Seeking Alpha

Synacor CEO stepping down; guidance below consensus

  • Ron Frankel, Synacor's (SYNC) CEO since 2001, will step down once a successor is found. He'll remain on the company's board and "continue as an advisor."
  • Synacor expects Q1 revenue of $24M-$25M (below a $28.3M consensus) and adjusted EBITDA of -$0.7M to -$1.2M. Full-year guidance is for revenue of $100M-$105M (below a $119.4M consensus) and adjusted EBITDA of $2M-$5M (down from a 2013 level of $6.5M).
  • The TV everywhere software provider is launching a $5M buyback, good for repurchasing 6% of shares at current levels.
  • Q4 average monthly unique visitors fell by 300K Y/Y to 20M. Search queries -30% to 158M, ad impressions -17% to 9.7M.
  • SYNC +1.8% AH. Q4 results, PR.

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