UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 31, 2007
comScore, Inc.
(Exact name of registrant as specified in its charter)
| Delaware | 000-1158172 | 54-19555550 | ||
| (State or other
jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
11465 Sunset Hills Road
Suite 200
Reston, Virginia 20190
Suite 200
Reston, Virginia 20190
(Address of principal executive offices, including zip code)
(703) 438-2000
(Registrant’s telephone number, including area code)
(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 (see General Instruction
A.2. below):
| o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
Attached hereto as Exhibit 99.1 and incorporated by reference herein is financial information for
comScore, Inc. for the three and nine months ended September 30, 2007 as well as forward-looking
statements relating to the quarter and the year ended December 31, 2007 as presented in a press
release on October 31, 2007.
The information in this Form 8-K and the exhibit attached hereto is being furnished and shall not
be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be
deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the
Exchange Act, regardless of any general incorporation language in such filing.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits.
| Exhibit No. | Description | |
99.1
|
Press Release dated October 31, 2007, announcing third quarter 2007 financial results |
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.
| comScore, Inc. | ||||||
| By: | /s/ John M. Green | |||||
Chief Financial Officer |
||||||
Date: October 31, 2007 |
EXHIBIT INDEX
| Exhibit No. | Description | |
99.1
|
Press Release dated October 31, 2007, announcing third quarter 2007 financial results |
Exhibit 99.1
PRESS RELEASE
comScore Announces Third Quarter 2007 Financial Results
Quarterly Revenue Reaches a Record $22.4 Million
RESTON, VA, October 31, 2007 — comScore, Inc. (NASDAQ: SCOR), a global leader in measuring the
digital world, today announced results for the quarter ended September 30, 2007.
Q3 2007 Financial Summary
comScore reported revenue of $22.4 million for the quarter ended September 30, 2007, an increase of
39 percent compared to the third quarter of 2006 and an increase of 8 percent over the second
quarter of 2007. Third quarter 2007 GAAP net income was $3.8 million, up $2.2 million or 138
percent, compared to $1.6 million in the third quarter of 2006.
comScore reports net income and earnings per share (EPS) on a GAAP and non-GAAP basis. In
addition, comScore reports adjusted EBITDA and free cash flow as non-GAAP measures. A
reconciliation of comScore’s GAAP results to these non-GAAP measures is included in the financial
tables accompanying this release.
| • | Adjusted net income for the third quarter of 2007 was $4.6 million, an increase of $2.6 million, or 131 percent, compared to $2.0 million in the third quarter of 2006. | ||
| • | GAAP EPS for the third quarter of 2007 was $0.12 on approximately 29.5 million fully diluted shares. Non-GAAP EPS, calculated using adjusted net income, was $0.16 per share. | ||
| • | Adjusted EBITDA was $4.5 million, an increase of 70 percent compared to the prior year period, and includes approximately $800,000 in public company costs in the third quarter of 2007. | ||
| • | comScore’s adjusted EBITDA margin was 20 percent, an increase of approximately 4 percentage points as compared to the third quarter of 2006 despite 3.5 percentage points attributable to approximately $800,000 in incremental public costs incurred in the third quarter of 2007. This margin improvement reflects the operating leverage realized by comScore’s business model. | ||
| • | Operating cash flow for the third quarter of 2007 was $7.0 million, an increase of $1.4 million, or 25 percent, compared to $5.6 million in the third quarter of 2006. Free cash flow was $5.8 million, compared to $5.0 million in the third quarter of 2006. | ||
| • | As of September 30, 2007, comScore had $98.2 million in cash, cash equivalents and short-term investments. Included in this amount is the approximately $76.7 million in net proceeds raised by the company through its initial public offering of 5 million shares of common stock that was completed on July 2, 2007. |
Q3 2007 Financial Highlights
| • | comScore’s subscription revenue was $17.9 million for the third quarter of 2007, an increase of 39 percent over the prior year period. Subscription revenue accounted for 80 percent of comScore’s total revenue for the third quarter, up from 78 percent of total revenue mix in the second quarter of 2007. Project revenue was $4.5 million in the third quarter of 2007, an increase of approximately 38 percent as compared to the prior year period. | ||
| • | Deferred revenue was $29.1 million at the end of the third quarter of 2007, an increase of 46 percent compared to the balance at September 30, 2006. | ||
| • | Revenue from existing customers totaled $19.1 million, an increase of 40 percent compared to the third quarter of 2006, while revenue from new customers was $3.3 million, an increase of 29 percent compared to the third quarter of 2006. | ||
| • | During the third quarter of 2007, comScore added a net 51 new customers bringing the total number of comScore customers to 837, a net increase of 161 new customers compared to the end of the third quarter of 2006. Within this total customer count, the company added a net 52 new subscription-based customers in the third quarter of 2007. This results in a total of 739 subscription-based customers as of the end of the third quarter of 2007, a net increase of 151 subscription-based customers compared to the prior year period. | ||
| • | International revenue was $2.5 million in the third quarter of 2007, an increase of 61 percent compared to the prior year period, and comprised 11 percent of the company’s total revenue compared to 9 percent of total revenue in the third quarter of 2006. |
“We are pleased with the performance of our business this quarter,” commented Dr. Magid Abraham,
President and CEO of comScore. “We have been able to grow our revenue among existing customers by
successfully upselling products and increasing our penetration of our existing customer base. We
have also continued to add new customers at a strong pace both in the U.S. and internationally. In
addition, the strong operating leverage of our business model is highlighted by the increase in our
adjusted EBITDA margins as revenue growth far outpaced the increase in operating expenses.
“We have launched five new products in the third quarter of 2007 including comScore Segment Metrix,
our first site level behavioral targeting product, qSearch 2.0, which is a second generation monthly scorecard
of the search market, and comScore Ad Metrix Publisher View, which provides unique reporting of
where display advertising is being delivered across the Internet. These products should contribute
to revenue in 2008,” added Dr. Abraham.
Guidance
comScore is forecasting fourth quarter 2007 revenue of approximately $25.0 million to $25.3
million, an increase of 37 percent to 39 percent compared to the fourth quarter of 2006 and a
sequential growth of approximately 12 percent to 13 percent compared to the third quarter of 2007.
For the fourth quarter of 2007, comScore is projecting GAAP net income of $5.0 million to $5.3
million. comScore is forecasting non-GAAP adjusted net income for the fourth quarter 2007 of $6.2
million to $6.5 million.
Adjusted EBITDA for the fourth quarter 2007 is forecast to be $6.2 million to $6.5 million, an
increase of 66 percent to 74 percent compared to the fourth quarter of 2006. The adjusted EBITDA forecast for the
fourth quarter of 2007 results in an adjusted EBITDA margin of 25 percent to 26 percent, up 4
percentage points to 5 percentage points compared to the prior year period despite including approximately two percentage points due to incremental
public company expense. Free cash flow for the
fourth quarter of 2007 is forecast to be in the range of $9.0 million to $9.5 million, an increase
of 527 percent to 562 percent compared to the fourth quarter of 2006.
comScore is forecasting full-year 2007 revenue of approximately $86.9 million to $87.2 million, up
31 percent to 32 percent over comparable 2006 revenue, and is projecting adjusted EBITDA for the
full-year 2007 in the range of $17.6 million to $17.9 million, an increase of 73 percent to 76
percent as compared to full-year 2006. For the full-year 2007, comScore is projecting GAAP net
income of $11.6 million to $11.9 million. comScore is also forecasting non-GAAP adjusted net
income for full-year 2007 of approximately $16.0 million to $16.3 million. comScore is expecting a
total of $1.3 million in incremental public company-related expenses for the third and fourth
quarters of 2007 that are included in the full-year 2007 adjusted EBITDA and non-GAAP adjusted net
income forecasts. Free cash flow for the full-year 2007 is projected to be in the range of $20.9
million to $21.4 million, an increase of 143 percent to 149 percent compared to full-year 2006.
As of September 30, 2007, the company had a valuation allowance of $30.5 million against certain
deferred tax assets, which consisted principally of net operating loss carryforwards. The company
has continued to evaluate its valuation allowance position on a regular basis. Based on the
company’s results for the third quarter of 2007 and forecasted results for the fourth quarter of
2007, the company may reverse its valuation allowance in part or in full in the fourth quarter of
this year. Once the valuation allowance is eliminated in whole or in part, the amount reversed will
not be available to offset the company’s future tax provision. It is expected that any such
elimination of the company’s valuation allowance will have a material positive impact on its
results from operations in the quarter when the reversal is recorded. The company’s forecasted GAAP net
income and adjusted net income amounts presented in this press release do not reflect any
adjustments related to a reversal of the company’s valuation allowance. The potential reversal of
the valuation allowance affects book income only; there would be no impact on operating or free
cash flow until the net operating losses were actually utilized against taxable income.
Non-GAAP Financial Measures
comScore reports all financial information required in accordance with generally accepted
accounting principles (GAAP). comScore believes, however, that evaluating its ongoing operating
results will be enhanced if it also discloses certain non-GAAP information, because it is useful to
understand comScore’s performance, as it excludes non-cash and other special charges that many
investors believe may obscure comScore’s on-going operating results.
For example, comScore believes that adjusted EBITDA is a useful measure for investors to use to
evaluate its operating performance. comScore defines adjusted EBITDA as net income plus the
(benefit) provision for income taxes, depreciation, amortization of intangible assets resulting
from acquisitions, stock-based compensation, revaluation of preferred stock warrant liabilities;
less interest income (expense), net. The company believes that adjusted EBITDA is an important
indicator of the company’s operational strength and the performance of its business because it
provides a link between profitability and operating cash flow. Adjusted EBITDA is also widely used
by investors and analysts as a supplemental measure to evaluate the overall operating performance
of companies in comScore’s industry. comScore’s management also uses adjusted EBITDA extensively
as a measure of operating performance because it does not include the impact of items not directly
resulting from our core operations. Moreover, the company’s management uses the measure for
planning purposes, to allocate resources and to evaluate the effectiveness of the company’s
business strategies and management’s performance.
In addition, comScore uses adjusted net income, which excludes the impact of the revaluation of
preferred stock warrant liabilities, stock-based compensation and the amortization of intangible
assets resulting from acquisitions, to evaluate profit performance including the impact of interest
income/expense and taxes. comScore’s management also uses free cash flow as a non-GAAP measure of
the company’s operating cash flow less cash expenditures for capital spending as a key indicator of
the company’s operating cash flow performance net of capital outlays.
Whenever comScore uses such non-GAAP financial measures, it provides a reconciliation of non-GAAP
financial measures to the most closely applicable GAAP financial measure. The mid-points of the
ranges for projected GAAP net income and adjusted net income have been used in the reconciliation,
where applicable. Investors are encouraged to review the related GAAP financial measures and the
reconciliation of these non-GAAP financial measures to their most directly comparable GAAP
financial measure.
Reconciliation from GAAP Net Income to Adjusted Net Income and Adjusted EBITDA
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
Net income |
$ | 3,791 | $ | 1,595 | $ | 6,571 | $ | 3,070 | ||||||||
Amortization of acquired intangibles |
211 | 333 | 797 | 1,037 | ||||||||||||
Stock-based compensation |
705 | 71 | 1,283 | 118 | ||||||||||||
Revaluation of preferred stock
warrant liabilities |
(82 | ) | 6 | 1,195 | 215 | |||||||||||
Adjusted net income |
$ | 4,625 | $ | 2,005 | $ | 9,846 | $ | 4,440 | ||||||||
Provision for income taxes |
129 | — | 181 | — | ||||||||||||
Depreciation |
928 | 724 | 2,770 | 2,105 | ||||||||||||
Interest (income) expense, net |
(1,180 | ) | (84 | ) | (1,421 | ) | (118 | ) | ||||||||
Adjusted EBITDA |
$ | 4,502 | $ | 2,645 | $ | 11,376 | $ | 6,427 | ||||||||
Adjusted EBITDA margin (%) |
20 | % | 16 | % | 18 | % | 13 | % | ||||||||
Reconciliation from GAAP Operating Cash Flow to Free Cash Flow
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| (Dollars in thousands) (unaudited) |
||||||||||||||||
Net cash provided by operating activities |
$ | 6,988 | $ | 5,576 | $ | 14,648 | $ | 8,540 | ||||||||
Purchases of property and equipment |
(1,141 | ) | (615 | ) | (2,702 | ) | (1,385 | ) | ||||||||
Free cash flow |
$ | 5,847 | $ | 4,961 | $ | 11,946 | $ | 7,155 | ||||||||
Reconciliation from GAAP Net Income to Adjusted Net Income and Adjusted EBITDA (Guidance)
Forecasted amounts for the quarter and year ended December 31, 2007 are based on the mid-points of
the range of the guidance provided herein.
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31 | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
Net income |
$ | 5,150 | $ | 2,599 | $ | 11,717 | $ | 5,669 | ||||||||
Amortization of acquired intangibles |
170 | 334 | 967 | 1,371 | ||||||||||||
Stock-based compensation |
1,030 | 80 | 2,312 | 198 | ||||||||||||
Revaluation of preferred stock warrant
liabilities |
— | 9 | 1,195 | 224 | ||||||||||||
Adjusted net income |
$ | 6,350 | $ | 3,022 | $ | 16,191 | $ | 7,462 | ||||||||
Provision for income taxes |
150 | 50 | 332 | 50 | ||||||||||||
Depreciation |
1,000 | 783 | 3,770 | 2,888 | ||||||||||||
Interest (income) expense, net |
(1,150 | ) | (113 | ) | (2,570 | ) | (231 | ) | ||||||||
Adjusted EBITDA |
$ | 6,350 | $ | 3,742 | $ | 17,723 | $ | 10,169 | ||||||||
Adjusted EBITDA margin (%) |
25.5 | % | 20.5 | % | 20.4 | % | 15.3 | % | ||||||||
| * | Forecasted, unaudited GAAP net income and adjusted amounts disclosed above do not reflect any adjustments related to a reversal of the company’s deferred tax valuation allowance. |
Reconciliation from GAAP Operating Cash Flow to Free Cash Flow Guidance
Forecasted amounts for the quarter and year ended December 31, 2007 are based on the mid-points of
the range of the guidance provided herein.
| Three Months Ended | Year Ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| (unaudited) | ||||||||||||||||
Net cash provided by operating activities |
$ | 9,950 | $ | 2,364 | $ | 24,550 | $ | 10,905 | ||||||||
Purchases of property and equipment |
(700 | ) | (929 | ) | (3,400 | ) | (2,314 | ) | ||||||||
Free cash flow |
$ | 9,250 | $ | 1,435 | $ | 21,150 | $ | 8,591 | ||||||||
Conference Call Details for October 31, 2007 to Discuss Third Quarter 2007 Financial Results
comScore will report financial results for the quarter ended September 30, 2007 on Wednesday,
October 31, at 4:30 p.m. EDT.
Dr. Magid Abraham, President and Chief Executive Officer, and John Green, Chief Financial Officer,
will provide commentary on comScore’s results at that time via live webcast, accessible at
http://ir.comscore.com/events.cfm. A replay of the webcast will be archived and available for
playback beginning at 7:30 p.m. EDT that evening, accessible from the same link.
About comScore
comScore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world. This capability is
based on a massive, global cross-section of more than 2 million consumers who have given comScore
permission to confidentially capture their browsing and transaction behavior, including online and
offline purchasing. comScore panelists also participate in survey research that captures and
integrates their attitudes and intentions. Through its proprietary technology, comScore measures
what matters across a broad spectrum of behavior and attitudes. comScore analysts apply this deep
knowledge of consumers and competitors to help clients design powerful marketing strategies and
tactics that deliver superior ROI. comScore services are used by more than 800 clients, including
global leaders such as AOL, Microsoft, Yahoo!, BBC, Carat, Deutsche Bank, France Telecom, Best Buy,
The Newspaper Association of America, Financial Times, ESPN, Fox Sports, Nestle, Starcom, Universal
McCann, the United States Postal Service, Verizon, ViaMichelin, Merck and Expedia. For more
information, please visit http://www.comscore.com.
Cautionary Statement
This press release contains forward-looking statements within the meaning of federal securities
laws, including, without limitation, statements regarding the following: comScore’s increasing
operating leverage; comScore’s expectations of the mix of subscription and project-based revenues
and the expected growth in subscription-based customers; comScore’s success in adding new customers
both in the U.S. and internationally; the expected uses and customer acceptance of Segment Metrix,
qSearch 2.0, Ad Metrix Publisher View and comScore Marketer and their contribution to revenues;
comScore’s product introduction strategies; comScore’s forecasts of revenue, adjusted EBITDA and
adjusted net income and the related growth rates for the fourth quarter and the complete year for
2007; and comScore’s expectation to realize deferred tax assets and plans to continue to evaluate
such assets and related valuation allowances. These statements involve risks and uncertainties that
could cause our actual results to differ materially, including, but not limited to: the early stage
of the market for digital marketing intelligence and the rate of development of such market; the
rate of development of the Internet advertising and eCommerce markets; comScore’s ability to retain
existing large customers and obtain new large customers; continued growth of the Internet as a
medium for commerce, content, advertising and communications; changes in comScore’s data-collection
methodologies; inability to sell additional products and attract new customers; dependence on
growth of international operations; product obsolescence with technological developments;
volatility of quarterly results and analyst expectations; comScore’s history of losses and the risk
of future losses; and comScore’s utilization of net operating loss carryforwards.
For a detailed discussion of these and other risk factors, please refer to comScore’s Registration
Statement on Form S-1 and quarterly reports on Form 10-Q, and other filings with the Securities and
Exchange Commission (the “SEC”), which are available on the SEC’s Web site (www.sec.gov).
Stockholders of comScore are cautioned not to place undue reliance on our forward-looking
statements, which speak only as of the date such statements are made. comScore does not undertake
any 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.
Contact:
John Green
Chief Financial Officer
jgreen@comscore.com
(703) 438-2325
Chief Financial Officer
jgreen@comscore.com
(703) 438-2325
comScore, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||||||
Revenues |
$ | 22,389 | $ | 16,165 | $ | 61,879 | $ | 48,056 | ||||||||
Cost of revenues (excludes
amortization of intangible
assets resulting from
acquisitions shown below) (1) |
5,942 | 4,977 | 17,330 | 15,330 | ||||||||||||
Selling and marketing (1) |
7,390 | 5,171 | 20,524 | 15,839 | ||||||||||||
Research and development (1) |
3,018 | 2,273 | 8,387 | 6,668 | ||||||||||||
General and administrative (1) |
3,059 | 1,897 | 7,994 | 5,991 | ||||||||||||
Amortization of intangible
assets resulting from
acquisitions |
211 | 333 | 797 | 1,037 | ||||||||||||
Total expenses from operations |
19,620 | 14,651 | 55,032 | 44,865 | ||||||||||||
Income from operations |
2,769 | 1,514 | 6,847 | 3,191 | ||||||||||||
Interest income, net |
1,180 | 84 | 1,421 | 118 | ||||||||||||
(Loss) gain from foreign currency |
(111 | ) | 3 | (321 | ) | (24 | ) | |||||||||
Revaluation of preferred stock
warrant liabilities |
82 | (6 | ) | (1,195 | ) | (215 | ) | |||||||||
Income before income taxes |
3,920 | 1,595 | 6,752 | 3,070 | ||||||||||||
Provision for income taxes |
(129 | ) | — | (181 | ) | — | ||||||||||
Net income |
3,791 | 1,595 | 6,571 | 3,070 | ||||||||||||
Accretion of redeemable
preferred stock |
(21 | ) | (812 | ) | (1,829 | ) | (2,331 | ) | ||||||||
Net income available to common
stockholders |
3,770 | 783 | 4,742 | 739 | ||||||||||||
Net income available to common
stockholders per common share: |
||||||||||||||||
Basic |
$ | 0.13 | $ | 0.00 | $ | 0.29 | $ | 0.00 | ||||||||
Diluted |
$ | 0.12 | $ | 0.00 | $ | 0.25 | $ | 0.00 | ||||||||
Weighted-average number of
shares used in per share
calculation — common stock |
||||||||||||||||
Basic |
27,248,379 | 3,958,059 | 12,211,143 | 3,805,156 | ||||||||||||
Diluted |
29,545,321 | 3,958,059 | 14,326,891 | 3,805,156 | ||||||||||||
(1) Amortization of stock-based
compensation is included in the
line items above as follows |
||||||||||||||||
Cost of revenues |
76 | 4 | 145 | 6 | ||||||||||||
Selling and marketing |
298 | 23 | 509 | 55 | ||||||||||||
Research and development |
67 | 4 | 128 | 6 | ||||||||||||
General and administrative |
264 | 40 | 501 | 51 | ||||||||||||
comScore, Inc.
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Nine Months Ended | ||||||||
| September 30, | ||||||||
| 2007 | 2006 | |||||||
| (in thousands) | ||||||||
| (Unaudited) | ||||||||
Operating activities |
||||||||
Net income |
$ | 6,571 | $ | 3,070 | ||||
Adjustments to reconcile net income to net cash provided by operating
activities: |
||||||||
Depreciation |
2,770 | 2,105 | ||||||
Amortization of intangible assets resulting from acquisitions |
797 | 1,037 | ||||||
Provisions for (recoveries of) bad debts |
81 | (64 | ) | |||||
Stock-based compensation |
1,283 | 120 | ||||||
Revaluation of preferred stock warrant liabilities |
1,195 | 215 | ||||||
Amortization of deferred finance costs |
7 | 19 | ||||||
Deferred tax benefit |
(58 | ) | — | |||||
Changes in operating assets and liabilities, net of effect of acquisitions: |
||||||||
Accounts receivable, net |
(5,096 | ) | 106 | |||||
Prepaid expenses and other current assets |
(381 | ) | (126 | ) | ||||
Other non-current assets |
218 | 199 | ||||||
Accounts payable, accrued expenses, and other liabilities |
1,431 | 1,404 | ||||||
Deferred revenues |
5,830 | 455 | ||||||
Net cash provided by operating activities |
14,648 | 8,540 | ||||||
Investing activities |
||||||||
Payment of restricted cash |
(268 | ) | (7 | ) | ||||
Purchase of short-term investments |
(37,976 | ) | (5,950 | ) | ||||
Sale of short-term investments |
21,400 | 1,500 | ||||||
Purchase of property and equipment |
(2,702 | ) | (1,385 | ) | ||||
Payment of additional consideration for acquired businesses |
— | (300 | ) | |||||
Net cash used in investing activities |
(19,546 | ) | (6,142 | ) | ||||
Financing activities |
||||||||
Proceeds from the exercise of common stock options |
780 | 232 | ||||||
Proceeds from issuance of common stock |
73,116 | — | ||||||
Principal payments on capital lease obligations |
(1,896 | ) | (917 | ) | ||||
Net cash provided by (used in) financing activities |
72,000 | (685 | ) | |||||
Effect of exchange rate changes on cash |
484 | 72 | ||||||
Net increase in cash and cash equivalents |
67,586 | 1,785 | ||||||
Cash and cash equivalents at beginning of year |
5,032 | 5,124 | ||||||
Cash and cash equivalents at end of period |
$ | 72,618 | $ | 6,909 | ||||
comScore, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
Condensed Consolidated Balance Sheets
(in thousands)
| September 30, | December 31, | |||||||
| 2007 | 2006 | |||||||
| (Unaudited) | ||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 72,618 | $ | 5,032 | ||||
Short-term investments |
25,624 | 11,000 | ||||||
Accounts receivable, net of allowances of $194 and $188, respectively |
19,460 | 14,123 | ||||||
Prepaid expenses and other current assets |
1,517 | 1,068 | ||||||
Restricted cash |
537 | 270 | ||||||
Total current assets |
119,756 | 31,493 | ||||||
Long-term investments |
1,960 | — | ||||||
Property and equipment, net |
6,927 | 6,980 | ||||||
Other non-current assets |
205 | 1,267 | ||||||
Intangible assets, net |
186 | 983 | ||||||
Goodwill |
1,364 | 1,364 | ||||||
Total assets |
$ | 130,398 | $ | 42,087 | ||||
Liabilities and stockholders’ equity/(deficit) |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 919 | $ | 1,353 | ||||
Accrued expenses |
7,279 | 6,020 | ||||||
Deferred revenues |
29,085 | 22,776 | ||||||
Capital lease obligations |
882 | 1,726 | ||||||
Preferred stock warrant liabilities |
— | 1,005 | ||||||
Total current liabilities |
38,165 | 32,880 | ||||||
Capital lease obligations, long-term |
1,209 | 2,261 | ||||||
Deferred tax liability |
19 | 77 | ||||||
Other liabilities |
258 | 374 | ||||||
Total liabilities |
39,651 | 35,592 | ||||||
Commitments and contingencies: |
||||||||
Redeemable preferred stock |
— | 101,695 | ||||||
Common stock subject to put |
4,450 | 4,357 | ||||||
Stockholders’ equity/(deficit): |
||||||||
Common stock |
28 | 4 | ||||||
Additional paid-in capital |
179,650 | — | ||||||
Accumulated other comprehensive (income)/loss |
204 | (75 | ) | |||||
Accumulated deficit |
(93,585 | ) | (99,486 | ) | ||||
Total stockholders’ equity/(deficit) |
86,297 | (99,557 | ) | |||||
Total liabilities and stockholders’ equity/(deficit) |
$ | 130,398 | $ | 42,087 | ||||