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ComScore Reports First Quarter 2011 Results

ComScore Reports First Quarter 2011 Results

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07/06/2011

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comScore Reports First Quarter 2011 Results
 
First quarter revenue grows 47% year-over-year First quarter non-GAAP adjusted EBITDA increases 46% year-over-year First quarter non-GAAP EPS reaches $0.24 per share
RESTON, VA
 –
May 2, 2011
 –
 comScore, Inc.(NASDAQ: SCOR), a leader in measuring the digital world, today announced financial results for the first quarter 2011.In the first quarter of 2011, comScore achieved quarterly revenue of $53.0 million, which was an increase of 47% over the first quarter of 2010. GAAP loss before income taxes was ($2.5) million in the first quarter of 2011 and GAAP net loss was ($0.3) million, or ($0.01) per basic and diluted share. Non-GAAP net income inthe first quarter of 2011 was $7.7 million, a 54% increase over the first quarter of 2010, and represented$0.24 per diluted share. Adjusted EBITDA was $9.9 million in the first quarter of 2011, an increase of 46%from adjusted EBITDA of $6.8 million in the first quarter of 2010.
Dr. Magid Abraham, comScore's president and chief executive officer said, “
With record revenue and strongoverall first quarter results, the year is off to a good start. Deferred revenues grew by 42% from the firstquarter of 2010 and reached a record level of $73.3 million, while free cash flow was a new quarterly recordof $13.5 million. International revenue grew 97% over first quarter 2010 and now represents 23% of ourtotal revenue. We added 55 net new customers during the quarter, and we continued to enjoy healthyrenewal rates and strong revenue growth among our existing and new customers.
We are pleased with the business momentum we are seeing and the integration of the acquisitions wemade in the second half of 2010 are proceeding well. In particular, we are excited about our recent launchof our highly differentiated web analytics tool, Digital Analytix, that has received an enthusiastic customerreception.
 
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First Quarter 2011 Financial and Business Summary
(Dollars in millions, except per share data)
1Q11 1Q10
Change
Revenue53.0$ 36.1$ 46.8%GAAP (Loss) Income Before Income Taxes(2.5)$ 1.3$ NMGAAP Net (Loss) Income(0.3)$ 0.2$ NMGAAP EPS(0.01)$ 0.01$ NMAdjusted EBITDA*9.9$ 6.8$ 45.6%Adjusted EBITDA Margin*18.7%18.8%-0.5%Non-GAAP Net Income*7.7$ 5.0$ 54.0%Non-GAAP EPS*0.24$ 0.16$ 50.0%Operating Cash Flow15.1$ 14.8$ 2.0%Free Cash Flow*13.5$ 13.1$ 3.1%Deferred Revenue73.3$ 51.5$ 42.3%Subscription Revenue44.8$ 30.9$ 45.0%Project Revenue8.2$ 5.2$ 57.7%Existing Customer Revenue45.0$ 32.3$ 39.3%New Customer Revenue8.0$ 3.8$ 110.5%International Revenue12.4$ 6.3$ 96.8%Customer Count1,8071,34934.0%
 *A complete reconciliation of GAAP to non-GAAP historical results is set forth in the attachment to this pressrelease.
Financial Outlook  
Dr. Abraham
concluded, “
With continued business momentum we are increasingly confident in our full yearperformance. As such we are increasing our anticipated full-year revenue growth to a range of 35% to 37%over 2010. We believe that with our expanding product portfolio and geographic footprint, we haveconsiderably expanded our market opportunity and we plan to invest revenue upside in our long-termgrowth while still delivering healthy profitability on a full-year basis. Over the longer term, we believe ourwidened portfolio of best-in-breed products positions us to achieve strong top-line growth that we will beable to leverage with scale to further enhance our
profitability.”
comScore's expectations for the second quarter of 2011 are outlined in the table below:GAAP Revenue $57.2 million to $58.0 millionGAAP (loss) before income taxes ($5.6) million to ($6.4) millionAdjusted EBITDA* $10.0 million to $10.8 millionEstimated fully-diluted shares 32.6 millioncomScore's expectations for full year 2011 are outlined in the table below:
 
 3GAAP Revenue $236.2 million to $239.7 millionGAAP (loss) before income taxes ($3.2) million to ($5.8) millionAdjusted EBITDA* $50.5 million to $53.1 millionEstimated fully-diluted shares 32.7 million*Reconciliations of GAAP to non-GAAP measures are set forth in the attachment to this press release.Due to the high variability and difficulty in predicting certain items that affect GAAP net income, such as taxrates and stock price, comScore is unable to provide a complete reconciliation of Adjusted EBITDA to netincome (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 attachmentto this press release.
Conference Call Information:
Management will provide commentary on the company's results in a conference call on Monday, May 2,2011 at 5:00 pm ET.The conference call and replay can be accessed by telephone and webcast as follows:
Call-in Number
: 888-679-8018, Pass code 62072661(International) 617-213-4845, Pass code 62072661
Replay Number
: 888-286-8010, Pass code 89718758(International) 617-801-6888, Pass code 89718758Webcast (live and replay):http://ir.comscore.com/events.cfm 
 About comScore
comScore, Inc. (NASDAQ: SCOR) is a global leader in measuring the digital world and preferred source of digital business analytics. For more information, please visithttp://www.comscore.com/companyinfo.
 
Non-GAAP Financial Measures
comScore reports all financial information required in accordance with generally accepted accountingprinciples (GAAP). comScore believes, however, that evaluating its ongoing operating results will beenhanced if it also discloses certain non-GAAP information because it is useful to understand comScore'sperformance, as it excludes non-cash and other charges that many investors believe may obscurecomScore's on-going operating results.

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