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]

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]

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]

Q1 2025 Performance - Revenue reached $85.7 million, a decrease of 1% year-over-year[8] - Adjusted EBITDA amounted to $7.4 million, an increase of 3% year-over-year[8] - Cross-Platform revenue experienced a growth of 20%[7, 8] - Research & Insight Solutions faced challenges, resulting in a 12% decrease year-over-year[8, 22] Growth Drivers - Proximic's privacy-forward audience targeting solutions are expected to grow over 35%[10, 11] - Local TV is expected to see single-digit growth as agency holding companies adopt Comscore Currency[13, 14] - Content & Ad Measurement Solutions increased 1% year-over-year[21] - Movies revenue grew by 3%[23] 2025 Guidance - Full-year revenue is projected to be between $360 million and $370 million[28] - The company is maintaining an adjusted EBITDA margin rate guidance of 12-15%[28] - Q1 adjusted EBITDA margin was 8.6% compared to a net loss margin of (4.7)%[33]