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Nov 5, 2019

Comscore Reports Third Quarter 2019 Results and Announces Leadership Transition

Bill Livek Appointed Chief Executive Officer & Executive Vice Chairman

RESTON, Va., Nov. 5, 2019Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the quarter ended Sept. 30, 2019. The company also announced today that Bill Livek has been appointed by Comscore's board of directors as chief executive officer and executive vice chairman, effective immediately, bringing his 40 years of experience in the world of media and consumer measurement to the CEO role.

Third Quarter 2019 Financial Results

  • Revenue for the third quarter was $94.3 million compared to $102.9 million in the prior-year quarter
  • Net loss of $10.6 million, or $(0.16) per share, compared to a net loss of $24.6 million, or $(0.42) per share in the year-ago quarter
  • Adjusted EBITDA for the third quarter increased 23.2% year-over-year to $6.4 million
  • Cash, cash equivalents and restricted cash of $58.5 million increased 16.5% since Dec. 31, 2018
  • Cost actions taken beginning to flow through; on track to be fully realized in 2020

"This was a transformative quarter for Comscore, as we made substantial progress in refocusing our product portfolio to provide our customers and partners with innovative solutions. During my tenure as interim chief executive officer, we significantly reduced our core operating costs, right-sized our organizational structure, and executed on a strategy that we believe will allow us to achieve breakeven operating cashflow by the end of the year," said Dale Fuller, director and former interim chief executive officer of Comscore. "I am incredibly grateful for the opportunity to have served as Comscore's interim CEO and believe we are a stronger organization to continue our transformation and bring innovative products and services to our customers. After much consideration, I believe I am best able to serve Comscore and its mission as a member of the board of directors."

"I would like to thank Dale for his guidance and leadership throughout this transition," said Bill Livek, Comscore's chief executive officer and executive vice chairman. "I am excited about the prospects that lie ahead for Comscore and the opportunities we continue to believe are ripe for disruption. I look forward to capitalizing on these opportunities and creating meaningful value for our stakeholders."

Third Quarter Summary Results

Total revenue in the third quarter of 2019 was $94.3 million, down from $102.9 million in the year-ago quarter.

Ratings and Planning revenue decreased to $65.3 million in the third quarter of 2019, compared to $70.5 million in the year-ago quarter. The decrease was the result of a decline in syndicated digital products. TV and cross-platform products were flat compared to the same period last year as a result of higher local TV revenue and increased delivery of cross-platform products, offset by lower national TV revenue.

Analytics and Optimization revenue declined to $18.3 million in the third quarter of 2019, compared to $22.2 million in the year-ago quarter. The decrease was related to lower digital custom marketing solution sales and deliveries in the third quarter of 2019 as compared to the prior-year period. This decrease was offset, in part, by increased revenue from Activation products.

Movies Reporting and Analytics revenue was $10.7 million in the third quarter of 2019, compared to $10.2 million in the year-ago quarter.

During the third quarter of 2019, the company announced a settlement with the SEC, resolving a previously disclosed investigation into financial accounting and disclosure practices between February 2014 and February 2016. In agreeing to the settlement, which includes a civil monetary penalty of $5.0 million, the company neither admitted nor denied the SEC's allegations. Following a separate proceeding by the SEC, the company received a clawback of $2.1 million from its former chief executive officer.

Net loss for the third quarter of 2019 was $10.6 million, or $(0.16) per share, compared to a net loss of $24.6 million, or $(0.42) per share reported in the year-ago quarter.

For the third quarter of 2019, non-GAAP adjusted EBITDA was $6.4 million, compared to adjusted EBITDA of $5.2 million in the year-ago quarter. Non-GAAP adjusted EBITDA excludes stock-based compensation expense; settlement of certain litigation (including the clawback referenced above); investigation, litigation and audit-related expense; restructuring expense; change in fair value of financing derivatives and warrants liability; and other items as presented in the accompanying tables.

Balance Sheet and Liquidity

As of September 30, 2019, cash, cash equivalents and restricted cash totaled $58.5 million, including $4.7 million in restricted cash and $2.1 million from the clawback related to the SEC proceeding. Total debt principal as of September 30, 2019, including $204.0 million of senior secured convertible notes, was $213.2 million.  

Conference Call Information for Today, Tuesday, Nov. 5 at 5:00 p.m. ET

Management will provide commentary on the company's results in a conference call today at 5:00 p.m. ET. To access the call, dial +1 844-229-7593 (domestic) or +1 314-888-4258 (international) and reference conference ID # 2225657. Participants are advised to dial in at least 10 minutes prior to the call to register. Additionally, a live webcast of the conference call will be available on the Investor Relations section of the company's website at ir.comscore.com/events-presentations. Following the conference call, a replay will be available by dialing +1 855-859-2056 (domestic) or +1 404-537-3406 (international) with passcode # 2225657. The replay will also be available via webcast at ir.comscore.com/events-presentations.

About Comscore

Comscore (Nasdaq: SCOR) is a 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 allows media buyers and sellers to quantify their multiscreen behavior and make 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, Comscore's expectations, forecasts, plans and opinions regarding product development and innovation, organizational restructuring, the company's ability to achieve breakeven operating cash flow in 2019, strategic plans, future prospects and market opportunities, and value creation for the company's stakeholders. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, Comscore's ability to achieve its expected strategic, financial and operational plans. For additional discussion of risk factors, please refer to Comscore's respective Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings that Comscore 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 our forward-looking statements, which speak only as of the date such statements are made. Comscore 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 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 herein non-GAAP net income (loss) and 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), 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. These reconciliations should be carefully evaluated.

COMSCORE, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

       
 

As of

 

As of

 

September 30, 2019

 

December 31, 2018

 

(Unaudited)

   

Assets

     

Current assets:

     

Cash and cash equivalents

$

53,839

   

$

44,096

 

Restricted cash

4,651

   

6,102

 

Accounts receivable, net of allowances of $2,182 and $1,597, respectively

59,417

   

75,609

 

Prepaid expenses and other current assets

16,217

   

19,972

 

Total current assets

134,124

   

145,779

 

Property and equipment, net

32,609

   

27,339

 

Operating right-of-use assets

37,923

   

 

Other non-current assets

2,363

   

8,898

 

Deferred tax assets

2,521

   

3,991

 

Intangible assets, net

86,483

   

126,945

 

Goodwill

415,806

   

641,191

 

Total assets

$

711,829

   

$

954,143

 

Liabilities and Stockholders' Equity

     

Current liabilities:

     

Accounts payable

$

44,921

   

$

29,836

 

Accrued expenses

48,108

   

58,140

 

Accrued litigation settlements

6,750

   

3,500

 

Contract liability

51,852

   

64,189

 

Customer advances

7,706

   

6,688

 

Warrants liability

5,905

   

 

Current operating lease liabilities

6,784

   

 

Other current liabilities

3,788

   

6,583

 

Total current liabilities

175,814

   

168,936

 

Financing derivatives

23,200

   

26,100

 

Senior secured convertible notes

182,744

   

177,342

 

Non-current operating lease liabilities

44,171

   

 

Deferred rent

   

10,304

 

Deferred tax liabilities

325

   

5,527

 

Other non-current liabilities

20,355

   

14,367

 

Total liabilities

446,609

   

402,576

 

Commitments and contingencies

     

Stockholders' equity:

     

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized at September 30, 2019 and December 31, 2018; no shares issued or outstanding as of September 30, 2019 and December 31, 2018

   

 

Common stock, $0.001 par value per share; 150,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 70,955,367 shares issued and 64,190,571 shares outstanding as of September 30, 2019, and 66,154,626 shares issued and 59,389,830 shares outstanding as of December 31, 2018

64

   

59

 

Additional paid-in capital

1,595,402

   

1,561,208

 

Accumulated other comprehensive loss

(13,515)

   

(10,621)

 

Accumulated deficit

(1,086,747)

   

(769,095)

 

Treasury stock, at cost, 6,764,796 shares as of September 30, 2019 and December 31, 2018

(229,984)

   

(229,984)

 

Total stockholders' equity

265,220

   

551,567

 

Total liabilities and stockholders' equity

$

711,829

   

$

954,143

 

 

COMSCORE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per share data)

         
   

Three Months Ended September 30,

 

Nine Months Ended September 30,

   

2019

 

2018

 

2019

 

2018

Revenues

 

$

94,300

   

$

102,864

   

$

293,482

   

$

310,172

 
                 

Cost of revenues (1) (2)

 

47,390

   

49,446

   

152,791

   

148,226

 

Selling and marketing (1) (2)

 

20,421

   

24,866

   

68,590

   

80,418

 

Research and development (1) (2)

 

14,064

   

18,742

   

49,163

   

58,347

 

General and administrative (1) (2)

 

14,064

   

18,707

   

50,541

   

66,067

 

Investigation and audit related

 

980

   

696

   

4,176

   

37,446

 

Amortization of intangible assets

 

6,970

   

7,896

   

23,151

   

24,706

 

Impairment of goodwill

 

   

   

224,272

   

 

Impairment of intangible asset

 

   

   

17,308

   

 

Settlement of litigation, net

 

(2,100)

   

   

2,900

   

5,250

 

Restructuring (1)

 

2,270

   

51

   

5,149

   

5,141

 

Total expenses from operations

 

104,059

   

120,404

   

598,041

   

425,601

 

Loss from operations

 

(9,759)

   

(17,540)

   

(304,559)

   

(115,429)

 

Interest expense, net

 

(8,175)

   

(4,682)

   

(23,176)

   

(11,711)

 

Other income (expense), net

 

6,733

   

(1,711)

   

6,621

   

(827)

 

Gain (loss) from foreign currency transactions

 

1,194

   

(304)

   

768

   

(181)

 

Loss before income taxes

 

(10,007)

   

(24,237)

   

(320,346)

   

(128,148)

 

Income tax (provision) benefit

 

(552)

   

(400)

   

2,740

   

(3,916)

 

Net loss

 

$

(10,559)

   

$

(24,637)

   

$

(317,606)

   

$

(132,064)

 

Net loss per common share:

               

Basic and diluted

 

$

(0.16)

   

$

(0.42)

   

$

(5.16)

   

$

(2.32)

 

Weighted-average number of shares used in per share calculation - Common Stock:

               

Basic and diluted

 

64,157,167

   

58,212,306

   

61,603,357

   

56,877,186

 

Comprehensive loss:

               

Net loss

 

$

(10,559)

   

$

(24,637)

   

$

(317,606)

   

$

(132,064)

 

Other comprehensive loss:

               

Foreign currency cumulative translation adjustment

 

(2,950)

   

(429)

   

(2,894)

   

(2,789)

 

Total comprehensive loss

 

$

(13,509)

   

$

(25,066)

   

$

(320,500)

   

$

(134,853)

 
                 

(1) Stock-based compensation expense is included in the line items above as follows:

   

Three Months Ended September 30,

 

Nine Months Ended September 30,

   

2019

 

2018

 

2019

 

2018

Cost of revenues

 

$

396

   

$

1,248

   

$

1,880

   

$

5,235

 

Selling and marketing

 

756

   

1,860

   

3,159

   

8,227

 

Research and development

 

469

   

1,137

   

1,863

   

5,453

 

General and administrative

 

1,392

   

2,066

   

7,368

   

12,276

 

Restructuring

 

129

   

   

(137)

   

 

Total stock-based compensation expense

 

$

3,142

   

$

6,311

   

$

14,133

   

$

31,191

 
 
 

(2) Excludes amortization of intangible assets, which is presented separately in the Condensed Consolidated Statements of Operations and Comprehensive Loss.

 

COMSCORE, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

   
 

Nine Months Ended September 30,

 

2019

 

2018

Operating activities:

     

Net loss

$

(317,606)

   

$

(132,064)

 

Adjustments to reconcile net loss to net cash used in operating activities:

     

Depreciation

9,447

   

12,974

 

Non-cash operating lease expense

3,987

   

 

Amortization expense of finance leases

1,974

   

 

Amortization of intangible assets

23,151

   

24,706

 

Impairment of goodwill

224,272

   

 

Impairment of intangible asset

17,308

   

 

Stock-based compensation

14,133

   

31,191

 

Deferred tax (benefit) provision

(3,951)

   

2,828

 

Change in fair value of financing derivatives

(2,900)

   

10,141

 

Change in fair value of warrant liability

(4,893)

   

 

Change in fair value of investment in equity securities

2,324

   

(307)

 

Non-cash interest expense on senior secured convertible notes

17,374

   

 

Accretion of debt discount

4,607

   

3,327

 

Amortization of deferred financing costs

795

   

703

 

Other

657

   

560

 

Changes in operating assets and liabilities:

     

Accounts receivable

14,951

   

19,480

 

Prepaid expenses and other assets

2,115

   

3,502

 

Accounts payable, accrued expenses, accrued litigation settlements and other liabilities

6,913

   

(22,449)

 

Contract liability and customer advances

(11,748)

   

(28,531)

 

Operating lease liabilities

(6,034)

   

 

Net cash used in operating activities

(3,124)

   

(73,939)

 
       

Investing activities:

     

Proceeds from sale of investment in equity securities

3,776

   

 

Purchases of property and equipment

(2,810)

   

(2,183)

 

Capitalized internal-use software costs

(8,800)

   

(7,447)

 

Net cash used in investing activities

(7,834)

   

(9,630)

 
       

Financing activities:

     

Proceeds from borrowings on senior secured convertible notes

   

100,000

 

Debt issuance costs

   

(5,132)

 

Proceeds from private placement, net of issuance costs paid

19,769

   

 

Financing proceeds received on subscription receivable

   

7,998

 

Proceeds from sale-leaseback financing transaction

4,252

   

 

Proceeds from the exercise of stock options

1,191

   

2,855

 

Payments for taxes related to net share settlement of equity awards

(1,227)

   

(4,663)

 

Principal payments on finance leases

(2,080)

   

 

Principal payments on capital lease and software license arrangements

(1,997)

   

(7,260)

 

Net cash provided by financing activities

19,908

   

93,798

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(658)

   

(1,140)

 

Net increase in cash, cash equivalents and restricted cash

8,292

   

9,089

 

Cash, cash equivalents and restricted cash at beginning of period

50,198

   

45,125

 

Cash, cash equivalents and restricted cash at end of period

$

58,490

   

$

54,214

 
       
 

As of September 30,

 

2019

 

2018

Cash and cash equivalents

$

53,839

   

$

47,876

 

Restricted cash

4,651

   

6,338

 

Total cash, cash equivalents and restricted cash

$

58,490

   

$

54,214

 

Reconciliation of Non-GAAP Financial Measures

The following table presents a reconciliation of net loss (GAAP) to adjusted EBITDA for each of the periods identified:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(In thousands)

2019
(Unaudited)

 

2018
(Unaudited)

 

2019
(Unaudited)

 

2018
(Unaudited)

Net loss (GAAP)

$

(10,559)

   

$

(24,637)

   

$

(317,606)

   

$

(132,064)

 
               

Income tax provision (benefit)

552

   

400

   

(2,740)

   

3,916

 

Interest expense, net

8,175

   

4,682

   

23,176

   

11,711

 

Depreciation

3,336

   

4,135

   

9,447

   

12,974

 

Amortization expense of finance leases

613

   

   

1,974

   

 

Amortization of intangible assets

6,970

   

7,896

   

23,151

   

24,706

 

EBITDA

9,087

   

(7,524)

   

(262,598)

   

(78,757)

 
               

Adjustments:

             

Stock-based compensation

3,013

   

6,311

   

14,270

   

31,191

 

Investigation and audit related

980

   

696

   

4,176

   

37,446

 

Settlement of litigation, net

(2,100)

   

   

2,900

   

5,250

 

Restructuring

2,270

   

51

   

5,149

   

5,141

 

Impairment of goodwill

   

   

224,272

   

 

Impairment of intangible asset

   

   

17,308

   

 

Private placement issuance cost (1)

(416)

   

   

738

   

 

Other (income) expense, net (2)

(6,385)

   

5,699

   

(5,469)

   

9,834

 

Adjusted EBITDA

$

6,449

   

$

5,233

   

$

746

   

$

10,105

 
 

(1) In the second quarter of 2019, we recorded $2.8 million in accrued transaction costs, of which $1.2 million was allocated to the warrants liability and recorded in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The remaining transaction costs of $1.6 million were recorded in additional paid-in capital in the Condensed Consolidated Balance Sheet. In the third quarter of 2019, we recorded a $1.0 million adjustment due to a change in our estimate of transaction costs by decreasing general and administrative expenses by $0.4 million and additional paid-in capital by $0.6 million.

(2) Adjustments to other (income) expense, net, reflect non-cash changes in the fair value of financing derivatives, warrants liability and equity securities investment included in other income (expense), net on our Condensed Consolidated Statements of Operations and Comprehensive Loss.

The following table presents a reconciliation of net loss (GAAP) to non-GAAP net loss for each of the periods identified:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

(In thousands)

2019
(Unaudited)

 

2018
(Unaudited)

 

2019
(Unaudited)

 

2018
(Unaudited)

Net loss (GAAP)

$

(10,559)

   

$

(24,637)

   

$

(317,606)

   

$

(132,064)

 
               

Adjustments:

             

Stock-based compensation

3,013

   

6,311

   

14,270

   

31,191

 

Investigation and audit related

980

   

696

   

4,176

   

37,446

 

Amortization of intangible assets (1)

6,970

   

7,896

   

23,151

   

24,706

 

Settlement of litigation, net

(2,100)

   

   

2,900

   

5,250

 

Restructuring

2,270

   

51

   

5,149

   

5,141

 

Impairment of goodwill

   

   

224,272

   

 

Impairment of intangible asset

   

   

17,308

   

 

Private placement issuance cost (2)

(416)

   

   

738

   

 

Other (income) expense, net (3)

(6,385)

   

5,699

   

(5,469)

   

9,834

 

Non-GAAP net loss

$

(6,227)

   

$

(3,984)

   

$

(31,111)

   

$

(18,496)

 
 

(1) In the fourth quarter of 2018, amortization of intangible assets was added as an adjustment in our calculation of non-GAAP net loss. Prior year non-GAAP net loss has been recast to include this adjustment, which is intended to better reflect our core operating performance.

(2) In the second quarter of 2019, we recorded $2.8 million in accrued transaction costs, of which $1.2 million was allocated to the warrants liability and recorded in general and administrative expenses in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The remaining transaction costs of $1.6 million were recorded in additional paid-in capital in the Condensed Consolidated Balance Sheet. In the third quarter of 2019, we recorded a $1.0 million adjustment due to a change in our estimate of transaction costs by decreasing general and administrative expenses by $0.4 million and additional paid-in capital by $0.6 million.

(3) Adjustments to other (income) expense, net, reflect non-cash changes in the fair value of financing derivatives, warrants liability and equity securities investment included in other income (expense), net on our Condensed Consolidated Statements of Operations and Comprehensive Loss.

We do not provide GAAP net income (loss) on a forward-looking basis because we are unable to predict with reasonable certainty our future stock-based compensation expense, investigation, audit-related and litigation expense, fair value adjustments for financing derivatives and warrants, variable interest expense for outstanding senior secured convertible notes, 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 non-GAAP net loss to the most directly comparable GAAP measure, GAAP net income (loss), on a forward-looking basis.

Supplemental Non-GAAP Disclosure

The following tables present a reconciliation of certain non-GAAP expense line items (to be discussed on today's conference call) to the most directly comparable GAAP expense line items. GAAP expense line items have been adjusted to exclude the effects of stock-based compensation.

 

Three Months Ended September 30,

 

2019

(Unaudited)

 

2018

(Unaudited)

(In thousands)

As
reported
(GAAP)

 

Less: stock
-based
compensation

 

As
adjusted
(non-
GAAP)

 

% of
GAAP
Revenue

 

As
reported
(GAAP)

 

Less: stock
-based
compensation

 

As
adjusted
(non-
GAAP)

 

% of
GAAP
Revenue

Revenues

$

94,300

           

100.0

%

 

$

102,864

           

100.0

%

Cost of revenues

47,390

   

$

396

   

$

46,994

   

49.8

%

 

49,446

   

$

1,248

   

$

48,198

   

46.9

%

Gross profit

46,910

   

(396)

   

47,306

   

50.2

%

 

53,418

   

(1,248)

   

54,666

   

53.1

%

Selling and marketing

20,421

   

756

   

19,665

   

20.9

%

 

24,866

   

1,860

   

23,006

   

22.4

%

Research and development

14,064

   

469

   

13,595

   

14.4

%

 

18,742

   

1,137

   

17,605

   

17.1

%

General and administrative

14,064

   

1,392

   

12,672

   

13.4

%

 

18,707

   

2,066

   

16,641

   

16.2

%

Restructuring

2,270

   

129

   

2,141

   

2.3

%

 

51

   

   

51

   

%

   
 

Nine Months Ended September 30,

 

2019

(Unaudited)

 

2018

(Unaudited)

(In thousands)

As
reported
(GAAP)

 

Less: stock
-based
compensation

 

As
adjusted
(non-
GAAP)

 

% of
GAAP
Revenue

 

As
reported
(GAAP)

 

Less: stock
-based
compensation

 

As
adjusted
(non-
GAAP)

 

% of
GAAP
Revenue

Revenues

$

293,482

           

100.0

%

 

$

310,172

           

100.0

%

Cost of revenues

152,791

   

$

1,880

   

$

150,911

   

51.4

%

 

148,226

   

$

5,235

   

$

142,991

   

46.1

%

Gross profit

140,691

   

(1,880)

   

142,571

   

48.6

%

 

161,946

   

(5,235)

   

167,181

   

53.9

%

Selling and marketing

68,590

   

3,159

   

65,431

   

22.3

%

 

80,418

   

8,227

   

72,191

   

23.3

%

Research and development

49,163

   

1,863

   

47,300

   

16.1

%

 

58,347

   

5,453

   

52,894

   

17.1

%

General and administrative

50,541

   

7,368

   

43,173

   

14.7

%

 

66,067

   

12,276

   

53,791

   

17.3

%

Restructuring

5,149

   

(137)

   

5,286

   

1.8

%

 

5,141

   

   

5,141

   

1.7

%

We do not provide GAAP cost of revenues, selling and marketing, research and development, general and administrative, and restructuring expense on a forward-looking basis because we are unable to predict with reasonable certainty our future stock-based compensation expense without unreasonable effort. Stock-based compensation expense is uncertain, depends 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 non-GAAP operating expense to the most directly comparable GAAP measure on a forward-looking basis.

Revenues

Revenues from our three offerings of products and services are as follows:

 

Three Months Ended September 30,

       

(In thousands)

2019
(Unaudited)

 

% of
Revenue

 

2018
(Unaudited)

 

% of
Revenue

 

$ Variance

 

% Variance

Ratings and Planning

$

65,334

   

69.3

%

 

$

70,499

   

68.4

%

 

$

(5,165)

   

(7.3)

%

Analytics and Optimization

18,252

   

19.3

%

 

22,215

   

21.6

%

 

(3,963)

   

(17.8)

%

Movies Reporting and Analytics

10,714

   

11.4

%

 

10,150

   

10.0

%

 

564

   

5.6

%

Total revenues

$

94,300

   

100

%

 

$

102,864

   

100

%

 

$

(8,564)

   

(8.3)

%

           
 

Nine Months Ended September 30,

       

(In thousands)

2019
(Unaudited)

 

% of
Revenue

 

2018
(Unaudited)

 

% of
Revenue

 

$ Variance

 

% Variance

Ratings and Planning

$

204,833

   

69.8

%

 

$

210,569

   

67.9

%

 

$

(5,736)

   

(2.7)

%

Analytics and Optimization

57,003

   

19.4

%

 

68,479

   

22.1

%

 

(11,476)

   

(16.8)

%

Movies Reporting and Analytics

31,646

   

10.8

%

 

31,124

   

10.0

%

 

522

   

1.7

%

Total revenues

$

293,482

   

100

%

 

$

310,172

   

100

%

 

$

(16,690)

   

(5.4)

%

 

 

 

Media 
Neil Ripley,
Comscore, Inc.
646-746-0579
press@comscore.com

Investors
Chris Ferris
Director, Investor Relations
(212) 277-6547
cferris@comscore.com