comScore, Inc. Reports Fourth Quarter and Full Year 2013 Results
Record Quarterly and Annual Revenue Reflect Continued Momentum
Across Audience, Advertising and Digital Enterprise Businesses
RESTON, VA - February 11, 2014 - comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today announced financial results for the fourth quarter and full year of 2013. Separately, the Company also today announced that its Board of Directors has appointed Serge Matta as Chief Executive Officer, Dr. Magid Abraham as Executive Chairman of the Board of Directors and Gian Fulgoni as Chairman Emeritus of comScore, all effective March 1, 2014.
Fourth Quarter and Full Year 2013
comScore achieved record quarterly revenue of $76.5 million; GAAP income before income taxes of $0.3 million; and GAAP net income of $0.2 million, or $0.00 per basic and diluted share.
Fourth quarter and full year 2013 metrics compared to pro forma* results for the fourth quarter and full year 2012 were as follows:
- Fourth quarter revenue of $76.5 million, up 15% from a year ago.
- Fourth quarter Adjusted EBITDA of $17.1 million, up 47% from a year ago.
- Fourth quarter Adjusted EBITDA margin was 22% of revenue, up from 18% from a year ago.
- Annual revenue of $285.5 million, up 16% from a year ago.
- Annual Adjusted EBITDA of $60.1 million, up 40% from a year ago.
* All amounts, including implied prior year Pro Forma amounts, reflect adjustments to exclude the Non-Health Copy Testing and Configuration Manager products and are based on management’s estimates of the revenue and results of operations of such products. Prior period amounts have been adjusted to reflect the same assumptions with respect to the Non-Health Copy Testing and Configuration Manager products for the purposes of consistent presentation. See Reconciliation of Revenue and Income before Income Taxes to Non-GAAP Revenue, non-GAAP Income and Adjusted EBITDA set forth in the attachment to this press release.
Dr. Magid Abraham, comScore's chief executive officer, said, "Our strong fourth quarter and full-year performance reflected the significant momentum comScore generated throughout 2013 with our leading digital measurement products and multi-platform capabilities. We delivered meaningful market share gains, record revenue, strong margin expansion and EBITDA growth well above expectations. In 2014, we plan to build upon this great momentum while continuing our focus on sharp execution.
“Looking ahead, we have a unique opportunity to shape a fast-developing, cross-media and total video measurement market that we believe to be approximately $3 billion in size. Our FTC-mandated license agreement with Nielsen for TV viewing data from 70,000 Arbitron panelists will enable significant expansion of our cross-media measurement capabilities with a very attractive cost structure. With our breadth of data assets and capabilities, we believe that comScore is the only company positioned to deliver Total Video measurement at scale. We believe in this potential so much that we will be investing an additional $8 million to $10 million to support this opportunity in 2014.”
“As we move aggressively to realize our vision for Total Video measurement, we’re also working to significantly expand the reach of our advertising solutions,” said Serge Matta, comScore’s President, “Our partnership with Google will embed vCE in Google’s DoubleClick ad management platform making vCE seamlessly accessible to DoubleClick’s massive display, mobile, and video advertising footprint. With a great team, exciting partnerships, and the wind at our backs, we are well-positioned to deliver superior value to our shareholders and customers and drive our next stage of growth.”
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Chief Financial Officer