comScore, Inc. Reports First Quarter 2013 ResultsRecord Revenues and Free Cash Flow
RESTON, VA - May 2, 2013 - comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today announced financial results for the first quarter of 2013.
First Quarter 2013
comScore achieved record quarterly revenue of $68.8 million, up 11% from a year ago; GAAP income before income taxes of $0.2 million; and GAAP net loss of $(2.0) million, or $(0.06) per basic and diluted share.
Pro forma* first quarter metrics were as follows:
Revenues of $67.5 million, up 12% from a year ago.
Non-GAAP net income of $8.0 million, up from $7.5 million a year ago.
Non-GAAP EPS was $0.22 per diluted share, consistent with the prior year period.
Record Free Cash Flow of $16.9 million, up 57% from a year ago.
Adjusted EBITDA of $12.6 million, up from $11.3 million a year ago.
Adjusted EBITDA margin was 19% of revenues, similar to a year ago.
On a constant currency basis revenues would have been $0.2 million higher.
* All amounts, including implied prior year Pro Forma amounts, reflect adjustments to exclude Non-Health Copy Testing and Configuration Manager products and are based on management's estimates of the revenues and results of operations of such products. Prior period amounts have been adjusted to reflect the same assumptions with respect to Non-Health Copy Testing and Configuration Manager products for the purposes of consistent presentation.
Dr. Magid Abraham, comScores president and chief executive officer said, We began 2013 on a strong note as we continue to build our leadership position as a real-time digital business analytics company. We achieved record revenues during the quarter. Our growth was driven by robust performance in our core MMX suite of audience measurement products inclusive of our multi-platform offering, in addition to accelerated momentum in our validated Campaign Essentials (vCE) advertising analytics suite and in our Digital Analytix SAAS software. Our new customer activity was robust, as we added 62 customers and our revenue from new customers increased by 48% over the first quarter of 2012, on a pro forma basis. With strong execution, this success in the marketplace translated into a higher adjusted EBITDA margin and strong increases in adjusted EBITDA and Free Cash Flow.
"As recently announced, we are particularly pleased that we entered into a strategic partnership with Procter & Gamble on eGRP, measurement for Display and Online Video campaigns, leveraging our vCE capabilities. This is an important win and is a validation of vCEs product quality and marketplace momentum as the leading campaign measurement solution."
"Looking ahead, we expect to continue executing on our growth strategy focused on audience, advertising and digital business analytics. Our strong first quarter results, along with continued improvement in margins and strong cash flow generation, position us well for the remainder of 2013 and beyond."
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comScore, Inc. Reports First Quarter 2013 ResultsRecord Revenues and Free Cash Flow
