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comScore, Inc. (SCOR)
Q3 2008 Earnings Call
October 30, 2008 5:00 pm ET
Magid M. Abraham – President & Chief Executive Officer
John M. Green - Chief Financial Officer
Youssef Squali - Jefferies & Co.
Troy Mastin - William Blair & Company
Jason Helfstein - Oppenheimer & Co.
Analyst for Mark May - Needham & Company
William Morrison - Thinkpanmure
Analyst for Jeetil Patel - Deutsche Bank Securities
Heath Terry - Friedman, Billings, Ramsey & Co.
Sandeep Aggarwal - Collins Stewart
Previous Statements by SCOR
» ComScore, Inc. F1Q09 Earnings Call Transcript
» comScore Inc. Q4 2008 Earnings Call Transcript
» comScore, Inc. Q2 2008 Earnings Call Transcript
I would like to the turn the call over to your host for today, Mr. John Green, Chief Financial Officer.
Magid M. Abraham
Hello everyone, this is actually Magid Abraham. I want to welcome everybody to this conference call. We have two announcements that we have issued this afternoon. One of them is related to a major, new service or enhancement to out Media Metrix service. It’s called comScore Extended Web and this has been published on PR Newswire and is also available on our website and we sent it to our mailing list, which I believe most of you on.
The earnings release, unfortunately PR Newswire has been having some trouble with it and I’m told it will be out in five minutes, but it has been on our website for the last fifteen to twenty minutes or so. And it has also been e-mailed. So for those that want to grab it from our website and read it, you are more than welcome to do so. We expect that PR Newswire will carry it live in a couple of minutes now.
And while we are doing that I want to ask John to read the introduction and the Safe Harbor statement.
John M. Green
Good afternoon everybody. Welcome to comScore's earnings call for our third quarter 2008.
Before we begin, please allow me to read the following statement to inform you of certain Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. During the course of today's presentation, as well as any discussions and question and answer periods to follow, represents that the company may make forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21-E of the Securities Exchange Act of 1934 regarding future events or financial performance of the company that involve risks and uncertainties, including without limitation, the expected strength of comScore's business, customer growth and clients' demand for comScore's products, the future quality of client relationships that result in renewal rates, expected results in profitability of comScore's acquisition of eMetrix, and forecasts of future financial performance, including related growth rates and assumptions for the second half and the full year of 2008. Such statements are only predictions based on management's current expectations. Actual events or results could differ materially from those predictions due to a number of risks and uncertainties, including those enumerated in the documents comScore files from time to time with the SEC. Those documents specifically include, but are not limited to, comScore's Form 8-K filed earlier today relating to the subject matter of this earnings call, comScore's Form 10-K for the year ended December 31, 2007, and comScore's Form 10-Q for the quarter ended June 30, 2008. These filings may contain and identify important factors that could cause actual results to differ materially from those contained in our projections or forward looking statements. We caution you not to place undue reliance on any forward looking statements included in these presentations which speak only as of the date of these presentations. comScore does not undertake any obligation to publicly update any forward looking statements to reflect new information after today's call or to reflect the occurrence of anticipated events.
I will now turn the call over to Magid.
Magid M. Abraham
Thanks to those of you who are joining us today on this call. In the face of a challenging economic environment comScore had a very successful third quarter highlighted by strong revenue growth and better than expected profitability.
Our third quarter revenue of $30.7 million was up 37% year-over-year and 7% sequentially, which was at the top end of our guidance range. Had the dollar remained at the same level as at the end of Q2 our revenue would have been $30.9 million, which is up 38% from last year.
Our strong growth is being driven by the continued expansion of our existing customer relationships and a growing number of customers aligning with comScore to maximize the impact of their websites and advertising dollars.
During the quarter we saw strong growth from both new and existing customers on a year-over-year and sequential basis. Combined with a high level of executive and effective expense management, we were able to deliver profitability that was at the top and/or above our guided ranges for each profitability metric.
GAAP EPS for comScore’s third quarter was $0.02 per share, at the high end of our guidance range of $0.01 to $0.02. the $0.02 GAAP EPS includes a write-down of $450,000 in the value of our auction rate securities, which amounts to $0.015 per share.
EPS on a non-GAAP basis was $0.19 per share compared to our prior guidance of $0.13 to $0.14 and our adjusted EBITDA was $7.2 million, also above the top end of our guidance range of $5.4 million to $5.7 million. Needless to say, we are very pleased with this profit performance.