Delaware | 001-33520 | 54-1955550 | ||||||||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of Each Class | Trading Symbol | Name of Each Exchange on Which Registered | ||||||||||||
Common Stock, par value $0.001 per share | SCOR | NASDAQ Global Select Market |
Exhibit No. | Description | |||||||
99.1 | ||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | |||||||
101.SCH | Inline XBRL Taxonomy Extension Schema Document. | |||||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. | |||||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. | |||||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. | |||||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. | |||||||
104 | Cover Page Interactive Data File - the cover page iXBRL tags are embedded within the Inline XBRL document |
comScore, Inc. | ||||||||
By: | /s/ Mary Margaret Curry | |||||||
Mary Margaret Curry |
||||||||
Chief Financial Officer and Treasurer |
Media | ||
Jenny Mulholland | ||
Broadsheet Communications | ||
press@comscore.com |
Investors | ||
John Tinker | ||
Comscore, Inc. | ||
212-203-2129 | ||
jtinker@comscore.com |
As of December 31, | |||||||||||
2023 | 2022 | ||||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 22,750 | $ | 20,044 | |||||||
Restricted cash | 186 | 398 | |||||||||
Accounts receivable, net of allowances of $614 and $798, respectively |
63,826 | 68,457 | |||||||||
Prepaid expenses and other current assets | 11,228 | 15,922 | |||||||||
Total current assets | 97,990 | 104,821 | |||||||||
Property and equipment, net | 41,574 | 36,367 | |||||||||
Operating right-of-use assets | 18,628 | 23,864 | |||||||||
Deferred tax assets | 2,588 | 3,351 | |||||||||
Intangible assets, net | 8,115 | 13,327 | |||||||||
Goodwill | 310,360 | 387,973 | |||||||||
Other non-current assets | 12,040 | 10,883 | |||||||||
Total assets | $ | 491,295 | $ | 580,586 | |||||||
Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | 30,551 | $ | 29,090 | |||||||
Accrued expenses | 34,422 | 43,393 | |||||||||
Contract liabilities | 48,912 | 52,944 | |||||||||
Revolving line of credit | 16,000 | — | |||||||||
Accrued dividends | 24,132 | 7,863 | |||||||||
Customer advances | 11,076 | 11,527 | |||||||||
Current operating lease liabilities | 7,982 | 7,639 | |||||||||
Current portion of contingent consideration | 4,806 | 7,134 | |||||||||
Other current liabilities | 4,680 | 5,501 | |||||||||
Total current liabilities | 182,561 | 165,091 | |||||||||
Non-current operating lease liabilities | 23,003 | 29,588 | |||||||||
Non-current portion of accrued data costs | 32,833 | 25,106 | |||||||||
Non-current revolving line of credit | — | 16,000 | |||||||||
Deferred tax liabilities | 1,321 | 2,127 | |||||||||
Other non-current liabilities | 7,589 | 10,627 | |||||||||
Total liabilities | 247,307 | 248,539 | |||||||||
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 December 31, 2023 and 82,527,609 shares authorized, issued, and outstanding as of December 31, 2022; aggregate liquidation preference of $228,132 as of December 31, 2023 and $211,863 as of December 31, 2022 |
187,885 | 187,885 | |||||||||
Stockholders' equity: | |||||||||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized as of December 31, 2023 and 7,472,391 shares authorized as of December 31, 2022; no shares issued or outstanding as of December 31, 2023 or 2022 |
— | — | |||||||||
Common stock, $0.001 par value; 13,750,000 shares authorized as of December 31, 2023 and 2022; 5,093,380 shares issued and 4,755,141 shares outstanding as of December 31, 2023, and 4,943,486 shares issued and 4,605,247 shares outstanding as of December 31, 2022 (1) |
5 | 5 | |||||||||
Additional paid-in capital (1) |
1,696,612 | 1,690,870 | |||||||||
Accumulated other comprehensive loss | (14,110) | (15,940) | |||||||||
Accumulated deficit | (1,396,420) | (1,300,789) | |||||||||
Treasury stock, at cost, 338,239 shares as of December 31, 2023 and 2022 (1) |
(229,984) | (229,984) | |||||||||
Total stockholders' equity | 56,103 | 144,162 | |||||||||
Total liabilities, convertible redeemable preferred stock and stockholders' equity | $ | 491,295 | $ | 580,586 |
Years Ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Revenues | $ | 371,343 | $ | 376,423 | $ | 367,013 | ||||||||||||||
Cost of revenues (1) (2) |
205,580 | 205,294 | 203,044 | |||||||||||||||||
Selling and marketing (1) (2) |
63,322 | 68,453 | 66,937 | |||||||||||||||||
Research and development (1) (2) |
33,701 | 36,987 | 39,123 | |||||||||||||||||
General and administrative (1) (2) |
51,192 | 61,200 | 61,736 | |||||||||||||||||
Amortization of intangible assets | 5,213 | 27,096 | 25,038 | |||||||||||||||||
Impairment of goodwill | 78,200 | 46,300 | — | |||||||||||||||||
Restructuring | 6,234 | 5,810 | — | |||||||||||||||||
Impairment of right-of-use and long-lived assets | 1,502 | 156 | — | |||||||||||||||||
Total expenses from operations | 444,944 | 451,296 | 395,878 | |||||||||||||||||
Loss from operations | (73,601) | (74,873) | (28,865) | |||||||||||||||||
Interest expense, net | (1,445) | (915) | (7,801) | |||||||||||||||||
Other income (expense), net | 42 | 9,785 | (5,778) | |||||||||||||||||
(Loss) gain from foreign currency transactions | (2,824) | 1,166 | 2,895 | |||||||||||||||||
Loss on extinguishment of debt | — | — | (9,629) | |||||||||||||||||
Loss before income taxes | (77,828) | (64,837) | (49,178) | |||||||||||||||||
Income tax provision | (1,533) | (1,724) | (859) | |||||||||||||||||
Net loss | $ | (79,361) | $ | (66,561) | $ | (50,037) | ||||||||||||||
Net loss available to common stockholders | ||||||||||||||||||||
Net loss | (79,361) | (66,561) | (50,037) | |||||||||||||||||
Convertible redeemable preferred stock dividends | (16,270) | (15,513) | (12,623) | |||||||||||||||||
Total net loss available to common stockholders | $ | (95,631) | $ | (82,074) | $ | (62,660) | ||||||||||||||
Net loss per common share (3): |
||||||||||||||||||||
Basic and diluted | $ | (19.88) | $ | (17.71) | $ | (15.51) | ||||||||||||||
Weighted-average number of shares used in per share calculation - Common Stock (3): |
||||||||||||||||||||
Basic and diluted | 4,811,233 | 4,634,178 | 4,040,102 | |||||||||||||||||
Comprehensive loss: | ||||||||||||||||||||
Net loss | $ | (79,361) | $ | (66,561) | $ | (50,037) | ||||||||||||||
Other comprehensive loss: | ||||||||||||||||||||
Foreign currency cumulative translation adjustment | 1,830 | (3,842) | (5,068) | |||||||||||||||||
Total comprehensive loss | $ | (77,531) | $ | (70,403) | $ | (55,105) | ||||||||||||||
(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, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Cost of revenues | $ | 533 | $ | 1,144 | $ | 1,603 | ||||||||||||||
Selling and marketing | 380 | 1,021 | 1,791 | |||||||||||||||||
Research and development | 411 | 827 | 1,079 | |||||||||||||||||
General and administrative | 3,211 | 5,186 | 9,375 | |||||||||||||||||
Total stock-based compensation expense | $ | 4,535 | $ | 8,178 | $ | 13,848 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Operating activities: |
|||||||||||||||||
Net loss | $ | (79,361) | $ | (66,561) | $ | (50,037) | |||||||||||
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||||||||||||||
Impairment of goodwill | 78,200 | 46,300 | — | ||||||||||||||
Depreciation | 19,778 | 16,828 | 15,793 | ||||||||||||||
Non-cash operating lease expense | 5,456 | 6,060 | 5,345 | ||||||||||||||
Amortization of intangible assets | 5,213 | 27,096 | 25,038 | ||||||||||||||
Stock-based compensation expense | 4,535 | 8,178 | 13,848 | ||||||||||||||
Amortization expense of finance leases | 1,929 | 2,364 | 2,188 | ||||||||||||||
Impairment of right-of-use and long-lived assets | 1,502 | 156 | — | ||||||||||||||
Change in fair value of contingent consideration liability | 350 | 2,558 | — | ||||||||||||||
Deferred tax provision | (35) | (475) | (1,719) | ||||||||||||||
Change in fair value of warrant liability | (49) | (9,802) | 7,689 | ||||||||||||||
Loss on extinguishment of debt | — | — | 9,629 | ||||||||||||||
Non-cash interest expense on senior secured convertible notes | — | — | 4,692 | ||||||||||||||
Accretion of debt discount | — | — | 1,620 | ||||||||||||||
Change in fair value of financing derivatives | — | — | (1,800) | ||||||||||||||
Other | 1,947 | 1,910 | 1,380 | ||||||||||||||
Changes in operating assets and liabilities, net of effect of acquisition: | |||||||||||||||||
Accounts receivable | 4,781 | 2,596 | (2,081) | ||||||||||||||
Prepaid expenses and other assets | 2,185 | (805) | (1,145) | ||||||||||||||
Accounts payable, accrued expenses, and other liabilities | (4,121) | 7,396 | (4,210) | ||||||||||||||
Contract liability and customer advances | (5,517) | (1,587) | (10,777) | ||||||||||||||
Operating lease liabilities | (7,867) | (7,275) | (5,597) | ||||||||||||||
Net cash provided by operating activities | 28,926 | 34,937 | 9,856 | ||||||||||||||
Investing activities: |
|||||||||||||||||
Capitalized internal-use software costs | (22,206) | (16,685) | (14,747) | ||||||||||||||
Purchases of property and equipment | (1,580) | (1,137) | (803) | ||||||||||||||
Cash and restricted cash acquired from acquisition | — | — | 902 | ||||||||||||||
Net cash used in investing activities | (23,786) | (17,822) | (14,648) | ||||||||||||||
Financing activities: |
|||||||||||||||||
Principal payments on finance leases | (2,066) | (2,519) | (2,138) | ||||||||||||||
Contingent consideration payment at initial value | (1,037) | — | — | ||||||||||||||
Payments for dividends on convertible redeemable preferred stock | — | (15,512) | (4,760) | ||||||||||||||
Principal payment and extinguishment costs on senior secured convertible notes | — | — | (204,014) | ||||||||||||||
Principal payment and extinguishment costs on secured term note | — | — | (14,031) | ||||||||||||||
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 | (291) | (101) | (1,394) | ||||||||||||||
Net cash used in financing activities | (3,394) | (18,132) | (22,452) | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | 748 | (820) | (1,218) | ||||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 2,494 | (1,837) | (28,462) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 20,442 | 22,279 | 50,741 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 22,936 | $ | 20,442 | $ | 22,279 |
As of December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Cash and cash equivalents | $ | 22,750 | $ | 20,044 | $ | 21,854 | |||||||||||
Restricted cash | 186 | 398 | 425 | ||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 22,936 | $ | 20,442 | $ | 22,279 |
Years Ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(In thousands) | (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||||||
GAAP net loss | $ | (79,361) | $ | (66,561) | $ | (50,037) | |||||||||||
Depreciation | 19,778 | 16,828 | 15,793 | ||||||||||||||
Amortization of intangible assets | 5,213 | 27,096 | 25,038 | ||||||||||||||
Amortization expense of finance leases | 1,929 | 2,364 | 2,188 | ||||||||||||||
Income tax provision | 1,533 | 1,724 | 859 | ||||||||||||||
Interest expense, net | 1,445 | 915 | 7,801 | ||||||||||||||
EBITDA | (49,463) | (17,634) | 1,642 | ||||||||||||||
Adjustments: | |||||||||||||||||
Impairment of goodwill | 78,200 | 46,300 | — | ||||||||||||||
Restructuring | 6,234 | 5,810 | — | ||||||||||||||
Stock-based compensation expense | 4,535 | 8,178 | 13,848 | ||||||||||||||
Impairment of right-of-use and long-lived assets | 1,502 | 156 | — | ||||||||||||||
Amortization of cloud-computing implementation costs | 1,439 | 1,435 | 712 | ||||||||||||||
Transformation costs (1) |
1,283 | 460 | — | ||||||||||||||
Change in fair value of contingent consideration liability | 350 | 2,558 | — | ||||||||||||||
Loss on extinguishment of debt | — | — | 9,629 | ||||||||||||||
Loss on asset disposition | — | 7 | — | ||||||||||||||
Other (income) expense, net (2) |
(49) | (9,802) | 6,039 | ||||||||||||||
Non-GAAP adjusted EBITDA | $ | 44,031 | $ | 37,468 | $ | 31,870 | |||||||||||
Net loss margin (3) |
(21.4) | % | (17.7) | % | (13.6) | % | |||||||||||
Non-GAAP adjusted EBITDA margin (4) |
11.9 | % | 10.0 | % | 8.7 | % | |||||||||||
Adjustments: | |||||||||||||||||
Loss (gain) from foreign currency transactions | 2,824 | (1,166) | (2,895) | ||||||||||||||
Non-GAAP FX adjusted EBITDA | $ | 46,855 | $ | 36,302 | $ | 28,975 |
Three Months Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenues | $ | 95,101 | $ | 98,240 | ||||||||||
Cost of revenues (1) (2) |
50,220 | 49,379 | ||||||||||||
Selling and marketing (1) (2) |
14,338 | 16,603 | ||||||||||||
Research and development (1) (2) |
7,909 | 8,797 | ||||||||||||
General and administrative (1) (2) |
11,416 | 13,081 | ||||||||||||
Amortization of intangible assets | 801 | 6,773 | ||||||||||||
Impairment of goodwill | 34,100 | — | ||||||||||||
Restructuring |
779 | 26 | ||||||||||||
Impairment of right-of-use and long-lived assets | — | 156 | ||||||||||||
Total expenses from operations | 119,563 | 94,815 | ||||||||||||
(Loss) income from operations | (24,462) | 3,425 | ||||||||||||
Interest expense, net | (304) | (255) | ||||||||||||
Other (expense) income, net | (383) | 1,318 | ||||||||||||
Loss from foreign currency transactions | (2,280) | (4,562) | ||||||||||||
Loss before income taxes | (27,429) | (74) | ||||||||||||
Income tax (provision) benefit | (970) | 221 | ||||||||||||
Net (loss) income | $ | (28,399) | $ | 147 | ||||||||||
Net loss available to common stockholders | ||||||||||||||
Net (loss) income | (28,399) | 147 | ||||||||||||
Convertible redeemable preferred stock dividends | (4,287) | (3,910) | ||||||||||||
Total net loss available to common stockholders | $ | (32,686) | $ | (3,763) | ||||||||||
Net loss per common share (3): |
||||||||||||||
Basic and diluted | $ | (6.69) | $ | (0.80) | ||||||||||
Weighted-average number of shares used in per share calculation - Common Stock (3): |
||||||||||||||
Basic and diluted | 4,888,089 | 4,679,038 | ||||||||||||
Comprehensive (loss) income: | ||||||||||||||
Net (loss) income | $ | (28,399) | $ | 147 | ||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Foreign currency cumulative translation adjustment | 2,699 | 5,796 | ||||||||||||
Total comprehensive (loss) income | $ | (25,700) | $ | 5,943 | ||||||||||
(1) Excludes amortization of intangible assets, which is presented separately in the Consolidated Statements of Operations and Comprehensive Income. | ||||||||||||||
(2) Stock-based compensation expense is included in the line items above as follows: | ||||||||||||||
Three Months Ended December 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Cost of revenues | $ | 98 | $ | 267 | ||||||||||
Selling and marketing | (31) | 217 | ||||||||||||
Research and development | 78 | 200 | ||||||||||||
General and administrative | 571 | 280 | ||||||||||||
Total stock-based compensation expense | $ | 716 | $ | 964 |
Three Months Ended December 31, | |||||||||||
2023 | 2022 | ||||||||||
(In thousands) | (Unaudited) | (Unaudited) | |||||||||
GAAP net (loss) income | $ | (28,399) | $ | 147 | |||||||
Depreciation | 5,165 | 4,286 | |||||||||
Income tax provision (benefit) | 970 | (221) | |||||||||
Amortization of intangible assets | 801 | 6,773 | |||||||||
Amortization expense of finance leases | 661 | 489 | |||||||||
Interest expense, net | 304 | 255 | |||||||||
EBITDA | (20,498) | 11,729 | |||||||||
Adjustments: | |||||||||||
Impairment of goodwill | 34,100 | — | |||||||||
Restructuring | 779 | 26 | |||||||||
Stock-based compensation expense | 716 | 964 | |||||||||
Transformation costs (1) |
530 | — | |||||||||
Amortization of cloud-computing implementation costs | 361 | 359 | |||||||||
Change in fair value of contingent consideration liability | 98 | 111 | |||||||||
Impairment of right-of-use and long-lived assets | — | 156 | |||||||||
Other expense (income), net (2) |
358 | (1,324) | |||||||||
Non-GAAP adjusted EBITDA | $ | 16,444 | $ | 12,021 | |||||||
Net (loss) income margin (3) |
(29.9) | % | 0.1 | % | |||||||
Non-GAAP adjusted EBITDA margin (4) |
17.3 | % | 12.2 | % | |||||||
Adjustments: | |||||||||||
Loss from foreign currency transactions | 2,280 | 4,562 | |||||||||
Non-GAAP FX adjusted EBITDA | $ | 18,724 | $ | 16,583 |
Years Ended December 31, | |||||||||||||||||||||||||||||||||||
(In thousands) | 2023 | % of Revenue | 2022 | % of Revenue | $ Variance | % Variance | |||||||||||||||||||||||||||||
Digital Ad Solutions | $ | 208,833 | 56.2 | % | $ | 212,510 | 56.5 | % | $ | (3,677) | (1.7) | % | |||||||||||||||||||||||
Cross Platform Solutions(1) |
162,510 | 43.8 | % | 163,913 | 43.5 | % | (1,403) | (0.9) | % | ||||||||||||||||||||||||||
Total revenues | $ | 371,343 | 100.0 | % | $ | 376,423 | 100.0 | % | $ | (5,080) | (1.3) | % |
Three Months Ended December 31, | |||||||||||||||||||||||||||||||||||
(In thousands) | 2023 (Unaudited) |
% of Revenue | 2022 (Unaudited) |
% of Revenue | $ Variance | % Variance | |||||||||||||||||||||||||||||
Digital Ad Solutions | $ | 55,236 | 58.1 | % | $ | 55,383 | 56.4 | % | $ | (147) | (0.3) | % | |||||||||||||||||||||||
Cross Platform Solutions(1) |
39,865 | 41.9 | % | 42,857 | 43.6 | % | (2,992) | (7.0) | % | ||||||||||||||||||||||||||
Total revenues | $ | 95,101 | 100.0 | % | $ | 98,240 | 100.0 | % | $ | (3,139) | (3.2) | % |
Three Months Ended (Unaudited) | Year Ended | ||||||||||||||||||||||||||||||||||
(In thousands) | March 31, 2023 | June 30, 2023 | September 30, 2023 | December 31, 2023 |
December 31, 2023 |
% of Total 2023 Revenue | |||||||||||||||||||||||||||||
Digital Ad Solutions | $ | 50,447 | $ | 52,649 | $ | 50,501 | $ | 55,236 | $ | 208,833 | 56.2 | % | |||||||||||||||||||||||
Cross Platform Solutions | 41,111 | 41,035 | 40,499 | 39,865 | 162,510 | 43.8 | % | ||||||||||||||||||||||||||||
Total revenues | $ | 91,558 | $ | 93,684 | $ | 91,000 | $ | 95,101 | $ | 371,343 | 100.0 | % |