Financial News
Comscore Reports Third Quarter 2024 Results
RESTON, Va., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the quarter ended September 30, 2024.
Q3 2024 Financial Highlights
- Revenue for the third quarter was $88.5 million compared to $91.0 million in Q3 2023
- Net loss of $60.6 million compared to net income of $2.6 million in Q3 2023, primarily resulting from a non-cash goodwill impairment charge of $63.0 million in 2024
- Adjusted EBITDA of $10.1 million compared to $13.4 million in Q3 2023
- FX adjusted EBITDA of $12.4 million compared to $12.3 million in Q3 2023
- Refining full-year revenue guidance and maintaining adjusted EBITDA guidance
"In the third quarter, we took meaningful steps forward in our cross-platform business, with our revenue in this area growing nearly 34% year-over-year and underpinning several key wins in the market," said Jon Carpenter, CEO. "We've also made steady progress embedding our cross-platform measurement and audience products into the programmatic ecosystem. This progress enables advertisers to more easily target the audiences most important to them and measure their campaign's ability to deliver incremental audiences across platforms. As we look ahead to Q4 and into 2025, I'm confident we will continue to make progress in our transformation, positioning us to become the industry's leading source for cross-platform audience planning and measurement."
Third Quarter Summary Results
Revenue in the third quarter was $88.5 million, down 2.8% from $91.0 million in Q3 2023. Content & Ad Measurement revenue was flat compared to the prior-year quarter, with lower revenue from our syndicated audience offerings (primarily related to national TV and syndicated digital products) offset by an increase in our cross-platform revenue, which grew 33.5% over Q3 2023. Research & Insight Solutions revenue declined 14.2% from Q3 2023, primarily due to lower deliveries of certain custom digital products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $82.9 million, a decrease of 3.9% compared to $86.3 million in Q3 2023, primarily due to a decline in employee compensation and lower cloud computing costs.
Due in part to a decline in our stock price and market capitalization, we performed an interim review of our goodwill at quarter-end, resulting in a non-cash goodwill impairment charge of $63.0 million as of September 30, 2024. This charge does not directly impact our liquidity, cash flows or future operations.
Primarily as a result of the goodwill impairment charge, net loss for the quarter was $60.6 million, compared to net income of $2.6 million in Q3 2023, resulting in net (loss) income margins of (68.5)% and 2.9% of revenue, respectively. After accounting for dividends on our convertible preferred stock, loss per share attributable to common shares was $(12.79) and $(0.34) for Q3 2024 and Q3 2023, respectively.
Non-GAAP adjusted EBITDA for the quarter was $10.1 million, compared to $13.4 million in Q3 2023, resulting in adjusted EBITDA margins of 11.5% and 14.7%, respectively. Excluding the impact of foreign currency transactions, FX adjusted EBITDA for the quarter was $12.4 million, compared to $12.3 million in Q3 2023. Adjusted EBITDA and adjusted EBITDA margin exclude impairment of goodwill, impairment of right-of-use and long-lived assets, amortization of cloud-computing implementation costs, restructuring costs, stock-based compensation, transformation costs, change in fair value of contingent consideration and warrants liability and other items as presented in the accompanying tables. FX adjusted EBITDA excludes these items as well as gain/loss from foreign currency transactions.
Balance Sheet and Liquidity
As of September 30, 2024, cash, cash equivalents and restricted cash totaled $20.2 million. Total debt principal, including $10.0 million in then-outstanding borrowings under our senior secured revolving credit agreement, was $20.8 million.
On November 1, 2024, we repaid the outstanding principal balance under our senior secured revolving credit agreement, and on November 5, 2024, we amended the agreement to extend the maturity date with respect to our outstanding letters of credit (totaling $3.2 million) to January 31, 2025. We continue to evaluate alternative financing options for the company, including a replacement of this facility, and have engaged outside advisors to assist in our evaluation.
2024 Outlook
Based on current trends and expectations, we are tightening our full-year 2024 revenue range, with revenue expected to be between $351 and $355 million for the year, and are reaffirming our guidance for an adjusted EBITDA margin of at least 10%. We anticipate a return to growth in 2025 as we continue to invest in and focus on our cross-platform measurement capabilities.
We do not provide GAAP net income (loss) or net income (loss) margin 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 income (loss) and net income (loss) margin, on a forward-looking basis.
Conference Call Information for Today, Tuesday, November 12, 2024 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, November 12, 2024 at 5:00 p.m. ET. The live audio webcast and supplemental information will be accessible at ir.comscore.com/events-presentations. Participants may also participate via telephone at (800) 715-9871 by using passcode 3850002 or "Comscore Third Quarter 2024 Financial Results". Following the conference call, a replay will be available via webcast at ir.comscore.com/events-presentations.
About Comscore
Comscore is a global, trusted partner for planning, transacting and evaluating media across platforms. With a data footprint that combines digital, linear TV, over-the-top and theatrical viewership intelligence with advanced audience insights, Comscore empowers media buyers and sellers to quantify their multiscreen behavior and make meaningful 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 and adjusted EBITDA margin for 2024, a return to growth in 2025, revenue drivers, industry positioning, strategic plans and opportunities, market developments, transformation plans, product and technology investments, and our evaluation of alternative financing options. 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; continued changes or declines in ad spending or other macroeconomic factors; evolving privacy and regulatory standards; product adoption rates; the availability of alternative financing; 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 (www.sec.gov).
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 in this press release adjusted EBITDA, adjusted EBITDA margin and FX adjusted EBITDA, 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 income (loss), net income (loss) margin, 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 measures, net income (loss) and net income (loss) margin. These reconciliations should be carefully evaluated.
Media
Joseph Napolitano
Comscore, Inc.
631-742-9320
jnapolitano@comscore.com
Investors
John Tinker
Comscore, Inc.
212-203-2129
jtinker@comscore.com
| COMSCORE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| As of | As of | ||||||
| September 30, 2024 | December 31, 2023 | ||||||
| (In thousands, except share and per share data) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 19,996 | $ | 22,750 | |||
| Restricted cash | 189 | 186 | |||||
| Accounts receivable, net of allowances of $445 and $614, respectively | 55,165 | 63,826 | |||||
| Prepaid expenses and other current assets | 9,583 | 11,228 | |||||
| Total current assets | 84,933 | 97,990 | |||||
| Property and equipment, net | 48,856 | 41,574 | |||||
| Operating right-of-use assets | 14,070 | 18,628 | |||||
| Deferred tax assets | 3,484 | 2,588 | |||||
| Intangible assets, net | 5,750 | 8,115 | |||||
| Goodwill | 247,460 | 310,360 | |||||
| Other non-current assets | 7,909 | 12,040 | |||||
| Total assets | $ | 412,462 | $ | 491,295 | |||
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 34,277 | $ | 30,551 | |||
| Accrued expenses | 28,501 | 34,422 | |||||
| Contract liabilities | 45,500 | 48,912 | |||||
| Revolving line of credit | 10,000 | 16,000 | |||||
| Accrued dividends | 4,424 | 24,132 | |||||
| Customer advances | 8,034 | 11,076 | |||||
| Current operating lease liabilities | 8,417 | 7,982 | |||||
| Contingent consideration | 1,191 | 4,806 | |||||
| Other current liabilities | 3,815 | 4,680 | |||||
| Total current liabilities | 144,159 | 182,561 | |||||
| Non-current operating lease liabilities | 16,605 | 23,003 | |||||
| Non-current portion of accrued data costs | 36,258 | 32,833 | |||||
| Deferred tax liabilities | — | 1,321 | |||||
| Other non-current liabilities | 10,706 | 7,589 | |||||
| Total liabilities | 207,728 | 247,307 | |||||
| Commitments and contingencies | |||||||
| Convertible redeemable preferred stock, $0.001 par value; 100,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 95,784,903 shares and 82,527,609 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively; aggregate liquidation preference of $241,194 as of September 30, 2024, and $228,132 as of December 31, 2023 | 207,470 | 187,885 | |||||
| Stockholders' equity (deficit): | |||||||
| Preferred stock, $0.001 par value; 5,000,000 shares authorized as of September 30, 2024 and December 31, 2023; no shares issued or outstanding as of September 30, 2024 or December 31, 2023 | — | — | |||||
| Common stock, $0.001 par value; 13,750,000 shares authorized as of September 30, 2024 and December 31, 2023; 5,228,787 shares issued and 4,890,548 shares outstanding as of September 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 | 1,713,399 | 1,696,612 | |||||
| Accumulated other comprehensive loss | (13,282 | ) | (14,110 | ) | |||
| Accumulated deficit | (1,472,874 | ) | (1,396,420 | ) | |||
| Treasury stock, at cost, 338,239 shares as of September 30, 2024 and December 31, 2023 | (229,984 | ) | (229,984 | ) | |||
| Total stockholders' equity (deficit) | (2,736 | ) | 56,103 | ||||
| Total liabilities, convertible redeemable preferred stock and stockholders' equity (deficit) | $ | 412,462 | $ | 491,295 | |||
| COMSCORE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (In thousands, except share and per share data) | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Revenues | $ | 88,479 | $ | 91,000 | $ | 261,111 | $ | 276,242 | |||||||
| Cost of revenues (1) (2) | 52,005 | 50,473 | 154,025 | 155,360 | |||||||||||
| Selling and marketing (1) (2) | 12,515 | 14,794 | 42,691 | 48,984 | |||||||||||
| Research and development (1) (2) | 7,272 | 8,083 | 24,412 | 25,792 | |||||||||||
| General and administrative (1) (2) | 11,116 | 12,928 | 35,663 | 39,776 | |||||||||||
| Amortization of intangible assets | 764 | 800 | 2,365 | 4,412 | |||||||||||
| Impairment of goodwill | 63,000 | — | 63,000 | 44,100 | |||||||||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | 1,397 | 1,502 | |||||||||||
| Restructuring | 15 | 353 | 968 | 5,455 | |||||||||||
| Total expenses from operations | 148,084 | 88,933 | 324,521 | 325,381 | |||||||||||
| (Loss) income from operations | (59,605 | ) | 2,067 | (63,410 | ) | (49,139 | ) | ||||||||
| Other income, net | — | 628 | 651 | 425 | |||||||||||
| (Loss) gain from foreign currency transactions | (2,223 | ) | 1,090 | (1,508 | ) | (544 | ) | ||||||||
| Interest expense, net | (424 | ) | (426 | ) | (1,440 | ) | (1,141 | ) | |||||||
| (Loss) income before income taxes | (62,252 | ) | 3,359 | (65,707 | ) | (50,399 | ) | ||||||||
| Income tax benefit (provision) | 1,622 | (741 | ) | 2,315 | (563 | ) | |||||||||
| Net (loss) income | $ | (60,630 | ) | $ | 2,618 | $ | (63,392 | ) | $ | (50,962 | ) | ||||
| Net loss available to common stockholders: | |||||||||||||||
| Net (loss) income | $ | (60,630 | ) | $ | 2,618 | $ | (63,392 | ) | $ | (50,962 | ) | ||||
| Convertible redeemable preferred stock dividends | (4,578 | ) | (4,286 | ) | (13,062 | ) | (11,983 | ) | |||||||
| Total net loss available to common stockholders | $ | (65,208 | ) | $ | (1,668 | ) | $ | (76,454 | ) | $ | (62,945 | ) | |||
| Net loss per common share (3): | |||||||||||||||
| Basic and diluted | $ | (12.79 | ) | $ | (0.34 | ) | $ | (15.33 | ) | $ | (13.15 | ) | |||
| Weighted-average number of shares used in per share calculation - Common Stock (3): | |||||||||||||||
| Basic and diluted | 5,098,415 | 4,885,459 | 4,986,746 | 4,785,205 | |||||||||||
| Comprehensive (loss) income: | |||||||||||||||
| Net (loss) income | $ | (60,630 | ) | $ | 2,618 | $ | (63,392 | ) | $ | (50,962 | ) | ||||
| Other comprehensive income (loss): | |||||||||||||||
| Foreign currency cumulative translation adjustment | 2,925 | (2,267 | ) | 828 | (869 | ) | |||||||||
| Total comprehensive (loss) income | $ | (57,705 | ) | $ | 351 | $ | (62,564 | ) | $ | (51,831 | ) | ||||
| (1) Excludes amortization of intangible assets, which is presented as a separate line item. | |||||||||||||||
| (2) Stock-based compensation (benefit) expense is included in the line items above as follows: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Cost of revenues | $ | (281 | ) | $ | 113 | $ | 118 | $ | 435 | ||||||
| Selling and marketing | (208 | ) | 96 | 71 | 411 | ||||||||||
| Research and development | (193 | ) | 85 | 92 | 333 | ||||||||||
| General and administrative | 560 | 747 | 1,986 | 2,640 | |||||||||||
| Total stock-based compensation (benefit) expense | $ | (122 | ) | $ | 1,041 | $ | 2,267 | $ | 3,819 | ||||||
| (3) Adjusted retroactively for a 1-for-20 reverse split of our common stock effected on December 20, 2023. | |||||||||||||||
| COMSCORE, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | |||||||
| Nine Months Ended September 30, | |||||||
| (In thousands) | 2024 | 2023 | |||||
| Operating activities: | |||||||
| Net loss | $ | (63,392 | ) | $ | (50,962 | ) | |
| Adjustments to reconcile to net cash provided by operating activities: | |||||||
| Impairment of goodwill | 63,000 | 44,100 | |||||
| Depreciation | 16,194 | 14,613 | |||||
| Non-cash operating lease expense | 4,031 | 4,196 | |||||
| Amortization expense of finance leases | 2,691 | 1,268 | |||||
| Amortization of intangible assets | 2,365 | 4,412 | |||||
| Stock-based compensation expense | 2,267 | 3,819 | |||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | |||||
| Deferred tax benefit | (2,182 | ) | (61 | ) | |||
| Other | 947 | 1,140 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 8,399 | 21,899 | |||||
| Prepaid expenses and other assets | 4,722 | 132 | |||||
| Accounts payable, accrued expenses and other liabilities | 588 | (2,779 | ) | ||||
| Contract liabilities and customer advances | (6,172 | ) | (7,013 | ) | |||
| Operating lease liabilities | (6,715 | ) | (5,981 | ) | |||
| Net cash provided by operating activities | 28,140 | 30,285 | |||||
| Investing activities: | |||||||
| Capitalized internal-use software costs | (18,189 | ) | (16,609 | ) | |||
| Purchases of property and equipment | (579 | ) | (1,240 | ) | |||
| Net cash used in investing activities | (18,768 | ) | (17,849 | ) | |||
| Financing activities: | |||||||
| Payments of line of credit | (6,000 | ) | — | ||||
| Contingent consideration payment at initial value | (3,704 | ) | (1,037 | ) | |||
| Principal payments on finance leases | (2,172 | ) | (1,337 | ) | |||
| Other | (266 | ) | (276 | ) | |||
| Net cash used in financing activities | (12,142 | ) | (2,650 | ) | |||
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | 19 | 25 | |||||
| Net (decrease) increase in cash, cash equivalents and restricted cash | (2,751 | ) | 9,811 | ||||
| Cash, cash equivalents and restricted cash at beginning of period | 22,936 | 20,442 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 20,185 | $ | 30,253 | |||
| As of September 30, | |||||||
| 2024 | 2023 | ||||||
| Cash and cash equivalents | $ | 19,996 | $ | 30,067 | |||
| Restricted cash | 189 | 186 | |||||
| Total cash, cash equivalents and restricted cash | $ | 20,185 | $ | 30,253 | |||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net (loss) income and net (loss) income margin to non-GAAP adjusted EBITDA, adjusted EBITDA margin and non-GAAP FX adjusted EBITDA for each of the periods identified:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | 2023 (Unaudited) | 2024 (Unaudited) | 2023 (Unaudited) | |||||||||||||||
| GAAP net (loss) income | $ | (60,630 | ) | $ | 2,618 | $ | (63,392 | ) | $ | (50,962 | ) | ||||||||
| Depreciation | 5,537 | 5,020 | 16,194 | 14,613 | |||||||||||||||
| Amortization expense of finance leases | 1,035 | 419 | 2,691 | 1,268 | |||||||||||||||
| Amortization of intangible assets | 764 | 800 | 2,365 | 4,412 | |||||||||||||||
| Interest expense, net | 424 | 426 | 1,440 | 1,141 | |||||||||||||||
| Income tax (benefit) provision | (1,622 | ) | 741 | (2,315 | ) | 563 | |||||||||||||
| EBITDA | (54,492 | ) | 10,024 | (43,017 | ) | (28,965 | ) | ||||||||||||
| Adjustments: | |||||||||||||||||||
| Impairment of goodwill | 63,000 | — | 63,000 | 44,100 | |||||||||||||||
| Impairment of right-of-use and long-lived assets | 1,397 | 1,502 | 1,397 | 1,502 | |||||||||||||||
| Amortization of cloud-computing implementation costs | 351 | 360 | 1,075 | 1,078 | |||||||||||||||
| Restructuring | 15 | 353 | 968 | 5,455 | |||||||||||||||
| Stock-based compensation (benefit) expense | (122 | ) | 1,041 | 2,267 | 3,819 | ||||||||||||||
| Transformation costs (1) | — | 653 | 75 | 753 | |||||||||||||||
| Change in fair value of contingent consideration liability | — | 97 | 89 | 252 | |||||||||||||||
| Other income, net (2) | — | (634 | ) | (663 | ) | (407 | ) | ||||||||||||
| Non-GAAP adjusted EBITDA | $ | 10,149 | $ | 13,396 | $ | 25,191 | $ | 27,587 | |||||||||||
| Net (loss) income margin (3) | (68.5 | ) | % | 2.9 | % | (24.3 | ) | % | (18.4 | ) | % | ||||||||
| Non-GAAP adjusted EBITDA margin (4) | 11.5 | % | 14.7 | % | 9.6 | % | 10.0 | % | |||||||||||
| Adjustments: | |||||||||||||||||||
| Loss (gain) from foreign currency transactions | 2,223 | (1,090 | ) | 1,508 | 544 | ||||||||||||||
| Non-GAAP FX adjusted EBITDA | $ | 12,372 | $ | 12,306 | $ | 26,699 | $ | 28,131 | |||||||||||
| (1) Transformation costs represent expenses incurred prior to formal launch of identified strategic projects with anticipated long-term benefits to the company. These costs generally relate to third-party consulting and non-capitalizable technology costs tied directly to the identified projects. | |||||||||||||||||||
| (2) Adjustments to other income, net reflect non-cash changes in the fair value of warrants liability included in other income, net on our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income and a loss on asset disposition included in selling and marketing on our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income. | |||||||||||||||||||
| (3) Net (loss) income margin is calculated by dividing net (loss) income by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the applicable period. | |||||||||||||||||||
| (4) Adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income for the applicable period. | |||||||||||||||||||
Revenues
Revenues from our offerings of products and services are as follows:
| Three Months Ended September 30, | |||||||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | % of Revenue | 2023 (Unaudited) | % of Revenue | $ Variance | % Variance | |||||||||||||||||
| Content & Ad Measurement | |||||||||||||||||||||||
| Syndicated Audience (1) | $ | 65,042 | 73.5 | % | $ | 67,946 | 74.7 | % | $ | (2,904 | ) | (4.3 | ) | % | |||||||||
| Cross-Platform | 10,232 | 11.6 | % | 7,664 | 8.4 | % | 2,568 | 33.5 | % | ||||||||||||||
| Total Content & Ad Measurement | 75,274 | 85.1 | % | 75,610 | 83.1 | % | (336 | ) | (0.4 | ) | % | ||||||||||||
| Research & Insight Solutions | 13,205 | 14.9 | % | 15,390 | 16.9 | % | (2,185 | ) | (14.2 | ) | % | ||||||||||||
| Total revenues | $ | 88,479 | 100.0 | % | $ | 91,000 | 100.0 | % | $ | (2,521 | ) | (2.8 | ) | % | |||||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from $8.7 million in the third quarter of 2023 to $9.3 million in the third quarter of 2024. | |||||||||||||||||||||||
| Nine Months Ended September 30, | |||||||||||||||||||||||
| (In thousands) | 2024 (Unaudited) | % of Revenue | 2023 (Unaudited) | % of Revenue | $ Variance | % Variance | |||||||||||||||||
| Content & Ad Measurement | |||||||||||||||||||||||
| Syndicated Audience (1) | $ | 193,831 | 74.2 | % | $ | 207,551 | 75.1 | % | $ | (13,720 | ) | (6.6 | ) | % | |||||||||
| Cross-Platform | 26,252 | 10.1 | % | 22,117 | 8.0 | % | 4,135 | 18.7 | % | ||||||||||||||
| Total Content & Ad Measurement | 220,083 | 84.3 | % | 229,668 | 83.1 | % | (9,585 | ) | (4.2 | ) | % | ||||||||||||
| Research & Insight Solutions | 41,028 | 15.7 | % | 46,574 | 16.9 | % | (5,546 | ) | (11.9 | ) | % | ||||||||||||
| Total revenues | $ | 261,111 | 100.0 | % | $ | 276,242 | 100.0 | % | $ | (15,131 | ) | (5.5 | ) | % | |||||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from $26.2 million in the nine months ended September 30, 2023 to $27.7 million in the nine months ended September 30, 2024. | |||||||||||||||||||||||
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
