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Q3 2013 Earnings Call
October 29, 2013 8:30 am ET
Kenneth J. Tarpey - Chief Financial Officer and Principal Accounting Officer
Magid M. Abraham - Co-Founder, Chief Executive Officer and Director
Serge Matta - President
Youssef H. Squali - Cantor Fitzgerald & Co., Research Division
Jason S. Helfstein - Oppenheimer & Co. Inc., Research Division
Mark J. Zgutowicz - Northland Capital Markets, Research Division
Previous Statements by SCOR
» comScore, Inc. Discusses Q3 2013 Results (Webcast)
» COMSCORE, Inc. (SCOR) Management Discusses Q2 2013 Results - Earnings Call Transcript
» comScore's CEO Hosts Investor Day Conference (Transcript)
Kenneth J. Tarpey
Thank you very much, operator. Good morning, and welcome to comScore's earnings call for the third quarter of 2013. Again, I'm Ken Tarpey, CFO of comScore. And with me today is: Magid Abraham, our CEO and Co-Founder; Serge Matta, our President; and Cameron Meierhoefer, our Chief Operating Officer.
Before we begin, please allow me to read the following disclaimer regarding our use of forward-looking information and non-GAAP financial measures. During the course of today's call, as well as during any question-and-answer periods that may follow, representatives of the company may make forward-looking statements within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934 regarding future events or performance of the company that involve risks and uncertainties, including without limitation: the strength of comScore's business; expectations as to opportunities, including new customers and markets for comScore; expectations as to the growth and composition of comScore's customer base and renewal rates; expectations regarding the impact and benefits of particular lines of business and products; expectations regarding the relative quality of comScore's products; assumptions regarding tax rates and net operating loss carryforwards; and forecasts of future financial performance for the fourth quarter and the full year 2013, including related growth rates, exchange rates and assumptions.
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 identified in the documents comScore files from time to time with the Securities and Exchange Commission. Those documents specifically include but are not limited to comScore's Form 8-K filed earlier today relating to this call and comScore's Form 10-K for the period ending December 31, 2012, and our quarterly reports on Form 10-Q. We caution you not to place undue reliance on any forward-looking statements included in these presentations, which speak only as of today. We do 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 unanticipated events.
In addition, we may also reference certain non-GAAP financial measures in the course of our presentation. You will find in our press release and on our Investor Relations website a reconciliation of non-GAAP financial measures discussed during today's call to the most directly comparable GAAP financial measures. The link to our Investor Relations website is ir.comscore.com, and our results are posted under Press Releases.
With that, I will now turn the call over to Magid.
Magid M. Abraham
Thank you, Ken, and thank you for joining us today. Let me first provide an overview of the quarter. Serge will then discuss key operational highlights, and Ken will review our financial performance before we take your questions. We have a presentation posted on our IR website under Events & Presentations that will accompany our comments today. And it might be helpful for you to follow along with us.
Turning to Slide 5 of that presentation, titled Priorities for 2013. We are very pleased with a productive third quarter and strong third quarter results that reflect momentum across our business, as we continue to lead the way in delivering digital measurement and analytics to our audience, advertising and enterprise analytics customers. Our results also reflect continued excellent execution on comScore's key priority for 2013. Number one is to maintain our measurement leadership, especially in mobile and multi-platform. Number two is to continue our campaign measurement progress and rollout globally. Number three is to capitalize on Digital Analytix momentum, both in the U.S. and globally. Number four is to focus on execution, particularly in driving organic growth and improving margin and increasing cash flow. And number five is to return capital to investors as appropriate, which continues to be a top priority for comScore despite a hiatus in Q3.
Turning over to Slide #6. We continue to see strong momentum in the quarter. We reported record quarterly revenue of $71.6 million, which is up 14% versus pro forma results in Q3 2012. This number would be $71.9 million, accounting on a constant currency basis, which represents a 15% year-on-year growth. Our record revenues continue to benefit from growing customer adoption of our vCE, DAx and multi-platform products, together with the ongoing strength in our Audience Analytics business. We delivered adjusted EBITDA of $16.4 million, up 50% from a year ago and representing a 23% margin, which exceeded our expectations.
On Slide 7, we have continued strong momentum in bookings and in contract value. For the trailing 12-month period ending in September 30, contract value grew 17% over the prior 12 months period. This is up 1 percentage point versus second quarter, and the gap between revenue and bookings continue to narrow.