Core Insights - Mark Read has been appointed as the chairman of Kantar Media's newly formed independent board, marking his return to the industry after leaving WPP [2][10] - Kantar Media is undergoing a significant transformation following its acquisition by H.I.G. Capital for approximately $1 billion, transitioning from a group entity to an independent company [4][9] - The media measurement industry is at a pivotal moment, facing challenges such as the decline of cookies, the rise of cross-media measurement, and increasing pressure for advertising transparency [10] Group 1: Mark Read's Background and Role - Mark Read has a 30-year history in the advertising industry, having navigated both traditional advertising and the digital transformation [3] - He served as CEO of WPP during a tumultuous period, implementing reforms that helped the company regain its direction [3][9] - Read will continue to advise WPP until the end of the year, maintaining a connection to the industry [3] Group 2: Kantar Media's Transformation - Kantar Media's new independent board is a response to its recent ownership change, aiming to redefine its role in a complex media landscape [4][7] - The company seeks to provide clarity in audience behavior amidst the rapid evolution of media channels and consumer interactions [5][6] - Kantar Media aims to assist advertisers and media platforms in understanding the flow of information across different media [8] Group 3: Industry Context and Future Outlook - The media measurement sector is experiencing unprecedented complexity, necessitating new tools for advertisers and media agencies [4][10] - Read's strategic perspective and experience in data and AI are seen as valuable assets for Kantar Media's growth [9] - The convergence of a newly independent company, a promising board, and an experienced leader suggests both challenges and opportunities for the industry [9][10]

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $88.9 million, a slight increase of 0.5% from $88.5 million in Q3 2024 [11] - Adjusted EBITDA for Q3 2025 was $11 million, down 11.1% from the prior year, resulting in an adjusted EBITDA margin of 12.4% [12] Business Line Data and Key Metrics Changes - Content and ad measurement revenue was $75.5 million, up 0.3% year-over-year, driven by growth in cross-platform and local TV offerings [11] - Cross-platform revenue reached $12.3 million, up 20.2% compared to the prior year, despite a strategy shift from a large retail media client [12] - Syndicated audience revenue decreased by 2.8% to $63.2 million, impacted by declines in national TV and syndicated digital products [12] - The movies business generated $9.5 million, up 1.9% from the prior year [12] - Research and insight solutions revenue was $13.4 million, up 1.4% from Q3 2024, primarily due to new business [12] Market Data and Key Metrics Changes - The company experienced double-digit growth in local TV offerings, indicating strong performance in local measurement [20] Company Strategy and Development Direction - The company is focused on enhancing cross-platform capabilities and has launched new solutions like comScore Content Measurement (CCM) to address industry needs [5][6] - A recent agreement with preferred shareholders aims to eliminate over $18 million in annual preferred dividends and improve alignment between preferred and common stockholders [10] Management's Comments on Operating Environment and Future Outlook - Management anticipates continued solid double-digit growth in cross-platform revenue, despite short-term impacts from a client strategy shift [15] - The company is revising its full-year revenue guidance to be roughly flat with the prior year, reflecting the expected impact of the client shift [14] Other Important Information - The company is investing in new products and capabilities, which has affected financial results but is expected to drive future growth [13] Q&A Session Summary Question: Can you provide additional color on the large retail media advertiser that shifted away from Proximic? - The shift was primarily from a large retail media client with significant first-party data, impacting the Proximic business and expected to continue into Q4 [17] Question: What gives confidence that cross-platform growth opportunities can replace lost revenue? - The combination of Proximic's capabilities and the strong performance of cross-platform ad measurement products, particularly CCM, is expected to drive future growth [18][19] Question: How can the recent reports about competitors benefit comScore's local measurement adoption? - The company's strong capabilities in local measurement are expected to continue driving growth, supported by ongoing investments [20] Question: How does the recapitalization improve EBITDA to free cash flow conversion? - The recapitalization agreement is expected to provide benefits for common shareholders and improve financial flexibility for future investments [21][22]

Third Quarter 2025 Q3 2025 Earnings Call Jon Carpenter Chief Executive Officer Mary Margaret Curry Chief Financial Officer Cautionary Note Regarding Forward-Looking Statements Third Quarter Highlights $88.9M Revenue +$0.4M year-over-year $11.0M Adj. EBITDA 12.4% margin rate This presentation contains forward-looking statements within the meaning of federal and state securities laws, including, without limitation, our expectations, forecasts, plans and opinions regarding expected revenue and adjusted EBITDA ...

Core Insights - Comscore, Inc. reported a revenue of $88.9 million for Q3 2025, reflecting a 0.5% increase from $88.5 million in Q3 2024, with significant growth in cross-platform solutions and local TV [5][9] - The company announced a recapitalization transaction aimed at eliminating annual dividends on preferred stock, which would enhance financial flexibility for investments in growth areas [2][9] - Adjusted EBITDA for the quarter was $11.0 million, down from $12.4 million in Q3 2024, resulting in adjusted EBITDA margins of 12.4% compared to 14.0% in the prior year [8][9] Financial Performance - Revenue from cross-platform solutions grew by 20% year-over-year, driven by new client commitments to multiyear measurement deals [2][9] - Local TV revenue experienced double-digit growth, attributed to key renewals and new business [2][9] - Net income for Q3 2025 was $0.5 million, a significant recovery from a net loss of $60.6 million in Q3 2024, primarily due to a non-cash goodwill impairment charge in the previous year [7][9] Operational Highlights - Core operating expenses increased by 4.4% to $86.6 million, mainly due to higher employee compensation and professional fees, partially offset by lower data costs [6][9] - The company is recalibrating its full-year revenue guidance to be roughly flat compared to the previous year, influenced by a data-strategy shift from a major customer [12][9] - Excluding the impact of the data-strategy shift, cross-platform revenue would have grown by 35% year-over-year in Q3 2025 [12][9] Balance Sheet and Liquidity - As of September 30, 2025, Comscore had cash, cash equivalents, and restricted cash totaling $29.9 million, with outstanding debt under its senior secured term loan at $44.7 million [11][9] - The company had no outstanding borrowings under its revolving credit facility, maintaining a remaining borrowing capacity of $15.0 million [11][9] Market Position and Strategy - Comscore aims to establish itself as the premier currency for local market transactions, with ongoing investments in cross-platform measurement capabilities [2][9] - The company is optimistic about its growth trajectory despite the recent adjustments in revenue guidance, indicating confidence in the continued adoption of its cross-platform solutions [2][9]

Core Viewpoint - Comscore, Inc. plans to hold a conference call to discuss its financial results for the third quarter ended September 30, 2025, on November 4th at 5:00 p.m. ET [1] Group 1: Conference Call Details - The conference call can be accessed via live webcast or telephone registration [2] - A replay of the conference call will be available via webcast after the event [3] Group 2: Company Overview - Comscore is a global partner for planning, transacting, and evaluating media across various platforms, providing insights into digital, linear TV, and theatrical viewership [4] - The company is recognized as a leader in measuring digital and TV audiences and advertising, serving as a reliable source for cross-platform measurement [4]

Core Insights - NIQ, a leading consumer intelligence company, has been appointed by the Broadcast Research Council of South Africa (BRC) to provide comprehensive measurement of radio and television audiences nationwide [1] - This appointment signifies a new era for the South African media, marketing, and advertising industries, offering robust, innovative, and actionable audience data [1] - The selection process for this appointment was rigorous and competitive, highlighting the significance of the achievement for NIQ and its subsidiary GfK [1]

Core Insights - Comscore and TiVo have announced a strategic partnership to integrate TiVo's enriched program metadata into Comscore's cross-platform audience measurement, enhancing content identification across various platforms [1][2][3] Partnership Benefits - The collaboration aims to provide a unified view of audiences across linear TV, CTV, FAST, and streaming, allowing buyers and sellers to better understand audience reach and frequency without double-counting [2][5] - The integration is expected to reduce missed impressions and wasted spending, ensuring campaigns deliver as promised with fewer costly makegoods [5] - It will facilitate faster and more reliable operations, saving time and minimizing costly errors [5] - The partnership is designed to future-proof measurement capabilities, scaling with new distribution models and program variants [5] Operational Readiness - The integration is set to go live on October 27, 2025, marking a significant milestone for Comscore's next-generation measurement solutions [3] Company Background - Comscore is recognized as a trusted partner for planning, transacting, and evaluating media across platforms, combining digital and linear TV viewership intelligence [7] - TiVo focuses on enhancing viewer experience by aggregating content from various sources, targeting audiences to increase engagement [8]

Core Viewpoint - Comscore, Inc. has announced a recapitalization transaction aimed at reducing senior capital, eliminating preferred dividend obligations, and enhancing alignment among stockholders to boost public market capitalization and future growth potential [1][4][5] Recapitalization Details - The recapitalization involves preferred stockholders exchanging existing Series B preferred shares for common stock and new Series C preferred stock, with an estimated closing date of December 15, 2025 [3][5] - Approximately $80.0 million of existing liquidation preference will be exchanged for common stock at an effective price of $8.11 per share, representing a 48% premium to the 90-day VWAP of $5.465 per share as of September 26, 2025 [3][5] - The remaining $183.7 million of liquidation preference will be exchanged for new Series C preferred stock at a price of $14.50 per share, which will be convertible into common stock at a 1:1 ratio and will not pay annual dividends, eliminating over $18.0 million in current dividend obligations [3][5] Governance and Board Changes - The transaction will lead to a reduction in the total Board size from 10 to 7 members and a decrease in preferred stockholders' director designation rights from 6 to 4 [9] - Preferred stockholders will have the right to designate one director and collectively nominate a fourth director/Board chair, subject to independence and qualification requirements [9] - The annualized cash compensation for the Board will be reduced by more than 20%, alongside a reduction in equity compensation for non-management directors [9] Market Position and Future Outlook - Comscore's CEO emphasized that the transaction strengthens the company's foundation for long-term growth and positions it to lead in the evolving media landscape driven by AI [4] - The Board believes that the improved capital structure will enhance market interest in Comscore's common stock and create value for stockholders, addressing concerns about the company's current market capitalization [4][8] Required Approvals - The recapitalization requires approval from the company's stockholders on an as-converted basis, along with a separate class vote by preferred stockholders [11][12] - A special meeting of stockholders is expected to be held in December 2025 to discuss the recapitalization [11][12]

Financial Data and Key Metrics Changes - Total revenue for Q2 2025 was $89.4 million, up 4.1% from $85.8 million in the same quarter last year [11] - Adjusted EBITDA for Q2 was $8.9 million, up 24.5% year-over-year, resulting in an adjusted EBITDA margin of 10% [12] - Revenue guidance for the full year is maintained at $360 million to $370 million, with Q3 expected to be roughly flat compared to the prior year [13] Business Line Data and Key Metrics Changes - Content and ad measurement revenue was $76.8 million, up 6.3% year-over-year, driven by growth in cross-platform and local TV offerings [11] - Cross-platform revenue reached $12.8 million, a significant increase of 60% compared to the prior year, attributed to higher usage of Proximic and Comscore campaign rating solutions [11] - Research and Insight Solutions revenue decreased by 7.4% to $12.6 million, primarily due to lower renewals and timing of deliveries for custom digital products [12] Market Data and Key Metrics Changes - Local TV offerings experienced double-digit growth, contributing to the overall revenue increase [5] - Syndicated audience revenue remained flat at $64 million, with declines in national TV and syndicated digital products offset by growth in other syndicated offerings [11] Company Strategy and Development Direction - The company aims to drive growth through execution in cross-platform solutions and a focus on currency adoption [7] - Comscore is positioning itself as a leader in cross-platform measurement, with a goal to break down market silos and enhance measurement capabilities [8] - The company has retained Goldman Sachs to advise on strategic and capital structure alternatives to benefit shareholders [14] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the growth in cross-platform and local TV offerings, maintaining a balanced view of expectations for the second half of the year [13] - The CEO highlighted the importance of delivering projects ahead of schedule, indicating progress in becoming a more agile organization [6] Other Important Information - The company reported a strong partnership expansion with Google, which positively impacted the quarter [6] - The launch of Comscore Content Measurement (CCM) is expected to provide a holistic view of audience behavior across platforms [9] Q&A Session Summary Question: Insights on the cross-content measurement product - Management noted strong client demand and positive feedback for the cross-platform content measurement product, which provides a unified view of audiences across different platforms [17][18] Question: Performance of Proximic - The majority of Proximic's growth is attributed to partnerships within the programmatic ecosystem, along with direct selling efforts to agencies and brand clients [20]

Financial Performance - Comscore's Q2 2025 revenue reached $89.4 million, a 4% increase year-over-year[7, 14] - Adjusted EBITDA for Q2 2025 was $8.9 million, a 25% increase year-over-year[7, 19] - Cross-Platform products experienced substantial growth, with a 60% increase in Q2[7] - Content & Ad Measurement Solutions revenue increased by 6% year-over-year[15] - Research & Insight Solutions revenue decreased by 7% year-over-year due to lower renewals and timing of delivery for certain custom digital products[16] Growth Drivers and Strategy - Growth is expected in Cross-Platform and Linear Currency products[8] - The company anticipates single-digit growth overall[9] - The company expects over 35% growth in Linear Currency[9] - The company is innovating to deliver durable cross-platform value across the $400B+ media ecosystem[12] Guidance - The company maintains full-year revenue guidance at $360-370 million[22, 23] - The company maintains adjusted EBITDA margin rate guidance of 12-15%[22]