Synacor (SYNC) Guides Q1 Revenue Ahead of Expectations

Synacor (NASDAQ: SYNC) announced it expects to exceed previously provided guidance for Q1 revenue and to be at the high end of previously provided guidance for Q1 adjusted EBITDA. Synacor also increased both full year 2015 revenue and adjusted EBITDA guidance. Synacor's updated financial guidance follows:

• Q1 Revenue: Revenue for the first quarter of 2015 is projected to be in the range of $26.0 million to $26.5 million. Previously, the Company provided guidance for Q1 2015 revenue in the range of $24.0 million to $26.0 million. (The Street currently sees Q1 revs of $25.2 million.)
• Q1 Adjusted EBITDA: For the first quarter of 2015, the Company expects to report adjusted EBITDA of $0.5 to $1 million. Previously, the Company provided guidance for Q1 2015 Adjusted EBITDA of $0.0 million to $1 million.
• FY15 Revenue: Revenue for the full year of 2015 is projected to be in the range of $97.0 million to $102.0 million. Previously, the Company provided guidance for FY 2015 revenue in the range of $95.0 million to $100.0 million. (The Street currently sees FY15 revs of $99.9 million.)
• FY15 Adjusted EBITDA: For the full year of 2015, the Company expects to report adjusted EBITDA of $2.0 million to $4.0 million. Previously, the Company provided guidance for FY 2015 adjusted EBITDA of $1.5 million to $3.5 million.

During the first quarter of 2015, Synacor generated over $1.0 million in cash, adding to the $25.6 million cash balance at the end of the prior quarter ending December 31, 2014.

"I'm pleased today to announce increases to our previously provided quarterly and annual guidance, which reflect solid execution against our strategic plan for growth," said Himesh Bhise, Chief Executive Officer of Synacor. "We continue to deliver adjusted EBITDA profitability, and at the high-end of our updated guidance for Q1 we will again deliver 5% year-over-year revenue growth, similar to the growth we reported in Q4. The updated guidance is driven by sustained momentum in advertising, continuing transition at Charter, interest from customers in our video solutions, and our recent progress in the area of content discovery."

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