Comscore Reports Third Quarter 2025 Results
Comscore (Nasdaq: SCOR) reported third-quarter 2025 results for the period ended September 30, 2025. Revenue was $88.9 million, up 0.5% year‑over‑year, driven by 20% growth in cross‑platform solutions and double‑digit growth in local TV. Net income was $0.5 million versus a net loss of $60.6 million in Q3 2024 (prior year included a $63.0 million goodwill impairment). Adjusted EBITDA was $11.0 million (12.4% margin), versus $12.4 million (14.0%) in Q3 2024. Cash and restricted cash totaled $29.9 million and senior secured term loan principal was $44.7 million as of September 30, 2025. Management announced a proposed recapitalization to exchange outstanding preferred stock (carrying >$18 million annual dividends) for common stock and new non‑dividend preferred stock and revised full‑year revenue guidance to be roughly flat with prior year.
Comscore (Nasdaq: SCOR) ha riportato i risultati del terzo trimestre 2025 per il periodo chiuso al 30 settembre 2025. I ricavi sono stati 88,9 milioni di dollari, in aumento dello 0,5% su base annua, trainati da una crescita del 20% nelle soluzioni cross‑platform e da una crescita a due cifre nella TV locale. L’utile netto è stato 0,5 milioni di dollari rispetto a una perdita netta di 60,6 milioni di dollari nel Q3 2024 (l’anno precedente includeva una impairment dell’avviamento di 63,0 milioni di dollari). L’EBITDA rettificato è stato 11,0 milioni di dollari (margine 12,4%), rispetto a 12,4 milioni (14,0%) nel Q3 2024. Il cash e la cassa vincolata hanno totalizzato 29,9 milioni di dollari e il debito a termine senior garantito ammontava a 44,7 milioni di dollari al 30 settembre 2025. La direzione ha annunciato una ricapitalizzazione proposta per scambiare azioni privilegiate in circolazione (che comportano dividendi annuali superiori a 18 milioni) per azioni ordinarie e nuove azioni privilegiate senza dividendi, e ha rivisto la guidance sui ricavi per l’intero anno per rimanere sostanzialmente invariata rispetto all’anno precedente.
Comscore (Nasdaq: SCOR) reportó resultados del tercer trimestre 2025 para el periodo que terminó el 30 de septiembre de 2025. Los ingresos fueron $88.9 millones, un incremento del 0.5% año tras año, impulsados por un crecimiento del 20% en soluciones multiplataforma y un crecimiento de dos dígitos en la televisión local. La utilidad neta fue $0.5 millones versus una pérdida neta de $60.6 millones en el Q3 2024 (el año anterior incluía una impairment de goodwill de $63.0 millones). El EBITDA ajustado fue $11.0 millones (margen del 12.4%), frente a $12.4 millones (14.0%) en Q3 2024. El efectivo y el efectivo restringido totalizaron $29.9 millones y el principal de la deuda a plazo garantizada senior fue $44.7 millones al 30 de septiembre de 2025. La dirección anunció una recapitalización propuesta para intercambiar las acciones preferentes pendientes (con dividendos anuales superiores a $18 millones) por acciones comunes y por nuevas acciones preferentes sin dividendos, y revisó la guía de ingresos anuales para quedar aproximadamente plana respecto al año anterior.
컴스코어(나스닥: SCOR)은 2025년 9월 30일 종료된 기간에 대한 2025년 3분기 실적을 발표했습니다. 매출은 8,890만 달러로 전년 대비 0.5% 증가했으며, 크로스 플랫폼 솔루션의 20% 성장과 로컬 TV의 두 자릿수 성장이 견인했습니다. 순이익은 50만 달러로 2024년 3분기 6,060만 달러의 순손실 대비 흑자 전환했습니다(전년에는 영업권 손상 6,300만 달러 포함). 조정 EBITDA는 1100만 달러로 마진 12.4%였으며, 2024년 3분기의 1240만 달러 (14.0%)과 비교됩니다. 현금 및 현금성 자산은 2990만 달러이고 9월 30일 2025일 기준 선순위 담보대출 원금은 4470만 달러였습니다. 경영진은 만기 전 보통주와 현금배당 없는 신규 우선주로 교환하는 우선주 보유 주식 재자본화를 제안하고, 전년 대비 대략 보합의 연간 매출 가이던스를 제시하는 수정된 가이던스를 발표했습니다.
Comscore (Nasdaq: SCOR) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Le chiffre d'affaires était de 88,9 millions de dollars, en hausse de 0,5 % en glissement annuel, tiré par une croissance de 20 % des solutions multiplateformes et une croissance à deux chiffres à la télévision locale. Le revenu net était de 0,5 million de dollars contre une perte nette de 60,6 millions de dollars au T3 2024 (l'année précédente incluait une impairment d'une valeur d'achat de 63,0 millions de dollars). L'EBITDA ajusté était de 11,0 millions de dollars (marge de 12,4 %), contre 12,4 millions de dollars (14,0 %) au T3 2024. La trésorerie et les équivalents de trésorerie s'élevaient à 29,9 millions de dollars et le principal du prêt à terme garanti senior était de 44,7 millions de dollars au 30 septembre 2025. La direction a annoncé une recapitalisation proposée pour échanger les actions privilégiées en circulation (portant des dividendes annuels > 18 millions) contre des actions ordinaires et de nouvelles actions privilégiées sans dividende, et a revu les prévisions de revenus annuels à peu près à plat par rapport à l'année précédente.
Comscore (Nasdaq: SCOR) berichtete die Ergebnisse des dritten Quartals 2025 für den Zeitraum bis zum 30. September 2025. Der Umsatz betrug 88,9 Millionen US-Dollar, ein Anstieg von 0,5% gegenüber dem Vorjahr, getrieben durch 20% Wachstum bei plattformübergreifenden Lösungen und zweistellige Zuwächse im lokalen Fernsehen. Das Nettoeinkommen betrug 0,5 Millionen US-Dollar gegenüber einem Nettoloss von 60,6 Millionen US-Dollar im Q3 2024 (das Vorjahr enthielt eine Impairment des Goodwill von 63,0 Millionen US-Dollar). Der adjustierte EBITDA betrug 11,0 Millionen US-Dollar (Marge 12,4%), gegenüber 12,4 Millionen US-Dollar (14,0%) im Q3 2024. Barmittel und Restricted Cash beliefen sich auf 29,9 Millionen US-Dollar und der vorrangige Darlehensbetrag betrug 44,7 Millionen US-Dollar per 30. September 2025. Das Management kündigte eine vorgeschlagene Rekapitalisierung an, um ausstehende Vorzugsaktien (mit jährlichen Dividenden von über 18 Millionen) gegen Stammaktien und neue bevorzugte Aktien ohne Dividende zu tauschen, und die vollständige Jahresumsatzprognose wurde gegenüber dem Vorjahr nahezu stabil angepasst.
Comscore (ناسداك: SCOR) اعلنت عن نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. بلغ الإيراد 88.9 مليون دولار، بارتفاع 0.5% على أساس سنوي، مدفوعاً بـنمو بنسبة 20% في الحلول عبر المنصات وبنمو مزدوج الأرقام في التلفزيون المحلي. صافي الدخل بلغ 0.5 مليون دولار مقابل صافي خسارة قدرها 60.6 مليون دولار في الربع الثالث 2024 (السنة السابقة شملت انخفاضاً في قيمة goodwill قدره 63.0 مليون دولار). EBITDA المعدل بلغ 11.0 مليون دولار (الهامش 12.4%)، مقابل 12.4 مليون دولار (14.0%) في الربع الثالث 2024. النقد والاحتياطات النقدية بلغتا 29.9 مليون دولار وكانت قيمة القرض القائم طويل الأجل المضمون الأولي 44.7 مليون دولار حتى 30 سبتمبر 2025. أعلنت الإدارة عن إعادة هيكلة مقترحة لاستبدال الأسهم الممتازة القائمة (المتدولّة بأرباح سنوية تتجاوز 18 مليون دولار) بالأسهم العادية وبأسهم ممتازة جديدة بلا عوائد، وتعديل توجيه الإيرادات للسنة الكلية ليكون تقريباً على مستوى السنة السابقة.
- Revenue of $88.9 million (up 0.5% YoY)
- Cross‑platform solutions growth of 20% YoY
- Cross‑platform ex‑impact growth of 35.0% YoY (ex customer data shift)
- Net income of $0.5 million vs loss of $60.6 million prior year
- Adjusted EBITDA of $11.0 million (12.4% margin)
- Local TV delivered double‑digit growth
- Core operating expenses increased 4.4% to $86.6 million
- Adjusted EBITDA declined from $12.4 million to $11.0 million
- Cash of $29.9 million vs senior secured term loan principal of $44.7 million
- Full‑year revenue guidance revised to roughly flat due to a customer data‑strategy shift
Insights
Results show modest operational progress but limited near-term financial upside; recapitalization could ease cash flow pressure.
Revenue of
The announced recapitalization, if approved, would exchange preferred shares that carry more than
Watch for shareholder approval of the recapitalization and Q4 Proximic performance over the next fiscal quarter ending
RESTON, Va., Nov. 04, 2025 (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, 2025.
"Our results in the third quarter reflect continued momentum in key strategic areas of our business. Revenue from our cross-platform solutions continued to scale with
"On September 29, 2025, we announced a recapitalization transaction with our preferred stockholders that, if approved, would include an exchange of all our outstanding preferred stock - which carries more than
Business and Financial Highlights
- Revenue for the third quarter was
$88.9 million compared to$88.5 million in Q3 202420% growth in cross-platform solutions, driven by Proximic and continued adoption of our cross-platform content measurement offering- Double-digit growth in local TV driven by key renewals and new business
- Net income of
$0.5 million compared to net loss of$60.6 million in Q3 2024, primarily resulting from a non-cash goodwill impairment charge of$63.0 million in 2024 - Adjusted EBITDA1 of
$11.0 million compared to$12.4 million in Q3 2024 - Announced recapitalization transaction with preferred stockholders which, if approved, will reduce senior capital, eliminate the preferred dividend burden and enhance alignment between stockholders
1 Adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures defined in the "Third Quarter Summary Results" section and are reconciled to net income (loss) and net income (loss) margin in the addendum of this release.
Third Quarter Summary Results
Revenue in the third quarter was
Our core operating expenses, which include cost of revenues, sales and marketing, research and development and general and administrative expenses, were
Net income for the quarter was
Non-GAAP adjusted EBITDA for the quarter was
Balance Sheet and Liquidity
As of September 30, 2025, cash, cash equivalents and restricted cash totaled
2025 Outlook
Based on current trends and expectations, we are revising our full-year revenue guidance to be roughly flat with the prior year and are maintaining our full-year adjusted EBITDA margin guidance. Our previous revenue guidance was based on the expectation that growth from our cross-platform solutions would exceed the declines we anticipated from our syndicated digital and national TV products. In the third quarter, however, Proximic revenue growth was impacted by a data-strategy shift of a large retail media advertiser, which drove lower-than-expected results for our cross-platform solutions. We believe this was a discrete shift in data and platform strategy and was unrelated to the quality of our services. Excluding the impact of this strategy shift, cross-platform revenue grew
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, strategic transaction costs, foreign currency transaction impact, 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 4, 2025 at 5:00 p.m. ET
Management will host a conference call to discuss the results on Tuesday, November 4, 2025 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 global, trusted partner for planning, transacting and evaluating media across platforms. With an unmatched 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 2025, revenue drivers and growth opportunities, the impact of a customer data-strategy shift on our Proximic business, product adoption and demand, and the expected terms and benefits of our proposed recapitalization transaction. 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 and contracts; external market conditions and competition; continued changes or declines in ad spending or other macroeconomic factors; evolving trade policies and privacy and regulatory standards; product adoption rates; changes or delays in our recapitalization transaction; failure to obtain required stockholder approvals or "disinterested stockholder" approval for the recapitalization transaction and related matters; and our ability to achieve our expected strategic, financial and operational plans, including the expected benefits of the recapitalization transaction. 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 and adjusted EBITDA margin, 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.
Additional Information and Where to Find It
This communication does not constitute a solicitation of any vote. This communication may be deemed to be solicitation material in respect of the proposed recapitalization transaction and related matters. Comscore has filed a preliminary proxy statement on Schedule 14A with the SEC, and intends to file a definitive proxy statement on Schedule 14A with the SEC, in connection with the solicitation of proxies by Comscore in connection with the proposed transaction. The definitive proxy statement will be provided to Comscore's stockholders when available. Comscore also intends to file other relevant documents with the SEC regarding the proposed transaction. Before making any voting decision with respect to the proposed transaction, Comscore stockholders are urged to read the definitive proxy statement regarding the proposed transaction (including any amendments or supplements thereto) and other relevant materials carefully and in their entirety when they become available because they will contain important information about the proposed transaction.
The proxy statement, any amendments or supplements thereto and other relevant materials, and any other documents filed by Comscore with the SEC, may be obtained once such documents are filed with the SEC free of charge on the SEC's website at www.sec.gov or free of charge from Comscore at www.comscore.com or by directing a request to the Corporate Secretary at Comscore's principal executive offices at 11950 Democracy Drive, Suite 600, Reston, Virginia 20190, Attn: Ashley Wright, by calling Comscore's proxy solicitor (Innisfree M&A Incorporated) toll-free at (877) 825-8971, or by contacting Comscore's Investor Relations team at investor@comscore.com.
No Offer or Solicitation
This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
Participants in the Solicitation
Comscore and its executive officers and directors and certain other members of management and employees may, under the rules of the SEC, be deemed to be "participants" in the solicitation of proxies in connection with the proposed transaction. Information regarding Comscore's directors and executive officers is available in its proxy statement on Schedule 14A for its 2025 annual meeting of stockholders, filed with the SEC on April 30, 2025, and in its Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on March 6, 2025. These documents may be obtained free of charge from the sources indicated above. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the definitive proxy statement and other relevant materials relating to the proposed transaction to be filed with the SEC when they become available.
| Media |
| Marie Scoutas |
| Comscore, Inc. |
| (917) 213-2032 |
| Press@comscore.com |
| Investors |
| Jackie Marcus or Nick Nelson |
| Alpha IR Group |
| (617) 466-9257 |
| Investor@comscore.com |
| COMSCORE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
| As of | As of | ||||||
| September 30, 2025 | December 31, 2024 | ||||||
| (In thousands, except share and per share data) | (Unaudited) | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 26,705 | $ | 29,937 | |||
| Restricted cash | 3,178 | 3,531 | |||||
| Accounts receivable, net of allowances of | 50,592 | 64,266 | |||||
| Prepaid expenses and other current assets | 11,043 | 10,323 | |||||
| Total current assets | 91,518 | 108,057 | |||||
| Property and equipment, net | 44,791 | 47,116 | |||||
| Operating right-of-use assets | 9,777 | 13,173 | |||||
| Deferred tax assets | 2,783 | 2,624 | |||||
| Intangible assets, net | 3,161 | 5,058 | |||||
| Goodwill | 248,503 | 246,010 | |||||
| Other non-current assets | 6,412 | 8,209 | |||||
| Total assets | $ | 406,945 | $ | 430,247 | |||
| Liabilities, Convertible Redeemable Preferred Stock and Stockholders' Equity (Deficit) | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 15,778 | $ | 16,471 | |||
| Accrued expenses | 41,407 | 35,013 | |||||
| Contract liabilities | 39,879 | 45,464 | |||||
| Accrued dividends | 22,866 | 8,962 | |||||
| Customer advances | 7,356 | 9,566 | |||||
| Current operating lease liabilities | 8,497 | 8,598 | |||||
| Other current liabilities | 5,819 | 7,230 | |||||
| Total current liabilities | 141,602 | 131,304 | |||||
| Secured term loan | 39,640 | 40,718 | |||||
| Non-current operating lease liabilities | 8,568 | 14,805 | |||||
| Non-current portion of accrued data costs | 26,358 | 33,551 | |||||
| Deferred tax liabilities | 1,416 | 891 | |||||
| Other non-current liabilities | 8,148 | 9,771 | |||||
| Total liabilities | 225,732 | 231,040 | |||||
| Commitments and contingencies | |||||||
| Convertible redeemable preferred stock, | 207,470 | 207,470 | |||||
| Stockholders' equity (deficit): | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 5 | 5 | |||||
| Additional paid-in capital | 1,715,404 | 1,714,052 | |||||
| Accumulated other comprehensive loss | (10,478 | ) | (18,068 | ) | |||
| Accumulated deficit | (1,501,204 | ) | (1,474,268 | ) | |||
| Treasury stock, at cost, 338,239 shares as of September 30, 2025 and December 31, 2024 | (229,984 | ) | (229,984 | ) | |||
| Total stockholders' equity (deficit) | (26,257 | ) | (8,263 | ) | |||
| Total liabilities, convertible redeemable preferred stock and stockholders' equity (deficit) | $ | 406,945 | $ | 430,247 | |||
| COMSCORE, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (In thousands, except share and per share data) | 2025 | 2024 | 2025 | 2024 | |||||||||||
| Revenues | $ | 88,906 | $ | 88,479 | $ | 264,004 | $ | 261,111 | |||||||
| Cost of revenues (1) (2) | 52,783 | 52,005 | 157,629 | 154,025 | |||||||||||
| Selling and marketing (1) (2) | 14,551 | 12,515 | 46,017 | 42,691 | |||||||||||
| Research and development (1) (2) | 7,184 | 7,272 | 23,106 | 24,412 | |||||||||||
| General and administrative (1) (2) | 12,050 | 11,116 | 37,397 | 35,663 | |||||||||||
| Amortization of intangible assets | 633 | 764 | 1,897 | 2,365 | |||||||||||
| Impairment of goodwill | — | 63,000 | — | 63,000 | |||||||||||
| Impairment of right-of-use and long-lived assets | — | 1,397 | — | 1,397 | |||||||||||
| Restructuring | — | 15 | — | 968 | |||||||||||
| Total expenses from operations | 87,201 | 148,084 | 266,046 | 324,521 | |||||||||||
| Income (loss) from operations | 1,705 | (59,605 | ) | (2,042 | ) | (63,410 | ) | ||||||||
| Gain (loss) from foreign currency transactions | 136 | (2,223 | ) | (5,410 | ) | (1,508 | ) | ||||||||
| Interest expense, net | (1,699 | ) | (424 | ) | (5,010 | ) | (1,440 | ) | |||||||
| Other income, net | — | — | — | 651 | |||||||||||
| Income (loss) before income taxes | 142 | (62,252 | ) | (12,462 | ) | (65,707 | ) | ||||||||
| Income tax benefit (provision) | 311 | 1,622 | (570 | ) | 2,315 | ||||||||||
| Net income (loss) | $ | 453 | $ | (60,630 | ) | $ | (13,032 | ) | $ | (63,392 | ) | ||||
| Net loss available to common stockholders: | |||||||||||||||
| Net income (loss) | $ | 453 | $ | (60,630 | ) | $ | (13,032 | ) | $ | (63,392 | ) | ||||
| Convertible redeemable preferred stock dividends | (4,971 | ) | (4,578 | ) | (13,904 | ) | (13,062 | ) | |||||||
| Total net loss available to common stockholders | $ | (4,518 | ) | $ | (65,208 | ) | $ | (26,936 | ) | $ | (76,454 | ) | |||
| Net loss per common share: | |||||||||||||||
| Basic and diluted | $ | (0.86 | ) | $ | (12.79 | ) | $ | (5.24 | ) | $ | (15.33 | ) | |||
| Weighted-average number of shares used in per share calculation - Common Stock: | |||||||||||||||
| Basic and diluted | 5,252,039 | 5,098,415 | 5,136,696 | 4,986,746 | |||||||||||
| Comprehensive income (loss): | |||||||||||||||
| Net income (loss) | $ | 453 | $ | (60,630 | ) | $ | (13,032 | ) | $ | (63,392 | ) | ||||
| Other comprehensive (loss) income: | |||||||||||||||
| Foreign currency cumulative translation adjustment | (325 | ) | 2,925 | 7,590 | 828 | ||||||||||
| Total comprehensive income (loss) | $ | 128 | $ | (57,705 | ) | $ | (5,442 | ) | $ | (62,564 | ) | ||||
| (1) Excludes amortization of intangible assets, which is presented as a separate line item. | |||||||||||||||
| (2) Stock-based compensation expense (benefit) is included in the line items above as follows: | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Cost of revenues | $ | 54 | $ | (281 | ) | $ | 615 | $ | 118 | ||||||
| Selling and marketing | 17 | (208 | ) | 524 | 71 | ||||||||||
| Research and development | 31 | (193 | ) | 367 | 92 | ||||||||||
| General and administrative | 275 | 560 | 1,357 | 1,986 | |||||||||||
| Total stock-based compensation expense (benefit) | $ | 377 | $ | (122 | ) | $ | 2,863 | $ | 2,267 | ||||||
Reconciliation of Non-GAAP Financial Measures
The following table presents a reconciliation of GAAP net income (loss) and net income (loss) margin to non-GAAP adjusted EBITDA and adjusted EBITDA margin for each of the periods identified. Beginning in 2025 and for comparable prior periods, adjusted EBITDA is presented excluding the impact of foreign currency transactions, as described above.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| (In thousands) | 2025 (Unaudited) | 2024 (Unaudited) | 2025 (Unaudited) | 2024 (Unaudited) | |||||||||||
| GAAP net income (loss) | $ | 453 | $ | (60,630 | ) | $ | (13,032 | ) | $ | (63,392 | ) | ||||
| Depreciation | 5,976 | 5,537 | 17,650 | 16,194 | |||||||||||
| Interest expense, net | 1,699 | 424 | 5,010 | 1,440 | |||||||||||
| Amortization expense of finance leases | 937 | 1,035 | 2,794 | 2,691 | |||||||||||
| Amortization of intangible assets | 633 | 764 | 1,897 | 2,365 | |||||||||||
| Income tax (benefit) provision | (311 | ) | (1,622 | ) | 570 | (2,315 | ) | ||||||||
| EBITDA | 9,387 | (54,492 | ) | 14,889 | (43,017 | ) | |||||||||
| Adjustments: | |||||||||||||||
| Strategic transaction costs (1) | 538 | 36 | 538 | 49 | |||||||||||
| Transformation costs (2) | 507 | — | 2,549 | 75 | |||||||||||
| Stock-based compensation expense (benefit) | 377 | (122 | ) | 2,863 | 2,267 | ||||||||||
| Amortization of cloud-computing implementation costs | 362 | 351 | 1,071 | 1,075 | |||||||||||
| (Gain) loss from foreign currency transactions | (136 | ) | 2,223 | 5,410 | 1,508 | ||||||||||
| Impairment of goodwill | — | 63,000 | — | 63,000 | |||||||||||
| Impairment of right-of-use and long-lived assets | — | 1,397 | — | 1,397 | |||||||||||
| Restructuring | — | 15 | — | 968 | |||||||||||
| Other (3) | — | — | — | (574 | ) | ||||||||||
| Non-GAAP adjusted EBITDA | $ | 11,035 | $ | 12,408 | $ | 27,320 | $ | 26,748 | |||||||
| Net income (loss) margin (4) | 0.5 | % | (68.5)% | (4.9)% | (24.3)% | ||||||||||
| Non-GAAP adjusted EBITDA margin (5) | 12.4 | % | 14.0 | % | 10.3 | % | 10.2 | % | |||||||
(1) Strategic transaction costs represent third-party professional fees and other charges incurred in connection with strategic transactions, including mergers, acquisitions, financings and dispositions, regardless of whether consummated, which we otherwise would not have incurred as part of our normal business operations.
(2) Transformation costs represent (1) expenses incurred prior to formal launch of identified strategic projects with anticipated long-term benefits to the company, generally relating to third-party professional fees and non-capitalizable technology costs tied directly to the identified projects, and (2) severance costs associated with the reorganization of our teams in connection with the identified projects.
(3) Adjustments to Other primarily reflect non-cash changes in the fair value of warrants liability included in other income, net and changes in the fair value of contingent consideration liability included in general and administrative expense on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).
(4) Net income (loss) margin is calculated by dividing net income (loss) by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the applicable period.
(5) Non-GAAP adjusted EBITDA margin is calculated by dividing adjusted EBITDA by revenues reported on our Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) for the applicable period.
Revenues
Revenues from our offerings of products and services are as follows:
| Three Months Ended September 30, | ||||||||||||||||||
| (In thousands) | 2025 (Unaudited) | % of Revenue | 2024 (Unaudited) | % of Revenue | $ Variance | % Variance | ||||||||||||
| Content & Ad Measurement | ||||||||||||||||||
| Syndicated Audience (1) | $ | 63,220 | 71.1 | % | $ | 65,042 | 73.5 | % | $ | (1,822 | ) | (2.8)% | ||||||
| Cross-Platform | 12,299 | 13.8 | % | 10,232 | 11.6 | % | 2,067 | 20.2 | % | |||||||||
| Total Content & Ad Measurement | 75,519 | 84.9 | % | 75,274 | 85.1 | % | 245 | 0.3 | % | |||||||||
| Research & Insight Solutions | 13,387 | 15.1 | % | 13,205 | 14.9 | % | 182 | 1.4 | % | |||||||||
| Total revenues | $ | 88,906 | 100.0 | % | $ | 88,479 | 100.0 | % | $ | 427 | 0.5 | % | ||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | ||||||||||||||||||
| Nine Months Ended September 30, | ||||||||||||||||||
| (In thousands) | 2025 (Unaudited) | % of Revenue | 2024 (Unaudited) | % of Revenue | $ Variance | % Variance | ||||||||||||
| Content & Ad Measurement | ||||||||||||||||||
| Syndicated Audience (1) | $ | 190,677 | 72.2 | % | $ | 193,831 | 74.2 | % | $ | (3,154 | ) | (1.6)% | ||||||
| Cross-Platform | 34,761 | 13.2 | % | 26,252 | 10.1 | % | 8,509 | 32.4 | % | |||||||||
| Total Content & Ad Measurement | 225,438 | 85.4 | % | 220,083 | 84.3 | % | 5,355 | 2.4 | % | |||||||||
| Research & Insight Solutions | 38,566 | 14.6 | % | 41,028 | 15.7 | % | (2,462 | ) | (6.0)% | |||||||||
| Total revenues | $ | 264,004 | 100.0 | % | $ | 261,111 | 100.0 | % | $ | 2,893 | 1.1 | % | ||||||
| (1) Syndicated Audience revenue includes revenue from our movies business, which grew from | ||||||||||||||||||