NimbleTV Acquisition Breathes New Life Into Synacor
Nov. 11, 2015, 4:15 PM
- Synacor (NASDAQ:SYNC): Q3 EPS of -$0.03 beats by $0.03.
- Revenue of $26.35M (+0.5% Y/Y) beats by $2.88M.
- Shares +12.7%.
Nov. 10, 2015, 5:35 PM
Aug. 18, 2015, 5:58 PM
- Zimbra provides Web-based, open-source, e-mail and calendar/collaboration software to 500+ service providers, 1,000+ government and financial institutions, and 200K+ businesses. Synacor (NASDAQ:SYNC) is buying the company for $24.5M - $17.3M in cash, 3M shares, 0.6M warrants, and up to $2M worth of earn-outs.
- Synacor, whose business model revolves around white-label software/services for ISPs and pay-TV providers, states the purchase will make it the largest provider of e-mail solutions for U.S. ISPs, and boost its international/enterprise expansion efforts. "Zimbra brings hundreds of millions of free and paying users in 135+ countries, adds new customers to Synacor's roster including 2500+ small business customers and 900+ government customers, and adds a valuable network of 1000+ value added resellers and 500+ hosting partners."
- The deal is expected to close within 45 days. Thanks to Zimbra, Synacor now expects 2015 revenue of $102M-$108M and adjusted EBITDA of $4M-$6M, up from prior guidance of $97M-$102M and $3.5M-$5M.
- With Synacor having a market cap of just $44M as of today's close, the deal is arguably a merger more than an acquisition.
Aug. 4, 2015, 4:10 PM
- Synacor (NASDAQ:SYNC): Q2 EPS of -$0.04 in-line.
- Revenue of $24.72M (+2.2% Y/Y) misses by $0.35M.
May 1, 2015, 3:13 PM
- In addition to beating Q1 revenue estimates (while posting in-line EPS), Synacor (NASDAQ:SYNC) has guided for Q2 revenue of $24M-$25.5M, above a 3-analyst $22.8M consensus. Full-year sales guidance has been hiked by $2M to $97M-$102M (consensus is at $100.5M).
- The TV Everywhere/login management software provider's adjusted EBITDA guidance might have left investors wanting more: After coming in at $1.3M in Q1 (above guidance of $0-$1M), adjusted EBITDA is expected to drop to $0.2M-$1.2M in Q2. Full-year adjusted EBITDA guidance has been hiked by $0.5M to $2M-$4M.
- Search/display ad revenue rose 4% Y/Y in Q1 to $19.9M, and subscription-based revenue rose 14% to $6.1M. Synacor ended the quarter with $26.8M in cash, and no debt; its market cap is currently $57.1M.
Q1 results, PR, CC transcript
Apr. 30, 2015, 4:30 PM
- Synacor (NASDAQ:SYNC): Q1 EPS of -$0.04 in-line.
- Revenue of $26.73M (+5.9% Y/Y) beats by $1.13M.
Apr. 10, 2015, 9:13 AM
- Synacor (NASDAQ:SYNC) now expects Q1 revenue of $26M-$26.5M and adjusted EBITDA of $0.5M-$1M vs. prior guidance of $24M-$26M and $0-$1M; the revenue consensus is at $25.2M.
- Full-year revenue guidance has been hiked by $2M to $97M-$102M (consensus is at $100M), and adjusted EBITDA guidance by $0.5M to $2M-$4M. Synacor also states it generated over $1M in cash in Q1; it had $25.6M at the end of 2014.
- The TV Everywhere software attributes the numbers to "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." It saw a spate of insider buying a month ago.
- Shares have risen to $2.46 premarket. Full Q1 results arrive on April 30.
Mar. 6, 2015, 11:59 AM
- Synacor (NASDAQ:SYNC) CEO Himesh Bhise discloses he bought 16K shares on Tuesday at $2.23. Director Michael Montgomery bought 25K shares on Tuesday at $2.29, and director Marwan Farwaz bought 25K shares on Tuesday at $2.18.
- The purchases came a few days after Synacor dropped in response to the mixed guidance provided with a Q4 beat.
Feb. 26, 2015, 1:37 PM
- In addition to beating Q4 estimates, Synacor (NASDAQ:SYNC) is guiding for Q1 revenue of $24M-$26M and full-year revenue of $95M-$100M, above consensus estimates of $24.5M and $95.2M at the midpoints.
- However, in spite of recent cost-cutting efforts, the company only expects 2015 adjusted EBITDA of $1.5M-$3.5M (suggests EPS will be negative). Adjusted EBITDA totaled $2.8M in 2014 and $4M in 2013.
- Search/ad revenue rose 4% Y/Y in Q4 to $24.9M, and subscription fee-based revenue 11% to $6M. Ad impressions +3% Y/Y to 10B; search queries -21% to $157.8M; unique visitors -3% to 19.5M.
- GAAP costs/expenses rose only 3% to $29.6M. Synacor's cash balance rose by $1.2M Q/Q to $25.6M.
- Q4 results, PR
Feb. 25, 2015, 4:07 PM
- Synacor (NASDAQ:SYNC): Q4 EPS of $0.07 beats by $0.06.
- Revenue of $30.9M (+6.4% Y/Y) beats by $4.17M.
Feb. 23, 2015, 1:26 PM
- JEC Capital and Ratio Capital, who have been pushing Synacor (SYNC -0.9%) to make board changes for months and own a combined ~10% stake, have nominated a slate of three directors for the company's 2015 annual meeting (set for this spring). The nominees: AT&T exec Scott Williams, former Yahoo exec Jeff Misthal, and VC/On Track Innovations chairman Dilip Singh.
- JEC/Ratio call on Synacor's board "not to take actions adverse to the interests of Synacor shareholders prior to the 2015 annual meeting." Its list of such actions includes delaying the meeting, selling the company, making major acquisitions, and issuing stock.
- Synacor announced last fall JEC/Ratio had "abandoned discussions" with the company, after previously calling for it to be sold. About a month later, Synacor added the investment chief of major investor Advantage Capital to its board.
Jan. 14, 2015, 4:52 PM
- Before recently shutting down, NimbleTV's service allowed pay-TV users to access content on the go (for a subscription fee) through a Web-based DVR. The startup has 13 employees, and had raised $6M in capital.
- Synacor (NASDAQ:SYNC), whose software helps power plenty of TV Everywhere services, says the acquisition is "part acqui-hire, where we are adding to Synacor a team steeped in video expertise, as well as an acquisition of technology that will enable us to deploy an authenticated, linear TV service on behalf of our clients."
- It adds Nimble will "allow Synacor to accelerate video product development and client commitments, as well as better leverage client TV rights," and provide patents that strengthen Synacor's Cloud ID TV Everywhere login solution.
- Separately, Synacor has announced it has expanded its FiOS partnership with Verizon to include Synacor's white-label home page and video search/discovery products.
Jan. 9, 2015, 1:58 PM
Dec. 26, 2014, 2:35 PM
- Synacor (NASDAQ:SYNC) has blasted off on volume (1.45M shares) that's over 20x a 3-month daily average of 70K. Small-cap newsletter writer Sid Riggs has reportedly provided a favorable mention.
- Activists JEC Capital and Ratio Capital have been pushing Synacor to put itself on sale. Synacor announced on Oct. 1 JEC/Ratio had "abandoned discussions" with the company.
Dec. 26, 2014, 1:03 PM
Dec. 2, 2014, 2:33 PM
- Envivio's (NASDAQ:ENVI) Q3 EPS of -$0.15 missed by $0.07, and revenue of $9M (-23.5% Y/Y) missed by $3M. Its cash balance fell by $4.2M Q/Q to $37.9M.
- The Q3 performance was blamed on "softening macro-economic conditions within EMEA, and customer consolidation in the U.S." The latter could be a reference to the AT&T/DirecTV deal.
- Envivio promises "significant wins" with tier-1 U.S. carriers will help right the ship. A new tier-1 customer was added in Q3.
- Fellow TV Everywhere tech provider Synacor (NASDAQ:SYNC) is also lower.
- Q3 results, PR