Comscore Reports First Quarter 2023 ResultsRESTON, Va., May 9, 2023 Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms, today reported financial results for the quarter ended March 31, 2023.
Despite a challenging macroeconomic environment, I am pleased with the progress were making against our strategic and operational priorities, said Jon Carpenter, CEO of Comscore. Our wins over the course of the first quarter, including Warner Bros. Discovery, YouTube and IPG Mediabrands, highlight the breadth of our offerings and the confidence our clients have in the scale, transparency and interoperability of our solutions. We remain focused on execution, delivering best in class cross-platform audience solutions for our clients and value creation for our shareholders.
Q1 2023 Financial Highlights
Revenue for the first quarter was $91.6 million compared to $94.0 million in Q12022
Net loss of $8.7 million compared to $9.3 million in Q12022
Adjusted EBITDA of $5.2 million compared to $6.8 million in Q12022
FX adjusted EBITDA of $6.7 million compared to $6.4 million in Q12022
Maintaining full year guidance for revenue and adjusted EBITDA
Recent Business Developments
Selected by Warner Bros. Discovery as a preferred alternative currency partner for the 2023-2024 upfront season leveraging our unparalleled linear and cross-platform audience measurement solutions
Expanded partnership with IPG Mediabrands MAGNA, which will begin leveraging Comscores local television ratings data to inform TV buys across the organization as the companys only alternative currency provider for local television
Expanded our Comscore Campaign Ratings relationship with YouTube through a new engagement to measure incremental reach on the upcoming NFL Sunday Ticket content addition
Selected by Tubi, Fox Corporations ad-supported video-on-demand streaming service, as a measurement partner for cross-platform campaign measurement via Comscore Campaign Ratings
Entered into a partnership with PubMatic, in which Proximic by Comscores Predictive Audiences and Content Targeting solutions have been integrated into the PubMatic platform, enabling clients to leverage new targeting options and reach key audiences in premium, brand safe environments
First Quarter Summary Results
Revenue in the first quarter was $91.6 million, down 2.6% from $94.0 million in Q12022, primarily due to a decline in Digital Ad Solutions revenue from Q12022 as a result of slower ad spend, which impacted our custom digital solutions and other digital products. Cross Platform Solutions revenue was up from Q12022, with double-digit growth in local TV and continued strength in our movies business.
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were $91.6 million, a decrease of 6.3% compared to $97.7 million in Q12022. The primary driver of the decline was employee compensation, which decreased from ongoing restructuring efforts and a higher amount of capitalization related to internally developed software.
Net loss for the quarter was $8.7 million, compared to $9.3 million in Q12022. After accounting for dividends on our convertible preferred stock, loss per share attributable to common shares was $(0.13) and $(0.14) for Q12023 and Q1 2022, respectively.
Adjusted EBITDA for the quarter was $5.2 million, compared to $6.8 million in Q12022, resulting in adjusted EBITDA margins of 5.7% and 7.2%, respectively. Excluding the impact of foreign currency transactions, FX adjusted EBITDA for the quarter was $6.7 million, compared to $6.4 million in Q12022. Adjusted EBITDA and adjusted EBITDA margin exclude stock-based compensation, restructuring costs, amortization of cloud-computing implementation 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 March 31, 2023, cash, cash equivalents and restricted cash totaled $20.7 million. Total debt principal, including $16.0 million in outstanding borrowings under our senior secured revolving credit agreement, was $18.7 million.
2023 Outlook
Based on current trends and expectations, we are maintaining our guidance for full year 2023 revenue and adjusted EBITDA, with revenue growth in the low to mid single digits over 2022 and an adjusted EBITDA margin in the double digits.
We do not provide GAAP net (loss) income 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) income, on a forward-looking basis.
Conference Call Information for Today, Tuesday, May 9, 2023 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, May 9, 2023 at 5:00 p.m. ET. The live audio webcast along with supplemental information will be accessible at ir.comscore.com/events-presentations. 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 ir.comscore.com/events-presentations.
About Comscore
Comscore is a trusted partner
Most recent headlines
05/01/2027
Worlds first 802.15.4ab-UWB chip verified by Calterah and Rohde & Schwarz to be ...
06/09/2026
June 9 2026, 23:00 (PDT) Dolby and MagentaTV Bring Fans Closer to the FIFA Worl...
04/08/2026
Dalet, a leading technology and service provider for media-rich organizations, t...
06/07/2026
Long-developed relationships and informal access, three production models, and c...
06/07/2026
The deal follows Lumine's recent acquisition of Synamedia's video-networ...
06/07/2026
This former SportsCenter producer is shaping local-team studio coverage to surro...
06/07/2026
IMS Productions and FOX Sports deployed more than 100 cameras, 32 onboard feeds,...
06/07/2026
Lumine Group Inc. has announced the completion of its acquisition of the Video Network Business from Synamedia. The business will operate as a standalone compan...
06/07/2026
NASCAR has announced a content and commercial partnership with Motorsport Network, a motorsports and automotive media platform, to distribute NASCAR original co...
06/07/2026
Versant Media Group has announced a definitive agreement to acquire Full Swing, a sports technology company, from Bruin Capital and a group of minority investor...
06/07/2026
DAZN has announced global broadcast rights to 3ICE, a professional hockey format featuring three skaters and a goalkeeper per side, with no power plays or offsi...
06/07/2026
Bundle gains 100 new synths & more
Synth Anthology 5 the largest and most feature-packed edition of UVI's hardware synth emulation bundle, bringing toge...
06/07/2026
Available now via free firmware update
MOTU have just announced that three of their popular audio interfaces now boast official Milan Certification. The 16A...
06/07/2026
Rohde & Schwarz completes Hunter Preliminary Design Review for the Integrated Co...
06/07/2026
The R&S IMAGER from Rohde & Schwarz uses millimeter wave imaging to inspect the ...
06/07/2026
The National Film and Video Foundation (NFVF), an agency of the Department of Sp...
06/07/2026
Digital Domain Appoints Industry Veteran Patrick Davenport as Executive Vice Pre...
06/07/2026
Gravity Media USA appoints Brittney Boston as Head of Business Development
Brie Clayton July 6, 2026
0 Comments
The strategic new appointment supports...
06/07/2026
Remote Editing Without Cloud Storage in Resolve
Michael Cioni July 6, 2026
0 Comments
This is a step-by-step guide that demonstrates how to setup your...
06/07/2026
Automatic Caption Translation in Adobe Premiere Pro
Colin Smith July 6, 2026
0 Comments
Here I showcase the innovative automatic caption translation f...
06/07/2026
Flavor's First Ever Managing Director Neal Cohen Retires; Longstanding Execu...
06/07/2026
How Adam Rosenwach Pivoted from Music to Medtech Without Missing a Beat What do the rehearsal room and the boardroom have in common? More than you might think...
06/07/2026
Zhongyi Optics unveils the Dreamy Zone T1 FF Cine Lens Series on Indiegogo with ...
06/07/2026
Techtel debuts insyght: making ST 2110 media discovery easy
intellisphereinsyght2026
6 July Written By Suzanne Costello
Sydney, Australia - 06 July 2026 T...
06/07/2026
Monday 6 July 2026
Sky agrees to acquire ITV Media & Entertainment, creating a ...
06/07/2026
Fresh from his World Cup heroics with Cabo Verde, Roberto Pico' Lopes will join the RT panel for Argentina v Egypt tomorrow and for the England v Norway q...
06/07/2026
Nations have long invested in domestic infrastructure to advance their economies, protect and use their data, and take advantage of technology opportunities in ...
06/07/2026
Every year, the International Conference on Machine Learning (ICML) reveals where thousands of AI researchers have decided to put their work.
This year's ...
06/07/2026
A death can be unsuspicious, but it has to be explained
What happened to Ke...
05/07/2026
We've gone to another level of integrating the graphics into the set architecture' - Zac Fields, SVP, Graphic Technology and Integration, FOX Sports...
05/07/2026
Browser-based and desktop apps available
Digital Sunset Studios have been busy working on an interesting project: a free software tool that provides compute...
04/07/2026
When Canada qualified for the FIFA World Cup 2026, OneSoccer knew this wasn'...
04/07/2026
Celebrates company's 80th anniversary
Rhodes have recently revealed that they will be producing a limited run of electric pianos in celebration of their...
04/07/2026
Blackmagic Design Cameras Empower Youth Broadcasting Program
Brie Clayton July 3, 2026
0 Comments
Blackmagic Pocket Cinema Camera 6K Pro and Blackmagi...
04/07/2026
iZotope Joins Boris FX
Boris Yamnitsky July 3, 2026
0 Comments
iZotope, the team behind RX and Ozone, is joining Boris FX. A letter from founder Boris...
04/07/2026
April 7 2026, 19:00 (PDT) Detective Conan: Fallen Angel of the Highway Opens in...
03/07/2026
New bundle & three Single Packs
Continuing to expand their already sizeable orchestral collection, VSL's latest release introduces three new Single Pack...
03/07/2026
Venue installs new ATC-equipped control room
LSO St Luke's, a unique music venue that also serves as the home of the London Symphony Orchestra, have rec...
03/07/2026
Caden Pearson appointed new Commissioning Editor for NITV
3 July, 2026
Media releases
National Indigenous Television (NITV) has strengthened its commitment...
03/07/2026
1 February 2023
SHARE Facebook Twitter Linkedin Email
Munich, Germany, 1st February 2023: Cinegy GmbH, the premier provider of software technology for digit...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Share
Copy link
Facebook
X
Linkedin
Bluesky
Email...
03/07/2026
Death Star
Andy Marken July 2, 2026
0 Comments
Look, I can't get involved. I've got work to do. It's not that I like the Empire; I hate i...
03/07/2026
Berklee's New Visual Identity: Honoring Our History, Building for What's...
03/07/2026
Scripps Research scientists awarded $2M to advance global disease surveillance Two Gates Foundation grants will expand wastewater surveillance and AI-driven dis...
03/07/2026
Joan Pulupa joins Scripps Research faculty to study the organization of DNA in brain cells and its links to neurodegeneration Using smell-sensing neurons and ad...
02/07/2026
Entering her senior year, this hometown girl is paving a career in live sports production gaining experience in replay and audio and as a TD
In the live-sports...
02/07/2026
In-venue and creative video staffers at the professional and collegiate level ha...
Comscore Reports First Quarter 2023 ResultsRESTON, Va., May 9, 2023 Comscore, Inc. (Nasdaq: SCOR), a trusted partner for planning, transacting, and evaluating media across platforms, today reported financial results for the quarter ended March 31, 2023.
