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

We also experienced a transition in the second quarter as the latest browsers combined with mobile devices give consumers a greater number of options for their search and discovery preferences. These developments have impacted the total number of unique visitors according to comScore and search queries we receive from our start pages. Our unique visitors grew 43% year-over-year; they decline 6% quarter-over-quarter. Search query grew 55% year-over-year, but declined 12% quarter-over-quarter.

We are addressing this changing environment with strategic initiatives such as TV Everywhere and new technologies such as Carbyn, both of which we expect will drive material increases in unique visitors and monetization opportunities for us on multiple devices and platforms.

Search and display advertising revenue grew 69% to $25.4 million from $15.1 million in the same period last year. Our revenue mix changed in the second quarter. We experienced greater increases in both display advertising and subscription-based revenue, while search revenue declined representing 56% of our total revenue.

Advertising impressions were up significantly on both, a year-over-year and quarter-over-quarter basis, as display-advertising revenue grew 74% year-over-year. Our direct sales team continues to bring in new advertisers across diverse verticals, including auto, finance, insurance and retail and entertainment and direct advertising CPMs are increasing.

In addition to Synacor’s own national sales force, we have engaged partners to sell our advertising inventory on a local and regional basis. The early tests are very encouraging. Our display advertising business continues to exceed our expectations.

Now lets talk a bit about subscriber-based revenue. In the second quarter subscriber-based revenue grew 22% to $5.4 million from $4.4 million in the same period last year. Looking at email and communication specifically, we continue to see solid revenue growth. We continue to deliver additional cloud based services like email and TV Everywhere to our current customer base. These additional products will also increase unique visitors and start page usage.

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