Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning,
transacting and evaluating media across platforms, today reported
financial results for the quarter ended September 30, 2024.
Q3 2024
Financial Highlights
- Revenue for the
third quarter was $88.5 million compared to $91.0 million in Q3
2023
- Net loss of $60.6 million compared
to net income of $2.6 million in Q3 2023, primarily resulting from
a non-cash goodwill impairment charge of $63.0 million in 2024
- Adjusted EBITDA of $10.1 million
compared to $13.4 million in Q3 2023
- FX adjusted EBITDA of $12.4 million
compared to $12.3 million in Q3 2023
- Refining full-year revenue guidance
and maintaining adjusted EBITDA guidance
"In the third quarter, we took meaningful steps
forward in our cross-platform business, with our revenue in this
area growing nearly 34% year-over-year and underpinning several key
wins in the market," said Jon Carpenter, CEO. "We've also made
steady progress embedding our cross-platform measurement and
audience products into the programmatic ecosystem. This progress
enables advertisers to more easily target the audiences most
important to them and measure their campaign's ability to deliver
incremental audiences across platforms. As we look ahead to Q4 and
into 2025, I'm confident we will continue to make progress in our
transformation, positioning us to become the industry's leading
source for cross-platform audience planning and measurement."
Third Quarter Summary Results
Revenue in the third quarter was $88.5 million,
down 2.8% from $91.0 million in Q3 2023. Content & Ad
Measurement revenue was flat compared to the prior-year quarter,
with lower revenue from our syndicated audience offerings
(primarily related to national TV and syndicated digital products)
offset by an increase in our cross-platform revenue, which grew
33.5% over Q3 2023. Research & Insight Solutions revenue
declined 14.2% from Q3 2023, primarily due to lower deliveries of
certain custom digital products.
Our core operating expenses, which include cost
of revenues, sales and marketing, research and development and
general and administrative expenses, were $82.9 million, a decrease
of 3.9% compared to $86.3 million in Q3 2023, primarily due to a
decline in employee compensation and lower cloud computing
costs.
Due in part to a decline in our stock price and
market capitalization, we performed an interim review of our
goodwill at quarter-end, resulting in a non-cash goodwill
impairment charge of $63.0 million as of September 30, 2024. This
charge does not directly impact our liquidity, cash flows or future
operations.
Primarily as a result of the goodwill impairment
charge, net loss for the quarter was $60.6 million, compared to net
income of $2.6 million in Q3 2023, resulting in net (loss) income
margins of (68.5)% and 2.9% of revenue, respectively. After
accounting for dividends on our convertible preferred stock, loss
per share attributable to common shares was $(12.79) and $(0.34)
for Q3 2024 and Q3 2023, respectively.
Non-GAAP adjusted EBITDA for the quarter was
$10.1 million, compared to $13.4 million in Q3 2023, resulting in
adjusted EBITDA margins of 11.5% and 14.7%, respectively. Excluding
the impact of foreign currency transactions, FX adjusted EBITDA for
the quarter was $12.4 million, compared to $12.3 million in Q3
2023. Adjusted EBITDA and adjusted EBITDA margin exclude impairment
of goodwill, impairment of right-of-use and long-lived assets,
amortization of cloud-computing implementation costs, restructuring
costs, stock-based compensation, transformation costs, change in
fair value of contingent consideration and warrants liability and
other items as presented in the accompanying tables. FX adjusted
EBITDA excludes these items as well as gain/loss from foreign
currency transactions.
Balance Sheet and Liquidity
As of September 30, 2024, cash, cash
equivalents and restricted cash totaled $20.2 million. Total debt
principal, including $10.0 million in then-outstanding borrowings
under our senior secured revolving credit agreement, was $20.8
million.
On November 1, 2024, we repaid the outstanding
principal balance under our senior secured revolving credit
agreement, and on November 5, 2024, we amended the agreement to
extend the maturity date with respect to our outstanding letters of
credit (totaling $3.2 million) to January 31, 2025. We continue to
evaluate alternative financing options for the company, including a
replacement of this facility, and have engaged outside advisors to
assist in our evaluation.
2024
Outlook
Based on current trends and expectations, we are
tightening our full-year 2024 revenue range, with revenue expected
to be between $351 and $355 million for the year, and are
reaffirming our guidance for an adjusted EBITDA margin of at least
10%. We anticipate a return to growth in 2025 as we continue to
invest in and focus on our cross-platform measurement
capabilities.
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, November 12, 2024
at 5:00 p.m.
ET
Management will host a conference call to
discuss the results on Tuesday, November 12, 2024 at 5:00 p.m.
ET. The live audio webcast and supplemental information will be
accessible at ir.comscore.com/events-presentations. Participants
may also participate via telephone at (800) 715-9871 by using
passcode 3850002 or "Comscore Third Quarter 2024 Financial
Results". 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, a return to growth in 2025, revenue drivers, industry
positioning, strategic plans and opportunities, market
developments, transformation plans, product and technology
investments, and our evaluation of alternative financing options.
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; the availability of alternative financing;
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.
MediaJoseph NapolitanoComscore,
Inc.631-742-9320jnapolitano@comscore.com
InvestorsJohn TinkerComscore,
Inc.212-203-2129jtinker@comscore.com
| |
| |
|
COMSCORE, INC.CONDENSED CONSOLIDATED BALANCE
SHEETS |
| |
| |
As of |
|
As of |
| |
September 30, 2024 |
|
December 31, 2023 |
| (In thousands, except share
and per share data) |
(Unaudited) |
|
|
| Assets |
|
|
|
| Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
19,996 |
|
|
$ |
22,750 |
|
|
Restricted cash |
|
189 |
|
|
|
186 |
|
|
Accounts receivable, net of allowances of $445 and $614,
respectively |
|
55,165 |
|
|
|
63,826 |
|
|
Prepaid expenses and other current assets |
|
9,583 |
|
|
|
11,228 |
|
|
Total current assets |
|
84,933 |
|
|
|
97,990 |
|
| Property and equipment,
net |
|
48,856 |
|
|
|
41,574 |
|
| Operating right-of-use
assets |
|
14,070 |
|
|
|
18,628 |
|
| Deferred tax assets |
|
3,484 |
|
|
|
2,588 |
|
| Intangible assets, net |
|
5,750 |
|
|
|
8,115 |
|
| Goodwill |
|
247,460 |
|
|
|
310,360 |
|
| Other non-current assets |
|
7,909 |
|
|
|
12,040 |
|
|
Total assets |
$ |
412,462 |
|
|
$ |
491,295 |
|
| Liabilities,
Convertible Redeemable Preferred Stock and Stockholders' Equity
(Deficit) |
|
|
|
| Current liabilities: |
|
|
|
|
Accounts payable |
$ |
34,277 |
|
|
$ |
30,551 |
|
|
Accrued expenses |
|
28,501 |
|
|
|
34,422 |
|
|
Contract liabilities |
|
45,500 |
|
|
|
48,912 |
|
|
Revolving line of credit |
|
10,000 |
|
|
|
16,000 |
|
|
Accrued dividends |
|
4,424 |
|
|
|
24,132 |
|
|
Customer advances |
|
8,034 |
|
|
|
11,076 |
|
|
Current operating lease liabilities |
|
8,417 |
|
|
|
7,982 |
|
|
Contingent consideration |
|
1,191 |
|
|
|
4,806 |
|
|
Other current liabilities |
|
3,815 |
|
|
|
4,680 |
|
|
Total current liabilities |
|
144,159 |
|
|
|
182,561 |
|
| Non-current operating lease
liabilities |
|
16,605 |
|
|
|
23,003 |
|
| Non-current portion of accrued
data costs |
|
36,258 |
|
|
|
32,833 |
|
| Deferred tax liabilities |
|
— |
|
|
|
1,321 |
|
| Other non-current
liabilities |
|
10,706 |
|
|
|
7,589 |
|
|
Total liabilities |
|
207,728 |
|
|
|
247,307 |
|
| Commitments and
contingencies |
|
|
|
| Convertible redeemable
preferred stock, $0.001 par value; 100,000,000 shares authorized as
of September 30, 2024 and December 31, 2023; 95,784,903
shares and 82,527,609 shares issued and outstanding as of
September 30, 2024 and December 31, 2023, respectively;
aggregate liquidation preference of $241,194 as of
September 30, 2024, and $228,132 as of December 31,
2023 |
|
207,470 |
|
|
|
187,885 |
|
| Stockholders' equity
(deficit): |
|
|
|
|
Preferred stock, $0.001 par value; 5,000,000 shares authorized as
of September 30, 2024 and December 31, 2023; no shares
issued or outstanding as of September 30, 2024 or
December 31, 2023 |
|
— |
|
|
|
— |
|
|
Common stock, $0.001 par value; 13,750,000 shares authorized as of
September 30, 2024 and December 31, 2023; 5,228,787
shares issued and 4,890,548 shares outstanding as of
September 30, 2024, and 5,093,380 shares issued and 4,755,141
shares outstanding as of December 31, 2023 |
|
5 |
|
|
|
5 |
|
|
Additional paid-in capital |
|
1,713,399 |
|
|
|
1,696,612 |
|
|
Accumulated other comprehensive loss |
|
(13,282 |
) |
|
|
(14,110 |
) |
|
Accumulated deficit |
|
(1,472,874 |
) |
|
|
(1,396,420 |
) |
|
Treasury stock, at cost, 338,239 shares as of September 30,
2024 and December 31, 2023 |
|
(229,984 |
) |
|
|
(229,984 |
) |
|
Total stockholders' equity (deficit) |
|
(2,736 |
) |
|
|
56,103 |
|
| Total liabilities, convertible
redeemable preferred stock and stockholders' equity (deficit) |
$ |
412,462 |
|
|
$ |
491,295 |
|
| |
|
COMSCORE, INC.CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE (LOSS)
INCOME(Unaudited) |
| |
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
|
(In thousands, except share and per share data) |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Revenues |
$ |
88,479 |
|
|
$ |
91,000 |
|
|
$ |
261,111 |
|
|
$ |
276,242 |
|
| |
|
|
|
|
|
|
|
| Cost of revenues (1) (2) |
|
52,005 |
|
|
|
50,473 |
|
|
|
154,025 |
|
|
|
155,360 |
|
| Selling and marketing (1)
(2) |
|
12,515 |
|
|
|
14,794 |
|
|
|
42,691 |
|
|
|
48,984 |
|
| Research and development (1)
(2) |
|
7,272 |
|
|
|
8,083 |
|
|
|
24,412 |
|
|
|
25,792 |
|
| General and administrative (1)
(2) |
|
11,116 |
|
|
|
12,928 |
|
|
|
35,663 |
|
|
|
39,776 |
|
| Amortization of intangible
assets |
|
764 |
|
|
|
800 |
|
|
|
2,365 |
|
|
|
4,412 |
|
| Impairment of goodwill |
|
63,000 |
|
|
|
— |
|
|
|
63,000 |
|
|
|
44,100 |
|
| Impairment of right-of-use and
long-lived assets |
|
1,397 |
|
|
|
1,502 |
|
|
|
1,397 |
|
|
|
1,502 |
|
| Restructuring |
|
15 |
|
|
|
353 |
|
|
|
968 |
|
|
|
5,455 |
|
| Total expenses from
operations |
|
148,084 |
|
|
|
88,933 |
|
|
|
324,521 |
|
|
|
325,381 |
|
| (Loss) income from
operations |
|
(59,605 |
) |
|
|
2,067 |
|
|
|
(63,410 |
) |
|
|
(49,139 |
) |
| Other income, net |
|
— |
|
|
|
628 |
|
|
|
651 |
|
|
|
425 |
|
| (Loss) gain from foreign
currency transactions |
|
(2,223 |
) |
|
|
1,090 |
|
|
|
(1,508 |
) |
|
|
(544 |
) |
| Interest expense, net |
|
(424 |
) |
|
|
(426 |
) |
|
|
(1,440 |
) |
|
|
(1,141 |
) |
| (Loss) income before income
taxes |
|
(62,252 |
) |
|
|
3,359 |
|
|
|
(65,707 |
) |
|
|
(50,399 |
) |
| Income tax benefit
(provision) |
|
1,622 |
|
|
|
(741 |
) |
|
|
2,315 |
|
|
|
(563 |
) |
| Net (loss) income |
$ |
(60,630 |
) |
|
$ |
2,618 |
|
|
$ |
(63,392 |
) |
|
$ |
(50,962 |
) |
| Net loss available to common
stockholders: |
|
|
|
|
|
|
|
| Net (loss) income |
$ |
(60,630 |
) |
|
$ |
2,618 |
|
|
$ |
(63,392 |
) |
|
$ |
(50,962 |
) |
| Convertible redeemable
preferred stock dividends |
|
(4,578 |
) |
|
|
(4,286 |
) |
|
|
(13,062 |
) |
|
|
(11,983 |
) |
| Total net loss available to
common stockholders |
$ |
(65,208 |
) |
|
$ |
(1,668 |
) |
|
$ |
(76,454 |
) |
|
$ |
(62,945 |
) |
| Net loss per common share
(3): |
|
|
|
|
|
|
|
|
Basic and diluted |
$ |
(12.79 |
) |
|
$ |
(0.34 |
) |
|
$ |
(15.33 |
) |
|
$ |
(13.15 |
) |
| Weighted-average number of
shares used in per share calculation - Common Stock (3): |
|
|
|
|
|
|
|
|
Basic and diluted |
|
5,098,415 |
|
|
|
4,885,459 |
|
|
|
4,986,746 |
|
|
|
4,785,205 |
|
| Comprehensive (loss)
income: |
|
|
|
|
|
|
|
| Net (loss) income |
$ |
(60,630 |
) |
|
$ |
2,618 |
|
|
$ |
(63,392 |
) |
|
$ |
(50,962 |
) |
| Other comprehensive income
(loss): |
|
|
|
|
|
|
|
|
Foreign currency cumulative translation adjustment |
|
2,925 |
|
|
|
(2,267 |
) |
|
|
828 |
|
|
|
(869 |
) |
| Total comprehensive (loss)
income |
$ |
(57,705 |
) |
|
$ |
351 |
|
|
$ |
(62,564 |
) |
|
$ |
(51,831 |
) |
| |
|
|
|
|
|
|
|
|
(1) Excludes amortization of intangible assets, which is presented
as a separate line item. |
| (2) Stock-based
compensation (benefit) expense is included in the line items above
as follows: |
| |
|
|
|
|
|
|
|
| |
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| |
|
2024 |
|
|
|
2023 |
|
|
|
2024 |
|
|
|
2023 |
|
| Cost of revenues |
$ |
(281 |
) |
|
$ |
113 |
|
|
$ |
118 |
|
|
$ |
435 |
|
| Selling and marketing |
|
(208 |
) |
|
|
96 |
|
|
|
71 |
|
|
|
411 |
|
| Research and development |
|
(193 |
) |
|
|
85 |
|
|
|
92 |
|
|
|
333 |
|
| General and
administrative |
|
560 |
|
|
|
747 |
|
|
|
1,986 |
|
|
|
2,640 |
|
| Total stock-based compensation
(benefit) expense |
$ |
(122 |
) |
|
$ |
1,041 |
|
|
$ |
2,267 |
|
|
$ |
3,819 |
|
| |
|
|
|
|
|
|
|
|
(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) |
| |
| |
Nine Months Ended September 30, |
|
(In thousands) |
|
2024 |
|
|
|
2023 |
|
| Operating
activities: |
|
|
|
| Net loss |
$ |
(63,392 |
) |
|
$ |
(50,962 |
) |
| Adjustments to reconcile to
net cash provided by operating activities: |
|
|
|
|
Impairment of goodwill |
|
63,000 |
|
|
|
44,100 |
|
|
Depreciation |
|
16,194 |
|
|
|
14,613 |
|
|
Non-cash operating lease expense |
|
4,031 |
|
|
|
4,196 |
|
|
Amortization expense of finance leases |
|
2,691 |
|
|
|
1,268 |
|
|
Amortization of intangible assets |
|
2,365 |
|
|
|
4,412 |
|
|
Stock-based compensation expense |
|
2,267 |
|
|
|
3,819 |
|
|
Impairment of right-of-use and long-lived assets |
|
1,397 |
|
|
|
1,502 |
|
|
Deferred tax benefit |
|
(2,182 |
) |
|
|
(61 |
) |
|
Other |
|
947 |
|
|
|
1,140 |
|
|
Changes in operating assets and liabilities: |
|
|
|
|
Accounts receivable |
|
8,399 |
|
|
|
21,899 |
|
|
Prepaid expenses and other assets |
|
4,722 |
|
|
|
132 |
|
|
Accounts payable, accrued expenses and other liabilities |
|
588 |
|
|
|
(2,779 |
) |
|
Contract liabilities and customer advances |
|
(6,172 |
) |
|
|
(7,013 |
) |
|
Operating lease liabilities |
|
(6,715 |
) |
|
|
(5,981 |
) |
| Net cash provided by operating
activities |
|
28,140 |
|
|
|
30,285 |
|
| |
|
|
|
| Investing
activities: |
|
|
|
| Capitalized internal-use
software costs |
|
(18,189 |
) |
|
|
(16,609 |
) |
| Purchases of property and
equipment |
|
(579 |
) |
|
|
(1,240 |
) |
| Net cash used in investing
activities |
|
(18,768 |
) |
|
|
(17,849 |
) |
| |
|
|
|
| Financing
activities: |
|
|
|
| Payments of line of
credit |
|
(6,000 |
) |
|
|
— |
|
| Contingent consideration
payment at initial value |
|
(3,704 |
) |
|
|
(1,037 |
) |
| Principal payments on finance
leases |
|
(2,172 |
) |
|
|
(1,337 |
) |
| Other |
|
(266 |
) |
|
|
(276 |
) |
| Net cash used in financing
activities |
|
(12,142 |
) |
|
|
(2,650 |
) |
| Effect of exchange rate
changes on cash, cash equivalents and restricted cash |
|
19 |
|
|
|
25 |
|
| Net (decrease) increase in
cash, cash equivalents and restricted cash |
|
(2,751 |
) |
|
|
9,811 |
|
| Cash, cash equivalents and
restricted cash at beginning of period |
|
22,936 |
|
|
|
20,442 |
|
| Cash, cash equivalents and
restricted cash at end of period |
$ |
20,185 |
|
|
$ |
30,253 |
|
| |
As of September 30, |
|
|
|
2024 |
|
|
|
2023 |
|
| Cash and cash equivalents |
$ |
19,996 |
|
|
$ |
30,067 |
|
| Restricted cash |
|
189 |
|
|
|
186 |
|
| Total cash, cash equivalents
and restricted cash |
$ |
20,185 |
|
|
$ |
30,253 |
|
Reconciliation of Non-GAAP Financial
Measures
The following table presents a reconciliation of
GAAP net (loss) income and net (loss) income margin to non-GAAP
adjusted EBITDA, adjusted EBITDA margin and non-GAAP FX adjusted
EBITDA for each of the periods identified:
|
|
Three Months Ended September 30, |
|
Nine Months Ended September 30, |
| (In thousands) |
2024 (Unaudited) |
|
2023 (Unaudited) |
|
2024 (Unaudited) |
|
2023 (Unaudited) |
|
GAAP net (loss) income |
$ |
(60,630 |
) |
|
|
$ |
2,618 |
|
|
|
$ |
(63,392 |
) |
|
|
$ |
(50,962 |
) |
|
| |
|
|
|
|
|
|
|
| Depreciation |
|
5,537 |
|
|
|
|
5,020 |
|
|
|
|
16,194 |
|
|
|
|
14,613 |
|
|
| Amortization expense of
finance leases |
|
1,035 |
|
|
|
|
419 |
|
|
|
|
2,691 |
|
|
|
|
1,268 |
|
|
| Amortization of intangible
assets |
|
764 |
|
|
|
|
800 |
|
|
|
|
2,365 |
|
|
|
|
4,412 |
|
|
| Interest expense, net |
|
424 |
|
|
|
|
426 |
|
|
|
|
1,440 |
|
|
|
|
1,141 |
|
|
| Income tax (benefit)
provision |
|
(1,622 |
) |
|
|
|
741 |
|
|
|
|
(2,315 |
) |
|
|
|
563 |
|
|
| EBITDA |
|
(54,492 |
) |
|
|
|
10,024 |
|
|
|
|
(43,017 |
) |
|
|
|
(28,965 |
) |
|
| |
|
|
|
|
|
|
|
| Adjustments: |
|
|
|
|
|
|
|
|
Impairment of goodwill |
|
63,000 |
|
|
|
|
— |
|
|
|
|
63,000 |
|
|
|
|
44,100 |
|
|
|
Impairment of right-of-use and long-lived assets |
|
1,397 |
|
|
|
|
1,502 |
|
|
|
|
1,397 |
|
|
|
|
1,502 |
|
|
|
Amortization of cloud-computing implementation costs |
|
351 |
|
|
|
|
360 |
|
|
|
|
1,075 |
|
|
|
|
1,078 |
|
|
|
Restructuring |
|
15 |
|
|
|
|
353 |
|
|
|
|
968 |
|
|
|
|
5,455 |
|
|
|
Stock-based compensation (benefit) expense |
|
(122 |
) |
|
|
|
1,041 |
|
|
|
|
2,267 |
|
|
|
|
3,819 |
|
|
|
Transformation costs (1) |
|
— |
|
|
|
|
653 |
|
|
|
|
75 |
|
|
|
|
753 |
|
|
|
Change in fair value of contingent consideration liability |
|
— |
|
|
|
|
97 |
|
|
|
|
89 |
|
|
|
|
252 |
|
|
|
Other income, net (2) |
|
— |
|
|
|
|
(634 |
) |
|
|
|
(663 |
) |
|
|
|
(407 |
) |
|
| Non-GAAP adjusted EBITDA |
$ |
10,149 |
|
|
|
$ |
13,396 |
|
|
|
$ |
25,191 |
|
|
|
$ |
27,587 |
|
|
| Net (loss) income margin
(3) |
|
(68.5 |
) |
% |
|
|
2.9 |
|
% |
|
|
(24.3 |
) |
% |
|
|
(18.4 |
) |
% |
| Non-GAAP adjusted EBITDA
margin (4) |
|
11.5 |
|
% |
|
|
14.7 |
|
% |
|
|
9.6 |
|
% |
|
|
10.0 |
|
% |
| |
|
|
|
|
|
|
|
| Adjustments: |
|
|
|
|
|
|
|
|
Loss (gain) from foreign currency transactions |
|
2,223 |
|
|
|
|
(1,090 |
) |
|
|
|
1,508 |
|
|
|
|
544 |
|
|
| Non-GAAP FX adjusted
EBITDA |
$ |
12,372 |
|
|
|
$ |
12,306 |
|
|
|
$ |
26,699 |
|
|
|
$ |
28,131 |
|
|
| |
|
(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. |
|
(2) Adjustments to other income, net reflect non-cash changes in
the fair value of warrants liability included in other income, net
on our Condensed Consolidated Statements of Operations and
Comprehensive (Loss) Income and a loss on asset disposition
included in selling and marketing on our Condensed Consolidated
Statements of Operations and Comprehensive (Loss) Income. |
|
(3) Net (loss) income margin is calculated by dividing net (loss)
income by revenues reported on our Condensed Consolidated
Statements of Operations and Comprehensive (Loss) Income 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) Income for the
applicable period. |
Revenues
Revenues from our offerings of products and
services are as follows:
| |
Three Months Ended September 30, |
|
|
|
|
|
|
| (In thousands) |
2024 (Unaudited) |
|
% of Revenue |
|
2023 (Unaudited) |
|
% of Revenue |
|
$ Variance |
|
% Variance |
| Content & Ad
Measurement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Syndicated Audience (1) |
$ |
65,042 |
|
|
73.5 |
|
% |
|
$ |
67,946 |
|
|
74.7 |
|
% |
|
$ |
(2,904 |
) |
|
(4.3 |
) |
% |
|
Cross-Platform |
|
10,232 |
|
|
11.6 |
|
% |
|
|
7,664 |
|
|
8.4 |
|
% |
|
|
2,568 |
|
|
33.5 |
|
% |
| Total Content & Ad
Measurement |
|
75,274 |
|
|
85.1 |
|
% |
|
|
75,610 |
|
|
83.1 |
|
% |
|
|
(336 |
) |
|
(0.4 |
) |
% |
| Research & Insight
Solutions |
|
13,205 |
|
|
14.9 |
|
% |
|
|
15,390 |
|
|
16.9 |
|
% |
|
|
(2,185 |
) |
|
(14.2 |
) |
% |
| Total revenues |
$ |
88,479 |
|
|
100.0 |
|
% |
|
$ |
91,000 |
|
|
100.0 |
|
% |
|
$ |
(2,521 |
) |
|
(2.8 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Syndicated Audience revenue includes revenue from our movies
business, which grew from $8.7 million in the third quarter of 2023
to $9.3 million in the third quarter of 2024. |
| |
Nine Months Ended September 30, |
|
|
|
|
|
|
| (In thousands) |
2024 (Unaudited) |
|
% of Revenue |
|
2023 (Unaudited) |
|
% of Revenue |
|
$ Variance |
|
% Variance |
| Content & Ad
Measurement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Syndicated Audience (1) |
$ |
193,831 |
|
|
74.2 |
|
% |
|
$ |
207,551 |
|
|
75.1 |
|
% |
|
$ |
(13,720 |
) |
|
(6.6 |
) |
% |
|
Cross-Platform |
|
26,252 |
|
|
10.1 |
|
% |
|
|
22,117 |
|
|
8.0 |
|
% |
|
|
4,135 |
|
|
18.7 |
|
% |
| Total Content & Ad
Measurement |
|
220,083 |
|
|
84.3 |
|
% |
|
|
229,668 |
|
|
83.1 |
|
% |
|
|
(9,585 |
) |
|
(4.2 |
) |
% |
| Research & Insight
Solutions |
|
41,028 |
|
|
15.7 |
|
% |
|
|
46,574 |
|
|
16.9 |
|
% |
|
|
(5,546 |
) |
|
(11.9 |
) |
% |
| Total revenues |
$ |
261,111 |
|
|
100.0 |
|
% |
|
$ |
276,242 |
|
|
100.0 |
|
% |
|
$ |
(15,131 |
) |
|
(5.5 |
) |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Syndicated Audience revenue includes revenue from our movies
business, which grew from $26.2 million in the nine months ended
September 30, 2023 to $27.7 million in the nine months ended
September 30, 2024. |
| |
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