Current Report Filing (8-k)
September 29 2022 - 04:11PM
Edgar (US Regulatory)
0001158172false00011581722022-09-292022-09-29
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of earliest event reported): September 29,
2022
COMSCORE, INC.
(Exact name of registrant as specified in
charter)
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Delaware |
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001-33520 |
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54-1955550 |
(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(IRS Employer
Identification No.) |
11950 Democracy Drive
Suite 600
Reston, Virginia 20190
(Address of principal executive offices, including zip
code)
(703) 438–2000
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last
report)
Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant
under any of the following provisions:
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☐ |
Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17 CFR 240.14a-12) |
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☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the
Act:
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Title of Each Class |
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Trading Symbol |
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Name of Each Exchange on Which Registered |
Common Stock, par value $0.001 per share |
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SCOR |
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NASDAQ Global Select Market |
Indicate by check mark whether the registrant is an emerging growth
company as defined in Rule 405 of the Securities Act of 1933
(§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange
Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period
for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange
Act.
☐
Item 2.05
Costs Associated with Exit or Disposal Activities.
On September 29, 2022, comScore, Inc. (the "Company") communicated
a workforce reduction as part of its broader efforts to improve
cost efficiency and better align its operating structure and
resources with strategic priorities (collectively, the
"Restructuring Plan"). In addition to employee terminations, the
Restructuring Plan is expected to include the reallocation of
commercial and product development resources; reinvestment in and
modernization of key technology platforms; consolidation of data
storage and processing activities to reduce the Company's data
center footprint; and reduction of other operating expenses,
including software and facility costs. The Company may also
determine to exit certain activities in certain geographic regions
in order to more effectively align resources with business
priorities.
In connection with the Restructuring Plan, which was authorized by
the Company's Board of Directors on September 19, 2022, the Company
will incur certain exit-related costs. These costs are currently
estimated to range between $13 million and $18 million, including
(1) cash charges of approximately $6 million to $8 million for
severance, termination benefits and related costs for impacted
employees; (2) cash charges of approximately $6 million to $8
million for data center reduction; and (3) cash charges of
approximately $1 million to $2 million for other associated costs,
including legal, consulting and other professional fees. The
Company expects implementation of the Restructuring Plan, including
cash payments, to be substantially complete in the fourth quarter
of 2023. The Company intends to exclude certain charges associated
with the Restructuring Plan from its non-GAAP financial measures,
including adjusted EBITDA and adjusted EBITDA margin.
Cautionary Note Regarding Forward-Looking Statements
Item 2.05 of this Current Report on Form 8-K contains
forward-looking statements within the meaning of federal and state
securities laws, including, without limitation, the Company's
expectations and plans regarding the timing, scope and impact of
the Restructuring Plan (including the termination of employees,
reallocation of resources, modernization of platforms,
consolidation of data storage and processing activities, and
potential exit of geographic regions) and the type, amount and
timing of related costs. These statements involve risks and
uncertainties that could cause actual events to differ materially
from expectations, including, but not limited to, impediments to
the Company's ability to execute the Restructuring Plan as
currently contemplated, higher-than-expected costs to implement the
Restructuring Plan, changes to the assumptions upon which the
estimated charges are based, and unintended consequences from the
Restructuring Plan that could negatively impact the Company's
business or strategy. For additional discussion of risk factors,
please refer to the Company's Annual Reports on Form 10-K,
Quarterly Reports on Form 10-Q, and other filings that the Company
makes 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 the
Company's forward-looking statements, which speak only as of the
date such statements are made. Except as required by law, the
Company does not intend or undertake, and expressly disclaims any
duty or obligation, to publicly update any forward-looking
statements to reflect events, circumstances or new information
after the date of this Current Report on Form 8-K or to reflect the
occurrence of unanticipated events.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly
authorized.
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comScore, Inc. |
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By: |
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/s/ Mary Margaret Curry |
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Mary Margaret Curry |
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Chief Financial Officer and Treasurer |
Date: September 29, 2022
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