Comscore Reports Fourth Quarter and Full Year 2022 Results
Comscore, Inc. (Nasdaq: SCOR) reported its financial results for FY 2022, with total revenue reaching $376.4 million, a 2.6% increase from 2021. However, the company incurred a net loss of $66.6 million, up from $50.0 million in the prior year, largely due to a non-cash goodwill impairment charge of $46.3 million. Adjusted EBITDA improved by 16.1% to $37.0 million. In Q4 2022, revenue was $98.2 million, a slight rise from $96.5 million in Q4 2021, but net income fell to $0.1 million from $2.9 million. Looking ahead, the company projects low to mid single-digit revenue growth for 2023.
- FY 2022 revenue increased 2.6% to $376.4 million driven by growth in Cross Platform Solutions.
- Adjusted EBITDA rose 16.1% to $37.0 million, indicating improved operational efficiency.
- Secured multiple long-term contracts, including exclusive currency provider status across Scripps' local markets.
- Net loss widened to $66.6 million, primarily due to a $46.3 million goodwill impairment.
- Q4 2022 net income decreased significantly to $0.1 million from $2.9 million in Q4 2021.
- Digital Ad Solutions revenue declined due to slower ad spending.
FY Revenue of
FY Net Loss of
FY Adjusted EBITDA of
RESTON, Va., Feb. 28, 2023 /PRNewswire/ -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the fourth quarter and full year ended December 31, 2022.
FY 2022 Financial Highlights
- Revenue for 2022 was
$376.4 million compared to$367.0 million in 2021 - Net loss of
$66.6 million compared to$50.0 million in 2021, resulting primarily from a non-cash goodwill impairment charge of$46.3 million and restructuring costs of$5.8 million in Q3 2022 - Adjusted EBITDA of
$37.0 million compared to$31.9 million in 2021 - Cash, cash equivalents and restricted cash of
$20.4 million versus$22.3 million as of December 31, 2021
Q4 2022 Financial Highlights
- Revenue for the fourth quarter was
$98.2 million compared to$96.5 million in Q4 2021 - Net income of
$0.1 million compared to$2.9 million in Q4 2021 - Adjusted EBITDA of
$12.0 million compared to$12.4 million in Q4 2021
2023 Financial Outlook
- Revenue expected to grow low to mid single digits over 2022
- Adjusted EBITDA margin expected to be in the double digits for 2023
Recent Developments
- Adopted as exclusive currency provider across Scripps' footprint in their 41 local markets as of January 1, 2023
- Secured long-term renewals with NBCU for national and local television
- Secured expansion and long-term renewal across the entire Gray Television broadcasting footprint
- Signed 11 new independent agencies in Q4 2022, including Berkshire Hathaway Automotive that represents over 100 Tier 3 dealers across 10 markets, Buonasera Media Services that represents Harris Teeter in the Southeast, and Intermedia Advertising Group that represents TitleMax and CarShield nationwide
- Renewed measurement partnership with JOY-CPW, Inc., producer of "Game Time with Boomer Esiason," to provide local TV measurement spanning all 210 U.S. markets
- Similar to last year, selected by YouTube to identify the incremental advertising reach across YouTube before, during and after the Super Bowl linear TV broadcast for 15 major brands
- Expanded partnership with Adform to roll out Predictive Audiences globally, providing "Cookie-free" audience targeting to identify precise audiences, optimize campaigns and maximize budgets
- New digital business wins including The Barbarian Group, Slate, The Grid and Blavity, Inc.
"2022 was a year of major change for Comscore and I'm extremely proud of what our teams have been able to accomplish," said Jon Carpenter, CEO of Comscore. "As I've mentioned, our focus has been on speed, execution and profitability. In 2022 we launched Comscore TV Pulse, which delivers local TV data within 48 hours, and we introduced our new Total Digital user interface that provides a combined view of our digital and social data. We also made strategic decisions related to our cost structure that enabled us to achieve adjusted EBITDA of
Fourth Quarter Summary Results
Revenue in the fourth quarter was
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were
Net income for the quarter was
Adjusted EBITDA was
Full-Year Summary Results
Revenue for 2022 was
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were
Net loss for the year was
Adjusted EBITDA was
Balance Sheet and Liquidity
As of December 31, 2022, cash, cash equivalents and restricted cash totaled
2023 Outlook
Based on current trends and expectations, we believe 2023 revenue will increase low to mid single digits over 2022, driven by continued growth in Cross Platform Solutions from our local and national TV offerings and growth in Digital Ad Solutions as we focus on product integrations and new product innovation. We expect an adjusted EBITDA margin in the double digits for 2022.
We do not provide GAAP net income (loss) on a forward-looking basis because we are unable to predict with reasonable certainty our future stock-based compensation expense, fair value adjustments, variable interest expense, litigation and restructuring expense and any unusual gains or losses without unreasonable effort. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. For this reason, we are unable without unreasonable effort to provide a reconciliation of adjusted EBITDA or adjusted EBITDA margin to the most directly comparable GAAP measure, GAAP net income (loss), on a forward-looking basis.
Conference Call Information for Today, Tuesday, February 28, 2023 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, February 28, 2023, at 5:00 p.m. ET. The live audio webcast along with supplemental information will be accessible at ir.comscore.com/events-presentations. Participants can obtain dial-in information by registering for the call at the same web address and are advised to register in advance of the call to avoid delays. Following the conference call, a replay will be available via webcast at ir.comscore.com/events-presentations.
About Comscore
Comscore is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore allows media buyers and sellers to quantify their multiscreen behavior and make business decisions with confidence. A proven leader in measuring digital and TV audiences and advertising at scale, Comscore is the industry's emerging, third-party source for reliable and comprehensive cross-platform measurement.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal and state securities laws, including, without limitation, our expectations, forecasts, plans and opinions regarding expected revenue growth and adjusted EBITDA margin for 2023, the impact of new customer contracts and partnerships on our business and revenue prospects, evolving economic and industry trends, currency opportunities, product integration and innovation, and restructuring plans and cost-reduction initiatives. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, changes in our business and customer, partner and vendor relationships; external market conditions and competition; changes or declines in ad spending or other macroeconomic factors; evolving privacy and regulatory standards; and our ability to achieve our expected strategic, financial and operational plans, including the restructuring plan we announced in September 2022. For additional discussion of risk factors, please refer to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings that we make from time to time with the U.S. Securities and Exchange Commission (the "SEC"), which are available on the SEC's website (www.sec.gov).
Investors are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. We do not intend or undertake, and expressly disclaim, any duty or obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.
Use of Non-GAAP Financial Measures
To provide investors with additional information regarding our financial results, we are disclosing in this press release adjusted EBITDA and adjusted EBITDA margin, which are non-GAAP financial measures used by our management to understand and evaluate our core operating performance and trends. We believe that these non-GAAP financial measures provide useful information to investors and others in understanding and evaluating our operating results, as they permit our investors to view our core business performance using the same metrics that management uses to evaluate our performance. Nevertheless, our use of these non-GAAP financial measures has limitations as an analytical tool, and investors should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Instead, you should consider these measures alongside GAAP-based financial performance measures, net income (loss), various cash flow metrics, and our other GAAP financial results. Set forth below are reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measure, net income (loss). These reconciliations should be carefully evaluated.
Press
Marie Scoutas
Comscore, Inc.
917-213-2032
press@comscore.com
Investors
John Tinker
Comscore, Inc.
212-203-2129
jtinker@comscore.com
COMSCORE, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except share and per share data) | |||
As of December 31, | |||
2022 | 2021 | ||
Assets | |||
Current assets: | |||
Cash and cash equivalents | $ 20,044 | $ 21,854 | |
Restricted cash | 398 | 425 | |
Accounts receivable, net of allowances of | 68,457 | 72,059 | |
Prepaid expenses and other current assets | 15,922 | 14,769 | |
Total current assets | 104,821 | 109,107 | |
Property and equipment, net | 36,367 | 36,451 | |
Operating right-of-use assets | 23,864 | 29,186 | |
Deferred tax assets | 3,351 | 2,811 | |
Intangible assets, net | 13,327 | 39,945 | |
Goodwill | 387,973 | 435,711 | |
Other non-current assets | 10,883 | 10,263 | |
Total assets | $ 580,586 | $ 663,474 | |
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | |||
Current liabilities: | |||
Accounts payable | $ 29,090 | $ 23,575 | |
Accrued expenses | 43,393 | 45,264 | |
Contract liabilities | 52,944 | 54,011 | |
Customer advances | 11,527 | 11,613 | |
Current operating lease liabilities | 7,639 | 7,538 | |
Warrants liability | 718 | 10,520 | |
Current portion of contingent consideration | 7,134 | 1,037 | |
Other current liabilities | 12,646 | 11,813 | |
Total current liabilities | 165,091 | 165,371 | |
Non-current operating lease liabilities | 29,588 | 36,055 | |
Non-current portion of accrued data costs | 25,106 | 16,005 | |
Revolving line of credit | 16,000 | 16,000 | |
Deferred tax liabilities | 2,127 | 2,103 | |
Other non-current liabilities | 10,627 | 16,879 | |
Total liabilities | 248,539 | 252,413 | |
Commitments and contingencies | |||
Convertible redeemable preferred stock, | 187,885 | 187,885 | |
Stockholders' equity: | |||
Preferred stock, | — | — | |
Common stock, | 92 | 90 | |
Additional paid-in capital | 1,690,783 | 1,683,883 | |
Accumulated other comprehensive loss | (15,940) | (12,098) | |
Accumulated deficit | (1,300,789) | (1,218,715) | |
Treasury stock, at cost, 6,764,796 shares as of December 31, 2022 and 2021 | (229,984) | (229,984) | |
Total stockholders' equity | 144,162 | 223,176 | |
Total liabilities, convertible redeemable preferred stock and stockholders' equity | $ 580,586 | $ 663,474 | |
COMSCORE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) | ||||||
Years Ended December 31, | ||||||
2022 | 2021 | 2020 | ||||
Revenues | $ 376,423 | $ 367,013 | $ 356,036 | |||
Cost of revenues (1) (2) | 205,294 | 203,044 | 180,712 | |||
Selling and marketing (1) (2) | 68,453 | 66,937 | 70,220 | |||
Research and development (1) (2) | 36,987 | 39,123 | 38,706 | |||
General and administrative (1) (2) | 61,200 | 61,736 | 55,783 | |||
Amortization of intangible assets | 27,096 | 25,038 | 27,219 | |||
Impairment of goodwill | 46,300 | — | — | |||
Restructuring | 5,810 | — | — | |||
Impairment of right-of-use and long-lived assets | 156 | — | 4,671 | |||
Total expenses from operations | 451,296 | 395,878 | 377,311 | |||
Loss from operations | (74,873) | (28,865) | (21,275) | |||
Loss on extinguishment of debt | — | (9,629) | — | |||
Interest expense, net | (915) | (7,801) | (35,805) | |||
Other income (expense), net | 9,785 | (5,778) | 14,554 | |||
Gain (loss) from foreign currency transactions | 1,166 | 2,895 | (4,490) | |||
Loss before income taxes | (64,837) | (49,178) | (47,016) | |||
Income tax provision | (1,724) | (859) | (902) | |||
Net loss | $ (66,561) | $ (50,037) | $ (47,918) | |||
Net loss available to common stockholders | ||||||
Net loss | (66,561) | (50,037) | (47,918) | |||
Convertible redeemable preferred stock dividends | (15,513) | (12,623) | — | |||
Total net loss available to common stockholders | $ (82,074) | $ (62,660) | $ (47,918) | |||
Net loss per common share: | ||||||
Basic and diluted | $ (0.89) | $ (0.78) | $ (0.67) | |||
Weighted-average number of shares used in per share calculation - Common Stock: | ||||||
Basic and diluted | 92,683,564 | 80,802,053 | 71,181,496 | |||
Comprehensive loss: | ||||||
Net loss | $ (66,561) | $ (50,037) | $ (47,918) | |||
Other comprehensive (loss) income: | ||||||
Foreign currency cumulative translation adjustment | (3,842) | (5,068) | 5,303 | |||
Total comprehensive loss | $ (70,403) | $ (55,105) | $ (42,615) | |||
(1) Excludes amortization of intangible assets, which is presented separately in the Consolidated Statements of Operations and Comprehensive Loss. | ||||||
(2) Stock-based compensation expense is included in the line items above as follows: | ||||||
Years Ended December 31, | ||||||
2022 | 2021 | 2020 | ||||
Cost of revenues | $ 1,144 | $ 1,603 | $ 1,288 | |||
Selling and marketing | 1,021 | 1,791 | 2,226 | |||
Research and development | 827 | 1,079 | 886 | |||
General and administrative | 5,186 | 9,375 | 5,673 | |||
Total stock-based compensation expense | $ 8,178 | $ 13,848 | $ 10,073 | |||
COMSCORE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||
Years Ended December 31, | |||||
2022 | 2021 | 2020 | |||
Operating activities: | |||||
Net loss | $ (66,561) | $ (50,037) | $ (47,918) | ||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Impairment of goodwill | 46,300 | — | — | ||
Amortization of intangible assets | 27,096 | 25,038 | 27,219 | ||
Depreciation | 16,828 | 15,793 | 14,064 | ||
Stock-based compensation expense | 8,178 | 13,848 | 10,073 | ||
Non-cash operating lease expense | 6,060 | 5,345 | 5,555 | ||
Change in fair value of contingent consideration liability | 2,558 | — | — | ||
Amortization expense of finance leases | 2,364 | 2,188 | 1,652 | ||
Bad debt expense (benefit) | 312 | (80) | 1,693 | ||
Amortization of deferred financing costs | 163 | 378 | 1,560 | ||
Impairment of right-of-use and long-lived assets | 156 | — | 4,671 | ||
Deferred tax (benefit) provision | (475) | (1,719) | 10 | ||
Change in fair value of warrant liability | (9,802) | 7,689 | (4,894) | ||
Loss on extinguishment of debt | — | 9,629 | — | ||
Non-cash interest expense on senior secured convertible notes | — | 4,692 | 9,180 | ||
Accretion of debt discount | — | 1,620 | 7,571 | ||
Change in fair value of financing derivatives | — | (1,800) | (10,287) | ||
Other | 1,435 | 1,082 | 908 | ||
Changes in operating assets and liabilities, net of effect of acquisition: | |||||
Accounts receivable | 2,596 | (2,081) | 2,024 | ||
Prepaid expenses and other assets | (805) | (1,145) | (6,283) | ||
Accounts payable, accrued expenses, and other liabilities | 7,396 | (4,210) | (17,095) | ||
Contract liability and customer advances | (1,587) | (10,777) | 7,341 | ||
Operating lease liabilities | (7,275) | (5,597) | (6,327) | ||
Net cash provided by operating activities | 34,937 | 9,856 | 717 | ||
Investing activities: | |||||
Capitalized internal-use software costs | (16,685) | (14,747) | (15,078) | ||
Purchases of property and equipment | (1,137) | (803) | (477) | ||
Cash and restricted cash acquired from acquisition | — | 902 | — | ||
Net cash used in investing activities | (17,822) | (14,648) | (15,555) | ||
Financing activities: | |||||
Payments for dividends on convertible redeemable preferred stock | (15,512) | (4,760) | — | ||
Principal payments on finance leases | (2,519) | (2,138) | (1,754) | ||
Principal payment and extinguishment costs on senior secured convertible notes | — | (204,014) | — | ||
Principal payment and extinguishment costs on secured term note | — | (14,031) | — | ||
Proceeds from borrowings on revolving line of credit | — | 16,000 | — | ||
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs | — | 187,885 | — | ||
Other | (101) | (1,394) | (342) | ||
Net cash used in financing activities | (18,132) | (22,452) | (2,096) | ||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (820) | (1,218) | 902 | ||
Net decrease in cash, cash equivalents and restricted cash | (1,837) | (28,462) | (16,032) | ||
Cash, cash equivalents and restricted cash at beginning of period | 22,279 | 50,741 | 66,773 | ||
Cash, cash equivalents and restricted cash at end of period | $ 20,442 | $ 22,279 | $ 50,741 | ||
As of December 31, | |||||
2022 | 2021 | 2020 | |||
Cash and cash equivalents | $ 20,044 | $ 21,854 | $ 31,126 | ||
Restricted cash | 398 | 425 | 19,615 | ||
Total cash, cash equivalents and restricted cash | $ 20,442 | $ 22,279 | $ 50,741 | ||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted EBITDA and adjusted EBITDA margin for each of the periods identified:
Years Ended December 31, | |||||
2022 | 2021 | 2020 | |||
(In thousands) | (Unaudited) | (Unaudited) | (Unaudited) | ||
GAAP net loss | $ (66,561) | $ (50,037) | $ (47,918) | ||
Amortization of intangible assets | 27,096 | 25,038 | 27,219 | ||
Depreciation | 16,828 | 15,793 | 14,064 | ||
Income tax provision | 1,724 | 859 | 902 | ||
Interest expense, net | 915 | 7,801 | 35,805 | ||
Amortization expense of finance leases | 2,364 | 2,188 | 1,652 | ||
EBITDA | (17,634) | 1,642 | 31,724 | ||
Adjustments: | |||||
Stock-based compensation expense | 8,178 | 13,848 | 10,073 | ||
Loss on extinguishment of debt | — | 9,629 | — | ||
Amortization of cloud-computing implementation costs | 1,435 | 712 | — | ||
Change in fair value of contingent consideration liability | 2,558 | — | — | ||
Impairment of right-of-use and long-lived assets | 156 | — | 4,671 | ||
Impairment of goodwill | 46,300 | — | — | ||
Restructuring | 5,810 | — | — | ||
Loss on asset disposition | 7 | — | — | ||
Other (income) expense, net (1) | (9,802) | 6,039 | (14,164) | ||
Non-GAAP adjusted EBITDA | $ 37,008 | $ 31,870 | $ 32,304 | ||
Non-GAAP adjusted EBITDA margin (2) | 9.8 % | 8.7 % | 9.1 % | ||
(1) Adjustments to other (income) expense, net reflect non-cash changes in the fair value of warrants liability, financing derivatives, and interest make-whole derivative included in other (income) expense, net on our Consolidated Statements of Operations and Comprehensive Loss. |
(2) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period. |
COMSCORE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (Unaudited) (In thousands, except share and per share data) | ||||
Three Months Ended December 31, | ||||
2022 | 2021 | |||
Revenues | $ 98,240 | $ 96,537 | ||
Cost of revenues (1) (2) | 49,379 | 49,777 | ||
Selling and marketing (1) (2) | 16,603 | 17,368 | ||
Research and development (1) (2) | 8,797 | 9,587 | ||
General and administrative (1) (2) | 13,081 | 16,127 | ||
Impairment of right-of-use and long-lived assets | 156 | — | ||
Restructuring | 26 | — | ||
Amortization of intangible assets | 6,773 | 6,172 | ||
Total expenses from operations | 94,815 | 99,031 | ||
Income (loss) from operations | 3,425 | (2,494) | ||
Other income, net | 1,318 | 3,291 | ||
(Loss) gain from foreign currency transactions | (4,562) | 1,011 | ||
Interest expense, net | (255) | (232) | ||
(Loss) income before income taxes | (74) | 1,576 | ||
Income tax benefit | 221 | 1,307 | ||
Net income | $ 147 | $ 2,883 | ||
Net loss available to common stockholders | ||||
Net income | 147 | 2,883 | ||
Convertible redeemable preferred stock dividends | (3,910) | (3,910) | ||
Total net loss available to common stockholders | $ (3,763) | $ (1,027) | ||
Net loss per common share: | ||||
Basic and diluted | $ (0.04) | $ (0.01) | ||
Weighted-average number of shares used in per share calculation - Common Stock: | ||||
Basic and diluted | 93,580,777 | 83,495,247 | ||
Comprehensive income: | ||||
Net income | $ 147 | $ 2,883 | ||
Other comprehensive income (loss): | ||||
Foreign currency cumulative translation adjustment | 5,796 | (1,731) | ||
Total comprehensive income | $ 5,943 | $ 1,152 | ||
(1) Excludes amortization of intangible assets, which is presented separately in the Consolidated Statements of Operations and Comprehensive Income. | ||||
(2) Stock-based compensation expense is included in the line items above as follows: | ||||
Three Months Ended December 31, | ||||
2022 | 2021 | |||
Cost of revenues | $ 267 | $ 49 | ||
Selling and marketing | 217 | 112 | ||
Research and development | 200 | (83) | ||
General and administrative | 280 | 2,614 | ||
Total stock-based compensation expense | $ 964 | $ 2,692 | ||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net income to non-GAAP adjusted EBITDA and adjusted EBITDA margin for each of the periods identified:
Three Months Ended December 31, | |||
2022 | 2021 | ||
(In thousands) | (Unaudited) | (Unaudited) | |
GAAP net income | $ 147 | $ 2,883 | |
Amortization of intangible assets | 6,773 | 6,172 | |
Depreciation | 4,286 | 3,920 | |
Income tax benefit | (221) | (1,307) | |
Amortization expense of finance leases | 489 | 703 | |
Interest expense, net | 255 | 232 | |
EBITDA | 11,729 | 12,603 | |
Adjustments: | |||
Stock-based compensation expense | 964 | 2,692 | |
Amortization of cloud-computing implementation costs | 359 | 370 | |
Restructuring | 26 | — | |
Change in fair value of contingent consideration liability | 111 | — | |
Right-of-use asset impairment | 156 | — | |
Other income, net (1) | (1,324) | (3,249) | |
Non-GAAP adjusted EBITDA | $ 12,021 | $ 12,416 | |
Non-GAAP adjusted EBITDA margin (2) | 12.2 % | 12.9 % | |
(1) Adjustments to other income, net reflect non-cash changes in the fair value of warrants liability included in other income, net on our Consolidated Statements of Operations and Comprehensive Income. |
(2) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue reported on our Consolidated Statements of Operations and Comprehensive Income for the applicable period. |
Revenues
Revenues from our two offerings of products and services are as follows:
Year Ended December 31, | |||||||||||
(In thousands) | 2022 | % of Revenue | 2021 | % of Revenue | $ Variance | % Variance | |||||
Digital Ad Solutions | $ 212,510 | 56.5 % | $ 221,979 | 60.5 % | $ (9,469) | (4.3) % | |||||
Cross Platform Solutions(1) | 163,913 | 43.5 % | 145,034 | 39.5 % | 18,879 | 13.0 % | |||||
Total revenues | $ 376,423 | 100.0 % | $ 367,013 | 100.0 % | $ 9,410 | 2.6 % | |||||
(1) Cross Platform Solutions revenue includes revenue from our movies business, which grew from |
Three Months Ended December 31, | |||||||||||
(In thousands) | 2022 (Unaudited) | % of Revenue | 2021 (Unaudited) | % of Revenue | $ Variance | % Variance | |||||
Digital Ad Solutions | $ 55,383 | 56.4 % | $ 59,398 | 61.5 % | $ (4,015) | (6.8) % | |||||
Cross Platform Solutions(1) | 42,857 | 43.6 % | 37,139 | 38.5 % | 5,718 | 15.4 % | |||||
Total revenues | $ 98,240 | 100.0 % | $ 96,537 | 100.0 % | $ 1,703 | 1.8 % | |||||
(1) Cross Platform Solutions revenue includes revenue from our movies business, which grew from |
Three Months Ended (Unaudited) | Year Ended | ||||||||||
(In thousands) | March 31, 2022 | June 30, 2022 | September 30, 2022 | December 31, 2022 | December 31, 2022 | % of Total 2022 Revenue | |||||
Digital Ad Solutions | $ 53,137 | $ 51,630 | $ 52,360 | $ 55,383 | $ 212,510 | 56.5 % | |||||
Cross Platform Solutions | 40,829 | 39,804 | 40,423 | 42,857 | 163,913 | 43.5 % | |||||
Total revenues | $ 93,966 | $ 91,434 | $ 92,783 | $ 98,240 | $ 376,423 | 100.0 % | |||||
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SOURCE Comscore, Inc.
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