Comscore Reports Fourth Quarter and Full Year 2024 Results
Comscore (SCOR) reported its Q4 and full-year 2024 financial results, showing mixed performance. Full-year revenue declined 4.1% to $356.0 million from $371.3 million in 2023, with a net loss of $60.2 million. The company's Q4 revenue was $94.9 million, slightly down 0.2% year-over-year, but achieved net income of $3.1 million compared to a loss in Q4 2023.
Notable highlights include 21.7% growth in cross-platform revenue during Q4, though offset by lower syndicated audience offerings. The company secured a new $60 million financing agreement with Blue Torch Finance and amended its Data License Agreement with Charter Communications, resulting in an estimated $35 million reduction in cash license fees.
For 2025 outlook, Comscore expects revenue between $360-370 million with adjusted EBITDA margin of 12-15%, driven by growth in Content & Ad Measurement revenue from local TV and cross-platform products.
Comscore (SCOR) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. I ricavi annuali sono diminuiti del 4,1% a 356,0 milioni di dollari rispetto ai 371,3 milioni di dollari del 2023, con una perdita netta di 60,2 milioni di dollari. I ricavi del quarto trimestre dell'azienda sono stati di 94,9 milioni di dollari, in calo dello 0,2% rispetto all'anno precedente, ma ha registrato un utile netto di 3,1 milioni di dollari rispetto a una perdita nel quarto trimestre 2023.
Tra i punti salienti, si segnala una crescita del 21,7% dei ricavi cross-platform durante il quarto trimestre, sebbene compensata da un'offerta di audience sindacata inferiore. L'azienda ha ottenuto un nuovo accordo di finanziamento di 60 milioni di dollari con Blue Torch Finance e ha modificato il suo Accordo di Licenza Dati con Charter Communications, portando a una riduzione stimata di 35 milioni di dollari nelle spese di licenza in contante.
Per le prospettive del 2025, Comscore prevede ricavi tra 360 e 370 milioni di dollari con un margine EBITDA rettificato del 12-15%, sostenuto dalla crescita dei ricavi da Misurazione dei Contenuti e della Pubblicità da TV locali e prodotti cross-platform.
Comscore (SCOR) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un rendimiento mixto. Los ingresos anuales disminuyeron un 4.1% a $356.0 millones desde $371.3 millones en 2023, con una pérdida neta de $60.2 millones. Los ingresos del cuarto trimestre de la compañía fueron de $94.9 millones, ligeramente por debajo un 0.2% interanual, pero logró un ingreso neto de $3.1 millones en comparación con una pérdida en el cuarto trimestre de 2023.
Los aspectos destacados incluyen un crecimiento del 21.7% en los ingresos multiplataforma durante el cuarto trimestre, aunque compensado por ofertas de audiencia sindicada más bajas. La compañía aseguró un nuevo acuerdo de financiamiento de $60 millones con Blue Torch Finance y modificó su Acuerdo de Licencia de Datos con Charter Communications, lo que resultó en una reducción estimada de $35 millones en tarifas de licencia en efectivo.
Para las perspectivas de 2025, Comscore espera ingresos entre $360 y $370 millones con un margen EBITDA ajustado del 12-15%, impulsado por el crecimiento en los ingresos de Medición de Contenido y Publicidad de televisión local y productos multiplataforma.
Comscore (SCOR)는 2024년 4분기 및 연간 재무 결과를 발표하며 혼합된 성과를 보였습니다. 연간 수익은 2023년 3억 7,130만 달러에서 3억 5,600만 달러로 4.1% 감소했으며, 순손실은 6,020만 달러에 달했습니다. 회사의 4분기 수익은 9,490만 달러로, 전년 대비 0.2% 감소했지만, 2023년 4분기 손실 대비 310만 달러의 순이익을 기록했습니다.
주요 하이라이트로는 4분기 동안 크로스 플랫폼 수익 21.7% 성장이 포함되지만, 낮은 통합 청중 제공으로 상쇄되었습니다. 회사는 Blue Torch Finance와 6천만 달러의 새로운 자금 조달 계약을 체결하고 Charter Communications와의 데이터 라이선스 계약을 수정하여 현금 라이선스 수수료를 약 3,500만 달러 줄였습니다.
2025년 전망에 대해 Comscore는 수익이 3억 6천만 달러에서 3억 7천만 달러 사이에 이를 것으로 예상하며, 지역 TV 및 크로스 플랫폼 제품의 콘텐츠 및 광고 측정 수익 증가에 힘입어 조정 EBITDA 마진은 12-15%에 이를 것으로 보입니다.
Comscore (SCOR) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, montrant une performance mitigée. Le chiffre d'affaires annuel a diminué de 4,1 % pour atteindre 356,0 millions de dollars contre 371,3 millions de dollars en 2023, avec une perte nette de 60,2 millions de dollars. Le chiffre d'affaires du quatrième trimestre de l'entreprise s'est élevé à 94,9 millions de dollars, en légère baisse de 0,2 % par rapport à l'année précédente, mais a réalisé un bénéfice net de 3,1 millions de dollars par rapport à une perte au quatrième trimestre 2023.
Les points forts notables incluent une croissance de 21,7 % des revenus multiplateformes au cours du quatrième trimestre, bien que compensée par des offres d'audience syndiquée plus faibles. L'entreprise a obtenu un nouvel accord de financement de 60 millions de dollars avec Blue Torch Finance et a modifié son Accord de Licence de Données avec Charter Communications, entraînant une réduction estimée de 35 millions de dollars des frais de licence en espèces.
Pour les perspectives 2025, Comscore prévoit un chiffre d'affaires compris entre 360 et 370 millions de dollars avec une marge EBITDA ajustée de 12-15 %, soutenue par la croissance des revenus de Mesure de Contenu et de Publicité provenant de la télévision locale et des produits multiplateformes.
Comscore (SCOR) hat die finanziellen Ergebnisse für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz des gesamten Jahres sank um 4,1% auf 356,0 Millionen Dollar von 371,3 Millionen Dollar im Jahr 2023, mit einem Nettoverlust von 60,2 Millionen Dollar. Der Umsatz im vierten Quartal des Unternehmens betrug 94,9 Millionen Dollar, was einem leichten Rückgang von 0,2% im Jahresvergleich entspricht, jedoch wurde ein Nettogewinn von 3,1 Millionen Dollar im Vergleich zu einem Verlust im vierten Quartal 2023 erzielt.
Bemerkenswerte Höhepunkte umfassen ein Wachstum von 21,7% im plattformübergreifenden Umsatz im vierten Quartal, das jedoch durch niedrigere syndizierte Publikumsangebote ausgeglichen wurde. Das Unternehmen sicherte sich eine neue Finanzierungsvereinbarung über 60 Millionen Dollar mit Blue Torch Finance und änderte seinen Datenlizenzvertrag mit Charter Communications, was zu einer geschätzten Reduzierung der Lizenzgebühren in bar um 35 Millionen Dollar führte.
Für die Ausblicke 2025 erwartet Comscore einen Umsatz zwischen 360 und 370 Millionen Dollar mit einer bereinigten EBITDA-Marge von 12-15%, angetrieben durch das Wachstum der Einnahmen aus Content- und Werbemessung von lokalen TV- und plattformübergreifenden Produkten.
- Q4 net income of $3.1M vs loss of $28.4M in Q4 2023
- Cross-platform revenue grew 21.7% in Q4
- Secured $60M financing agreement
- $35M reduction in future license fees from Charter
- Cash position improved to $33.5M from $22.9M YoY
- FY 2024 revenue declined 4.1% to $356M
- Full-year net loss of $60.2M
- Research & Insight Solutions revenue declined 6.5% in Q4
- $63M non-cash goodwill impairment charge in 2024
- Core operating expenses increased 7.6% in Q4
Insights
Comscore's Q4 and FY2024 results reveal a company in transition with mixed financial signals. Annual revenue declined
Q4 delivered a noteworthy shift to profitability with
The company's balance sheet shows improved liquidity with
The 2025 outlook projects modest revenue growth to
Comscore's results highlight a stark contrast between their traditional measurement offerings and emerging cross-platform solutions. Their cross-platform audience products grew an impressive
However, this growth hasn't been sufficient to offset continued declines in their syndicated audience offerings, particularly in national TV and syndicated digital products. The Research & Insight Solutions segment showed concerning weakness with a
CEO Jon Carpenter's emphasis on Comscore's positioning as "a leading source for cross-platform planning and measurement" and specific mention of Proximic's acceleration signals the company's strategic direction. The company appears to be gaining traction in programmatic advertising environments, which aligns with industry shifts toward automated, data-driven ad buying.
The acknowledgment that "national TV and syndicated digital revenue will continue to be challenged" confirms the structural decline in traditional measurement services as viewing fragments across platforms. This transition mirrors broader industry trends as audience measurement providers struggle to maintain relevance amid shifting media consumption patterns. The company's ability to accelerate cross-platform adoption while managing the decline of legacy products will determine their competitive position against Nielsen and emerging measurement alternatives over the coming year.
RESTON, Va., March 04, 2025 (GLOBE NEWSWIRE) -- 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, 2024.
FY 2024 Financial Highlights
- Revenue for 2024 was
$356.0 million compared to$371.3 million in 2023 - Net loss of
$60.2 million compared to$79.4 million in 2023, resulting primarily from non-cash goodwill impairment charges of$63.0 million and$78.2 million , respectively - Adjusted EBITDA1 of
$42.4 million compared to$44.0 million in 2023 - FX adjusted EBITDA of
$40.9 million compared to$46.9 million in 2023 - Cash, cash equivalents and restricted cash of
$33.5 million versus$22.9 million as of December 31, 2023
Q4 2024 Financial Highlights
- Revenue for the fourth quarter was
$94.9 million compared to$95.1 million in Q4 2023 - Net income of
$3.1 million compared to net loss of$28.4 million in Q4 2023, resulting primarily from a non-cash goodwill impairment charge of$34.1 million in Q4 2023 - Adjusted EBITDA of
$17.2 million compared to$16.4 million in Q4 2023 - FX adjusted EBITDA of
$14.2 million compared to$18.7 million in Q4 2023
2025 Financial Outlook
- Full year revenue expected to be between
$360 million and$370 million - Adjusted EBITDA margin expected to be between
12% and15% for the year
"We made solid progress in Q4 to establish Comscore as a leading source for cross-platform planning and measurement," said Jon Carpenter, CEO. "Our cross-platform audience solution, Proximic, continued to accelerate, and our cross-platform measurement products also scaled nicely within programmatic advertising environments as we came down the stretch in 2024. We believe this progress and the leadership additions we've made in recent months position us well for growth in 2025."
Fourth Quarter Summary Results
Revenue in the fourth quarter was
____________________________
1 Adjusted EBITDA, adjusted EBITDA margin and FX Adjusted EBITDA are non-GAAP measures defined in the "Fourth Quarter Summary Results" section and are reconciled to net income (loss) and net income (loss) margin in the addendum of this release. As described in the "2025 Outlook" section, we are unable to provide a reconciliation of adjusted EBITDA or adjusted EBITDA margin on a forward-looking basis because we cannot predict with reasonable certainty our future stock-based compensation expense, fair value adjustments, variable interest expense, litigation and restructuring expense and any unusual items without reasonable effort.
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
Non-GAAP adjusted EBITDA for the quarter was
Full-Year Summary Results
Revenue for 2024 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
Non-GAAP adjusted EBITDA for the year was
Balance Sheet and Liquidity
As of December 31, 2024, cash, cash equivalents and restricted cash totaled
On December 31, 2024, we entered into a senior secured financing agreement with Blue Torch Finance LLC. The Blue Torch facility provides a borrowing capacity of
Prior to entering the new facility, we repaid the outstanding principal balance under our prior credit agreement with Bank of America, N.A. On December 31, 2024, we terminated the Bank of America facility and (as described above) used a portion of proceeds from the Blue Torch term loan to cash collateralize our outstanding letters of credit with Bank of America.
Finally, on December 31, 2024, we entered into an amendment to our Data License Agreement with Charter Communications Operating, LLC. The amendment provides us with an estimated minimum
2025 Outlook
Based on current trends and expectations, we believe 2025 revenue will be between
We do not provide GAAP net income (loss) or net income (loss) margin 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) and net income (loss) margin, on a forward-looking basis.
Conference Call Information for Today, Tuesday, March 4, 2025 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, March 4, 2025, 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 global, 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 empowers media buyers and sellers to quantify their multiscreen behavior and make meaningful 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 and adjusted EBITDA margin for 2025, a return to growth in 2025, revenue drivers, future investments in growth and operational efficiencies, demand for our products, and economic and industry trends. 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; continued changes or declines in ad spending or other macroeconomic factors; evolving privacy and regulatory standards; product adoption rates; and our ability to achieve our expected strategic, financial and operational plans. 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, adjusted EBITDA margin and FX adjusted EBITDA, 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), net income (loss) margin, 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 measures, net income (loss) and net income (loss) margin. These reconciliations should be carefully evaluated.
Media
Marie Scoutas
Comscore, Inc.
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, | |||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 29,937 | $ | 22,750 | |||
| Restricted cash | 3,531 | 186 | |||||
| Accounts receivable, net of allowances of | 64,266 | 63,826 | |||||
| Prepaid expenses and other current assets | 10,323 | 11,228 | |||||
| Total current assets | 108,057 | 97,990 | |||||
| Property and equipment, net | 47,116 | 41,574 | |||||
| Operating right-of-use assets | 13,173 | 18,628 | |||||
| Deferred tax assets | 2,624 | 2,588 | |||||
| Intangible assets, net | 5,058 | 8,115 | |||||
| Goodwill | 246,010 | 310,360 | |||||
| Other non-current assets | 8,209 | 12,040 | |||||
| Total assets | $ | 430,247 | $ | 491,295 | |||
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 16,471 | $ | 30,551 | |||
| Accrued expenses | 35,013 | 34,422 | |||||
| Contract liabilities | 45,464 | 48,912 | |||||
| Revolving line of credit | — | 16,000 | |||||
| Accrued dividends | 8,962 | 24,132 | |||||
| Customer advances | 9,566 | 11,076 | |||||
| Current operating lease liabilities | 8,598 | 7,982 | |||||
| Other current liabilities | 7,230 | 9,486 | |||||
| Total current liabilities | 131,304 | 182,561 | |||||
| Secured term loan | 40,718 | — | |||||
| Non-current operating lease liabilities | 14,805 | 23,003 | |||||
| Non-current portion of accrued data costs | 33,551 | 32,833 | |||||
| Deferred tax liabilities | 891 | 1,321 | |||||
| Other non-current liabilities | 9,771 | 7,589 | |||||
| Total liabilities | 231,040 | 247,307 | |||||
| Commitments and contingencies | |||||||
| Convertible redeemable preferred stock, | 207,470 | 187,885 | |||||
| Stockholders' equity (deficit): | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 5 | 5 | |||||
| Additional paid-in capital | 1,714,052 | 1,696,612 | |||||
| Accumulated other comprehensive loss | (18,068 | ) | (14,110 | ) | |||
| Accumulated deficit | (1,474,268 | ) | (1,396,420 | ) | |||
| Treasury stock, at cost, 338,239 shares as of December 31, 2024 and 2023 | (229,984 | ) | (229,984 | ) | |||
| Total stockholders' equity (deficit) | (8,263 | ) | 56,103 | ||||
| Total liabilities, convertible redeemable preferred stock and stockholders' equity (deficit) | $ | 430,247 | $ | 491,295 | |||
| COMSCORE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (In thousands, except share and per share data) | |||||||||||
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Revenues | $ | 356,047 | $ | 371,343 | $ | 376,423 | |||||
| Cost of revenues (1) (2) | 208,708 | 205,580 | 205,294 | ||||||||
| Selling and marketing (1) (2) | 57,622 | 63,322 | 68,453 | ||||||||
| Research and development (1) (2) | 33,066 | 33,701 | 36,987 | ||||||||
| General and administrative (1) (2) | 47,679 | 51,192 | 61,200 | ||||||||
| Amortization of intangible assets | 3,057 | 5,213 | 27,096 | ||||||||
| Impairment of goodwill | 63,000 | 78,200 | 46,300 | ||||||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | 156 | ||||||||
| Restructuring | 1,027 | 6,234 | 5,810 | ||||||||
| Total expenses from operations | 415,556 | 444,944 | 451,296 | ||||||||
| Loss from operations | (59,509 | ) | (73,601 | ) | (74,873 | ) | |||||
| Interest expense, net | (1,883 | ) | (1,445 | ) | (915 | ) | |||||
| Other income, net | 651 | 42 | 9,785 | ||||||||
| Gain (loss) from foreign currency transactions | 1,417 | (2,824 | ) | 1,166 | |||||||
| Loss before income taxes | (59,324 | ) | (77,828 | ) | (64,837 | ) | |||||
| Income tax provision | (924 | ) | (1,533 | ) | (1,724 | ) | |||||
| Net loss | $ | (60,248 | ) | $ | (79,361 | ) | $ | (66,561 | ) | ||
| Net loss available to common stockholders | |||||||||||
| Net loss | (60,248 | ) | (79,361 | ) | (66,561 | ) | |||||
| Convertible redeemable preferred stock dividends | (17,600 | ) | (16,270 | ) | (15,513 | ) | |||||
| Total net loss available to common stockholders | $ | (77,848 | ) | $ | (95,631 | ) | $ | (82,074 | ) | ||
| Net loss per common share (3): | |||||||||||
| Basic and diluted | $ | (15.53 | ) | $ | (19.88 | ) | $ | (17.71 | ) | ||
| Weighted-average number of shares used in per share calculation - Common Stock (3): | |||||||||||
| Basic and diluted | 5,014,049 | 4,811,233 | 4,634,178 | ||||||||
| Comprehensive loss: | |||||||||||
| Net loss | $ | (60,248 | ) | $ | (79,361 | ) | $ | (66,561 | ) | ||
| Other comprehensive loss: | |||||||||||
| Foreign currency cumulative translation adjustment | (3,958 | ) | 1,830 | (3,842 | ) | ||||||
| Total comprehensive loss | $ | (64,206 | ) | $ | (77,531 | ) | $ | (70,403 | ) | ||
| (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, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Cost of revenues | $ | 221 | $ | 533 | $ | 1,144 | |||||
| Selling and marketing | 126 | 380 | 1,021 | ||||||||
| Research and development | 161 | 411 | 827 | ||||||||
| General and administrative | 2,683 | 3,211 | 5,186 | ||||||||
| Total stock-based compensation expense | $ | 3,191 | $ | 4,535 | $ | 8,178 | |||||
| (3) Adjusted retroactively for a 1-for-20 reverse split of our common stock effected on December 20, 2023. | |||||||||||
| COMSCORE, INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) | |||||||||||
| Years Ended December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Operating activities: | |||||||||||
| Net loss | $ | (60,248 | ) | $ | (79,361 | ) | $ | (66,561 | ) | ||
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||
| Impairment of goodwill | 63,000 | 78,200 | 46,300 | ||||||||
| Depreciation | 22,087 | 19,778 | 16,828 | ||||||||
| Non-cash operating lease expense | 5,240 | 5,456 | 6,060 | ||||||||
| Amortization expense of finance leases | 3,651 | 1,929 | 2,364 | ||||||||
| Stock-based compensation expense | 3,191 | 4,535 | 8,178 | ||||||||
| Amortization of intangible assets | 3,057 | 5,213 | 27,096 | ||||||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | 156 | ||||||||
| Change in fair value of warrant liability | (669 | ) | (49 | ) | (9,802 | ) | |||||
| Deferred tax provision | (841 | ) | (35 | ) | (475 | ) | |||||
| Other | 2,008 | 2,297 | 4,468 | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (1,649 | ) | 4,781 | 2,596 | |||||||
| Prepaid expenses and other assets | 1,987 | 2,185 | (805 | ) | |||||||
| Accounts payable, accrued expenses, and other liabilities | (10,570 | ) | (4,121 | ) | 7,396 | ||||||
| Contract liability and customer advances | (4,739 | ) | (5,517 | ) | (1,587 | ) | |||||
| Operating lease liabilities | (8,798 | ) | (7,867 | ) | (7,275 | ) | |||||
| Net cash provided by operating activities | 18,104 | 28,926 | 34,937 | ||||||||
| Investing activities: | |||||||||||
| Capitalized internal-use software costs | (23,249 | ) | (22,206 | ) | (16,685 | ) | |||||
| Purchases of property and equipment | (813 | ) | (1,580 | ) | (1,137 | ) | |||||
| Net cash used in investing activities | (24,062 | ) | (23,786 | ) | (17,822 | ) | |||||
| Financing activities: | |||||||||||
| Proceeds from secured term loan | 45,000 | — | — | ||||||||
| Proceeds from insurance financing | 2,118 | — | — | ||||||||
| Payments for dividends on convertible redeemable preferred stock | — | — | (15,512 | ) | |||||||
| Principal payments on insurance financing | (2,122 | ) | — | — | |||||||
| Principal payments on finance leases | (2,852 | ) | (2,066 | ) | (2,519 | ) | |||||
| Contingent consideration payment at initial value | (3,704 | ) | (1,037 | ) | — | ||||||
| Payments of debt issuance costs | (4,551 | ) | — | — | |||||||
| Payments of line of credit | (16,000 | ) | — | — | |||||||
| Other | (266 | ) | (291 | ) | (101 | ) | |||||
| Net cash provided by (used in) financing activities | 17,623 | (3,394 | ) | (18,132 | ) | ||||||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,133 | ) | 748 | (820 | ) | ||||||
| Net increase (decrease) in cash, cash equivalents and restricted cash | 10,532 | 2,494 | (1,837 | ) | |||||||
| Cash, cash equivalents and restricted cash at beginning of period | 22,936 | 20,442 | 22,279 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 33,468 | $ | 22,936 | $ | 20,442 | |||||
| As of December 31, | |||||||||||
| 2024 | 2023 | 2022 | |||||||||
| Cash and cash equivalents | $ | 29,937 | $ | 22,750 | $ | 20,044 | |||||
| Restricted cash | 3,531 | 186 | 398 | ||||||||
| Total cash, cash equivalents and restricted cash | $ | 33,468 | $ | 22,936 | $ | 20,442 | |||||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net loss and net loss margin to non-GAAP adjusted EBITDA, adjusted EBITDA margin and non-GAAP FX adjusted EBITDA for each of the periods identified:
| Years Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2022 | ||||||||||||
| (In thousands) | (Unaudited) | (Unaudited) | (Unaudited) | |||||||||||
| GAAP net loss | $ | (60,248 | ) | $ | (79,361 | ) | $ | (66,561 | ) | |||||
| Depreciation | 22,087 | 19,778 | 16,828 | |||||||||||
| Amortization expense of finance leases | 3,651 | 1,929 | 2,364 | |||||||||||
| Amortization of intangible assets | 3,057 | 5,213 | 27,096 | |||||||||||
| Interest expense, net | 1,883 | 1,445 | 915 | |||||||||||
| Income tax provision | 924 | 1,533 | 1,724 | |||||||||||
| EBITDA | (28,646 | ) | (49,463 | ) | (17,634 | ) | ||||||||
| Adjustments: | ||||||||||||||
| Impairment of goodwill | 63,000 | 78,200 | 46,300 | |||||||||||
| Stock-based compensation expense | 3,191 | 4,535 | 8,178 | |||||||||||
| Transformation costs (1) | 1,547 | 1,283 | 460 | |||||||||||
| Amortization of cloud-computing implementation costs | 1,420 | 1,439 | 1,435 | |||||||||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | 156 | |||||||||||
| Restructuring | 1,027 | 6,234 | 5,810 | |||||||||||
| Change in fair value of contingent consideration liability | 89 | 350 | 2,558 | |||||||||||
| Loss on asset disposition | 6 | — | 7 | |||||||||||
| Other income, net (2) | (669 | ) | (49 | ) | (9,802 | ) | ||||||||
| Non-GAAP adjusted EBITDA | $ | 42,362 | $ | 44,031 | $ | 37,468 | ||||||||
| Net loss margin (3) | (16.9 | ) | % | (21.4 | ) | % | (17.7 | ) | % | |||||
| Non-GAAP adjusted EBITDA margin (4) | 11.9 | % | 11.9 | % | 10.0 | % | ||||||||
| Adjustments: | ||||||||||||||
| (Gain) Loss from foreign currency transactions | (1,417 | ) | 2,824 | (1,166 | ) | |||||||||
| Non-GAAP FX adjusted EBITDA | $ | 40,945 | $ | 46,855 | $ | 36,302 | ||||||||
| (1) Transformation costs represent: (1) expenses incurred prior to formal launch of identified strategic projects with anticipated long-term benefits to the company, generally relating to third-party professional fees and non-capitalizable technology costs tied directly to the identified projects and (2) severance costs associated with the reorganization of our teams in connection with the identified projects. We added transformation costs as an adjustment in 2023 for greater transparency around these costs and have applied the adjustment to prior periods for comparison. | ||||||||||||||
| (2) 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 Loss. | ||||||||||||||
| (3) Net loss margin is calculated by dividing net loss by revenues reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | ||||||||||||||
| (4) Non-GAAP Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenues reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | ||||||||||||||
| COMSCORE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (In thousands, except share and per share data) | |||||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Revenues | $ | 94,936 | $ | 95,101 | |||
| Cost of revenues (1) (2) | 54,683 | 50,220 | |||||
| Selling and marketing (1) (2) | 14,931 | 14,338 | |||||
| Research and development (1) (2) | 8,654 | 7,909 | |||||
| General and administrative (1) (2) | 12,016 | 11,416 | |||||
| Amortization of intangible assets | 692 | 801 | |||||
| Restructuring | 59 | 779 | |||||
| Impairment of goodwill | — | 34,100 | |||||
| Total expenses from operations | 91,035 | 119,563 | |||||
| Income (loss) from operations | 3,901 | (24,462 | ) | ||||
| Interest expense, net | (443 | ) | (304 | ) | |||
| Other expense, net | — | (383 | ) | ||||
| Gain (loss) from foreign currency transactions | 2,925 | (2,280 | ) | ||||
| Income (loss) before income taxes | 6,383 | (27,429 | ) | ||||
| Income tax provision | (3,239 | ) | (970 | ) | |||
| Net income (loss) | $ | 3,144 | $ | (28,399 | ) | ||
| Net loss available to common stockholders: | |||||||
| Net income (loss) | 3,144 | (28,399 | ) | ||||
| Convertible redeemable preferred stock dividends | (4,538 | ) | (4,287 | ) | |||
| Total net loss available to common stockholders | $ | (1,394 | ) | $ | (32,686 | ) | |
| Net loss per common share: | |||||||
| Basic and diluted | $ | (0.27 | ) | $ | (6.69 | ) | |
| Weighted-average number of shares used in per share calculation - Common Stock: | |||||||
| Basic and diluted | 5,096,459 | 4,888,089 | |||||
| Comprehensive loss: | |||||||
| Net income (loss) | $ | 3,144 | $ | (28,399 | ) | ||
| Other comprehensive loss: | |||||||
| Foreign currency cumulative translation adjustment | (4,786 | ) | 2,699 | ||||
| Total comprehensive loss | $ | (1,642 | ) | $ | (25,700 | ) | |
| (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: | |||||||
| Three Months Ended December 31, | |||||||
| 2024 | 2023 | ||||||
| Cost of revenues | $ | 103 | $ | 98 | |||
| Selling and marketing | 55 | (31 | ) | ||||
| Research and development | 69 | 78 | |||||
| General and administrative | 697 | 571 | |||||
| Total stock-based compensation expense | $ | 924 | $ | 716 | |||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net income (loss) and net income (loss) margin to non-GAAP adjusted EBITDA, adjusted EBITDA margin and non-GAAP FX adjusted EBITDA for each of the periods identified:
| Three Months Ended December 31, | |||||||||
| 2024 | 2023 | ||||||||
| (In thousands) | (Unaudited) | (Unaudited) | |||||||
| GAAP net income (loss) | $ | 3,144 | $ | (28,399 | ) | ||||
| Depreciation | 5,893 | 5,165 | |||||||
| Income tax provision | 3,239 | 970 | |||||||
| Amortization expense of finance leases | 960 | 661 | |||||||
| Amortization of intangible assets | 692 | 801 | |||||||
| Interest expense, net | 443 | 304 | |||||||
| EBITDA | 14,371 | (20,498 | ) | ||||||
| Adjustments: | |||||||||
| Transformation costs (1) | 1,472 | 530 | |||||||
| Stock-based compensation expense | 924 | 716 | |||||||
| Amortization of cloud-computing implementation costs | 345 | 361 | |||||||
| Restructuring | 59 | 779 | |||||||
| Impairment of goodwill | — | 34,100 | |||||||
| Change in fair value of contingent consideration liability | — | 98 | |||||||
| Other expense, net (2) | — | 358 | |||||||
| Non-GAAP adjusted EBITDA | $ | 17,171 | $ | 16,444 | |||||
| Net income (loss) margin (3) | 3.3 | % | (29.9 | ) | % | ||||
| Non-GAAP adjusted EBITDA margin (4) | 18.1 | % | 17.3 | % | |||||
| Adjustments: | |||||||||
| (Gain) Loss from foreign currency transactions | (2,925 | ) | 2,280 | ||||||
| Non-GAAP FX adjusted EBITDA | $ | 14,246 | $ | 18,724 | |||||
| (1) Transformation costs represent: (1) expenses incurred prior to formal launch of identified strategic projects with anticipated long-term benefits to the company, generally relating to third-party professional fees and non-capitalizable technology costs tied directly to the identified projects and (2) severance costs associated with the reorganization of our teams in connection with the identified projects. | |||||||||
| (2) Adjustments to other expense, net reflect non-cash changes in the fair value of warrants liability included in other expense, net on our Consolidated Statements of Operations and Comprehensive Loss. | |||||||||
| (3) Net income (loss) margin is calculated by dividing net income (loss) by revenues reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | |||||||||
| (4) Non-GAAP Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenues reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | |||||||||
Revenues
Revenues from our offerings of products and services are as follows:
| Years Ended December 31, | |||||||||||||||||||||||
| (In thousands) | 2024 | % of Revenue | 2023 | % of Revenue | $ Variance | % Variance | |||||||||||||||||
| Content & Ad Measurement | |||||||||||||||||||||||
| Syndicated Audience (1) | $ | 260,654 | 73.2 | % | $ | 276,101 | 74.4 | % | $ | (15,447 | ) | (5.6 | ) | % | |||||||||
| Cross-Platform | 40,470 | 11.4 | % | 33,803 | 9.1 | % | 6,667 | 19.7 | % | ||||||||||||||
| Total Content & Ad Measurement | 301,124 | 84.6 | % | 309,904 | 83.5 | % | (8,780 | ) | (2.8 | ) | % | ||||||||||||
| Research & Insight Solutions | 54,923 | 15.4 | % | 61,439 | 16.5 | % | (6,516 | ) | (10.6 | ) | % | ||||||||||||
| Total revenues | $ | 356,047 | 100.0 | % | $ | 371,343 | 100.0 | % | $ | (15,296 | ) | (4.1 | ) | % | |||||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | |||||||||||||||||||||||
| Three Months Ended December 31, | |||||||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | % of Revenue | 2023 (Unaudited) | % of Revenue | $ Variance | % Variance | |||||||||||||||||
| Content & Ad Measurement | |||||||||||||||||||||||
| Syndicated Audience (1) | $ | 66,823 | 70.4 | % | $ | 68,550 | 72.1 | % | $ | (1,727 | ) | (2.5 | ) | % | |||||||||
| Cross-Platform | 14,218 | 15.0 | % | 11,686 | 12.3 | % | 2,532 | 21.7 | % | ||||||||||||||
| Total Content & Ad Measurement | 81,041 | 85.4 | % | 80,236 | 84.4 | % | 805 | 1.0 | % | ||||||||||||||
| Research & Insight Solutions | 13,895 | 14.6 | % | 14,865 | 15.6 | % | (970 | ) | (6.5 | ) | % | ||||||||||||
| Total revenues | $ | 94,936 | 100.0 | % | $ | 95,101 | 100.0 | % | $ | (165 | ) | (0.2 | ) | % | |||||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | |||||||||||||||||||||||
| Three Months Ended (Unaudited) | Year Ended | ||||||||||||||||||||||
| (In thousands) | March 31, 2024 | June 30, 2024 | September 30, 2024 | December 31, 2024 | December 31, 2024 | % of Total 2024 Revenue | |||||||||||||||||
| Content & Ad Measurement | |||||||||||||||||||||||
| Syndicated Audience | $ | 64,600 | $ | 64,189 | $ | 65,042 | $ | 66,823 | $ | 260,654 | 73.2 | % | |||||||||||
| Cross-Platform | 8,020 | 8,000 | 10,232 | 14,218 | 40,470 | 11.4 | % | ||||||||||||||||
| Total Content & Ad Measurement | 72,620 | 72,189 | 75,274 | 81,041 | 301,124 | 84.6 | % | ||||||||||||||||
| Research & Insight Solutions | 14,175 | 13,648 | 13,205 | 13,895 | 54,923 | 15.4 | % | ||||||||||||||||
| Total revenues | $ | 86,795 | $ | 85,837 | $ | 88,479 | $ | 94,936 | $ | 356,047 | 100.0 | % | |||||||||||
FAQ
What was Comscore's (SCOR) revenue performance in Q4 2024?
How much did Comscore's (SCOR) cross-platform revenue grow in Q4 2024?
What is Comscore's (SCOR) revenue guidance for 2025?
What financing agreement did Comscore (SCOR) secure in December 2024?
How much will Comscore (SCOR) save from the Charter Communications agreement amendment?
