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Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________ 
FORM 10-Q
______________________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to         
Commission file number: 001-33520
 ________________________________ 
 comScore, Inc.
(Exact name of registrant as specified in its charter)
 ________________________________ 
Delaware 54-1955550
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)

11950 Democracy Drive, Suite 600
Reston, Virginia 20190
(Address of Principal Executive Offices)
(703438-2000
(Registrant's Telephone Number, Including Area Code)
 ________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading SymbolName of Each Exchange on Which Registered
Common Stock, par value $0.001 per shareSCORNASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
        Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer  Accelerated filer 
Non-accelerated filer 
 
 Smaller reporting company 
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.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: As of August 6, 2020, there were 71,219,621 shares of the registrant's Common Stock outstanding.


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COMSCORE, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2020
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CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
We may make certain statements, including in this Quarterly Report on Form 10-Q, or 10-Q, including the information contained in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this 10-Q, and the information incorporated by reference in this 10-Q, that constitute forward-looking statements within the meaning of federal and state securities laws. Forward-looking statements are all statements other than statements of historical fact. We attempt to identify these forward-looking statements by words such as "may," "will," "should," "could," "might," "expect," "plan," "anticipate," "believe," "estimate," "target," "goal," "predict," "intend," "potential," "continue," "seek" and other comparable words. Similarly, statements that describe our business strategy, goals, prospects, opportunities, outlook, objectives, plans or intentions are also forward-looking statements. These statements may relate to, but are not limited to, expectations of future operating results or financial performance; expectations regarding the impact on our business of the COVID-19 pandemic and global measures to mitigate the spread of the virus; macroeconomic trends that we expect may influence our business, including any recession resulting from the COVID-19 pandemic; plans for business continuity, financing and capital expenditures; expectations regarding liquidity, customer payments and compliance with financing covenants and other payment obligations; expectations regarding the introduction of new products; effects of restructuring, remote work arrangements and other employment actions; regulatory compliance and expected changes in the regulatory or privacy landscape affecting our business; expected impact of litigation and regulatory proceedings; plans for stabilization, growth and future operations; effects of acquisitions, divestitures and partnerships; as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These statements are based on expectations and assumptions as of the date of this 10-Q regarding future events and business performance and involve known and unknown risks, uncertainties and other factors that may cause actual events or results to be materially different from any future events or results expressed or implied by these statements. These factors include those set forth in the following discussion and within Item 1A, "Risk Factors" of this 10-Q and elsewhere within this report; those identified within Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2019 and Item 1A, "Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020; and those identified in other documents that we file from time to time with the U.S. Securities and Exchange Commission, or SEC.
We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. You should not place undue reliance on forward-looking statements, which apply only as of the date of this 10-Q. You should carefully review the risk factors described in this 10-Q and in other documents that we file from time to time with the SEC. Except as required by applicable law, including the rules and regulations of the SEC, we undertake no obligation, and expressly disclaim any duty, to publicly update or revise forward-looking statements, whether as a result of any new information, future events or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable as of the date of this 10-Q, our statements are not guarantees of future results, levels of activity, performance, or achievements, and actual outcomes and results may differ materially from those expressed in, or implied by, any of our statements.
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PART I. FINANCIAL INFORMATION
ITEM 1.FINANCIAL STATEMENTS
COMSCORE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
As ofAs of
 June 30, 2020December 31, 2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$35,899  $46,590  
Restricted cash19,611  20,183  
Accounts receivable, net of allowances of $2,772 and $1,919, respectively ($2,406 and $2,698 of accounts receivable attributable to related parties, respectively)
64,026  71,853  
Prepaid expenses and other current assets ($1,156 and $1,180 attributable to related parties, respectively)
14,755  15,357  
Total current assets134,291  153,983  
Property and equipment, net 30,362  31,693  
Operating right-of-use assets31,484  36,689  
Other non-current assets3,652  2,979  
Deferred tax assets 1,868  2,374  
Intangible assets, net 65,790  79,559  
Goodwill 416,172  416,418  
Total assets$683,619  $723,695  
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable ($1,084 and $2,510 attributable to related parties, respectively)
$36,178  $44,804  
Accrued expenses ($7,666 and $6,902 attributable to related parties, respectively)
51,071  55,507  
Contract liability ($1,800 and $1,519 attributable to related parties, respectively)
55,422  58,158  
Customer advances8,432  9,886  
Warrants liability3,832  7,725  
Current operating lease liabilities6,994  6,764  
Other current liabilities6,723  7,393  
Total current liabilities168,652  190,237  
Secured term note12,488  12,463  
Financing derivatives (related parties)16,900  21,587  
Senior secured convertible notes (related parties)188,275  184,075  
Non-current operating lease liabilities39,480  42,497  
Non-current contract liability6,165  291  
Deferred tax liabilities407  287  
Other non-current liabilities 11,245  13,284  
Total liabilities443,612  464,721  
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized at June 30, 2020 and December 31, 2019; no shares issued or outstanding as of June 30, 2020 and December 31, 2019
    
Common stock, $0.001 par value per share; 150,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 77,629,871 shares issued and 70,865,075 shares outstanding as of June 30, 2020, and 76,829,926 shares issued and 70,065,130 shares outstanding as of December 31, 2019
71  70  
Additional paid-in capital1,615,284  1,609,358  
Accumulated other comprehensive loss(13,642) (12,333) 
Accumulated deficit(1,131,722) (1,108,137) 
Treasury stock, at cost, 6,764,796 shares as of June 30, 2020 and December 31, 2019
(229,984) (229,984) 
Total stockholders' equity240,007  258,974  
Total liabilities and stockholders' equity$683,619  $723,695  
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In thousands, except share and per share data)
 Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Revenues (1)
$88,566  $96,888  $178,094  $199,182  
Cost of revenues (1) (2) (3) (4)
44,949  51,994  90,747  105,401  
Selling and marketing (2) (3) (4)
16,007  23,329  35,220  48,169  
Research and development (2) (3) (4)
9,765  16,883  19,901  35,099  
General and administrative (1) (2) (3) (4)
13,741  16,932  29,284  36,477  
Investigation and audit related   2,354    3,196  
Amortization of intangible assets6,846  8,076  13,764  16,181  
Impairment of goodwill  224,272    224,272  
Impairment of intangible asset  17,308    17,308  
Settlement of litigation, net  5,000    5,000  
Impairment of right-of-use and long-lived assets    4,671    
Restructuring (3)
  2,949    2,879  
Total expenses from operations91,308  369,097  193,587  493,982  
Loss from operations(2,742) (272,209) (15,493) (294,800) 
Interest expense, net (1)
(8,856) (8,242) (17,702) (15,001) 
Other income (expense), net1,477  (3,081) 8,671  (112) 
Loss from foreign currency transactions(944) (464) (140) (426) 
Loss before income taxes(11,065) (283,996) (24,664) (310,339) 
Income tax benefit664  4,463  1,079  3,292  
Net loss$(10,401) $(279,533) $(23,585) $(307,047) 
Net loss per common share:
Basic and diluted$(0.15) $(4.61) $(0.34) $(5.09) 
Weighted-average number of shares used in per share calculation - Common Stock:
Basic and diluted70,554,326  60,697,608  70,340,658  60,315,528  
Comprehensive loss:
Net loss$(10,401) $(279,533) $(23,585) $(307,047) 
Other comprehensive loss:
Foreign currency cumulative translation adjustment1,564  677  (1,309) 56  
Total comprehensive loss$(8,837) $(278,856) $(24,894) $(306,991) 
(1) Transactions with related parties are included in the line items above (refer to Footnote 8, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information).
(2) Excludes amortization of intangible assets, which is presented as a separate line item.
(3) Stock-based compensation expense is included in the line items above as follows:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Cost of revenues$487  $636  $696  $1,484  
Selling and marketing720  1,087  1,329  2,403  
Research and development375  668  431  1,394  
General and administrative764  1,913  2,548  5,976  
Restructuring  (266)   (266) 
Total stock-based compensation expense$2,346  $4,038  $5,004  $10,991  






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(4) Lease cost, net of sublease income, is included in the line items above as follows:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
Operating lease cost
Cost of revenues$945  $1,155  $1,836  $2,256  
Selling and marketing1,045  1,218  2,144  2,382  
Research and development716  787  1,317  1,536  
General and administrative507  339  1,190  718  
Total operating lease cost$3,213  $3,499  $6,487  $6,892  
Amortization of right-of-use assets
Cost of revenues$288  $578  $573  $999  
Selling and marketing41  85  82  146  
Research and development44  80  88  141  
General and administrative21  44  41  75  
Total amortization of right-of-use assets$394  $787  $784  $1,361  
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Unaudited)
 (In thousands, except share data)
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Treasury stock, at costTotal
Stockholders'
Equity
SharesAmount
Balance as of December 31, 201970,065,130  $70  $1,609,358  $(12,333) $(1,108,137) $(229,984) $258,974  
Net loss—  —  —  —  (13,184) —  (13,184) 
Foreign currency translation adjustment—  —  —  (2,873) —  —  (2,873) 
Restricted stock units vested157,384  —  —  —  —  —    
Common stock received from tax withholding(15,597) —  (65) —  —  —  (65) 
Amortization of stock-based compensation—  —  2,609  —  —  —  2,609  
Balance as of March 31, 202070,206,917  $70  $1,611,902  $(15,206) $(1,121,321) $(229,984) $245,461  
Net loss—  —  —  —  (10,401) —  (10,401) 
Foreign currency translation adjustment—  —  —  1,564  —  —  1,564  
Restricted stock units vested659,244  1  2,241  —  —  —  2,242  
Common stock received from tax withholding(1,086) —  (3) —  —  —  (3) 
Amortization of stock-based compensation—  —  1,144  —  —  —  1,144  
Balance as of June 30, 202070,865,075  $71  $1,615,284  $(13,642) $(1,131,722) $(229,984) $240,007  
Common StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Treasury stock, at costTotal
Stockholders'
Equity
SharesAmount
Balance as of December 31, 201859,389,830  $59  $1,561,208  $(10,621) $(769,095) $(229,984) $551,567  
Adoption of ASC 842—  —  —  —  (46) —  (46) 
Net loss—  —  —  —  (27,514) —  (27,514) 
Foreign currency translation adjustment—  —  —  (621) —  —  (621) 
Exercise of common stock options68,259  —  1,191  —  —  —  1,191  
Restricted stock units vested552,651  1  4,610  —  —  —  4,611  
Common stock received from tax withholding(52,853) —  (1,138) —  —  —  (1,138) 
Amortization of stock-based compensation—  —  5,888  —  —  —  5,888  
Balance as of March 31, 2019