Related Party Transactions

3 Months Ended

Mar. 31, 2020

Transactions with WPP plc

As of March 31, 2020 (based on public filings), WPP plc and its affiliates ("WPP") owned 11,319,363 shares of the Company's outstanding Common Stock, representing 16.1% ownership in the Company. The Company provides WPP, in the normal course of business, services amongst its different product lines and receives various services from WPP supporting the Company's data collection efforts.

The Company has a cancelable five-year agreement with Lightspeed, a WPP subsidiary, to conduct a proof of concept and follow-on program to demonstrate the capability of designing and deploying a program to collect browsing and demographic data for individual participating households. The agreement, which relates to the Company's Total Home Panel product, provides that the Company makes payments to Lightspeed of approximately $5.0 million per year through December 2020.

The Company's results from transactions with WPP and its affiliates, as reflected in the Condensed Consolidated Statements of Operations and Comprehensive Loss, are detailed below:



	Three Months Ended March 31,
(In thousands)	2020		2019
Revenues	$	3,211	$	3,845

Cost of revenues	2,375		2,095
Selling and marketing	2		3
General and administrative	142		40

The Company has the following balances related to transactions with WPP and its affiliates, as reflected in the Condensed Consolidated Balance Sheets:



	As of		As of
(In thousands)	March 31, 2020		December 31, 2019
Assets
Accounts receivable, net	$	2,249	$	2,542
Prepaid expenses and other current assets	1,061		1,180
Liabilities
Accounts payable	$	3,336	$	2,510
Accrued expenses	233		716
Contract liability	2,314		1,361

Transactions with Starboard

On January 16, 2018, the Company entered into certain agreements with Starboard, then a beneficial owner of more than 5.0% of the Company's outstanding Common Stock. Refer to Footnote 4, Long-term Debt, for further information regarding these agreements and subsequent amendments. As a result of these agreements and the transactions contemplated thereby, Starboard ceased to be a beneficial owner of more than 5.0% of the Company's outstanding Common Stock on January 16, 2018. Included in the Condensed Consolidated Statements of Operations and Comprehensive Loss, the Company recorded interest expense related to Starboard of $8.2 million during the three months ended March 31, 2020, and $6.7 million during the three months ended March 31, 2019, respectively.

The Company has the following balances related to transactions with Starboard, as reflected in the Condensed Consolidated Balance Sheets:



	As of		As of
(In thousands)	March 31, 2020		December 31, 2019
Accrued expenses	$	6,120	$	6,120
Financing derivatives	19,200		21,587
Senior secured convertible notes	186,115		184,075