SCOR - Earnings call 3 2023

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Operator

Good day, and thank you for standing by. Welcome to the comScore Third Quarter 2020 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, John Tinker, Head of Investor Relations. Please go ahead.

John Tinker

operator. you, Thank

prospects our of begin statements. I'd to November plans, like forward-looking view on Before of as that prepared the all today, expectations our about you include XXXX. forward-looking are following remind based statements our we X, comments remarks, and discussion These contains

SEC, our a periods can uncertainties and you risks uncertainties. risks the and in our Our on disclaim at materially those duty or with of new actual our to website future results filings other and currently number from reflect those call. XX-K, outlined in which any include differ may expected XX-Q because of find We after to forward-looking www.sec.gov. today's statements information or update obligation These

during reconciliations we measures on for We release and discussing this in website. press will provided our non-GAAP which today's call, be

Please this we website, & on referring call, on to under which Presentations. Investor note slides our will available Events Relations, www.comscore.com also that be are

Executive to I'll now turn Jon? Chief over the comScore's Officer, Carpenter. call Jon

Jonathan Carpenter

Thanks, John, us this everyone, evening. you, and joining for thank

into it. right jump Let's

to regard offerings, growth made, a announced in progress continue while double in the year-on-year, momentum largely is of expectations, for we some that coupled were particularly really quarter, the future. key of of cross-platform fuel in in revenue our a product will expect we deliverables, digits print, to result excellent the short as down foreseeable with lower there came being custom With great activation lot financial where, strategic which partnerships

the progress and prospects to we're such heading only growth also received and was excited received local U.S. where means our from growth comScore up what to certification, about again double on execute addition, for certification of have digits. making XXXX. the X CIC, into one continue we're it TV we In companies conditional revenue

adjusted the scalable, more we're an towards profitable business. printed highlighting a result, progress basis, solid creating EBITDA we On making a

we still And have just I'm in our left to a do, with plenty significant made happy have work under We of while year. improvement execution.

margin things: local business, all key and In we've scalable growing XXXX, on we our we've cash the been across transformation profile, had that's flow growth. success. establish product cross-platform three to drive improving And tech need and three, finally, and the needed to foundation focused our

moved On under the our we've a profile, rate we finish expect out you doing exited strong drive made hit we that than what beyond. we we've I us you the achieve role. significant XX%, and margin when expected. we've that clear continue earlier X% set XX% told by I to to it's would 'XX and growth at in progress margin work consider into just with 'XX exactly deliver revenue XXXX to do we while rate to margins When

digits quarter. up revenue our double third business, was In our quarter the local consecutive eighth for

I fully local Looking to expect forward, continue at business growing the double-digit rates.

local digital differentiator, key we're a along is Our cross-platform to and it strength in is products activation for foundation, the delivering marketplace. and the the with

to foundation transforming cross-platform delivering we that's complete audiences growth, and value on. underpins our of to it When essential tech our comes view driving and is focused the addressing and for clients debt remain that what

we've clients growth accelerate Our efficiently. product based next cross-platform and we'll are more I waste our at built, cross-platform see fully the outcomes reduce to aimed drive on solutions expect, continue momentum throughout helping year. that

a integrating campaigns TV political first-of-its-kind, for platforms, measure announcements so leverage smart their their the offering of platforms highlighting data lot integrations, platform largest one major partnerships AI-enabled to a made we've including advertisers CCR from across partnering demand-side streamers, with advertising. to partnering largest important with of and and can XXXX, the In on

to just for impressions surface the are this ahead a easily of And incredibly on just CCR. the alone, generally per it one than happening run for adoption more the way here, growth. progress and the X our 'XX. of those potential XX of and growth the impressions. indicator measured and we've measured impressions we've trillion made This a basis, makes adoption are we impression to based leading on impressions exceed progress scratching of With a rates. billion of revenue growth year in every XXXX the CCR got evaluate what's is product XXx CCR, day, anticipate With runway In with is number we paid of product, me future lot and XXXX, the and that bullish

time integrations, next seen of seen across and year. We've execute of year, ramps. number our usage through to growth XX% CCR these announcements. first our one to our we've Each we a the we've deliver made accelerates activation rate of quarters and fully Highlighted this X partnership we the accelerated the similar impacts growth growth of where by activation business product expect

ones the focused of We're and, a opportunity. margin comScore, with needs growth on that that have have also align products for the our stronger clients that

digital, syndicated represent emerging activation and revenue today. XX% products of Our roughly our cross-platform

margins. to that greater forward, they a command expect contributing going We of improved revenue our will share

the Finally, that long-term to best-in-class delivering data our able it's products for data. interoperable market stakeholders about to needs. the the solutions audience turn needed into commitment and the assets building growth, in the our standard are our where when our foundation for with cross-platform focus scale, cross-platform we that for speed we talk via become delivering measurement full-spectrum value sure and big-data about being to That's making is:

the to objectives changes experience the kind while making a quarter our gives and of excitement. to we're be to continues you're way. the of making, When And the you're solid making expectations, our live me this bound deal along revenue long-term print progress bumps we're great towards doesn't up

to Mary who let of Margaret results it you walk third that, over me the With pass through will quarter. the

Mary Curry

prior quarter same quarter. revenue $XX.X Jon. the from ago. the a with year was $XX you, in the million essentially revenue flat Thank of was year down Cross-platform million, Total third million for quarter X.X% solutions $XX.X

was driven in primarily from year our and TV, were custom revenue. products, partially digital Jon Revenue We decline X.X% lower offset was syndicated growth a $XX.X of double-digit movies continued and we're by to in the decline XXXX. flat compared was the by with mentioned, as out TV. as digital year. to Revenue down we move business expect offset continue prior in grow Ad accelerated Solutions growth to million the the ago, $XX.X a to million local close see by These which, compared we national CCR, along in declines which Digital of certain which deliveries from seeing into activation year to was

as of the from environment continue result putting continued will growth revenue products in the on macroeconomic to pressure that expect We certain QX clients. is be our challenged a

may However, we and revenue continue and CCR we're will momentum the believe seeing the those activation pressures reduce impact in cause. will

the quarter XX.X%. million, for EBITDA quarter, up was from adjusted prior XX.X% year the resulting in Adjusted $XX.X margin of EBITDA an

result the impact softness is prior third this though EBITDA, continuing note we're that line, $XX.X important quarter of foreign exchange adjusted XX% If adjusted up our in to over the the top seeing even year's margin. we're from exclude you million year. It's to EBITDA improve

One the we run execution to of on margin cost of with exit year focus this primary our rate year a could so XX%. that was goals

that we're proof expense track goal. on QX profile Our with is this

to employee data year-over-year, primarily Our along X.X% reductions due certain panel strategic with were compensation, in down core lower costs. operating expenses and

substantially restructuring and by complete year. our on expect execute be to it of will continuing plan that the the end are We

business efficiencies been structure, team our finally, in our working focused related We transform to QX charge diligently to impairment addition to our our into move stack reducing X and and drive And of abandoned a additional In on $X.X simplify office we're operations XXXX. tech we footprint. we've to physical took spaces noncash as million. and

Even our on X% in down where and to to the out low our with for revenue EBITDA, our we year in to full digits. expectations change flat the we lowering we compared provided line, a with rate. Based previously year. are double-digit be closing of last we to the adjusted guidance we quarter, Regarding the confident the expectations top the remain landed guidance, guidance margin in the year to single current for for prior growth revenue be year, remainder the tightened QX our

With that, over it for to turn I'll remarks. closing back Jon

Jonathan Carpenter

to for our this our thank possible. also for to of Without tirelessly Mary we be do day every none joining basis Margaret. deliver to want clients. moment a them, work Thanks, everybody, who what Thanks, us could on day-to-day take employees I evening. a

you very much. thank So

With why open for operator, questions. up that, we don't it

Operator

Jason And Instructions] of [Operator our first will from Kreyer come line from question Craig-Hallum.

Jason Kreyer

looking or that, at the other Jon, headwinds trying I'm cross-platform the categories. I Slide of shows digital ask you about quarter wanted and and the shortfall. got to understand X to kind the that in just and shortfall And the

in like things got but and working, the local and declined are cross-platform You've that revenue quarter. activation

like it's than more So custom I the just content. feel

stabilize of other vein what categories for the go as those revenue in forward. we trying So and maybe, again, the strategy slide, to is the that

Jonathan Carpenter

thanks. Jason, Yes,

think to to is long-tail of year-on-year. terms fluctuate the in for digital share we experienced of that be pitch rate. single in down of the that that's to area the the That, anticipate continued that the side future. the feel of the I down churn revenue down, where growth have And is to biggest biggest we to low between digits honestly, things That where be business. some we the part biggest continues declines contributor is year-over-year syndicated continue in flattish anywhere foreseeable to overall biggest

Jason Kreyer

faster return to platforms growth? forward on do Is digital? just growth of just slower offset for there the will syndicated the that path or to Or a kind expect that seeing you're declines we

Jonathan Carpenter

Yes.

of see relationships. the of pressure, sticky we've I tail. tighten, enterprise a resilient. be to combination Where know some mean think we I very both. got continue to we as continue the to to a of tends in growth long strong aspects especially our where it's be pockets very be mid- large market with and Those bit of

bit talking catalyst I us. business. book I see again, loss that into further that is case XXXX, growth a digits probably signal best heading the single But an think we be about scenario of a think you're that of opportunity low on in proliferates as to as for

that be product we material, So highlight exciting some in And try bullish coupling real in start the continues our to where scales, our activation we think as largely see with capabilities. that's I cross-platform take we're to where shape. as to business things

Jason Kreyer

the ask, 'XX, 'XX to you as areas necessarily business, the on across for Okay. not that's out looking what as the for you're just growth giving where you know highest-confident guide a to to year? I kind and are look consolidated to return next ahead And look I'm trying but of companies not

Jonathan Carpenter

we again cross-platform the capabilities. frankly, wanting it's traditional players, media that quite the which momentum all in our media they're new the capabilities, shifting really our the market It's players or is whether cross-platform have largely where

accelerated CCR. you so adoption And see in of that the

marry we accelerated our that that got we capabilities. the a to essentially audience pockets with anything momentum Do at is cross-platform incredibly in it want measurement we've our to them product growing rate. continue two the which see activation in in You Those product, quickly, activation cross-platform you are expect Steve with that? you and to room add have to is scale me. a offering here significant

Steve Calk

monetization example, there's think part in that Yes. solutions have that of shifting the we to brands. headline audience. as need where the at mid-tail Look, the have see are gain encapsulate are emerging our further that strategies, move investment other their that an continuing media, heart the They continues to is just are They areas performance directly like funnel the the to don't retail to what to a of I looking pockets and pure hit momentum of right? looking sales recognize scale. the thing like. the more are They dollars We from have that strategies traditional enablement which market

the of as in about well aligns us what actively where that the versus move 'XX pockets is our is adoption or of regional between really more and beyond. being represent And able understand the forward difference development other great this as for space national be and, particular media those invested to pockets multiple a and but frankly, to products a white we we are think dollars this lot optimize the a perspective. need And market view to a of

Jason Kreyer

I'm and just just to push back want clarify sorry, I that.

as mean talked into being I one the of year. next about for So didn't cross-platform as quarter. we really That opportunities growth this grow we go biggest much

performance quarter, happened exactly the a that the headwind dissect greater to we appreciating. as trying this than was maybe it I'm so I'm into next and versus opportunity see quarter unless custom what year this content And

Jonathan Carpenter

digits, double Certainly, a We weighed was on the which Yes. meaningfully in pretty the of quarter. the versus down custom pain quarter significantly the good where is expectation were portion felt.

itself, products, that I think combination fair so contributor and headwinds, expect our We you meaningfully is growing to And as had significantly. products, year. digital, next its cross-platform share local our of a continue digital significant in with what product to it's to the offering stand-alone fully of a coupled while scale has of see, that syndicated our product

Operator

will question of Jefferies. next Surinder Our line come from from Thind the

Surinder Thind

looking Just spend? bit it you Jon, that back, step how It wheel right, after here, in position a It opportunity, something. chasing the when you at taking a not always the picture hamster seems longer-term we're do getting quite and think actually we're right in there. the where of you're big we're the right characterize a perpetual like about seems going

another like, close, feel over here opportunity there's an we conversations couple quite so the like as we get but it of And there. we the years over look I and never last of get opportunity, seems

just big and continue or and itself, of to is try understand going story So in the if of that, here. I to the to make just is change environment the to want picture part

Jonathan Carpenter

like. think our highlighted the pretty been really clear. we addressing we're was U.S. in Look, step that from that certification, see That X facing market, that of got of bringing to being is to CIC one that continuing of announced. that clients conditional they the comScore problems media, what that, are cross-platform big and from was I first capabilities we're how on picture, are broad-based adoption fragmentation which the the just looks we've announcement So our

of ecosystem, The where fragmentation So our of through cross-platform offerings loss are that's that as help for faced solve the amount addressing our capability, product, signal digital problem that. significant coupled media product with, clients our a proliferation out like things And activation to our offerings a ad dollar from both stand in product digital those waste market. contribute with of an standpoint.

about we're And better delivering think day a And you addressing we're that with margin product as doing talked when market. profile. we're to on the X. focused, it so problems we're about those And relates where focused solutions to since we've it that specific

Surinder Thind

can on guess Fair obviously, enough. do kind out there's managed it you've you're Mary, sounded then And this maybe cut additional you've to it of give starts much that? you targets, just like the more costs. like possibly profile, I current firm? at at the expenses, on It point more. can margin before continued How but hurting color seems maybe you .

Jonathan Carpenter

what are got in here and a digital I are consider those where I'll let product fact Margaret Mary we've So you've to we more offerings, the minute. I -- from attractive products think But see is in and jump a scaling that margin think activation, the also got much of cross-platform, that significantly, margin profile standpoint.

So only the as shifts, the And efforts but pages helps delivered the that restructuring in on, mix we business. earlier reaping not profile of the of one the it's has about the of the benefits highlighted deck, to that improve. it's that as in margin company continue

Mary Curry

from that piece some margin you the is being the expansion, our we've margin structure, restructuring. comes that And with and right. higher of it, of I think revenue potential. And about think, additional a then the when way generated that's the other cost about it, Yes, that some I think is done growth

term. and will I of But greater think we've in ultimately clean to debt plan, were efficiencies have almost other our in the that things long restructuring then completed done addition result that some there like the up helping in tech plan.

that's are by of that going the in the -- with a hoping those not bit of something so to And year. strides to time. end and done some That's takes make That's that XXXX. we're something be

things we're that other some about the some necessarily provide are think don't of looking can some those as outsourcing/offshoring, well initiatives for there operations you at, as things when other example, additional but hurt that efficiencies. of sort So strategic of

some as definitely already what there's we even so of XXXX, upside And move upside done. into incremental we've top on

Operator

turn And Jon you. like Thank for Carpenter, remarks. back to I would closing to conference now the CEO,

Jonathan Carpenter

joining talk all Thanks, this again everybody, for you We'll evening. shortly. to

Operator

participating. This concludes you conference for Thank call. today's

a great have now disconnect. may You Everyone, day.

comScore (SCOR) 6 Nov 232023 Q3 Earnings call transcript