Sign in

You're signed outSign in or to get full access.

CI

COMSCORE, INC. (SCOR)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue of $85.7M declined 1.3% YoY and down sequentially vs Q4 2024; adjusted EBITDA was $7.4M (8.6% margin) vs $7.2M (8.3%) in Q1 2024 as cost discipline offset softer top line .
  • Cross-Platform grew 20.5% YoY and Local TV posted double-digit growth; however, national TV and syndicated digital declines, and softer ad spend in a few categories muted momentum .
  • Guidance: company now expects FY25 revenue at the low end of $360–$370M (previously $360–$370M) and maintained adjusted EBITDA margin guidance of 12%–15%; Q2 revenue expected roughly flat with Q1 .
  • Estimate check: Revenue slightly missed S&P Global consensus ($85.7M vs $86.7M), and EPS missed (-$1.66 vs -$0.68), with FX losses and higher interest expense weighing on GAAP results; adjusted EBITDA was up modestly YoY* .

What Went Well and What Went Wrong

  • What Went Well

    • Cross-Platform momentum: “Cross-Platform revenue of $9.7M was up 20.5% YoY,” driven by Proximic, Comscore Campaign Ratings, and new Content Measurement .
    • Currency/Accreditation progress: “Comscore remains the only MRC-accredited national and local TV measurement service,” with added accreditation of demos; supports Local TV adoption .
    • Cost control and execution: Core operating expenses slightly down YoY; adjusted EBITDA improved to $7.4M (8.6% margin) despite lower revenue .

  • What Went Wrong

    • Macro/Ad spend softness: Management flagged “a macro environment that has become at best uncertain” and ad spend caution, citing trade policy developments impacting cross-platform growth late in the quarter .
    • Legacy syndicated pressure: National TV and syndicated digital products declined, offsetting Local and Cross-Platform strength .
    • GAAP EPS pressure: Net loss widened (FX loss of $1.7M and higher net interest expense) leading to basic/diluted EPS of -$1.66 vs -$1.08 YoY .

Financial Results

Headline metrics vs prior periods and S&P Global consensus

MetricQ1 2024 (oldest)Q4 2024Q1 2025 (newest)Q1 2025 Consensus*Beat/Miss*
Revenue ($M)$86.8 $94.9 $85.7 $86.7*Miss*
GAAP EPS (diluted, $)-$1.08 -$0.27 -$1.66 -$0.68*Miss*
Adjusted EBITDA ($M)$7.2 $17.2 $7.4 $8.9 (EBITDA)** *Miss*
Adjusted EBITDA Margin (%)8.3% 18.1% 8.6% N/A—

Notes:

  • Adjusted EBITDA excludes FX impacts beginning Q1 2025 (and recast) to align with debt covenants and guidance .
  • “Consensus EBITDA” in S&P dataset reflects EBITDA, not the company’s FX-neutral adjusted EBITDA; definitions differ materially**.

Segment revenue breakdown and YoY deltas

Segment ($M)Q1 2024 (oldest)Q1 2025 (newest)$ Var% Var
Syndicated Audience$64.6 $63.5 -$1.1 -1.7%
Cross-Platform$8.0 $9.7 $1.6 20.5%
Total Content & Ad Measurement$72.6 $73.2 $0.5 0.8%
Research & Insight Solutions$14.2 $12.5 -$1.6 -11.5%
Total Revenues$86.8 $85.7 -$1.1 -1.3%

Additional KPIs and balance sheet items

KPI/MetricQ1 2024Q1 2025
Movies revenue ($M)$9.2 $9.4
Net (loss) margin-1.2% -4.7%
Cash, cash equivalents & restricted cash ($M)$18.9 (as of 3/31/24) $34.5 (as of 3/31/25)
Term loan principal outstanding ($M)—$44.9 (as of 3/31/25)
Revolver borrowing capacity ($M)—$15.0 available (no borrowings)

Quarterly trend (prior two quarters)

MetricQ3 2024 (oldest)Q4 2024Q1 2025 (newest)
Revenue ($M)$88.5 $94.9 $85.7
Adjusted EBITDA ($M)$10.1 $17.2 $7.4

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
RevenueFY 2025$360–$370M Low end of $360–$370M Lowered (narrowed to low end)
Adjusted EBITDA MarginFY 202512%–15% 12%–15% Maintained
RevenueQ2 2025—Roughly flat vs Q1 and vs Q2 2024 New qualitative view

Earnings Call Themes & Trends

TopicQ-2 (Q3’24)Q-1 (Q4’24)Q1’25 (Current)Trend
Cross-Platform growth+33.5% YoY; embedding measurement into programmatic Strong scale in cross-platform products; set up for 2025 growth +20.5% YoY; CCM (Content Measurement) launched; adoption building Improving product-market fit, near-term macro drag
TV currency/Accreditation——Only MRC-accredited national & local TV service; added demos accreditation Strengthening differentiation
Programmatic partnerships—Cross-platform scaled in programmatic in late 2024 Certified Deal IDs with Magnite; AI-enabled predictive audience inside Magnite Expanding integrations
Macro/Trade policy—Noted mixed demand across areas Softer ad spend in a few categories; cited trade policy developments Cautious
Ops/Cost & Tech stackCore opex down YoY; simplification Investments to drive growth and efficiencies Core opex slightly down YoY; continue stack upgrades & faster data delivery Ongoing execution

Management Commentary

  • “Comscore remains the only MRC-accredited national and local TV measurement service” and added demos accreditation in Q1 .
  • “We delivered another quarter of double-digit growth in cross-platform… coupled with strong results in local” .
  • “As we progressed through the first quarter, we started to see signs of advertisers in certain categories taking a more cautious approach… specifically in our cross-platform Solutions Group” .
  • “Cross-platform revenue of $9.7M was up 20.5%… driven by Proximic and Comscore Campaign Ratings, along with the rollout of Comscore Content Measurement” .
  • “We believe full-year revenue will be in the low end of the range previously provided… and are maintaining our guidance for an adjusted EBITDA margin… 12% to 15%” .

Q&A Highlights

  • No analyst Q&A; call concluded without questions, with management reiterating thanks and prepared remarks themes .
  • Clarifications embedded in prepared remarks: (1) Adjusted EBITDA redefined to exclude FX to better reflect core performance and align with covenants ; (2) Q2 revenue expected roughly flat; FY revenue now at low end of prior range ; (3) Cross-platform growth below internal expectation due to ad spend softness in a few categories tied to trade policy .

Estimates Context

  • Q1 2025 actuals vs S&P Global consensus: Revenue $85.7M vs $86.7M (miss), GAAP EPS -$1.66 vs -$0.68 (miss); revenue had two estimates, EPS had one* .
  • Company’s adjusted EBITDA ($7.4M) is not directly comparable to S&P’s “EBITDA” estimate; definitions differ (company excludes FX and other items beginning Q1 2025)** .
  • With guidance tilted to the low end of the FY revenue range and Q2 flat outlook, Street revenue estimates likely bias toward lower-half outcomes; margin guidance maintained suggests less need to shift EBITDA margin assumptions absent mix changes .

Estimates table (S&P Global)

MetricQ4 2024 ActualQ4 2024 Consensus*Q1 2025 ActualQ1 2025 Consensus*Q2 2025 ActualQ2 2025 Consensus*FY 2025 Consensus*
Revenue ($)$94,936,000 $91,659,000*$85,709,000 $86,731,500*$89,389,000 $85,943,500*$359,363,670*
Primary EPS ($)0.95 (GAAP NI before preferred divs) 0.36*-1.66 -0.68*-2.73 -0.03*-3.68*
EBITDA ($)$11,505,000 (SPGI actual)** *$13,172,000*$5,280,000 (SPGI actual)** *$8,935,000*$5,768,000 (SPGI actual)** *$8,746,000*$44,535,000*

*Values retrieved from S&P Global.
**Company reports “Adjusted EBITDA (FX-neutral)” for guidance/communications; S&P “EBITDA” figures may not be comparable to company’s adjusted EBITDA definition .

Key Takeaways for Investors

  • Mix-driven story: Cross-Platform (+20.5% YoY) and Local TV strength offset syndicated declines; watch CCM adoption and certified Deal IDs with Magnite as catalysts for 2H mix improvement .
  • Guidance skew: FY revenue now at low end; Q2 flat setup implies back-half weighting; margin guidance intact (12%–15%) despite macro caution .
  • Macro risk live: Management tied softness to category-specific ad spend caution and trade policy developments; keep sensitivity to brand/DR budgets on radar .
  • Non-GAAP lens matters: Adjusted EBITDA excludes FX beginning Q1; GAAP EPS volatility (FX loss, higher interest) obscures underlying progress—focus on FX-neutral profitability trajectory .
  • Liquidity adequate near term: $34.5M total cash incl. restricted, no revolver borrowings, $15M availability; term loan principal ~$44.9M—monitor cash conversion and working capital through Q2 seasonality .
  • Differentiation edge: Only MRC-accredited national and local TV measurement; added demos accreditation enhances currency credibility with agencies and broadcasters .
  • Execution watchlist: Track cross-platform revenue cadence, Local TV renewal cycles, and programmatic integrations; confirmation of Q3/Q4 reacceleration should drive estimate revisions and sentiment .