Q1 2024 Comscore Inc Earnings Call Transcript
Key Points
- Adjusted EBITDA in Q1 2024 increased by 55% compared to the same quarter last year, demonstrating strong cost discipline and growth in cross-platform products.
- Proximic by Comscore, the cross-platform activation business, saw a 75% growth in impressions serviced in Q1 2024 compared to Q1 2023.
- Revenue for the cross-platform product suite was up 28% in Q1 2024, indicating accelerating adoption.
- Comscore received MRC accreditation for both local and national TV measurement and JIC certification as a transactable cross-platform currency, enhancing its market credibility.
- Comscore is the only measurement company with MRC accreditation for both national and local TV measurement, positioning it uniquely in the industry.
- Overall revenue was down 5% from the previous year in Q1 2024, indicating challenges in certain business areas.
- Cross-platform solutions revenue decreased by 9.7% due to a decline in national TV revenue, reflecting pressures from major networks.
- The integration of platform partnerships is taking longer than planned, causing delays in scaling and impacting revenue timing.
- A significant portion of Q1 2024 revenue was from contracts signed in previous years, indicating potential volatility as the company transitions to more transactional revenue models.
- The company faces ongoing challenges with syndicated digital renewals, which could impact future revenue stability.
Good day, and thank you for standing by, and welcome to Comscore's first quarter 2024 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to John Tinker, Head of Investor Relations. Please go ahead.
Thank you, operator. Before we begin our prepared remarks, I'd like to remind all of you that the following discussion contains forward-looking statements. These forward looking statements include comments about our plans, expectations, and prospects and are based on our view as of today, May 7, 2024.
Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. These risks and uncertainties include those outlined in our 10-K, 10-Q, and other filings with the SEC, which you can find on our website or at www.sec.gov.
We disclaim any duty or obligation to
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