Company Quick10K Filing
Quick10K
Comscore
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$1.83 61 $111
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-11-06 Enter Agreement, Other Events, Exhibits
8-K 2019-11-04 Earnings, Regulation FD, Exhibits
8-K 2019-10-01 Sale of Shares
8-K 2019-09-24 Regulation FD, Other Events, Exhibits
8-K 2019-08-20 Other Events
8-K 2019-08-12 Officers, Exhibits
8-K 2019-08-06 Earnings, Exhibits
8-K 2019-07-01 Sale of Shares
8-K 2019-06-26 Enter Agreement, Sale of Shares, Exhibits
8-K 2019-06-23 Enter Agreement, Sale of Shares, Regulation FD, Exhibits
8-K 2019-06-10 Shareholder Vote
8-K 2019-05-22 Officers, Exhibits
8-K 2019-05-07 Earnings, Other Events, Exhibits
8-K 2019-05-07 Earnings, Other Events, Exhibits
8-K 2019-04-12 Officers
8-K 2019-03-31 Earnings, Officers, Regulation FD, Exhibits
8-K 2019-03-07 Officers
8-K 2019-02-28 Earnings, Exhibits
8-K 2018-11-13 Regulation FD, Exhibits
8-K 2018-11-13 Enter Agreement, Sale of Shares, Exhibits
8-K 2018-11-08 Earnings, Exhibits
8-K 2018-10-12 Sale of Shares, Exhibits
8-K 2018-09-04 Officers, Other Events, Exhibits
8-K 2018-08-08 Enter Agreement, Earnings, Sale of Shares, Exhibits
8-K 2018-06-07 Sale of Shares
8-K 2018-06-05 Officers, Exhibits
8-K 2018-05-30 Enter Agreement, Off-BS Arrangement, Officers, Amend Bylaw, Code of Ethics, Shareholder Vote, Other Events, Exhibits
8-K 2018-05-17 Enter Agreement, Off-BS Arrangement, Sale of Shares, Exhibits
8-K 2018-05-09 Earnings, Exhibits
8-K 2018-04-16 Enter Agreement, Officers, Other Events, Exhibits
8-K 2018-03-21 Earnings, Officers, Other Events, Exhibits
8-K 2018-03-14 Officers
8-K 2018-03-05 Other Events, Exhibits
8-K 2018-02-02 Other Events
8-K 2018-01-16 Enter Agreement, Leave Agreement, Earnings, Off-BS Arrangement, Sale of Shares, Other Events, Exhibits
BR Broadridge 15,034
HQY Healthequity 3,641
BID Sotheby's 2,685
SPAQ Spartan Energy Acquisition 278
IIIV I3 Verticals 200
ALGR Allegro Merger 193
GIG Gigcapital 192
HCCH HL Acquisitions 71
DDMX Dynamex 0
GPAQ Gordon Pointe Acquisition 0
SCOR 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 exhibit101-executiveem.htm
EX-31.1 exhibit311-certificati.htm
EX-31.2 exhibit312-certificati.htm
EX-32.1 exhibit321-certificati.htm
EX-32.2 exhibit322-certificati.htm

Comscore Earnings 2019-09-30

SCOR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents


 
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________ 
FORM 10-Q
______________________________________
 (Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from          to         
Commission file number: 001-33520
 ________________________________ 
 comScore, Inc.
(Exact name of registrant as specified in its charter)
 ________________________________ 
Delaware
 
54-1955550
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification Number)

11950 Democracy Drive, Suite 600
Reston, Virginia 20190
(Address of Principal Executive Offices)
(703438-2000
(Registrant’s Telephone Number, Including Area Code)
 ________________________________ 
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share
 
SCOR
 
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  No 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).   Yes   No 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
 
Accelerated filer
 
Non-accelerated filer
 
 
 
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No 
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date: As of November 1, 2019, there were 70,032,542 shares of the registrant’s Common Stock outstanding.
 


Table of Contents


COMSCORE, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED SEPTEMBER 30, 2019
TABLE OF CONTENTS
 
 
 




Table of Contents


CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
We may make certain statements, including in this Quarterly Report on Form 10-Q, or 10-Q, including the information contained in Item 2, "Management’s Discussion and Analysis of Financial Condition and Results of Operations" of this 10-Q, and the information incorporated by reference in this 10-Q, that constitute forward-looking statements within the meaning of federal and state securities laws. Forward-looking statements are all statements other than statements of historical fact. We attempt to identify these forward-looking statements by words such as "may," "will," "should," "could," "might," "expect," "plan," "anticipate," "believe," "estimate," "target," "goal," "predict," "intend," "potential," "continue," "seek" and other comparable words. Similarly, statements that describe our business strategy, goals, prospects, opportunities, outlook, objectives, plans or intentions are also forward-looking statements. These statements may relate to, but are not limited to, expectations of future operating results or financial performance, macroeconomic trends that we expect may influence our business, plans for financing or capital expenditures, expectations regarding liquidity and compliance with financing covenants and payment obligations, expectations regarding the introduction of new products, effects of restructuring actions and changes in our management team, regulatory compliance and expected changes in the regulatory landscape affecting our business, internal control improvements, expected impact of litigation and regulatory proceedings, plans for growth and future operations, effects of acquisitions, divestitures and partnerships, as well as assumptions relating to the foregoing.
Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. These statements are based on expectations and assumptions as of the date of this 10-Q regarding future events and business performance and involve known and unknown risks, uncertainties and other factors that may cause actual events or results to be materially different from any future events or results expressed or implied by these statements. These factors include those set forth in the following discussion and within Item 1A, "Risk Factors" of this 10-Q and elsewhere within this report; those identified within Item 1A, "Risk Factors" of our Annual Report on Form 10-K for the year ended December 31, 2018, Item 1A of our Quarterly Report on Form 10-Q for the quarter ended March 31, 2019, and Item 1A of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2019; and those identified in other documents that we file from time to time with the U.S. Securities and Exchange Commission, or SEC.
We believe that it is important to communicate our future expectations to our investors. However, there may be events in the future that we are not able to accurately predict or control and that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. You should not place undue reliance on forward-looking statements, which apply only as of the date of this 10-Q. You should carefully review the risk factors described in this 10-Q and in other documents that we file from time to time with the SEC. Except as required by applicable law, including the rules and regulations of the SEC, we undertake no obligation, and expressly disclaim any duty, to publicly update or revise forward-looking statements, whether as a result of any new information, future events or otherwise. Although we believe the expectations reflected in the forward-looking statements are reasonable as of the date of this 10-Q, our statements are not guarantees of future results, levels of activity, performance, or achievements, and actual outcomes and results may differ materially from those expressed in, or implied by, any of our statements.

i

Table of Contents



PART I. FINANCIAL INFORMATION
ITEM 1.
FINANCIAL STATEMENTS
COMSCORE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
 
As of
 
As of
 
September 30, 2019

December 31, 2018

(Unaudited)


Assets



Current assets:



Cash and cash equivalents
$
53,839


$
44,096

Restricted cash
4,651


6,102

Accounts receivable, net of allowances of $2,182 and $1,597, respectively ($3,936 and $4,024 of accounts receivable attributable to related parties, respectively)
59,417


75,609

Prepaid expenses and other current assets ($1,009 and $484 attributable to related parties, respectively)
16,217


19,972

Total current assets
134,124


145,779

Property and equipment, net
32,609


27,339

Operating right-of-use assets
37,923



Other non-current assets
2,363


8,898

Deferred tax assets
2,521


3,991

Intangible assets, net
86,483


126,945

Goodwill
415,806


641,191

Total assets
$
711,829


$
954,143

Liabilities and Stockholders' Equity



Current liabilities:



Accounts payable ($2,304 and $1,878 attributable to related parties, respectively)
$
44,921


$
29,836

Accrued expenses ($891 and $4,478 attributable to related parties, respectively)
48,108


58,140

Accrued litigation settlements
6,750

 
3,500

Contract liability ($2,254 and $2,521 attributable to related parties, respectively)
51,852


64,189

Customer advances
7,706


6,688

Warrants liability
5,905



Current operating lease liabilities
6,784

 

Other current liabilities
3,788


6,583

Total current liabilities
175,814


168,936

Financing derivatives (related parties)
23,200


26,100

Senior secured convertible notes (related parties)
182,744


177,342

Non-current operating lease liabilities
44,171



Deferred rent


10,304

Deferred tax liabilities
325


5,527

Other non-current liabilities ($6,120 and $251 attributable to related parties)
20,355


14,367

Total liabilities
446,609


402,576

Commitments and contingencies



Stockholders' equity:



Preferred stock, $0.001 par value per share; 5,000,000 shares authorized at September 30, 2019 and December 31, 2018; no shares issued or outstanding as of September 30, 2019 and December 31, 2018



Common stock, $0.001 par value per share; 150,000,000 shares authorized as of September 30, 2019 and December 31, 2018; 70,955,367 shares issued and 64,190,571 shares outstanding as of September 30, 2019, and 66,154,626 shares issued and 59,389,830 shares outstanding as of December 31, 2018
64


59

Additional paid-in capital
1,595,402


1,561,208

Accumulated other comprehensive loss
(13,515
)

(10,621
)
Accumulated deficit
(1,086,747
)

(769,095
)
Treasury stock, at cost, 6,764,796 shares as of September 30, 2019 and December 31, 2018
(229,984
)

(229,984
)
Total stockholders' equity
265,220


551,567

Total liabilities and stockholders’ equity
$
711,829


$
954,143

See accompanying Notes to Condensed Consolidated Financial Statements.

1

Table of Contents


COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(Unaudited)
(In thousands, except share and per share data)
 

Three Months Ended September 30,
 
Nine Months Ended September 30,


2019

2018
 
2019
 
2018
Revenues (1)

$
94,300


$
102,864

 
$
293,482


$
310,172








 
 
 
 
Cost of revenues (1) (2) (3)

47,390


49,446

 
152,791


148,226

Selling and marketing (1) (2) (3)

20,421


24,866

 
68,590


80,418

Research and development (1) (2) (3)

14,064


18,742

 
49,163


58,347

General and administrative (1) (2) (3)

14,064


18,707

 
50,541


66,067

Investigation and audit related

980


696

 
4,176


37,446

Amortization of intangible assets

6,970


7,896

 
23,151


24,706

Impairment of goodwill
 

 

 
224,272

 

Impairment of intangible asset (1)
 

 

 
17,308

 

Settlement of litigation, net

(2,100
)


 
2,900


5,250

Restructuring (2)

2,270


51

 
5,149


5,141

Total expenses from operations

104,059


120,404

 
598,041


425,601

Loss from operations

(9,759
)

(17,540
)
 
(304,559
)

(115,429
)
Interest expense, net (1)

(8,175
)

(4,682
)
 
(23,176
)

(11,711
)
Other income (expense), net

6,733


(1,711
)
 
6,621


(827
)
Gain (loss) from foreign currency transactions

1,194


(304
)
 
768


(181
)
Loss before income taxes

(10,007
)

(24,237
)
 
(320,346
)

(128,148
)
Income tax (provision) benefit

(552
)

(400
)
 
2,740


(3,916
)
Net loss

$
(10,559
)

$
(24,637
)
 
$
(317,606
)
 
$
(132,064
)
Net loss per common share:




 
 
 
 
Basic and diluted

$
(0.16
)

$
(0.42
)
 
$
(5.16
)

$
(2.32
)
Weighted-average number of shares used in per share calculation - Common Stock:




 
 
 
 
Basic and diluted

64,157,167


58,212,306

 
61,603,357


56,877,186

Comprehensive loss:




 
 
 
 
Net loss

$
(10,559
)

$
(24,637
)
 
$
(317,606
)

$
(132,064
)
Other comprehensive loss:




 
 
 
 
Foreign currency cumulative translation adjustment

(2,950
)

(429
)
 
(2,894
)

(2,789
)
Total comprehensive loss

$
(13,509
)

$
(25,066
)
 
$
(320,500
)

$
(134,853
)





 
 
 
 
(2) Stock-based compensation expense is included in the line items above as follows:
 
 
 
 


Three Months Ended September 30,
 
Nine Months Ended September 30,


2019

2018
 
2019

2018
Cost of revenues

$
396


$
1,248

 
$
1,880


$
5,235

Selling and marketing

756


1,860

 
3,159


8,227

Research and development

469


1,137

 
1,863


5,453

General and administrative

1,392


2,066

 
7,368


12,276

Restructuring
 
129

 

 
(137
)
 

Total stock-based compensation expense

$
3,142


$
6,311

 
$
14,133


$
31,191






 
 
 
 
(3) Excludes amortization of intangible assets, which is presented separately in the Condensed Consolidated Statements of Operations and Comprehensive Loss.
See accompanying Notes to Condensed Consolidated Financial Statements.

2

Table of Contents


COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 (In thousands, except share data)

Common Stock

Additional
Paid-In
Capital

Accumulated
Other
Comprehensive
Loss

Accumulated
Deficit

Treasury stock, at cost

Total
Stockholders'
Equity
Shares

Amount

Balance as of December 31, 2018
59,389,830

 
$
59

 
$
1,561,208

 
$
(10,621
)
 
$
(769,095
)
 
$
(229,984
)
 
$
551,567

Adoption of ASC 842

 

 

 

 
(46
)
 

 
(46
)
Net loss

 

 

 

 
(27,514
)
 

 
(27,514
)
Foreign currency translation adjustment

 

 

 
(621
)
 

 

 
(621
)
Exercise of Common Stock options, net
68,259

 

 
1,191

 

 

 

 
1,191

Restricted stock units vested
552,651

 
1

 
4,610

 

 

 

 
4,611

Payments for taxes related to net share settlement of equity awards
(52,853
)
 

 
(1,138
)
 

 

 

 
(1,138
)
Stock-based compensation

 

 
5,888

 

 

 

 
5,888

Balance as of March 31, 2019
59,957,887


$
60


$
1,571,759


$
(11,242
)

$
(796,655
)

$
(229,984
)

$
533,938

Net loss

 

 

 

 
(279,533
)
 

 
(279,533
)
Foreign currency translation adjustment

 

 

 
677

 

 

 
677

Issuance of Common Stock
2,728,513

 
3

 
7,575

 

 

 

 
7,578

Common Stock warrants exercised
323,448

 

 

 

 

 

 

Interest paid in Common Stock
243,261

 

 
5,134

 

 

 

 
5,134

Restricted stock units vested
46,078

 

 

 

 

 

 

Payments for taxes related to net share settlement of equity awards
(7,218
)
 

 
(72
)
 

 

 

 
(72
)
Stock-based compensation

 

 
2,354

 

 

 

 
2,354

Balance as of June 30, 2019
63,291,969

 
$
63

 
$
1,586,750

 
$
(10,565
)
 
$
(1,076,188
)
 
$
(229,984
)
 
$
270,076

Net loss

 

 

 

 
(10,559
)
 

 
(10,559
)
Foreign currency translation adjustment

 

 

 
(2,950
)
 

 

 
(2,950
)
Adjustment to issuance of Common Stock

 

 
584

 

 

 

 
584

Interest paid in Common Stock
856,289

 
1

 
6,119

 

 

 

 
6,120

Restricted stock units vested
54,899

 

 

 

 

 

 

Payments for taxes related to net share settlement of equity awards
(12,586
)
 

 
(17
)
 

 

 

 
(17
)
Stock-based compensation

 

 
1,966

 

 

 

 
1,966

Balance as of September 30, 2019
64,190,571

 
$
64

 
$
1,595,402

 
$
(13,515
)
 
$
(1,086,747
)
 
$
(229,984
)
 
$
265,220


3

Table of Contents


 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Loss
 
Accumulated
Deficit
 
Treasury stock, at cost
 
Total
Stockholders'
Equity
Shares
 
Amount
 
Balance as of December 31, 2017
57,289,047

 
$
60

 
$
1,407,717

 
$
(6,224
)
 
$
(609,091
)
 
$
(135,970
)
 
$
656,492

Adoption of ASC 606

 

 

 

 
(736
)
 

 
(736
)
Net loss

 

 

 

 
(51,450
)
 

 
(51,450
)
Foreign currency translation adjustment

 

 

 
1,615

 

 

 
1,615

Subscription receivable

 

 
3,065

 

 

 

 
3,065

Common Stock warrants issuable

 

 
5,545

 

 

 

 
5,545

Repurchase of Common Stock in exchange for senior secured convertible notes
(2,600,000
)
 

 

 

 

 
(63,570
)
 
(63,570
)
Restricted stock units vested
487,027

 

 

 

 

 

 

Payments for taxes related to net share settlement of equity awards
(158,404
)
 

 
(4,099
)
 

 

 

 
(4,099
)
Stock-based compensation

 

 
1,881

 

 

 

 
1,881

Balance as of March 31, 2018
55,017,670

 
$
60

 
$
1,414,109

 
$
(4,609
)
 
$
(661,277
)
 
$
(199,540
)
 
$
548,743

Net loss

 

 

 

 
(55,977
)
 

 
(55,977
)
Foreign currency translation adjustment

 

 

 
(3,975
)
 

 

 
(3,975
)
Subscription receivable

 

 
1,611

 

 

 

 
1,611

Exercise of Common Stock options, net
21,809

 

 
164

 

 

 

 
164

Shares issued in connection with settlement of litigation
4,024,115

 
4

 
90,764

 

 

 

 
90,768

Repurchase of Common Stock in exchange for senior secured convertible notes
(1,400,000
)
 
(7
)
 

 

 

 
(30,444
)
 
(30,451
)
Restricted stock units vested
233,320

 
1

 
(1
)
 

 

 

 

Payments for taxes related to net share settlement of equity awards
(9,996
)
 

 
(176
)
 

 

 

 
(176
)
Stock-based compensation

 

 
22,248

 

 

 

 
22,248

Balance as of June 30, 2018
57,886,918

 
$
58

 
$
1,528,719

 
$
(8,584
)
 
$
(717,254
)
 
$
(229,984
)
 
$
572,955

Net loss

 

 

 

 
(24,637
)
 

 
(24,637
)
Foreign currency translation adjustment

 

 

 
(429
)
 

 

 
(429
)
Subscription receivable

 

 
3,890

 

 

 

 
3,890

Exercise of Common Stock options, net
200,420

 

 
2,691

 

 

 

 
2,691

Restricted stock units vested
829,925

 
1

 
10,297

 

 

 

 
10,298

Payments for taxes related to net share settlement of equity awards
(17,628
)
 

 
(388
)
 

 

 

 
(388
)
Stock-based compensation

 

 
4,162

 

 

 

 
4,162

Balance as of September 30, 2018
58,899,635

 
$
59

 
$
1,549,371

 
$
(9,013
)
 
$
(741,891
)
 
$
(229,984
)
 
$
568,542


See accompanying Notes to Condensed Consolidated Financial Statements.

4

Table of Contents


COMSCORE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
 
Nine Months Ended September 30,

2019

2018
Operating activities:



Net loss
$
(317,606
)

$
(132,064
)
Adjustments to reconcile net loss to net cash used in operating activities:



Depreciation
9,447


12,974

Non-cash operating lease expense
3,987



Amortization expense of finance leases
1,974



Amortization of intangible assets
23,151