COMSCORE, INC.
For the period ended Dec 31, 2025. Filed Mar 26, 2026.
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FY2025 · Filed Mar 26, 2026
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Item 8. CONSOLIDATED STATEMENTS OF CASH FLOWS
CONSOLIDATED STATEMENTS OF CASH FLOWS
| Years Ended December 31, | |||
|---|---|---|---|
| (In thousands) | 2025 | 2024 | 2023 |
| Operating activities: | |||
| Net loss | $(10,004) | $(60,248) | $(79,361) |
| Adjustments to reconcile net loss to net cash provided by operating activities: | |||
| Depreciation | 23,745 | 22,087 | 19,778 |
| Unrealized foreign currency loss | 5,167 | — | — |
| Non-cash operating lease expense | 4,976 | 5,240 | 5,456 |
| Amortization expense of finance leases | 3,713 | 3,651 | 1,929 |
| Stock-based compensation expense | 2,657 | 3,191 | 4,535 |
| Amortization of intangible assets | 2,529 | 3,057 | 5,213 |
| Deferred tax provision (benefit) | 818 | (841) | (35) |
| Impairment of goodwill | — | 63,000 | 78,200 |
| Impairment of right-of-use and long-lived assets | — | 1,397 | 1,502 |
| Other | 2,658 | 1,339 | 2,248 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | 6,632 | (1,649) | 4,781 |
| Prepaid expenses and other assets | (2,981) | 1,987 | 2,185 |
| Accounts payable, accrued expenses, and other liabilities | 2,782 | (10,570) | (4,121) |
| Contract liabilities and customer advances | (11,378) | (4,739) | (5,517) |
| Operating lease liabilities | (8,578) | (8,798) | (7,867) |
| Net cash provided by operating activities | 22,736 | 18,104 | 28,926 |
| Investing activities: | |||
| Capitalized internal-use software costs | (22,429) | (23,249) | (22,206) |
| Purchases of property and equipment | (956) | (813) | (1,580) |
| Net cash used in investing activities | (23,385) | (24,062) | (23,786) |
| Financing activities: | |||
| Proceeds from insurance financing | 2,270 | 2,118 | — |
| Proceeds from secured term loan | — | 45,000 | — |
| Payments of line of credit | — | (16,000) | — |
| Principal payments of term loan | (450) | — | — |
| Payment of financing and debt issuance costs | (559) | (4,551) | — |
| Contingent consideration payment at initial value | (859) | (3,704) | (1,037) |
| Payment of preferred stock and common stock issuance costs | (1,352) | — | — |
| Principal payments on insurance financing | (2,108) | (2,122) | — |
| Principal payments on finance leases | (3,931) | (2,852) | (2,066) |
| Other | (6) | (266) | (291) |
| Net cash (used in) provided by financing activities | (6,995) | 17,623 | (3,394) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 976 | (1,133) | 748 |
| Net (decrease) increase in cash, cash equivalents and restricted cash | (6,668) | 10,532 | 2,494 |
| Cash, cash equivalents and restricted cash at beginning of period | 33,468 | 22,936 | 20,442 |
| Cash, cash equivalents and restricted cash at end of period | $26,800 | $33,468 | $22,936 |
| As of December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash and cash equivalents | $23,621 | $29,937 | $22,750 |
| Restricted cash | 3,179 | 3,531 | 186 |
| Total cash, cash equivalents and restricted cash | $26,800 | $33,468 | $22,936 |
| Years Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental cash flow disclosures: | |||
| Interest paid | $5,972 | $1,211 | $1,542 |
| Income taxes paid, net of refunds | 768 | 1,305 | 2,108 |
| Operating cash flows from operating leases | 8,897 | 11,081 | 10,922 |
| Operating cash flows from finance leases | 672 | 712 | 244 |
| Supplemental non-cash activities: | |||
| Issuance of Series C convertible redeemable preferred stock and common stock in connection with Recapitalization Transaction (1) (2) | $230,742 | $— | $— |
| Present value of fixed payable recognized in connection with Recapitalization Transaction (1) (2) | 4,457 | — | — |
| Accrued preferred stock and common stock issuance costs | 1,101 | — | — |
| Change in accounts payable and accrued expenses related to capital expenditures | 702 | 653 | 1,130 |
| Right-of-use assets obtained in exchange for finance lease liabilities | 619 | 7,861 | 3,195 |
| Settlement of restricted stock unit liability | 314 | 1,895 | 2,762 |
| Modification of operating right-of-use assets | 195 | 1,216 | 292 |
| Series B convertible redeemable preferred stock dividends accrued but not yet paid (1) | — | 8,962 | 16,270 |
| Issuance of Series B convertible redeemable preferred stock (1) (3) | — | 32,771 | — |
| Accrued debt issuance costs | — | 559 | — |
| Right-of-use assets obtained in exchange for new operating lease liabilities | — | — | 1,211 |
(1) Transactions for these line items were exclusively with related parties (refer to Footnote 4, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit), and Footnote 13, Related Party Transactions, of the Notes to Consolidated Financial Statements for additional information).
(2) In connection with the Recapitalization Transaction (as defined within the Notes to Consolidated Financial Statements), the Series C convertible redeemable preferred stock and common stock were initially recognized at fair value. The Company recorded the initial fair value of the Series C convertible redeemable preferred stock, net of issuance costs, of $89.7 million within mezzanine equity on the Consolidated Balance Sheet. The Company recorded the initial fair value of the common stock, net of issuance costs, of $65.5 million with the associated par value of $9.9 thousand within common stock and the remaining amount within additional paid-in capital on the Consolidated Balance Sheet. The Company recorded the present value of the total future fixed payment of $6.0 million to be paid on June 30, 2028 within non-current liabilities on the Consolidated Balance Sheet. The remaining $73.0 million was recorded in retained earnings on the Consolidated Balance Sheet. Refer to Footnote 4, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit), of the Notes to Consolidated Financial Statements.
(3) The Series B convertible redeemable preferred stock issued in 2024 was initially recognized at fair value. The Company recorded the initial fair value, net of issuance costs, of $19.6 million within mezzanine equity and the remaining $13.0 million within additional paid-in capital on the Consolidated Balance Sheet. Refer to Footnote 4, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit), of the Notes to Consolidated Financial Statements.
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