Over the past couple of years, the company has been focused on creating a sustainable business model to drive profitable growth and improve the balance sheet. With these strategic initiatives completed, SNCR is fully focused on driving revenue growth. We expect revenue growth to return in 2026 and accelerate in 2027, aided by logo additions as well as improved subscriber growth among existing customers. Management has noted they expect to add one new customer this year and one next year. We like the progress the company has made in terms of cutting more than $100 million in costs, streamlining the business by divesting non-core assets, and improving the balance sheet. The company boosted its cash balance and reduced the debt level, aided by a $34 million tax refund. We deem the company adequately funded to support organic growth. To derive our $13 price target, we value SNCR shares at about 12x our 2027 GAAP EPS projection of $1.14. The 12x multiple is a discount to the 19x historical average P/E multiple, allowing room for multiple expansion as we gain more confidence in the company's trajectory toward double-digit revenue growth and an improved debt ratio. Our Moderate risk rating is supported by Synchronoss' expected revenue growth and profitability, improved balance sheet, and expected continued free cash flow. Management is participating in the Sidoti December Virtual Conference next week, December 10-11. You may register and request 1x1 meetings here.