Comscore Reports Fourth Quarter and Full-Year 2018 Results

COMSCORE, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except share and per share data)

As of

As of

December 31,
2018

December 31,
2017

Assets

Current assets:

Cash and cash equivalents

$

44,096

$

37,859

Restricted cash

6,102

7,266

Accounts receivable, net of allowances of $1,597 and $1,991, respectively ($4,024 and $2,899 of accounts receivable attributable to related parties, respectively)

75,609

82,029

Prepaid expenses and other current assets ($484 and $- attributable to related parties)

19,972

15,168

Insurance recoverable on litigation settlements

—

37,232

Total current assets

145,779

179,554

Property and equipment, net

27,339

28,893

Other non-current assets ($65 and $- attributable to related parties)

8,898

7,259

Deferred tax assets

3,991

4,532

Intangible assets, net

126,945

159,777

Goodwill

641,191

642,424

Total assets

$

954,143

$

1,022,439

Liabilities and Stockholders' Equity

Current liabilities:

Accounts payable ($1,878 and $2,715 attributable to related parties, respectively)

$

29,836

$

27,889

Accrued expenses ($4,478 and $5,857 attributable to related parties, respectively)

58,140

86,031

Accrued litigation settlements

3,500

27,718

Other current liabilities

2,278

2,998

Customer advances

6,688

—

Contract liability ($2,521 and $2,755 attributable to related parties, respectively)

64,189

98,367

Deferred rent

1,884

1,239

Capital lease obligations

2,421

6,248

Total current liabilities

168,936

250,490

Financing derivatives (related parties)

26,100

—

Senior secured convertible notes (related parties)

177,342

—

Deferred rent

10,304

9,394

Deferred tax liabilities

5,527

3,641

Capital lease obligations

1,182

2,103

Accrued litigation settlements

—

90,800

Other non-current liabilities ($251 and $- attributable to related parties)

13,185

9,519

Total liabilities

402,576

365,947

Commitments and contingencies

Stockholders' equity:

Preferred stock, $0.001 par value per share; 5,000,000 shares authorized at December 31, 2018 and 2017; no shares issued or outstanding as of December 31, 2018 or 2017

—

—

Common stock, $0.001 par value per share; 150,000,000 shares authorized as of December 31, 2018 and 100,000,000 shares authorized as of December 31, 2017; 66,154,626 shares issued and 59,389,830 shares outstanding as of December 31, 2018, and 60,053,843 shares issued and 57,289,047 shares outstanding as of December 31, 2017

59

60

Additional paid-in capital

1,561,208

1,407,717

Accumulated other comprehensive loss

(10,621)

(6,224)

Accumulated deficit

(769,095)

(609,091)

Treasury stock, at cost, 6,764,796 and 2,764,796 shares as of December 31, 2018 and 2017, respectively

(229,984)

(135,970)

Total stockholders' equity

551,567

656,492

Total liabilities and stockholders' equity

$

954,143

$

1,022,439

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(In thousands, except share and per share data)

Years Ended December 31,

2018

2017

2016

Revenues ⁽¹⁾

$

419,482

$

403,549

$

399,460

Cost of revenues^{(1) (2) (3)}

200,220

193,605

173,080

Selling and marketing ^{(1) (2) (3)}

108,395

130,509

126,311

Research and development^{(1) (2) (3)}

76,979

89,023

86,975

General and administrative^{(1) (2) (3)}

84,535

74,651

97,517

Investigation and audit related ⁽¹⁾

38,338

83,398

46,617

Amortization of intangible assets

32,864

34,823

31,896

Gain on asset dispositions

—

—

(33,457)

Settlement of litigation, net

5,250

82,533

2,363

Restructuring ⁽³⁾

11,837

10,510

—

Total expenses from operations

558,418

699,052

531,302

Loss from operations

(138,936)

(295,503)

(131,842)

Interest expense, net⁽¹⁾

(16,465)

(661)

(478)

Other (expense) income, net

(1,464)

15,205

12,371

Gain (loss) from foreign currency transactions

1,303

(3,151)

(1,231)

Loss before income taxes

(155,562)

(284,110)

(121,180)

Income tax (provision) benefit

(3,706)

2,717

4,007

Net loss

$

(159,268)

$

(281,393)

$

(117,173)

Net loss per common share:

Basic and diluted

$

(2.76)

$

(4.90)

$

(2.10)

Weighted-average number of shares used in per share calculation - Common Stock:

Basic and diluted

57,700,603

57,485,755

55,728,090

Comprehensive loss:

Net loss

$

(159,268)

$

(281,393)

$

(117,173)

Other comprehensive loss:

Foreign currency cumulative translation adjustment

(4,397)

6,168

(1,170)

Other

—

28

188

Total comprehensive loss

$

(163,665)

$

(275,197)

$

(118,155)

⁽¹⁾ Transactions with related parties are included in the line items above.

⁽²⁾ Excludes amortization of intangible assets, which is presented separately in the Consolidated Statements of Operations and Comprehensive Loss.

⁽³⁾ Stock-based compensation expense is included in the line items above as follows:

Years Ended December 31,

2018 ⁽⁴⁾

2017

2016

Cost of revenues

$

6,349

$

1,766

$

4,841

Selling and marketing

9,452

5,247

10,967

Research and development

6,580

2,270

5,902

General and administrative

14,770

8,031

24,785

Restructuring

468

—

—

Total stock-based compensation expense

$

37,619

$

17,314

$

46,495

⁽⁴⁾ Stock-based compensation expense in 2018 includes $28.5 million for awards granted under our 2018 Equity and Incentive Compensation Plan, which was approved by our stockholders in May 2018. We did not grant any stock-based awards in 2017, as we were not current in our SEC reporting obligations.

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

Years Ended December 31,

2018

2017

2016

Operating activities:

Net loss

$

(159,268)

$

(281,393)

$

(117,173)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation

17,259

23,339

25,439

Amortization of intangible assets

32,864

34,823

31,896

Provision for bad debts

966

983

1,507

Stock-based compensation

37,619

17,314

46,495

Deferred tax provision (benefit)

2,019

(3,203)

(3,997)

Gain on asset dispositions

—

—

(33,457)

Change in fair value of financing derivatives

14,226

—

—

Change in fair value of investment in equity securities

(1,443)

—

—

Accretion of debt discount

4,812

—

—

Amortization of deferred financing costs

955

—

—

Gain on forgiveness of obligation

—

(4,000)

—

Accrued litigation settlements to be settled in Common Stock

—

90,800

—

Other

568

192

700

Changes in operating assets and liabilities, net of effect of acquisitions:

Accounts receivable

4,707

14,529

4,009

Prepaid expenses and other assets

(4,456)

4,067

(3,928)

Insurance recoverable on litigation settlements

10,000

(37,232)

—

Accounts payable, accrued expenses, and other liabilities

(4,955)

85,001

(12,972)

Contract liability and customer advances

(30,013)

(2,638)

5,962

Deferred rent

1,565

1,013

(393)

Net cash used in operating activities

(72,575)

(56,405)

(55,912)

Investing activities:

Net cash received from disposition of assets

—

—

42,980

Acquisitions, net of cash acquired

—

—

37,086

Acquisitions, net of cash acquired (related party)

—

—

(27,328)

Sales of marketable securities

—

28,436

2,188

Purchases of property and equipment

(4,206)

(10,182)

(7,106)

Capitalized internal-use software costs

(9,608)

—

—

Net cash (used in) provided by investing activities

(13,814)

18,254

47,820

Financing activities:

Proceeds from borrowings on senior secured convertible notes (related party)

100,000

—

—

Debt issuance costs

(5,146)

—

—

Financing proceeds received on subscription receivable (related party)

9,679

11,012

8,954

Proceeds from the exercise of stock options

2,855

—

4,139

Payments for taxes related to net share settlement of equity awards

(5,263)

(1,514)

(18,292)

Repurchase of common stock (treasury shares)

—

—

(27,292)

Principal payments on capital lease and software license arrangements

(9,006)

(17,016)

(18,838)

Net cash provided by (used in) financing activities

93,119

(7,518)

(51,329)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(1,657)

2,453

776

Net increase (decrease) in cash, cash equivalents and restricted cash

5,073

(43,216)

(58,645)

Cash, cash equivalents and restricted cash at beginning of period

45,125

88,341

146,986

Cash, cash equivalents and restricted cash at end of period

$

50,198

$

45,125

$

88,341

As of December 31,

2018

2017

2016

Cash and cash equivalents

$

44,096

$

37,859

$

84,111

Restricted cash

6,102

7,266

4,230

Total cash, cash equivalents and restricted cash

$

50,198

$

45,125

$

88,341

Years Ended December 31,

2018

2017

2016

(In thousands)

(Unaudited)

(Unaudited)

(Unaudited)

Net loss (GAAP)

$

(159,268)

$

(281,393)

$

(117,173)

Income tax provision (benefit)

3,706

(2,717)

(4,007)

Interest expense, net

16,465

661

478

Depreciation

17,259

23,339

25,439

Amortization of intangible assets

32,864

34,823

31,896

EBITDA

(88,974)

(225,287)

(63,367)

Adjustments:

Stock-based and expected awards compensation expense⁽¹⁾

37,151

34,261

46,495

Investigation and audit related

38,338

83,398

46,617

Settlement of litigation, net

5,250

82,533

2,363

Gain on asset disposition

—

—

(33,457)

Restructuring costs

11,837

10,510

—

Post-merger integration costs ⁽²⁾

—

—

15,772

Acquisition costs ⁽³⁾

—

—

10,351

Adjustments related to dispositions ⁽⁴⁾

—

—

(293)

Other expense (income), net ⁽⁵⁾

12,783

(4,125)

24

Adjusted EBITDA

$

16,385

$

(18,710)

$

24,505

⁽¹⁾2017 includes $16.9 million related to a stock-based retention program that was settled in cash for employees who departed prior to issuance of equity.

⁽²⁾Post-merger integration costs consist of third-party costs incurred following our merger with Rentrak and acquisition of Compete in 2016.

⁽³⁾Acquisition costs are comprised of third-party costs incurred related to our merger with Rentrak and acquisition of Compete in 2016.

⁽⁴⁾Dispositions consist of costs attributable to Digital Analytix ("DAx"), which was disposed in 2016.

⁽⁵⁾ In 2018, adjustments to other expense (income), net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustments to other expense (income), net reflect items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition. Our change to the calculation of Adjusted EBITDA for 2018 is intended to conform Adjusted EBITDA to the Consolidated EBITDA definition under the company's senior secured convertible notes.

Years Ended December 31,

2018

2017

2016

(In thousands)

(Unaudited)

(Unaudited)

(Unaudited)

Net loss (GAAP)

$

(159,268)

$

(281,393)

$

(117,173)

Adjustments:

Stock-based and expected awards compensation expense⁽¹⁾

37,151

34,261

46,495

Investigation and audit related

38,338

83,398

46,617

Amortization of intangible assets⁽²⁾

32,864

34,823

31,896

Settlement of litigation, net

5,250

82,533

2,363

Gain on asset disposition

—

—

(33,457)

Restructuring costs

11,837

10,510

—

Post-merger integration costs ⁽³⁾

—

—

15,772

Acquisition costs ⁽⁴⁾

—

—

10,351

Adjustments related to dispositions ⁽⁵⁾

—

—

(293)

Other expense (income), net ⁽⁶⁾

12,783

(4,125)

24

Non-GAAP net (loss) income

$

(21,045)

$

(39,993)

$

2,595

⁽¹⁾ 2017 includes $16.9 million related to a stock-based retention program that was settled in cash for employees who departed prior to issuance of equity.

⁽²⁾ In 2018, amortization of intangible assets was added as an adjustment in our calculation of non-GAAP net loss. Prior year non-GAAP net loss has been recast to include this adjustment, which is intended to better reflect our core operating performance.

⁽³⁾ Post-merger integration costs consist of third-party costs incurred following our merger with Rentrak and acquisition of Compete in 2016.

⁽⁴⁾ Acquisition costs are comprised of third-party costs following our merger with Rentrak and acquisition of Compete in 2016.

⁽⁵⁾ Dispositions consist of costs attributable to DAx, which was disposed in 2016.

⁽⁶⁾ In 2018, adjustments to other expense (income), net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustments to other expense (income), net reflect items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition.

Years Ended December 31,

(In thousands)

2018
(Unaudited)

2017
(Unaudited)

As
reported
(GAAP)

Less: stock-
based
compensation

As
adjusted
(non-
GAAP)

% of
GAAP
Revenue

As
reported
(GAAP)

Less: stock-
based
compensation

As
adjusted
(non-
GAAP)

% of
GAAP
Revenue

Revenues ⁽¹⁾

$

419,482

100.0

%

$

403,549

100.0

%

Cost of revenues

200,220

$

6,349

$

193,871

46.2

%

193,605

$

1,766

$

191,839

47.5

%

Gross profit

219,262

(6,349)

225,611

53.8

%

209,944

(1,766)

211,710

52.5

%

Selling and marketing

108,395

9,452

98,943

23.6

%

130,509

5,247

125,262

31.0

%

Research and development

76,979

6,580

70,399

16.8

%

89,023

2,270

86,753

21.5

%

General and administrative

84,535

14,770

69,765

16.6

%

74,651

8,031

66,620

16.5

%

Restructuring

11,837

468

11,369

2.7

%

10,510

—

10,510

2.6

%

(1) Revenue in 2017 is not comparable to revenue in 2018 due to our adoption of ASC 606.

COMSCORE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per share data)

Three Months Ended December 31,

2018

2017

Revenues ⁽¹⁾

$

109,310

$

102,926

Cost of revenues^{(1) (2) (3)}

51,994

50,188

Selling and marketing ^{(1) (2) (3)}

27,977

39,713

Research and development^{(1) (2) (3)}

18,632

24,921

General and administrative^{(1) (2) (3)}

18,468

21,225

Investigation and audit related ⁽¹⁾

892

26,929

Amortization of intangible assets

8,158

9,154

Settlement of litigation, net

—

116

Restructuring ⁽³⁾

6,696

10,510

Total expenses from operations

132,817

182,756

Loss from operations

(23,507)

(79,830)

Interest expense, net⁽¹⁾

(4,754)

(107)

Other (expense) income, net

(637)

2,719

Gain (loss) from foreign currency transactions

1,484

(1,628)

Loss before income taxes

(27,414)

(78,846)

Income tax benefit

210

6,940

Net loss

$

(27,204)

$

(71,906)

Net loss per common share:

Basic and diluted

$

(0.46)

$

(1.25)

Weighted-average number of shares used in per share calculation - Common Stock:

Basic and diluted

59,116,831

57,616,774

Comprehensive loss:

Net loss

$

(27,204)

$

(71,906)

Other comprehensive (loss) income:

Foreign currency cumulative translation adjustment

(1,608)

1,864

Other

—

(29)

Total comprehensive loss

$

(28,812)

$

(70,071)

⁽¹⁾ Transactions with related parties are included in the line items above.

⁽²⁾ Excludes amortization of intangible assets, which is presented separately in the Consolidated Statements of Operations and Comprehensive Loss.

⁽³⁾ Stock-based compensation expense is included in the line items above as follows:

Three Months Ended December 31,

2018 ⁽⁴⁾

2017

Cost of revenues

$

1,114

$

320

Selling and marketing

1,225

808

Research and development

1,127

462

General and administrative

2,494

358

Restructuring

468

—

Total stock-based compensation expense

$

6,428

$

1,948

⁽⁴⁾ Stock-based compensation expense in the fourth quarter of 2018 includes $4.1 million for awards granted under our 2018 Equity and Incentive Compensation Plan, which was approved by our stockholders in May 2018. We did not grant any stock-based awards in 2017, as we were not current in our SEC reporting obligations.

Three Months Ended December 31,

2018

2017

(In thousands)

(Unaudited)

(Unaudited)

Net loss (GAAP)

$

(27,204)

$

(71,906)

Income tax benefit

(210)

(6,940)

Interest expense, net

4,754

107

Depreciation

4,285

5,110

Amortization of intangible assets

8,158

9,154

EBITDA

(10,217)

(64,475)

Adjustments:

Stock-based and expected awards compensation expense⁽¹⁾

5,960

18,895

Investigation and audit related

892

26,929

Settlement of litigation, net

—

116

Restructuring costs

6,696

10,510

Other expense (income), net ⁽²⁾

2,949

(122)

Adjusted EBITDA

$

6,280

$

(8,147)

⁽¹⁾ 2017 includes $16.9 million related to a stock-based retention program that was settled in cash for employees who departed prior to issuance of equity.

⁽²⁾ In 2018, adjustments to other expense (income), net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustments to other expense (income), net reflect items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition. Our change to the calculation of Adjusted EBITDA for 2018 is intended to conform Adjusted EBITDA to the Consolidated EBITDA definition under the company's senior secured convertible notes.

Three Months Ended December 31,

2018

2017

(In thousands)

(Unaudited)

(Unaudited)

Net loss (GAAP)

$

(27,204)

$

(71,906)

Adjustments:

Stock-based and expected awards compensation expense⁽¹⁾

5,960

18,895

Investigation and audit related

892

26,929

Amortization of intangible assets⁽²⁾

8,158

9,154

Settlement of litigation, net

—

116

Restructuring costs

6,696

10,510

Other expense (income), net ⁽³⁾

2,949

(122)

Non-GAAP net loss

$

(2,549)

$

(6,424)

⁽¹⁾ 2017 includes $16.9 million related to a stock-based retention program that was settled in cash for employees who departed prior to issuance of equity.

⁽²⁾ In 2018, amortization of intangible assets was added to our calculation of non-GAAP net loss. Prior year non-GAAP net loss has been recast to include this adjustment. The change has been made to better reflect our core operating performance.

⁽³⁾ In 2018, adjustments to other expense (income), net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustments to other expense (income), net reflect items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition.

Three Months Ended

(In thousands)

March 31,
2018
(Unaudited)

June 30, 2018
(Unaudited)

September 30,
2018
(Unaudited)

December 31,
2018
(Unaudited)

Net loss (GAAP)

$

(51,450)

$

(55,977)

$

(24,637)

$

(27,204)

Adjustments:

Stock-based and expected awards compensation expense

1,881

22,999

6,311

5,960

Investigation and audit related

31,867

4,883

696

892

Amortization of intangible assets⁽²⁾

8,544

8,266

7,896

8,158

Settlement of litigation, net

—

5,250

—

—

Restructuring costs

1,257

3,833

51

6,696

Other expense, net ⁽¹⁾

2,629

1,506

5,699

2,949

Non-GAAP net loss

$

(5,272)

$

(9,240)

$

(3,984)

$

(2,549)

⁽¹⁾ In 2018, adjustments to other expense, net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustment to other expense, net reflects items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition.

⁽²⁾ In 2018, amortization of intangible assets was added to our calculation of non-GAAP net loss. Prior year non-GAAP net loss has been recast to include this adjustment. The change has been made to better reflect our core operating performance.

Three Months Ended

(In thousands)

March 31,
2017
(Unaudited)

June 30, 2017
(Unaudited)

September 30,
2017
(Unaudited)

December 31,
2017
(Unaudited)

Net loss (GAAP)

$

(40,792)

$

(38,626)

$

(130,069)

$

(71,906)

Adjustments:

Stock-based and expected awards compensation expense⁽¹⁾

3,820

2,824

8,722

18,895

Investigation and audit related

17,678

17,399

21,392

26,929

Amortization of intangible assets⁽²⁾

8,735

8,443

8,491

9,154

Settlement of litigation, net

1,533

(915)

81,799

116

Restructuring costs

—

—

—

10,510

Other expense (income), net ⁽³⁾

13

(53)

(3,963)

(122)

Non-GAAP net loss

$

(9,013)

$

(10,928)

$

(13,628)

$

(6,424)

⁽¹⁾ 2017 includes $16.9 million related to a stock-based retention program that was settled in cash for employees who departed prior to issuance of equity.

⁽²⁾ In 2018, amortization of intangible assets was added to our calculation of non-GAAP net loss. Prior year non-GAAP net loss has been recast to include this adjustment. The change has been made to better reflect our core operating performance.

⁽³⁾ In 2018, adjustments to other expense (income), net, reflect non-cash changes in the fair value of financing derivatives and equity securities investment included in other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss. These financial instruments were not held in the prior period. The prior period adjustment to other expense (income), net reflects items classified as other (expense) income, net on our Consolidated Statements of Operations and Comprehensive Loss, excluding the other income associated with the transition services agreement for the DAx disposition.

Three Months Ended December 31,

(In thousands)

2018
(Unaudited)

2017
(Unaudited)

As
reported
(GAAP)

Less: stock-
based
compensation

As
adjusted
(non-
GAAP)

% of
GAAP
Revenue

As
reported
(GAAP)

Less: stock-
based
compensation

As
adjusted
(non-
GAAP)

% of
GAAP
Revenue

Revenues ⁽¹⁾

$

109,310

100.0

%

$

102,926

100.0

%

Cost of revenues

51,994

$

1,114

$

50,880

46.5

%

50,188

$

320

$

49,868

48.5

%

Gross profit

57,316

(1,114)

58,430

53.5

%

52,738

(320)

53,058

51.5

%

Selling and marketing

27,977

1,225

26,752

24.5

%

39,713

808

38,905

37.8

%

Research and development

18,632

1,127

17,505

16.0

%

24,921

462

24,459

23.8

%

General and administrative

18,468

2,494

15,974

14.6

%

21,225

358

20,867

20.3

%

Restructuring

6,696

468

6,228

5.7

%

10,510

—

10,510

10.2

%

(1) Revenue in 2017 is not comparable to revenue in 2018 due to our adoption of ASC 606.

Three Months Ended December 31,

(In thousands)

2018
(Unaudited)

% of
Revenue

2017 ⁽¹⁾
(Unaudited)

% of
Revenue

$ Variance

% Variance

Ratings and Planning

$

74,786

68.4

%

$

71,617

69.6

%

$

3,169

4.4

%

Analytics and Optimization

23,901

21.9

%

20,843

20.2

%

3,058

14.7

%

Movies Reporting and Analytics

10,623

9.7

%

10,466

10.2

%

157

1.5

%

Total revenues

$

109,310

100.0

%

$

102,926

100.0

%

$

6,384

6.2

%

⁽¹⁾ The revenue for the year ended December 31, 2017 is not comparable to the year ended December 31, 2018 due to our adoption of ASC 606.

Year Ended December 31,

(In thousands)

2018

% of
Revenue

2017 ⁽¹⁾

% of
Revenue

$ Variance

% Variance

Ratings and Planning

$

285,355

68.0

%

$

278,081

68.9

%

$

7,274

2.6

%

Analytics and Optimization

92,380

22.0

%

86,765

21.5

%

5,615

6.5

%

Movies Reporting and Analytics

41,747

10.0

%

38,703

9.6

%

3,044

7.9

%

Total revenues

$

419,482

100.0

%

$

403,549

100.0

%

$

15,933

3.9

%

⁽¹⁾ The revenue for the year ended December 31, 2017 is not comparable to the year ended December 31, 2018 due to our adoption of ASC 606.

Three Months Ended

Year Ended

(In thousands)

March 31,
2018
(Unaudited)

June 30, 2018
(Unaudited)

September 30,
2018
(Unaudited)

December 31,
2018
(Unaudited)

December 31,
2018

Ratings and Planning

$

69,569

$

70,501

$

70,499

$

74,786

$

285,355

Analytics and Optimization

25,731

20,533

22,215

23,901

92,380

Movies Reporting and Analytics