Q2 2024 Comscore Inc Earnings Call Transcript
Key Points
- comScore Inc (SCOR) is making progress with its turnaround strategy, focusing on emerging areas in media measurement.
- The company has seen encouraging strength in its cross-platform offerings, particularly the Proximic business and CCR product.
- Revenue from the movies business grew by 5% over the prior year, indicating stability in this segment.
- comScore Inc (SCOR) has successfully integrated CCR into The Trade Desk, a significant channel in the programmatic ecosystem.
- The company has made significant strides in strengthening its balance sheet, including paying down $6 million of its outstanding credit facility balance and restructuring preferred shareholder agreements.
- Total revenue for the second quarter was $85.8 million, down 8.4% from the same quarter a year ago.
- Content and ad measurement revenue declined by 6.7%, primarily due to lower revenue from syndicated audience offerings.
- Adjusted EBITDA for the second quarter was $6.9 million, down 22.8% from the prior year quarter.
- The company has revised its full-year revenue and adjusted EBITDA guidance downward, expecting a decline of 3% to 6% over 2023.
- Revenue from cross-platform offerings declined due to a pause in CCR usage with a large enterprise client and lower-than-expected Proximic revenue.
Good day, and thank you for standing by. Welcome to the Comscore second quarter 2024 financial results Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. (Operator Instructions) Please be advised that today's conference is being recorded.
I'd 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, August 6, 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
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