News Release

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Feb 28, 2022

Comscore Reports Fourth Quarter 2021 Results

Revenue of $96.5 Million, Up 7% from Q4 2020
Net Income of $2.9 Million versus Net Loss of $13.2 Million in Q4 2020
Adjusted EBITDA of $12.4 Million, up 32% from Q4 2020

RESTON, Va., Feb. 28, 2022 /PRNewswire/ -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the fourth quarter and full year ended December 31, 2021.

Q4 2021 Financial Highlights

  • Revenue for the fourth quarter was $96.5 million compared to $90.0 million in Q4 2020
  • Net income of $2.9 million compared to a net loss of $13.2 million in Q4 2020
  • Adjusted EBITDA of $12.4 million compared to $9.4 million in Q4 2020

FY 2021 Financial Highlights

  • Revenue for 2021 was $367.0 million compared to $356.0 million in 2020
  • Net loss of $50.0 million compared to $47.9 million in 2020
  • Adjusted EBITDA of $31.9 million compared to $32.3 million in 2020
  • Cash, cash equivalents and restricted cash of $22.3 million versus $50.7 million as of December 31, 2020

2022 Financial Outlook

  • Revenue expected to grow mid to high single digits over 2021
  • Adjusted EBITDA margin expected to be consistent with 2021

Recent Developments

  • Comscore Everywhere to launch a new standard for single-source cross-platform measurement, providing the industry with an unmatched measurement solution for content, advertising, planning and optimization across media and screens
  • Announced partnership with DoubleVerify to develop an industry-first cross-platform ad verification and audience measurement solution
  • Selected as one of Warner Media's alternative currency providers for national television and cross-platform measurement
  • In Q4, renewed some of our largest key accounts, including major renewals with Nexstar and Sinclair
  • New business with local TV stations, including new stations with NBCU, Entravision, Gray Television, Allen Media and Univision; and an expansion with Gray Television where Gray is now using Comscore's audience data as primary selling currency in 95 of 113 markets
  • Signed over 30 independent agencies in 2021, with more than half coming in Q4 alone
  • Key digital growth with Warner Music, TripleLift and a three-year deal with AMC Networks
  • Comscore Predictive Audiences partnered with Xandr to bring cookie-free CTV audience targeting to the UK and EMEA
  • In partnership with IHS Markit, released programmatic cookie-free audience targets for in-market auto shoppers that outperform competitors' cookie-based behavioral segments
  • Acquired Shareablee, an industry-leading marketing analytics and measurement company in the social media space, tracking over 20 million brands, publishers and creators in over 70 countries; clients include Mondelez, GroupM, ESPN, NBCUniversal and Vox Media

"I am excited to report that in the fourth quarter our teams delivered Comscore's highest quarterly revenue number in the last nine quarters, as we saw broad adoption across key areas of our product offering. This includes our Activation business, where we delivered 43% revenue growth year over year," said Bill Livek, Comscore CEO and Executive Vice Chair. "The marketplaces we are operating in are evolving rapidly, and Comscore remains well positioned, with our robust suite of census-based assets, to capitalize on the needs of our clients. I am proud of our team's execution, and we are excited to unlock the opportunity that is ahead of us in 2022."

Fourth Quarter Summary Results

Revenue in the fourth quarter was $96.5 million, up 7.3% from $90.0 million in Q4 2020, with growth from increases in TV, custom solutions, and Activation offset by lower syndicated digital revenue. Expenses from cost of revenues, sales and marketing, research and development and general and administrative were $92.9 million, up 9.2% compared to $85.0 million in Q4 2020.

Net income for the quarter was $2.9 million, compared to a net loss of $13.2 million in Q4 2020. After accounting for dividends on convertible preferred stock, loss per share attributable to common shares was $(0.01), compared to loss per share of $(0.18) in Q4 2020. Adjusted EBITDA was $12.4 million, compared to $9.4 million in Q4 2020, resulting in adjusted EBITDA margins of 13% and 10%, respectively. Adjusted EBITDA and adjusted EBITDA margin exclude stock-based compensation, impairment charges, change in fair value of financing derivatives and warrants liability, debt extinguishment costs, amortization of cloud-computing implementation costs, and other items as presented in the accompanying tables.

Full-Year Summary Results

Revenue for 2021 was $367.0 million, up 3.1% compared to $356.0 million in 2020. Expenses from cost of revenues, sales and marketing, research and development and general and administrative were $370.8 million, up 7.4% compared to $345.4 million in 2020.

Net loss for the year was $50.0 million, compared to net loss of $47.9 million in 2020. Included in net loss for 2021 was a $15.3 million non-cash charge related to the convertible preferred stock transaction closed in Q1 2021. Included in net loss for 2020 was a non-cash impairment charge of $4.7 million related to property leases. After accounting for dividends on convertible preferred stock, loss per share attributable to common shares was $(0.78), compared to loss per share of $(0.67) in 2020. Adjusted EBITDA was $31.9 million, compared to $32.3 million in 2020, resulting in adjusted EBITDA margins of 9%.

Balance Sheet and Liquidity

As of December 31, 2021, cash, cash equivalents and restricted cash totaled $22.3 million. Total debt principal as of December 31, 2021, including $16.0 million in outstanding borrowings under our senior secured revolving credit agreement, was $21.5 million. In 2021, the company used cash from its balance sheet to extinguish a foreign secured term note and pay transaction costs and dividends associated with its convertible preferred stock. 

2022 Outlook

Based on current trends and expectations, the company believes 2022 revenue will increase mid to high single digits over 2021, driven by growth in TV and Activation and continued improvement in the movies business. We expect an adjusted EBITDA margin consistent with 2021 for 2022.

In the first quarter of 2022, management decided to evaluate future revenue results around solution groups that better represent the company's evolving business and customer needs. Beginning with Q1 2022, we plan to present revenue in two solution groups:

  • Digital Ad Solutions; and
  • Cross Platform Solutions, which includes the movies business.

If we had evaluated revenue based on the new solution groups in 2021, revenue from Digital Ad Solutions and Cross Platform Solutions would have been approximately 60% and 40% of total revenue, respectively. We expect 2022 revenue from Digital Ad Solutions to increase by low to mid-single digits over 2021 and Cross Platform Solutions to increase by high single digits to double digits over 2021. Additional information about the new solution groups is set forth in the accompanying tables.

Conference Call Information for Today, Monday, February 28 at 5:00 p.m. ET

Management will provide commentary on the company's results in a conference call on Monday, February 28, at 5:00 p.m. ET. To access this call, dial +1 844-229-7593 (U.S. and Canada) or +1 314-888-4258 (international) and reference Conference ID # 4695666. 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 (U.S. and Canada) or +1 404-537-3406 (international) with Conference ID #4695666. The webcast replay and related materials will also be available at ir.comscore.com/events-presentations.

About Comscore

Comscore 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, our expectations, forecasts, plans and opinions regarding our strategic plans, commercial agreements, partnerships and product development plans, expected revenue growth and adjusted EBITDA margin for 2022. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, changes in our business, external market conditions, the impact of the Covid-19 pandemic and related government mandates, and our ability to achieve our expected strategic, financial and operational plans. For additional discussion of risk factors, please refer to our 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 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 in this press release adjusted EBITDA, adjusted EBITDA margin and non-GAAP net income (loss), 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 measure, net income (loss). These reconciliations should be carefully evaluated.

COMSCORE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)



As of December 31,


2021


2020

Assets




Current assets:




   Cash and cash equivalents

$                 21,854


$                 31,126

   Restricted cash

425


19,615

   Accounts receivable, net of allowances of $1,173 and $2,757, respectively

72,059


69,379

   Prepaid expenses and other current assets

14,769


16,910

Total current assets

109,107


137,030

Property and equipment, net

36,451


30,973

Operating right-of-use assets

29,186


28,959

Deferred tax assets

2,811


2,741

Intangible assets, net

39,945


52,340

Goodwill 

435,711


418,327

Other non-current assets

10,263


7,600

Total assets

$               663,474


$               677,970

Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity




Current liabilities:




   Accounts payable

$                 23,575


$                 36,640

   Accrued expenses

45,264


48,380

   Contract liabilities

54,011


58,529

   Customer advances

11,613


12,477

   Warrants liability

10,520


2,831

   Current operating lease liabilities

7,538


7,024

   Secured term note


12,644

   Other current liabilities

12,850


5,750

Total current liabilities

165,371


184,275

Non-current operating lease liabilities

36,055


36,127

Non-current portion of accrued data costs

16,005


Revolving line of credit

16,000


Deferred tax liabilities

2,103


627

Senior secured convertible notes


192,895

Financing derivatives


11,300

Other non-current liabilities

16,879


23,756

Total liabilities

252,413


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 December 31, 2021 and 2020, respectively; aggregate liquidation preference of $211,863 as of December 31, 2021

187,885


Stockholders' equity:




   Preferred stock, $0.001 par value; 7,472,391 and 5,000,000 shares authorized as of December 31, 2021 and 2020, respectively; no shares issued or outstanding as of December 31, 2021 or 2020


   Common stock, $0.001 par value; 275,000,000 and 150,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 97,172,086 shares issued and 90,407,290 shares outstanding as of December 31, 2021, and 79,703,342 shares issued and 72,938,546 shares outstanding as of December 31, 2020

90


73

   Additional paid-in capital

1,683,883


1,621,986

   Accumulated other comprehensive loss

(12,098)


(7,030)

   Accumulated deficit

(1,218,715)


(1,156,055)

   Treasury stock, at cost, 6,764,796 shares as of December 31, 2021 and 2020

(229,984)


(229,984)

Total stockholders' equity

223,176


228,990

Total liabilities, convertible redeemable preferred stock and stockholders' equity

$               663,474


$               677,970

 

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)




Years Ended December 31,



2021


2020


2019

Revenues


$               367,013


$               356,036


$               388,645








Cost of revenues (1) (2)


203,044


180,712


199,622

Selling and marketing (1) (2)


66,937


70,220


89,145

Research and development (1) (2)


39,123


38,706


61,802

General and administrative (1) (2)


61,736


55,783


66,419

Amortization of intangible assets


25,038


27,219


30,076

Impairment of right-of-use and long-lived assets



4,671


Impairment of goodwill




224,272

Impairment of intangible asset




17,308

Investigation and audit related




4,305

Restructuring (2)




3,263

Settlement of litigation, net




2,900

Total expenses from operations


395,878


377,311


699,112

Loss from operations


(28,865)


(21,275)


(310,467)

Loss on extinguishment of debt


(9,629)



Interest expense, net


(7,801)


(35,805)


(31,526)

Other (expense) income, net


(5,778)


14,554


1,654

Gain (loss) from foreign currency transactions


2,895


(4,490)


336

Loss before income taxes


(49,178)


(47,016)


(340,003)

Income tax (provision) benefit


(859)


(902)


1,007

Net loss


$               (50,037)


$               (47,918)


$             (338,996)

Net loss available to common stockholders







Net loss


(50,037)


(47,918)


(338,996)

Convertible redeemable preferred stock dividends


(12,623)



Total net loss available to common stockholders


$               (62,660)


$               (47,918)


$             (338,996)

Net loss available to common stockholders







Basic and diluted


$                   (0.78)


$                   (0.67)


$                   (5.33)

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







Basic and diluted


80,802,053


71,181,496


63,590,882

Comprehensive loss:







Net loss


$               (50,037)


$               (47,918)


$             (338,996)

Other comprehensive (loss) income:







Foreign currency cumulative translation adjustment


(5,068)


5,303


(1,712)

Total comprehensive loss


$               (55,105)


$               (42,615)


$             (340,708)








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

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



Years Ended December 31,



2021


2020


2019

Cost of revenues


$                   1,603


$                   1,288


$                   1,852

Selling and marketing


1,791


2,226


3,615

Research and development


1,079


886


1,981

General and administrative


9,375


5,673


9,247

Restructuring




(137)

Total stock-based compensation expense


$                 13,848


$                 10,073


$                 16,558

 

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)



Years Ended December 31,


2021


2020


2019

Operating activities:






Net loss

$               (50,037)


$               (47,918)


$             (338,996)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:






Amortization of intangible assets

25,038


27,219


30,076

Depreciation

15,793


14,064


12,778

Stock-based compensation expense

13,848


10,073


16,558

Loss on extinguishment of debt

9,629



Change in fair value of warrant liability

7,689


(4,894)


2,411

Non-cash operating lease expense

5,345


5,555


5,369

Non-cash interest expense on senior secured convertible notes

4,692


9,180


17,374

Amortization expense of finance leases

2,188


1,652


2,413

Accretion of debt discount

1,620


7,571


6,242

Amortization of deferred financing costs

378


1,560


1,078

Bad debt (benefit) expense

(80)


1,693


727

Deferred tax (benefit) provision

(1,719)


10


(3,727)

Change in fair value of financing derivatives

(1,800)


(10,287)


(5,100)

Impairment of right-of-use and long-lived assets


4,671


Impairment of goodwill



224,272

Impairment of intangible asset



17,308

Change in fair value of investment in equity securities



2,324

Other

1,082


908


(2)

Changes in operating assets and liabilities, net of effect of acquisition:






Accounts receivable

(2,081)


2,024


2,738

Prepaid expenses and other assets

(1,145)


(6,283)


2,198

Accounts payable, accrued expenses, and other liabilities

(4,210)


(17,095)


10,438

Contract liability and customer advances

(10,777)


7,341


(3,477)

Current operating lease liability

(5,597)


(6,327)


(7,638)

Net cash provided by (used in) operating activities

9,856


717


(4,636)







Investing activities:






Capitalized internal-use software costs

(14,747)


(15,078)


(11,500)

Purchases of property and equipment

(803)


(477)


(2,736)

Cash and restricted cash acquired from acquisition

902



Proceeds from sale of investment in equity securities



3,776

Net cash used in investing activities

(14,648)


(15,555)


(10,460)







Financing activities:






Principal payment and extinguishment costs on senior secured convertible notes

(204,014)



Principal payment and extinguishment costs on secured term note

(14,031)



Payments for dividends on convertible redeemable preferred stock

(4,760)



Principal payments on finance leases

(2,138)


(1,754)


(2,535)

Payments for taxes related to net share settlement of equity awards

(522)


(117)


(1,267)

Principal payments on capital lease and software license arrangements

(329)


(367)


(2,070)

Proceeds from the exercise of stock options


142


1,191

Proceeds from private placement, net of issuance costs paid



19,752

Proceeds from secured term note



13,000

Proceeds from sale-leaseback financing transaction



4,252

Proceeds from borrowings on revolving line of credit

16,000



Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs

187,885



Other

(543)



(350)

Net cash (used in) provided by financing activities

(22,452)


(2,096)


31,973

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

(1,218)


902


(302)

Net (decrease) increase in cash, cash equivalents and restricted cash

(28,462)


(16,032)


16,575

Cash, cash equivalents and restricted cash at beginning of period

50,741


66,773


50,198

Cash, cash equivalents and restricted cash at end of period

$                 22,279


$                 50,741


$                 66,773



As of December 31,


2021


2020


2019

Cash and cash equivalents

$                 21,854


$                 31,126


$                 46,590

Restricted cash

425


19,615


20,183

Total cash, cash equivalents and restricted cash

$                 22,279


$                 50,741


$                 66,773

Reconciliation of Non-GAAP Financial Measures

The following table presents a reconciliation of GAAP net loss to non-GAAP adjusted EBITDA and adjusted EBITDA margin for each of the periods identified:


Years Ended December 31,


2021


2020


2019

(In thousands)

(Unaudited)


(Unaudited)


(Unaudited)

GAAP net loss

$               (50,037)


$               (47,918)


$             (338,996)







Amortization of intangible assets

25,038


27,219


30,076

Depreciation

15,793


14,064


12,778

Income tax provision (benefit)

859


902


(1,007)

Interest expense, net

7,801


35,805


31,526

Amortization expense of finance leases

2,188


1,652


2,413

EBITDA

1,642


31,724


(263,210)







Adjustments:






Stock-based compensation expense

13,848


10,073


16,695

Loss on extinguishment of debt

9,629



Amortization of cloud-computing implementation costs

712



Impairment of right-of-use and long-lived assets


4,671


Impairment of goodwill



224,272

Impairment of intangible asset



17,308

Investigation and audit related



4,305

Restructuring



3,263

Settlement of certain litigation, net



2,900

Other expense (income), net (1)

6,039


(14,164)


682

Non-GAAP adjusted EBITDA

$                 31,870


$                 32,304


$                  6,215

Non-GAAP adjusted EBITDA margin (2)

8.7 %


9.1 %


1.6 %


(1) Adjustments to other expense (income), net reflect non-cash changes in the fair value of warrants liability, financing derivatives, interest make-whole derivative and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. Additionally, we recorded transaction costs related to the issuance of the warrants, which costs were allocated to the warrants liability and recorded in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. The remaining transaction costs were recorded in additional paid-in capital in the Consolidated Balance Sheets.

(2) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue reported on our Consolidated Statements of Operations and Comprehensive Loss for the applicable period.

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


Years Ended December 31,


2021


2020


2019

(In thousands)

(Unaudited)


(Unaudited)


(Unaudited)

GAAP net loss

$               (50,037)


$               (47,918)


$             (338,996)







Adjustments:






Amortization of intangible assets

25,038


27,219


30,076

Stock-based compensation expense

13,848


10,073


16,695

Loss on extinguishment of debt

9,629



Impairment of right-of-use and long-lived assets


4,671


Impairment of goodwill



224,272

Impairment of intangible asset



17,308

Investigation and audit related



4,305

Restructuring



3,263

Settlement of certain litigation, net



2,900

Other expense (income), net (1)

6,039


(14,164)


682

Non-GAAP net income (loss)

$                   4,517


$               (20,119)


$               (39,495)


(1) Adjustments to other expense (income), net reflect non-cash changes in the fair value of warrants liability, financing derivatives, interest make-whole derivative and equity securities investment included in other income (expense), net on our Consolidated Statements of Operations and Comprehensive Loss. Additionally, we recorded transaction costs related to the issuance of warrants, which costs were allocated to the warrants liability and recorded in general and administrative expenses in the Consolidated Statements of Operations and Comprehensive Loss. The remaining transaction costs were recorded in additional paid-in capital in the Consolidated Balance Sheets.

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, litigation and restructuring expense, fair value adjustments for financing derivatives and warrants, interest expense, 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, adjusted EBITDA margin or non-GAAP net loss to the most directly comparable GAAP measure, GAAP net income (loss), on a forward-looking basis.

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(In thousands, except share and per share data)




Three Months Ended December 31,



2021


2020

Revenues


$                 96,537


$                 89,990






Cost of revenues (1) (2)


49,777


43,499

Selling and marketing (1) (2)


17,368


17,869

Research and development (1) (2)


9,587


9,304

General and administrative (1) (2)


16,127


14,363

Amortization of intangible assets


6,172


6,705

Total expenses from operations


99,031


91,740

Loss from operations


(2,494)


(1,750)

Other income, net


3,291


1,692

Gain (loss) from foreign currency transactions


1,011


(2,338)

Interest expense, net


(232)


(9,076)

Income (loss) before income taxes


1,576


(11,472)

Income tax benefit (provision)


1,307


(1,740)

Net income (loss)


$                   2,883


$               (13,212)

Net loss available to common stockholders





Net income (loss)


2,883


(13,212)

Convertible redeemable preferred stock dividends


(3,910)


Total net loss available to common stockholders


$                 (1,027)


$               (13,212)

Net loss per common share:





Basic and diluted


$                   (0.01)


$                   (0.18)

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





Basic and diluted


83,495,247


72,814,261

Comprehensive income (loss):





Net income (loss)


$                   2,883


$               (13,212)

Other comprehensive (loss) income:





Foreign currency cumulative translation adjustment


(1,731)


3,862

Total comprehensive income (loss)


$                   1,152


$                 (9,350)






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

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



Three Months Ended December 31,



2021


2020

Cost of revenues


$                        49


$                        89

Selling and marketing


112


272

Research and development


(83)


69

General and administrative


2,614


2,115

Total stock-based compensation expense


$                   2,692


$                   2,545

Reconciliation of Non-GAAP Financial Measures

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


Three Months Ended December 31,


2021


2020

(In thousands)

(Unaudited)


(Unaudited)

GAAP net income (loss)

$                   2,883


$               (13,212)





Amortization of intangible assets

6,172


6,705

Depreciation

3,920


3,747

Income tax (benefit) provision

(1,307)


1,740

Finance lease amortization expense

703


443

Interest expense, net

232


9,076

EBITDA

12,603


8,499





Adjustments:




Stock-based compensation expense

2,692


2,545

Amortization of cloud-computing implementation costs

370


Other income, net (1)

(3,249)


(1,658)

Non-GAAP adjusted EBITDA

$                 12,416


$                  9,386

Non-GAAP adjusted EBITDA margin (2)

12.9 %


10.4 %


(1) Adjustments to other income, net reflect non-cash changes in the fair value of warrants liability, financing derivatives and interest make-whole derivative included in other income, net on our Consolidated Statements of Operations and Comprehensive Income (Loss).

(2) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenue reported on our Consolidated Statements of Operations and Comprehensive Income (Loss) for the applicable period.

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


Three Months Ended December 31,


2021


2020

(In thousands)

(Unaudited)


(Unaudited)

GAAP net income (loss)

$                   2,883


$               (13,212)





Adjustments:




Amortization of intangible assets

6,172


6,705

Stock-based compensation expense

2,692


2,545

Other income, net (1)

(3,249)


(1,658)

Non-GAAP net income (loss)

$                   8,498


$                 (5,620)


(1) Adjustments to other income, net reflect non-cash changes in the fair value of warrants liability, financing derivatives and interest make-whole derivative included in other income, net on our Consolidated Statements of Operations and Comprehensive Income (Loss).

 


Three Months Ended

(In thousands)

March 31, 2021
(Unaudited)


June 30, 2021
(Unaudited)


September 30, 2021
(Unaudited)


December 31, 2021
(Unaudited)

GAAP net (loss) income

$               (36,355)


$               (18,545)


$                   1,980


$                   2,883









Adjustments:








Loss on extinguishment of debt

9,629




Amortization of intangible assets

6,439


6,255


6,172


6,172

Stock-based compensation expense

4,937


3,185


3,034


2,692

Other expense (income), net (1)

8,351


6,519


(5,582)


(3,249)

Non-GAAP net (loss) income

$                 (6,999)


$                 (2,586)


$                   5,604


$                   8,498


(1)  Adjustments to other expense (income), net, reflect non-cash changes in the fair value of warrants liability, financing derivatives and interest make-whole derivative included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Income (Loss).

 


Three Months Ended

(In thousands)

March 31, 2020
(Unaudited)


June 30, 2020
(Unaudited)


September 30, 2020
(Unaudited)


December 31, 2020
(Unaudited)

GAAP net loss

$               (13,184)


$               (10,401)


$               (11,121)


$               (13,212)









Adjustments:








Amortization of intangible assets

6,918


6,846


6,750


6,705

Impairment of right-of-use and long-lived assets

4,671




Stock-based compensation expense

2,658


2,346


2,524


2,545

Other income, net (1)

(6,892)


(1,542)


(4,072)


(1,658)

Non-GAAP net loss

$                 (5,829)


$                 (2,751)


$                 (5,919)


$                 (5,620)


(1) Adjustments to other income, net reflect non-cash changes in the fair value of warrants liability, financing derivatives and interest make-whole derivative included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss.

Revenues

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


Year Ended December 31,





(In thousands)

2021


% of Revenue


2020


% of Revenue


$ Variance


% Variance

Ratings and Planning

$       255,073


69.5 %


$       253,652


71.2 %


$           1,421


0.6 %

Analytics and Optimization

81,306


22.2 %


69,080


19.4 %


12,226


17.7 %

Movies Reporting and Analytics

30,634


8.3 %


33,304


9.4 %


(2,670)


(8.0) %

Total revenues

$       367,013


100.0 %


$       356,036


100.0 %


$         10,977


3.1 %



Three Months Ended December 31,





(In thousands)

2021
(Unaudited)


% of Revenue


2020
(Unaudited)


% of Revenue


$ Variance


% Variance

Ratings and Planning

$         64,722


67.0 %


$         63,634


70.7 %


$           1,088


1.7 %

Analytics and Optimization

23,356


24.2 %


19,253


21.4 %


4,103


21.3 %

Movies Reporting and Analytics

8,459


8.8 %


7,103


7.9 %


1,356


19.1 %

Total revenues

$         96,537


100.0 %


$         89,990


100.0 %


$           6,547


7.3 %

If we had evaluated revenue in 2021 based on our new solution groups, revenues from these offerings would have been as follows:


Three Months Ended (Unaudited)


Year Ended



(In thousands)

March 31,
2021


June 30,
2021


September 30,
2021


December 31,
2021


December 31,
2021


% of Total
2021 Revenue

Digital Ad Solutions

$         53,045


$         52,497


$         57,038


$         59,398


$       221,978


60.5 %

Cross Platform Solutions

37,285


35,162


35,449


37,139


145,035


39.5 %

Total revenues

$         90,330


$         87,659


$         92,487


$         96,537


$       367,013


100.0 %

 

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SOURCE Comscore

Press, Bill Daddi, Daddi Brand Communications, 646-370-1341, press@comscore.com, Investors, John Tinker, Comscore, Inc., 212-203-2129, jtinker@comscore.com