-
Announces shift to segment reporting in Q1 2019 for its Software and
Advertising businesses
-
2018 total revenue of $143.9 million exceeded guidance; recurring
software revenue of $35.8 million grew 11% YoY
-
2018 net loss narrowed to $7.6 million; Adj. EBITDA of $8.5 million,
up 262% from a year ago
-
Notable Q4 customer wins include 116 new Zimbra email enterprise and
government customers, three-million-user Zimbra deal in Japan, and a
new Cloud ID agreement with Newsy
BUFFALO, N.Y.--(BUSINESS WIRE)--
Synacor, Inc. (Nasdaq: SYNC), the trusted technology development,
multiplatform services and revenue partner for video, internet and
communications providers, device manufacturers, governments and
enterprises, today announced its financial results for the fourth
quarter and full year ended December 31, 2018.
“We delivered strong operating results,” said Himesh Bhise, Synacor’s
chief executive officer. “Our 2018 adjusted EBITDA of $8.5 million was
up significantly from $2.3 million a year ago. High-margin recurring
software revenue from our collaboration and identity platforms was $35.8
million, growing 11% year over year.”
“In 2019, we will continue to focus on this high-margin, recurring
revenue. Along with our shift to segment reporting, we are aligning
organizational processes to better drive performance in each of our
Software and Advertising businesses. This is reflected in our adjusted
EBITDA guidance of $10 million to $12 million, which is 18% to 42%
higher than 2018,” added Bhise.
Recent Highlights
-
Closed a three-million-user, cloud-based email deal for a large
Japanese telecommunications company, in partnership with IIJ.
-
Signed 116 new Zimbra email business and government customers
worldwide, bringing the 2018 total to 426 new customers.
-
Signed Newsy, a next-generation national news network, to the growing
list of content providers that use Synacor Cloud ID.
-
The Zimbra X email and collaboration platform is now powered by Oracle
Cloud and is available in the Oracle Cloud Marketplace.
FY 2018 and Q4 2018 Financial Results
Revenue
: For the fourth quarter of 2018, revenue was $39.4
million, exceeding the Company’s financial guidance. Advertising revenue
was down 17% as the Company proactively steered away from low-margin
publisher-based advertising revenue. Recurring software revenue grew
7.3% compared with the fourth quarter of 2017.
For fiscal 2018, revenue was $143.9 million. Recurring software revenue
was up 11% and Advertising revenue was up 2%.
Net Income
: For the fourth quarter of 2018, net
loss was $0.4 million, or $(0.01) per share, compared with a net loss of
$0.1 million, or $(0.00) per share, in the fourth quarter of 2017. The
fourth quarter of 2018 was negatively impacted by a $0.6 million
capitalized software impairment.
Forfiscal 2018, net loss narrowed to $7.6 million, or $(0.19)
per share, compared with a net loss of $9.8 million, or $(0.27) per
share, in fiscal 2017.
Adjusted EBITDA
: For the fourth quarter of 2018, adjusted
EBITDA increased 12.7% to $4.0 million from $3.6 million for the fourth
quarter of 2017. Adjusted EBITDA excludes stock-based compensation,
other income and expense, capitalized software impairment, restructuring
costs, and certain legal and professional fees.
For fiscal 2018, adjusted EBITDA increased to $8.5 million, up from $2.3
million for fiscal 2017, an increase of 262%.
Cash
: The Company ended the fourth quarter of 2018 with
$15.9 million in cash and cash equivalents, compared with $15.7 million
at the end of the third quarter of 2018.
Guidance
The Company will be moving to segment-based reporting in Q1 2019 to
provide better transparency into its Software and Advertising
businesses. Based on information available as of March 13, 2019, the
Company is providing financial guidance for the first quarter and full
year 2019 as follows:
-
Q1 2019 Guidance
: Revenue for the first quarter of 2019
is projected to be in the range of $31 million to $33 million. The
Company expects to report a net loss of $2.6 million to $3.1 million
and adjusted EBITDA of $1.0 million to $1.5 million, which excludes
stock-based compensation expense of $0.5 million, certain legal and
professional service fees of $0.8 million, depreciation and
amortization expense of $2.5 million, and tax, interest expense and
other income and expense of $0.3 million.
-
Fiscal 2019 Guidance
: Revenue for full year 2019 is
expected to be in the range of $137 million to $145 million. The
Company expects to report a net loss in the range of $2.2 million to
$4.2 million and adjusted EBITDA in the range of $10 million to $12
million, which excludes stock-based compensation expense of $2.0
million, certain legal and professional service fees of $1.0 million,
depreciation and amortization expense of $10.0 million, and tax,
interest expense, and other income and expense of $1.2 million.
Conference Call Details
Synacor will host a conference call today at 5:00 p.m. ET to discuss the
fourth-quarter and fiscal year-end 2018 financial results with the
investment community. The live webcast of Synacor’s earnings conference
call can be accessed at http://investor.synacor.com/events.cfm.
To participate, please log in approximately 10 minutes prior to the
webcast. The call may be accessed toll-free via phone at (833) 235-2655,
with conference ID 8556108, or callers outside the U.S. may dial (647)
689-4151. Following completion of the call, a recorded webcast replay
will be available on Synacor's website. To listen to the telephone
replay through March 20, 2019, call toll-free (800) 585-8367, or callers
outside the U.S. may dial (416) 621-4642. The conference ID is 8556108.
About Synacor
Synacor (Nasdaq: SYNC) is the trusted technology development,
multiplatform services and revenue partner for video, Internet and
communications providers, device manufacturers, governments and
enterprises. Synacor's mission is to enable its customers to better
engage with their consumers. Its customers use Synacor's technology
platforms and services to scale their businesses and extend their
subscriber relationships. Synacor delivers managed portals, advertising
solutions, email and collaboration platforms, and cloud-based identity
management. www.synacor.com
Non-GAAP Financial Measures
The Company uses certain non-GAAP financial measures in this release.
Generally, a non-GAAP financial measure is a numerical measure of a
company's performance, financial position or cash flows that either
excludes or includes amounts that are not normally excluded or included
in the most directly comparable measure calculated and presented in
accordance with generally accepted accounting principles (GAAP).
We report adjusted EBITDA because it is a key measure used by our
management and Board of Directors to understand and evaluate our core
operating performance and trends, to prepare and approve our annual
budget and to develop short- and long-term operational plans. In
particular, the exclusion of certain expenses in calculating adjusted
EBITDA can provide a useful measure for period-to-period comparisons of
our core business. Accordingly, we believe that adjusted EBITDA provides
useful information to investors and others in understanding and
evaluating our operating results in the same manner as our management
and Board of Directors.
For a reconciliation of adjusted EBITDA to net loss, the most directly
comparable financial measure calculated and presented in accordance with
GAAP, please refer to the table “Reconciliation of GAAP to Non-GAAP
Measures” in this press release.
Safe Harbor Statement Under the Private Securities Litigation
Reform Act of 1995
"Safe Harbor" statement under the Private Securities Litigation Reform
Act of 1995: This press release contains forward-looking statements
concerning Synacor's expected financial performance including, without
limitation, its first-quarter and fiscal-year 2019 guidance, the
statements and quotations from management and Synacor's strategic and
operational plans. The achievement or success of the matters covered by
such forward-looking statements involves risks, uncertainties and
assumptions. If any such risks or uncertainties materialize or if any of
the assumptions prove incorrect, the Company's results could differ
materially from the results expressed or implied by the forward-looking
statements the Company makes.
The risks and uncertainties referred to above include - but are not
limited to - risks associated with: execution of our plans and
strategies, including the loss of a significant customer; execution
against our agreement with AT&T the pace and degree to which the AT&T
portal can be monetized; our ability to obtain new customers; our
ability to integrate the assets and personnel from acquisitions;
expectations regarding consumer taste and user adoption of applications
and solutions; developments in internet browser software and search
advertising technologies; general economic conditions; expectations
regarding the Company's ability to timely expand the breadth of services
and products or introduction of new services and products; consolidation
within the cable and telecommunications industries; changes in the
competitive dynamics in the market for online search and digital
advertising; the risk that security measures could be breached and
unauthorized access to subscriber data could be obtained; potential
third party intellectual property infringement claims or other legal
claims against Synacor; and the price volatility of our common stock.
Further information on these and other factors that could affect the
Company’s financial results is included in filings it makes with the
Securities and Exchange Commission from time to time, including the
section entitled "Risk Factors" in the Company's most recent Form 10-K
filed with the SEC. These documents are available on the SEC Filings
section of the Investor Information section of the Company's website at http://investor.synacor.com/.
All information provided in this release and in the attachments is
available as of March 13, 2019, and Synacor undertakes no duty to update
this information.
|
|
|
|
|
|
|
|
Synacor, Inc.
|
|
Condensed Consolidated Balance Sheets
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
Assets
|
|
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
15,921
|
|
|
|
$
|
22,476
|
|
|
Accounts receivable, net
|
|
|
|
25,567
|
|
|
|
|
31,696
|
|
|
Prepaid expenses and other current assets
|
|
|
|
3,779
|
|
|
|
|
4,516
|
|
|
Total current assets
|
|
|
|
45,267
|
|
|
|
|
58,688
|
|
|
Property and equipment, net
|
|
|
|
18,707
|
|
|
|
|
20,505
|
|
|
Goodwill
|
|
|
|
15,941
|
|
|
|
|
15,955
|
|
|
Intangible assets
|
|
|
|
10,553
|
|
|
|
|
12,695
|
|
|
Other assets
|
|
|
|
995
|
|
|
|
|
937
|
|
|
Total Assets
|
|
|
$
|
91,463
|
|
|
|
$
|
108,780
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
19,174
|
|
|
|
$
|
25,931
|
|
|
Accrued expenses and other current liabilities
|
|
|
|
7,849
|
|
|
|
|
7,075
|
|
|
Current portion of deferred revenue
|
|
|
|
6,672
|
|
|
|
|
11,605
|
|
|
Current portion of capital lease obligations
|
|
|
|
2,328
|
|
|
|
|
2,444
|
|
|
Total current liabilities
|
|
|
|
36,023
|
|
|
|
|
47,055
|
|
|
Long-term portion of capital lease obligations
|
|
|
|
1,367
|
|
|
|
|
3,371
|
|
|
Deferred revenue
|
|
|
|
2,214
|
|
|
|
|
3,682
|
|
|
Deferred income taxes
|
|
|
|
231
|
|
|
|
|
264
|
|
|
Other long-term liabilities
|
|
|
|
457
|
|
|
|
|
63
|
|
|
Total Liabilities
|
|
|
|
40,292
|
|
|
|
|
54,435
|
|
|
Stockholders' Equity:
|
|
|
|
|
|
|
|
Common stock
|
|
|
|
399
|
|
|
|
|
396
|
|
|
Treasury stock
|
|
|
|
(1,899
|
)
|
|
|
|
(1,881
|
)
|
|
Additional paid-in capital
|
|
|
|
144,739
|
|
|
|
|
142,486
|
|
|
Accumulated deficit
|
|
|
|
(91,726
|
)
|
|
|
|
(86,627
|
)
|
|
Accumulated other comprehensive loss
|
|
|
|
(342
|
)
|
|
|
|
(29
|
)
|
|
Total stockholders’ equity
|
|
|
|
51,171
|
|
|
|
|
54,345
|
|
|
Total Liabilities and Stockholders' Equity
|
|
|
$
|
91,463
|
|
|
|
$
|
108,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synacor, Inc.
|
|
Condensed Consolidated Statements of Operations
|
|
(In thousands except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Twelve months ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue
|
|
|
$
|
39,398
|
|
|
|
$
|
46,002
|
|
|
|
$
|
143,879
|
|
|
|
$
|
140,027
|
|
|
Costs and operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of revenue (1)
|
|
|
|
20,888
|
|
|
|
|
25,409
|
|
|
|
|
72,547
|
|
|
|
|
70,053
|
|
|
Technology and development (1)(2)
|
|
|
|
5,737
|
|
|
|
|
6,692
|
|
|
|
|
24,510
|
|
|
|
|
27,642
|
|
|
Sales and marketing (2)
|
|
|
|
5,609
|
|
|
|
|
5,916
|
|
|
|
|
24,116
|
|
|
|
|
24,941
|
|
|
General and administrative (1)(2)
|
|
|
|
4,838
|
|
|
|
|
4,980
|
|
|
|
|
19,454
|
|
|
|
|
17,800
|
|
|
Depreciation and amortization
|
|
|
|
2,325
|
|
|
|
|
2,816
|
|
|
|
|
9,641
|
|
|
|
|
9,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total costs and operating expenses
|
|
|
|
39,397
|
|
|
|
|
45,813
|
|
|
|
|
150,268
|
|
|
|
|
150,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain (loss) from operations
|
|
|
|
1
|
|
|
|
|
189
|
|
|
|
|
(6,389
|
)
|
|
|
|
(10,229
|
)
|
|
Gain on sale of investment
|
|
|
|
—
|
|
|
|
|
85
|
|
|
|
|
—
|
|
|
|
|
1,987
|
|
|
Other expense - net
|
|
|
|
(166
|
)
|
|
|
|
(174
|
)
|
|
|
|
(212
|
)
|
|
|
|
(2
|
)
|
|
Interest expense
|
|
|
|
(73
|
)
|
|
|
|
(105
|
)
|
|
|
|
(338
|
)
|
|
|
|
(433
|
)
|
|
Loss before income taxes
|
|
|
|
(238
|
)
|
|
|
|
(5
|
)
|
|
|
|
(6,939
|
)
|
|
|
|
(8,677
|
)
|
|
Provision for income taxes
|
|
|
|
138
|
|
|
|
|
101
|
|
|
|
|
616
|
|
|
|
|
1,100
|
|
|
Net loss
|
|
|
$
|
(376
|
)
|
|
|
$
|
(106
|
)
|
|
|
$
|
(7,555
|
)
|
|
|
$
|
(9,777
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.00
|
)
|
|
|
$
|
(0.19
|
)
|
|
|
$
|
(0.27
|
)
|
|
Diluted
|
|
|
$
|
(0.01
|
)
|
|
|
$
|
(0.00
|
)
|
|
|
$
|
(0.19
|
)
|
|
|
$
|
(0.27
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares used to compute net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
39,009,442
|
|
|
|
|
38,727,724
|
|
|
|
|
38,895,301
|
|
|
|
|
36,381,299
|
|
|
Diluted
|
|
|
|
39,009,442
|
|
|
|
|
38,727,724
|
|
|
|
|
38,895,301
|
|
|
|
|
36,381,299
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Notes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Exclusive of depreciation shown separately.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(2) Includes stock-based compensation as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Twelve months ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
Technology and development
|
|
|
$
|
120
|
|
|
|
$
|
140
|
|
|
|
$
|
489
|
|
|
|
$
|
744
|
|
|
Sales and marketing
|
|
|
|
100
|
|
|
|
|
136
|
|
|
|
|
474
|
|
|
|
|
636
|
|
|
General and administrative
|
|
|
|
133
|
|
|
|
|
286
|
|
|
|
|
841
|
|
|
|
|
1,110
|
|
|
|
|
$
|
353
|
|
|
|
$
|
562
|
|
|
|
$
|
1,804
|
|
|
|
$
|
2,490
|
|
|
|
|
Synacor, Inc.
|
|
Condensed Consolidated Statements of Cash Flows
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Twelve months ended
|
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
Cash Flows from Operating Activities:
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(7,555
|
)
|
|
|
$
|
(9,777
|
)
|
|
Adjustments to reconcile net loss to net cash provided (used in) by
operating activities:
|
|
|
|
|
|
|
|
Depreciation and amortization
|
|
|
|
9,832
|
|
|
|
|
9,820
|
|
|
Loss on disposal of property and equipment
|
|
|
|
—
|
|
|
|
|
203
|
|
|
Capitalized software impairment
|
|
|
|
552
|
|
|
|
|
256
|
|
|
Stock-based compensation expense
|
|
|
|
1,804
|
|
|
|
|
2,490
|
|
|
Gain on sale of investment
|
|
|
|
—
|
|
|
|
|
(1,987
|
)
|
|
Provision for deferred income taxes
|
|
|
|
(248
|
)
|
|
|
|
137
|
|
|
Change in allowance for doubtful accounts
|
|
|
|
126
|
|
|
|
|
(164
|
)
|
|
Increase in estimated value of contingent consideration
|
|
|
|
—
|
|
|
|
|
107
|
|
|
Change in operating assets and liabilities net of effect of
acquisition:
|
|
|
|
|
|
|
|
Accounts receivable, net
|
|
|
|
6,002
|
|
|
|
|
(4,146
|
)
|
|
Prepaid expenses and other assets
|
|
|
|
737
|
|
|
|
|
346
|
|
|
Other long-term assets
|
|
|
|
142
|
|
|
|
|
15
|
|
|
Accounts payable, accrued expenses, and other current liabilities
|
|
|
|
(5,785
|
)
|
|
|
|
3,261
|
|
|
Deferred revenue
|
|
|
|
(3,945
|
)
|
|
|
|
(779
|
)
|
|
Other long-term liabilities
|
|
|
|
394
|
|
|
|
|
(45
|
)
|
|
Net cash provided (used in) by operating activities
|
|
|
|
2,056
|
|
|
|
|
(263
|
)
|
|
Cash Flows from Investing Activities:
|
|
|
|
|
|
|
|
Proceeds from sale of investment
|
|
|
|
—
|
|
|
|
|
2,645
|
|
|
Purchases of property and equipment
|
|
|
|
(6,256
|
)
|
|
|
|
(7,876
|
)
|
|
Net cash used in investing activities
|
|
|
|
(6,256
|
)
|
|
|
|
(5,231
|
)
|
|
Cash Flows from Financing Activities:
|
|
|
|
|
|
|
|
Net proceeds from offering of common stock
|
|
|
|
—
|
|
|
|
|
20,258
|
|
|
Payments of public offering issuance costs
|
|
|
|
—
|
|
|
|
|
(212
|
)
|
|
Repayments of long-term debt
|
|
|
|
—
|
|
|
|
|
(5,000
|
)
|
|
Repayments on capital lease obligations
|
|
|
|
(2,422
|
)
|
|
|
|
(1,866
|
)
|
|
Proceeds from exercise of common stock options
|
|
|
|
385
|
|
|
|
|
2,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchase of treasury stock and shares received to satisfy minimum
tax withholding liabilities
|
|
|
|
(18
|
)
|
|
|
|
(334
|
)
|
|
Deferred acquisition payment
|
|
|
|
—
|
|
|
|
|
(1,300
|
)
|
|
Net cash (used in) provided by financing activities
|
|
|
|
(2,055
|
)
|
|
|
|
13,695
|
|
|
Effect of exchange rate changes on cash and cash equivalents
|
|
|
|
(300
|
)
|
|
|
|
(40
|
)
|
|
Net (decrease) increase in Cash and Cash Equivalents
|
|
|
|
(6,555
|
)
|
|
|
|
8,161
|
|
|
Cash and Cash Equivalents at beginning of period
|
|
|
|
22,476
|
|
|
|
|
14,315
|
|
|
Cash and Cash Equivalents at end of period
|
|
|
$
|
15,921
|
|
|
|
$
|
22,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Synacor, Inc.
|
|
Reconciliation of GAAP to Non-GAAP Measures
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The following table presents a reconciliation of net loss to
adjusted EBITDA for each of the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
Twelve months ended
|
|
|
|
December 31,
|
|
|
December 31,
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
|
$
|
(376
|
)
|
|
|
$
|
(106
|
)
|
|
|
$
|
(7,555
|
)
|
|
|
$
|
(9,777
|
)
|
|
Provision for income taxes
|
|
|
|
138
|
|
|
|
|
101
|
|
|
|
|
616
|
|
|
|
|
1,100
|
|
|
Interest expense
|
|
|
|
73
|
|
|
|
|
105
|
|
|
|
|
338
|
|
|
|
|
433
|
|
|
Gain on sale of investment
|
|
|
|
—
|
|
|
|
|
(85
|
)
|
|
|
|
—
|
|
|
|
|
(1,987
|
)
|
|
Other expense
|
|
|
|
166
|
|
|
|
|
174
|
|
|
|
|
212
|
|
|
|
|
2
|
|
|
Depreciation and amortization
|
|
|
|
2,516
|
|
|
|
|
2,816
|
|
|
|
|
9,832
|
|
|
|
|
9,820
|
|
|
Capitalized software impairment
|
|
|
|
552
|
|
|
|
|
—
|
|
|
|
|
552
|
|
|
|
|
256
|
|
|
Stock-based compensation expense
|
|
|
|
353
|
|
|
|
|
562
|
|
|
|
|
1,804
|
|
|
|
|
2,490
|
|
|
Restructuring costs
|
|
|
|
77
|
|
|
|
|
—
|
|
|
|
|
1,111
|
|
|
|
|
—
|
|
|
Certain legal expenses*
|
|
|
|
367
|
|
|
|
|
—
|
|
|
|
|
1,400
|
|
|
|
|
—
|
|
|
Certain professional services fees**
|
|
|
|
154
|
|
|
|
|
—
|
|
|
|
|
154
|
|
|
|
|
—
|
|
|
Adjusted EBITDA
|
|
|
$
|
4,020
|
|
|
|
$
|
3,567
|
|
|
|
$
|
8,464
|
|
|
|
$
|
2,337
|
|
* "Certain legal expenses" include legal fees and other related expenses
associated with legal proceedings outside the ordinary course of our
business, including the class action securities litigation, and
arbitration costs related to the dissolution of a former joint venture.
** “Certain professional services fees” includes fees and expenses
related to merger and acquisition activities.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190313005813/en/
Investor Contact:
David Calusdian
Sharon Merrill Associates
ir@synacor.com
617-542-5300
Source: Synacor