comScore Reports Fourth Quarter and Full Year 2012 Results

Fourth quarter GAAP revenue grows 9% year-over-year and 2012 GAAP revenue grows 10%

Adjusted EBITDA of $12.2 million for the fourth quarter represents adjusted EBITDA margin of 18%

14 Feb, 2013, 16:01 ET from comScore, Inc.

RESTON, Va., Feb. 14, 2013 /PRNewswire/ -- comScore, Inc. (NASDAQ: SCOR), a leader in measuring the digital world, today announced financial results for the fourth quarter and full year of 2012.

(Logo: http://photos.prnewswire.com/prnh/20080115/COMSCORELOGO)

Fourth Quarter 2012 In the fourth quarter of 2012, comScore achieved record quarterly revenue of $68.4 million, an increase of 9% over the fourth quarter of 2011, driven by robust growth in the Company's Media Metrix suite of audience measurement products, in addition to accelerated momentum across its product offerings in mobile, advertising campaign measurement and digital business analytics. This revenue growth was partially offset by declines in the Company's non-health copy testing and configuration manager products, which comScore is evaluating for divestiture or elimination. Excluding revenue from these products, fourth quarter revenue, measured on a non-GAAP pro forma basis, would have increased 12% over the comparable period in 2011.

GAAP loss before income taxes was ($1.9) million in the fourth quarter of 2012, compared to ($4.4) million in the fourth quarter of 2011. GAAP net loss was ($1.6) million, or ($0.05) per basic and diluted share, in the fourth quarter of 2012, compared to ($3.3) million, or ($0.10) per basic and diluted share, in the fourth quarter of 2011. Non-GAAP net income in the fourth quarter of 2012 was $7.9 million, or $0.22 per diluted share, compared to $11.8 million, or $0.35 per diluted share, in the fourth quarter of 2011. Adjusted EBITDA was $12.2 million or 18% of revenue in the fourth quarter of 2012, compared to adjusted EBITDA of $15.4 million in the fourth quarter of 2011.

Full Year 2012 For the full year 2012, comScore reported revenue of $255.2 million, an increase of 10% from 2011. Excluding the non-health copy testing and configuration manager products, revenue in 2012, measured on a non-GAAP pro forma basis, would have increased 13% over 2011 revenue. GAAP loss before income taxes was ($9.4) million in 2012 compared to ($18.8) million in 2011. GAAP net loss was ($11.8) million, or ($0.35) per basic and diluted share, in 2012 compared to ($15.8) million, or ($0.49) per basic and diluted share, for the full year 2011. Non-GAAP net income in 2012 was $28.1 million, or $0.79 per diluted share, compared to $31.8 million, or $0.97 per diluted share, for the full year 2011. Adjusted EBITDA in 2012 was $44.4 million, compared to $47.1 million in 2011.

Dr. Magid Abraham, comScore's president and chief executive officer said, "We delivered a strong fourth quarter with revenue and adjusted EBITDA that underscored the health of our core businesses and momentum of our newer product offerings. Our multi-platform capabilities are invigorating Media Metrix sales activity and our validated Campaign Essentials (vCE) advertising analytics suite continues to see strong sales activity. We are particularly excited that we signed substantial deals for our website analytics offering, Digital Analytix, and for our mobile operator analytics product during the quarter. We also continued to solidify our market leadership with the addition of 45 net new customers in the fourth quarter, ending the year with a total of 2,159 customers.

"In 2013, we will continue our transformation into a real-time digital business analytics company, with a sharpened focus on our four strategic growth areas of audience, advertising, digital business and mobile operator analytics products. Our strong bookings trends, combined with our continued excellent renewal rates of over 90% on a constant dollar basis, give us confidence in our revenue outlook for 2013. We also expect to deliver increasing margin levels through continued operating efficiencies this year, reflecting our long-term commitment to profitable growth."

Financial Outlook comScore's expectations for the first quarter of 2013, which assume disposition of the company's non-health copy-testing business and elimination of its configuration management activity during the first quarter, are outlined in the table below:

GAAP Revenue

$65.8 million to $67.2 million

GAAP (loss) income before income taxes

($4.3) million to ($3.1) million

Adjusted EBITDA*

$10.0 million to $11.2 million

Estimated fully-diluted shares

37.3 million

comScore's expectations for full year 2013 are outlined in the table below:

GAAP Revenue

$273.4 million to $283.2 million

GAAP income (loss) before income taxes

($8.1) million to $1.0 million

Adjusted EBITDA*

$46.0 million to $54.0 million

Estimated fully-diluted shares

37.8 million

*Reconciliations of GAAP to non-GAAP measures are set forth in the attachment to this press release.

Due to the high variability and difficulty in predicting certain items that affect GAAP net income, such as tax rates and stock price, comScore is unable to provide a complete reconciliation of adjusted EBITDA to net income (loss) on a forward-looking basis without unreasonable efforts. However, a reconciliation of forward-looking adjusted EBITDA to GAAP income (loss) before income taxes is set forth in the attachment to this press release.

Given the recent discussion regarding our non-health copy testing and configuration manager products, we are also providing non-GAAP pro forma revenue and pro forma adjusted EBITDA guidance reconciliations that exclude this business in the attachments to this press release.

Conference Call Information Management will provide commentary on the company's results in a conference call on Thursday, February 14 at 5:00 pm ET.

The conference call and replay can be accessed by telephone and webcast as follows:

Call-in Number: 888-680-0879, Pass code 16142901 (International) 617-213-4856, Pass code 16142901

Replay Number: 888-286-8010, Pass code 26053806 (International) 617-801-6888, Pass code 26053806

Webcast (live and replay): http://ir.comscore.com/events.cfm

About comScore  comScore, Inc. (NASDAQ: SCOR) is a global leader in digital measurement and analytics, delivering insights on web, mobile and TV consumer behavior that enable clients to maximize the value of their digital investments. For more information, please visit www.comscore.com/companyinfo.

Non-GAAP Financial Measures comScore reports all financial information required in accordance with generally accepted accounting principles (GAAP). comScore believes, however, that evaluating its ongoing operating results will be enhanced if it also discloses certain non-GAAP information because it is useful to understand comScore's performance, as it excludes non-cash and other charges that many investors believe may obscure comScore's on-going operating results.

For example, comScore uses non-GAAP net income, which excludes stock-based compensation, amortization of acquired intangible assets, impairment of intangible assets, impairment of marketable securities, costs from acquisitions, restructurings and other non-recurring items, the non-cash deferred tax provision, litigation and related settlement costs, and the purchase accounting impact on acquired deferred revenue. comScore reports non-GAAP EPS (diluted), which uses non-GAAP net income in lieu of GAAP net income in calculating earnings per share. Non-GAAP pro forma revenue excludes the estimated effects of revenue generated from non-health copy testing and configuration manager products. Adjusted pro forma EBITDA also excludes the estimated effects of operations related to non-health copy testing and configuration manager products.

In addition, comScore believes that adjusted EBITDA is a useful measure for investors to use to evaluate its operating performance. Adjusted EBITDA comprises non-GAAP net income further adjusted to exclude the cash tax provision, depreciation, interest income (expense) net, and costs not associated with ongoing operations, such as acquisition, litigation and related settlement costs. A reconciliation of comScore's GAAP results to these non-GAAP measures is included in the financial tables accompanying this release.

The company believes that adjusted EBITDA is an important indicator of the company's operational strength and the performance of its business because it provides a link between profitability and operating cash flow. Adjusted EBITDA is also widely used by investors and analysts as a supplemental measure to evaluate the overall operating performance of companies in comScore's industry. comScore's management also uses adjusted EBITDA extensively as a measure of operating performance because it does not include the impact of items not directly resulting from its core operations. Moreover, the company's management uses the measure for planning purposes, to allocate resources and to evaluate the effectiveness of the company's business strategies and management's performance.

The company believes that excluding certain costs from non-GAAP net income, non-GAAP EPS, and adjusted EBITDA provides a meaningful indication to investors of the expected on-going operating performance of the company. Specifically as it relates to acquisitions and restructurings, the exclusion of these costs reflects the expected benefits realized or to be realized upon the integration of acquired entities into comScore, and the realized benefits of the restructurings.

comScore's management also uses free cash flow as a non-GAAP measure of the company's operating cash flow less cash expenditures for capital spending as a key indicator of the company's operating cash flow performance.

Whenever comScore uses such historical non-GAAP financial measures, it provides a reconciliation of historical non-GAAP financial measures to the most closely applicable GAAP financial measure. Investors are encouraged to review the related GAAP financial measures and the reconciliation of these historical non-GAAP financial measures to their most directly comparable GAAP financial measure included in the financial tables accompanying this release. Although the company provides a reconciliation of historical non-GAAP financial measures, due to the high variability and difficulty in predicting certain items that affect net income, such as tax rates and stock price, comScore is unable to provide a complete reconciliation of adjusted EBITDA to net income on a forward-looking basis without unreasonable efforts. However, a reconciliation of forward-looking adjusted EBITDA to GAAP income (loss) before income taxes is set forth in the attachment to this press release.

These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. The use of certain non-GAAP financial measures requires management to make estimates and assumptions regarding amounts of assets and liabilities and the amounts of revenue and expense during the reporting periods. Significant estimates and assumptions are inherent in the analysis and the measurement of certain elements of non-GAAP financial measures such as the impact of purchase accounting on acquired deferred revenue and the amortization of deferred contract costs associated with acquired deferred revenue. comScore bases its estimates on historical experience and assumptions that it believes are reasonable. Actual results could differ from those estimates.

Cautionary Statement This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, comScore's expectations as to adoption of new products and services by customers; expectations about comScore's transformation to a real-time digital business analytics company; expectations regarding continued robust growth of the Media Metrix suite of products; expectations regarding continued growth of its customer base; expectations as to customer renewal rates; expectations regarding the customer reception, impact and financial benefits of certain products such as Digital Analytix and validated Campaign Essentials products; expectations regarding the possible divestiture or elimination of comScore's non-health copy testing and configuration manager products and the timing thereof, expectations and forecasts of future financial performance, including related growth rates and components thereof; and assumptions related to growth for the first quarter and full year of 2013. These statements involve risks and uncertainties that could cause our actual results to differ materially, including, but not limited to: comScore's ability to generate strong revenue and margin growth in future periods; comScore's ability to sell new or additional products and attract new customers, as well as longer sales cycles related to newer products such as validated Campaign Essentials, and Digital Analytix; comScore's ability to sell additional subscription-based products to customers; comScore's ability to sell additional products and services to existing customers; comScore's ability to divest or eliminate its non-health copy testing and configuration manager products; and the volatility of quarterly results and expectations.

For a detailed discussion of these and other risk factors, please refer to comScore's Annual Report on Form 10-K for the period ended December 31, 2011 and Quarterly Report on Form 10-Q for the period ended September 30, 2012 and from time to time other filings with the Securities and Exchange Commission (the "SEC"), which are available on the SEC's Web site (http://www.sec.gov).

Stockholders of comScore are cautioned not to place undue reliance on our forward-looking statements, which speak only as of the date such statements are made. comScore does not undertake any obligation to publicly update any forward-looking statements to reflect events, circumstances or new information after the date of this press release, or to reflect the occurrence of unanticipated events.

comScore, Inc.

Condensed Consolidated Statements of Operations

(dollars in thousands, except share and per share data)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2012

2011

2012

2011

(unaudited)

(unaudited)

*

Revenues

$         68,354

$         62,586

$      255,193

$      232,392

Cost of revenues (excludes amortization of intangible assets; shown below) (1)

23,674

19,102

86,379

75,103

Selling and marketing (1)

25,341

20,073

91,849

78,289

Research and development (1)

8,728

8,099

33,994

34,050

General and administrative (1)

9,903

11,651

38,134

48,514

Amortization of intangible assets 

2,282

2,415

9,289

9,301

Impairment of intangible assets

-

-

3,349

-

Settlement of litigation

-

5,175

-

5,175

Total expenses from operations

69,928

66,515

262,994

250,432

Loss from operations

(1,574)

(3,929)

(7,801)

(18,040)

Interest and other (expense) income, net

(329)

(169)

(870)

(525)

Gain (loss) from foreign currency transactions

28

(320)

(744)

(410)

Gain on sale of marketable securities

-

-

-

211

Loss before income taxes

(1,875)

(4,418)

(9,415)

(18,764)

Income tax (provision) benefit

262

1,129

(2,374)

2,974

Net loss

$          (1,613)

$          (3,289)

$       (11,789)

$       (15,790)

Net loss per common share:

      Basic

$             (0.05)

$             (0.10)

$             (0.35)

$             (0.49)

      Diluted

$             (0.05)

$             (0.10)

$             (0.35)

$             (0.49)

Weighted -average number of shares used in per share calculation - common stock

      Basic

33,705,129

33,159,350

33,244,798

32,289,877

      Diluted

33,705,129

33,159,350

33,244,798

32,289,877

(1) Amortization of stock-based compensation is included in the line items above as follows:

     Cost of revenues

$               641

$               394

$           2,481

$            1,976

     Selling and marketing 

$            3,986

$            2,202

$         12,283

$            8,512

     Research and development

$               525

$               394

$           1,919

$            1,988

     General and administrative

$            2,151

$            1,829

$           8,213

$            8,784

* Information derived from the audited Consolidated Financial Statements

 

comScore, Inc.

Condensed Consolidated Balance Sheets

(dollars in thousands)

December 31,

December 31, 

2012

2011

Assets

 (unaudited) 

*

Current assets:

Cash and cash equivalents

$            61,764

$             38,071

Accounts receivable, net of allowances of $1,117 and $903, respectively

68,348

64,429

Prepaid expenses and other current assets 

8,877

10,379

Deferred tax assets (1)

9,940

13,630

Total current assets

148,929

126,509

Property and equipment, net

31,418

28,272

Other non-current assets

414

347

Long-term deferred tax assets (1)

12,065

9,477

Intangible assets, net

40,759

53,114

Goodwill

102,900

102,338

Total assets

$         336,485

$          320,057

Liabilities and stockholders' equity

Current Liabilities:

Accounts payable

$               7,229

$             10,300

Accrued expenses

24,409

25,891

Deferred revenues

80,824

68,726

Deferred rent

807

1,013

Deferred tax liability

17

155

Capital lease obligations

8,020

6,305

Total current liabilities

121,306

112,390

Deferred rent, long-term

10,096

7,634

Deferred revenue, long-term

1,715

1,709

Deferred tax liability, long-term

130

183

Capital lease obligations, long-term

6,478

6,676

Other long-term liabilities

1,117

898

Total liabilities

140,842

129,490

Stockholders' equity:

Common stock

36

34

Additional paid-in capital

274,622

258,967

Accumulated other comprehensive income 

1,825

617

Accumulated deficit

(80,840)

(69,051)

Total stockholders' equity

195,643

190,567

Total liabilities and stockholders' equity

$         336,485

$          320,057

* Information derived from the audited Consolidated Financial Statements

(1) Prior year amounts related to deferred tax assets have been reclassified to conform to the current period presentation.

 

 

comScore, Inc.

Condensed Consolidated Statements of Cash Flows

(dollars in thousands)

 Twelve Months Ended  

 December 31, 

2012

2011

 (unaudited) 

 * 

Operating Activities:

Net loss

$           (11,789)

$ (15,790)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation

14,159

13,352

Amortization of intangible assets 

9,289

9,301

Impairment of intangible assets

3,349

-

Provisions for bad debts

1,429

220

Stock-based compensation

24,896

21,260

Amortization of deferred rent

934

(822)

Deferred tax provision (benefit)

896

(4,356)

(Gain) Loss on asset disposal

140

25

Gain on sale of marketable securities

-

(211)

Settlement of litigation

-

5,175

       Changes in operating assets and liabilities:

Accounts receivable

(4,936)

(10,184)

Prepaid expenses and other current assets

1,465

(1,520)

Accounts payable, accrued expenses, and other liabilities

(7,840)

11,390

Deferred revenues

11,568

(1,610)

Deferred rent

1,312

520

Net cash provided by operating activities

44,872

26,750

Investing activities:

Purchase of property and equipment

(7,590)

(7,235)

Acquisitions, net of cash acquired

-

(5,162)

Sales and maturities of investments

-

2,591

Net cash used in investing activities

(7,590)

(9,806)

Financing activities:

Proceeds from the exercise of common stock options

238

371

Repurchase of common stock

(7,362)

(7,392)

Excess tax benefits from stock based compensation

-

177

Principal payments on capital lease obligations

(7,012)

(5,390)

Proceeds from financing arrangements

4,131

-

Principal payments on financing arrangements

(4,280)

-

Debt issuance costs

-

(69)

Net cash used in financing activities

(14,285)

(12,303)

Effect of exchange rate changes on cash

696

(306)

Net increase in cash and cash equivalents

23,693

4,335

Cash and cash equivalents at beginning of period

38,071

33,736

Cash and cash equivalents at end of period

$             61,764

$   38,071

*  Information derived from the audited Consolidated Financial Statements

 

Reconciliation of Loss Before Income Taxes to non-GAAP Net Income and Adjusted EBITDA

 (dollars in thousands, except per share amounts)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2012

2011

2012

2011

 (unaudited) 

 (unaudited) 

Loss before income taxes

$          (1,875)

$          (4,418)

$          (9,415)

$       (18,764)

Deferred tax benefit (provision)

755

994

(896)

4,356

Current cash tax benefit (provision)

(493)

135

(1,478)

(1,382)

Net loss

(1,613)

(3,289)

(11,789)

(15,790)

Purchase accounting impact on acquired deferred revenue

-

-

-

1,600

Amortization of intangible assets

2,282

2,415

9,289

9,301

Impairment of intangible assets

-

-

3,349

-

Stock-based compensation  

7,303

4,819

24,896

21,260

Costs related to acquisitions, restructuring and other non-recurring items

640

1,071

1,437

3,405

Costs related to litigation

-

2,642

-

11,367

Non-cash settlement of litigation

-

5,175

-

5,175

Gain on sale of marketable securities

-

-

-

(211)

Deferred tax (benefit) provision

(755)

(994)

896

(4,356)

Non-GAAP net income 

7,857

11,839

28,078

31,751

Current cash tax (benefit) provision

493

(135)

1,478

1,382

Depreciation

3,690

3,544

14,159

13,352

Interest expense (income), net

160

180

658

611

Adjusted EBITDA

$         12,200

$         15,428

$         44,373

$         47,096

Adjusted EBITDA margin (%)

18%

25%

17%

20%

EPS (diluted)

$           (0.05)

$           (0.10)

$            (0.35)

$           (0.49)

Non-GAAP EPS (diluted)

$             0.22

$             0.35

$              0.79

$             0.97

Weighted -average number of shares used in per share calculation - common stock

GAAP EPS (diluted)

33,705,129

33,159,350

33,244,798

32,289,877

Non-GAAP EPS (diluted)

35,743,650

33,657,234

35,388,656

32,887,323

 

 

 

Reconciliation of Revenue and Adjusted EBITDA to non-GAAP Pro Forma Revenue and non-GAAP Pro Forma Adjusted EBITDA(1)

(dollars in thousands)

Three Months Ended

December 31,

2012

2011

(unaudited)

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

Revenue 

$           68,354

(2,107)

$           66,247

$           62,586

(3,430)

$            59,156

Adjusted EBITDA(2)

$           12,200

(518)

$           11,682

$           15,428

(493)

$            14,935

Adjusted EBITDA margin (%)

18%

25%

18%

25%

14%

25%

Twelve Months Ended

December 31,

2012

2011

(unaudited)

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

Revenue 

$        255,193

(8,328)

$        246,865

$        232,392

(14,348)

$         218,044

Adjusted EBITDA(2)

$          44,373

(1,572)

$          42,801

$          47,096

(3,070)

$           44,026

Adjusted EBITDA margin (%)

17%

19%

17%

20%

21%

20%

(1) Pro forma revenue and pro forma EBITDA are adjusted to exclude the Company's non-health copy testing and configuration manager products

(2) See reconciliation of Adjusted EBITDA

(3) Adjustments to exclude non-health copy testing and configuration manager products are based on management's estimates of the revenues and results of operations of comScore's non-health copy testing and configuration manager products 

 

Reconciliation of GAAP Operating Cash Flow to Free Cash Flow 

(dollars in thousands)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2012

2011

2012

2011

(unaudited)

(unaudited)

Net cash provided by operating activities

$  11,744

$  7,991

$  44,872

$  26,750

Purchase of property and equipment

(2,630)

(1,336)

(7,590)

(7,235)

Free cash flow

$     9,114

$  6,655

$  37,282

$  19,515

 

 

Fourth Quarter 2012 Supplemental Financial and Business Information

(dollars in millions)

4Q12

4Q11

Change

Subscription Revenue

$        58.4

$        52.2

11.9%

Project Revenue

$        10.0

$        10.4

-3.8%

Existing Customer Revenue

$        60.4

$        55.9

8.1%

New Customer Revenue

$          8.0

$          6.7

19.4%

International Revenue

$        20.5

$        17.1

19.9%

Customer Count

2,159

1,978

9.2%

 

Revenue and Reconciliation of Income (Loss) Before Income Taxes to Adjusted EBITDA (Guidance) 

(dollars in thousands)

Forecasted amounts for the three and twelve month periods ending March 31, 2013 and December 31, 2013 are based on the mid-points of the range of guidance provided herein

The three and twelve month periods ending March 31, 2012 and December 31, 2012 reflect reported results

Three Months Ended

Full Year

March 31,

December 31,

2013

2012

2013

2012

(unaudited)

(unaudited)

Revenue

$  66,500

$  62,275

$  278,300

$  255,193

Income (loss) before income taxes

(3,700)

$         606

$      (3,500)

$      (9,415)

Amortization of acquired intangibles

2,300

2,320

8,100

9,289

Impairment of intangible assets

-

-

-

3,349

Stock-based compensation

6,300

5,090

26,400

24,896

Costs related to acquisitions, restructuring and other non-recurring items

1,400

-

2,900

1,437

Depreciation

4,100

3,420

15,100

14,159

Interest expense, net

200

173

1,000

658

Adjusted EBITDA

$  10,600

$  11,609

$     50,000

$     44,373

Adjusted EBITDA margin (%)

16%

19%

18%

17%

Estimated Q1 2013 and full year 2013 non-GAAP (Diluted) share count is 37.3M and 37.8M, respectively.

 

 

Reconciliation of Revenue and Adjusted EBITDA to non-GAAP Pro Forma Revenue and non-GAAP Pro Forma Adjusted EBITDA(1) (Guidance)

(dollars in thousands)

Three Months Ended

March 31,

2013

2012

(unaudited)

Expected Results (4)

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

As Forecasted

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

Non-GAAP Revenue

$     67,300

(800)

$           66,500

$        62,275

(2,047)

$     60,228

Adjusted EBITDA(2)

$     10,300

300

$           10,600

$        11,609

(323)

$     11,286

Adjusted EBITDA margin (%)

15%

-38%

16%

19%

16%

19%

Twelve Months Ended

December 31,

2013

2012

(unaudited)

Expected Results (4)

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

As Forecasted

As Reported

Adjustment to Exclude non-Health Copy Testing and Configuration Manager Products (3)

Adjusted 

Non-GAAP Revenue

$  279,100

(800)

$        278,300

$     255,193

(8,328)

$  246,865

Adjusted EBITDA(2)

$     49,700

300

$           50,000

$        44,373

(1,572)

$     42,801

Adjusted EBITDA margin (%)

18%

-38%

18%

17%

19%

17%

(1) Pro forma revenue and pro forma EBITDA are adjusted to exclude the Company's non-health copy testing and configuration manager products

(2) See reconciliation of Adjusted EBITDA

(3) Adjustments to exclude non-health copy testing and configuration manager products are based on management's estimates of the revenues and results of operations of comScore's non-health copy testing and configuration manager products 

(4) Represents expected revenue and adjusted EBITDA prior to pro forma adjustment to exclude non-Health Copy Testing and Configuration Manager products

 

SOURCE comScore, Inc.



RELATED LINKS

http://www.comscore.com