Comscore Inc (SCOR) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Comscore second quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, John Tinker, Head of Investor Relations. Please go ahead.

您好，感謝您的支持。歡迎參加 Comscore 2025 年第二季財務業績電話會議。（操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的第一位發言者，投資者關係主管約翰·廷克 (John Tinker)。請繼續。

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, August 5, 2025.

謝謝您，接線生。在我們開始準備好的發言之前，我想提醒大家，以下討論包含前瞻性陳述。這些前瞻性陳述包括對我們的計劃、期望和前景的評論，基於我們截至 2025 年 8 月 5 日的觀點。

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 do disclaim any duty or obligation to update our forward-looking statements to reflect any new information after today's call.

由於存在許多風險和不確定性，我們未來期間的實際結果可能與目前預期的結果有重大差異。這些風險和不確定性包括我們向美國證券交易委員會 (SEC) 提交的 10-K、10-Q 和其他文件中概述的風險和不確定性，您可以在我們的網站或 www.sec.gov 上查閱這些文件。我們不承擔任何義務或責任來更新我們的前瞻性陳述，以反映今天電話會議後的任何新資訊。

We'll be discussing non-GAAP measures during this call, for which we have 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, www.comscore.com, under Investor Relations, Events and Presentations. I'll now turn the call over to Comscore's Chief Executive Officer, Jon Carpenter. Jon?

我們將在本次電話會議中討論非公認會計準則指標，我們已在今天的新聞稿和我們的網站上提供了對帳資訊。請注意，我們將參考本次電話會議的幻燈片，這些幻燈片也可在我們的網站 www.comscore.com 的「投資者關係」、「活動和簡報」下找到。現在我將把電話轉給 Comscore 的執行長 Jon Carpenter。喬恩？

Thanks, everyone, for joining us this evening. With 4% year-over-year revenue growth alongside 25% adjusted EBITDA growth, we delivered a solid print in the second quarter on both the top and bottom line, driven by accelerated growth across our cross-platform solutions, along with another quarter of double-digit growth in our local TV offerings.

感謝大家今晚加入我們。憑藉 4% 的同比增長和 25% 的調整後 EBITDA 增長，我們在第二季度實現了穩健的營收和利潤增長，這得益於我們跨平台解決方案的加速增長，以及我們本地電視產品又一個季度的兩位數增長。

With 60% growth in cross-platform, I remain encouraged by our efforts to build and bring to market best-in-class products that demonstrate Comscore's cross-platform measurement suite of capabilities, products that are buoyed by the audience scale that this company has across digital video, traditional TV, and social. Additionally, Comscore continues to establish itself as the gold standard for local audience measurement, the go-to for both traditional and new media clients here in the US.

隨著跨平台業務成長 60%，我仍然對我們努力打造和向市場推出一流產品感到鼓舞，這些產品展示了 Comscore 的跨平台測量功能套件，這些產品受到該公司在數位視訊、傳統電視和社交媒體上的受眾規模的支持。此外，Comscore 繼續將自己打造為本地受眾測量的黃金標準，成為美國傳統媒體和新媒體客戶的首選。

Currently, we remain the only TV measurement offering available to the market that is both an accredited product by the MRC and that has been certified by the US JIC, 2 independent bodies comprised of our media clients.

目前，我們仍然是市場上唯一一家既獲得 MRC 認可的產品，又獲得美國 JIC 認證的電視測量產品，這兩個獨立機構均由我們的媒體客戶組成。

In the quarter, I'm also pleased to report that we were able to deliver -- able to expand on our long-standing partnership with Google and deliver on a project earlier than we had anticipated, which from a timing perspective, benefited us in the quarter.

在本季度，我很高興地報告，我們能夠擴大與Google的長期合作夥伴關係，並比我們預期的更早完成一個項目，從時間角度來看，這使我們在本季度受益。

Our ability to deliver on projects like this ahead of schedule highlights our progress in becoming a more agile and efficient organization. At the beginning of the year, we laid out what it was going to take for us to drive growth, execution and cross-platform, coupled with a relentless focus on driving currency adoption.

我們能夠提前完成此類項目，凸顯了我們在成為更靈活、更有效率的組織方面所取得的進步。今年年初，我們制定了推動成長、執行和跨平台所需的措施，同時堅持不懈地致力於推動貨幣的採用。

And through the first half of the year, I'm proud of the progress that has been made. Cross-platform growth through the midpoint of the year has been 40%, driven by solid progress in Proximic, our cross-platform audience activation offering as well as great early adoption of our cross-platform content offering, CCM.

我對今年上半年的進步感到自豪。截至今年年中，跨平台成長率已達到 40%，這得益於我們的跨平台受眾激活產品 Proximic 的穩步進展，以及我們的跨平台內容產品 CCM 的早期廣泛採用。

In addition, with MRC accreditation of our TV offering at both the local and national level, coupled with an additional JIC certification of our demos, our Comscore TV currency product delivers more accurate, stable, and consistent TV measurement that our clients can count on.

此外，憑藉我們在地方和國家層面的電視節目獲得的 MRC 認證，以及我們演示節目獲得的 JIC 認證，我們的 Comscore 電視貨幣產品能夠提供更準確、穩定和一致的電視測量，值得我們的客戶信賴。

As we pivoted to the second half of the year, we've continued to sharpen our focus and our goals remain clear. And we believe that the next era of measurement will be defined by Comscore's ability to unlock our full stack of cross-platform measurement capabilities, breaking down the silos that act as attacks placed on today's market by a past that continues to hold on to old ways of doing things.

隨著我們進入下半年，我們繼續集中精力，我們的目標依然明確。我們相信，下一個測量時代將由 Comscore 釋放其全套跨平台測量功能的能力來定義，打破過去仍固守舊方法對當今市場造成的攻擊。

That's why we're so excited about Comscore Content Measurement, a product we just launched in January. Comscore Content Measurement exists to answer questions about audience behavior holistically and across platforms tied to the content being consumed.

這就是我們對一月份剛推出的產品 Comscore 內容測量如此興奮的原因。Comscore 內容測量旨在全面解答有關受眾行為的問題，並解答與消費內容相關的跨平台問題。

Whether it's a show being watched on traditional TV, or the ability to reach an audience streaming a piece of content or engaging with an influencer on a social media platform through a mobile device, CCM is built for clients to plan and reach their desired audiences regardless of the platform.

無論是在傳統電視上觀看的節目，還是透過行動裝置接觸串流內容或與社群媒體平台上的影響者互動，CCM 都能幫助客戶規劃並接觸到他們想要的受眾，無論使用何種平台。

The early adoption has been exciting, and we continue to iterate. We've listened to client feedback and our product road map has us delivering against a number of the most important features by year-end, well ahead of initial plans. I'm encouraged by the momentum we've seen, and I look forward to updating everyone on the progress we make here down the stretch.

早期的採用令人興奮，我們將繼續迭代。我們聽取了客戶的回饋，我們的產品路線圖讓我們在年底前實現一些最重要的功能，遠遠超出了最初的計劃。我對我們所看到的勢頭感到鼓舞，我期待著向大家通報我們在這方面取得的進展。

With that, let me turn it over to Mary Margaret for more detail on our financial results in the quarter. Mary Margaret?

接下來，請允許我向瑪麗瑪格麗特介紹我們本季財務業績的更多詳細資訊。瑪麗瑪格麗特？

Thank you, Jon. Total revenue for the second quarter was $89.4 million, up 4.1% from $85.8 million the same quarter a year ago. Content and ad measurement revenue of $76.8 million was up 6.3% from the prior year quarter, driven by growth in our cross-platform and local TV offerings.

謝謝你，喬恩。第二季總營收為 8,940 萬美元，較去年同期的 8,580 萬美元成長 4.1%。內容和廣告衡量收入為 7,680 萬美元，較去年同期成長 6.3%，這得益於跨平台和本地電視產品的成長。

Cross-platform revenue of $12.8 million was up 60% compared to the prior year, driven by higher usage of our Proximic and Comscore Campaign Ratings solutions as well as the adoption of Comscore Content Measurement, which launched at the beginning of the year.

跨平台收入為 1,280 萬美元，較上年增長 60%，這得益於我們的 Proximic 和 Comscore Campaign Ratings 解決方案的使用率提高，以及採用年初推出的 Comscore Content Measurement。

Syndicated audience revenue of $64 million was flat compared to the prior year quarter, with the declines we've seen in our national TV and syndicated digital products fully offset in Q2 by growth from our other syndicated offerings, including double-digit growth in local TV from higher renewals and new business.

聯合觀眾收入為 6,400 萬美元，與去年同期持平，我們在第二季度看到的全國電視和聯合數位產品的下滑完全被我們其他聯合產品的增長所抵消，包括本地電視因續訂量增加和新業務而實現的兩位數增長。

Our movies business also remained strong, generating $9.6 million of revenue in the second quarter, up 3.6% from the prior year. Research and Insights Solutions revenue of $12.6 million was down 7.4% from Q2 of 2024, in line with our expectations, primarily due to lower renewals and the timing of deliveries for certain custom digital products.

我們的電影業務也保持強勁，第二季創造了 960 萬美元的收入，比上年增長 3.6%。研究與洞察解決方案營收為 1,260 萬美元，較 2024 年第二季下降 7.4%，符合我們的預期，主要原因是續約量減少以及某些客製化數位產品的交付時間縮短。

Adjusted EBITDA for the second quarter was $8.9 million, up 24.5% from the prior year quarter, resulting in an adjusted EBITDA margin of 10%. The year-over-year increase in adjusted EBITDA was largely driven by revenue growth from our cross-platform products, which, as previously mentioned, are expected to generate higher margins.

第二季調整後 EBITDA 為 890 萬美元，較去年同期成長 24.5%，調整後 EBITDA 利潤率為 10%。調整後 EBITDA 的年成長主要得益於我們跨平台產品的營收成長，如前所述，預計這些產品將產生更高的利潤率。

While we remain disciplined in our cost execution, our core operating expenses increased in the second quarter, primarily due to higher employee compensation accruals and an increase in cloud computing costs related to work we're doing for a large enterprise platform client.

雖然我們在成本執行方面保持紀律，但第二季度我們的核心營運費用有所增加，主要是由於員工薪酬應計費用增加以及為我們為大型企業平台客戶所做的工作相關的雲端運算成本增加。

We also continue to transform how we operate and invest in new products and capabilities, which include enhancements to existing products, upgrades to our tech stack, providing faster data delivery and increasing interoperability as we continue to roll out key integrations.

我們也將繼續改變我們的營運方式以及對新產品和新功能的投資，包括對現有產品的增強、技術堆疊的升級、提供更快的資料傳輸以及在繼續推出關鍵整合的同時提高互通性。

Based on current trends and expectations, we're maintaining the revenue guidance we gave on our last earnings call, with revenue expected to be in the low end of our range of $360 million to $370 million.

根據目前的趨勢和預期，我們維持上次收益電話會議上給出的收入預期，預計收入將處於 3.6 億美元至 3.7 億美元區間的低端。

We remain encouraged by the growth in our cross-platform and local TV offerings and believe our guidance reflects a balanced view of what we expect to see in the back half of the year. We currently expect revenue in the third quarter to be roughly flat compared to the prior year quarter, which accounts for the shift in revenue related to the Google contract that Jon mentioned earlier. We are also maintaining our adjusted EBITDA guidance for the full year with an anticipated margin of 12% to 15%.

我們仍然對跨平台和本地電視產品的成長感到鼓舞，並相信我們的指導反映了我們對下半年預期的平衡看法。我們目前預計第三季的營收與去年同期基本持平，這解釋了喬恩之前提到的與Google合約相關的收入變化。我們也維持全年調整後的 EBITDA 指引，預計利潤率為 12% 至 15%。

With that, I'll turn it back over to Jon.

說完這些，我會把話題交還給喬恩。

Thanks, Mary Margaret. Before we open it up for questions, a quick update and that our Board -- on our Board's ongoing strategic review. We hired -- Goldman Sachs has been retained to advise on strategic and capital structure alternatives for the company that should benefit our shareholders. We expect to be able to provide our shareholders with an update on this engagement and any potential outcomes on or before our next earnings call. With that, let's go ahead and open it up for questions, operator.

謝謝，瑪麗瑪格麗特。在我們開始提問之前，我們先來快速更新董事會正在進行的策略審查。我們聘請了高盛公司，為公司提供策略和資本結構替代方案的建議，這將使我們的股東受益。我們希望能夠在下次收益電話會議或之前向股東提供有關此合作的最新情況以及任何潛在結果。好了，接線生，我們開始提問吧。

(Operator Instructions)

（操作員指示）

Jason Kreyer, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團 (Craig-Hallum Capital Group) 的傑森·克雷爾 (Ja

This is Cal on for Jason, and congratulations on the quarter. Maybe just to start on the cross-content measurement product. You noted in the slide deck, substantial client demand, some positive feedback. This is a newer product that we haven't really heard much about. So just curious if you could talk more about what you're seeing early on and the longer-term opportunity you see in this product.

我是傑森的 Cal on，恭喜本季取得的成績。也許只是開始跨內容測量產品。您在幻燈片中提到，客戶需求量很大，有一些正面的回饋。這是我們尚未聽說過的較新產品。所以我很好奇您是否可以詳細談談您早期看到的情況以及您在該產品中看到的長期機會。

Cal, thanks for the question. As we talked about in the prepared remarks, our cross-platform content measurement product really brings together a holistic view of audiences across platform. It's tied directly to the content that's being watched whether that content is an episode of a sitcom or an influencer's video on a social media platform. it's really this unified and deduplicated view of content and audiences that allows both the buy side and the sell side of media to plan and act on a complete cross-platform view of the world.

卡爾，謝謝你的提問。正如我們在準備好的演講中談到的，我們的跨平台內容測量產品確實匯集了跨平台受眾的整體視圖。它與正在觀看的內容直接相關，無論該內容是情境喜劇的一集還是社交媒體平台上有影響力的影片。實際上，這種統一且重複的內容和受眾視圖使得媒體的買方和賣方都可以根據完整的跨平台世界視圖進行規劃和行動。

And I think as we look at who's engaged, I mean, given the product's capability and the scope of the product, it's not surprising to us that we're seeing strong interest here from broadcasters to streamers to advertisers to agencies and platforms. So we're really encouraged by the strong response we've received here in the early innings of the product's development.

而且我認為，當我們看看誰參與其中時，考慮到產品的功能和產品的範圍，我們看到從廣播公司到串流媒體到廣告商到代理商和平台的濃厚興趣，這並不奇怪。因此，我們在產品開發初期就收到的強烈迴響讓我們感到非常鼓舞。

Great. And then just as a follow-up, it seems like this was another strong quarter for Proximic. So just kind of curious where you guys continue to gain traction. Is this more with partners? Or is this more of an organic direct go-to-market strategy that's resonating in the market?

偉大的。然後作為後續行動，這似乎是 Proximic 的另一個強勁季度。所以我只是有點好奇你們在哪裡繼續獲得關注。這和合作夥伴有更多關係嗎？或者這更像是一種在市場上引起共鳴的有機直接進入市場策略？

Yeah, the vast majority of the business continues to scale with the partner set that we have across the programmatic ecosystem. The team has done a really nice job of engaging with our partners in that space, but also the efforts in the second quarter here around direct selling, really working closely with our agency partners and their brand clients to really help drive demand of the cross-platform activation product that continues to scale really nicely.

是的，隨著我們在整個程序化生態系統中擁有的合作夥伴，絕大多數業務將繼續擴大規模。團隊在與該領域的合作夥伴合作方面做得非常出色，而且在第二季度圍繞直銷的努力中，我們與代理商合作夥伴及其品牌客戶密切合作，真正幫助推動跨平台激活產品的需求，並且該產品的擴展性非常好。

So we've been pleased with the combination of both the efforts of the team to direct sell against brands and agencies as well as the momentum that we're seeing across some of the biggest programmatic platforms.

因此，我們對團隊針對品牌和代理商直接銷售的努力以及我們在一些最大的程序化平台上看到的勢頭感到非常滿意。

I am showing no further questions at this time. I will now turn it back over to CEO, Jon Carpenter, for final remarks.

我目前沒有其他問題。現在我將把發言權交還給執行長喬恩‧卡彭特 (Jon Carpenter)，請他做最後的發言。

Okay. Great. Thanks, everyone. Again, let me just take a moment here to recognize our employees and thank everyone for their hard work here to help us really deliver a strong quarter and continuously help us day in and day out deliver for our clients.

好的。偉大的。謝謝大家。再次，請允許我花一點時間來表彰我們的員工，並感謝大家的辛勤工作，幫助我們真正實現了強勁的季度業績，並日復一日地持續幫助我們為客戶提供服務。

And then further, I would like to thank our investors as well as our clients for your continued trust and support and partnership. So thanks, everybody, for joining us this evening, and we look forward to talking to everybody soon.

此外，我還要感謝我們的投資者和客戶一直以來的信任、支持和合作。所以，感謝大家今晚加入我們，我們期待很快與大家交談。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。