Comscore Reports Second Quarter 2022 Results

Revenue of $91.4 million, up 4.3% from Q2 2021
Net loss of $5.1 million versus $18.5 million in Q2 2021
Adjusted EBITDA of $6.5 million, up 146.9% from Q2 2021
Updating 2022 revenue guidance and increasing adjusted EBITDA margin guidance

RESTON, Va., August 9, 2022 – 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, 2022.

Q2 2022 Financial Highlights

  • Revenue for the second quarter was $91.4 million compared to $87.7 million in Q2 2021
  • Cross Platform Solutions revenue grew 13.2% year over year to $39.8 million driven by local and national TV measurement and the continued rebound in our Movies business
  • Digital Ad Solutions revenue declined 1.7% to $51.6 million due to slower ad spend, which impacted Activation and other digital products
  • Net loss of $5.1 million compared to a net loss of $18.5 million in Q2 2021
  • Adjusted EBITDA of $6.5 million compared to $2.6 million in Q2 2021

Recent Business Developments

Cross Platform Solutions

  • Comscore's ongoing currency trials with Discovery, Warner Media and NBCU are proceeding well.
  • Horizon Media is exclusively testing Comscore's local TV measurement solution as a new form of currency for 2023 planning and buying following their commitment to transact up to 15% of upfronts with alternative currencies.
  • Publicis is testing Comscore's first generation Cross Platform Planning tool, with the goal to align local, national and cross-platform delivery.
  • Gray Media expanded its local market TV subscription in 11 new local markets. Additionally, our independent agency growth was strong, signing 12 new agencies and expanding markets with nine existing independent agency accounts in Q2.

Digital Ad Solutions

  • SiriusXM's AdsWizz has agreed to integrate Comscore's cookie-free Predictive Audiences targeting and AI contextual categorization engine for publishers and marketers across AdsWizz's podcast ecosystem.
  • We added CTV measurement to our Video Metrix Multi-Platform product, including YouTube traffic sharing measurement, for India, Spain, the UK, Italy, France and Germany. Comscore is the first international measurement provider to deliver complete audience measurement across YouTube's largest platforms at the device level for PC, mobile and CTV.
  • In Q2 we launched phase 1 of Total Digital, the new user interface for our syndicated digital suite. This new platform integrates a portion of our digital suite and all social measurement solutions into a unified, user-friendly dashboard that provides marketers, agencies and publishers with an always-on view of how consumers are engaging with content and advertising.

"I was honored to step into the CEO role in July and remain excited about the opportunity ahead for Comscore. This is a critical time for the industry and we are committed and focused on delivering innovative products and solutions that our customers want and driving the growth and profitability our shareholders expect. The quarter highlights the momentum in our business, particularly in Cross Platform Solutions, which includes our growing local and national television businesses. While there is still work to be done, I am excited and energized about the opportunity ahead," said Jon Carpenter, CEO of Comscore.

Second Quarter Summary Results
Revenue in the second quarter was $91.4 million, up 4.3% from $87.7 million in Q2 2021, with growth from increases in TV, Movies and Custom Digital Solutions partially offset by lower revenue from Activation and other digital products due to slower ad spend. Expenses from cost of revenues, sales and marketing, research and development and general and administrative were $96.0 million, up 4.0% from $92.3 million in Q2 2021.

Net loss for the quarter was $5.1 million, compared to net loss of $18.5 million in Q2 2021. After accounting for dividends on our convertible preferred stock, loss per share attributable to common shares was $(0.10), compared to a loss per share of $(0.28) in Q2 2021.

Adjusted EBITDA for the quarter was $6.5 million, compared to $2.6 million in Q2 2021, resulting in adjusted EBITDA margins of 7.1% and 3.0%, respectively. Adjusted EBITDA and adjusted EBITDA margin exclude stock-based compensation, change in fair value of contingent consideration, financing derivatives and warrants liability, debt extinguishment costs, amortization of cloud-computing implementation costs, and other items as presented in the accompanying tables.

Balance Sheet and Liquidity
As of June 30, 2022, cash, cash equivalents and restricted cash totaled $20.1 million. Total debt principal, including $16.0 million in outstanding borrowings under our senior secured revolving credit agreement, was $20.7 million.

2022 Outlook
Based on current trends and expectations, we believe 2022 total revenue will increase between 5% and 7% over 2021 and that our adjusted EBITDA margin will exceed 9%.

We do not provide GAAP net loss on a forward-looking basis because we are unable to predict with reasonable certainty our future stock-based compensation expense, fair value adjustments, variable interest expense, litigation and restructuring expense and any unusual gains or losses without unreasonable effort. These items are uncertain, depend on various factors, and could be material to results computed in accordance with GAAP. For this reason, we are unable without unreasonable effort to provide a reconciliation of adjusted EBITDA or adjusted EBITDA margin to the most directly comparable GAAP measure, GAAP net loss, on a forward-looking basis.

Conference Call Information for Today, Tuesday, August 9, 2022 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, August 9, 2022 at 5:00 p.m. ET. The live audio webcast along with supplemental information will be accessible at Participants can obtain dial-in information by registering for the call at the same web address and are advised to register in advance of the call to avoid delays. Following the conference call, a replay will be available via webcast at

About Comscore
Comscore is a trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, OTT 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, our expectations, forecasts, plans and opinions regarding expected revenue growth and adjusted EBITDA margin for future periods, continued growth in our national and local TV and Movies businesses, the impact of new customer contracts and partnerships on our business and revenue prospects, evolving industry trends, Comscore's currency opportunities and currency trials, and product development and innovation. These statements involve risks and uncertainties that could cause actual events to differ materially from expectations, including, but not limited to, changes in our business and customer, partner and vendor relationships; external market conditions and competition; evolving privacy and regulatory standards; the continuing impact of the Covid-19 pandemic and related government mandates; and our ability to achieve our expected strategic, financial and operational plans. For additional discussion of risk factors, please refer to our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and other filings that we make 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. We do not intend or undertake, and expressly disclaim, 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 adjusted EBITDA and adjusted EBITDA margin, 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 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 measure, net loss. These reconciliations should be carefully evaluated.

Q2 2022 Earnings Report.pdf

Marie Scoutas
Comscore, Inc.

John Tinker
Comscore, Inc.
(212) 203-2129