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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 September 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 November 5, 2020, there were 72,786,545 shares of the registrant's Common Stock outstanding.


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COMSCORE, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2020
TABLE OF CONTENTS
 



Table of Contents

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", 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; expectations regarding a potential recapitalization transaction, reduction in outstanding indebtedness, and enhanced commercial relationships; 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; those identified within Item 1A, "Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020; those identified within Item 1A, "Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended June 30, 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.
i

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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
 September 30, 2020December 31, 2019
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$32,221 $46,590 
Restricted cash19,613 20,183 
Accounts receivable, net of allowances of $2,763 and $1,919, respectively ($2,405 and $2,698 of accounts receivable attributable to related parties, respectively)
59,808 71,853 
Prepaid expenses and other current assets ($1,181 and $1,180 attributable to related parties, respectively)
16,217 15,357 
Total current assets127,859 153,983 
Property and equipment, net 31,269 31,693 
Operating right-of-use assets30,216 36,689 
Other non-current assets4,641 2,979 
Deferred tax assets 2,131 2,374 
Intangible assets, net 59,041 79,559 
Goodwill 417,065 416,418 
Total assets$672,222 $723,695 
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable ($2,523 and $2,510 attributable to related parties, respectively)
$42,130 $44,804 
Accrued expenses ($3,224 and $6,902 attributable to related parties, respectively)
47,593 55,507 
Contract liabilities ($1,956 and $1,519 attributable to related parties, respectively)
50,040 58,158 
Customer advances8,483 9,886 
Warrants liability1,960 7,725 
Current operating lease liabilities6,886 6,764 
Other current liabilities5,549 7,393 
Total current liabilities162,641 190,237 
Secured term note12,565 12,463 
Financing derivatives (related parties)14,700 21,587 
Senior secured convertible notes (related parties)190,533 184,075 
Non-current operating lease liabilities37,868 42,497 
Non-current contract liabilities4,026 291 
Deferred tax liabilities501 287 
Other non-current liabilities ($3,060 and $ attributable to related parties, respectively)
15,434 13,284 
Total liabilities438,268 464,721 
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized at September 30, 2020 and December 31, 2019; no shares issued or outstanding as of September 30, 2020 and December 31, 2019
  
Common stock, $0.001 par value per share; 150,000,000 shares authorized as of September 30, 2020 and December 31, 2019; 78,077,140 shares issued and 71,312,344 shares outstanding as of September 30, 2020, and 76,829,926 shares issued and 70,065,130 shares outstanding as of December 31, 2019
71 70 
Additional paid-in capital1,617,602 1,609,358 
Accumulated other comprehensive loss(10,892)(12,333)
Accumulated deficit(1,142,843)(1,108,137)
Treasury stock, at cost, 6,764,796 shares as of September 30, 2020 and December 31, 2019
(229,984)(229,984)
Total stockholders' equity233,954 258,974 
Total liabilities and stockholders' equity$672,222 $723,695 
See accompanying Notes to Condensed Consolidated Financial Statements.
1

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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 September 30,Nine Months Ended September 30,
2020201920202019
Revenues (1)
$87,952 $94,300 $266,046 $293,482 
Cost of revenues (1) (2) (3) (4)
46,466 47,390 137,213 152,791 
Selling and marketing (2) (3) (4)
17,131 20,421 52,351 68,590 
Research and development (2) (3) (4)
9,501 14,064 29,402 49,163 
General and administrative (1) (2) (3) (4)
12,136 14,064 41,420 50,541 
Amortization of intangible assets6,750 6,970 20,514 23,151 
Restructuring (3)
 2,270  5,149 
Investigation and audit related  980  4,176 
Settlement of litigation, net (2,100) 2,900 
Impairment of right-of-use and long-lived assets  4,671  
Impairment of goodwill   224,272 
Impairment of intangible asset   17,308 
Total expenses from operations91,984 104,059 285,571 598,041 
Loss from operations(4,032)(9,759)(19,525)(304,559)
Interest expense, net (1)
(9,027)(8,175)(26,729)(23,176)
Other income, net4,191 6,733 12,862 6,621 
(Loss) gain from foreign currency transactions(2,012)1,194 (2,152)768 
Loss before income taxes(10,880)(10,007)(35,544)(320,346)
Income tax (provision) benefit(241)(552)838 2,740 
Net loss$(11,121)$(10,559)$(34,706)$(317,606)
Net loss per common share:
Basic and diluted$(0.16)$(0.16)$(0.49)$(5.16)
Weighted-average number of shares used in per share calculation - Common Stock:
Basic and diluted71,222,122 64,157,167 70,638,292 61,603,357 
Comprehensive loss:
Net loss$(11,121)$(10,559)$(34,706)$(317,606)
Other comprehensive loss:
Foreign currency cumulative translation adjustment2,750 (2,950)1,441 (2,894)
Total comprehensive loss$(8,371)$(13,509)$(33,265)$(320,500)
(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 September 30,Nine Months Ended September 30,
2020201920202019
Cost of revenues$503 $396 $1,199 $1,880 
Selling and marketing625 756 1,954 3,159 
Research and development386 469 817 1,863 
General and administrative1,010 1,392 3,558 7,368 
Restructuring 129  (137)
Total stock-based compensation expense$2,524 $3,142 $7,528 $14,133 






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(4) Lease cost, net of sublease income, is included in the line items above as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
Operating lease cost
Cost of revenues$832 $1,099 $2,668 $3,355 
Selling and marketing911 1,169 3,055 3,551 
Research and development636 743 1,953 2,279 
General and administrative428 257 1,618 975 
Total operating lease cost$2,807 $3,268 $9,294 $10,160 
Amortization of right-of-use assets
Cost of revenues$311 $450 $884 $1,449 
Selling and marketing45 66 127 212 
Research and development47 64 135 205 
General and administrative22 33 63 108 
Total amortization of right-of-use assets$425 $613 $1,209 $1,974 
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 
Net loss— — — — (11,121)— (11,121)
Foreign currency translation adjustment— — — 2,750 — — 2,750 
Exercise of Common Stock Options75,000 — 142 — — — 142 
Restricted stock units vested374,952 — 823 — — — 823 
Common stock received from tax withholding(2,683)— (8)— — — (8)
Amortization of stock-based compensation— — 1,361 — — — 1,361 
Balance as of September 30, 202071,312,344 $71 $1,617,602 $(10,892)$(1,142,843)$(229,984)$233,954 
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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, 201959,957,887 $60 $1,571,759 $(11,242)$(796,655)$(229,984)$533,938 
Net loss— — — — (279,533)— (279,533)
Foreign currency translation adjustment— — — 677 — — 677 
Issuance of common stock in connection with CVI Warrants2,728,513 3 7,575 — — — 7,578 
Common stock warrants exercised323,448 — — — — —  
Interest paid in Common Stock243,261 — 5,134 — — — 5,134 
Restricted stock units vested46,078 — — — — —  
Common stock received from tax withholding(7,218)— (72)— — — (72)
Amortization of stock-based compensation— — 2,354 — — — 2,354 
Balance as of June 30, 201963,291,969 $63 $1,586,750 $(10,565)$(1,076,188)$(229,984)$270,076 
Net loss— — — — (10,559)— (10,559)
Foreign currency translation adjustment— — — (2,950)— — (2,950)
Adjustment to issuance of Common Stock— — 584 — — — 584 
Interest paid in Common Stock856,289 1 6,119 — — — 6,120 
Restricted stock units vested54,899 — — — — —  
Common stock received from tax withholding(12,586)— (17)— — — (17)
Amortization of stock-based compensation— — 1,966 — — — 1,966 
Balance as of September 30, 201964,190,571 $64 $1,595,402 $(13,515)$(1,086,747)$(229,984)$265,220 
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Nine Months Ended September 30,
20202019
Operating activities:
Net loss$(34,706)$(317,606)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation10,317 9,447 
Non-cash operating lease expense4,195 3,987 
Amortization expense of finance leases1,209 1,974 
Amortization of intangible assets 20,514 23,151 
Bad debt expense1,664 657 
Impairment of goodwill 224,272 
Impairment of intangible asset 17,308 
Stock-based compensation7,528 14,133 
Deferred tax provision (benefit)254 (3,951)
Change in fair value of financing derivatives(6,887)(2,900)
Change in fair value of warrants liability(5,765)(4,893)
Change in fair value of investment in equity securities 2,324 
Impairment of right-of-use and long-lived assets4,671  
Non-cash interest expense on senior secured convertible notes (related parties)3,060 17,374 
Accretion of debt discount5,550 4,607 
Amortization of deferred financing costs1,140 795 
Changes in operating assets and liabilities:
Accounts receivable10,675 14,951 
Prepaid expenses and other assets(2,918)2,115 
Accounts payable, accrued expenses and other liabilities(12,380)6,913 
Contract liabilities and customer advances(5,180)(11,748)
Operating lease liabilities(4,784)(6,034)
Net cash used in operating activities(1,843)(3,124)
Investing activities:
Proceeds from sale of investment in equity securities
 3,776 
Purchases of property and equipment(200)(2,810)
Capitalized internal-use software costs(11,428)(8,800)
Net cash used in investing activities(11,628)(7,834)
Financing activities: