Comscore Reports Second Quarter 2020 Results

Local TV and OpenAP Expansion Highlight Long-Term Growth Opportunity
Lower Net Loss and Record Adjusted EBITDA

RESTON, Va., August 10, 2020 - Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms, today reported financial results for the quarter ended June 30, 2020.

Second Quarter 2020 Financial Highlights

  • Revenue of $88.6 million compared to $96.9 million in the prior-year quarter, with growth in TV and Addressable year-over-year
  • Movies revenue of $7.9 million compared to $10.7 million in the prior year, primarily due to pandemic-related closure of movie theaters
  • Net loss of $10.4 million, or $(0.15) per share compared to a net loss of $279.5 million, or $(4.61) per share, which included a non-cash impairment charge of $241.6 million, in the prior-year quarter
  • Adjusted EBITDA of $9.2 million compared to a loss of $3.2 million in the prior-year quarter

Recent Key Renewals, Partnerships and New Business Developments

  • Addressable and Cross-Platform – Renewed and expanded partnership with OpenAP, the advanced advertising marketplace
  • Movies – Eight large customer renewals, including three major studios
  • Validated Campaign Essentials – Integration of Google Ads Data Hub
  • Local TV – Rockfleet Broadcasting and Cox Media Group
  • Syndicated Digital – Bassmaster, Minute Media
  • National Agency – Omnicom Group (digital expansion)
  • OnDemand – Shout! Studios and Cinedigm
  • OTT – Sinclair Compulse360, the leading Local OTT content advertising platform
  • Comscore Consumer Intelligence for local markets – A new Local product merging in-market consumer behavior with Digital and TV usage
  • International – Auditel (Italy), MMS (Sweden)
  • Awarded U.S. patent for protecting consumer privacy during demographics data collection

"During the second quarter, we made strides in many areas of our business, positioning Comscore for success in the second half of 2020 and beyond. While the pandemic impacted our revenue for the quarter, particularly in our Movies and Digital businesses, our TV and Analytics businesses performed well. We effectively managed expenses, which drove adjusted EBITDA to its highest level since 2016," said Bill Livek, CEO and Executive Vice Chairman of Comscore. "This quarter, we also celebrated a milestone 1,000th TV station client, a testament to how our television measurement and advanced demographic solutions add media planning value for our customers."

"Our strategic review progressed during the second quarter," Livek continued. "Despite some delay from the pandemic and related closures, we have conducted a fulsome process and are in active discussions regarding strategic alternatives to maximize long-term shareholder value. We look forward to updating our stakeholders when appropriate."

Second Quarter Summary Results
Total revenue in the second quarter of 2020 was $88.6 million, compared to $96.9 million in the year-ago quarter. Ratings and Planning revenue was $63.8 million in the second quarter of 2020, compared to $68.9 million in the year-ago quarter. The decrease was largely driven by lower revenue from syndicated digital, partially offset by higher Local TV and Addressable TV. Syndicated Digital revenue from small customers has been impacted in part by the Covid-19 pandemic. However, the Company has been successful in renewing its large enterprise clients and added new customers in the quarter.

National TV revenue was consistent with the second quarter of last year, but higher than the first quarter of 2020, due in part to the Company's new partnership with LiveRamp. Local TV revenue continued its growth with higher revenue year-over-year, reflecting the impact of new customers gained last year. In Local TV, the Company added and renewed a number of clients, including several large affiliate groups. Addressable TV revenue also increased compared to the prior-year quarter.

Analytics and Optimization revenue was $16.9 million in the second quarter of 2020 compared to $17.3 million in the year-ago quarter. The decrease was due primarily to lower Activation revenue from reduced ad spend in the quarter, due in part to the impact of the pandemic, offset by approximately $1.0 million in revenue from a one-time recovery of revenue-sharing fees.

Movies Reporting and Analytics revenue was $7.9 million in the second quarter of 2020 compared to $10.7 million in the year-ago quarter. Revenue was impacted by some smaller, non-long-term contract customers pausing service in connection with theater closures. We expect theater closures to continue affecting Movies revenue until theaters reopen. During the quarter, the Company signed or renewed contracts with eight significant Movies customers, including three major U.S. studios and one international studio. However, the uncertainty around theater re-openings delayed some customer contracts in the quarter.

Total expenses from cost of revenues, sales and marketing, research and development and general and administrative were $84.5 million, compared to $109.1 million in the year-ago quarter. The decrease relates to a significant reduction in compensation expense due to lower headcount, as well as lower facility costs, professional fees and other general operating expenses. A portion of this reduction relates to temporary actions the Company implemented to reduce costs given the current economic uncertainty.

Net loss for the second quarter of 2020 was $10.4 million, or $(0.15) per share, compared to a net loss of $279.5 million, or $(4.61) per share reported in the year-ago quarter. The second quarter of 2019 included non-cash impairment charges totaling $241.6 million.

For the second quarter of 2020, non-GAAP adjusted EBITDA was $9.2 million, compared to an adjusted EBITDA loss of $3.2 million in the year-ago quarter. Adjusted EBITDA excludes stock-based compensation expense; impairment charges; investigation, litigation and legacy audit-related expense; restructuring expense; change in fair value of financing derivatives, warrants liability and equity securities investment; and other items as presented in the accompanying tables.

Balance Sheet and Liquidity
As of June 30, 2020, cash, cash equivalents and restricted cash totaled $55.5 million, including $19.6 million in restricted cash. Total debt principal as of June 30, 2020, including $204.0 million of senior secured convertible notes, was $223.6 million.

Conference Call Information for today, Monday, August 10th at 5:00 p.m. ET
Management will provide commentary on the Company's results in a conference call today at 5:00 p.m. ET. To access the call, dial +1 844-229-7593 (domestic) or +1 314-888-4258 (international) and reference conference ID # 6443146. 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 Following the conference call, a replay will be available by dialing +1 855-859-2056 (domestic) or +1 404-537-3406 (international) with passcode # 6443146. The replay will also be available via webcast at

About Comscore
Comscore (Nasdaq: SCOR) 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, Comscore's expectations, forecasts, plans and opinions regarding the impact of the Covid-19 pandemic on the Company's business, customers and the broader media industry; the impact of movie theater closures; the temporary nature of movie contract pauses; the Company's strategic review; creation of long-term shareholder value; cost reductions; and growth opportunities, market positioning and strategy. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, the scope and duration of the Covid-19 pandemic and related government mandates, changes in consumer behavior, customer payment collections, delays in contract execution and renewals, delays in completing the strategic review, external market conditions, and Comscore's ability to achieve its expected strategic, financial and operational plans. For additional discussion of risk factors, please refer to Comscore's respective 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 (

Investors are cautioned not to place undue reliance on our 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 herein non-GAAP net income (loss) and adjusted EBITDA, 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 measures. These reconciliations should be carefully evaluated.

Q2 2020 Earnings Report.pdf

Neil Ripley
Comscore, Inc.
(646) 746-0579

Investor Contacts
Robert Winters or Jackie Marcus
Alpha IR Group 

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