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Synacor's CEO Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: SYNC

This conference call is also being broadcast in the Internet and is available through the Investor Relations section of the Synacor website.

And now, I’ll turn the call over to Ron Frankel, Synacor’s President and CEO.

Ron Frankel

Thanks Denise and welcome to today’s conference call. I’m pleased to share our financial results and to provide an update on our business to our shareholders and the investment community.

Our second quarter revenue grew 58% to $30.8 million from $19.5 million in the same period last year. Adjusted EBITDA was $3.0 million for the quarter, an increase of over 100% compared to the adjusted EBITDA of $1.5 million in the second quarter of 2011.

The second quarter was the beginning of an exciting transitional period for Synacor. Regarding TV Everywhere we are very enthusiastic about our leadership position, as nearly 40 paid TV operators are utilizing our authentication technology, to enable over 25 million consumers access to NBC Universal's TV Everywhere offerings of the 2012 Summer Olympic games on multiple devices.

The authentication required by NBCU for the Olympics is a breakthrough for TV Everywhere. Its showcases the value consumers receive from their pay TV subscription and we at Synacor are delighted to play a significant leadership role. We expect our TV Everywhere offerings will contribute meaningfully to Synacor’s success over the next several years, as growing interest and usage of TV Everywhere will drive recurring fees and more traffic to the start pages we deliver for our customers.

We expect to roll out new start page and cloud based experiences in late 2012 and early 2013, based upon the technology we gain in the Carbyn acquisition earlier this year. These multi device products will incorporate TV Everywhere with a range of cloud-based services and exciting user experience and it will further extend our presence on multiple devices, including tablets, Smartphones and connect to televisions.

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