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Press release from PR Newswire

comScore, Inc. Reports Second Quarter 2013 Results

Thursday, July 25, 2013

comScore, Inc. Reports Second Quarter 2013 Results

07:00 EDT Thursday, July 25, 2013

Record Quarterly Revenue and Free Cash Flow Reflect Continued Positive Momentum Across Audience, Advertising and Digital Enterprise Businesses

RESTON, Va., July 25, 2013 /PRNewswire/ -- comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today announced financial results for the second quarter of 2013.

(Logo:  http://photos.prnewswire.com/prnh/20130725/NY53124LOGO )

Second Quarter 2013

comScore achieved record quarterly revenue of $69.9 million, up 21% from a year ago; GAAP income before income taxes of $0.9 million; and GAAP net loss of $(0.4) million, or $(0.01) per basic and diluted share. GAAP income before income taxes included a $1.2 million gain related to the settlement of litigation.

Second quarter metrics compared to pro forma* results for the second quarter of 2012 were as follows:

  • Revenues of $69.9 million, up 21% from a year ago.
  • Record Free Cash Flow of $17.8 million, up 70% from a year ago.
  • Adjusted EBITDA of $14.0 million, up from $9.0 million a year ago.
  • Adjusted EBITDA margin was 20% of revenue, up from 16% from 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. See Reconciliation of Revenue and Income before Income Taxes to Non-GAAP Revenue, non-GAAP Income and Adjusted EBITDA set forth in the attachment to this press release.

Dr. Magid Abraham, comScore's chief executive officer, stated, "Our strong second quarter results serve as a confirmation of our strategy, market position and the value we deliver for our customers.  The significant momentum and scale that continue to build across our businesses are driving strong growth in revenue and margin expansion.  The recent announcements that Starcom MediaVest, ZenithOptimedia and Microsoft have joined the growing roster of leading agencies and advertisers using our validated Campaign Essentials (vCE) advertising analytics suite reflect the strong momentum that vCE and comScore's suite of advertising analytics are enjoying in the marketplace."

"In the second half of 2013 we will remain focused on extending comScore's leadership position in campaign measurement, capitalizing on Digital Analytix momentum, and continuing to drive improvement in margins and free cash flow.  With our strategic momentum and a scalable SaaS business model characterized by high revenue visibility, operating leverage and strong free cash flow generation, we believe that we are well-positioned to deliver strong results in 2013 and beyond."

Second Quarter 2013 Supplemental Financial and Business Information*

(dollars in millions)

2Q13

Pro Forma

2Q12*

Change

Subscription Revenue

$

59.5

$

49.6

20.0

%

Project Revenue

$

10.4

$

8.0

30.0

%

Existing Customer Revenue

$

62.5

$

52.0

20.2

%

New Customer Revenue

$

7.4

$

5.6

32.1

%

International Revenue

$

20.5

$

17.1

19.9

%

Customer Count

2,250

2,057

9.4

%

* Pro forma revenue and customer count amounts are adjusted to exclude the Company's Non-Health Copy Testing

and Configuration Manager 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. See Reconciliation of Revenue and Income before Income Taxes to Non-GAAP Revenue, non-GAAP

Income and Adjusted EBITDA set forth in the attachment to this press release.

Financial OutlookcomScore's expectations for the third quarter of 2013 are outlined in the table below:

GAAP revenue

$69.5 million to $73.5 million

GAAP (loss) income before income taxes

($3.6) million to ($1.9) million

Adjusted EBITDA**

$13.4 million to $14.6 million

Estimated fully-diluted shares

36.0 million

comScore has increased expectations for full year 2013, which reflects the disposition of the Company's Non-Health Copy Testing and Configuration Manager products activity during the first quarter, as outlined in the table below:

Non-GAAP pro forma revenue

$280.5 million to $287.5 million

Non-GAAP pro forma income (loss) before income taxes

($4.1) million to $1.0 million

Pro forma Adjusted EBITDA**

$54.4 million to $57.6 million

Estimated fully-diluted shares

36.1 million

**

Reconciliations of GAAP to non-GAAP measures are set forth in the attachment to this press release.

Due to the high variability and difficulty in predicting certain items that affect GAAP net income, such as tax rates and stock price, comScore is unable to provide a complete reconciliation of adjusted EBITDA to net income (loss) on a forward-looking basis without unreasonable efforts. However, a reconciliation of forward-looking adjusted EBITDA to GAAP income (loss) before income taxes is set forth in the attachment to this press release.

Given the recent discussion regarding our non-health copy testing and configuration manager products, we are also providing non-GAAP pro forma revenue and pro forma adjusted EBITDA guidance reconciliations that exclude this business in the attachments to this press release.

Conference Call Information

Management will provide commentary on the company's results in a conference call on Thursday, July 25 at 8:30 am ET.

The conference call and replay can be accessed by telephone and webcast as follows:

Call-in Number: 888-679-8035, Pass code 91989197(International) 617-213-4848, Pass code 91989197

Replay Number: 888-286-8010, Pass code 75222791(International) 617-801-6888, Pass code 75222791

Webcast (live and replay): http://ir.comscore.com/events.cfm

About comScore

comScore, Inc. (NASDAQ: SCOR) is a global leader in digital measurement and analytics, delivering insights on web, mobile and TV consumer behavior that enable clients to maximize the value of their digital investments. For more information, please visit www.comscore.com/companyinfo.

Non-GAAP Financial Measures

comScore reports all financial information required in accordance with generally accepted accounting principles (GAAP). comScore believes, however, that evaluating its ongoing operating results will be enhanced if it also discloses certain non-GAAP information because it is useful to understand comScore's performance, as it excludes non-cash and other charges that many investors believe may obscure comScore's on-going operating results.

For example, comScore uses non-GAAP net income, which excludes stock-based compensation, amortization of acquired intangible assets, impairment of intangible assets, impairment of marketable securities, costs from acquisitions, restructurings and other non-recurring items, the non-cash deferred tax provision, litigation and related settlement costs, and the purchase accounting impact on acquired deferred revenue. comScore reports non-GAAP EPS (diluted), which uses non-GAAP net income in lieu of GAAP net income in calculating earnings per share. Non-GAAP pro forma revenue excludes the estimated effects of revenue generated from non-health copy testing and configuration manager products. Adjusted pro forma EBITDA also excludes the estimated effects of operations related to non-health copy testing and configuration manager products.

In addition, comScore believes that adjusted EBITDA is a useful measure for investors to use to evaluate its operating performance. Adjusted EBITDA comprises non-GAAP net income further adjusted to exclude the cash tax provision, depreciation, interest income (expense) net, and costs not associated with ongoing operations, such as acquisition, litigation and related settlement costs. A reconciliation of comScore's GAAP results to these non-GAAP measures is included in the financial tables accompanying this release.

The company believes that adjusted EBITDA is an important indicator of the company's operational strength and the performance of its business because it provides a link between profitability and operating cash flow. Adjusted EBITDA is also widely used by investors and analysts as a supplemental measure to evaluate the overall operating performance of companies in comScore's industry. comScore's management also uses adjusted EBITDA extensively as a measure of operating performance because it does not include the impact of items not directly resulting from its core operations. Moreover, the company's management uses the measure for planning purposes, to allocate resources and to evaluate the effectiveness of the company's business strategies and management's performance.

The company believes that excluding certain costs from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA provides a meaningful indication to investors of the expected on-going operating performance of the company. Specifically as it relates to acquisitions and restructurings, the exclusion of these costs reflects the expected benefits realized or to be realized upon the integration of acquired entities into comScore, and the realized benefits of the restructurings.

comScore's management also uses free cash flow as a non-GAAP measure of the company's operating cash flow less cash expenditures for capital spending as a key indicator of the company's operating cash flow performance.

Whenever comScore uses such historical non-GAAP financial measures, it provides a reconciliation of historical non-GAAP financial measures to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measure included in the financial tables accompanying this release. Although the company provides a reconciliation of historical non-GAAP financial measures, due to the high variability and difficulty in predicting certain items that affect net income, such as tax rates and stock price, comScore is unable to provide a complete reconciliation of adjusted EBITDA to net income on a forward-looking basis without unreasonable efforts. However, a reconciliation of forward-looking adjusted EBITDA to GAAP income (loss) before income taxes is set forth in the attachment to this press release.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. The use of certain non-GAAP financial measures requires management to make estimates and assumptions regarding amounts of assets and liabilities and the amounts of revenue and expense during the reporting periods. Significant estimates and assumptions are inherent in the analysis and the measurement of certain elements of non-GAAP financial measures such as the impact of purchase accounting on acquired deferred revenue and the amortization of deferred contract costs associated with acquired deferred revenue. comScore bases its estimates on historical experience and assumptions that it believes are reasonable. Actual results could differ from those estimates.

Cautionary Statement

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, comScore's expectations as to adoption of new products and services by customers; expectations about comScore's transformation to a real-time digital business analytics company; expectations regarding continued robust growth of comScore's existing suite of products; expectations regarding continued growth of its customer base; expectations as to the Company's strategy, market position, growth in revenue and margin expansion, impact and financial benefits of certain products such as Digital Analytix and validated Campaign Essentials products; expectations and forecasts of future financial performance, including related growth rates and components thereof; and assumptions related to growth for the third quarter and full year of 2013 and beyond. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: comScore's ability to generate strong revenue and margin growth in future periods; comScore's ability to sell new or additional products and attract new customers, as well as longer sales cycles related to newer products such as validated Campaign Essentials, and Digital Analytix; comScore's ability to sell additional subscription-based products to customers; comScore's ability to sell additional products and services to existing customers; and the volatility of quarterly results and expectations.

For a detailed discussion of these and other risk factors, please refer to comScore's Annual Report on Form 10-K for the period ended December 31, 2012, our Quarterly Reports on Form 10-Q and other filings we make from time to time with the Securities and Exchange Commission (the "SEC"), which are available on the SEC's Web site ( http://www.sec.gov).

Stockholders of comScore are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. comScore does not undertake any 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.

 

comScore, Inc.

Condensed Consolidated Statements of Operations

(in thousands, except share and per share data)

Three months ended June 30,

Six months ended June 30,

2013

2012

2013

2012

(unaudited)

(unaudited)

Revenues

$

69,911

$

60,291

$

138,759

$

122,566

Cost of revenues (excludes amortization of intangible assets) (1)

21,610

20,371

44,164

40,772

Selling and marketing (1)

25,491

22,235

49,949

43,580

Research and development (1)

9,803

8,267

20,026

16,303

General and administrative (1)

11,238

9,725

20,250

18,831

Amortization of intangible assets

1,936

2,302

4,087

4,622

Gain on asset disposition

?

?

(210)

?

Impairment of intangible assets

?

3,349

?

3,349

Settlement of litigation

(1,160)

?

(1,160)

?

Total expenses from operations

68,918

66,249

137,106

127,457

Income (loss) from operations

993

(5,958)

1,653

(4,891)

Interest and other (expense), net

(168)

(169)

(332)

(367)

Gain (loss) from foreign currency

93

(304)

(247)

(567)

Income (loss) before income tax provision

918

(6,431)

1,074

(5,825)

Income tax provision

(1,316)

(156)

(3,495)

(1,233)

Net loss

$

(398)

$

(6,587)

$

(2,421)

$

(7,058)

 

Net loss per common share:

Basic

$

(0.01)

$

(0.20)

$

(0.07)

$

(0.21)

Diluted

$

(0.01)

$

(0.20)

$

(0.07)

$

(0.21)

Weighted-average number of shares used in per share calculation - common stock:

Basic

34,414,301

33,189,994

34,317,569

32,991,299

Diluted

34,414,301

33,189,994

34,317,569

32,991,299

(1) Amortization of stock-based compensation is included in the line items above as follows:

Cost of revenues

$

832

$

653

$

1,548

$

1,204

Selling and marketing

$

3,219

$

3,001

$

6,032

$

5,184

Research and development

$

602

$

485

$

1,216

$

890

General and administrative

$

2,493

$

2,200

$

3,349

$

4,151

 

 

comScore, Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands)

June 30, 2013

December 31, 2012

(Unaudited)

*

Assets

Current assets:

Cash and cash equivalents

$

85,770

$

61,764

Accounts receivable, net of allowances of $1,364 and $1,117, respectively

61,122

68,348

Prepaid expenses and other current assets

7,635

8,877

Deferred tax assets

10,759

9,940

Total current assets

165,286

148,929

Property and equipment, net

33,696

31,418

Other non-current assets

664

414

Long-term deferred tax assets

8,275

12,065

Intangible assets, net

36,229

40,759

Goodwill

102,158

102,900

 

Total assets

$

346,308

$

336,485

 

Liabilities and Stockholders' Equity

Current liabilities:

Borrowings under revolving credit facility

$

1,952

$

?

Accounts payable

5,677

7,229

Accrued expenses

25,576

24,409

Deferred revenues

80,235

80,824

Deferred rent

969

807

Deferred tax liabilities

?

17

Capital lease obligations

8,583

8,020

Total current liabilities

122,992

121,306

Deferred rent, long-term

11,553

10,096

Deferred revenue, long-term

852

1,715

Deferred tax liabilities, long-term

?

130

Capital lease obligations, long-term

9,574

6,478

Other long-term liabilities

1,062

1,117

Total liabilities

146,033

140,842

Commitments and contingencies

Stockholders' equity:

Common stock

36

36

Additional paid-in capital

283,297

274,622

Accumulated other comprehensive income

699

1,825

Accumulated deficit

(83,261)

(80,840)

Treasury stock

(496)

?

Total stockholders' equity

200,275

195,643

 

Total liabilities and stockholders' equity

$

346,308

$

336,485

* Information derived from the audited Consolidated Financial Statements

 

comScore, Inc.

Condensed Consolidated Statements of Cash Flows

(unaudited)

(dollars in thousands)

Six months ended June 30,

2013

2012

(unaudited)

Operating activities:

Net loss

$

(2,421)

$

(7,058)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation

8,156

6,922

Amortization of intangible assets

4,087

4,622

Impairment of intangible assets

?

3,349

Provision for bad debts

582

878

Stock-based compensation

12,145

11,429

Amortization of deferred rent

61

188

Deferred tax provision (benefit)

2,702

8,255

(Gain) Loss on asset disposal

(222)

(33)

Changes in operating assets and liabilities:

Accounts receivable

6,179

6,507

Prepaid expenses and other current assets

1,200

(8,179)

Accounts payable, accrued expenses, and other liabilities

2,924

(6,335)

Deferred revenues

(1)

3,712

Deferred rent

1,590

?

 

Net cash provided by operating activities

36,982

24,257

Investing activities:

Proceeds from asset disposition, net

160

?

Purchase of property and equipment

(2,315)

(3,027)

 

Net cash used in investing activities

(2,155)

(3,027)

Financing activities:

Proceeds from the exercise of common stock options

91

76

Repurchase of common stock (withholding taxes)

(7,048)

(6,030)

Repurchase of common stock (treasury shares)

(496)

?

Principal payments on capital lease obligations

(4,624)

(3,289)

Proceeds from financing arrangements

3,941

?

Principal payments on financing arrangements

(1,971)

?

 

Net cash used in financing activities

(10,107)

(9,243)

Effect of exchange rate changes on cash

(714)

238

Net increase in cash and cash equivalents

24,006

12,225

Cash and cash equivalents at beginning of period

61,764

38,071

Cash and cash equivalents at end of period

$

85,770

$

50,296

 

Reconciliation of Revenue and Income before Income Taxes to Non-GAAP Revenue, non-GAAP Net Income and Adjusted EBITDA

(dollars in thousands, except per share amounts)

Three months ended June 30,

Six months ended June 30,

2013

2012

2013

2012

(unaudited)

Revenue

$

69,911

$

60,291

$

138,759

$

122,566

Adjustment to exclude non-Health Copy-Testing and

Configuration Manager products

?

(2,729)

(1,330)

(4,777)

Non-GAAP Revenue (1)

$

69,911

$

57,562

$

137,429

$

117,789

Income (loss) before income taxes

$

918

$

(6,431)

$

1,074

$

(5,825)

Deferred tax provision

(914)

(7,322)

(2,702)

(8,255)

Current cash tax benefit (provision)

(402)

7,166

(793)

7,022

 

Net loss

(398)

(6,587)

(2,421)

(7,058)

Amortization of intangible assets

1,936

2,302

4,087

4,622

Impairment of intangible assets

?

3,349

?

3,349

Stock-based compensation

7,146

6,339

12,145

11,429

Costs related to acquisitions, restructuring and other non-recurring items

926

357

2,344

357

Settlement of litigation

(1,160)

?

(1,160)

?

Gain on ARS disposition

?

?

(210)

?

Adjustment to exclude non-Health Copy-Testing and Configuration Manager products

?

(598)

(170)

(921)

Deferred tax provision

914

7,322

2,702

8,255

 

Non-GAAP net income (1)

9,364

12,484

17,317

20,033

Current cash tax (benefit) provision

402

(7,166)

793

(7,022)

Depreciation

4,045

3,502

8,156

6,922

Interest Exp (income), net

168

164

332

337

 

Adjusted EBITDA (1)

$

13,979

$

8,984

$

26,598

$

20,270

Adjusted EBITDA margin (%)

20

%

16

%

19

%

17

%

EPS (diluted)

$

(0.01)

$

(0.20)

$

(0.07)

$

(0.21)

Non-GAAP EPS (diluted)

$

0.26

$

0.35

$

0.48

$

0.57

Weighted -average number of shares used in per share calculation - common stock

GAAP EPS (diluted)

34,414,301

33,189,994

34,317,569

32,991,299

Non-GAAP EPS (diluted)

35,783,944

35,703,981

35,880,252

35,131,485

(1) Amounts include 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.

 

 

Reconciliation of GAAP Operating Cash Flow to Free Cash Flow

(dollars in thousands)

Three months ended June 30,

Six months ended June 30,

2013

2012

2013

2012

(unaudited)

Net cash provided by operating activities

$

18,562

$

12,923

$

36,982

$

24,257

Purchase of property and equipment

(760)

(2,420)

(2,315)

(3,027)

Free cash flow

$

17,802

$

10,503

$

34,667

$

21,230

 

 

Second Quarter 2013 Supplemental Financial and Business Information

(dollars in millions)

2Q13

2Q12

Change

Subscription Revenue

$

59.5

$

51.8

14.9

%

Project Revenue

$

10.4

$

8.5

22.4

%

Existing Customer Revenue

$

62.5

$

53.7

16.4

%

New Customer Revenue

$

7.4

$

6.6

12.1

%

International Revenue

$

20.5

$

17.8

15.2

%

Customer Count

2,250

2,069

8.7

%

 

Second Quarter 2013 Supplemental Financial and Business Information

(dollars in millions)

2Q13

Pro Forma 2Q12(1)

Change

Subscription Revenue

$

59.5

$

49.6

20.0

%

Project Revenue

$

10.4

$

8.0

30.0

%

Existing Customer Revenue

$

62.5

$

52.0

20.2

%

New Customer Revenue

$

7.4

$

5.6

32.1

%

International Revenue

$

20.5

$

17.1

19.9

%

Customer Count

2,250

2,057

9.4

%

(1) Pro forma revenue and customer count amounts are adjusted to exclude the Company's Non-Health Copy Testing and Configuration Manager products.

 

 

Revenue and Reconciliation of Income (Loss) before Income Taxes to Adjusted EBITDA (Guidance)

(dollars in thousands)

Forecasted amounts for the three and twelve month periods ending September 30, 2013 and December 31, 2013 are based on the mid-points of the range of guidance provided herein and exclude the results of operations of the Non-Health Copy Testing and Configuration Manager products

The three and twelve month periods ending September 30, 2012 and December 31, 2012 have been adjusted to exclude the results of operations from the non-health copy-testing and configuration manager products.

Three Months Ended September 30,

Full Year December 31,

2013

2012 (1)

2013 (1)

2012 (1)

(unaudited)

(unaudited)

Revenue

$

71,500

$

62,829

$

284,000

$

246,865

Income (loss) before income taxes

(2,750)

(1,555)

$

(1,550)

(7,901)

Amortization of acquired intangibles

1,900

2,092

8,000

8,311

Impairment of intangible assets

?

?

?

1,241

Stock-based compensation

8,500

6,164

28,600

24,896

Costs related to acquisitions, restructuring and other non-recurring items

1,800

440

4,310

1,437

Settlement of litigation

?

?

(1,160)

?

Depreciation

4,300

3,547

16,900

14,159

Interest expense, net

250

162

900

658

 

Adjusted EBITDA

$

14,000

$

10,850

$

56,000

$

42,801

 

Adjusted EBITDA margin (%)

20

%

17

%

20

%

17

%

Estimated Q3 2013 and full year 2013 non-GAAP (Diluted) share count is 36.0M and 36.1M, respectively.

(1) Amounts include 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.

 

 

Reconciliation of Revenue and Adjusted EBITDA to Pro Forma Revenue and Pro Forma Adjusted EBITDA (1)

(dollars in thousands)

Three Months Ended September 30,

2013

2012

(unaudited)

As Reported

Adjustment to

Exclude non-

Health Copy

Testing and

Configuration

Manager

Products (3)

Adjusted

As Reported

Adjustment to

Exclude non-

Health Copy

Testing and

Configuration

Manager

Products (3)

Adjusted

Revenue

$

71,500

?

$

71,500

$

64,273

(1,444)

$

62,829

Adjusted EBITDA(2)

$

14,000

?

$

14,000

$

10,983

(133)

$

10,850

Adjusted EBITDA margin (%)

20%

n/a

20%

17%

9%

17%

Twelve Months Ended December 31,

2013

2012

(unaudited)

As Reported

Adjustment to

Exclude non-

Health Copy

Testing and

Configuration

Manager

Products (3)

Adjusted

As Reported

Adjustment to

Exclude non-

Health Copy

Testing and

Configuration

Manager

Products (3)

Adjusted

Revenue

$

285,330

(1,330)

$

284,000

$

255,193

(8,328)

246,865

Adjusted EBITDA(2)

$

56,170

(170)

$

56,000

$

44,373

(1,572)

$

42,801

Adjusted EBITDA margin (%)

20%

13%

20%

17%

19%

17%

(1) Pro forma revenue and pro forma Adjusted EBTIDA are adjusted to exclude the Company's Non-Health Copy Testing and Configuration Manager products.

(2) See reconciliation of Adjusted EBITDA.

(3) Adjustments to exclude Non-Health Copy Testing and Configuration Manager products are based on management's estimates of the revenues and results of operations of such products.

 

SOURCE comScore, Inc.

For further information: Kenneth Tarpey, Chief Financial Officer, comScore, Inc., (703) 438-2305, ktarpey@comscore.com

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