comScore(US:SCOR)2024-11-12 22:11Financial Position - Total current assets decreased from $97,990,000 as of December 31, 2023, to $84,933,000 as of September 30, 2024, representing a decline of approximately 13.3%[7] - Cash and cash equivalents decreased from $22,750,000 to $19,996,000, a reduction of about 12.2%[7] - Total liabilities decreased from $247,307,000 to $207,728,000, reflecting a decrease of approximately 16%[7] - Goodwill decreased significantly from $310,360,000 to $247,460,000, a decline of about 20.2%[7] - Total stockholders' equity shifted from $56,103,000 to $(2,736,000), indicating a transition to a deficit position[7] - Accounts receivable decreased from $63,826,000 to $55,165,000, a decline of approximately 13.6%[7] - Non-current operating lease liabilities decreased from $23,003,000 to $16,605,000, a decline of about 27.6%[7] - Total assets decreased from $491,295,000 to $412,462,000, reflecting a decrease of approximately 16%[7] Revenue and Expenses - Revenues for the three months ended September 30, 2024, were $88,479,000, a decrease from $91,000,000 in the same period of 2023, representing a decline of approximately 2.7%[8] - Total expenses from operations increased to $148,084,000 for the three months ended September 30, 2024, compared to $88,933,000 in the same period of 2023, reflecting a significant increase of 66.7%[8] - The net loss for the three months ended September 30, 2024, was $60,630,000, compared to a net income of $2,618,000 in the same period of 2023, indicating a substantial shift in performance[8] - Basic and diluted net loss per common share for the three months ended September 30, 2024, was $(12.79), a significant decrease from $(0.34) in the same period of 2023[8] - Research and development expenses for the three months ended September 30, 2024, were $7,272,000, down from $8,083,000 in the same period of 2023, reflecting a decrease of approximately 10%[8] - Selling and marketing expenses decreased to $12,515,000 for the three months ended September 30, 2024, from $14,794,000 in the same period of 2023, a decline of about 15.4%[8] Impairment Charges - The company reported an impairment of goodwill amounting to $63,000,000 for the three months ended September 30, 2024, compared to $44,100,000 in the same period of 2023[8] - The Company recorded a non-cash goodwill impairment charge of $63.0 million for the three and nine months ended September 30, 2024, compared to a $44.1 million charge for the same period in 2023[26] - The Company recognized a non-cash impairment charge of $1.4 million related to right-of-use assets for the three and nine months ended September 30, 2024, following a sublease analysis[28] Cash Flow and Financing - Net cash provided by operating activities for the nine months ended September 30, 2024, was $28,140,000, compared to $30,285,000 in 2023[17] - Total cash, cash equivalents, and restricted cash at the end of the period was $20,185,000 as of September 30, 2024, down from $30,253,000 in 2023[17] - Payments of line of credit amounted to $6,000,000 in the nine months ended September 30, 2024[17] - The Company repaid $10 million under the Revolving Credit Agreement on November 1, 2024, and amended the agreement to extend the maturity date for outstanding letters of credit[77] - As of September 30, 2024, outstanding borrowings under the Revolving Credit Agreement were $10.0 million, with letters of credit totaling $3.2 million[112] Stock and Dividends - The company implemented a 1-for-20 reverse stock split effective December 20, 2023, reducing the number of authorized shares of common stock from 275,000,000 to 13,750,000[22] - The company has a cumulative dividend rate of 7.5% per annum on the newly issued Preferred Stock, with deferred dividends accruing at a rate of 9.5% per year until paid[111] - As of September 30, 2024, accrued dividends for Preferred Stock holders totaled $4.4 million, compared to $24.1 million as of December 31, 2023[64] Future Outlook - The Company expects to adopt new accounting standards effective January 1, 2025, which may impact its financial statements[36] - The company may need to raise additional funds through public or private equity or debt financing to meet future capital requirements and dividend obligations[118]