Comscore Reports Fourth Quarter and Full Year 2022 ResultsFY Revenue of $376.4 million, up 2.6% from 2021
FY Net Loss of $66.6 million versus $50.0 million in 2021
FY Adjusted EBITDA of $37.0 million, up 16.1% from 2021
RESTON, Va., February 28, 2023 - Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting and evaluating media across platforms, today reported financial results for the fourth quarter and full year ended December 31, 2022.
FY 2022 Financial Highlights
Revenue for 2022 was $376.4 million compared to $367.0 million in 2021
Net loss of $66.6 million compared to $50.0 million in 2021, resulting primarily from a non-cash goodwill impairment charge of $46.3 million and restructuring costs of $5.8 million in Q3 2022
Adjusted EBITDA of $37.0 million compared to $31.9 million in 2021
Cash, cash equivalents and restricted cash of $20.4 million versus $22.3 million as of December 31, 2021
Q4 2022 Financial Highlights
Revenue for the fourth quarter was $98.2 million compared to $96.5 million in Q4 2021
Net income of $0.1 million compared to $2.9 million in Q4 2021
Adjusted EBITDA of $12.0 million compared to $12.4 million in Q4 2021
2023 Financial Outlook
Revenue expected to grow low to mid single digits over 2022
Adjusted EBITDA margin expected to be in the double digits for 2023
Recent Developments
Adopted as exclusive currency provider across Scripps footprint in their 41 local markets as of January 1, 2023
Secured long-term renewals with NBCU for national and local television
Secured expansion and long-term renewal across the entire Gray Television broadcasting footprint
Signed 11 new independent agencies in Q4 2022, including Berkshire Hathaway Automotive that represents over 100 Tier 3 dealers across 10 markets, Buonasera Media Services that represents Harris Teeter in the Southeast, and Intermedia Advertising Group that represents TitleMax and CarShield nationwide
Renewed measurement partnership with JOY-CPW, Inc., producer of Game Time with Boomer Esiason, to provide local TV measurement spanning all 210 U.S. markets
Similar to last year, selected by YouTube to identify the incremental advertising reach across YouTube before, during and after the Super Bowl linear TV broadcast for 15 major brands
Expanded partnership with Adform to roll out Predictive Audiences globally, providing Cookie-free audience targeting to identify precise audiences, optimize campaigns and maximize budgets
New digital business wins including The Barbarian Group, Slate, The Grid and Blavity, Inc.
2022 was a year of major change for Comscore and Im extremely proud of what our teams have been able to accomplish, said Jon Carpenter, CEO of Comscore. As Ive mentioned, our focus has been on speed, execution and profitability. In 2022 we launched Comscore TV Pulse, which delivers local TV data within 48 hours, and we introduced our new Total Digital user interface that provides a combined view of our digital and social data. We also made strategic decisions related to our cost structure that enabled us to achieve adjusted EBITDA of $37 million, the highest weve had in many years. We did what we said we were going to do, and that has given us momentum as we head into 2023. As the company that provides the most complete view of audiences for both content and ads, I believe we are well positioned for continued success.
Fourth Quarter Summary Results
Revenue in the fourth quarter was $98.2 million, up 1.8% from $96.5 million in Q4 2021, driven by double-digit growth in Cross Platform Solutions revenue from local and national TV measurement. We saw a decline in Digital Ad Solutions revenue from Q4 2021 primarily as a result of slower ad spend, which impacted Activation and other digital products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $87.9 million, down 5.4% compared to $92.9 million in Q4 2021.
Net income for the quarter was $0.1 million, compared to net income of $2.9 million in Q4 2021. After accounting for dividends on our convertible preferred stock, loss per share attributable to common shares was $(0.04), compared to loss per share of $(0.01) in Q4 2021.
Adjusted EBITDA was $12.0 million, compared to $12.4 million in Q4 2021, resulting in adjusted EBITDA margins of 12.2% and 12.9%, respectively. Adjusted EBITDA and adjusted EBITDA margin exclude stock-based compensation, impairment charges, change in fair value of contingent consideration, warrants liability, debt extinguishment costs, amortization of cloud-computing implementation costs, restructuring costs and other items as presented in the accompanying tables.
Full-Year Summary Results
Revenue for 2022 was $376.4 million, up 2.6% compared to $367.0 million in 2021, driven by double-digit growth in Cross Platform Solutions revenue from local and national TV measurement and the continued rebound in our Movies business. Within Cross Platform Solutions, local and national TV revenue grew 25.7% and 12.6%, respectively, over 2021. We saw a decline in Digital Ad Solutions revenue from 2021 as a result of lower revenue from our international digital measurement offering along with slower ad spend, which impacted Activation and other digital products.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $371.9 million, up 0.3% compared to $370.8 million in 2021.
Net loss for the year was $66.6 million, compared to net loss of $50.0 million in 2021. Included in net loss for 2022 were a non-cash impairment charge of $46.3 million related to goodwill and restructuring costs of $5.8 million recorded in Q3 2022. Included in net loss for 2021 was a $15.3 million non-cash charge related to the convertible
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Comscore Reports Fourth Quarter and Full Year 2022 ResultsFY Revenue of $376.4 million, up 2.6% from 2021
