12
Interest expense	—		—		(1)

Other expense, net	—		(89)		(106)

(Loss) income from operations, before taxes	—		(2,200)		921
Loss on divestiture	—		(16,382)		—
Provision for income taxes	—		(1,935)		(1,918)
Net loss	$	—	$	(20,517)	$	(997)

_____________________________

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

There were no assets and liabilities related to discontinued operations as of December 31, 2024 and 2023, as all balances were transferred to Lumine Group upon sale.


	Year Ended December 31,
	2024		2023		2022
Operating activities:
Depreciation and amortization	$	—	$	10,517	$	16,997
Stock-based compensation	—		763		997
Loss on divestiture	—		16,382		—

Investing activities:
Additions to capitalized software	—		(4,497)		(5,809)
Proceeds from divestiture1	$	1,515	$	23,674	$	—

_____________________________

Divestitures

Digital Experience Platform and Activation Solutions Sale

On March 7, 2022, Synchronoss Technologies, Inc. and iQmetrix Global Ltd. (“iQmetrix ”), entered into an Asset Purchase Agreement, pursuant to which Synchronoss has agreed to sell its Digital Experience Platform and activation solutions (the “DXP Business”) to iQmetrix for up to a total purchase price of $14 million. The purchase price was payable as follows: (i) $7.5 million on the closing date of the Transaction, (ii) $0.5 million deposited into an escrow account on the Closing Date, (iii) $1 million paid twelve (12) months from the Closing Date, and (iv) $5 million that may be payable as an earn-out.

This transaction closed on May 11, 2022. The Company received the $7.5 million cash payment on the transaction close date. The Company received the $0.5 million payment in escrow during the third quarter of 2022 in accordance with the terms of the Asset Purchase Agreement. The remaining $1 million escrow payment has not been received by the Company in accordance with the agreement. As of December 31, 2023 the Company had fully reserved for the asset and related receivables recorded within the Selling, general and administrative expenses line item on the Consolidated Statements of Income, and was pursuing collection of the payment.

On December 30, 2024, Synchronoss entered into a written Settlement and Mutual Release Agreement with Chrysalis Software Inc., (“Chrysalis”) (formerly, iQmetrix Global Ltd.), according to which Chrysalis shall pay to Synchronoss the total of $0.5 million in five equal quarterly installments with the last payment scheduled to be received before December 31, 2025. The Company received the first installment payment of $0.1 million on December 31, 2024 recorded within the Selling, general and administrative expenses line item on the Consolidated Statements of Operations.

Property and Equipment (Details) - USD ($) $ in Thousands	12 Months Ended
Property and Equipment (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Finance lease assets	$ 2,300	$ 2,085
Property and equipment, gross	58,565	60,786
Less: Accumulated depreciation	(55,411)	(57,113)
Property and equipment, net	3,154	3,673
Depreciation	1,900	2,200	$ 2,900
Computer hardware
Property, Plant and Equipment [Line Items]
Property and equipment, gross	25,758	27,000
Computer software
Property, Plant and Equipment [Line Items]
Property and equipment, gross	17,254	17,021
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,214	2,434
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 11,039	$ 12,246

Earnings per Common Share (“EPS”) (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Reconciliation of the Numerator and Denominator Used in Computing Basic and Diluted Net Income Attributable to Common Stockholders Per Common Share

The following table provides a reconciliation of the numerator and denominator used in computing basic and diluted net income attributable to common stockholders per common share from operations.


	Year Ended December 31,
		2024		2023		2022
Numerator - Basic:
Net income (loss) from continuing operations		$	6,154	$	(34,054)	$	(6,719)
Net income (loss) attributable to redeemable non-controlling interests		15		36		(200)
Preferred stock dividend, net of gain on repurchase of preferred stock		(1,562)		(10,007)		(9,552)
Net income (loss) attributable to Synchronoss from continuing operations		4,607		(44,025)		(16,471)

Net loss from discontinued operations		—		(20,517)		(997)
Net income (loss) attributable to Synchronoss		$	4,607	$	(64,542)	$	(17,468)

Numerator - Diluted:
Net income (loss) attributable to Synchronoss from continuing operations		$	4,607	$	(44,025)	$	(16,471)



Net loss from discontinued operations		—		(20,517)		(997)
Net income (loss) attributable to Synchronoss		$	4,607	$	(64,542)	$	(17,468)

Denominator:
Weighted average common shares outstanding — basic		10,023		9,745		9,626
Dilutive effect of:


Shares from assumed conversion of performance-based cash units		420		—		—
Options and unvested restricted shares		225		—		—
Weighted average common shares outstanding — diluted		10,668		9,745		9,626

Earnings (loss) per share:
Basic EPS:
Net income (loss) from continuing operations		$	0.46	$	(4.52)	$	(1.71)
Net loss from discontinued operations		$	—	$	(2.10)	$	(0.10)
Basic EPS		$	0.46	$	(6.62)	$	(1.81)
Diluted EPS:
Net income (loss) from continuing operations		$	0.43	$	(4.52)	$	(1.71)
Net loss from discontinued operations		$	—	$	(2.10)	$	(0.10)
Diluted EPS		$	0.43	$	(6.62)	$	(1.81)




Anti-dilutive stock options and restricted stock awards1		504		901		761

________________________________

1 Represent stock options and restricted stock awards excluded from the Diluted EPS calculations because the effect would be anti-dilutive.

Summary of Significant Accounting Policies - Research and Development (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Intangible assets
Unamortized software development costs	$ 17,324	$ 19,327	$ 18,374
Software development amortization expense	$ 14,120	$ 13,633	$ 10,265
Minimum \| Software and Software Development Costs
Intangible assets
Estimated economic life	2 years
Maximum \| Software and Software Development Costs
Intangible assets
Estimated economic life	3 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock Plans - Plan Information (Details) - shares	Jun. 05, 2024	Dec. 31, 2024
2015 Plan
Stockholder's Equity
Number of additional shares authorized (in shares)	1,053,000
Number of shares authorized (in shares)		5,741,575
Number of shares available for grant (in shares)		800,000
2017 New Hire Plan
Stockholder's Equity
Number of shares authorized (in shares)		229,635
Number of shares available for grant (in shares)		100,000

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Audit Information	12 Months Ended
Audit Information	Dec. 31, 2024
Audit Information [Abstract]
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Iselin, New Jersey

Goodwill and Intangibles - Intangible Assets - Future Amortization (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Estimated future amortization expense
2025	$ 11,253
2026	3,951
2027	145
2028	17
2029	16
Thereafter	42
Total future amortization	15,424
Capitalized software costs in the development stage	3,693
Total	$ 19,117	$ 22,214

Debt - Interest Expense (Details) - USD ($) $ in Thousands	12 Months Ended
Debt - Interest Expense (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Amortization of debt issuance costs	$ 2,245	$ 1,534	$ 1,391
Total	18,003	13,963	13,639
2021 Senior Notes: \| Senior Notes
Debt Instrument [Line Items]
Amortization of debt issuance costs	1,563	1,534	1,391
Interest on borrowings	10,991	11,816	11,815
Amortization of debt discount	107	97	88
2024 Term Loan: \| Line of Credit
Debt Instrument [Line Items]
Amortization of debt issuance costs	682	0	0
Interest on borrowings	4,105	0	0
Other	404	516	345
Amortization of exit fee	$ 151	$ 0	$ 0

401(k) Plan	12 Months Ended
401(k) Plan	Dec. 31, 2024
Retirement Benefits [Abstract]
401(k) Plan	401(k) Plan The Company has a 401(k) plan (the “401(k) Plan”) covering all eligible employees. The 401(k) Plan allows for a discretionary employer match. The Company incurred and expensed $1.3 million, $1.6 million, and $1.5 million for the years ended December 31, 2024, 2023 and 2022, respectively, in 401(k) Plan match contributions.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 17
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480482/715-20-55-17

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iv)(03)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (q)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/715/tableOfContent

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)(iii)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (o)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (p)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Note Receivable	12 Months Ended
Note Receivable	Dec. 31, 2024
Receivables [Abstract]
Note Receivable	Note Receivable Sequential Technology International, LLC During the second quarter of 2020, the Company entered into an agreement with Sequential Technology International, LLC (“STIN”) and AP Capital Holdings II, LLC (“APC”) to divest its remaining equity interest in STIN as well as settle its paid-in-kind purchase money note (“PIK note”) and certain amounts due as of December 31, 2019 in consideration for a $9.0 million secured promissory note (the “Note”). As of December 31, 2022, the carrying value of the Note after the consideration of the allowance for credit loss was approximately $4.8 million. The Company determined the allowance on the Note using a discounted cash flow analysis, which discounts the expected future cash flows of the asset to determine the collectible amount. During the third quarter of 2023, the interest payment for the Note was not received by the Company from STIN. In the third quarter of 2023 the Company reassessed the collectability of the Note and determined that a full allowance for credit losses was required equal to the carrying value of the Note, recorded within the Selling, general and administrative expenses line item on the Consolidated Statements of Operations. The Company continued to pursue collection of the Note. During the first quarter of 2024, the Company entered into an agreement with STIN and APC to amend the aforementioned promissory note and reduce the principal balance to $3.0 million, forgive outstanding accrued interest and extend the maturity date of the Note to September 2027. Certain circumstances may enable the Company to receive consideration in excess of the amended principal balance. In the first quarter of 2024 the Company reassessed the collectability of the note and determined a full allowance for credit losses was still required equal to the carrying value of the note. Given the full allowance for credit losses had been recorded against the Note in 2023, the modification of the terms of the Note had no net impact on the consolidated financial statements for the year ended December 31, 2024.

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	16,666,667	16,667,000
Common stock, shares issued (in shares)	11,075,000	10,314,000
Common stock, shares outstanding (in shares)	11,075,000	10,314,000
Series B Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, shares authorized (in shares)	0	150,000
Preferred stock, shares issued (in shares)	0	61,000
Preferred stock, shares outstanding (in shares)	0	61,000

Restructuring - Schedule of the Restructuring Accrual and Changes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Restructuring accrual and changes
Charges	$ 1,273	$ 4,013	$ 1,443
Employment termination costs
Restructuring accrual and changes
Beginning balance	2,388
Charges	1,273
Payments	(2,949)
Other Adjustments	0
Ending balance	$ 712	$ 2,388

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2024

Payables and Accruals [Abstract]

Schedule of Components of Accrued Expenses

The Company’s accrued expenses consist of the following:


	December 31,
	2024		2023
Accrued compensation and benefits	$	14,314	$	17,439
Accrued operating lease liabilities	6,010		5,838
Accrued professional service fees	2,047		4,587
Accrued income taxes payable	2,028		338
Accrued interest	1,716		1,969
Accrued other	1,578		2,074
Accrued telecommunications and hosting	1,117		3,101
Accrued sales and use tax	987		1,090
Accrued finance lease liabilities	722		562
Accrued Series B preferred stock dividend	—		2,129

Total	$	30,519	$	39,127

Capital Structure - Preferred Stock (Details) - Series B Preferred Stock - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Increase (Decrease) in Temporary Equity [Roll Forward]
Beginning balance (in shares)	61	71
Beginning balance	$ 58,802	$ 68,348
Amortization of preferred stock issuance costs (in shares)		0
Amortization of preferred stock issuance costs		$ 328
Excise tax on fair value of Series B preferred stock at redemption (in shares)	0
Excise tax on fair value of Series B preferred stock at redemption	$ (576)
Redemption of Series B preferred shares (in shares)	(61)	(10)
Redemption of Series B preferred shares	$ (58,226)	$ (9,874)
Ending balance (in shares)	0	61
Ending balance	$ 0	$ 58,802

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Unrecognized tax benefit, beginning of period	$ 4,373	$ 4,437	$ 4,514
Decrease related to lapse of Statute of Limitations	0	(64)	(1,043)
Increase for tax positions of current period			966
Unrecognized tax benefit, end of period	$ 4,373	$ 4,373	$ 4,437

Leases - Operating Lease ROU Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Operating Lease, Right-Of Use Asset [Roll Forward]
Beginning balance	$ 14,791	$ 20,106
ROU assets amortization	(3,007)	(3,473)
ROU assets impairment and remeasurements, net	(3,166)	(1,918)
Foreign exchange	(173)	76
Ending balance	$ 8,445	$ 14,791

Stock Plans - Restricted Stock and Performance Stock (Details) $ / shares in Units, shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) $ / shares shares
2015 Plan \| Performance-Based Cash Unit Awards
Stockholder's Equity
Deferred compensation share-based arrangements, liability, current and noncurrent \| $	$ 0.9
Restricted stock awards
Number of Awards
Balance at the beginning of the period (in shares) \| shares	491
Granted (in shares) \| shares	521
Granted adjustment (in shares) \| shares	38
Vested and distributed (in shares) \| shares	(268)
Forfeited (in shares) \| shares	(66)
Balance at the ending of the period (in shares) \| shares	716
Period end Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 10.88
Granted (in dollars per share) \| $ / shares	8.01
Granted adjustment (in dollars per share) \| $ / shares	12.24
Vested and distributed (in dollars per share) \| $ / shares	11.82
Forfeited (in dollars per share) \| $ / shares	10.22
Balance at the ending of the period (in dollars per share) \| $ / shares	$ 8.54
Performance based cash units
Number of Awards
Balance at the beginning of the period (in shares) \| shares	507
Granted (in shares) \| shares	206
Granted adjustment (in shares) \| shares	(37)
Vested and distributed (in shares) \| shares	(38)
Forfeited (in shares) \| shares	(36)
Balance at the ending of the period (in shares) \| shares	602
Period end Fair Value
Balance at the beginning of the period (in dollars per share) \| $ / shares	$ 6.21
Granted (in dollars per share) \| $ / shares
Granted adjustment (in dollars per share) \| $ / shares
Vested and distributed (in dollars per share) \| $ / shares
Forfeited (in dollars per share) \| $ / shares
Balance at the ending of the period (in dollars per share) \| $ / shares	$ 9.88
Performance based cash units \| 2015 Plan
Stockholder's Equity
Vesting period (in years)	3 years
Share-Based Payment Arrangement, Tranche One \| Restricted stock awards
Stockholder's Equity
Percentage of awards vesting	33.33%
Share-Based Payment Arrangement, Tranche Two \| Restricted stock awards
Stockholder's Equity
Percentage of awards vesting	33.33%
Share-Based Payment Arrangement, Tranche Three \| Restricted stock awards
Stockholder's Equity
Percentage of awards vesting	33.33%

Revenue (Tables)

12 Months Ended

Dec. 31, 2024

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue


	Year Ended December 31, 2024
	Cloud		NetworkX1		Messaging2		Total
Geography:
North America	$	160,428	$	—	$	124	$	160,552
APAC	5,316		—		—		5,316
EMEA	7,726		—		—		7,726
Total	$	173,470	$	—	$	124	$	173,594

Service Line:
Professional Services	$	14,483	$	—	$	—	$	14,483
Transaction Services	—		—		—		—
Subscription Services	158,247		—		26		158,273
License	740		—		98		838
Total	$	173,470	$	—	$	124	$	173,594


	Year Ended December 31, 2023
		Cloud		NetworkX1		Messaging2		Total
Geography:
North America		$	149,901	$	790	$	1,191	$	151,882
APAC		5,078		—		—		5,078
EMEA		7,236		—		—		7,236
Total		$	162,215	$	790	$	1,191	$	164,196

Service Line:
Professional Services		$	18,004	$	—	$	(68)	$	17,936
Transaction Services		185		—		—		185
Subscription Services		143,430		790		1,259		145,479
License		596		—		—		596
Total		$	162,215	$	790	$	1,191	$	164,196


	Year Ended December 31, 2022
	Cloud		NetworkX1		Messaging2		Total
Geography:
North America	$	155,296	$	5,748	$	3,211	$	164,255
APAC	1,470		(28)		—		1,442
EMEA	6,565		1,494		—		8,059
Total	$	163,331	$	7,214	$	3,211	$	173,756

Service Line:
Professional Services	$	14,278	$	1,838	$	894	$	17,010
Transaction Services	858		31		—		889
Subscription Services	148,195		5,097		2,022		155,314
License	—		248		295		543
Total	$	163,331	$	7,214	$	3,211	$	173,756

_____________________________

2 Includes revenue recognized in the current and prior periods associated with residual Messaging contracts not included in the Asset Purchase Agreement with Lumine Group.

Schedule of Significant Changes in the Contract Liabilities Balance

Significant changes in the contract liabilities balance (current and non-current) during the period are as follows:


	Contract Liabilities1
Balance at December 31, 2023	$	1,095
Revenue recognized in the period	(173,105)
Amounts billed but not initially recognized as revenue	172,847


Balance at December 31, 2024	$	837

_____________________________

1 Comprised of Deferred Revenue. $1.1 million of revenue recognized in the period was included in the contract liability balance at the beginning of the period.

Summary of Significant Accounting Policies - Segment and Geographic Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	$ 173,594	$ 164,196	$ 173,756
Total property and equipment, net	3,154	3,673
Domestic
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	160,552	151,882	164,255
Total property and equipment, net	2,525	2,570
Foreign
Revenues from External Customers and Long-Lived Assets [Line Items]
Total revenue	13,042	12,314	$ 9,501
Total property and equipment, net	$ 629	$ 1,103

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Section 50
-Paragraph 1
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Debt - 2021 Senior Notes (Details) - 2021 Senior Notes: - Senior Notes $ / shares in Units, $ in Millions	Oct. 25, 2021 USD ($)	Jun. 30, 2021 USD ($) $ / shares	Jun. 28, 2024 note	Dec. 31, 2021 USD ($)
Debt Instrument [Line Items]
Principal amount \| $	$ 18.0	$ 120.0		$ 16.1
Debt instrument, interest rate, stated percentage		8.375%
Par value (in dollars per share)		$ 25.00
Amount issued inclusive of underwriters' option to purchase \| $		$ 125.0
Amount issued to underwriters \| $		$ 5.0
Principal amount redeemed		100.00%
Percentage of debt holders demand full repayment on debt default amount		25.00%
Sales agent compensation, percentage	2.00%
BRPI
Debt Instrument [Line Items]
Number of notes repurchased \| note			787,590
On or after June 30, 2022 and prior to June 30, 2023
Debt Instrument [Line Items]
Debt instrument, redemption price (in dollars per share)		$ 25.75
On or after June 30, 2023 and prior to June 30, 2024
Debt Instrument [Line Items]
Debt instrument, redemption price (in dollars per share)		25.50
On or after June 30, 2024 and prior to June 30, 2025
Debt Instrument [Line Items]
Debt instrument, redemption price (in dollars per share)		$ 25.25

Leases - Operating/Financing Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating lease assets:
Non-current operating lease ROU assets	$ 8,445	$ 14,791
Finance lease assets:
Equipment, net	1,137	1,094
Operating lease liabilities:
Lease liabilities, current	$ 6,010	$ 5,838
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued expenses	Accrued expenses
Lease liabilities, non-current	$ 16,320	$ 23,037
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Leases, non-current	Leases, non-current
Total operating lease liabilities	$ 22,330	$ 28,875	$ 33,931
Finance lease liabilities:
Lease liabilities, current	$ 722	$ 562
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Accrued expenses	Accrued expenses
Lease liabilities, non-current	$ 456	$ 556
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Leases, non-current	Leases, non-current
Total finance lease liabilities	$ 1,178	$ 1,118

Restructuring

12 Months Ended

Dec. 31, 2024

Restructuring and Related Activities [Abstract]

Restructuring

The Company continues to identify workforce optimization opportunities to better align the Company’s resources with its key strategic priorities.

A summary of the Company’s restructuring accrual at December 31, 2024 and changes during the year ended December 31, 2024 are presented below:


	Balance at December 31, 2023		Charges		Payments		Other Adjustments		Balance at December 31, 2024
Employment termination costs	$	2,388	$	1,273	$	(2,949)	$	—	$	712

Employee termination costs are reported in Restructuring charges on the Consolidated Statements of Operations. The entire balance related to employee termination costs of $0.7 million is short-term and is included in Accrued expenses under Current liabilities on the Consolidated Balance Sheets as of December 31, 2024.

Goodwill and Intangibles - Adjustments to Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Goodwill
Beginning balance	$ 183,908	$ 182,259
Translation adjustments	(4,500)	1,649
Ending balance	179,408	183,908
Messaging and NetworkX Businesses
Goodwill
Beginning balance	$ 28,600
Ending balance		$ 28,600

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

•Level 1 - Observable inputs - quoted prices in active markets for identical assets and liabilities;

•Level 3 - Unobservable inputs - includes amounts derived from valuation models where one or more significant inputs are unobservable and require the Company to develop relevant assumptions.

The following is a summary of assets, liabilities and their related classifications under the fair value hierarchy:


	December 31, 2024
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Money market accounts1	$	9,552	$	9,552	$	—	$	—


Total assets	$	9,552	$	9,552	$	—	$	—
Liabilities
Performance-based cash units2,3	$	948	$	—	$	948	$	—

Total liabilities	$	948	$	—	$	948	$	—


	December 31, 2023
	Total		(Level 1)		(Level 2)		(Level 3)
Assets
Money market accounts1	$	12,500	$	12,500	$	—	$	—


Total assets	$	12,500	$	12,500	$	—	$	—
Liabilities
Performance-based cash units2,3	$	434	$	—	$	434	$	—
Total liabilities	$	434	$	—	$	434	$	—

________________________________

1 Included in Cash and cash equivalents on the Consolidated Balance Sheets.

2 The short-term portion is included in Accrued expenses and the long-term portion is included in Other liabilities, non-current on the Consolidated Balance Sheets.

3 For a discussion of performance-based cash units see Note 16. Stock Plans of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K.

Refer to Note 13. Debt of the Notes to Consolidated Financial Statements in Item 8 of this Form 10-K for presentation of Fair Value of Debt.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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+ Details

Income Taxes - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
Income Taxes - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Details of net operating loss carryforwards [Line Items]
(Provision) benefit for income taxes		$ (7,613)	$ (4,743)	$ 59
Effective tax rate		55.30%	(16.20%)	0.90%
Net operating loss		$ 177,108
Tax credit carryforward, amount				$ 1,100
Valuation allowance increase (decrease) amount		(2,800)	$ 1,000
Cash refund for income taxes	$ (4,300)	(767)	(991)	(5,206)
Unrecognized tax benefits that would impact effective tax rate		4,400	3,800
Accrued interest		1,000	$ 700	$ 400
Unrecognized tax benefits reasonably possible		3,800
Federal
Details of net operating loss carryforwards [Line Items]
Net operating loss		12,900
State
Details of net operating loss carryforwards [Line Items]
Net operating loss		160,100
Foreign
Details of net operating loss carryforwards [Line Items]
Net operating loss		$ 4,100

Income Taxes - Carryforwards (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Details of net operating loss carryforwards [Line Items]
Net operating loss	$ 177,108
2026
Details of net operating loss carryforwards [Line Items]
Net operating loss	258
2027-2043
Details of net operating loss carryforwards [Line Items]
Net operating loss	173,348
Indefinite
Details of net operating loss carryforwards [Line Items]
Net operating loss	$ 3,502

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss):	$ 6,154	$ (54,571)	$ (7,716)
Other comprehensive (loss) income, net of tax:
Foreign currency translation adjustments	(15,405)	18,399	(11,261)
Net income on inter-company foreign currency transactions	0	0	115
Total other comprehensive (loss) income	(15,405)	18,399	(11,146)
Comprehensive loss	(9,251)	(36,172)	(18,862)
Comprehensive income (loss) attributable to redeemable non-controlling interests	15	36	(200)
Comprehensive loss attributable to Synchronoss	$ (9,236)	$ (36,136)	$ (19,062)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Plans - Black-Scholes Assumptions (Details) - Stock options - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Weighted-average assumptions
Expected stock price volatility	78.80%	74.50%	74.10%
Risk-free interest rate	4.20%	4.30%	3.10%
Expected life of options (in years)	4 years 21 days	4 years 3 months 18 days	4 years 1 month 24 days
Expected dividend yield	0.00%	0.00%	0.00%
Weighted average fair value of the options (in dollars per share)	$ 5.69	$ 3.95	$ 6.39

Revenue - Remaining Performance Obligations (Details) $ in Millions	Dec. 31, 2024 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation	$ 165.7
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Remaining performance obligation, percent	80.00%
Revenue, remaining performance obligation, expected timing of satisfaction, period	2 years

Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Debt

2024 Term Loan

On June 28, 2024 (the “Effective Date”), the Company entered into a Credit Agreement (the “Credit Agreement”) with BGC Lender Rep LLC, as administrative agent, and the lenders party thereto. The Credit Agreement established a senior secured term loan facility of up to $75.0 million (the “Term Loan”), all of which was funded on the Effective Date. The proceeds of the Term Loan were used to (i) fund the Senior Note Repurchase (as defined below), (ii) to fund the Series B Repurchase (as defined below) and (iii) to pay transaction fees and expenses associated with the closing of the transactions contemplated by the Credit Agreement.

The Term Loan matures on June 28, 2028 (the “Maturity Date”); provided that if (i) the Company’s 8.375% Senior Notes due 2026 (the “Senior Notes”) are not refinanced, redeemed or repaid in full prior to March 31, 2026, the Maturity Date shall be March 31, 2026 and (ii) in the event of a refinancing, redemption or repayment of the Senior Notes in full prior to March 31, 2026, the Maturity Date shall be the earlier of (A) June 28, 2028 and (B) the date that is twelve (12) months prior to the final stated maturity date for the indebtedness resulting from such refinancing, redemption or repayment of the Senior Notes in full.

The Term Loan bears interest at a rate per annum equal to the Adjusted Term Secured Overnight Financing Rate (“SOFR”) (as defined in the Credit Agreement) for the applicable interest period, plus applicable margin of 5.50%, subject to a floor of 2.50%.

The Credit Agreement requires the Company to repay the outstanding principal amounts of the Term Loan in an amount of $468,750 on the last day of each fiscal quarter beginning on September 30, 2024 and ending on June 30, 2026. Starting on September 30, 2026, and on the last day of each fiscal quarter thereafter, such repayments of outstanding principal shall be $1,875,000. The final principal repayment of the Term Loan shall be repaid on the Maturity Date in an amount equal to the aggregate principal amount of the Term Loan outstanding on such date. The Company may at any time voluntarily prepay the Term Loan, in whole or in part subject to a variable prepayment fee if such prepayment is made prior to the third anniversary of the Effective Date. The Company is required to pay an exit fee of $1.5 million if, among other things, the Maturity Date is extended beyond March 31, 2026. The Credit Agreement also contains mandatory prepayment provisions that are customary for secured financings of this type from excess cash flow and with the proceeds of certain asset sales, tax refunds, equity sales or issuances, and debt issuances, each as more fully described in the Credit Agreement.

The Company made $0.9 million of principal payments on the Term Loan for the year ended December 31, 2024 in line with the terms of the Credit Agreement.

The Company’s obligations under the Credit Agreement are secured by substantially all of the assets (other than existing real property) of Synchronoss. Other than an Irish Subsidiary (as defined in the Credit Agreement), none of the Company’s direct or indirect foreign subsidiaries or immaterial subsidiaries has guaranteed the loans under the Credit Agreement, but under certain circumstances, such subsidiaries may become guarantors. The Credit Agreement contains customary covenants that limit the Company’s ability and its restricted subsidiaries to, among other things, (i) incur additional indebtedness, (ii) pay dividends or make certain other restricted payments, (iii) sell assets, (iv) make certain investments, (v) grant liens and (vi) enter into transactions with affiliates. These covenants are subject to exceptions and qualifications set forth in the Credit Agreement. The financial covenants set forth in the Credit Agreement include (i) a maximum consolidated secured leverage ratio, which will be tested at the end of each of the Company’s fiscal quarter and (ii) an average liquidity requirement for any calendar month. All borrowings under the Credit Agreement are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties subject to certain exceptions. Upon the occurrence and continuance of an event of default, which, for example, could be triggered by a breach or violation of, or default under, certain material contracts of the Company, BGC Lender Rep may take either or both of the following actions: (i) terminate the commitments and (ii) declare all outstanding obligations immediately due and payable and take such other actions as set forth in the Credit Agreement.

The foregoing description of the Credit Agreement and Term Loan does not purport to be complete and is qualified in its entirety by the full text of the Credit Agreement, a copy of which is filed as Exhibit 10.1 to the Company’s Quarterly Report for the quarter ended June 30, 2024, which is on file with the SEC and available on the SEC’s website at www.sec.gov.

The Company is in compliance with its debt covenants pertaining to the Term Loan as of December 31, 2024.

Repurchase of Senior Notes and Series B Preferred

On June 28, 2024 the Company used $66.5 million of the proceeds from the Term Loan and $2.6 million non-interest-bearing deferred consideration, paid to B. Riley in December of 2024, for a total consideration of $69.1 million (“the total consideration”) to repurchase 100% of its outstanding Series B Perpetual Non-Convertible Preferred Stock (the “Series B Preferred”) and 787,590 (14%) of its outstanding 2021 Senior Notes from B. Riley Principal Investments, LLC (“BRPI”), a related party.

The fair value of Series B Preferred stock of $57.6 million was determined using a discounted cash flow model using level two inputs. The carrying value of Series B Preferred was $58.2 million. The second quarter’s accrued dividend of $2.1 million was forgiven at the time of the repurchase. The Series B Preferred repurchase gain of $2.7 million was calculated as the fair value of consideration paid less the carrying value, less the second quarter’s accrued dividend forgiven. The $2.7 million gain was accounted for as capital transaction and reflected as an adjustment to additional paid-in capital (“APIC”). While the transaction was not reflected in the income statement, the gain was reflected in the adjustment to net income from common shareholders for purposes of calculating EPS, for the year ended December 31, 2024.

The Company allocated $57.6 million of the total consideration to the Series B Preferred based on the fair value and allocated the remaining consideration of $11.5 million to the Senior Notes repurchase. The carrying value of Senior notes repurchased was $19.1 million including $0.6 million of unamortized debt issuance costs. The second quarter’s accrued interest of $0.3 million was forgiven at the time of the repurchase. The Senior Note Repurchase gain of $7.9 million was calculated as the remaining consideration paid of $11.5 million less the carrying value, less the second quarter’s accrued interest forgiven. The Company accounted for the debt repurchase as a redemption with a related party. ASC 470-50-40-2 indicates that such an extinguishment transaction may be in essence a capital transaction. Therefore, the transaction was accounted for as a capital transaction and reflected as an adjustment to APIC, which resulted in a gain of $7.9 million for the year ended December 31, 2024.

2021 Senior Notes

On June 30, 2021, the Company closed its underwritten public offering of $120.0 million aggregate principal amount of 8.375% senior notes due 2026 at a par value of $25.00 per senior note (the “Senior Notes”). The offering was conducted pursuant to an underwriting agreement (the “Notes Underwriting Agreement”) dated June 25, 2021, by and among the Company and B. Riley Securities, Inc., as representative of the several underwriters (the “Notes Underwriters”). At the closing, the Company issued $125.0 million aggregate principal amount of Senior Notes, inclusive of $5.0 million aggregate principal amount of Senior Notes issued pursuant to the full exercise of the Notes Underwriters’ option to purchase additional Senior Notes.

The Notes Underwriting Agreement contains customary representations, warranties and covenants of the Company, customary conditions to closing, indemnification obligations of the Company and the Notes Underwriters, including for liabilities under the Securities Act, other obligations of the parties and termination provisions.

On June 30, 2021, the Company entered into an indenture (the “Base Indenture”) and a supplemental indenture (the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”) with The Bank of New York Mellon Trust Company National Association, as trustee (the “Trustee”), between the Company and the Trustee. The Indenture establishes the form and provides for the issuance of the Senior Notes.

The Senior Notes are senior unsecured obligations of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured and unsubordinated indebtedness. The Senior Notes are effectively subordinated in right of payment to all of the Company’s existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness and structurally subordinated to all existing and future indebtedness of the Company’s subsidiaries, including trade payables. The Senior Notes bear interest at the rate of 8.375% per annum. Interest on the Senior

Notes is payable quarterly in arrears on January 31, April 30, July 31 and October 31 of each year, commencing on July 31, 2021. The Senior Notes will mature on June 30, 2026, unless redeemed prior to maturity.

The Company may, at its option, at any time and from time to time, redeem the Senior Notes for cash in whole or in part (i) on or after June 30, 2022 and prior to June 30, 2023, at a price equal to $25.75 per Senior Note, plus accrued and unpaid interest to, but excluding, the date of redemption, (ii) on or after June 30, 2023 and prior to June 30, 2024, at a price equal to $25.50 per Senior Note, plus accrued and unpaid interest to, but excluding, the date of redemption, (iii) on or after June 30, 2024 and prior to June 30, 2025, at a price equal to $25.25 per Senior Note, plus accrued and unpaid interest to, but excluding, the date of redemption, and (iv) on or after June 30, 2025 and prior to maturity, at a price equal to 100% of their principal amount, plus accrued and unpaid interest to, but excluding, the date of redemption. On and after any redemption date, interest will cease to accrue on the redeemed Senior Notes.

The Indenture contains customary events of default and cure provisions. If an uncured default occurs and is continuing, the Trustee or the holders of at least 25% of the principal amount of the Senior Notes may declare the entire amount of the Senior Notes, together with accrued and unpaid interest, if any, to be immediately due and payable. In the case of an event of default involving the Company’s bankruptcy, insolvency or reorganization, the principal of, and accrued and unpaid interest on, the principal amount of the Senior Notes, together with accrued and unpaid interest, if any, will automatically, and without any declaration or other action on the part of the Trustee or the holders of the Senior Notes, become due and payable.

On October 25, 2021, the Company entered into an At Market Issuance Sales Agreement (the “Sales Agreement”) between the Company and B. Riley Securities, Inc. (the “Agent”), a related party, pursuant to which the Company may offer and sell, from time to time, up to $18.0 million of the Company’s 8.375% Senior Notes due 2026. Sales of the additional Senior Notes pursuant to the Sales Agreement, if any, may be made in transactions that are deemed to be “at the market offerings” as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”). Under the Sales Agreement, the Agent will be entitled to compensation of 2.0% of the gross proceeds of all notes sold through it as the Company’s agent.

During the fourth quarter of 2021, the Company sold an additional $16.1 million aggregate principal amount of Senior Notes pursuant to the Sales Agreement. The additional Senior Notes sold have terms identical to the initial Senior Notes and are fungible and vote together with, the initial Senior Notes. The Senior Notes are listed and trade on The Nasdaq Global Market under the symbol “SNCRL.”

On June 28, 2024, Synchronoss repurchased 787,590 of its Senior Notes from BRPI, as described above.

The Company is in compliance with its debt covenants pertaining to the Senior Notes as of December 31, 2024.

The maturity date of our Senior Notes is June 30, 2026. Under the provisions of the Term Loan, if we are unable to refinance, redeem or repay in full our Senior Notes prior to March 31, 2026, the maturity date of our Term Loan accelerates to March 31, 2026 (the “Springing Maturity Date”). Management intends to refinance the Senior Notes and/or Term Loan prior to either instrument becoming due within the next twelve months. The inability to obtain adequate financing could have a material adverse effect on our business, results of operations and financial condition, and could raise questions about our ability to continue as a going concern. Accordingly, management’s quarterly liquidity assessments after March 31, 2025 (one year prior to the Springing Maturity Date) may need to consider the potential accelerated maturity of the Term Loan as it could become due within 12 months at that time if the Senior Notes have not been refinanced, redeemed or repaid in full by March 31, 2026.

Carrying Value of Debt

The carrying amounts of the Company’s borrowings were as follows:


	Balance at December 31,
	2024		2023
2021 Senior Notes:
Senior Notes	$	121,387	$	141,077
Unamortized discount and debt issuance cost1	(2,625)		(4,862)
Carrying value of Senior Notes	118,762		136,215
2024 Term Loan:
Term Loan	74,063		—
Unamortized debt issuance cost1	(6,110)		—

Carrying value of Term Loan	67,953		—
Total carrying value of debt	186,715		136,215
Current portion of long-term debt	1,875		—
Long-term debt, net of current portion	$	184,840	$	136,215

________________________________

1 Debt issuance costs are deferred and amortized into interest expense using the effective interest method.

Fair Value of Debt

The fair value of the 2021 Senior Notes was determined based on the closing trading price of the Senior Notes as of December 31, 2024 and is categorized accordingly as Level 2 in the fair value hierarchy. The fair value of the 2024 Term Loan was obtained using the Discounted Cash Flow (DCF) valuation model with observable inputs as of December 31, 2024 and is categorized accordingly as Level 2 in the fair value hierarchy.


	Balance at December 31, 2024
			Fair Value
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total



Total debt	$	186,715	$	—	$	193,275	$	—	$	193,275


	Balance at December 31, 2023
			Fair Value
	Carrying Amount		(Level 1)		(Level 2)		(Level 3)		Total



Total debt	$	136,215	$	—	$	107,557	$	—	$	107,557

Interest expense

The following table summarizes the Company’s interest expense:


	Year Ended December 31,
		2024		2023		2022
2021 Senior Notes:
Amortization of debt issuance costs		$	1,563	$	1,534	$	1,391
Interest on borrowings		10,991		11,816		11,815
Amortization of debt discount		107		97		88
2024 Term Loan:
Amortization of debt issuance costs		682		—		—
Amortization of exit fee		151		—		—
Interest on borrowings		4,105		—		—

Other1		404		516		345
Total		$	18,003	$	13,963	$	13,639

________________________________

1 Includes interest on uncertain tax provisions.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481544/470-10-50-6

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 405
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147477092/405-40-50-1

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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.4-08(c))
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-Topic 470
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-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1E
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1I
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I

+ Details

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

The components of Income (loss) from continuing operations, before taxes are as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic	$	(41,981)	$	(48,967)	$	(34,752)
Foreign	55,748		19,656		27,974
Total	$	13,767	$	(29,311)	$	(6,778)

The components of income tax (expense) benefit from continuing operations are as follows:


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(1,632)	$	(1,114)	$	(1,159)
State	(82)		(67)		(62)
Foreign	(3,646)		(821)		1,139
Deferred:
Federal	(739)		(2,747)		(26)
State	(3)		3		157
Foreign	(1,511)		3		10
Income tax (provision) benefit	$	(7,613)	$	(4,743)	$	59

The Company recognized approximately $7.6 million and $4.7 million in related income tax expense during the years ended December 31, 2024 and 2023, respectively. The effective tax rate was approximately 55.3% for the year ended December 31, 2024, which was higher than the U.S. federal statutory rate primarily due to the impact of Global Intangible Low-Taxed Income, an increase in the deferred tax liability associated with changes in management’s indefinite reinvestment assertion under APB 23 in one foreign jurisdiction, changes to tax attributes associated with the open IRS audit, amended returns, and legal entity liquidations, and the tax impact of equity compensation shortfalls and cancellations and current period financing transactions. This increase was partially offset by changes in the valuation allowance for loss jurisdictions where full valuation allowances have been recorded, foreign rate differential and GAAP to statutory adjustments. The Company’s effective tax rate was approximately (16.2)% for the year ended December 31, 2023, which was lower than the U.S. federal statutory rate primarily due to the impact of Global Intangible Low-Taxed Income, attributable to income in foreign jurisdictions and the impact of the U.S. capitalization of research expenses, and the impact of recognizing a deferred tax liability associated with changes in management’s indefinite reinvestment assertion under APB 23 for one foreign jurisdiction. This decrease was partially offset by changes in the valuation allowance for loss jurisdictions where full valuation allowances have been recorded, foreign rate differential and GAAP to statutory adjustments.

Reconciliations of the statutory tax rates and the effective tax rates from continuing operations for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.5	%	(0.2)	%	0.8	%
Effect of rates different than statutory	(24.8)	%	4.2	%	30.2	%


Stock based compensation	4.7	%	(1.9)	%	(14.5)	%
Foreign basis differences	(17.4)	%	5.0	%	16.1	%

Other permanent adjustments	0.9	%	(3.3)	%	(3.3)	%
Executive Compensation Limitations	1.9	%	—	%	—	%
Financing Transactions	4.5	%	—	%	—	%
Withholding tax	0.8	%	(2.8)	%	—	%
Tax Credits	—	%	0.6	%	1.6	%
Change in valuation allowance	(24.5)	%	4.8	%	89.2	%
Uncertain tax positions	—	%	0.1	%	(2.3)	%
Other	0.2	%	—	%	0.5	%
Divestiture of assets	—	%	—	%	(17.6)	%
Global intangible low-taxed income	61.4	%	(20.5)	%	(131.3)	%


Deferred tax adjustments	3.7	%	(1.1)	%	2.2	%
Entity Liquidation	5.3	%	—	%	—	%
Return to provision	2.6	%	(1.2)	%	8.3	%
ABP 23 liability	7.3	%	(20.9)	%	—	%
Amended returns and refund claims	7.2	%	—	%	—	%
Effective tax rate	55.3	%	(16.2)	%	0.9	%

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2024		2023
Deferred tax assets:
Accrued liabilities	$	543	$	486
Bad debts reserve	1,458		3,163
Deferred compensation	4,342		4,150
Federal net operating loss carry forwards	2,716		4,271
State net operating loss carry forwards	9,439		8,641
Foreign net operating loss carry forwards	943		4,999
Lease obligations	4,631		5,706
Capital loss carry forwards	6,768		7,633
Intangible assets	534		1,470
Basis difference	6,315		6,372
Credits	1,292		3,331
Fixed assets	591		639
Interest limitation	3,125		1,088
Capitalization of research expenses	25,717		21,805
Other	11		33
Total deferred tax assets	$	68,425	$	73,787

Deferred tax liabilities:
Unrepatriated Earnings	$	(6,694)	$	(6,604)
Basis difference	(1,925)		(2,078)
Depreciation and amortization	(444)		(666)
Prepaids	(290)		(323)
Lease assets	(1,419)		(2,524)
Unrealized Foreign Exchange Gain	(1,269)		—
Other	(4)		(734)
Total deferred tax liabilities	(12,046)		(12,929)
Less: valuation allowance	(61,282)		(64,065)
Net deferred income tax (liabilities) assets	$	(4,903)	$	(3,207)

As of December 31, 2024, the Company has federal and state income tax net operating loss (“NOL”) carryforwards of $12.9 million and $160.1 million, respectively, including NOL carryforwards which will expire at various dates from 2026 through 2043, and NOL carryforwards which do not expire. The Company also has foreign NOL carryforwards in various jurisdictions of $4.1 million that have various carryforward periods. Such NOL carryforwards expire as follows:


Year	NOL Carryforward

2026	258
2027-2043	173,348
Indefinite	3,502
Total	$	177,108

As of December 31, 2024, the Company has state income tax credit carryforwards of $1.1 million, a portion of which will expire in 2032 and a portion of which do not expire.

In evaluating the Company’s ability to recover its deferred tax assets within the jurisdiction from which they arise, the Company considers all available positive and negative evidence, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax-planning strategies, and results of recent operations. In projecting future taxable income, the Company begins with historical results and incorporates assumptions including the amount of future state, federal and foreign pretax operating income, the reversal of temporary differences, and the implementation of feasible and prudent tax-planning strategies. These assumptions require significant judgment about the forecasts of future taxable income and are consistent with the plans and estimates the Company is using to manage the underlying businesses.

The foreign NOL carryforwards in the income tax returns filed included unrecognized tax benefits taken in prior years. The NOLs for which a deferred tax asset is recognized for financial statement purposes in accordance with ASC 740 are presented net of these unrecognized tax benefits.

The Company continues to evaluate the ability to realize all of its net deferred tax assets at each reporting date and records a benefit for deferred tax assets to the extent it has deferred tax liabilities that provide a source of income to benefit the deferred tax asset. As a result of this analysis, the Company recorded a valuation allowance against the net deferred tax assets of certain foreign jurisdictions as the realization of these assets is not more likely than not, given uncertainty of future earnings in these jurisdictions. The valuation allowance decreased by $2.8 million during the year ended December 31, 2024 and increased by $1.0 million during the year ended December 31, 2023, respectively. The decrease in tax year ended December 31, 2024 is primarily related to a decrease in deferred tax assets including capital loss carryforward, federal and foreign net operating loss carryforwards and federal credit carryforwards. This decrease was partially offset by an increase in deferred tax assets primarily associated with changes in interest expense limitation and capitalization of research expenditures. The increase in tax year ended December 31, 2023 primarily related to an increase in deferred tax assets including capital loss carryforward, interest expense limitation and capitalization of research expenditures, net of utilization of tax credit and net operating loss carryforwards. This increase was partially offset by an increase in deferred tax liabilities primarily associated with changes in management’s indefinite reinvestment assertion under APB 23 for one foreign jurisdiction.

The Company's accounting policy is to record the tax impacts of Global Intangible Low-Taxed Income as a period cost. The Company’s current accounting policy related to stranded tax effects in accumulated other comprehensive income is to review and reclassify on an item-by-item basis.

The Company is subject to taxation in the United States and various states and foreign jurisdictions. As of December 31, 2024, the Company’s tax years for 2020 through 2023 are subject to examination by the tax authorities. With few exceptions, as of December 31, 2024, the Company is no longer subject to U.S. federal, state, local, or foreign examinations by tax authorities for years before 2020. Additionally, to the extent we utilize our NOL carryforwards in the future, the tax years in which the attribute was generated may still be adjusted upon examination by the tax authorities in the future period when the attribute is utilized.

During 2021 the Internal Revenue Service commenced an audit of certain of the Company’s prior year U.S. federal income tax filings, including the 2013 through 2020 tax years. The audit is currently ongoing and while receipt of the associated refunds would materially improve its financial position, the Company does not believe that the results of this audit will have a material adverse effect on its financial position or results of operations. Due to the ongoing audit, U.S. federal tax returns for years 2013 – 2020 remain subject to future examination by the tax authorities. The Company has not accrued for any potential interest income related to the expected tax refund as of December 31, 2024.

The Company received 4.3 million in federal tax refunds in the second quarter of 2022. There is no change to the Company’s position on the remaining tax refunds.

Our policy has been to leave our cumulative unremitted foreign earnings invested indefinitely outside the United States, and we intend to continue this policy for most of our foreign subsidiaries. During 2023, we changed our indefinite reinvestment assertion for future periods related to our Indian subsidiary and recorded a deferred tax liability associated with the outside basis difference. The Company continues to assert permanent reinvestment of foreign earnings in all other foreign jurisdictions.

Due to the timing and circumstances of repatriation of such earnings, if any, it is not practicable to determine the unrecognized deferred tax liability relating to such amounts.

On October 8, 2021, the Organization for Economic Co-operation and Development (“OECD”) released a statement on the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting, which agreed to a two-pillar solution to address tax challenges of the digital economy. On December 20, 2021, the OECD released Pillar Two model rules defining a 15% global minimum tax rate for large multinational corporations (the “Pillar Two Framework”). The OECD continues to release additional guidance and countries are implementing legislation with widespread adoption of the Pillar Two Framework as of the end of 2024. The Company is not currently subject to these rules but is continuing to evaluate the Pillar Two Framework and its potential impact on future periods.

On August 16, 2022, the Inflation Reduction Act of 2022 ("IRA") was signed into law. This legislation includes significant changes relating to tax, climate change, energy and health care. Among other provisions, the IRA introduces a book minimum tax assessed on financial statement income of certain large corporations and an excise tax on share repurchases. These provisions do not have a material impact on our results of operations or financial position.

The Company also continues to monitor any new tax legislation that would result in a material impact on its financial statements, in particular as a result of the new U.S. presidential administration and U.S. Congress.

A reconciliation of the amounts of unrecognized tax benefits excluding interest, are as follows:


	Unrecognized Tax Benefits
Balance at December 31, 2021	$	4,514


Decrease related to lapse of Statute of Limitations	(1,043)

Increase for tax positions of current period	966
Balance at December 31, 2022	4,437


Decrease related to lapse of Statute of Limitations	(64)


Balance at December 31, 2023	4,373


Decrease related to lapse of Statute of Limitations	—


Balance at December 31, 2024	$	4,373

Included in the balance of unrecognized tax benefits associated with uncertain tax positions as of the years ended December 31, 2024 and 2023, are $4.4 million and $3.8 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate.

The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in interest expense. The liability for unrecognized tax benefits excludes accrued interest of $1.0 million, $0.7 million and $0.4 million, for the years ended December 31, 2024, 2023 and 2022, respectively. The Company anticipates that $3.8 million of its currently unrecognized tax benefits, primarily related to research and development credits and other U.S. tax positions, may be recognized by the end of 2025 as a result of a lapse of the statute of limitations.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	Dec. 31, 2024 compensation_plan
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of compensation plans	2

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

The components of Income (loss) from continuing operations, before taxes are as follows:


	Year Ended December 31,
	2024		2023		2022
Domestic	$	(41,981)	$	(48,967)	$	(34,752)
Foreign	55,748		19,656		27,974
Total	$	13,767	$	(29,311)	$	(6,778)

Schedule of Components of Income Tax (Expense) Benefit

The components of income tax (expense) benefit from continuing operations are as follows:


	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	(1,632)	$	(1,114)	$	(1,159)
State	(82)		(67)		(62)
Foreign	(3,646)		(821)		1,139
Deferred:
Federal	(739)		(2,747)		(26)
State	(3)		3		157
Foreign	(1,511)		3		10
Income tax (provision) benefit	$	(7,613)	$	(4,743)	$	59

Schedule of Reconciliations of the Statutory Tax Rates and the Effective Tax Rates

Reconciliations of the statutory tax rates and the effective tax rates from continuing operations for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31,
	2024		2023		2022
Statutory rate	21.0	%	21.0	%	21.0	%
State taxes, net of federal benefit	0.5	%	(0.2)	%	0.8	%
Effect of rates different than statutory	(24.8)	%	4.2	%	30.2	%


Stock based compensation	4.7	%	(1.9)	%	(14.5)	%
Foreign basis differences	(17.4)	%	5.0	%	16.1	%

Other permanent adjustments	0.9	%	(3.3)	%	(3.3)	%
Executive Compensation Limitations	1.9	%	—	%	—	%
Financing Transactions	4.5	%	—	%	—	%
Withholding tax	0.8	%	(2.8)	%	—	%
Tax Credits	—	%	0.6	%	1.6	%
Change in valuation allowance	(24.5)	%	4.8	%	89.2	%
Uncertain tax positions	—	%	0.1	%	(2.3)	%
Other	0.2	%	—	%	0.5	%
Divestiture of assets	—	%	—	%	(17.6)	%
Global intangible low-taxed income	61.4	%	(20.5)	%	(131.3)	%


Deferred tax adjustments	3.7	%	(1.1)	%	2.2	%
Entity Liquidation	5.3	%	—	%	—	%
Return to provision	2.6	%	(1.2)	%	8.3	%
ABP 23 liability	7.3	%	(20.9)	%	—	%
Amended returns and refund claims	7.2	%	—	%	—	%
Effective tax rate	55.3	%	(16.2)	%	0.9	%

Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	December 31,
	2024		2023
Deferred tax assets:
Accrued liabilities	$	543	$	486
Bad debts reserve	1,458		3,163
Deferred compensation	4,342		4,150
Federal net operating loss carry forwards	2,716		4,271
State net operating loss carry forwards	9,439		8,641
Foreign net operating loss carry forwards	943		4,999
Lease obligations	4,631		5,706
Capital loss carry forwards	6,768		7,633
Intangible assets	534		1,470
Basis difference	6,315		6,372
Credits	1,292		3,331
Fixed assets	591		639
Interest limitation	3,125		1,088
Capitalization of research expenses	25,717		21,805
Other	11		33
Total deferred tax assets	$	68,425	$	73,787

Deferred tax liabilities:
Unrepatriated Earnings	$	(6,694)	$	(6,604)
Basis difference	(1,925)		(2,078)
Depreciation and amortization	(444)		(666)
Prepaids	(290)		(323)
Lease assets	(1,419)		(2,524)
Unrealized Foreign Exchange Gain	(1,269)		—
Other	(4)		(734)
Total deferred tax liabilities	(12,046)		(12,929)
Less: valuation allowance	(61,282)		(64,065)
Net deferred income tax (liabilities) assets	$	(4,903)	$	(3,207)

Schedule of Net Operating Loss Carryforwards

Such NOL carryforwards expire as follows:


Year	NOL Carryforward

2026	258
2027-2043	173,348
Indefinite	3,502
Total	$	177,108

Schedule of Unrecognized Tax Benefits

A reconciliation of the amounts of unrecognized tax benefits excluding interest, are as follows:


	Unrecognized Tax Benefits
Balance at December 31, 2021	$	4,514


Decrease related to lapse of Statute of Limitations	(1,043)

Increase for tax positions of current period	966
Balance at December 31, 2022	4,437


Decrease related to lapse of Statute of Limitations	(64)


Balance at December 31, 2023	4,373


Decrease related to lapse of Statute of Limitations	—


Balance at December 31, 2024	$	4,373

Summary of Significant Accounting Policies - Foreign Currency (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Foreign exchange gain (loss)	$ 8,894	$ (5,131)	$ 2,835

Summary of Significant Accounting Policies - Goodwill (Details)	12 Months Ended
	Dec. 31, 2024 segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segments	1
Number of reportable segments	1

Capital Structure (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Series A and B Preferred Stock

A summary of the Company’s Series B Preferred stock balance at December 31, 2024 and changes during the year ended December 31, 2024 and 2023, are presented below:


	Series B Preferred Stock
	Shares	Amount
Balance at December 31, 20221	71	$	68,348


Amortization of preferred stock issuance costs	—	328




Redemption of Series B preferred shares	(10)	(9,874)
Balance at December 31, 20231	61	$	58,802






Excise tax on fair value of Series B preferred stock at redemption	—	(576)
Redemption of Series B preferred shares	(61)	(58,226)
Balance at December 31, 2024	—	$	—

________________________________

1 Series B preferred stock principal balance is presented net of unamortized issuance costs.

Note Receivable (Details) - Sequential Technology International L L C And A P Capital Holdings I I L L C - USD ($) $ in Millions	Mar. 31, 2024	Dec. 31, 2022	Jun. 30, 2020
Schedule of Equity Method Investments [Line Items]
Other assets fair value disclosure		$ 4.8
Loans Payable
Schedule of Equity Method Investments [Line Items]
Principal amount	$ 3.0		$ 9.0

Allowance for Credit Losses (Tables)

12 Months Ended

Dec. 31, 2024

Credit Loss [Abstract]

Schedule of Allowance For Credit Losses


	Beginning Balance		Additions		Reductions		Ending Balance

Allowance for credit losses:
2024	$	108	$	1,765	$	(48)	$	1,825
2023	$	51	$	61	$	(4)	$	108
2022	$	89	$	86	$	(124)	$	51

Allowance for Credit Losses - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Credit Loss [Abstract]
Accounts receivable, net	$ 18,129	$ 23,477
Allowance for credit loss	1,800
Allowance for credit loss, period increase (decrease)	$ 1,700

Summary of Significant Accounting Policies - Accounts Receivable (Details) - USD ($)	Dec. 31, 2024	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Unbilled receivables	$ 0	$ 700,000

Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued compensation and benefits	$ 14,314	$ 17,439
Accrued operating lease liabilities	$ 6,010	$ 5,838
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	Total	Total
Accrued professional service fees	$ 2,047	$ 4,587
Accrued income taxes payable	2,028	338
Accrued interest	1,716	1,969
Accrued other	1,578	2,074
Accrued telecommunications and hosting	1,117	3,101
Accrued sales and use tax	987	1,090
Accrued finance lease liabilities	722	562
Accrued Series B preferred stock dividend	0	2,129
Total	$ 30,519	$ 39,127

Leases (Details)	Dec. 31, 2022
Leases [Abstract]
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Leases, non-current

Debt - Carrying Values and Estimated Fair Values of Debt Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Debt Instrument [Line Items]
Carrying Amount	$ 186,715	$ 136,215
Fair Value	193,275	107,557
(Level 1)
Debt Instrument [Line Items]
Fair Value	0	0
(Level 2)
Debt Instrument [Line Items]
Fair Value	193,275	107,557
(Level 3)
Debt Instrument [Line Items]
Fair Value	$ 0	$ 0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 27: http://www.xbrl.org/2009/role/commonPracticeRef
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-URI https://asc.fasb.org/1943274/2147482900/835-30-50-1

+ Details

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finance leases:
Interest expense	$ 107	$ 77	$ 59
Depreciation expense	662	562	378
Total finance leases	769	639	437
Operating leases:
Operating lease cost	5,056	5,961	6,485
Other lease costs and income:
Variable lease costs	798	1,131	1,141
Operating lease impairments (remeasurements), net	2,534	1,918	(274)
Sublease income	(2,427)	(3,555)	(2,767)
Total operating leases	5,961	5,455	4,585
Total net lease cost	$ 6,730	$ 6,094	$ 5,022

Commitments (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Aggregate Annual Future Minimum Payments Under Non Cancelable Agreements

Aggregate annual future minimum payments under non-cancelable agreements as of December 31, 2024 are as follows:


Year	Non-cancelable Agreements
2025	$	19,618
2026	2,373
2027	920
Thereafter	—
Total	$	22,911

Summary of Significant Accounting Policies - Revenue Recognition (Details)	Dec. 31, 2024
Software License
Product Information [Line Items]
Performance obligation period	90 days
Professional Services
Product Information [Line Items]
Performance obligation period	90 days
Subscription Services
Product Information [Line Items]
Performance obligation period	90 days

Accumulated Other Comprehensive (Loss) / Income (Tables)

12 Months Ended

Dec. 31, 2024

Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]

Schedule of Changes in Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive (loss) income during the years ended December 31, 2024, 2023, and 2022 were as follows:


	Balance at December 31, 2023		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2024
Foreign currency	$	(22,212)	$	(15,405)	$	—	$	(37,617)
Unrealized loss on intercompany foreign currency transactions	(3,520)		—		—		(3,520)

Total	$	(25,732)	$	(15,405)	$	—	$	(41,137)


	Balance at December 31, 2022		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2023
Foreign currency	$	(40,611)	$	18,399	$	—	$	(22,212)
Unrealized loss on intercompany foreign currency transactions	(3,520)		—		—		(3,520)

Total	$	(44,131)	$	18,399	$	—	$	(25,732)


	Balance at December 31, 2021		Other Comprehensive Income (Loss)		Tax Effect		Balance at December 31, 2022
Foreign currency	$	(29,350)	$	(11,261)	$	—	$	(40,611)
Unrealized (loss) income on intercompany foreign currency transactions	(3,635)		191		(76)		(3,520)

Total	$	(32,985)	$	(11,070)	$	(76)	$	(44,131)

Allowance for Credit Losses - Schedule of Allowance For Credit Losses (Details) - Allowance for credit losses: - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss [Roll Forward]
Beginning Balance	$ 108	$ 51	$ 89
Additions	1,765	61	86
Reductions	(48)	(4)	(124)
Ending Balance	$ 1,825	$ 108	$ 51

Commitments

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments

Non-cancelable Agreements

The Company has various non-cancelable arrangements such as services for hosting, support, and software that expire at various dates, with the latest expiration in 2027.

Aggregate annual future minimum payments under non-cancelable agreements as of December 31, 2024 are as follows:


Year	Non-cancelable Agreements
2025	$	19,618
2026	2,373
2027	920
Thereafter	—
Total	$	22,911

Summary of Significant Accounting Policies - Concentration of Credit Risk (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Minimum
Concentration Risk [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	3 years
Maximum
Concentration Risk [Line Items]
Revenue, remaining performance obligation, expected timing of satisfaction, period	5 years
Top Five Customers \| Revenue \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk, percentage	97.60%	96.60%	94.60%

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2021		9,855
Beginning balance at Dec. 31, 2021	$ 90,823	$ 1	$ 492,520	$ (32,985)	$ (368,713)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,771		5,771
Issuance of restricted stock (in shares)		290
Preferred stock dividends accrued	(9,409)		(9,409)
Amortization of preferred stock issuance costs	(143)		(143)
Shares withheld for taxes in connection with issuance of restricted stock (in shares)		(8)
Shares withheld for taxes in connection with issuance of restricted stock	(83)		(83)
Net income (loss)	(7,716)				(7,716)
Non-controlling interest	0		200		(200)
Total other comprehensive income (loss)	(11,146)			(11,146)
Ending balance (in shares) at Dec. 31, 2022		10,137
Ending balance at Dec. 31, 2022	68,097	$ 1	488,856	(44,131)	(376,629)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	4,963		4,963
Issuance of restricted stock (in shares)		207
Preferred stock dividends accrued	(9,679)		(9,679)
Amortization of preferred stock issuance costs	(328)		(328)
Shares withheld for taxes in connection with issuance of restricted stock (in shares)		(30)
Shares withheld for taxes in connection with issuance of restricted stock	(249)		(249)
Net income (loss)	(54,571)				(54,571)
Non-controlling interest	0		(36)		36
Total other comprehensive income (loss)	$ 18,399			18,399
Ending balance (in shares) at Dec. 31, 2023	10,314	10,314
Ending balance at Dec. 31, 2023	$ 26,632	$ 1	483,527	(25,732)	(431,164)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,859		5,859
Issuance of restricted stock (in shares)		739
Preferred stock dividends accrued	$ (4,258)		(4,258)
Issuance of common stock on exercise of options (in shares)	22	22
Issuance of common stock on exercise of options	$ 236		236
Shares withheld for taxes in connection with issuance of restricted stock	(1)		(1)
Net income (loss)	6,154				6,154
Non-controlling interest	0		(15)		15
Total other comprehensive income (loss)	(15,405)			(15,405)
Gain on Series B Preferred stock redemption	2,696		2,696
Gain on Senior Notes repurchase	$ 7,862		7,862
Ending balance (in shares) at Dec. 31, 2024	11,075	11,075
Ending balance at Dec. 31, 2024	$ 29,775	$ 1	$ 495,906	$ (41,137)	$ (424,995)

Debt - Repurchase of Senior Notes and Series B Preferred (Details) $ in Thousands		12 Months Ended
	Jun. 28, 2024 USD ($) note	Dec. 31, 2024 USD ($)
Debt Instrument [Line Items]
Repurchase of debt and equity, consideration transferred	$ 66,500
Non-interest-bearing deferred consideration	2,600
Total consideration	$ 69,100
Gain on Series B Preferred stock redemption		$ 2,696
Gain on Senior Notes repurchase		7,862
Series B Preferred Stock
Debt Instrument [Line Items]
Preferred stock, repurchase percentage	100.00%
Fair value of preferred stock repurchased	$ 57,600
Carrying value of repurchased preferred stock	58,200
Accrued dividends	2,100
Gain on Series B Preferred stock redemption	$ 2,700
Senior Notes \| 2021 Senior Notes:
Debt Instrument [Line Items]
Repurchase percentage of debt	14.00%
Payments for repurchase of senior debt	$ 11,500
Repurchase amount		19,100
Unamortized debt issuance cost		600
Accrued interest	$ 300
Gain on Senior Notes repurchase		$ 7,900
Senior Notes \| 2021 Senior Notes: \| BRPI
Debt Instrument [Line Items]
Number of notes repurchased \| note	787,590

Stock Plans (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Fair Value Assumptions

The weighted average assumptions used in the Black-Scholes stock option pricing model are as follows:


	Year Ended December 31,
		2024			2023			2022
Expected stock price volatility		78.8		%	74.5		%	74.1		%
Risk-free interest rate		4.2		%	4.3		%	3.1		%
Expected life of options (in years)		4.06			4.30			4.15
Expected dividend yield		0.0		%	0.0		%	0.0		%
Weighted average fair value of the options		$	5.69		$	3.95		$	6.39

Schedule of Information about Stock Options Outstanding

The following table summarizes information about stock options outstanding as of December 31, 2024:


Stock Options	Number of Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Term (Years)	Aggregate Intrinsic Value
Outstanding at December 31, 2023	649	$	30.44
Options Granted	6	8.94
Options Exercised	(22)	10.79
Options Cancelled	(171)	40.89
Outstanding at December 31, 2024	462	$	28.27	3.39	$	20

Vested and exercisable at December 31, 2024	382	$	31.94	3.12	$	6

Schedule of Unvested Restricted Stock and Performance Shares Activity

A summary of the Company’s unvested restricted stock at December 31, 2024 and changes during the year ended December 31, 2024 are presented below:


Restricted Stock Awards	Number of Awards	Weighted- Average Grant Date Fair Value
Unvested at December 31, 2023	491	$	10.88
Granted	521	8.01
Granted adjustment1	38	12.24
Vested	(268)	11.82
Forfeited	(66)	10.22
Unvested at December 31, 2024	716	$	8.54

_____________________________

1 Represents performance-based cash units grants that vested and were paid out in form of shares of stock during the period.

A summary of the Company’s unvested performance-based cash units at December 31, 2024 and changes during the year ended December 31, 2024, is presented below:


Performance-Based Cash Units	Number of Awards	Period end Fair Value
Outstanding at December 31, 2023	507	$	6.21
Granted	206
Granted adjustment 1	(37)
Vested and distributed 2	(38)
Forfeited	(36)
Outstanding at December 31, 2024	602	$	9.88

_____________________________

1 Includes changes in the unvested units due to performance adjustments.

2 Includes earned PBCU that vested and were distributed to participants during the period.

Schedule of Stock-based Compensation

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by operating expense categories, as follows:


	Year Ended December 31,
		2024		2023		2022
Cost of revenues		$	325	$	109	$	249
Research and development		1,669		1,291		1,472
Selling, general and administrative		4,378		2,990		2,743
Total stock-based compensation expense		$	6,372	$	4,390	$	4,464

The following table summarizes stock-based compensation expense related to all of the Company’s stock awards included by award types, as follows:


	Year Ended December 31,
		2024		2023		2022
Stock options		$	568	$	1,334	$	1,981
Restricted stock awards		2,681		2,930		2,500
Performance-based cash units		3,123		126		(17)

Total stock-based compensation before taxes		$	6,372	$	4,390	$	4,464
Tax benefit		$	1,218	$	958	$	938

Stock Plans - Stock Options (Details) - USD ($) $ / shares in Units, shares in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Number of Options
Options outstanding at the beginning of the period (in shares)	649
Options granted (in shares)	6
Options exercised (in shares)	(22)
Options cancelled (in shares)	(171)
Options outstanding at the end of the period (in shares)	462	649
Vested and exercisable (in shares)	382
Weighted Average Exercise Price
Balance at the beginning of the period (in dollars per share)	$ 30.44
Options granted (in dollars per share)	8.94
Options exercised (in dollars per share)	10.79
Options cancelled (in dollars per share)	40.89
Balance at the end of the period (in dollars per share)	28.27	$ 30.44
Vested and exercisable (in dollars per share)	$ 31.94
Weighted Average Remaining Contractual Term (Years)
Outstanding	3 years 4 months 20 days
Vested and exercisable	3 years 1 month 13 days
Aggregate Intrinsic Value
Outstanding	$ 20,000
Vested and exercisable	6,000
Additional disclosures related to stock options
Total intrinsic value for stock options exercised	60,000.00	$ 0
Total intrinsic value for stock options exercisable	$ 0	$ 0

Legal Matters (Details)			3 Months Ended	12 Months Ended
Legal Matters (Details)	Jul. 12, 2023 USD ($)	Jun. 07, 2022 USD ($) defendant	Jun. 30, 2024 USD ($) defendant	Dec. 31, 2024 USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency, damages awarded		$ 12,500,000
Loss contingency, payment term		2 years
Loss contingency, number of defendants \| defendant		2	1
Damages paid			$ 145,000
Amount awarded from other party			$ 430,741
Loss contingency accrual, potential claim				$ (266,012)
Loss contingency, damages sought, value	$ 1,200,000