SCOR — comScore, Inc.

Summary of comScore Q4 2025 Earnings Call

1. Key Financial Results and Metrics:

   • Full-Year Revenue: $357.5 million, a slight increase of 0.4% from $356 million in 2024.
   • Adjusted EBITDA: $42 million, up 2.6% year-over-year, with an adjusted EBITDA margin of 11.8%.
   • Q4 Revenue: $93.5 million, down 1.5% from $94.9 million in Q4 2024.
   • Content & Ad Measurement Revenue: $78.8 million in Q4, down 2.7% year-over-year.
   • Cross-Platform Revenue: $50.3 million for the year, up 24.4%, but Q4 growth was under 10% due to a strategy shift by a major client.
   • Research & Insights Solutions Revenue: $14.6 million in Q4, up 5.3% from the prior year.

2. Strategic Updates and Business Highlights:

   • Launched CCM (Cross-Platform Content Measurement), enhancing audience measurement across various platforms.
   • Established deeper relationships with major media companies, contributing to nearly 25% growth in technology client revenue.
   • Simplified capital structure through a recapitalization that eliminated $18 million in annual dividends and converted $80 million in preferred shares to common shares.
   • Continued investment in cross-platform capabilities and AI measurement tools to adapt to changing media landscapes.

3. Forward Guidance and Outlook:

   • Anticipates continued double-digit growth in cross-platform offerings in 2026, offsetting declines in national TV and syndicated digital products.
   • Q1 2026 revenue expected to be flat compared to Q1 2025.
   • Plans to maintain disciplined spending while investing in growth areas to improve cash flow and shareholder value.

4. Bad News, Challenges, or Points of Concern:

   • Q4 revenue decline was attributed to lower performance in national TV and syndicated digital products.
   • Cross-platform growth in Q4 was impacted by a strategic shift from a large retail media client, leading to lower-than-expected growth rates.
   • Syndicated audience revenue decreased by 2.6% due to declines in specific offerings, highlighting potential vulnerabilities in traditional revenue streams.

5. Notable Q&A Insights:

   • Management emphasized the financial flexibility gained from the recapitalization, allowing for continued investment in growth areas.
   • Increased utilization of cross-platform solutions was noted, with ongoing efforts to expand partnerships and enhance product offerings.
   • The local market is evolving favorably for comScore, with expectations for continued success in audience-based buying and local advanced targeting.

Overall, comScore reported a solid year with strategic advancements, although it faces challenges in certain revenue segments and must navigate a changing media landscape. The company remains optimistic about future growth driven by cross-platform capabilities and strategic investments.