SCOR — comScore, Inc.

Summary of comScore Q4 2025 Earnings Call

1. Key Financial Results and Metrics:

• Full Year Revenue: $357.5 million, up 0.4% from $356 million in 2024.
• Adjusted EBITDA: $42 million, an increase of 2.6% year-over-year, with an adjusted EBITDA margin of 11.8%.
• Q4 Revenue: $93.5 million, down 1.5% from $94.9 million in Q4 2024.
• Content & Ad Measurement Revenue: $78.8 million in Q4, down 2.7% year-over-year.
• Cross-Platform Revenue: $50.3 million for the year, up 24.4%, but Q4 growth slowed to just under 10% due to a strategy shift from a large client.
• Research & Insights Solutions Revenue: $53.2 million for the year, down 3.1%.

2. Strategic Updates and Business Highlights:

• Launched the Cross-Platform Content Measurement (CCM) tool, which has seen early adoption from major broadcasters and tech companies.
• Focused on deepening relationships with large media companies, contributing to nearly 25% growth in cross-platform solutions.
• Successfully executed a recapitalization that eliminated $18 million in annual preferred dividends and converted $80 million in preferred shares to common shares, enhancing financial flexibility.
• Continued investment in cross-platform capabilities and AI integration to drive future growth.

3. Forward Guidance and Outlook:

• Expect double-digit growth in cross-platform offerings in 2026, which should help offset anticipated declines in national TV and syndicated digital products.
• Projected Q1 2026 revenue to be flat compared to Q1 2025.
• Plans to maintain disciplined spending while investing in key growth areas to improve cash flow.

4. Bad News, Challenges, or Points of Concern:

• Q4 revenue decline of 1.5% and a decrease in Content & Ad Measurement revenue indicates potential headwinds.
• Slower-than-expected growth in cross-platform revenue in Q4 due to client strategy shifts, raising concerns about future performance.
• Declines in national TV and syndicated digital offerings could impact overall revenue stability.

5. Notable Q&A Insights:

• Management emphasized the financial flexibility gained from the recapitalization, which will allow for strategic investments in growth areas.
• Increased utilization of existing partners for cross-platform solutions and ongoing efforts to expand partnerships were highlighted as positive developments.
• The local market remains a strong focus, with expectations of continued success in audience-based buying and local advanced targeting.

Overall, comScore reported a year of modest growth and strategic advancements, but also faced challenges in certain revenue streams, particularly in Q4. The company is optimistic about future growth driven by cross-platform solutions and ongoing innovations.