Q4 2025 comScore Inc Earnings Call
Speaker #2: Good day everyone and welcome to come core fourth quarter 2025 Financial Results . At this time , all participants are in a listen only mode After the speaker's presentation , there will be a question and answer session .
Operator: Good day everyone, and welcome to Comscore Q4 2025 Financial Results. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate, you will need to press star one one on your telephone. You will then hear a message advising your hand is raised. To withdraw your question, simply press star one one again. Please note this conference is being recorded.
Speaker #2: To participate , you will need to press star one one on your telephone . You will then hear a message advising your hand is raised to withdraw your question , simply press star one one again .
Speaker #2: Please note, this conference is being recorded. Now I would like to turn the call over to Mr. Kevin Burns, EVP of Business Operations.
Operator: Now I would like to turn the call over to Mr. Kevin Burns, EVP of Business Operations. Please go ahead.
Speaker #2: Please go ahead .
Speaker #3: Thank you . Operator . Before we begin our prepared remarks , I'd like to remind all of you that the following discussion contains forward looking statements These forward looking statements include comments about our plans , expectations , and prospects , and are based on our view as of today , March 17th , 2026 .
Kevin Burns: Thank you, operator. Before we begin our prepared remarks, I'd like to remind all of you the following discussion contains forward-looking statements. These forward-looking statements include comments about our plans, expectations, and prospects, and are based on our view as of today, March 17, 2026. Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. These risks and uncertainties include those outlined in our 10-K, 10-Q, and other filings with the SEC, which you can find on our website or at www.sec.gov. We disclaim any duty or obligation to update our forward-looking statements to reflect new information after today's call. We'll be discussing non-GAAP measures during this call, for which we've provided reconciliations in today's press release and on our website.
Kevin Burns: Thank you, operator. Before we begin our prepared remarks, I'd like to remind all of you the following discussion contains forward-looking statements. These forward-looking statements include comments about our plans, expectations, and prospects, and are based on our view as of today, March 17, 2026. Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. These risks and uncertainties include those outlined in our 10-K, 10-Q, and other filings with the SEC, which you can find on our website or at www.sec.gov. We disclaim any duty or obligation to update our forward-looking statements to reflect new information after today's call. We'll be discussing non-GAAP measures during this call, for which we've provided reconciliations in today's press release and on our website.
Speaker #3: Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties These risks and uncertainties include those outlined in our 10-K , 10-q and other filings with the SEC , which you can find on our website or at WW We disclaim any duty or obligation to update our forward looking statements to reflect new information after today's call .
Speaker #3: We will be discussing non-GAAP measures during this call , for which we've provided reconciliations in today's press release and on our website Please note that we will be referring to slides on this call , which are also available on our website .
Kevin Burns: Please note that we will be referring to slides on this call, which are also available on our website, www.comscore.com, under Investor Relations, Events, and Presentations. I'll now turn the call over to Comscore's Chief Executive Officer, Jon Carpenter. John. Good evening, and thank you for joining us. 2025 was a solid year with meaningful progress as we further developed our leading cross-platform capabilities, all to achieve our objective of becoming the industry standard for modern measurement. Revenue for the full year was just over $357 million, and adjusted EBITDA came in at $42 million, both ahead of 2024 performance. This was driven by 24% growth in our cross-platform solutions, along with double-digit growth in our local TV offering. Throughout the year, we had a number of important wins.
Kevin Burns: Please note that we will be referring to slides on this call, which are also available on our website, www.comscore.com, under Investor Relations, Events, and Presentations. I'll now turn the call over to Comscore's Chief Executive Officer, Jon Carpenter. John.
Speaker #3: WW Under Investor Relations , Events and Presentations . I'll now turn the call over to Comscore Inc Chief Executive Officer John Carpenter . John Good evening , and thank you for joining us .
Jon Carpenter: Good evening, and thank you for joining us. 2025 was a solid year with meaningful progress as we further developed our leading cross-platform capabilities, all to achieve our objective of becoming the industry standard for modern measurement. Revenue for the full year was just over $357 million, and adjusted EBITDA came in at $42 million, both ahead of 2024 performance. This was driven by 24% growth in our cross-platform solutions, along with double-digit growth in our local TV offering. Throughout the year, we had a number of important wins.
Speaker #3: 2025 was a solid year with meaningful progress as we further developed our leading cross-platform capabilities, all to achieve our objective of becoming the industry standard for modern measurement. Revenue for the full year was just over $357 million, and adjusted EBITDA came in at $42 million.
Speaker #3: Both ahead of 2024 performance . This was driven by 24% growth in our cross-platform solutions , along with double digit growth in our local TV offering Throughout the year , we had a number of important wins , one that I want to highlight is the launch of our cross-platform content measurement capability Chem gives clients a more complete picture of the audience for any piece of content , whether it was viewed on linear TV , CTV , or a mobile device , all at the title level Some of the largest broadcasters and technology companies in the world have already signed on , and we believe we're just scratching the surface .
Jon Carpenter: One that I want to highlight is the launch of CCM, our cross-platform content measurement capability. CCM gives clients a more complete picture of the audience for any piece of content, whether it was viewed on linear TV, CTV, or a mobile device, all at the title level. Some of the largest broadcasters and technology companies in the world have already signed on, and we believe we're just scratching the surface. We've also deepened our relationships with the largest media companies, those that command the vast majority of ad dollars. Our cross-platform measurement solutions help drive nearly 25% year-over-year growth across key technology clients. Additionally, our local business continued to execute at a high level, anchoring our cross-platform capability while delivering significant value to our broadcast network and agency partners, contributing to double-digit year-over-year growth. Beyond our commercial execution, we made meaningful progress simplifying our capital structure.
Jon Carpenter: One that I want to highlight is the launch of CCM, our cross-platform content measurement capability. CCM gives clients a more complete picture of the audience for any piece of content, whether it was viewed on linear TV, CTV, or a mobile device, all at the title level. Some of the largest broadcasters and technology companies in the world have already signed on, and we believe we're just scratching the surface. We've also deepened our relationships with the largest media companies, those that command the vast majority of ad dollars. Our cross-platform measurement solutions help drive nearly 25% year-over-year growth across key technology clients. Additionally, our local business continued to execute at a high level, anchoring our cross-platform capability while delivering significant value to our broadcast network and agency partners, contributing to double-digit year-over-year growth. Beyond our commercial execution, we made meaningful progress simplifying our capital structure.
Speaker #3: We've also deepened our relationships with the largest media companies , those that command the vast majority of ad dollars Our cross-platform measurement solutions help drive nearly 25% year over year growth across key technology clients Additionally , our local business continued to execute at a high level , anchoring our cross-platform capability while delivering significant value to our broadcast network and agency partners , contributing to double digit year over year growth Beyond our commercial execution , we made meaningful progress simplifying our capital structure at year end .
Jon Carpenter: At year-end, we closed a pivotal recapitalization with our preferred shareholders. The transaction eliminated $18 million in annual dividends, a $47 million special dividend obligation, and our preferred holders also converted roughly $80 million in preferred shares into common shares at an attractive premium. We were able to reduce the size of our board, streamlining both costs and governance. This was an important first step, and we remain focused on continuing to simplify our business and strengthen our balance sheet as we move through 2026. I am proud of how our teams executed in 2025, and I'm excited about building on that momentum. Before I talk about where we're going, it's worth grounding everyone in where we've been. Comscore has always led with innovation. We were the first company to make digital audiences measurable at scale.
Jon Carpenter: At year-end, we closed a pivotal recapitalization with our preferred shareholders. The transaction eliminated $18 million in annual dividends, a $47 million special dividend obligation, and our preferred holders also converted roughly $80 million in preferred shares into common shares at an attractive premium. We were able to reduce the size of our board, streamlining both costs and governance. This was an important first step, and we remain focused on continuing to simplify our business and strengthen our balance sheet as we move through 2026. I am proud of how our teams executed in 2025, and I'm excited about building on that momentum. Before I talk about where we're going, it's worth grounding everyone in where we've been. Comscore has always led with innovation. We were the first company to make digital audiences measurable at scale.
Speaker #3: We closed a pivotal recapitalization with our preferred shareholders , the transaction eliminated $18 million in annual dividends , a $47 million special dividend obligation , and our preferred holders also converted roughly $80 million in preferred shares into common shares at an attractive premium .
Speaker #3: And we were able to reduce the size of our board, streamlining both costs and governance. This was an important first step in—
Speaker #3: We remain focused on continuing to simplify our business and strengthen our balance sheet as we move through 2026 . I am proud of how our teams executed in 2025 , and I'm excited about building on that momentum .
Speaker #3: But before I talk about where we're going, it's worth grounding everyone on where we've been. Common Core has always led with innovation.
Speaker #3: We were the first company to make digital audiences measurable at scale, while others are only now figuring out how to combine big data and panels.
Jon Carpenter: While others are only now figuring out how to combine big data and panels, Comscore pioneered that work more than a decade ago. We also led the industry's shift to big data TV audience measurement, giving us over 10 years of experience delivering stable measurement that reflects how people actually watch television. That history matters because it speaks to what Comscore does when the industry is at an inflection point, and we're at one right now. The media landscape has fundamentally changed. Attention is fragmenting across AI-driven environments. Platforms continue to wall off their data, and creators across social platforms now command audience share that rivals traditional media. These shifts create a real challenge for advertisers, and they expose the limits of legacy measurement approaches. Our response is clear: become the defining standard for modern measurement.
Jon Carpenter: While others are only now figuring out how to combine big data and panels, Comscore pioneered that work more than a decade ago. We also led the industry's shift to big data TV audience measurement, giving us over 10 years of experience delivering stable measurement that reflects how people actually watch television. That history matters because it speaks to what Comscore does when the industry is at an inflection point, and we're at one right now. The media landscape has fundamentally changed. Attention is fragmenting across AI-driven environments. Platforms continue to wall off their data, and creators across social platforms now command audience share that rivals traditional media. These shifts create a real challenge for advertisers, and they expose the limits of legacy measurement approaches. Our response is clear: become the defining standard for modern measurement.
Speaker #3: comScore pioneered that work more than a decade ago . We also led the industry's shift to Big Data TV . Audience measurement , giving us over ten years of experience delivering stable measurement that reflects how people actually watch television That history matters because it speaks to what comScore does when the industry is at an inflection point .
Speaker #3: And one right now The media landscape has fundamentally changed attention is fragmenting across AI driven environments . Platforms continue to wall off their data , and creators across social platforms now command audience , share that rivals traditional media These shifts create a real challenge for advertisers , and they expose the limits of legacy measurement approaches .
Speaker #3: Our response is clear become the defining standard for modern measurement . That means building a fully integrated flywheel , connecting our offerings across planning , activation , buying , and measurement with common metrics across the board .
Jon Carpenter: That means building a fully integrated flywheel, connecting our offerings across planning, activation, buying, and measurement with common metrics across the board. When our products work together, our clients can navigate this complexity with confidence rather than confusion. CCM is a clear example of this in action. It allows advertisers to evaluate audiences for social creators alongside ad-supported connected television and linear TV, and to plan true cross-platform campaigns from a single unified view. This is the flywheel capability that we're building. I look forward to sharing more. Looking ahead, we're also bringing forward innovation in AI measurement, an area that is only gonna grow in importance for our clients. The early work here includes measuring which sources LLMs and AI search tools are citing, how these tools are changing the way consumers discover brands and products, and perhaps most importantly, how they're changing the way consumers make purchase decisions.
Jon Carpenter: That means building a fully integrated flywheel, connecting our offerings across planning, activation, buying, and measurement with common metrics across the board. When our products work together, our clients can navigate this complexity with confidence rather than confusion. CCM is a clear example of this in action. It allows advertisers to evaluate audiences for social creators alongside ad-supported connected television and linear TV, and to plan true cross-platform campaigns from a single unified view. This is the flywheel capability that we're building. I look forward to sharing more. Looking ahead, we're also bringing forward innovation in AI measurement, an area that is only gonna grow in importance for our clients. The early work here includes measuring which sources LLMs and AI search tools are citing, how these tools are changing the way consumers discover brands and products, and perhaps most importantly, how they're changing the way consumers make purchase decisions.
Speaker #3: When our products work together , our clients can navigate this complexity with confidence rather than confusion CMS , a clear example of this in action .
Speaker #3: It allows advertisers to evaluate audiences for social creators alongside ad-supported connected television and linear TV, and to plan true cross-platform campaigns from a single, unified view.
Speaker #3: This is the flywheel capability that we're building . I look forward to sharing more Looking ahead , we're also bringing forward innovation in AI measurement , an area that is only going to grow in importance for our clients The early work here includes measuring which sources LLMs and AI search tools are citing how these tools are changing the way consumers discover brands and products , and perhaps most importantly , how they're changing the way consumers make purchase decisions What differentiates comScore is how we get this data .
Jon Carpenter: What differentiates Comscore is how we get this data. Our unique digital panel assets allow us to directly observe millions of AI search and AI chatbot interactions every single month. When we provide clients with single insights into how these tools are reshaping their businesses, it's based on real observed behavior, not just assumptions. CCM, AI measurement, connected product flywheel. Our work in these areas is evidence that we're delivering all in service of one goal, establishing Comscore as the standard for modern measurement. We look forward to sharing more about our progress and strategy with you throughout 2026. Now I'll turn it over to Mary Margaret to take you through our 2025 results.
Jon Carpenter: What differentiates Comscore is how we get this data. Our unique digital panel assets allow us to directly observe millions of AI search and AI chatbot interactions every single month. When we provide clients with single insights into how these tools are reshaping their businesses, it's based on real observed behavior, not just assumptions. CCM, AI measurement, connected product flywheel. Our work in these areas is evidence that we're delivering all in service of one goal, establishing Comscore as the standard for modern measurement. We look forward to sharing more about our progress and strategy with you throughout 2026. Now I'll turn it over to Mary Margaret to take you through our 2025 results.
Speaker #3: Our unique digital panel assets allow us to directly observe millions of AI , search and AI chat bot interactions every single month . When we provide clients with insights into how these tools are reshaping their businesses , it's based on real observed behavior , not just assumptions AI measurement , a connected product flywheel .
Speaker #3: Our work in these areas is evidence that we're delivering all in service of one goal, establishing Comscore as the standard for modern measurement. We look forward to sharing more about our progress in strategy with you throughout 2026.
Speaker #3: Now I'll turn it over to Mary Margaret to take you through our 2025 results.
Speaker #4: Thank you John Total revenue for the year was 357.5 million , up 0.4% from 356,000,000 in 2020 . Four . And in line with the guidance we gave on last quarter's earnings .
Mary Margaret Curry: Thank you, John. Total revenue for the year was $357.5 million, up 0.4% from $356 million in 2024 and in line with the guidance we gave on last quarter's earnings call. Content and ad measurement revenue of $304.3 million was up 1% from 2024, driven by growth in our cross-platform and local TV offerings. Cross-platform revenue of $50.3 million was up 24.4% compared to the prior year, driven by higher usage of our Proximic and CCR products along with the successful rollout of CCM.
Mary Margaret Curry: Thank you, John. Total revenue for the year was $357.5 million, up 0.4% from $356 million in 2024 and in line with the guidance we gave on last quarter's earnings call. Content and ad measurement revenue of $304.3 million was up 1% from 2024, driven by growth in our cross-platform and local TV offerings. Cross-platform revenue of $50.3 million was up 24.4% compared to the prior year, driven by higher usage of our Proximic and CCR products along with the successful rollout of CCM.
Speaker #4: Earnings call Content and ad measurement revenue of 304.3 million was up 1% from 2024 , driven by growth in our cross-platform and local TV offerings .
Speaker #4: Cross-Platform revenue of 50.3 million was up 24.4% compared to the prior year , driven by higher usage of our Proxemic and CCR products , along with the successful rollout of CDN syndicated audience revenue of 253.9 million was down 2.6% from 2024 , driven by declines in our national TV and syndicated digital offerings , partially offset by growth from our other syndicated offerings , including double digit growth in local TV from higher renewals and new business Our movies business also posted solid growth , generating 38.4 million of revenue in 2025 , up 3.4% from the prior year .
Mary Margaret Curry: Syndicated audience revenue of $253.9 million was down 2.6% from 2024, driven by declines in our national TV and syndicated digital offerings, partially offset by growth from our other syndicated offerings, including double-digit growth in local TV from higher renewals and new business. Our movies business also posted solid growth, generating $38.4 million of revenue in 2025, up 3.4% from the prior year. Research and Insight Solutions revenue of $53.2 million was down 3.1% from 2024, primarily due to lower deliveries of certain custom digital products, partially offset by new business from our Consumer Brand Health products. Adjusted EBITDA for the year was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8%.
Mary Margaret Curry: Syndicated audience revenue of $253.9 million was down 2.6% from 2024, driven by declines in our national TV and syndicated digital offerings, partially offset by growth from our other syndicated offerings, including double-digit growth in local TV from higher renewals and new business. Our movies business also posted solid growth, generating $38.4 million of revenue in 2025, up 3.4% from the prior year. Research and Insight Solutions revenue of $53.2 million was down 3.1% from 2024, primarily due to lower deliveries of certain custom digital products, partially offset by new business from our Consumer Brand Health products. Adjusted EBITDA for the year was $42 million, up 2.6% from 2024, resulting in an adjusted EBITDA margin of 11.8%.
Speaker #4: Research and Insight Solutions revenue of 53.2 million was down 3.1% from 2024 , primarily due deliveries of certain custom digital products , partially offset by new business from our consumer brand health products Adjusted EBITDA for the year was 42 million , up 2.6% from 2024 , resulting in an adjusted EBITDA margin of 11.8% .
Speaker #4: These results are largely driven by our intentional decision making around spend , which we calibrated throughout the year to align with our revenue expectations Our core operating expenses for 2025 were up 1% year over year .
Mary Margaret Curry: These results are largely driven by our intentional decision-making around spend, which we calibrated throughout the year to align with our revenue expectations. Our core operating expenses for 2025 were up 1% year-over-year, primarily driven by an increase in employee incentive compensation, higher revenue share costs, and higher panel costs, partially offset by lower data costs, most notably from the amendment we signed at the end of 2024 related to our data license agreement with Charter. We also made targeted investments in 2025, which contributed to the increase in operating expenses. As we've discussed on prior calls, we're focused on investing in areas that have the greatest potential to either accelerate top-line growth or streamline our operations.
Mary Margaret Curry: These results are largely driven by our intentional decision-making around spend, which we calibrated throughout the year to align with our revenue expectations. Our core operating expenses for 2025 were up 1% year-over-year, primarily driven by an increase in employee incentive compensation, higher revenue share costs, and higher panel costs, partially offset by lower data costs, most notably from the amendment we signed at the end of 2024 related to our data license agreement with Charter. We also made targeted investments in 2025, which contributed to the increase in operating expenses. As we've discussed on prior calls, we're focused on investing in areas that have the greatest potential to either accelerate top-line growth or streamline our operations.
Speaker #4: Primarily driven by an increase in employee incentive compensation, higher revenue share costs, and higher panel costs, partially offset by lower data costs.
Speaker #4: Most notably from the amendment we signed at the end of 2024 related to our data license agreement with Charter. We also made targeted investments in 2025, which contributed to the increase in operating expenses.
Speaker #4: As we've discussed on prior calls, we're focused on investing in areas that have the greatest potential to either accelerate top-line growth or streamline our operations.
Speaker #4: In 2025 , we invested in enhancing our cross-platform product suite and related sales teams , improving our panel footprint and integrating AI across the company , among other things .
Mary Margaret Curry: In 2025, we invested in enhancing our cross-platform product suite and related sales teams, improving our panel footprint and integrating AI across the company, among other things. We believe these investments will continue to provide benefits to our business going forward. Our Q4 results tell a similar story with a couple of distinctions that I'll call out. Total revenue for the Q4 was $93.5 million, down 1.5% from $94.9 million the same quarter a year ago. Content and ad measurement revenue of $78.8 million was down 2.7% from 2024, primarily driven by lower revenue from our national TV and syndicated digital products, partially offset by growth from our cross-platform offerings.
Mary Margaret Curry: In 2025, we invested in enhancing our cross-platform product suite and related sales teams, improving our panel footprint and integrating AI across the company, among other things. We believe these investments will continue to provide benefits to our business going forward. Our Q4 results tell a similar story with a couple of distinctions that I'll call out. Total revenue for the Q4 was $93.5 million, down 1.5% from $94.9 million the same quarter a year ago. Content and ad measurement revenue of $78.8 million was down 2.7% from 2024, primarily driven by lower revenue from our national TV and syndicated digital products, partially offset by growth from our cross-platform offerings.
Speaker #4: We believe these investments will continue to provide benefits to our business going forward Our fourth quarter results tell a similar story with a couple of distinctions that I'll call out .
Speaker #4: Total revenue for the fourth quarter was 93.5 million , down 1.5% from 94.9 million . The same quarter a year ago Content and ad measurement revenue of 78.8 million was down 2.7% from 2024 , primarily driven by lower revenue from our national TV and syndicated digital products , partially offset by growth from our cross-platform offerings As John mentioned on our last earnings call , we expected cross-platform growth in the fourth quarter to be impacted by a strategy shift of one of our large retail media clients This turned out to be the case , resulting in cross-platform revenue growth of just under 10% in Q4 , lower than the growth we saw previous quarters .
Mary Margaret Curry: As Jon mentioned on our last earnings call, we expected cross-platform growth in Q4 to be impacted by a strategy shift of one of our large retail media clients. This turned out to be the case, resulting in cross-platform revenue growth of just under 10% in Q4, lower than the growth we saw in previous quarters. We expect this to pick back up in 2026, with double-digit growth in cross-platform projected for the year. Our movies business generated revenue of $9.9 million in the quarter, resulting in 5.5% growth over Q4 of 2024. Research and Insight Solutions revenue of $14.6 million increased 5.3% from the prior year quarter, primarily due to new business from our Consumer Brand Health products.
Mary Margaret Curry: As Jon mentioned on our last earnings call, we expected cross-platform growth in Q4 to be impacted by a strategy shift of one of our large retail media clients. This turned out to be the case, resulting in cross-platform revenue growth of just under 10% in Q4, lower than the growth we saw in previous quarters. We expect this to pick back up in 2026, with double-digit growth in cross-platform projected for the year. Our movies business generated revenue of $9.9 million in the quarter, resulting in 5.5% growth over Q4 of 2024. Research and Insight Solutions revenue of $14.6 million increased 5.3% from the prior year quarter, primarily due to new business from our Consumer Brand Health products.
Speaker #4: We expect this to pick back up in 2026 , with double digit growth in cross-platform projected for the year . Our movie's business generated revenue of 9.9 million in the quarter , resulting in 5.5% growth over Q4 of 2024 .
Speaker #4: Research and Insight Solutions revenue of $14.6 million increased 5.3% from the prior year quarter, primarily due to new business from our consumer brand health products.
Speaker #4: Adjusted EBITDA for the quarter was 14.7 million , up 3.3% from the prior year quarter , resulting in an adjusted EBITDA margin of 15.7% .
Mary Margaret Curry: Adjusted EBITDA for the quarter was $14.7 million, up 3.3% from the prior year quarter, resulting in an adjusted EBITDA margin of 15.7%. Our core operating expenses were down 4.4% compared to Q4 2024, primarily due to lower employee compensation and data costs, partially offset by higher rev share costs. Looking ahead to 2026, we believe our revenue and adjusted EBITDA performance will continue to follow the trends we saw in 2025. We expect our cross-platform offerings, along with continued local TV adoption, to play a significant role in shaping our business for 2026. As I mentioned earlier, we expect to see continued double-digit growth from our cross-platform offerings in 2026, which should offset the declines that we anticipate from our national TV and syndicated digital products.
Mary Margaret Curry: Adjusted EBITDA for the quarter was $14.7 million, up 3.3% from the prior year quarter, resulting in an adjusted EBITDA margin of 15.7%. Our core operating expenses were down 4.4% compared to Q4 2024, primarily due to lower employee compensation and data costs, partially offset by higher rev share costs. Looking ahead to 2026, we believe our revenue and adjusted EBITDA performance will continue to follow the trends we saw in 2025. We expect our cross-platform offerings, along with continued local TV adoption, to play a significant role in shaping our business for 2026. As I mentioned earlier, we expect to see continued double-digit growth from our cross-platform offerings in 2026, which should offset the declines that we anticipate from our national TV and syndicated digital products.
Speaker #4: Our core operating expenses were down 4.4% compared to the fourth quarter of 2024, primarily due to lower employee compensation and data costs, partially offset by higher rev share costs. Looking ahead to 2026, we believe our revenue and adjusted EBITDA performance will continue to follow the trends we saw in 2025.
Speaker #4: We expect our cross-platform offerings , along with continued local TV adoption , to play a significant role in shaping our business for 2026 .
Speaker #4: As I mentioned earlier , we expect to see continued double digit growth from our cross-platform offerings in 2026 , which should offset the declines that we anticipate from our national TV and syndicated digital products As such , we expect revenue in the first quarter of 2026 to be roughly flat compared to the first quarter of 2025 .
Mary Margaret Curry: As such, we expect revenue in Q1 2026 to be roughly flat compared to Q1 2025. We also plan to continue making investments in key areas of the business with the goal of driving top line growth and streamlining our operations while remaining disciplined with overall spend as we work to improve our cash flow. We believe the recapitalization transaction was the first step in our strategy to transform Comscore, putting us in a better position to evaluate additional strategic actions that have the potential to further streamline our capital structure, enhance our financial profile, unlock growth, and simplify our business, all of which can contribute to generating cash flow and driving shareholder value. We plan to provide an update on our progress, along with our financial outlook for the rest of the year on our next earnings call.
Mary Margaret Curry: As such, we expect revenue in Q1 2026 to be roughly flat compared to Q1 2025. We also plan to continue making investments in key areas of the business with the goal of driving top line growth and streamlining our operations while remaining disciplined with overall spend as we work to improve our cash flow. We believe the recapitalization transaction was the first step in our strategy to transform Comscore, putting us in a better position to evaluate additional strategic actions that have the potential to further streamline our capital structure, enhance our financial profile, unlock growth, and simplify our business, all of which can contribute to generating cash flow and driving shareholder value. We plan to provide an update on our progress, along with our financial outlook for the rest of the year on our next earnings call.
Speaker #4: We also plan to continue making investments in key areas of the business, with the goal of driving top-line growth and streamlining our operations while remaining disciplined with overall spend.
Speaker #4: As we work to improve our cash flow . We believe the recapitalization transaction was the first step in our strategy to transform comScore , putting us in a better position to evaluate additional strategic actions that have the potential to further streamline our capital structure , enhance our financial profile , unlock growth , and simplify our business .
Speaker #4: All of which can contribute to generating cash flow and driving shareholder value. We plan to provide an update on our progress, along with our financial outlook for the rest of the year.
Speaker #4: On our next earnings call. With that, I'll turn it back over to the operator for questions.
Mary Margaret Curry: With that, I'll turn it back over to the operator for questions.
Mary Margaret Curry: With that, I'll turn it back over to the operator for questions.
Speaker #2: Thank you . A reminder to ask a question . Simply press star one one on your telephone and wait for your name to be announced to withdraw your self from the queue , press star one one again .
Operator: Thank you. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To withdraw yourself from the queue, press star one one again. One moment for our first question. It comes from the line of Jason Kreyer with Craig-Hallum. Please proceed.
Operator: Thank you. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To withdraw yourself from the queue, press star one one again. One moment for our first question. It comes from the line of Jason Kreyer with Craig-Hallum. Please proceed.
Speaker #2: One moment for our first question. It comes from the line of Jason Kramer with Craig-Hallum. Please proceed.
Speaker #5: Great . Thank you guys . Just wanted to see if you can talk a little bit about the financial flexibility . With the structural changes that have been put in place in the business over the last few months , how does that open up kind of strategic flexibility or changes to to how you want to run the business going forward
Jason Kreyer: Great. Thank you, guys. Just wanted to just see if you can talk a little bit about the financial flexibility. With the structural changes that have been put in place in the business over the last few months, how does that open up kind of strategic flexibility or changes to how you wanna run the business going forward?
Jason Kreyer: Great. Thank you, guys. Just wanted to just see if you can talk a little bit about the financial flexibility. With the structural changes that have been put in place in the business over the last few months, how does that open up kind of strategic flexibility or changes to how you wanna run the business going forward?
Speaker #3: Hi , Jason . Thanks . Yeah . As we move forward , I mean , I think one of the key elements here overall is just freeing up , you know , again , $18 million in dividends that the preferred holders were entitled to not having that obligation on a go forward basis .
Jon Carpenter: Hi, Jason. Thanks. Yeah. As we move forward, I mean, I think, you know, one of the key elements here overall is just freeing up, you know, again, $80 million in dividends that the preferred holders were entitled to. Not having that obligation on a go-forward basis better positions the company moving forward. I think some of the actions that the preferred holders took to reduce the size of the board as part of that transaction that we announced, you know, helps us take down costs associated with running the board. So I think both those things bode well in terms of, you know, freeing up the balance sheet to continue investing in the products that, you know, are gonna drive the most meaningful growth going forward, namely our cross-platform execution.
Jon Carpenter: Hi, Jason. Thanks. Yeah. As we move forward, I mean, I think, you know, one of the key elements here overall is just freeing up, you know, again, $80 million in dividends that the preferred holders were entitled to. Not having that obligation on a go-forward basis better positions the company moving forward. I think some of the actions that the preferred holders took to reduce the size of the board as part of that transaction that we announced, you know, helps us take down costs associated with running the board. So I think both those things bode well in terms of, you know, freeing up the balance sheet to continue investing in the products that, you know, are gonna drive the most meaningful growth going forward, namely our cross-platform execution.
Speaker #3: Better positions the company moving forward . I think some of the some of the actions that the preferred holders took to reduce the size of the board as part of that transaction that we announced , you know , helps us take down take down costs associated with with running the board .
Speaker #3: So I think both those things bode well in terms of , you know , freeing up the balance sheet to continue investing in the products that are going to drive the most meaningful growth going forward , namely , namely , our cross platform execution
Speaker #5: Good to hear . Maybe staying on on the cross-platform topic Curious if you can talk about the last several months , your ability to increase utilization of existing partners with your cross-platform solutions , and then maybe a little bit of context on your ability to add new partners to cross-platform .
Jason Kreyer: Good to hear. Maybe staying on the cross-platform topic. Curious if you kinda can talk about the last several months, your ability to increase utilization of existing partners with your cross-platform solutions, and then maybe a little bit of context on your ability to add new partners to cross-platform.
Jason Kreyer: Good to hear. Maybe staying on the cross-platform topic. Curious if you kinda can talk about the last several months, your ability to increase utilization of existing partners with your cross-platform solutions, and then maybe a little bit of context on your ability to add new partners to cross-platform.
Speaker #3: Yeah, I think it's been a nice combination of both increased usage of our cross-platform audience product, Proximic, across the client set.
Jon Carpenter: Yeah. I think it's been a nice combination of both increased usage of, you know, our cross-platform audience product, Proximic, across the client set. We are continuing to expand partnerships. We did so in the Q4. We'll continue to do so, and hope to be able to announce those in short order as we go through the early part of 2026 in terms of how the partnerships on the audience, the cross-platform audience capabilities is expanding. I'd just say on the cross-platform measurement products, CCM, you know, really encouraged by the early adoption across the client set of that product, really from launch through the end of the year.
Jon Carpenter: Yeah. I think it's been a nice combination of both increased usage of, you know, our cross-platform audience product, Proximic, across the client set. We are continuing to expand partnerships. We did so in the Q4. We'll continue to do so, and hope to be able to announce those in short order as we go through the early part of 2026 in terms of how the partnerships on the audience, the cross-platform audience capabilities is expanding. I'd just say on the cross-platform measurement products, CCM, you know, really encouraged by the early adoption across the client set of that product, really from launch through the end of the year.
Speaker #3: We are continuing to expand partnerships . We did so in the , in the fourth quarter , we'll continue to do so . And hope to be able to announce those in short order as we go through the the early part of 2026 .
Speaker #3: In terms of how the partnerships on the audience , cross-platform audience capabilities is expanding . And then I just say on , on the cross-platform measurement products , you know , really encouraged by the early adoption across the client set of that product , really from launch through the end of the year .
Jon Carpenter: We continue to see usage headed in the right direction on that front, and we still have a number of product features and enhancements that we're gonna continue to roll out over the course of 2026.
Speaker #3: And we continue to see usage headed in the right direction on that front. And we still have a number of features and enhancements that we're going to continue to roll out over the course of 2026.
Jon Carpenter: We continue to see usage headed in the right direction on that front, and we still have a number of product features and enhancements that we're gonna continue to roll out over the course of 2026.
Speaker #5: All right . Good to hear more to come . There . One last one for me . Just on the local side of the business , it seems that markets evolving , maybe creating more of a role for Comscore Inc .
Jason Kreyer: All right. Good to hear more to come there. One last one for me. Just on the local side of the business, it seems that market's evolving, maybe creating more of a role for Comscore. Just wondering what your thoughts are on the local market as we go forward. Thanks, John.
Jason Kreyer: All right. Good to hear more to come there. One last one for me. Just on the local side of the business, it seems that market's evolving, maybe creating more of a role for Comscore. Just wondering what your thoughts are on the local market as we go forward. Thanks, John.
Speaker #5: Just wondering what your thoughts and what your thoughts are on the local market as we go forward . Thanks , John .
Speaker #3: Yeah , I think , you know , certainly in the traditional sense , the currency conversations continue to go very well for us in terms of those clients that are looking to transact more holistically against the comp core offering .
Jon Carpenter: Yeah. I think, I mean, you know, certainly in the traditional sense, the currency conversations continue to go very well for us in terms of those clients that are looking to transact more holistically against the Comscore offering. You know, we had some really good success on that over 2025 and the early readout in 2026, as the renewals have come through. We fully anticipate that continuing. Then I just think as the world evolves to, you know, more audience-based buying across the ecosystem, you know, we remain, you know, really the only place you can go to buy local audiences, local advanced audiences or specific local advanced targeting at the local market level at any meaningful scale.
Jon Carpenter: Yeah. I think, I mean, you know, certainly in the traditional sense, the currency conversations continue to go very well for us in terms of those clients that are looking to transact more holistically against the Comscore offering. You know, we had some really good success on that over 2025 and the early readout in 2026, as the renewals have come through. We fully anticipate that continuing. Then I just think as the world evolves to, you know, more audience-based buying across the ecosystem, you know, we remain, you know, really the only place you can go to buy local audiences, local advanced audiences or specific local advanced targeting at the local market level at any meaningful scale.
Speaker #3: You know , we had some real good success on that over over 2025 . And the early readout in 2026 on the renewals have come through .
Speaker #3: We fully anticipate that that continuing . And then I just think as , as the world evolves to , you know , more audience based buying across the ecosystem , you know , we remain , you know , really the only place you can go to buy local audiences , local , advanced audiences or specific local , advanced targeting at the local market level , at any meaningful scale .
Speaker #3: And as that , that side of the business to accelerate , that plays right into to our wheelhouse . And of course , as you know , that product anchors our cross-platform capability , which really , really helps us drive the overall robustness of what we're able to do in terms of attaching audiences , whether it be traditional , linear to , to digital at a hyper local level , incredibly impactful Steve , do you have anything , do you have anything else to add on the on local at all ?
Jon Carpenter: As that side of the business continues to accelerate, that plays right into our wheelhouse. Of course, as you know, that product anchors our cross-platform capability, which really helps drive the overall robustness of what we're able to do in terms of attaching audiences, whether it be traditional linear to digital at a hyperlocal level, incredibly impactful. Steve, do you have anything else to add on the local at all?
Jon Carpenter: As that side of the business continues to accelerate, that plays right into our wheelhouse. Of course, as you know, that product anchors our cross-platform capability, which really helps drive the overall robustness of what we're able to do in terms of attaching audiences, whether it be traditional linear to digital at a hyperlocal level, incredibly impactful. Steve, do you have anything else to add on the local at all?
Speaker #6: No, I think that's totally in alignment.
Steve Bagdasarian: No, I think that's totally in alignment.
Steve Bagdasarian: No, I think that's totally in alignment.
Speaker #3: All right .
Jon Carpenter: All right. Does that help, Jason?
Jon Carpenter: All right. Does that help, Jason?
Speaker #5: Thank you guys . Yep . That's terrific . Appreciate it
Jason Kreyer: Thank you, guys. Yep, that's terrific. Appreciate it.
Jason Kreyer: Thank you, guys. Yep, that's terrific. Appreciate it.
Speaker #3: Thank you
Jon Carpenter: Thank you.
Jon Carpenter: Thank you.
Speaker #2: Thank you. As I see no other questions in the queue, I will conclude the session and pass it back to Mr. Jonathan Carpenter for final remarks.
Operator: Thank you. As I see no other questions in the queue, I will conclude this session and pass it back to Mr. Jon Carpenter for final remarks.
Operator: Thank you. As I see no other questions in the queue, I will conclude this session and pass it back to Mr. Jon Carpenter for final remarks.
Speaker #3: Great, thank you. I'd like to just take a minute to thank our employees for their continued work to help us deliver for our clients.
Jon Carpenter: Great. Thank you. I'd like to just take a minute to thank our employees for their continued work to help us deliver for our clients. Further, I'd just like to thank our investors and clients for their continued trust and partnerships. Thanks, everyone, for joining us this evening, and I'm sure we'll be talking soon. Have a good night.
Jon Carpenter: Great. Thank you. I'd like to just take a minute to thank our employees for their continued work to help us deliver for our clients. Further, I'd just like to thank our investors and clients for their continued trust and partnerships. Thanks, everyone, for joining us this evening, and I'm sure we'll be talking soon. Have a good night.
Speaker #3: And further , I'd just like to thank our our investors and clients for their continued trust and partnerships . Thanks , everyone for joining us this evening .
Speaker #3: And I'm sure we'll be talking soon. Have a good night.
Operator: Thank you. This concludes our conference. Thank you for participating, and you may now disconnect.
Operator: Thank you. This concludes our conference. Thank you for participating, and you may now disconnect.