Synacor Reports Fourth Quarter and Full-Year 2020 Financial Results

Mar 18, 2021

Quarterly Results in Line with Preliminary Announcement for Revenue, Net Income and Adjusted EBITDA

BUFFALO, N.Y.--(BUSINESS WIRE)-- Synacor, Inc. (Nasdaq: SYNC), a leading provider of cloud-based Collaboration and Identity Management software and services serving global enterprises, video, internet and communications providers, and governments, today announced its financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter Financial Highlights

  • Revenue of $24.1 million
  • Net income of $0.1 million and adjusted EBITDA of $3.6 million

“Synacor delivered a strong end to 2020, with solid Q4 results for revenue, net income and adjusted EBITDA,” said Himesh Bhise, Synacor’s Chief Executive Officer.

Recent Operating Highlights

  • Signed agreement on February 10, 2021 to be acquired by Centre Lane Partners
  • Added 93 new customers and 177 contract expansions for Zimbra email and collaboration platform delivered through worldwide channel partners
  • Signed four deals with streaming services providers for Cloud ID identity and access management platform
  • Publisher Advertising business continues recovery post the onset of COVID-19, with 102 active publishers and higher margins.

Fourth Quarter and Full Year Financial Results:

Revenue

For the fourth quarter of 2020, revenue was $24.1 million, compared to $26.8 million in the fourth quarter of 2019. The decline was primarily driven by the COVID-19 impact on our business.

Revenue in the Software & Services segment totaled $12.2 million for the fourth quarter of 2020, compared with $11.6 million in the fourth quarter of 2019. Revenue in the Portal & Advertising segment totaled $11.9 million for the fourth quarter of 2020, compared with $15.2 million in the fourth quarter of 2019.

For fiscal year 2020, total revenue was $81.4 million, compared to $121.8 million in fiscal year 2019. Software & Services revenue was $44.3 million, relatively unchanged from $44.5 million in the prior year. Portal & Advertising revenue was $37.1 million, compared to $77.4 million in fiscal 2019. The decline was primarily due to the loss of the AT&T portal contract in Q3’19 and the COVID-19 impact on our business.

Net Income / (Loss)

Net income for the fourth quarter of 2020 was $0.1 million, or $0.00 per basic and diluted share, compared with a net loss of $0.6 million, or $0.01 per basic and diluted share, in the prior year quarter.

For fiscal year 2020, net loss was $11.6 million, or $0.29 per basic and diluted share, compared with a net loss of $9.0 million, or $0.23 per basic and diluted share, in fiscal year 2019.

Adjusted EBITDA

Adjusted EBITDA for the fourth quarter of 2020 was $3.6 million, or 14.8% of revenue, compared with $3.4 million, or 12.8% of revenue, in the fourth quarter of 2019. Adjusted EBITDA excludes stock-based compensation expense, other income and expense, asset impairments, restructuring costs, and certain legal and professional services fees.

For fiscal year 2020, adjusted EBITDA was $5.3 million, or 6.5% of revenue, compared with $9.5 million, or 7.8% of revenue, in fiscal year 2019.

Cash

Cash and cash equivalents at the end of the fourth quarter of 2020 was $5.7 million, compared with $4.3 million at the end of the third quarter of 2020 and $11.0 million at December 31, 2019. The Company continues to have no borrowings on its $12 million credit facility.

About Synacor

Synacor (Nasdaq: SYNC) is a cloud-based software and services company serving global 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 income (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.

We report adjusted net loss and adjusted diluted earnings per share because we believe these measures provide investors with additional information to assess our financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures. For a reconciliation of our GAAP Condensed Consolidated Statements of Operations to our adjusted non-GAAP measures, please refer to the table “Reconciliation of Adjusted Financial 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 strategic and operational plans including, without limitation, the impact of the pending transaction with Centre Lane Partners. 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: the fact that the proposed transaction with Centre Lane Partners may not be completed in a timely manner or at all; the impact of the COVID-19 pandemic on our business; execution of our plans and strategies; 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 18, 2021, and except as required by applicable law, Synacor undertakes no duty to update this information.

Synacor, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

 

December 31, 2020

 

December 31, 2019

 

 

 

 

 

Assets

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

5,748

 

 

$

10,966

 

Accounts receivable, net

 

17,518

 

 

20,532

 

Prepaid expenses and other current assets

 

3,091

 

 

2,989

 

Total current assets

 

26,357

 

 

34,487

 

Property and equipment, net

 

10,815

 

 

14,948

 

Operating lease right-of-use assets

 

3,146

 

 

4,765

 

Goodwill

 

15,952

 

 

15,948

 

Intangible assets

 

6,380

 

 

8,411

 

Other assets

 

593

 

 

1,319

 

Total Assets

 

$

63,243

 

 

$

79,878

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

9,910

 

 

$

12,583

 

Accrued expenses and other current liabilities

 

4,788

 

 

5,878

 

Current portion of deferred revenue

 

6,617

 

 

6,509

 

Current portion of long-term debt and finance leases

 

992

 

 

2,529

 

Current portion of operating lease liabilities

 

2,224

 

 

2,165

 

Total current liabilities

 

24,531

 

 

29,664

 

Long-term portion of debt and finance leases

 

1,082

 

 

729

 

Deferred revenue

 

1,823

 

 

2,366

 

Long-term portion of operating lease liabilities

 

1,449

 

 

2,846

 

Deferred income taxes

 

501

 

 

275

 

Other long-term liabilities

 

381

 

 

334

 

Total Liabilities

 

29,767

 

 

36,214

 

Stockholders' Equity:

 

 

 

 

Common stock

 

406

 

 

401

 

Treasury stock

 

(2,004)

 

 

(1,931)

 

Additional paid-in capital

 

147,940

 

 

146,460

 

Accumulated deficit

 

(112,308)

 

 

(100,747)

 

Accumulated other comprehensive loss

 

(558)

 

 

(519)

 

Total stockholders’ equity

 

33,476

 

 

43,664

 

Total Liabilities and Stockholders' Equity

 

$

63,243

 

 

$

79,878

 

Synacor, Inc.

Condensed Consolidated Statement of Operations

(In thousands except for share and per share data)

(Unaudited)

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Revenue

 

$

24,074

 

 

$

26,806

 

 

$

81,362

 

 

$

121,845

 

Costs and operating expenses:

 

 

 

 

 

 

 

 

Cost of revenue (1)

 

12,068

 

 

12,698

 

 

42,236

 

 

61,990

 

Technology and development (1)(2)

 

2,871

 

 

3,605

 

 

12,007

 

 

18,273

 

Sales and marketing (2)

 

3,769

 

 

4,776

 

 

15,350

 

 

21,790

 

General and administrative (1)(2)

 

3,378

 

 

3,666

 

 

14,356

 

 

17,734

 

Depreciation and amortization

 

1,638

 

 

2,258

 

 

8,068

 

 

9,865

 

Total costs and operating expenses

 

23,724

 

 

27,003

 

 

92,017

 

 

129,652

 

Income (loss) from operations

 

350

 

 

(197)

 

 

(10,655)

 

 

(7,807)

 

Other income (expense), net

 

22

 

 

(127)

 

 

240

 

 

(17)

 

Interest expense

 

(43)

 

 

(69)

 

 

(189)

 

 

(268)

 

Income (loss) before income taxes

 

329

 

 

(393)

 

 

(10,604)

 

 

(8,092)

 

Provision for income taxes

 

221

 

 

172

 

 

957

 

 

929

 

Net income (loss)

 

$

108

 

 

$

(565)

 

 

$

(11,561)

 

 

$

(9,021)

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

Basic

 

$

 

 

$

(0.01)

 

 

$

(0.29)

 

 

$

(0.23)

 

Diluted

 

$

 

 

$

(0.01)

 

 

$

(0.29)

 

 

$

(0.23)

 

Weighted average shares used to compute net income (loss) per share:

Basic

 

39,641,158

 

 

39,190,444

 

 

39,464,954

 

 

39,090,239

 

Diluted

 

40,279,616

 

 

39,190,444

 

 

39,464,954

 

 

39,090,239

 

Notes:

(1) Exclusive of depreciation and amortization shown separately.

(2) Includes stock-based compensation expense as follows:

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Technology and development

 

$

55

 

 

$

40

 

 

$

218

 

 

$

338

 

Sales and marketing

 

106

 

 

138

 

 

407

 

 

513

 

General and administrative

 

202

 

 

254

 

 

831

 

 

765

 

 

 

$

363

 

 

$

432

 

 

$

1,456

 

 

$

1,616

 

Synacor, Inc.

Reconciliation of GAAP to Non-GAAP Measures

(In thousands)

(Unaudited)

 

The following table presents a reconciliation of net income (loss) to adjusted EBITDA for each of the periods indicated:

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

2020

 

2019

 

 

 

 

 

 

 

 

 

Reconciliation of Adjusted EBITDA:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

108

 

 

$

(565)

 

 

$

(11,561)

 

 

$

(9,021)

 

Provision for income taxes

 

221

 

 

172

 

 

957

 

 

929

 

Interest expense

 

43

 

 

69

 

 

189

 

 

268

 

Other (income) expense, net

 

(22)

 

 

127

 

 

(240)

 

 

17

 

Depreciation and amortization

 

2,235

 

 

2,742

 

 

10,294

 

 

11,251

 

Asset impairment*

 

119

 

 

 

 

806

 

 

1,751

 

Stock-based compensation expense

 

363

 

 

432

 

 

1,456

 

 

1,616

 

Restructuring costs**

 

264

 

 

140

 

 

1,483

 

 

959

 

Certain legal and professional services fees***

 

230

 

 

327

 

 

1,934

 

 

1,733

 

Adjusted EBITDA

 

$

3,561

 

 

$

3,444

 

 

$

5,318

 

 

$

9,503

 

*

"Asset impairment" includes impairment charges related to property, plant and equipment, capitalized software and leased assets.

**

"Restructuring costs" include severance expense, contract termination costs and other exit or disposal costs.

***

"Certain legal and professional services fees" includes legal fees and other related expenses outside the ordinary course of business, as well as fees and expenses related to merger and acquisition activities.

Synacor, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

 

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

 

 

 

 

Cash Flows from Operating Activities:

 

 

 

 

Net loss

 

$

(11,561)

 

 

$

(9,021)

 

Adjustments to reconcile net loss to net cash and cash equivalents
provided by operating activities:

 

 

 

 

Depreciation and amortization

 

10,294

 

 

11,251

 

Long-lived asset impairment

 

806

 

 

1,751

 

Stock-based compensation expense

 

1,456

 

 

1,616

 

Provision for deferred income taxes

 

226

 

 

44

 

Change in allowance for doubtful accounts

 

(75)

 

 

360

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable, net

 

3,089

 

 

4,676

 

Prepaid expenses and other assets

 

624

 

 

526

 

Operating lease right-of-use assets and liabilities, net

 

(305)

 

 

95

 

Accounts payable, accrued expenses and other liabilities

 

(3,081)

 

 

(8,828)

 

Deferred revenue

 

(435)

 

 

(11)

 

Net cash provided by operating activities

 

1,038

 

 

2,459

 

Cash Flows from Investing Activities:

 

 

 

 

Purchases of property and equipment

 

(3,053)

 

 

(3,772)

 

Net cash used in investing activities

 

(3,053)

 

 

(3,772)

 

Cash Flows from Financing Activities:

 

 

 

 

Repayments on long-term debt and finance leases

 

(3,086)

 

 

(3,427)

 

Payments of financing issuance costs

 

 

 

(60)

 

Proceeds from exercise of common stock options

 

 

 

60

 

Purchase of treasury stock and shares received to satisfy minimum tax
withholdings

 

(73)

 

 

(32)

 

Net cash used in financing activities

 

(3,159)

 

 

(3,459)

 

Effect of exchange rate changes on cash and cash equivalents

 

(44)

 

 

(183)

 

Net decrease in Cash and Cash equivalents

 

(5,218)

 

 

(4,955)

 

Cash and cash equivalents, beginning of period

 

10,966

 

 

15,921

 

Cash and cash equivalents, end of period

 

$

5,748

 

 

$

10,966

 

Synacor, Inc.
Segment Results
(In thousands except for percentages)
(Unaudited)

The Company has two reportable segments which are determined on the basis of the products and services provided to customers, identified as follows:

  1. Software & Services, which includes email / collaboration (Zimbra) and identity management (Cloud ID).
  2. Portal & Advertising, which includes managed portals and advertising solutions for publishers.

The following table presents the key segment financial measures for the periods indicated. Please refer to the Reconciliation of GAAP to Non-GAAP Measures schedule for the reconciliation of Adjusted EBITDA.

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

% Change

 

2020

 

2019

 

% Change

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Revenue:

Software & Services

 

$

12,187

 

 

$

11,648

 

 

4.6

%

 

$

44,280

 

 

$

44,485

 

 

(0.5)

%

Portal & Advertising

 

11,887

 

 

15,158

 

 

(21.6)

%

 

37,082

 

 

77,360

 

 

(52.1)

%

Total

 

$

24,074

 

 

$

26,806

 

 

(10.2)

%

 

$

81,362

 

 

$

121,845

 

 

(33.2)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Adjusted EBITDA:

Software & Services

 

$

4,204

 

 

$

3,565

 

 

17.9

%

 

$

14,340

 

 

$

12,531

 

 

14.4

%

Portal & Advertising

 

2,224

 

 

2,621

 

 

(15.1)

%

 

2,168

 

 

10,657

 

 

(79.7)

%

Unallocated Corporate G&A Expense

 

(2,867)

 

 

(2,742)

 

 

(4.6)

%

 

(11,190)

 

 

(13,685)

 

 

18.2

%

Total

 

$

3,561

 

 

$

3,444

 

 

3.4

%

 

$

5,318

 

 

$

9,503

 

 

(44.0)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Segment Adjusted EBITDA margin*

Software & Services

 

34.5

%

 

30.6

%

 

390 bps

 

32.4

%

 

28.2

%

 

420 bps

Portal & Advertising

 

18.7

%

 

17.3

%

 

140 bps

 

5.8

%

 

13.8

%

 

-790 bps

Total

 

14.8

%

 

12.8

%

 

190 bps

 

6.5

%

 

7.8

%

 

-130 bps

 

 

 

 

 

 

 

 

 

 

 

 

 

* Adjusted EBITDA as a percent of revenue

The following tables presents a disaggregation of segment revenue for the periods indicated based upon the accounting definition of revenue recognition:

  1. Recurring = revenue recognized over time
  2. Non-recurring = revenue recognized at a point in time

 

 

Three Months Ended December 31,

 

Twelve Months Ended December 31,

 

 

2020

 

2019

 

% Change

 

2020

 

2019

 

% Change

Software & Services Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

$

8,540

 

 

$

8,526

 

 

0.2

%

 

$

33,072

 

 

$

33,669

 

 

(1.8)

%

Non-recurring

 

3,647

 

 

3,122

 

 

16.8

%

 

11,208

 

 

10,456

 

 

7.2

%

Discontinued Product **

 

 

 

 

 

%

 

 

 

360

 

 

(100.0)

%

Total

 

$

12,187

 

 

$

11,648

 

 

4.6

%

 

$

44,280

 

 

$

44,485

 

 

(0.5)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Portal & Advertising Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

$

461

 

 

$

1,186

 

 

(61.1)

%

 

$

3,120

 

 

$

5,168

 

 

(39.6)

%

Non-recurring

 

11,426

 

 

13,972

 

 

(18.2)

%

 

33,962

 

 

72,192

 

 

(53.0)

%

Total

 

$

11,887

 

 

$

15,158

 

 

(21.6)

%

 

$

37,082

 

 

$

77,360

 

 

(52.1)

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Recurring

 

$

9,001

 

 

$

9,712

 

 

(7.3)

%

 

$

36,192

 

 

$

38,837

 

 

(6.8)

%

Non-recurring

 

15,073

 

 

17,094

 

 

(11.8)

%

 

45,170

 

 

82,648

 

 

(45.3)

%

Discontinued Product **

 

 

 

 

 

%

 

 

 

360

 

 

(100.0)

%

Total

 

$

24,074

 

 

$

26,806

 

 

(10.2)

%

 

$

81,362

 

 

$

121,845

 

 

(33.2)

%

** VAM video product line which was discontinued during Q1 2019.

Synacor, Inc.

Reconciliation of Adjusted Financial Measures

(In thousands except per share amounts)

(Unaudited)

 

 

Three months ended December 31, 2020

 

 

Per GAAP Statements

 

Asset Impairment

 

Restructuring Costs

 

Certain Legal and Professional Services Fees

 

Adjusted Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

24,074

 

 

 

 

 

 

 

 

$

24,074

 

Costs and operating expenses

 

23,724

 

 

(119)

 

 

(264)

 

 

(230)

 

 

23,111

 

Income from operations

 

$

350

 

 

119

 

 

264

 

 

230

 

 

$

963

 

 

 

 

 

 

 

 

 

 

 

 

Net income (1)

 

$

108

 

 

$

119

 

 

$

264

 

 

$

230

 

 

$

721

 

Diluted EPS

 

$

 

 

$

 

 

$

0.01

 

 

$

0.01

 

 

$

0.02

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three months ended December 31, 2019

 

 

Per GAAP Statements

 

Asset Impairment

 

Restructuring Costs

 

Certain Legal and Professional Services Fees

 

Adjusted Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

26,806

 

 

 

 

 

 

 

 

26,806

 

Costs and operating expenses

 

$

27,003

 

 

 

 

(140)

 

 

(327)

 

 

$

26,536

 

Loss from operations

 

$

(197)

 

 

 

 

140

 

 

327

 

 

$

270

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (1)

 

$

(565)

 

 

$

 

 

$

140

 

 

$

327

 

 

$

(98)

 

Diluted EPS

 

$

(0.01)

 

 

$

 

 

$

 

 

$

0.01

 

 

$

 

Notes:

(1) No income tax effects to adjustments presented due to full valuation allowance.

Synacor's management believes that certain non-GAAP measures of Adjusted Net Income (Loss) and Adjusted Diluted Earnings (Loss) per Share provide investors with additional information to assess the Company's financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

Synacor, Inc.

Reconciliation of Adjusted Financial Measures

(In thousands except per share amounts)

(Unaudited)

 

 

Twelve months ended December 31, 2020

 

 

Per GAAP Statements

 

Asset Impairment

 

Restructuring Costs

 

Certain Legal and Professional Services Fees

 

Adjusted Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

81,362

 

 

 

 

 

 

 

 

$

81,362

 

Costs and operating expenses

 

92,017

 

 

(806)

 

 

(1,483)

 

 

(1,934)

 

 

87,794

 

Loss from operations

 

$

(10,655)

 

 

806

 

 

1,483

 

 

1,934

 

 

$

(6,432)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (1)

 

$

(11,561)

 

 

$

806

 

 

$

1,483

 

 

$

1,934

 

 

$

(7,338)

 

Diluted EPS

 

$

(0.29)

 

 

$

0.02

 

 

$

0.04

 

 

$

0.05

 

 

$

(0.18)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve months ended December 31, 2019

 

 

Per GAAP Statements

 

Asset Impairment

 

Restructuring Costs

 

Certain Legal and Professional Services Fees

 

Adjusted Non-GAAP

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$

121,845

 

 

 

 

 

 

 

 

$

121,845

 

Costs and operating expenses

 

129,652

 

 

(1,751)

 

 

(959)

 

 

(1,733)

 

 

125,209

 

Loss from operations

 

$

(7,807)

 

 

1,751

 

 

959

 

 

1,733

 

 

$

(3,364)

 

 

 

 

 

 

 

 

 

 

 

 

Net loss (1)

 

$

(9,021)

 

 

$

1,751

 

 

$

959

 

 

$

1,733

 

 

$

(4,578)

 

Diluted EPS

 

$

(0.23)

 

 

$

0.04

 

 

$

0.02

 

 

$

0.04

 

 

$

(0.12)

 

Notes:

(1) No income tax effects to adjustments presented due to full valuation allowance.

Synacor's management believes that certain non-GAAP measures of Adjusted Net Loss and Adjusted Diluted Loss per Share provide investors with additional information to assess the Company's financial performance. These measures should be viewed as supplemental data, rather than substitutes or alternatives to the comparable GAAP measures.

FNK IR
Rob Fink
+1.646.809.4048
rob@fnkir.com

Source: Synacor, Inc.

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