Company Quick10K Filing
Quick10K
Comscore
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$11.34 61 $686
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 2019-08-06 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 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
CFX Colfax 3,150
MOR MorphoSys AG 2,770
LRN K12 1,250
MSON Misonix 175
XOMA Xoma 129
ALT Altimmune 38
TDNT Trident Brands 0
INIS International Isotopes 0
PLYZ Plyzer Technologies 0
SGSI Spectrum Global Solutions 0
SCOR 2019-06-30
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-4.7 exhibit47-formofwarran.htm
EX-10.1 a2018rsueicpgrantagree.htm
EX-10.2 exhibit102-prsueicpgra.htm
EX-10.3 a2018eicpgrantnoticean.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 2019-06-30

SCOR 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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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 June 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 August 2, 2019, there were 64,148,258 shares of the registrant’s Common Stock outstanding.
 


Table of Contents


COMSCORE, INC.
QUARTERLY REPORT ON FORM 10-Q
FOR THE QUARTER ENDED JUNE 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 the Private Securities Litigation Reform Act of 1995 and other 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, and those identified in other documents that we file from time to time with the U.S. Securities and Exchange Commission, or SEC, as well as factors that cannot be predicted or quantified.
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.

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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
 
June 30, 2019

December 31, 2018

(Unaudited)


Assets



Current assets:



Cash and cash equivalents
$
48,963


$
44,096

Restricted cash
4,863


6,102

Accounts receivable, net of allowances of $1,598 and $1,597, respectively ($4,017 and $4,024 of accounts receivable attributable to related parties, respectively)
71,231


75,609

Prepaid expenses and other current assets ($971 and $484 attributable to related parties, respectively)
15,579


19,972

Total current assets
140,636


145,779

Property and equipment, net
32,819


27,339

Operating right-of-use assets
39,377



Other non-current assets ($35 and $65 attributable to related parties, respectively)
5,984


8,898

Deferred tax assets
2,783


3,991

Intangible assets, net
93,458


126,945

Goodwill
416,775


641,191

Total assets
$
731,832


$
954,143

Liabilities and Stockholders' Equity



Current liabilities:



Accounts payable ($2,566 and $1,878 attributable to related parties, respectively)
$
40,303


$
29,836

Accrued expenses ($1,755 and $4,478 attributable to related parties, respectively)
54,803


58,140

Contract liability ($2,100 and $2,521 attributable to related parties, respectively)
58,933


64,189

Customer advances
5,926


6,688

Warrants liability
10,798



Current operating lease liabilities
6,548

 

Other current liabilities
10,996


10,083

Total current liabilities
188,307


168,936

Financing derivatives (related parties)
25,000


26,100

Senior secured convertible notes (related parties)
180,909


177,342

Non-current operating lease liabilities
45,928



Deferred rent


10,304

Deferred tax liabilities
314


5,527

Other non-current liabilities ($6,120 and $251 attributable to related parties)
21,298


14,367

Total liabilities
461,756


402,576

Commitments and contingencies



Stockholders’ equity:



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



Common stock, $0.001 par value per share; 150,000,000 shares authorized as of June 30, 2019 and December 31, 2018; 70,056,765 shares issued and 63,291,969 shares outstanding as of June 30, 2019, and 66,154,626 shares issued and 59,389,830 shares outstanding as of December 31, 2018
63


59

Additional paid-in capital
1,586,750


1,561,208

Accumulated other comprehensive loss
(10,565
)

(10,621
)
Accumulated deficit
(1,076,188
)

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

(229,984
)
Total stockholders’ equity
270,076


551,567

Total liabilities and stockholders’ equity
$
731,832


$
954,143

See accompanying Notes to Condensed Consolidated Financial Statements.

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

Three Months Ended June 30,
 
Six Months Ended June 30,


2019

2018
 
2019
 
2018
Revenues (1)

$
96,888


$
101,389

 
$
199,182


$
207,308








 
 
 
 
Cost of revenues (1) (2) (3)

51,994


51,526

 
105,401


98,780

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

23,329


29,647

 
48,169


55,552

Research and development (1) (2) (3)

16,883


20,889

 
35,099


39,605

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

16,932


28,699

 
36,477


47,360

Investigation and audit related

2,354


4,883

 
3,196


36,750

Amortization of intangible assets

8,076


8,266

 
16,181


16,810

Impairment of goodwill
 
224,272

 

 
224,272

 

Impairment of intangible asset (1)
 
17,308

 

 
17,308

 

Settlement of litigation, net

5,000


5,250

 
5,000


5,250

Restructuring (2)

2,949


3,833

 
2,879


5,090

Total expenses from operations

369,097


152,993

 
493,982


305,197

Loss from operations

(272,209
)

(51,604
)
 
(294,800
)

(97,889
)
Interest expense, net (1)

(8,242
)

(4,124
)
 
(15,001
)

(7,029
)
Other (expense) income, net

(3,081
)

807

 
(112
)

884

(Loss) gain from foreign currency transactions

(464
)

1,045

 
(426
)

123

Loss before income taxes

(283,996
)

(53,876
)
 
(310,339
)

(103,911
)
Income tax benefit (provision)

4,463


(2,101
)
 
3,292


(3,516
)
Net loss

$
(279,533
)

$
(55,977
)
 
$
(307,047
)
 
$
(107,427
)
Net loss per common share:




 
 
 
 
Basic and diluted

$
(4.61
)

$
(1.02
)
 
$
(5.09
)

$
(1.90
)
Weighted-average number of shares used in per share calculation - Common Stock:




 
 
 
 
Basic and diluted

60,697,608


55,192,741

 
60,315,528


56,703,795

Comprehensive loss:




 
 
 
 
Net loss

$
(279,533
)

$
(55,977
)
 
$
(307,047
)

$
(107,427
)
Other comprehensive income (loss):




 
 
 
 
Foreign currency cumulative translation adjustment

677


(3,975
)
 
56


(2,360
)
Total comprehensive loss

$
(278,856
)

$
(59,952
)
 
$
(306,991
)

$
(109,787
)





 
 
 
 
(1) Transactions with related parties are included in the line items above (refer to Footnote 9, Related Party Transactions, of the Notes to Condensed Consolidated Financial Statements for additional information).
(2) Stock-based compensation expense is included in the line items above as follows:
 
 
 
 


Three Months Ended June 30,
 
Six Months Ended June 30,


2019

2018
 
2019

2018
Cost of revenues

$
636


$
3,774

 
$
1,484


$
3,987

Selling and marketing

1,087


5,792

 
2,403


6,367

Research and development

668


3,972

 
1,394


4,316

General and administrative

1,913


9,461

 
5,976


10,210

Restructuring
 
(266
)
 

 
(266
)
 

Total stock-based compensation expense

$
4,038


$
22,999

 
$
10,991


$
24,880






 
 
 
 
(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.

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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



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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




See accompanying Notes to Condensed Consolidated Financial Statements.

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

2019

2018
Operating activities:



Net loss
$
(307,047
)

$
(107,427
)
Adjustments to reconcile net loss to net cash used in operating activities:



Depreciation
6,111


8,839

Non-cash operating lease expense
2,747



Amortization expense of finance leases
1,361



Amortization of intangible assets
16,181


16,810

Impairment of goodwill
224,272

 

Impairment of intangible asset (related party)
17,308

 

Stock-based compensation
10,991


24,880

Deferred tax (benefit) provision
(3,983
)

2,477

Change in fair value of financing derivatives
(1,100
)

4,460

Change in fair value of investment in equity securities
2,016


(265
)
Accretion of debt discount
3,042


1,978

Amortization of deferred financing costs
525


445

Other
(20
)

510

Changes in operating assets and liabilities:



Accounts receivable
4,442


10,638

Prepaid expenses and other assets
3,190


(5,255
)
Accounts payable, accrued expenses, and other liabilities
20,176


(18,138
)
Contract liability and customer advances
(6,552
)

(14,321
)
Operating lease liabilities
(4,364
)


Net cash used in operating activities
(10,704
)

(74,369
)




Investing activities:



Proceeds from sale of investment in equity securities 
705



Purchases of property and equipment
(1,893
)

(1,287
)
Capitalized internal-use software costs
(5,619
)

(5,228
)
Net cash used in investing activities
(6,807
)

(6,515
)




Financing activities:



Proceeds from borrowings on senior secured convertible notes (related party)


100,000

Debt issuance costs


(5,123
)
Proceeds from private placement, net of issuance costs paid
19,894



Financing proceeds received on subscription receivable (related party)


4,676

Proceeds from sale-leaseback financing transaction
4,252



Proceeds from the exercise of stock options
1,191


164

Payments for taxes related to net share settlement of equity awards
(1,210
)

(4,275
)
Principal payments on finance leases
(1,417
)


Principal payments on capital lease and software license arrangements
(1,662
)

(5,359
)
Net cash provided by financing activities
21,048


90,083

Effect of exchange rate changes on cash, cash equivalents and restricted cash
91


(1,136
)
Net increase in cash, cash equivalents and restricted cash
3,628


8,063

Cash, cash equivalents and restricted cash at beginning of period
50,198


45,125

Cash, cash equivalents and restricted cash at end of period
$
53,826


$
53,188





 
 
 
 
 
 
 
 

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As of June 30,

2019

2018
Cash and cash equivalents
$
48,963


$
46,589

Restricted cash
4,863


6,599

Total cash, cash equivalents and restricted cash
$
53,826


$
53,188

 
 
 
 
 
Six Months Ended June 30,
 
2019
 
2018
Supplemental cash flow disclosures:
 
 
 
Interest paid ($3,046 and $1,850 attributable to related party)
$
3,413

 
$
2,286

Income taxes paid
373

 
484

 
 
 
 
Supplemental disclosures of non-cash activities:
 
 
 
Leasehold improvements acquired through lease incentives
$
1,427

 
$

Change in accrued capital expenditures
1,630

 
257

Settlement of restricted stock unit liability
4,611

 

Interest paid in Common Stock
5,134

 

Fair value of warrants issued in private placement
10,798

 

Repurchase of Common Stock in exchange for senior secured convertible notes

 
94,021

Shares issued in connection with settlement of litigation

 
90,768

Insurance recovery on litigation settlement

 
27,232

Common Stock warrants issued with senior secured convertible notes

 
5,733

Fair value of financing derivatives issued with senior secured convertible notes

 
17,140

Notes Option derivative liability settlement

 
5,700

See accompanying Notes to Condensed Consolidated Financial Statements.

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COMSCORE, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.
Organization
comScore, Inc., together with its consolidated subsidiaries (collectively, "Comscore" or the "Company"), headquartered in Reston, Virginia, is a global information and analytics company that measures audiences, consumer behavior and advertising across media platforms.
Operating segments are defined as components of a business that can earn revenues and incur expenses for which discrete financial information is available that is evaluated on a regular basis by the chief operating decision maker ("CODM"). The Company’s CODM is its principal executive officer, who decides how to allocate resources and assess performance. The Company has one operating segment. A single management team reports to the CODM, who manages the entire business. The Company’s CODM reviews consolidated results of operations to make decisions, allocate resources and assess performance and does not evaluate the profit or loss from any separate geography or product line.
On March 31, 2019, Bryan Wiener resigned as the Company's Chief Executive Officer and director and Sarah Hofstetter resigned as the Company's President, effective immediately. On the same day, the Company appointed Dale Fuller as Interim Chief Executive Officer, and Mr. Fuller assumed the role of CODM.
Uses and Sources of Liquidity and Management’s Plans
The Company’s primary need for liquidity is to fund working capital requirements of its businesses, capital expenditures and for general corporate purposes. Since 2017, the Company has implemented certain organizational restructuring plans to reduce staffing levels, exit certain geographic regions, and rationalize its leased properties, to enable the Company to decrease its global costs, more effectively align resources to business priorities, and maintain compliance with its financial covenants (described below). For additional information, refer to Footnote 13, Organizational Restructuring.
To increase the Company’s available working capital, during 2018, the Company entered into certain agreements with funds affiliated with or managed by Starboard Value LP (collectively, "Starboard"), pursuant to which the Company issued and sold to Starboard a total of $204.0 million in senior secured convertible notes as well as warrants to purchase shares of the Company's common stock, par value $0.001 per share (the "Common Stock") in exchange for $100.0 million in cash and 4,000,000 shares of Common Stock. The convertible notes contain certain affirmative and restrictive covenants with which the Company must compl