Comscore Reports Second Quarter 2024 Results
Comscore (Nasdaq: SCOR) reported Q2 2024 financial results, showing a revenue decline of 8.4% to $85.8 million compared to Q2 2023. The company posted a net loss of $1.7 million, significantly improved from a $44.9 million loss in Q2 2023. Adjusted EBITDA was $6.9 million, down from $8.9 million year-over-year.
Key highlights include:
- Content & Ad Measurement revenue declined 6.7%
- Research & Insight Solutions revenue fell 16.5%
- Core operating expenses decreased 6.1% to $86.5 million
- Adjusted EBITDA margin was 8.1%, down from 9.6% in Q2 2023
Comscore revised its full-year 2024 guidance, now expecting revenue between $350-360 million and an adjusted EBITDA margin of at least 10%. The company anticipates a return to growth in 2025.
Comscore (Nasdaq: SCOR) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un calo dei ricavi dell'8,4% a 85,8 milioni di dollari rispetto al secondo trimestre 2023. L'azienda ha registrato una perdita netta di 1,7 milioni di dollari, notevolmente migliorata rispetto a una perdita di 44,9 milioni di dollari nel secondo trimestre 2023. L'EBITDA rettificato è stato di 6,9 milioni di dollari, in calo rispetto a 8,9 milioni di dollari rispetto all'anno precedente.
Tra i punti salienti:
- I ricavi dalla misurazione dei contenuti e degli annunci sono diminuiti del 6,7%
- I ricavi delle soluzioni di ricerca e analisi sono scesi del 16,5%
- Le spese operative di base sono diminuite del 6,1% a 86,5 milioni di dollari
- Il margine EBITDA rettificato era dell'8,1%, in calo rispetto al 9,6% del secondo trimestre 2023
Comscore ha rivisto le previsioni per l'intero anno 2024, ora aspettandosi ricavi tra 350 e 360 milioni di dollari e un margine EBITDA rettificato di almeno il 10%. L'azienda prevede un ritorno alla crescita nel 2025.
Comscore (Nasdaq: SCOR) informó los resultados financieros del segundo trimestre de 2024, mostrando una disminución del 8,4% en los ingresos a 85,8 millones de dólares en comparación con el segundo trimestre de 2023. La empresa reportó una pérdida neta de 1,7 millones de dólares, significativamente mejor que una pérdida de 44,9 millones de dólares en el segundo trimestre de 2023. El EBITDA ajustado fue de 6,9 millones de dólares, en comparación con 8,9 millones de dólares en el año anterior.
Los aspectos destacados incluyen:
- Los ingresos de medición de contenido y anuncios cayeron un 6,7%
- Los ingresos de soluciones de investigación y análisis disminuyeron un 16,5%
- Los gastos operativos básicos disminuyeron un 6,1% a 86,5 millones de dólares
- El margen de EBITDA ajustado fue del 8,1%, por debajo del 9,6% en el segundo trimestre de 2023
Comscore revisó sus proyecciones para todo el año 2024, ahora esperando ingresos entre 350 y 360 millones de dólares y un margen de EBITDA ajustado de al menos el 10%. La empresa anticipa un regreso al crecimiento en 2025.
Comscore (Nasdaq: SCOR)는 2024년 2 분기 재무 결과를 보고하며, 수익이 8.4% 감소하여 8천580만 달러에 달했다고 전했다. 이는 2023년 2 분기와 비교되는 수치이다. 회사는 170만 달러의 순손실을 기록했으며, 이는 2023년 2 분기의 4천490만 달러 손실에서 크게 개선된 수치이다. 조정된 EBITDA는 690만 달러로, 전년 대비 890만 달러에서 감소하였다.
주요 하이라이트는 다음과 같다:
- 콘텐츠 및 광고 측정 수익이 6.7% 감소하였다.
- 연구 및 인사이트 솔루션 수익이 16.5% 감소하였다.
- 핵심 운영 비용이 6.1% 감소하여 8천650만 달러에 달하였다.
- 조정된 EBITDA 마진은 8.1%로, 2023년 2 분기의 9.6%에서 감소하였다.
Comscore는 2024년 전체 연도 전망을 수정하여, 이제 3억5천만에서 3억6천만 달러의 수익과 최소 10%의 조정 EBITDA 마진을 예상하고 있다. 이 회사는 2025년에 성장이 회복될 것으로 보고 있다.
Comscore (Nasdaq: SCOR) a annoncé les résultats financiers du deuxième trimestre 2024, montrant un décroissance des revenus de 8,4% à 85,8 millions de dollars par rapport au deuxième trimestre 2023. L’entreprise a enregistré une perte nette de 1,7 million de dollars, ce qui représente une amélioration significative par rapport à une perte de 44,9 millions de dollars au deuxième trimestre 2023. L'EBITDA ajusté était de 6,9 millions de dollars, en baisse par rapport à 8,9 millions de dollars d'une année à l'autre.
Les points saillants incluent :
- Les revenus de mesure de contenu et de publicité ont diminué de 6,7%
- Les revenus des solutions de recherche et d'analyse ont chuté de 16,5%
- Les dépenses opérationnelles de base ont diminué de 6,1% à 86,5 millions de dollars
- La marge EBITDA ajustée était de 8,1%, en baisse par rapport à 9,6% au deuxième trimestre 2023
Comscore a révisé ses prévisions pour l'année 2024, s'attendant désormais à des revenus compris entre 350 et 360 millions de dollars et une marge EBITDA ajustée d'au moins 10%. L'entreprise prévoit un retour à la croissance en 2025.
Comscore (Nasdaq: SCOR) berichtete über die finanziellen Ergebnisse des zweiten Quartals 2024 und verzeichnete einen Umsatzrückgang von 8,4% auf 85,8 Millionen Dollar im Vergleich zum zweiten Quartal 2023. Das Unternehmen meldete einen Nettoverlust von 1,7 Millionen Dollar, was im Vergleich zu einem Verlust von 44,9 Millionen Dollar im zweiten Quartal 2023 eine deutliche Verbesserung darstellt. Das bereinigte EBITDA betrug 6,9 Millionen Dollar, gegenüber 8,9 Millionen Dollar im Vorjahresvergleich.
Wichtige Höhepunkte umfassen:
- Die Umsätze aus Inhalts- und Werbemessungen sanken um 6,7%
- Die Umsätze aus Forschungs- und Einsichtslösungen fielen um 16,5%
- Die Betriebskosten sanken um 6,1% auf 86,5 Millionen Dollar
- Die bereinigte EBITDA-Marge betrug 8,1%, ein Rückgang von 9,6% im zweiten Quartal 2023
Comscore hat seine Prognose für das Gesamtjahr 2024 überarbeitet und erwartet nun einen Umsatz zwischen 350 und 360 Millionen Dollar sowie eine bereinigte EBITDA-Marge von mindestens 10%. Das Unternehmen rechnet mit einem Wachstum im Jahr 2025.
- Significant improvement in net loss from $44.9 million in Q2 2023 to $1.7 million in Q2 2024
- Core operating expenses decreased by 6.1% to $86.5 million
- Proximic offerings are scaling rapidly with agencies and brands adopting cross-platform measurement solutions
- Company expects a return to growth in 2025
- Revenue declined 8.4% year-over-year to $85.8 million
- Content & Ad Measurement revenue declined 6.7% from Q2 2023
- Research & Insight Solutions revenue declined 16.5% from Q2 2023
- Adjusted EBITDA decreased from $8.9 million in Q2 2023 to $6.9 million in Q2 2024
- Full-year 2024 guidance revised downward
- Q3 2024 revenue expected to be down 4% to 6% from Q3 2023
Insights
Comscore's Q2 2024 results paint a mixed picture. While revenue declined
The revised full-year guidance is concerning, indicating a slower-than-expected turnaround. With projected revenue between
On a positive note, Comscore's focus on omnichannel measurement solutions and the rapid scaling of Proximic offerings could drive future growth. The company's ability to attract agencies and brands to its cross-platform measurement solutions is encouraging, but investors should closely monitor the pace of this transition.
Comscore's Q2 results reflect broader industry challenges in media measurement. The decline in Content & Ad Measurement revenue (
The company's pivot towards omnichannel measurement solutions is strategically sound, addressing growing gaps in current measurement offerings. However, the transition is proving slower than anticipated, as evidenced by the revised guidance. The rapid scaling of Proximic offerings and increased interest from agencies and brands in cross-platform solutions suggest potential for future growth, but the company must navigate the delicate balance of managing legacy product decline while ramping up new offerings.
Investors should watch for signs of accelerated adoption of Comscore's new products and any stabilization in legacy offerings as indicators of a successful turnaround.
RESTON, Va., Aug. 06, 2024 (GLOBE NEWSWIRE) -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the quarter ended June 30, 2024.
Q2 2024 Financial Highlights
- Revenue for the second quarter was
$85.8 million compared to$93.7 million in Q2 2023 - Net loss of
$1.7 million compared to$44.9 million in Q2 2023; prior period included a goodwill impairment charge of$44.1 million and restructuring costs of$4.1 million - Adjusted EBITDA of
$6.9 million compared to$8.9 million in Q2 2023 - Revising full-year guidance
"While the second quarter fell short of our expectations, we remain confident that the direction we're taking the company – one that is focused on delivering omnichannel measurement solutions to address the growing gaps in today's measurement offerings – is the right one," said Jon Carpenter, CEO of Comscore. "The revision to our full-year estimates reflects the pace with which our turnaround is happening, not our confidence in the strategic direction we've taken. As we head into the back half of the year, our Proximic offerings are scaling rapidly and we're seeing agencies and brands leaning into our cross-platform measurement solutions, validating the opportunity in front of us. We're committed to a return to growth, completing this turnaround and delivering the results that our stakeholders expect."
Second Quarter Summary Results
Revenue in the second quarter was
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were
Net loss was
Non-GAAP adjusted EBITDA for the quarter was
Balance Sheet and Liquidity
As of June 30, 2024, cash, cash equivalents and restricted cash totaled
2024 Outlook
Based on current trends and expectations, we are revising our guidance for full-year 2024 revenue and adjusted EBITDA, now expecting to end the year with revenue 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, August 6, 2024 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, August 6, 2024 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 2024, revenue drivers, economic and industry trends, strategic plans and opportunities, market developments, value delivery to stakeholders, transformation plans, product and technology investments, and future growth. 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.
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | As of | ||||||
| June 30, 2024 | December 31, 2023 | ||||||
| (In thousands, except share and per share data) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 14,655 | $ | 22,750 | |||
| Restricted cash | 188 | 186 | |||||
| Accounts receivable, net of allowances of | 53,904 | 63,826 | |||||
| Prepaid expenses and other current assets | 12,019 | 11,228 | |||||
| Total current assets | 80,766 | 97,990 | |||||
| Property and equipment, net | 49,162 | 41,574 | |||||
| Operating right-of-use assets | 15,920 | 18,628 | |||||
| Deferred tax assets | 2,424 | 2,588 | |||||
| Intangible assets, net | 6,514 | 8,115 | |||||
| Goodwill | 309,649 | 310,360 | |||||
| Other non-current assets | 9,707 | 12,040 | |||||
| Total assets | $ | 474,142 | $ | 491,295 | |||
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 32,088 | $ | 30,551 | |||
| Accrued expenses | 30,696 | 34,422 | |||||
| Contract liabilities | 47,758 | 48,912 | |||||
| Revolving line of credit | 10,000 | 16,000 | |||||
| Accrued dividends | 32,616 | 24,132 | |||||
| Customer advances | 7,953 | 11,076 | |||||
| Current operating lease liabilities | 8,299 | 7,982 | |||||
| Contingent consideration | 1,191 | 4,806 | |||||
| Other current liabilities | 4,168 | 4,680 | |||||
| Total current liabilities | 174,769 | 182,561 | |||||
| Non-current operating lease liabilities | 17,948 | 23,003 | |||||
| Non-current portion of accrued data costs | 35,190 | 32,833 | |||||
| Deferred tax liabilities | 970 | 1,321 | |||||
| Other non-current liabilities | 11,543 | 7,589 | |||||
| Total liabilities | 240,420 | 247,307 | |||||
| Commitments and contingencies | |||||||
| Convertible redeemable preferred stock, | 187,885 | 187,885 | |||||
| Stockholders' equity: | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 5 | 5 | |||||
| Additional paid-in capital | 1,699,689 | 1,696,612 | |||||
| Accumulated other comprehensive loss | (16,207 | ) | (14,110 | ) | |||
| Accumulated deficit | (1,407,666 | ) | (1,396,420 | ) | |||
| Treasury stock, at cost, 338,239 shares as of June 30, 2024 and December 31, 2023 | (229,984 | ) | (229,984 | ) | |||
| Total stockholders' equity | 45,837 | 56,103 | |||||
| Total liabilities, convertible redeemable preferred stock and stockholders' equity | $ | 474,142 | $ | 491,295 | |||
COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | $ | 85,837 | $ | 93,684 | $ | 172,632 | $ | 185,242 | |||||||
| Cost of revenues(1) (2) | 51,953 | 52,958 | 102,020 | 104,887 | |||||||||||
| Selling and marketing(1) (2) | 14,812 | 17,036 | 30,176 | 34,190 | |||||||||||
| Research and development(1) (2) | 8,373 | 8,790 | 17,140 | 17,709 | |||||||||||
| General and administrative(1) (2) | 11,334 | 13,274 | 24,547 | 26,848 | |||||||||||
| Amortization of intangible assets | 800 | 801 | 1,601 | 3,612 | |||||||||||
| Restructuring | 493 | 4,104 | 953 | 5,102 | |||||||||||
| Impairment of goodwill | — | 44,100 | — | 44,100 | |||||||||||
| Total expenses from operations | 87,765 | 141,063 | 176,437 | 236,448 | |||||||||||
| Loss from operations | (1,928 | ) | (47,379 | ) | (3,805 | ) | (51,206 | ) | |||||||
| Other income (expense), net | 376 | 1,609 | 651 | (203 | ) | ||||||||||
| (Loss) gain from foreign currency transactions | (248 | ) | (168 | ) | 715 | (1,634 | ) | ||||||||
| Interest expense, net | (444 | ) | (363 | ) | (1,016 | ) | (715 | ) | |||||||
| Loss before income taxes | (2,244 | ) | (46,301 | ) | (3,455 | ) | (53,758 | ) | |||||||
| Income tax benefit | 536 | 1,392 | 693 | 178 | |||||||||||
| Net loss | $ | (1,708 | ) | $ | (44,909 | ) | $ | (2,762 | ) | $ | (53,580 | ) | |||
| Net loss available to common stockholders: | |||||||||||||||
| Net loss | $ | (1,708 | ) | $ | (44,909 | ) | $ | (2,762 | ) | $ | (53,580 | ) | |||
| Convertible redeemable preferred stock dividends | (4,244 | ) | (3,872 | ) | (8,484 | ) | (7,697 | ) | |||||||
| Total net loss available to common stockholders | $ | (5,952 | ) | $ | (48,781 | ) | $ | (11,246 | ) | $ | (61,277 | ) | |||
| Net loss per common share(3): | |||||||||||||||
| Basic and diluted | $ | (1.19 | ) | $ | (10.21 | ) | $ | (2.28 | ) | $ | (12.94 | ) | |||
| Weighted-average number of shares used in per share calculation - Common Stock(3): | |||||||||||||||
| Basic and diluted | 4,991,496 | 4,776,431 | 4,938,464 | 4,734,519 | |||||||||||
| Comprehensive loss: | |||||||||||||||
| Net loss | $ | (1,708 | ) | $ | (44,909 | ) | $ | (2,762 | ) | $ | (53,580 | ) | |||
| Other comprehensive (loss) income: | |||||||||||||||
| Foreign currency cumulative translation adjustment | (110 | ) | (119 | ) | (2,097 | ) | 1,398 | ||||||||
| Total comprehensive loss | $ | (1,818 | ) | $ | (45,028 | ) | $ | (4,859 | ) | $ | (52,182 | ) | |||
| (1) Excludes amortization of intangible assets, which is presented as a separate line item. | |||||||||||||||
| (2) Stock-based compensation expense is included in the line items above as follows: | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2022 | 2023 | ||||||||||||
| Cost of revenues | $ | 156 | $ | 244 | $ | 399 | $ | 322 | |||||||
| Selling and marketing | 139 | 210 | 279 | 315 | |||||||||||
| Research and development | 105 | 193 | 285 | 248 | |||||||||||
| General and administrative | 611 | 1,014 | 1,426 | 1,893 | |||||||||||
| Total stock-based compensation expense | $ | 1,011 | $ | 1,661 | $ | 2,389 | $ | 2,778 | |||||||
| (3) Adjusted retroactively for a 1-for-20 reverse split of our common stock effected on December 20, 2023. | |||||||||||||||
COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six Months Ended June 30, | |||||||
| (In thousands) | 2024 | 2023 | |||||
| Operating activities: | |||||||
| Net loss | $ | (2,762 | ) | $ | (53,580 | ) | |
| Adjustments to reconcile to net cash provided by operating activities: | |||||||
| Depreciation | 10,657 | 9,593 | |||||
| Non-cash operating lease expense | 2,653 | 2,847 | |||||
| Stock-based compensation expense | 2,389 | 2,778 | |||||
| Amortization expense of finance leases | 1,656 | 849 | |||||
| Amortization of intangible assets | 1,601 | 3,612 | |||||
| Impairment of goodwill | — | 44,100 | |||||
| Deferred tax benefit | (365 | ) | (675 | ) | |||
| Other | 453 | 1,242 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 9,322 | 14,301 | |||||
| Prepaid expenses and other assets | 492 | 2,093 | |||||
| Accounts payable, accrued expenses and other liabilities | (1,584 | ) | (4,094 | ) | |||
| Contract liabilities and customer advances | (4,151 | ) | (3,070 | ) | |||
| Operating lease liabilities | (4,758 | ) | (3,778 | ) | |||
| Net cash provided by operating activities | 15,603 | 16,218 | |||||
| Investing activities: | |||||||
| Capitalized internal-use software costs | (11,664 | ) | (10,884 | ) | |||
| Purchases of property and equipment | (456 | ) | (1,122 | ) | |||
| Net cash used in investing activities | (12,120 | ) | (12,006 | ) | |||
| Financing activities: | |||||||
| Payments of line of credit | (6,000 | ) | — | ||||
| Contingent consideration payment at initial value | (3,704 | ) | (1,037 | ) | |||
| Principal payments on finance leases | (1,161 | ) | (888 | ) | |||
| Other | (95 | ) | (254 | ) | |||
| Net cash used in financing activities | (10,960 | ) | (2,179 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (616 | ) | 580 | ||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (8,093 | ) | 2,613 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 22,936 | 20,442 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 14,843 | $ | 23,055 | |||
| As of June 30, | |||||||
| 2024 | 2023 | ||||||
| Cash and cash equivalents | $ | 14,655 | $ | 22,657 | |||
| Restricted cash | 188 | 398 | |||||
| Total cash, cash equivalents and restricted cash | $ | 14,843 | $ | 23,055 | |||
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:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (In thousands) | 2024 (Unaudited) | 2023 (Unaudited) | 2024 (Unaudited) | 2023 (Unaudited) | |||||||||||
| GAAP net loss | $ | (1,708 | ) | $ | (44,909 | ) | $ | (2,762 | ) | $ | (53,580 | ) | |||
| Depreciation | 5,409 | 4,869 | 10,657 | 9,593 | |||||||||||
| Amortization expense of finance leases | 1,012 | 420 | 1,656 | 849 | |||||||||||
| Amortization of intangible assets | 800 | 801 | 1,601 | 3,612 | |||||||||||
| Interest expense, net | 444 | 363 | 1,016 | 715 | |||||||||||
| Income tax benefit | (536 | ) | (1,392 | ) | (693 | ) | (178 | ) | |||||||
| EBITDA | 5,421 | (39,848 | ) | 11,475 | (38,989 | ) | |||||||||
| Adjustments: | |||||||||||||||
| Stock-based compensation expense | 1,011 | 1,661 | 2,389 | 2,778 | |||||||||||
| Restructuring | 493 | 4,104 | 953 | 5,102 | |||||||||||
| Amortization of cloud-computing implementation costs | 362 | 359 | 724 | 718 | |||||||||||
| Transformation costs (1) | — | 100 | 75 | 100 | |||||||||||
| Impairment of goodwill | — | 44,100 | — | 44,100 | |||||||||||
| Change in fair value of contingent consideration liability | — | 59 | 89 | 155 | |||||||||||
| Other (income) expense, net (2) | (377 | ) | (1,588 | ) | (663 | ) | 227 | ||||||||
| Non-GAAP adjusted EBITDA | $ | 6,910 | $ | 8,947 | $ | 15,042 | $ | 14,191 | |||||||
| Net loss margin (3) | (2.0 | )% | (47.9 | )% | (1.6 | )% | (28.9 | )% | |||||||
| Non-GAAP adjusted EBITDA margin (4) | 8.1 | % | 9.6 | % | 8.7 | % | 7.7 | % | |||||||
| Adjustments: | |||||||||||||||
| Loss (gain) from foreign currency transactions | 248 | 168 | (715 | ) | 1,634 | ||||||||||
| Non-GAAP FX adjusted EBITDA | $ | 7,158 | $ | 9,115 | $ | 14,327 | $ | 15,825 | |||||||
| (1) Transformation costs represent expenses incurred prior to formal launch of identified strategic projects with anticipated long-term benefits to the company. These costs generally relate to third-party consulting and non-capitalizable technology costs tied directly to the identified projects. We added transformation costs as an adjustment in Q3 2023 for greater transparency around these costs and have applied the adjustment to prior periods for comparison. | |||||||||||||||
| (2) Adjustments to other (income) expense, net reflect non-cash changes in the fair value of warrants liability included in other income (expense), net on our Condensed Consolidated Statements of Operations and Comprehensive Loss. | |||||||||||||||
| (3) Net loss margin is calculated by dividing net loss by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | |||||||||||||||
| (4) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive Loss for the applicable period. | |||||||||||||||
Revenues
Revenues from our offerings of products and services are as follows:
| Three Months Ended June 30, | ||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | % of Revenue | 2023 (Unaudited) | % of Revenue | $ Variance | % Variance | ||||||||||||
| Content & Ad Measurement | ||||||||||||||||||
| Syndicated Audience (1) | $ | 64,189 | 74.8 | % | $ | 69,139 | 73.8 | % | $ | (4,950 | ) | (7.2 | )% | |||||
| Cross-Platform | 8,000 | 9.3 | % | 8,208 | 8.8 | % | (208 | ) | (2.5 | )% | ||||||||
| Total Content & Ad Measurement | 72,189 | 84.1 | % | 77,347 | 82.6 | % | (5,158 | ) | (6.7 | )% | ||||||||
| Research & Insight Solutions | 13,648 | 15.9 | % | 16,337 | 17.4 | % | (2,689 | ) | (16.5 | )% | ||||||||
| Total revenues | $ | 85,837 | 100.0 | % | $ | 93,684 | 100.0 | % | $ | (7,847 | ) | (8.4 | )% | |||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | ||||||||||||||||||
| Six Months Ended June 30, | ||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | % of Revenue | 2023 (Unaudited) | % of Revenue | $ Variance | % Variance | ||||||||||||
| Content & Ad Measurement | ||||||||||||||||||
| Syndicated Audience (1) | $ | 128,789 | 74.6 | % | $ | 139,605 | 75.4 | % | $ | (10,816 | ) | (7.7 | )% | |||||
| Cross-Platform | 16,020 | 9.3 | % | 14,453 | 7.8 | % | 1,567 | 10.8 | % | |||||||||
| Total Content & Ad Measurement | 144,809 | 83.9 | % | 154,058 | 83.2 | % | (9,249 | ) | (6.0 | )% | ||||||||
| Research & Insight Solutions | 27,823 | 16.1 | % | 31,184 | 16.8 | % | (3,361 | ) | (10.8 | )% | ||||||||
| Total revenues | $ | 172,632 | 100.0 | % | $ | 185,242 | 100.0 | % | $ | (12,610 | ) | (6.8 | )% | |||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | ||||||||||||||||||
FAQ
What was Comscore's (SCOR) revenue for Q2 2024?
How did Comscore's (SCOR) net loss change in Q2 2024 compared to Q2 2023?
What is Comscore's (SCOR) revised full-year 2024 revenue guidance?
When does Comscore (SCOR) expect to return to growth?
