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comScore: Record Quarterly Revenues And Adjusted Ebitda Performance

The following excerpt is from the company's SEC filing.

$125 Million Stock Buy-Back Program Announced

Merger with Rentrak Completed

comScore, Inc

. (NASDAQ: SCOR), today announced financial results for the

fourth quarter

and full year

Fourth Quarter

and Full Year

comScore achieved record fourth quarter GAAP revenue of

$97.7 million

, an increase of

compared to the fourth quarter of

. GAAP income before income taxes was

$6.5 million

. GAAP net income was

$4.4 million

per diluted share. Free cash flow for the fourth quarter was

$10.7 million

, up 68% from the same quarter last year.

Fourth quarter

results and metrics compared to

on a proforma basis* were as follows:

Revenue of

Adjusted EBITDA of

$27.4 million

Adjusted EBITDA margin was

of revenue, up

basis points.

Non-GAAP net income was $18.9 million, up 19%.

comScore achieved record annual GAAP revenue of 368.8 million, an increase of 12% compared to 2014. GAAP loss before income taxes was ($5.0) million, GAAP net loss was $(6.8) million or $(0.18) per basic and diluted share.

Free cash flow for the year ended December 31, 2015 was

$55.3 million

, up 32%.

Full year to date

results and metrics compared to the twelve months ended December 31,

$368.4 million

$95.0 million

Non-GAAP net income was $69.6 million, up 27%.

comScore disposed of its Mobile Operator Analytics Division in May. All historical pro forma results and growth rates included in the foregoing reflect adjustments to exclude the Company's Mobile Operator Analytics Divisions as of the beginning of 2014 for the purposes of consistent presentation and are based on management's estimates of the revenue and results of operations for this business. See Reconciliation of Revenue and Income before Income Taxes to non-GAAP Revenue, non-GAAP Income and Adjusted EBITDA set forth in the attachment to this press release.

"I'm very pleased to announce that comScore delivered record revenues, record Adjusted EBITDA and strong net income from operations,” said Serge Matta, Chief Executive Officer of comScore. "With the completion of our merger with Rentrak and the introduction of our new Total Home Panel

, we are moving swiftly and decisively to deliver the cross media solutions and currencies we know our clients need. We continue to see momentum in our audience and advertising solutions, including Media Metrix Multi-Platform and vCE. We kicked off 2016 with an important milestone, announcing Media Ratings Council accreditation for Media Metrix, the first time the MRC has accredited a digital audience measurement service. Additionally, we are highly optimistic on the future of the new comScore and as such are initiating a new $125 million Stock Buyback Program."

Supplemental Financial and Business Information

(dollars in millions)

(unaudited)

Pro Forma 4Q15*

Pro Forma 4Q14*

Change

Total Revenue

Subscription Revenue

Project Revenue

Existing Customer Revenue

New Customer Revenue

International Revenue

US Revenue

27,400

21,077

Customer Count

comScore disposed of its Mobile Operator Analytics Division in May 2015. All historical pro forma results and growth rates included in the foregoing reflect adjustments to exclude the Company's Mobile Operator Analytics Division as of the beginning of 2014 for the purposes of consistent presentation and are based on management's estimates of the revenue and results of operations for this business. See Reconciliation of Revenue and Income before Income Taxes to non-GAAP Revenue, non-GAAP Income and Adjusted EBITDA set forth in the attachment to this press release.

Financial Outlook

comScore's expectations for the first quarter of 2016 are outlined in the table below.

$105 million to $111 million

GAAP (loss) / income before income taxes

($1.9) million to $6.5 million

Adjusted EBITDA***

$19.0 million to $23.5 million

Estimated fully-diluted shares

52.0 million

comScore's expectations for full year 2016 are outlined in the table below.

$508.0 million to $532.0 million

GAAP (loss) before income taxes

($26.9) million to ($3.5) million

$116.0 million to $132.0 million

56.2 million

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

comScore's revenue expectations for the first quarter and full year 2016 includes anticipated effects of divesting its Digital Analytics division, which closed in January 2016, and completion of its acquisition of Rentrak on January 29, 2016.

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

Conference Call Information

Management will provide commentary on the company's results in a conference call on Wednesday, February 17th at 8:30 a.m. ET.

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

Call-in Number

: 844-848-8734

(International) 678-562-4248

Pass code - 27649746

Webcast (live and replay):

http://ir.comscore.com/events.cfm

About comScore

comScore (NASDAQ: SCOR) is a leading cross-platform measurement company that precisely measures audiences, brands and consumer behavior everywhere. comScore completed its merger with Rentrak Corporation in January 2016 to create the new model for a dynamic, cross-platform world. Built on precision and innovation, our unmatched data footprint combines proprietary digital, TV and movie intelligence with vast demographic details to quantify consumers' multiscreen behavior at massive scale. This approach helps media companies monetize their complete audiences and allows marketers to reach these audiences more effectively. With more than 3,200 clients and global footprint in more than 75 countries, comScore is delivering the future of measurement. For more information on comScore, please visit comscore.com.

Non-GAAP Financial Measures

comScore reports all financial information required in accordance with generally accepted accounting principles (GAAP). comScore believes, however, that evaluating its ongoing operating results will be enhanced if it also discloses certain...


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