COMSCORE INC
For the period ended Jun 30, 2024. Filed Aug 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 9, 2024
SCOR$3.31-1.2%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
| ITEM 1. | FINANCIAL STATEMENTS |
|---|
CONDENSED CONSOLIDATED BALANCE SHEETS
| As of | As of | |
|---|---|---|
| June 30, 2024 | December 31, 2023 | |
| (In thousands, except share and per share data) · (Unaudited) | ||
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | $14,655 | $22,750 |
| Restricted cash | 188 | 186 |
| Accounts receivable, net of allowances of $441 and $614, respectively ($626 and $786 of accounts receivable attributable to related parties, respectively) | 53,904 | 63,826 |
| Prepaid expenses and other current assets | 12,019 | 11,228 |
| Total current assets | 80,766 | 97,990 |
| Property and equipment, net | 49,162 | 41,574 |
| Operating right-of-use assets | 15,920 | 18,628 |
| Deferred tax assets | 2,424 | 2,588 |
| Intangible assets, net | 6,514 | 8,115 |
| Goodwill | 309,649 | 310,360 |
| Other non-current assets | 9,707 | 12,040 |
| Total assets | $474,142 | $491,295 |
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | ||
| Current liabilities: | ||
| Accounts payable ($15,217 and $11,996 attributable to related parties, respectively) | $32,088 | $30,551 |
| Accrued expenses ($6,102 and $3,781 attributable to related parties, respectively) | 30,696 | 34,422 |
| Contract liabilities ($1,669 and $1,784 attributable to related parties, respectively) | 47,758 | 48,912 |
| Revolving line of credit | 10,000 | 16,000 |
| Accrued dividends (related parties) | 32,616 | 24,132 |
| Customer advances | 7,953 | 11,076 |
| Current operating lease liabilities | 8,299 | 7,982 |
| Contingent consideration | 1,191 | 4,806 |
| Other current liabilities | 4,168 | 4,680 |
| Total current liabilities | 174,769 | 182,561 |
| Non-current operating lease liabilities | 17,948 | 23,003 |
| Non-current portion of accrued data costs ($23,903 and $21,908 attributable to related parties, respectively) | 35,190 | 32,833 |
| Deferred tax liabilities | 970 | 1,321 |
| Other non-current liabilities | 11,543 | 7,589 |
| Total liabilities | 240,420 | 247,307 |
| Commitments and contingencies | ||
| Convertible redeemable preferred stock, $0.001 par value; 100,000,000 shares authorized and 82,527,609 shares issued and outstanding as of June 30, 2024 and December 31, 2023; aggregate liquidation preference of $236,616 as of June 30, 2024, and $228,132 as of December 31, 2023 (related parties) | 187,885 | 187,885 |
| Stockholders' equity: | ||
| Preferred stock, $0.001 par value; 5,000,000 shares authorized as of June 30, 2024 and December 31, 2023; no shares issued or outstanding as of June 30, 2024 or December 31, 2023 | — | — |
| Common stock, $0.001 par value; 13,750,000 shares authorized as of June 30, 2024 and December 31, 2023; 5,227,876 shares issued and 4,889,637 shares outstanding as of June 30, 2024, and 5,093,380 shares issued and 4,755,141 shares outstanding as of December 31, 2023 | 5 | 5 |
| Additional paid-in capital | 1,699,689 | 1,696,612 |
| Accumulated other comprehensive loss | (16,207) | (14,110) |
| Accumulated deficit | (1,407,666) | (1,396,420) |
| Treasury stock, at cost, 338,239 shares as of June 30, 2024 and December 31, 2023 | (229,984) | (229,984) |
| Total stockholders' equity | 45,837 | 56,103 |
| Total liabilities, convertible redeemable preferred stock and stockholders' equity | $474,142 | $491,295 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| (In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 |
| Revenues (1) | $85,837 | $93,684 | $172,632 | $185,242 |
| Cost of revenues (1) (2) (3) | 51,953 | 52,958 | 102,020 | 104,887 |
| Selling and marketing (2) (3) | 14,812 | 17,036 | 30,176 | 34,190 |
| Research and development (2) (3) | 8,373 | 8,790 | 17,140 | 17,709 |
| General and administrative (2) (3) | 11,334 | 13,274 | 24,547 | 26,848 |
| Amortization of intangible assets | 800 | 801 | 1,601 | 3,612 |
| Restructuring | 493 | 4,104 | 953 | 5,102 |
| Impairment of goodwill | — | 44,100 | — | 44,100 |
| Total expenses from operations | 87,765 | 141,063 | 176,437 | 236,448 |
| Loss from operations | (1,928) | (47,379) | (3,805) | (51,206) |
| Other income (expense), net | 376 | 1,609 | 651 | (203) |
| (Loss) gain from foreign currency transactions | (248) | (168) | 715 | (1,634) |
| Interest expense, net | (444) | (363) | (1,016) | (715) |
| Loss before income taxes | (2,244) | (46,301) | (3,455) | (53,758) |
| Income tax benefit | 536 | 1,392 | 693 | 178 |
| Net loss | $(1,708) | $(44,909) | $(2,762) | $(53,580) |
| Net loss available to common stockholders: | ||||
| Net loss | $(1,708) | $(44,909) | $(2,762) | $(53,580) |
| Convertible redeemable preferred stock dividends (1) | (4,244) | (3,872) | (8,484) | (7,697) |
| Total net loss available to common stockholders | $(5,952) | $(48,781) | $(11,246) | $(61,277) |
| Net loss per common share (4): | ||||
| Basic and diluted | $(1.19) | $(10.21) | $(2.28) | $(12.94) |
| Weighted-average number of shares used in per share calculation - Common Stock (4): | ||||
| Basic and diluted | 4,991,496 | 4,776,431 | 4,938,464 | 4,734,519 |
| Comprehensive loss: | ||||
| Net loss | $(1,708) | $(44,909) | $(2,762) | $(53,580) |
| Other comprehensive (loss) income: | ||||
| Foreign currency cumulative translation adjustment | (110) | (119) | (2,097) | 1,398 |
| Total comprehensive loss | $(1,818) | $(45,028) | $(4,859) | $(52,182) |
| (1) Transactions with related parties are included in the line items above as follows (refer to Footnote 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information): | ||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Revenues | $2,397 | $2,937 | $4,915 | $5,946 |
| Cost of revenues | 8,012 | 7,366 | 15,600 | 15,073 |
| Convertible redeemable preferred stock dividends | (4,244) | (3,872) | (8,484) | (7,697) |
(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 June 30, | Six Months Ended June 30, | |||
| 2024 | 2023 | 2024 | 2023 | |
| Cost of revenues | $156 | $244 | $399 | $322 |
| Selling and marketing | 139 | 210 | 279 | 315 |
| Research and development | 105 | 193 | 285 | 248 |
| General and administrative | 611 | 1,014 | 1,426 | 1,893 |
| Total stock-based compensation expense | $1,011 | $1,661 | $2,389 | $2,778 |
(4)Adjusted retroactively for the Reverse Stock Split, refer to Footnote 2, Summary of Significant Accounting Policies.
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY
| (In thousands, except share data) · Convertible Redeemable Preferred Stock · Common Stock · AdditionalPaid-InCapital · AccumulatedOtherComprehensiveLoss · AccumulatedDeficit · Treasury stock, at cost · TotalStockholders'Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| Balance as of December 31, 2023 | 82,527,609 | $187,885 | 4,755,141 | $5 | $1,696,612 | $(14,110) | $(1,396,420) | $(229,984) | $56,103 |
| Net loss | — | — | — | — | — | — | (1,054) | — | (1,054) |
| Convertible redeemable preferred stock dividends (1) | — | — | — | — | — | — | (4,240) | — | (4,240) |
| Restricted stock units distributed | — | — | 7,780 | — | — | — | — | — | — |
| Exercise of Common Stock options | — | — | 33 | — | — | — | — | — | — |
| Payments for taxes related to net share settlement of equity awards | — | — | (2,684) | — | (46) | — | — | — | (46) |
| Amortization of stock-based compensation | — | — | — | — | 681 | — | — | — | 681 |
| Settlement of restricted stock unit liability | — | — | — | — | 1,895 | — | — | — | 1,895 |
| Foreign currency translation adjustment | — | — | — | — | — | (1,987) | — | — | (1,987) |
| Other | — | — | (39) | — | — | — | — | — | — |
| Balance as of March 31, 2024 | 82,527,609 | $187,885 | 4,760,231 | $5 | $1,699,142 | $(16,097) | $(1,401,714) | $(229,984) | $51,352 |
| Net loss | — | — | — | — | — | — | (1,708) | — | (1,708) |
| Convertible redeemable preferred stock dividends (1) | — | — | — | — | — | — | (4,244) | — | (4,244) |
| Restricted stock units distributed | — | — | 131,817 | — | — | — | — | — | — |
| Payments for taxes related to net share settlement of equity awards | — | — | (2,411) | — | (33) | — | — | — | (33) |
| Amortization of stock-based compensation | — | — | — | — | 580 | — | — | — | 580 |
| Foreign currency translation adjustment | — | — | — | — | — | (110) | — | — | (110) |
| Balance as of June 30, 2024 | 82,527,609 | $187,885 | 4,889,637 | $5 | $1,699,689 | $(16,207) | $(1,407,666) | $(229,984) | $45,837 |
| (In thousands, except share data) · Convertible Redeemable Preferred Stock · Common Stock (2) · AdditionalPaid-InCapital (2) · AccumulatedOtherComprehensiveLoss · AccumulatedDeficit · Treasury stock, at cost · TotalStockholders'Equity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares · Amount · Shares · Amount | |||||||||
| Balance as of December 31, 2022 | 82,527,609 | $187,885 | 4,605,247 | $5 | $1,690,870 | $(15,940) | $(1,300,789) | $(229,984) | $144,162 |
| Net loss | — | — | — | — | — | — | (8,671) | — | (8,671) |
| Convertible redeemable preferred stock dividends (1) | — | — | — | — | — | — | (3,825) | — | (3,825) |
| Restricted stock units distributed | — | — | 14,301 | — | — | — | — | — | — |
| Exercise of Common Stock options | — | — | 150 | — | 3 | — | — | — | 3 |
| Payments for taxes related to net share settlement of equity awards | — | — | (1,722) | — | (48) | — | — | — | (48) |
| Amortization of stock-based compensation | — | — | — | — | 879 | — | — | — | 879 |
| Settlement of restricted stock unit liability | — | — | — | — | 2,761 | — | — | — | 2,761 |
| Foreign currency translation adjustment | — | — | — | — | — | 1,517 | — | — | 1,517 |
| Balance as of March 31, 2023 | 82,527,609 | $187,885 | 4,617,976 | $5 | $1,694,465 | $(14,423) | $(1,313,285) | $(229,984) | $136,778 |
| Net loss | — | — | — | — | — | — | (44,909) | — | (44,909) |
| Convertible redeemable preferred stock dividends (1) | — | — | — | — | — | — | (3,872) | — | (3,872) |
| Restricted stock units distributed | — | — | 136,799 | — | 3 | — | — | — | 3 |
| Payments for taxes related to net share settlement of equity awards | — | — | (459) | — | (12) | — | — | — | (12) |
| Amortization of stock-based compensation | — | — | — | — | 915 | — | — | — | 915 |
| Foreign currency translation adjustment | — | — | — | — | — | (119) | — | — | (119) |
| Balance as of June 30, 2023 | 82,527,609 | $187,885 | 4,754,316 | $5 | $1,695,371 | $(14,542) | $(1,362,066) | $(229,984) | $88,784 |
(1) Transactions for these line items were exclusively with related parties (refer to Footnote 5, Convertible Redeemable Preferred Stock and Stockholders' Equity and Footnote 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information).
(2)Adjusted retroactively for the Reverse Stock Split, refer to Footnote 2, Summary of Significant Accounting Policies.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| Six Months Ended June 30, | ||
|---|---|---|
| (In thousands) | 2024 | 2023 |
| Operating activities: | ||
| Net loss | $(2,762) | $(53,580) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | ||
| Depreciation | 10,657 | 9,593 |
| Non-cash operating lease expense | 2,653 | 2,847 |
| Stock-based compensation expense | 2,389 | 2,778 |
| Amortization expense of finance leases | 1,656 | 849 |
| Amortization of intangible assets | 1,601 | 3,612 |
| Impairment of goodwill | — | 44,100 |
| Deferred tax benefit | (365) | (675) |
| Other | 453 | 1,242 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 9,322 | 14,301 |
| Prepaid expenses and other assets | 492 | 2,093 |
| Accounts payable, accrued expenses and other liabilities | (1,584) | (4,094) |
| Contract liabilities and customer advances | (4,151) | (3,070) |
| Operating lease liabilities | (4,758) | (3,778) |
| Net cash provided by operating activities | 15,603 | 16,218 |
| Investing activities: | ||
| Capitalized internal-use software costs | (11,664) | (10,884) |
| Purchases of property and equipment | (456) | (1,122) |
| Net cash used in investing activities | (12,120) | (12,006) |
| Financing activities: | ||
| Payments of line of credit | (6,000) | — |
| Contingent consideration payment at initial value | (3,704) | (1,037) |
| Principal payments on finance leases | (1,161) | (888) |
| Other | (95) | (254) |
| Net cash used in financing activities | (10,960) | (2,179) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (616) | 580 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (8,093) | 2,613 |
| Cash, cash equivalents and restricted cash at beginning of period | 22,936 | 20,442 |
| Cash, cash equivalents and restricted cash at end of period | $14,843 | $23,055 |
| As of June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash and cash equivalents | $14,655 | $22,657 |
| Restricted cash | 188 | 398 |
| Total cash, cash equivalents and restricted cash | $14,843 | $23,055 |
| Six Months Ended June 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Supplemental disclosures of non-cash investing and financing activities: | ||
| Convertible redeemable preferred stock dividends accrued but not yet paid (related parties) | $8,484 | $7,697 |
| Right-of-use assets obtained in exchange for finance lease liabilities | 7,861 | — |
| Settlement of restricted stock unit liability | 1,895 | 2,761 |
| Change in accounts payable and accrued expenses related to capital expenditures | 1,083 | 722 |
| Right-of-use assets obtained in exchange for operating lease liabilities | — | 1,239 |
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
- Organization
comScore, Inc., together with its consolidated subsidiaries (collectively, "Comscore" or the "Company"), headquartered in Reston, Virginia, is a global information and analytics company that measures audiences, consumer behavior and advertising across media platforms.
Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM"). The Company's CODM is its Chief Executive Officer ("CEO"), who decides how to allocate resources and assess performance. The Company hasone operating segment. A single management team reports to the CODM, who manages the entire business. The Company's CODM reviews consolidated results of operations to make decisions, allocate resources and assess performance and does not evaluate the profit or loss from any separate geography or product line.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.