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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, 2021
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 4, 2021, there were 82,199,226 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, 2021
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 coronavirus ("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 or changes in consumer behavior resulting from the COVID-19 pandemic; plans for business continuity, financing and capital expenditures; expectations regarding liquidity, customer payments and compliance with debt and financing covenants and other payment obligations; expectations regarding enhanced commercial relationships and the development and 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; and plans for stabilization, growth and future operations, 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, 2020; those identified within Item 1A, "Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2021; 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 par value data)
As ofAs of
 September 30, 2021December 31, 2020
(Unaudited)
Assets
Current assets:
Cash and cash equivalents$15,940 $31,126 
Restricted cash794 19,615 
Accounts receivable, net of allowances of $1,215 and $2,757, respectively ($3,897 and $4,045 of accounts receivable attributable to related parties, respectively)
81,461 69,379 
Prepaid expenses and other current assets ($907 and $1,496 attributable to related parties, respectively)
13,662 16,910 
Total current assets111,857 137,030 
Property and equipment, net 31,349 30,973 
Operating right-of-use assets30,175 28,959 
Goodwill 417,104 418,327 
Intangible assets, net 33,473 52,340 
Deferred tax assets 2,790 2,741 
Other non-current assets9,888 7,600 
Total assets$636,636 $677,970 
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable ($8,065 and $2,817 attributable to related parties, respectively)
$42,424 $36,640 
Accrued expenses ($3,858 and $835 attributable to related parties, respectively)
40,078 48,380 
Contract liabilities ($3,715 and $3,538 attributable to related parties, respectively)
51,116 58,529 
Customer advances8,949 12,477 
Warrants liability13,769 2,831 
Current operating lease liabilities7,327 7,024 
Secured term note 12,644 
Other current liabilities ($3,953 and $ attributable to related parties, respectively)
6,504 5,750 
Total current liabilities170,167 184,275 
Non-current operating lease liabilities37,515 36,127 
Non-current contract liabilities2,497 4,156 
Deferred tax liabilities1,515 627 
Senior secured convertible notes (related party) 192,895 
Financing derivatives (related party) 11,300 
Revolving line of credit16,000  
Other non-current liabilities ($6,358 and $6,120 attributable to related parties, respectively)
23,726 19,600 
Total liabilities251,420 448,980 
Commitments and contingencies
Convertible redeemable preferred stock, $0.001 par value; 82,527,609 and zero shares authorized, issued and outstanding as of September 30, 2021 and December 31, 2020, respectively; aggregate liquidation preference of $207,953 as of September 30, 2021 (related parties)
187,885  
Stockholders' equity:
Preferred stock, $0.001 par value; 7,472,391 and 5,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; no shares issued or outstanding as of September 30, 2021 or December 31, 2020
  
Common stock, $0.001 par value; 275,000,000 and 150,000,000 shares authorized as of September 30, 2021 and December 31, 2020, respectively; 88,964,022 shares issued and 82,199,226 shares outstanding as of September 30, 2021, and 79,703,342 shares issued and 72,938,546 shares outstanding as of December 31, 2020
82 73 
Additional paid-in capital1,655,288 1,621,986 
Accumulated other comprehensive loss(10,367)(7,030)
Accumulated deficit(1,217,688)(1,156,055)
Treasury stock, at cost, 6,764,796 shares as of September 30, 2021 and December 31, 2020
(229,984)(229,984)
Total stockholders' equity197,331 228,990 
Total liabilities, convertible redeemable preferred stock and stockholders' equity$636,636 $677,970 
See accompanying Notes to Condensed Consolidated Financial Statements.
1

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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(In thousands, except share and per share data)
 Three Months Ended September 30,Nine Months Ended September 30,
2021202020212020
Revenues (1)
$92,487 $87,952 $270,476 $266,046 
Cost of revenues (1) (2) (3) (4)
49,179 46,466 153,267 137,213 
Selling and marketing (2) (3) (4)
15,212 17,131 49,569 52,351 
Research and development (2) (3) (4)
9,051 9,501 29,536 29,402 
General and administrative (2) (3) (4)
16,895 12,136 45,609 41,420 
Amortization of intangible assets6,172 6,750 18,866 20,514 
Impairment of right-of-use and long-lived assets   4,671 
Total expenses from operations96,509 91,984 296,847 285,571 
Loss from operations(4,022)(4,032)(26,371)(19,525)
Other income (expense), net5,713 4,191 (9,069)12,862 
Gain (loss) from foreign currency transactions1,180 (2,012)1,884 (2,152)
Interest expense, net (1)
(169)(9,027)(7,569)(26,729)
Loss on extinguishment of debt (1)
  (9,629) 
Income (loss) before income taxes2,702 (10,880)(50,754)(35,544)
Income tax (provision) benefit(722)(241)(2,166)838 
Net income (loss)$1,980 $(11,121)$(52,920)$(34,706)
Net loss available to common stockholders
Net income (loss)$1,980 $(11,121)$(52,920)$(34,706)
Convertible redeemable preferred stock dividends (1)
(3,910) (8,713) 
Total net loss available to common stockholders$(1,930)$(11,121)$(61,633)$(34,706)
Net loss per common share:
Basic and diluted$(0.02)$(0.16)$(0.77)$(0.49)
Weighted-average number of shares used in per share calculation - Common Stock:
Basic and diluted82,185,009 71,222,122 79,951,857 70,638,292 
Comprehensive income (loss):
Net income (loss)$1,980 $(11,121)$(52,920)$(34,706)
Other comprehensive (loss) income:
Foreign currency cumulative translation adjustment(1,917)2,750 (3,337)1,441 
Total comprehensive income (loss)$63 $(8,371)$(56,257)$(33,265)
(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,
2021202020212020
Cost of revenues$231 $503 $1,554 $1,199 
Selling and marketing208 625 1,679 1,954 
Research and development170 386 1,162 817 
General and administrative2,425 1,010 6,761 3,558 
Total stock-based compensation expense$3,034 $2,524 $11,156 $7,528 







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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,
2021202020212020
Operating lease cost
Cost of revenues$778 $832 $2,385 $2,668 
Selling and marketing866 911 2,646 3,055 
Research and development586 636 1,802 1,953 
General and administrative427 428 1,293 1,618 
Total operating lease cost$2,657 $2,807 $8,126 $9,294 
Amortization of right-of-use assets
Cost of revenues$401 $311 $1,098 $884 
Selling and marketing61 45 165 127 
Research and development50 47 135 135 
General and administrative32 22 87 63 
Total amortization of right-of-use assets$544 $425 $1,485 $1,209 
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
(Unaudited)
 (In thousands, except share data)
Convertible Redeemable Preferred StockCommon StockAdditional
Paid-In
Capital
Accumulated
Other
Comprehensive
Loss
Accumulated
Deficit
Treasury stock, at costTotal
Stockholders'
Equity
SharesAmountSharesAmount
Balance as of December 31, 2020 $ 72,938,546 $73 $1,621,986 $(7,030)$(1,156,055)$(229,984)$228,990 
Net loss— — — — — — (36,355)— (36,355)
Convertible redeemable preferred stock, net of issuance costs 82,527,609 188,183 — — — — — — — 
Convertible redeemable preferred stock dividends — — — — — — (935)— (935)
Interest paid in Common Stock— — 4,165,781 4 10,808 — — — 10,812 
Conversion shares issued as extinguishment cost on senior secured convertible notes— — 3,150,000 3 9,605 — — — 9,608 
Restricted stock units distributed— — 442,051 1 — — — — 1 
Settlement of restricted stock unit liability— — — — 7,117 — — — 7,117 
Amortization of stock-based compensation— — — — 1,358 — — — 1,358 
Foreign currency translation adjustment— — — — — (2,151)— — (2,151)
Payments for taxes related to net share settlement of equity awards— — (10,231)— (37)— — — (37)
Balance as of March 31, 202182,527,609 $188,183 80,686,147 $81 $1,650,837 $(9,181)$(1,193,345)$(229,984)$218,408 
Net loss— — — — — — (18,545)— (18,545)
Convertible redeemable preferred stock dividends— — — — — — (3,868)— (3,868)
Adjustment to issuance costs on convertible redeemable preferred stock— (298)— — — — — — — 
Restricted stock units distributed— — 1,486,344 1 — — — — 1 
Amortization of stock-based compensation— — — — 1,895 — — — 1,895 
Foreign currency translation adjustment— — — — — 731 — — 731 
Payments for taxes related to net share settlement of equity awards— — (414)— (1)— — — (1)
Balance as of June 30, 202182,527,609 $187,885 82,172,077 $82 $1,652,731 $(8,450)$(1,215,758)$(229,984)$198,621 
Net income— — — — — — 1,980 — 1,980 
Convertible redeemable preferred stock dividends— — — — — — (3,910)— (3,910)
Restricted stock units distributed— — 28,989 — — — — —  
Amortization of stock-based compensation— — — — 2,563 — — — 2,563 
Foreign currency translation adjustment— — — — — (1,917)— — (1,917)
Payments for taxes related to net share settlement of equity awards— — (1,840)— (6)— — — (6)
Balance as of September 30, 202182,527,609 $187,885 82,199,226 $82 $1,655,288 $(10,367)$(1,217,688)$(229,984)$197,331 
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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, 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 distributed157,384 — — — — — — 
Payments for taxes related to net share settlement of equity awards(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 distributed659,244 1 2,241 — — — 2,242 
Payments for taxes related to net share settlement of equity awards(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 distributed374,952 — 823 — — — 823 
Payments for taxes related to net share settlement of equity awards(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)$233,954 
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 Nine Months Ended September 30,
20212020
Operating activities:
Net loss$(52,920)$(34,706)
Adjustments to reconcile net loss to net cash used in operating activities:
Change in fair value of warrants liability10,938 (5,765)
Amortization of intangible assets 18,866 20,514 
Loss on extinguishment of debt9,629  
Stock-based compensation expense11,156