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 Synacor Reports Continued Bottomline Improvement in Second Quarter of 2019
   Wednesday, August 07, 2019 4:46:00 PM ET
  • Q2 2019 GAAP net loss of $2.5 million, adjusted net loss of $2.2 million; improved from adjusted net loss of $2.3 million in Q2 2018
  • Adjusted EBITDA of $1.62 million, just above the high end of guidance, and up 37% from the year-ago quarter
  • Revenue of $31.8 million, in line with guidance
  • 103 new customers and 220 contract expansions for Zimbra email and collaboration platform

BUFFALO, N.Y.--(BUSINESS WIRE)--Synacor, Inc. (Nasdaq: SYNC), the trusted technology, multiplatform services and revenue partner for video, internet and communications providers, device manufacturers, governments and enterprises, today announced its financial results for the second quarter ended June 30, 2019.



“Our second-quarter results reflect our emphasis on profitability as we focus on building our high-margin, recurring-revenue software business,” said Himesh Bhise, Synacor’s chief executive officer. “Our revenue was in line with our expectations, while our adjusted EBITDA was slightly above our guidance range and up significantly from a year ago.”

“This improved financial performance is enabling us to invest in our high-margin, recurring-revenue-driven enterprise software business,” added Bhise. “We are accelerating our transformation to becoming a collaboration and identity SaaS business. The pipeline for our software business is very strong, as we transition our Zimbra email and collaboration platform to a recurring revenue model and expand Cloud ID Identity and access management solutions into broader enterprise applications. While this transition is having a short-term effect on revenue growth, on a trailing twelve month basis we have grown recurring software revenue more than 7%.”

Recent Highlights

  • Zimbra customer wins in Q2 include 103 new deployments and 220 deal expansions.
  • Extended and upgraded PenTeleData, a strategic partnership of local cable and telephone companies, to Zimbra X through 2022.
  • Expanded reseller relationship with AZTi, to incorporate Zimbra into a secure messaging collaboration service for business customers in Japan.
  • Four major multichannel video programming distributors (MVPD) now live on Cloud ID through the previously announced ETI reseller relationship.
  • Expanded margins in publisher-based advertising four-fold and the number of active publishers grew over 18% year over year.

Financial Results

Revenue: For the second quarter of 2019, total revenue was $31.8 million, in line with the Company’s financial guidance, and down from $35.9 million in the second quarter of 2018.

Software & Services revenue totaled $10.6 million in the second quarter of 2019, compared with $12.8 million in the second quarter of 2018. The second quarter of 2018 included $1.4 million in revenue from discontinued product lines and non-recurring services. Portal & Advertising revenue totaled $21.3 million in the second quarter of 2019, compared with $23.1 million in the year-ago period.

Net Income: For the second quarter of 2019, GAAP net loss narrowed to $2.5 million, or $(0.06) per share, from a net loss of $2.6 million, or $(0.07) per share, in the second quarter of 2018. Adjusted net loss was $2.2 million, or $(0.05) per share, compared with an adjusted net loss of $2.3 million, or $(0.06) per share, in the second quarter of 2018. Adjusted net loss excludes restructuring charges and certain legal and professional fees.

Adjusted EBITDA: In the second quarter of 2019, adjusted EBITDA increased 37% to $1.6 million from $1.2 million for the second quarter of 2018. Adjusted EBITDA excludes stock-based compensation, other income and expense, restructuring charges and certain legal and professional fees.

On a segment basis, adjusted EBITDA margin was 26.4% for Software & Services and 11.9% for Portal & Advertising.

Cash: The Company ended the second quarter of 2019 with $13.4 million in cash and cash equivalents, compared with $13.5 million at the end of the first quarter of 2019.

Guidance

Based on information available as of August 7, 2019, the Company is providing guidance for the third quarter and updating full-year 2019 guidance to account for a range of outcomes regarding the wind-down of ATT.net from as early as late Q3 2019 to the end of the year. Negotiations are still in progress.

  • Q3 2019 Guidance: Revenue for the third quarter of 2019 is projected to be in the range of $28.5 million to $33.5 million. The Company expects to report a net loss of $1.6 million to $4.3 million and adjusted EBITDA of $1.8 million to $2.3 million.
  • Fiscal 2019 Guidance: Revenue for full year 2019 is expected to be in the range of $124 million to $140 million. The Company expects to report a net loss in the range of $3.6 million to $10.5 million and adjusted EBITDA in the range of $8 million to $12 million.

Conference Call Details

Synacor will host a conference call today at 5:00 p.m. ET to discuss the second-quarter 2019 financial results. 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 5694795, 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 August 14, 2019, call toll-free (800) 585-8367, or callers outside the U.S. may dial (416) 621-4642.

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.

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 expected financial performance including, without limitation, its third quarter and full-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; the nature and terms of a wind-down and migration plan with AT&T; 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 August 7, 2019, and Synacor undertakes no duty to update this information.

 
Synacor, Inc.
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
 
June 30,December 31,

 

2019

 

 

2018

 

Assets
Current assets:
Cash and cash equivalents

$

13,417

 

$

15,921

 

Accounts receivable, net

 

21,894

 

 

25,567

 

Prepaid expenses and other current assets

 

3,871

 

 

3,779

 

Total current assets

 

39,182

 

 

45,267

 

Property and equipment, net

 

18,384

 

 

18,707

 

Operating lease right-of-use assets

 

6,333

 

Goodwill

 

15,947

 

 

15,941

 

Intangible assets

 

9,482

 

 

10,553

 

Other assets

 

926

 

 

995

 

Total Assets

$

90,254

 

$

91,463

 

 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable

$

17,096

 

$

19,174

 

Accrued expenses and other current liabilities

 

5,830

 

 

7,849

 

Current portion of deferred revenue

 

6,219

 

 

6,672

 

Current portion of long-term debt and finance leases

 

3,547

 

 

2,328

 

Current portion of operating lease liabilities

 

2,823

 

Total current liabilities

 

35,515

 

 

36,023

 

Long-term portion debt and finance leases

 

491

 

 

1,367

 

Deferred revenue

 

2,860

 

 

2,214

 

Long-term portion of operating lease liabilities

 

3,696

 

Deferred income taxes

 

270

 

 

231

 

Other long-term liabilities

 

278

 

 

457

 

Total Liabilities

 

43,110

 

 

40,292

 

Stockholders' Equity:
Common stock

 

399

 

 

399

 

Treasury stock

 

(1,905

)

 

(1,899

)

Additional paid-in capital

 

145,464

 

 

144,739

 

Accumulated deficit

 

(96,457

)

 

(91,726

)

Accumulated other comprehensive loss

 

(357

)

 

(342

)

Total stockholders’ equity

 

47,144

 

 

51,171

 

Total Liabilities and Stockholders' Equity

$

90,254

 

$

91,463

 

 
Synacor, Inc.
Condensed Consolidated Statements of Operations
(In thousands except share and per share amounts)
(Unaudited)
 
Three months endedSix months ended
June 30,June 30,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 
Revenue

$

31,849

 

$

35,923

 

$

63,673

 

$

68,838

 

Costs and operating expenses:
Cost of revenue (1)

 

17,152

 

 

18,506

 

 

33,658

 

 

34,041

 

Technology and development (1)(2)

 

4,577

 

 

5,819

 

 

9,123

 

 

12,188

 

Sales and marketing (2)

 

5,550

 

 

6,904

 

 

11,541

 

 

12,840

 

General and administrative (1)(2)

 

3,955

 

 

4,320

 

 

8,420

 

 

9,337

 

Depreciation and amortization

 

2,567

 

 

2,444

 

 

5,002

 

 

4,879

 

Total costs and operating expenses

 

33,801

 

 

37,993

 

 

67,744

 

 

73,285

 

 
Loss from operations

 

(1,952

)

 

(2,070

)

 

(4,071

)

 

(4,447

)

Other (expense) income - net

 

(207

)

 

(133

)

 

9

 

 

(14

)

Interest expense

 

(55

)

 

(88

)

 

(119

)

 

(185

)

Loss before income taxes

 

(2,214

)

 

(2,291

)

 

(4,181

)

 

(4,646

)

Provision for income taxes

 

273

 

 

293

 

 

550

 

 

313

 

Net loss

$

(2,487

)

$

(2,584

)

$

(4,731

)

$

(4,959

)

 
 
Net loss per share:
Basic

$

(0.06

)

$

(0.07

)

$

(0.12

)

$

(0.13

)

Diluted

$

(0.06

)

$

(0.07

)

$

(0.12

)

$

(0.13

)

 
Weighted average shares used to compute net loss per share:
Basic

 

39,056,381

 

 

38,823,056

 

 

39,047,561

 

 

38,808,690

 

Diluted

 

39,056,381

 

 

38,823,056

 

 

39,047,561

 

 

38,808,690

 

 
Notes:
(1) Exclusive of depreciation and amortization shown separately.
(2) Includes stock-based compensation as follows:
Three months endedSix months ended
June 30,June 30,

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Technology and development

$

92

 

$

134

 

$

195

 

$

268

 

Sales and marketing

 

111

 

 

126

 

 

226

 

 

264

 

General and administrative

 

121

 

 

277

 

 

234

 

 

558

 

$

324

 

$

537

 

$

655

 

$

1,090

 

 
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 endedSix months ended
June 30,June 30,

2019

2018

2019

2018

 
Reconciliation of Adjusted EBITDA:
Net loss

$ (2,487)

$ (2,584)

$ (4,731)

$ (4,959)

Provision for income taxes

273

293

550

313

Interest expense

55

88

119

185

Other expense (income)

207

133

(9)

14

Depreciation and amortization

2,986

2,444

5,473

4,879

Capitalized software impairment

226

Stock-based compensation expense

324

537

655

1,090

Restructuring costs

268

268

Certain legal expenses*

257

523

Certain professional services fees**

513

Adjusted EBITDA

$ 1,615

$ 1,179

$ 3,319

$ 1,790

 
* "Certain legal expenses" includes legal fees and other related expenses outside the ordinary course of business.
** “Certain professional services fees” includes fees and expenses related to merger and acquisition activities.
Synacor, Inc.
Condensed Consolidated Statements of Cash Flows
(In thousands)
(Unaudited)
 
Six Months Ended
June 30,

 

2019

 

 

2018

 

Cash Flows from Operating Activities:
Net loss

$

(4,731

)

$

(4,959

)

Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization

 

5,473

 

 

4,879

 

Capitalized software impairment

 

226

 

Stock-based compensation expense

 

655

 

 

1,090

 

Provision for deferred income taxes

 

40

 

 

(119

)

Change in allowance for doubtful accounts

 

34

 

Change in operating assets and liabilities:
Accounts receivable, net

 

3,639

 

 

9,942

 

Prepaid expenses and other assets

 

(92

)

 

(882

)

Other long-term assets

 

69

 

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

 

36

 

Accounts payable, accrued expenses and other liabilities

 

(4,030

)

 

(10,586

)

Deferred revenue

 

193

 

 

(1,946

)

Net cash provided by (used in) operating activities

 

1,512

 

 

(2,581

)

Cash Flows from Investing Activities:
Purchases of property and equipment

 

(2,444

)

 

(3,978

)

Net cash used in investing activities

 

(2,444

)

 

(3,978

)

Cash Flows from Financing Activities:
Payments on long-term debt and finance leases

 

(1,585

)

 

(867

)

Proceeds from exercise of common stock options

 

40

 

 

103

 

Treasury stock shares received to satisfy minimum tax withholdings

 

(6

)

 

(12

)

Net cash used in financing activities

 

(1,551

)

 

(776

)

Effect of exchange rate changes on cash and cash equivalents

 

(21

)

 

(187

)

Net decrease in Cash and Cash Equivalents

 

(2,504

)

 

(7,522

)

Cash and Cash Equivalents at beginning of period

 

15,921

 

 

22,476

 

Cash and Cash Equivalents at end of period

$

13,417

 

$

14,954

 

 
Synacor, Inc.
Segment Results
(In thousands except percentages)
(Unaudited)
 
Effective March 31, 2019, the Company concluded that we now have two reportable segments which were determined on the basis of the products and services provided to customers, identified as follows:
(i) Software & Services, which includes email / collaboration (Zimbra) and identity management (Cloud ID).
(ii) 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 endedSix months ended
June 30,June 30,

 

2019

 

 

2018

 

% Change

 

2019

 

 

2018

 

% Change

Segment Revenue:
Software & Services

$

10,588

 

$

12,827

 

-17.5

%

$

21,746

 

$

23,512

 

-7.5

%

Portal & Advertising

 

21,261

 

 

23,096

 

-7.9

%

 

41,927

 

 

45,326

 

-7.5

%

Total

$

31,849

 

$

35,923

 

-11.3

%

$

63,673

 

$

68,838

 

-7.5

%

 
Segment Adjusted EBITDA:
Software & Services

$

2,794

 

$

4,393

 

-36.4

%

$

5,588

 

$

6,890

 

-18.9

%

Portal & Advertising

 

2,534

 

 

964

 

162.9

%

 

5,155

 

 

4,012

 

28.5

%

Unallocated Corporate G&A Expense

 

(3,713

)

 

(4,178

)

-11.1

%

 

(7,424

)

 

(9,112

)

-18.5

%

Total

$

1,615

 

$

1,179

 

37.0

%

$

3,319

 

$

1,790

 

85.4

%

 
Segment Adjusted EBITDA margin*:
Software & Services

 

26.4

%

 

34.3

%

-790 bps

 

25.7

%

 

29.3

%

-360 bps
Portal & Advertising

 

11.9

%

 

4.2

%

770 bps

 

12.3

%

 

8.9

%

350 bps
Total

 

5.1

%

 

3.3

%

180 bps

 

5.2

%

 

2.6

%

260 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:
(i) Recurring = revenue recognized over time
(ii) Non-recurring = revenue recognized at a point in time
Three months endedSix months ended
June 30,June 30,

 

2019

 

2018

% Change

 

2019

 

2018

% Change

Software & Services Revenue:
Recurring

$

8,388

$

8,682

-3.4

%

$

16,903

$

17,006

-0.6

%

Non-recurring

 

2,200

 

3,784

-41.9

%

 

4,483

 

5,683

-21.1

%

Discontinued Products**

 

360

-100.0

%

 

360

 

822

-56.2

%

Total

$

10,588

$

12,826

-17.4

%

$

21,746

$

23,511

-7.5

%

 
Portal & Advertising Revenue:
Recurring

$

1,202

$

1,964

-38.8

%

$

2,708

$

4,051

-33.2

%

Non-recurring

 

20,059

 

21,133

-5.1

%

 

39,219

 

41,276

-5.0

%

Total

$

21,261

$

23,097

-7.9

%

$

41,927

$

45,327

-7.5

%

 
Total Revenue:
Recurring

$

9,590

$

10,646

-9.9

%

$

19,611

$

21,057

-6.9

%

Non-recurring

 

22,259

 

24,917

-10.7

%

 

43,702

 

46,959

-6.9

%

Discontinued Products**

 

360

-100.0

%

 

360

 

822

-56.2

%

Total

$

31,849

$

35,923

-11.3

%

$

63,673

$

68,838

-7.5

%

 
** 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 June 30, 2019
Per GAAP
Statements
Restructuring
Costs
Certain Legal &
Professional
Fees
Adjusted Non
GAAP
 
 
 
Revenue

$

31,849

 

$

31,849

 

Costs and operating expenses:
Cost of revenue

 

17,152

 

 

17,152

 

Technology and development (1)(2)

 

4,577

 

 

4,577

 

Sales and marketing (2)

 

5,550

 

 

5,550

 

General and administrative (1)(2)

 

3,955

 

 

(257

)

 

3,698

 

Depreciation and amortization

 

2,567

 

 

2,567

 

Total costs and operating expenses

 

33,801

 

 

(257

)

 

33,544

 

Loss from operations

 

(1,952

)

 

257

 

 

(1,695

)

Other expense - net

 

(207

)

 

(207

)

Interest expense

 

(55

)

 

(55

)

Loss before income taxes

 

(2,214

)

 

257

 

 

(1,957

)

Provision for income taxes (3)

 

273

 

 

273

 

Net loss

$

(2,487

)

$

$

257

 

$

(2,230

)

Diluted EPS

$

(0.06

)

$

$

0.01

 

$

(0.05

)

 
 
 
Three months ended June 30, 2018
Per GAAP
Statements
Restructuring
Costs
Certain Legal &
Professional
Fees
Adjusted Non-
GAAP
 
 
 
Revenue

$

35,923

 

$

35,923

 

Costs and operating expenses:
Cost of revenue

 

18,506

 

 

18,506

 

Technology and development (1)(2)

 

5,819

 

 

5,819

 

Sales and marketing (2)

 

6,904

 

 

6,904

 

General and administrative (1)(2)

 

4,320

 

 

(268

)

 

4,052

 

Depreciation and amortization

 

2,444

 

 

2,444

 

Total costs and operating expenses

 

37,993

 

 

(268

)

 

37,725

 

Loss from operations

 

(2,070

)

 

268

 

 

(1,802

)

Other expense - net

 

(133

)

 

(133

)

Interest expense

 

(88

)

 

(88

)

Loss before income taxes

 

(2,291

)

 

268

 

 

(2,023

)

Provision for income taxes (3)

 

293

 

 

293

 

Net loss

$

(2,584

)

$

268

 

$

 

$

(2,316

)

Diluted EPS

$

(0.07

)

$

0.01

 

$

$

(0.06

)

 
Notes:
(1) Exclusive of depreciation and amortization shown separately.
(2) Includes stock-based compensation
(3) 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 Earnings 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)
 
Six months ended June 30, 2019
Per GAAP
Statements
Capitalized
Software
Impairment
Restructuring
Costs
Certain Legal &
Professional
Fees
Adjusted Non-
GAAP
 
 
 
Revenue

$

63,673

 

$

63,673

 

Costs and operating expenses:
Cost of revenue

 

33,658

 

 

33,658

 

Technology and development (1)(2)

 

9,123

 

 

9,123

 

Sales and marketing (2)

 

11,541

 

 

11,541

 

General and administrative (1)(2)

 

8,420

 

(226

)

 

(1,036

)

 

7,158

 

Depreciation and amortization

 

5,002

 

 

5,002

 

Total costs and operating expenses

 

67,744

 

(226

)

 

(1,036

)

 

66,482

 

Loss from operations

 

(4,071

)

226

 

 

1,036

 

 

(2,809

)

Other income - net

 

9

 

 

9

 

Interest expense

 

(119

)

 

(119

)

Loss before income taxes

 

(4,181

)

226

 

 

1,036

 

 

(2,919

)

Provision for income taxes (3)

 

550

 

 

550

 

Net loss

$

(4,731

)

$

$

 

$

1,036

 

$

(3,469

)

Diluted EPS

$

(0.12

)

$

$

$

0.03

 

$

(0.09

)

 
 
 
Six months ended June 30, 2018
Per GAAP
Statements
Capitalized
Software
Impairment
Restructuring
Costs
Certain Legal &
Professional
Fees

Adjusted Non-
GAAP

 
 
 
Revenue

$

68,838

 

$

68,838

 

Costs and operating expenses:
Cost of revenue

 

34,041

 

 

34,041

 

Technology and development (1)(2)

 

12,188

 

 

12,188

 

Sales and marketing (2)

 

12,840

 

 

12,840

 

General and administrative (1)(2)

 

9,337

 

 

(268

)

 

9,069

 

Depreciation and amortization

 

4,879

 

 

4,879

 

Total costs and operating expenses

 

73,285

 

 

(268

)

 

73,017

 

Loss from operations

 

(4,447

)

 

268

 

 

(4,179

)

Other expense - net

 

(14

)

 

(14

)

Interest expense

 

(185

)

 

(185

)

Loss before income taxes

 

(4,646

)

 

268

 

 

(4,378

)

Provision for income taxes (3)

 

313

 

 

313

 

Net loss

$

(4,959

)

$

$

268

 

$

 

$

(4,691

)

Diluted EPS

$

(0.13

)

$

$

0.01

 

$

$

(0.12

)

 
Notes:
(1) Exclusive of depreciation and amortization shown separately.
(2) Includes stock-based compensation
(3) 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 Earnings 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 GAAP to Non-GAAP Guidance Measures
(In thousands)
(Unaudited)
 
Q3-2019FY 2019
Net Loss$(1.6) - $(4.3)$(3.6) - $(10.5)
Taxes, Interest & Other Income/Expense

0.3

1.2

Depreciation & Amortization

3.0

11.5

Stock-based Compensation

0.4

1.4

Restructuring0 - 1.50 - 2.0
Certain Legal and Professional Fees0.2 - 0.41.3 - 1.7
Capitalized Software Impairment0 - 0.50.2 - 0.7
Adjusted EBITDA$1.8 - $2.3$8.0 - $12.0

 

Investor Contact:
David Calusdian
Sharon Merrill Associates
ir@synacor.com
617-542-5300

Source: Synacor, Inc.



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