Revenue Down, Underlying Profit Up for Comscore

Comscore has reported full year 2023 revenue of $371.3m, down 1.4%, but with FX-neutral adjusted EBITDA up 29% to $46.9m. CEO Jon Carpenter pointed to growth in local TV measurement and in the CCR and Proximic offerings as strong indicators for the future.

A 2023 net loss of $79.4m (2022 $66.6m) came almost entirely from a non-cash goodwill impairment charge ($78.2m in 2023, vs $46.4m the previous year). Q4 revenue fell 3.2% to $95.1m while FX adjusted EBITDA rose to $18.7m, from $16.6m a year earlier. Comscore forecasts full year 2024 revenue of between $375m and $390m.

Carpenter (pictured) says EBITDA goals have been met due to 'substantial progress on changing the way we operate', and comments: 'As we begin 2024, I remain confident that we are moving the business in the right direction as we execute on our turnaround. We're focused on providing the fast and accurate cross-platform data that helps our clients buy, sell and optimize media more effectively'. Local TV measurement has seen double-digit growth, while growth for CCR (Comscore Campaign Ratings) and programmatic / targeted ad division Proximic have grown a combined 34% over 2022, or 50% if the two fourth quarters are compared - Carpenter says these are 'clear signs that the value we're able to offer to a rapidly changing advertising ecosystem is meeting a large and growing need'.

The firm sounded a note of caution for the current quarter, adding: 'we expect revenue in the first quarter of 2024 to be lower than Q1 2023, with the majority of our 2024 revenue growth occurring in the back half of the year as revenue from our Activation and CCR products continues to ramp'.

Web site: www.comscore.com .