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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, 2022
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 5, 2022, there were 91,986,742 shares of the registrant's Common Stock outstanding.


Table of Contents

COMSCORE, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2022
TABLE OF CONTENTS
 



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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", 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 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; potential limitations on our net operating loss carryforwards and other tax assets; regulatory compliance and expected changes in the regulatory or privacy landscape affecting our business; expected impact of litigation and regulatory proceedings; and plans for 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, 2021; those identified within Item 1A, "Risk Factors" of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2022; 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
As ofAs of
June 30, 2022December 31, 2021
(In thousands, except share and par value data)(Unaudited)
Assets
Current assets:
Cash and cash equivalents$19,634 $21,854 
Restricted cash425 425 
Accounts receivable, net of allowances of $911 and $1,173, respectively ($1,834 and $3,606 of accounts receivable attributable to related parties, respectively)
56,566 72,059 
Prepaid expenses and other current assets14,593 14,769 
Total current assets91,218 109,107 
Property and equipment, net 36,462 36,451 
Operating right-of-use assets26,167 29,186 
Deferred tax assets 2,738 2,811 
Intangible assets, net 26,394 39,945 
Goodwill 434,014 435,711 
Other non-current assets11,311 10,263 
Total assets$628,304 $663,474 
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity
Current liabilities:
Accounts payable ($12,063 and $6,575 attributable to related parties, respectively)
$33,299 $23,575 
Accrued expenses ($4,379 and $4,122 attributable to related parties, respectively)
37,287 45,264 
Contract liabilities ($2,165 and $3,553 attributable to related parties, respectively)
53,936 54,011 
Customer advances10,909 11,613 
Current operating lease liabilities7,528 7,538 
Warrants liability3,525 10,520 
Other current liabilities ($43 and $7,863 attributable to related parties, respectively)
6,664 12,850 
Total current liabilities153,148 165,371 
Non-current operating lease liabilities32,348 36,055 
Non-current portion of accrued data costs ($12,087 and $7,843 attributable to related parties, respectively)
20,781 16,005 
Revolving line of credit16,000 16,000 
Deferred tax liabilities2,997 2,103 
Other non-current liabilities ($671 and $1,582 attributable to related parties, respectively)
13,358 16,879 
Total liabilities238,632 252,413 
Commitments and contingencies
Convertible redeemable preferred stock, $0.001 par value; 82,527,609 shares authorized, issued and outstanding as of June 30, 2022 and December 31, 2021; aggregate liquidation preference of $204,043 as of June 30, 2022, and $211,863 as of December 31, 2021 (related parties)
187,885 187,885 
Stockholders' equity:
Preferred stock, $0.001 par value; 7,472,391 shares authorized as of June 30, 2022 and December 31, 2021; no shares issued or outstanding as of June 30, 2022 or December 31, 2021
  
Common stock, $0.001 par value; 275,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 98,538,188 shares issued and 91,773,392 shares outstanding as of June 30, 2022, and 97,172,086 shares issued and 90,407,290 shares outstanding as of December 31, 2021
92 90 
Additional paid-in capital1,689,596 1,683,883 
Accumulated other comprehensive loss(17,183)(12,098)
Accumulated deficit(1,240,734)(1,218,715)
Treasury stock, at cost, 6,764,796 shares as of June 30, 2022 and December 31, 2021
(229,984)(229,984)
Total stockholders' equity201,787 223,176 
Total liabilities, convertible redeemable preferred stock and stockholders' equity$628,304 $663,474 
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
 Three Months Ended June 30,Six Months Ended June 30,
(In thousands, except share and per share data)2022202120222021
Revenues (2)
$91,434 $87,659 $185,400 $177,989 
Cost of revenues (1) (2) (3)
51,467 51,386 104,385 104,088 
Selling and marketing (1) (3)
17,485 16,530 34,651 34,357 
Research and development (1) (3)
9,917 10,132 19,449 20,485 
General and administrative (1) (3)
17,103 14,246 35,220 28,714 
Amortization of intangible assets6,772 6,255 13,551 12,694 
Total expenses from operations102,744 98,549 207,256 200,338 
Loss from operations(11,310)(10,890)(21,856)(22,349)
Other income (expense), net4,557 (6,508)6,990 (14,782)
Gain (loss) from foreign currency transactions2,527 (370)2,947 704 
Interest expense, net (2)
(176)(355)(376)(7,400)
Loss on extinguishment of debt (2)
   (9,629)
Loss before income taxes(4,402)(18,123)(12,295)(53,456)
Income tax provision(648)(422)(2,031)(1,444)
Net loss$(5,050)$(18,545)$(14,326)$(54,900)
Net loss available to common stockholders
Net loss$(5,050)$(18,545)$(14,326)$(54,900)
Convertible redeemable preferred stock dividends (2)
(3,868)(3,868)(7,693)(4,803)
Total net loss available to common stockholders$(8,918)$(22,413)$(22,019)$(59,703)
Net loss per common share:
Basic and diluted$(0.10)$(0.28)$(0.24)$(0.76)
Weighted-average number of shares used in per share calculation - Common Stock:
Basic and diluted92,405,250 81,427,971 92,048,120 78,813,987 
Comprehensive loss:
Net loss$(5,050)$(18,545)$(14,326)$(54,900)
Other comprehensive (loss) income:
Foreign currency cumulative translation adjustment(4,544)731 (5,085)(1,420)
Total comprehensive loss$(9,594)$(17,814)$(19,411)$(56,320)
(1) Excludes amortization of intangible assets, which is presented as a separate line item.
(2) Transactions with related parties are included in the line items above as follows (refer to Footnote 8, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information):
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Revenues$4,186 $4,019 $8,598 $7,875 
Cost of revenues7,773 8,213 15,441 18,034 
Interest expense, net   4,692 
Loss on extinguishment of debt   (9,608)
Convertible redeemable preferred stock dividends(3,868)(3,868)(7,693)(4,803)
(3) Stock-based compensation expense is included in the line items above as follows:
Three Months Ended June 30,Six Months Ended June 30,
2022202120222021
Cost of revenues$421 $468 $722 $1,323 
Selling and marketing409 516 672 1,471 
Research and development311 350 511 992 
General and administrative2,121 1,851 3,893 4,336 
Total stock-based compensation expense$3,262 $3,185 $5,798 $8,122 
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, 202182,527,609 $187,885 90,407,290 $90 $1,683,883 $(12,098)$(1,218,715)$(229,984)$223,176 
Net loss— — — — — — (9,276)— (9,276)
Convertible redeemable preferred stock dividends (1)
— — — — — — (3,825)— (3,825)
Restricted stock units distributed— — 212,246 — — — — —  
Exercise of Common Stock options— — 86,941 1 102 — — — 103 
Payments for taxes related to net share settlement of equity awards— — (474)— (1)— — — (1)
Amortization of stock-based compensation— — — — 1,908 — — — 1,908 
Settlement of restricted stock unit liability— — — — 1,719 — — — 1,719 
Foreign currency translation adjustment— — — — — (541)— — (541)
Other— — (661)— (3)— — — (3)
Balance as of March 31, 202282,527,609 $187,885 90,705,342 $91 $1,687,608 $(12,639)$(1,231,816)$(229,984)$213,260 
Net loss— — — — — — (5,050)— (5,050)
Convertible redeemable preferred stock dividends (1)
— — — — — — (3,868)— (3,868)
Restricted stock units distributed— — 958,594 1 — — — — 1 
Exercise of Common Stock options— — 745 — — — — —  
Payments for taxes related to net share settlement of equity awards— — (12,646)— (23)— — — (23)
Amortization of stock-based compensation— — — — 2,011 — — — 2,011 
Foreign currency translation adjustment— — — — — (4,544)— — (4,544)
Other  121,357 — —  — — — 
Balance as of June 30, 202282,527,609 $187,885 91,773,392 $92 $1,689,596 $(17,183)$(1,240,734)$(229,984)$201,787 
(1) Transactions for these line items were exclusively with related parties (refer to Footnote 4, Convertible Redeemable Preferred Stock and Stockholders' Equity, and Footnote 8, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information).
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(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 (1)
82,527,609 188,183 — — — — — — — 
Convertible redeemable preferred stock dividends (1)
— — — — — — (935)— (935)
Interest paid in Common Stock (1)
— — 4,165,781 4 10,808 — — — 10,812 
Conversion shares issued as extinguishment cost on senior secured convertible notes (1)
— — 3,150,000 3 9,605 — — — 9,608 
Restricted stock units distributed— — 442,051 1 — — — — 1 
Payments for taxes related to net share settlement of equity awards— — (10,231)— (37)— — — (37)
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)
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)
Adjustment to issuance costs on convertible redeemable preferred stock— (298)— — — — — — — 
Convertible redeemable preferred stock dividends (1)
— — — — — — (3,868)— (3,868)
Restricted stock units distributed— — 1,486,344 1 — — — — 1 
Payments for taxes related to net share settlement of equity awards— — (414)— (1)— — — (1)
Amortization of stock-based compensation— — — — 1,895 — — — 1,895 
Foreign currency translation adjustment— — — — — 731 — — 731 
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 
(1) Transactions for these line items were exclusively with related parties (refer to Footnote 4, Convertible Redeemable Preferred Stock and Stockholders' Equity, Footnote 5, Debt, and Footnote 8, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information). Gross proceeds from related parties for the issuance of convertible redeemable preferred stock were $204.0 million.
See accompanying Notes to Condensed Consolidated Financial Statements.
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COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 Six Months Ended June 30, 2022
(In thousands)20222021
Operating activities:
Net loss$(14,326)$(54,900)
Adjustments to reconcile net loss to net cash provided by operating activities:
Amortization of intangible assets 13,551 12,694 
Depreciation8,356 7,991 
Stock-based compensation expense5,798 8,122 
Non-cash operating lease expense2,990 2,597 
Change in fair value of contingent consideration liability2,403  
Amortization expense of finance leases1,360 941 
Deferred tax provision781 967 
Change in fair value of warrants liability(6,995)16,520 
Loss on extinguishment of debt 9,629 
Non-cash interest expense on senior secured convertible notes (1)
 4,692 
Other 1,128 357 
Changes in operating assets and liabilities:
Accounts receivable14,413 5,336 
Prepaid expenses and other assets(2,278)1,516 
Accounts payable, accrued expenses and other liabilities2,544 8,692 
Contract liabilities and customer advances(1,642)(11,608)
Operating lease liabilities(3,850)(2,686)
Net cash provided by operating activities24,233 10,860 
Investing activities:
Capitalized internal-use software costs(7,587)(7,369)
Purchases of property and equipment(669)(354)
Net cash used in investing activities(8,256)(7,723)
Financing activities:
Payments for dividends on convertible redeemable preferred stock (1)
(15,512)(4,760)
Principal payments on finance leases(1,456)(920)
Principal payment and extinguishment costs on senior secured convertible notes (1)
 (204,014)
Principal payment and extinguishment costs on secured term note (14,031)
Proceeds from issuance of convertible redeemable preferred stock, net of issuance costs (1)
 188,183 
Other(21)(334)
Net cash used in financing activities(16,989)(35,876)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,208)(322)