--Company delivers 17% growth in Zimbra
Enterprise SaaS and Cloud ID SaaS revenue
--Reinstates Financial Guidance for Fourth
Quarter 2020
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
third quarter ended September 30, 2020.
Third Quarter Financial Highlights
- Third quarter revenue of $18.5 million
- GAAP net loss of $4.0 million, inclusive of $1.8 million of
restructuring and impairment charges
- Adjusted EBITDA of $1.0 million with near break-even operating
cash flow
- Portal & Advertising Segment Adjusted EBITDA margin of 7%
with sequential revenue growth of 16%, showing solid recovery post
the onset of COVID-19
- $8.1 million of recurring software revenue, that included 17%
year-over-year growth in our focus areas of Zimbra Enterprise SaaS
and Cloud ID SaaS
- Company reinstates financial guidance for the fourth quarter
2020, including expectations for continued double-digit Enterprise
SaaS growth, double-digit Adjusted EBITDA margins and positive free
cash flow
“Our third quarter results provide real evidence of Synacor’s
transformation into a world-class Enterprise SaaS company that is
also committed to expanded margins and positive cash flow,” said
Himesh Bhise, Synacor’s Chief Executive Officer. “Zimbra Enterprise
SaaS plus Cloud ID SaaS delivered 17% year-over-year growth, our
second consecutive quarter of double digit Enterprise SaaS revenue
growth that we expect will continue into 2021. We have also
improved profitability: year-to-date Software Segment adjusted
EBITDA margin expanded to 32% from 27% a year ago, and our Portal
& Advertising Segment adjusted EBITDA margin was 7% in Q3 and
break-even year-to-date, despite the impact of COVID-19.”
Bhise added, “We enter Q4 and 2021 with noteworthy Cloud ID
customer launches, a compelling new Zimbra Cloud collaboration
platform, a pronounced market recovery underway in Advertising, a
robust sales pipeline, and a cost structure that will yield
positive free cash-flow.”
Recent Operating Highlights
- Over 200 new and expansion customers for Zimbra email and
collaboration platform delivered through worldwide channel
partners
- Debuted Zimbra Cloud in North America – an integrated
collaboration suite for small business with email,
videoconferencing, chat, and cloud storage – for $2.95 per month
with a 30-day free trial
- Signed four expansion deals for Cloud ID with content streaming
and service provider customers; and pipeline remains robust
- Achieved significant launch milestones with current Cloud ID
customers that will grow active users, including smart-speaker
enablement for a large digital services provider, doubling of
traffic with a Canadian OTT provider, and going live with content
network Epix
- Active advertising publishers were 104 at the end of the third
quarter, reflecting proactive reduction of less profitable
publishers to enhance segment profitability
- Renewed six Zimbra contracts, three Cloud ID contracts, and two
portal contracts with service providers in North America
- Unallocated corporate G&A declined 29% compared to the year
ago quarter as a result of previously announced $10 million of cost
reductions
Financial Results
Revenue
For the third quarter of 2020, revenue was $18.5 million,
compared to reported revenue of $31.4 million, or $23.7 million
when excluding the ATT.net portal business, in the third quarter of
2019. The decline was primarily driven by the COVID-19 impact on
our business.
Revenue in our Software & Services segment totaled $10.1
million, compared with $11.1 million in the third quarter of 2019,
as double-digit growth in Enterprise SaaS was offset by COVID-19
related declines in consumer email, maintenance, and enterprise
licenses.
Revenue in our Portal & Advertising segment totaled $8.4
million, compared with reported revenue of $20.3 million, or $12.6
million net of the ATT.net portal business, in the third quarter of
2019. Revenue increased 16% sequentially compared to the second
quarter of 2020, and continues to improve into the fourth quarter,
despite the impact from COVID-19.
Net Loss
Net loss for the third quarter of 2020 was $4.0 million, or
$0.10 per share, compared with a net loss of $3.7 million, or $0.10
per share, in the prior year. Adjusted net loss was $2.3 million,
or $0.05 per share in the current quarter, compared with an
adjusted net loss of $1.0 million, or $0.03 per share, in the third
quarter of 2019. Adjusted net loss excludes asset impairments,
restructuring charges and certain legal and professional fees.
Adjusted EBITDA
Adjusted EBITDA for the third quarter of 2020 was $1.0 million,
or 5.3% of revenue, compared with $2.7 million, or 8.7% of revenue,
in the third quarter of 2019. Adjusted EBITDA excludes stock-based
compensation, other income and expense, asset impairments,
restructuring costs, and certain legal and professional fees.
Cash
Cash and cash equivalents at the end of the third quarter was
$4.3 million, compared with $6.0 million at the end of the second
quarter. The Company continues to have no borrowings on its $12
million credit facility, and expects to be cash flow positive
beginning with the fourth quarter of 2020 on a go-forward
basis.
Guidance
The Company previously suspended its practice of providing
financial guidance on May 6, 2020 given the uncertainties regarding
the COVID-19 pandemic. Due to improved visibility, the Company has
decided to reinstate financial guidance.
Based on information available as of November 11, 2020, the
Company is providing guidance as follows for the fourth quarter
2020:
- Revenue of $20.0 million to $22.0 million
- GAAP net loss of $0.5 million to $1.1 million
- Adjusted EBITDA of $2.5 million to $3.1 million
Conference Call Details
Synacor will host a conference call today at 5 p.m. ET to
discuss its third quarter 2020 financial results. The live webcast
of the Company’s earnings conference call can be accessed at
https://www.synacor.com/investor-relations/events-and-presentations.
To participate, please dial 1-833-235-2655 (toll free) or
1-647-689-4151 (international) and reference conference ID
4592597.
Following the conclusion of the live call, a replay of the
webcast will be available on the Investor Relations section of the
Company's website for at least 90 days. A telephonic replay of the
conference call will also be available from 8 p.m. ET on November
11, 2020 until 11:59 p.m. ET on November 18, 2020 by dialing
1-800-585-8367 or 1-416-621-4642 and using the pin number
4592597.
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 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, it’s fourth quarter and full year
2020 guidance, the statements and quotations from management,
statements regarding the impact of the Company’s cost reduction
plan on its future financial results, statements regarding future
revenue improvement in the Portal & Advertising segment and the
ability to achieve positive cash flow in future periods, 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: 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 November 11, 2020, and except as required by
applicable law, Synacor undertakes no duty to update this
information.
Synacor, Inc.
Condensed Consolidated Balance
Sheets
(In thousands)
(Unaudited)
September 30, 2020
December 31, 2019
Assets
Current assets:
Cash and cash equivalents
$
4,280
$
10,966
Accounts receivable, net
12,809
20,532
Prepaid expenses and other current
assets
3,287
2,989
Total current assets
20,376
34,487
Property and equipment, net
12,192
14,948
Operating lease right-of-use assets
3,458
4,765
Goodwill
15,943
15,948
Intangible assets
6,820
8,411
Other assets
876
1,319
Total Assets
$
59,665
$
79,878
Liabilities and Stockholders'
Equity
Current liabilities:
Accounts payable
$
8,597
$
12,583
Accrued expenses and other current
liabilities
3,725
5,878
Current portion of deferred revenue
5,750
6,509
Current portion of long-term debt and
finance leases
1,018
2,529
Current portion of operating lease
liabilities
2,434
2,165
Total current liabilities
21,524
29,664
Long-term portion debt and finance
leases
1,309
729
Deferred revenue
1,696
2,366
Long-term portion of operating lease
liabilities
1,629
2,846
Deferred income taxes
334
275
Other long-term liabilities
248
334
Total Liabilities
26,740
36,214
Stockholders' Equity:
Common stock
405
401
Treasury stock
(2,004
)
(1,931
)
Additional paid-in capital
147,572
146,460
Accumulated deficit
(112,416
)
(100,747
)
Accumulated other comprehensive loss
(632
)
(519
)
Total stockholders’ equity
32,925
43,664
Total Liabilities and Stockholders'
Equity
$
59,665
$
79,878
Synacor, Inc.
Condensed Consolidated Statement
of Operations
(In thousands except for share
and per share data)
(Unaudited)
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Revenue
$
18,529
$
31,366
$
57,288
$
95,039
Costs and operating expenses:
Cost of revenue (1)
10,403
15,634
30,168
49,292
Technology and development (1)(2)
3,085
5,545
9,136
14,668
Sales and marketing (2)
3,410
5,473
11,581
17,014
General and administrative (1)(2)
3,238
5,648
10,978
14,068
Depreciation and amortization
1,991
2,605
6,430
7,607
Total costs and operating expenses
22,127
34,905
68,293
102,649
Loss from operations
(3,598
)
(3,539
)
(11,005
)
(7,610
)
Other (expense) income, net
(124
)
101
218
110
Interest expense
(37
)
(80
)
(146
)
(199
)
Loss before income taxes
(3,759
)
(3,518
)
(10,933
)
(7,699
)
Provision for income taxes
203
207
736
757
Net loss
$
(3,962
)
$
(3,725
)
$
(11,669
)
$
(8,456
)
Net loss per share:
Basic
$
(0.10
)
$
(0.10
)
$
(0.30
)
$
(0.22
)
Diluted
$
(0.10
)
$
(0.10
)
$
(0.30
)
$
(0.22
)
Weighted average shares used to compute
net loss per share:
Basic
39,503,951
39,073,998
39,405,791
39,047,561
Diluted
39,503,951
39,073,998
39,405,791
39,047,561
Notes:
(1) Exclusive of depreciation and
amortization shown separately.
(2) Includes stock-based compensation as
follows:
Three Months Ended September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Technology and development
$
50
$
103
$
163
$
298
Sales and marketing
97
149
301
375
General and administrative
186
277
629
511
$
333
$
529
$
1,093
$
1,184
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 September
30,
Nine Months Ended September
30,
2020
2019
2020
2019
Reconciliation of Adjusted
EBITDA:
Net loss
$
(3,962
)
$
(3,725
)
$
(11,669
)
$
(8,456
)
Provision for income taxes
203
207
736
757
Interest expense
37
80
146
199
Other expense (income), net
124
(101
)
(218
)
(110
)
Depreciation and amortization
2,562
3,036
8,059
8,509
Asset impairment**
687
1,525
687
1,751
Stock-based compensation expense
333
529
1,093
1,184
Restructuring costs
1,099
819
1,219
819
Certain legal and professional services
fees*
(94
)
370
1,704
1,406
Adjusted EBITDA
$
989
$
2,740
$
1,757
$
6,059
*
"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.
**
"Asset Impairment" includes impairment
charges related to property, plant and equipment, capitalized
software and leased assets.
Synacor, Inc.
Condensed Consolidated Statements
of Cash Flows
(In thousands)
(Unaudited)
Nine Months Ended September
30,
2020
2019
Cash Flows from Operating
Activities:
Net loss
$
(11,669
)
$
(8,456
)
Adjustments to reconcile net loss to net
cash and cash equivalents provided by (used in) operating
activities:
Depreciation and amortization
8,081
8,513
Asset impairment
687
1,751
Stock-based compensation expense
1,093
1,184
Provision for deferred income taxes
59
59
Change in allowance for doubtful
accounts
(20
)
77
Changes in operating assets and
liabilities:
Accounts receivable, net
7,743
5,369
Prepaid expenses and other assets
122
59
Operating lease right-of-use assets and
liabilities, net
(109
)
36
Accounts payable, accrued expenses and
other liabilities
(5,561
)
(3,132
)
Deferred revenue
(1,429
)
(251
)
Net cash (used in) provided by
operating activities
(1,003
)
5,209
Cash Flows from Investing
Activities:
Purchases of property and equipment
(2,640
)
(3,159
)
Net cash used in investing
activities
(2,640
)
(3,159
)
Cash Flows from Financing
Activities:
Repayments on long-term debt and finance
leases
(2,863
)
(2,531
)
Proceeds from exercise of common stock
options
—
40
Payment of debt issuance costs
—
(60
)
Purchase of treasury stock and shares
received to satisfy minimum tax withholdings
(73
)
(32
)
Net cash used in financing
activities
(2,936
)
(2,583
)
Effect of exchange rate changes on cash
and cash equivalents
(107
)
(156
)
Net decrease in Cash and Cash
equivalents
(6,686
)
(689
)
Cash and cash equivalents, beginning of
period
10,966
15,921
Cash and cash equivalents, end of
period
$
4,280
$
15,232
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:
(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 Ended September
30,
Nine Months Ended September
30,
2020
2019
% Change
2020
2019
% Change
Segment Revenue:
Software & Services
$
10,116
$
11,091
(8.8
)
%
$
32,093
$
32,837
(2.3
)
%
Portal & Advertising
8,413
20,275
(58.5
)
%
25,195
62,202
(59.5
)
%
Total
$
18,529
$
31,366
(40.9
)
%
$
57,288
$
95,039
(39.7
)
%
Segment Adjusted EBITDA:
Software & Services
$
2,890
$
3,378
(14.4
)
%
$
10,136
$
8,966
13.0
%
Portal & Advertising
588
2,881
(79.6
)
%
(56
)
8,036
(100.7
)
%
Unallocated Corporate Expense
(2,489
)
(3,519
)
29.3
%
(8,323
)
(10,943
)
23.9
%
Total
$
989
$
2,740
(63.9
)
%
$
1,757
$
6,059
(71.0
)
%
Segment Adjusted EBITDA margin*
Software & Services
28.6
%
30.5
%
-190 bps
31.6
%
27.3
%
430 bps
Portal & Advertising
7.0
%
14.2
%
-720 bps
(0.2
)
%
12.9
%
-1310 bps
Total
5.3
%
8.7
%
-340 bps
3.1
%
6.4
%
-330 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 Ended September
30,
Nine Months Ended September
30,
2020
2019
% Change
2020
2019
% Change
Software & Services Revenue:
Recurring
$
8,139
$
8,240
(1.2
)
%
$
24,532
$
25,143
(2.4
)
%
Non-recurring
1,977
2,851
(30.7
)
%
7,561
7,334
3.1
%
Discontinued Products **
—
—
—
%
—
360
(100.0
)
%
Total
$
10,116
$
11,091
(8.8
)
%
$
32,093
$
32,837
(2.3
)
%
Portal & Advertising Revenue:
Recurring
$
554
$
1,274
(56.5
)
%
$
2,659
$
3,982
(33.2
)
%
Non-recurring
7,859
19,001
(58.6
)
%
22,536
58,220
(61.3
)
%
Total
$
8,413
$
20,275
(58.5
)
%
$
25,195
$
62,202
(59.5
)
%
Total Revenue:
Recurring
$
8,693
$
9,514
(8.6
)
%
$
27,191
$
29,125
(6.6
)
%
Non-recurring
9,836
21,852
(55.0
)
%
30,097
65,554
(54.1
)
%
Discontinued Products **
—
—
—
%
—
360
—
%
Total
$
18,529
$
31,366
(40.9
)
%
$
57,288
$
95,039
(39.7
)
%
** 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 September
30, 2020
Per GAAP Statements
Asset Impairment
Restructuring Costs
Certain Legal &
Professional Fees
Adjusted Non-GAAP
Revenue
$
18,529
$
18,529
Costs and operating expenses:
Cost of revenue (1)
10,403
10,403
Technology and development (1)(2)
3,085
(405)
2,680
Sales and marketing (2)
3,410
(561)
2,849
General and administrative (1)(2)
3,238
(687)
(133)
94
2,512
Depreciation and amortization
1,991
1,991
Total costs and operating expenses
22,127
(687)
(1,099)
94
20,435
Loss from operations
(3,598)
687
1,099
(94)
(1,906)
Other expense, net
(124)
(124)
Interest expense
(37)
(37)
Loss before income taxes
(3,759)
687
1,099
(94)
(2,067)
Provision for income taxes (3)
203
203
Net loss
$
(3,962)
$
687
$
1,099
$
(94)
$
(2,270)
Diluted EPS
$
(0.10)
$
0.02
$
0.03
$
—
$
(0.05)
Three months ended September
30, 2019
Per GAAP Statements
Asset Impairment
Restructuring Costs
Certain Legal &
Professional Fees
Adjusted Non-GAAP
Revenue
$
31,366
$
31,366
Costs and operating expenses:
Cost of revenue (1)
15,634
(292)
$
15,342
Technology and development (1)(2)
5,545
(329)
$
5,216
Sales and marketing (2)
5,473
(192)
$
5,281
General and administrative (1)(2)
5,648
(1,525)
(6)
(370)
$
3,747
Depreciation and amortization
2,605
2,605
Total costs and operating expenses
34,905
(1,525)
(819)
(370)
32,191
Loss from operations
(3,539)
1,525
819
370
(825)
Other income, net
101
101
Interest expense
(80)
(80)
Loss before income taxes
(3,518)
1,525
819
370
(804)
Provision for income taxes (3)
207
207
Net loss
$
(3,725)
$
1,525
$
819
$
370
$
(1,011)
Diluted EPS
$
(0.10)
$
0.04
$
0.02
$
0.01
$
(0.03)
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)
Nine months ended September
30, 2020
Per GAAP Statements
Asset Impairment
Restructuring Costs
Certain Legal &
Professional Fees
Adjusted Non-GAAP
Revenue
$
57,288
$
57,288
Costs and operating expenses:
Cost of revenue (1)
30,168
30,168
Technology and development (1)(2)
9,136
(405
)
8,731
Sales and marketing (2)
11,581
(561
)
11,020
General and administrative (1)(2)
10,978
(687
)
(253
)
(1,704
)
8,334
Depreciation and amortization
6,430
6,430
Total costs and operating expenses
68,293
(687
)
(1,219
)
(1,704
)
64,683
Loss from operations
(11,005
)
687
1,219
1,704
(7,395
)
Other income, net
218
218
Interest Expense
(146
)
(146
)
Loss before income taxes
(10,933
)
687
1,219
1,704
(7,323
)
Provision for income taxes (3)
736
736
Net loss
$
(11,669
)
$
687
$
1,219
$
1,704
$
(8,059
)
Diluted EPS
$
(0.30
)
$
0.02
$
0.03
$
0.04
$
(0.21
)
Nine months ended September
30, 2019
Per GAAP Statements
Asset Impairment
Restructuring Costs
Certain Legal &
Professional Fees
Adjusted Non-GAAP
Revenue
$
95,039
$
95,039
Costs and operating expenses:
Cost of revenue (1)
49,292
(292
)
49,000
Technology and development (1)(2)
14,668
(329
)
14,339
Sales and marketing (2)
17,014
(192
)
16,822
General and administrative (1)(2)
14,068
(1,751
)
(6
)
(1,406
)
10,905
Depreciation and amortization
7,607
7,607
Total costs and operating expenses
102,649
(1,751
)
(819
)
(1,406
)
98,673
Loss from operations
(7,610
)
1,751
819
1,406
(3,634
)
Other income, net
110
110
Interest Expense
(199
)
(199
)
Loss before income taxes
(7,699
)
1,751
819
1,406
(3,723
)
Provision for income taxes (3)
757
757
Net loss
$
(8,456
)
1,751
$
819
$
1,406
$
(4,480
)
Diluted EPS
$
(0.22
)
$
0.04
$
0.02
$
0.04
$
(0.11
)
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.
Guidance Reconciliation
(In millions)
(Unaudited)
Q4-2020
FY 2020
Net Loss
$(0.5) - $(1.1)
$(12.1) - $(12.7)
Taxes, Interest & Other
Income/Expense
0.4
1.0
Depreciation & Amortization
2.2
10.3
Stock-based Compensation
0.4
1.5
Restructuring
0.2
1.4
Certain Legal and Professional Fees
0.4
2.1
Asset Impairment
—
0.7
Adjusted EBITDA
$2.5 - $3.1
$4.3 - $4.9
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201111005856/en/
FNK IR Rob Fink +1.646.809.4048 rob@fnkir.com
Meredith Roth VP, Marketing & Corporate Communications
Synacor +1.770.846.1911 mroth@synacor.com
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