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Q317 nielsen-earnings webcast-v3 10.24 post meeting (1)
1.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 3RD QUARTER 2017 RESULTS WEDNESDAY
OCTOBER 25, 2017 8:00 AM ET NYSE: NLSN
2.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2 The following discussion
contains forward-looking statements, including those about Nielsen’s outlook and prospects, that relate to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those which are not historical facts. These and other statements that relate to future results and events are based on Nielsen’s current expectations as of October 25, 2017. Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. The risks and uncertainties that we believe are material are outlined in our disclosure filings and materials, which you can find on http://ir.nielsen.com, such as our most recent 10-K, 10-Q and 8-K reports. Please consult these documents for a more complete understanding of these risks and uncertainties. We disclaim any intention or obligation to update or revise any forward- looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Our outlook is provided for the purpose of providing information about current expectations for 2017. This information may not be appropriate for other purposes. SAFE HARBOR FOR FORWARD-LOOKING STATEMENTS
3.
Copyright © 2017
The Nielsen Company. Confidential and proprietary.
4.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. JAMERE JACKSON CHIEF FINANCIAL
OFFICER
5.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 55 TOTAL NIELSEN RESULTS
– 3Q 2017 U.S. GAAP RESULTS 3Q 2017 3Q 2016 V%(a) Revenues $1,641 $1,570 4.5% Net Income (NI) $146 $130 12.3% GAAP NI per share (c) $0.41 $0.36 13.9% ($ in millions, except per share amounts) NON-GAAP RESULTS 3Q 2017 3Q 2016 V%(b) Total Revenue $1,641 $1,570 3.6% Core Revenue $1,584 $1,484 5.7% Core Revenue (ex Gracenote) $1,525 $1,484 1.7% Adjusted EBITDA $522 $498 4.0% Adjusted EBITDA margin % 31.8% 31.7% 12 bps Free Cash Flow $425 $353 20.4% (a) Growth as reported (b) Growth in constant currency, excluding Free Cash Flow (c) Calculated using weighted average shares outstanding of 357.7 million for 3Q 2017 and 360.6 million for 3Q 2016
6.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 66 WATCH SEGMENT RESULTS ($
in millions, growth in constant currency) REVENUE PROFITABILITY 3Q DYNAMICS Total Watch Adjusted EBITDA Margin $838 $390 46.5% 3Q 17 $761 $360 47.3% 3Q 16 9.7% 7.7% (84) bps V% • Strong total revenue growth: +9.7% Audience Measurement (Video/Text): +16.5% Ex-Gracenote: +4.6% Audio: (7.3)% Marketing Effectiveness: +15.6% Other Watch/Corporate: (19.2)% • Delivering on initiatives and driving growth Ongoing momentum in National TV DAR campaigns up 44% Positive contribution from DCR, DTVR, OOH • Adjusted EBITDA margin: +54 bps ex-Gracenote
7.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 77 BUY SEGMENT RESULTS ($
in millions, growth in constant currency) REVENUE PROFITABILITY 3Q DYNAMICS Adjusted EBITDA Margin $145 18.1% 3Q 17 $150 18.5% 3Q 16 (5.2)% (60) bps V% Total Buy $803 $809 (2.1)% • Total Buy revenue: (2.1)% Developed: (5.4)% Emerging: +10.8% Corporate: (54.5)% • Developed markets U.S. remains challenging Strong underlying demand outside U.S. • Emerging markets robust Multinational and local clients strong • Continued investments Coverage Connected System
8.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 88 (60) (110) 90 230 4030 (40) 80 210 80 1Q 17 2Q17
3Q17 4Q17E FY17E Rev (bps) EBITDA (bps) FOREIGN CURRENCY IMPACT (a) Projected impact assumes rates in effect at 10/24/17 remain in effect for the balance of 2017. Note: We report on a constant currency basis to reflect operating performance 59% 10% 3% 3% 3% 22% USD EUR CAD GBP CNY Other CURRENCY PROFILE - REVENUE PROJECTED FX IMPACT(a): REPORTED VS CONSTANT CURRENCY
9.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 99 2017 GUIDANCE (Revenue and
adj. EBITDA margin growth in constant currency) Total Revenue ~4% Total Revenue Core ~6% Total Revenue Core (ex Gracenote) ~3% Adj. EBITDA margin growth ~20 bps GAAP Net Income Per Share $1.40 - $1.46 Net Debt Leverage Ratio ~3.8x Free Cash Flow ~$900M Net book interest $365M - $375M GAAP Tax Rate 38.0% - 38.5% Restructuring ~$85M Cash restructuring $100M - $110M D&A ~$650M Est. wtd. avg. diluted shares outstanding for FY 2017 ~359M OTHER FINANCIAL METRICS
10.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. MITCH BARNS CHIEF EXECUTIVE
OFFICER
11.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 11 WATCH: CONTINUED GROWTH
AND ADOPTION Driving adoption of Total Audience • Out-of-home: New subscribers include CBS and ABC • Digital in TV Ratings: Provides coverage of skinny bundles • Local TV: Investing in richer measurement • Subscription Video on Demand: Launched syndicated offering • Well positioned to be the currency for all premium video Progress and opportunity in digital • Digital Ad Ratings: The industry standard • Digital Content Ratings: Now covers YouTube, Hulu, and Facebook for secondary crediting of video Continuing to invest in growth opportunities • Audience-based buying: Creating scalability through partnerships • Gracenote: Bringing new, interactive capabilities to linear TV ads • Visual IQ: Bolsters advertising attribution and ROI metrics
12.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 12 1 3 • Development on
track • Connected Partner Program now includes 36 partners • 152 clients using at least one component of the Connected System • E-commerce measurement: Continued progress in top global markets • Progress in value channel (e.g. Aldi) BUY: TWO SPEED WORLD • U.S. remains challenging… Clients carefully managing spend • Global footprint a key competitive advantage • Ongoing investments in measurement coverage and granularity Developed Markets: Challenging growth environment Emerging Markets: +11% constant currency Connected System: The future of Buy Expanding our presence in fast growing channels Driving efficiency through automation Actions: 2
13.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. Q&A
14.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. APPENDIX
15.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 1515 CERTAIN NON-GAAP MEASURES Overview
of Non-GAAP Presentations We use the non-GAAP financial measures discussed below to evaluate our results of operations, financial condition, liquidity and indebtedness. We believe that the presentation of these non-GAAP measures provides useful information to investors regarding financial and business trends related to our results of operations, cash flows and indebtedness and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s operating performance and liquidity. In addition, these non- GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data the Company has determined that it is appropriate to make this data available to all investors. None of the non-GAAP measures presented should be considered as an alternative to net income or loss, operating income or loss, cash flows from operating activities, total indebtedness or any other measures of operating performance and financial condition, liquidity or indebtedness derived in accordance with GAAP. These non-GAAP measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Constant Currency Presentation We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. No adjustment has been made to foreign currency exchange transaction gains or losses in the calculation of constant currency net income. Net Debt and Net Debt Leverage Ratio The net debt leverage ratio is defined as net debt (gross debt less cash and cash equivalents) as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Net debt and the net debt leverage ratio are commonly used metrics to evaluate and compare leverage between companies and are not presentations made in accordance with GAAP.
16.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 1616 CERTAIN NON-GAAP MEASURES Adjusted
EBITDA We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, stock-based compensation expense and other non- operating items from our consolidated statements of operations as well as certain other items that arise outside the ordinary course of our continuing operations. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. Free Cash Flow We define free cash flow as net cash provided by operating activities, plus contributions to the Nielsen Foundation, less capital expenditures, net. We believe providing free cash flow information provides valuable supplemental liquidity information regarding the cash flow that may be available for discretionary use by us in areas such as the distributions of dividends, repurchase of common stock, voluntary repayment of debt obligations or to fund our strategic initiatives, including acquisitions, if any. However, free cash flow does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from free cash flow. Key limitations of the free cash flow measure include the assumptions that we will be able to refinance our existing debt when it matures and meet other cash flow obligations from financing activities, such as principal payments on debt. Free cash flow is not a presentation made in accordance with GAAP. (continued)
17.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 1717 ADJUSTED EBITDA RECONCILIATION Quarter
Ended September 30 2017 2016 Net income $ 146 130 Interest expense, net 94 84 Provision for income taxes 92 82 Depreciation and amortization 160 151 EBITDA 492 447 Other non-operating expense, net 5 - Restructuring charges 7 29 Stock-based compensation expense 8 11 Other items(a) 10 11 Adjusted EBITDA $ 522 $ 498 ($ in millions) (a) For the three months ended September 30, 2017 and 2016, other items primarily consists of transaction related costs and business optimization costs.
18.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 1818 Operating Income Restructuring Charges Depreciation and Amortization Stock-Based Compensation Expense Other Items(a) Adjusted EBITDA Buy $79 $15
$53 $3 - $150 Watch $259 $2 $97 $2 - $360 Corporate $(42) $12 $1 $6 $11 $(12) Total $296 $29 $151 $11 $11 $498 Operating Income Restructuring Charges Depreciation and Amortization Stock-Based Compensation Expense Other Items(a) Adjusted EBITDA Buy $85 $4 $53 $3 - $145 Watch $280 $2 $106 $2 - $390 Corporate $(28) $1 $1 $3 $10 $(13) Total $337 $7 $160 $8 $10 $522 ADJUSTED EBITDA RECONCILIATION ($ in millions) (a) For the three months ended September 30, 2017 and 2016, other items primarily consists of transaction related costs and business optimization costs. QUARTER ENDED SEPTEMBER 30, 2017 QUARTER ENDED SEPTEMBER 30, 2016
19.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 1919 REVENUE RECONCILIATION ($ in
millions) 2017 Reported 2016 Reported % V Reported 2016 Constant Currency % V Constant Currency Developed Markets $491 $509 (3.5)% $519 (5.4)% Emerging Markets 297 267 11.2% 268 10.8% Core Buy $788 $776 1.5% $787 0.1% Corporate 15 33 (54.5)% 33 (54.5)% Buy $803 $809 (0.7)% $820 (2.1)% Video and Text $580 $496 16.9% $498 16.5% Audio 127 137 (7.3)% 137 (7.3)% Marketing Effectiveness 89 75 18.7% 77 15.6% Core Watch $796 $708 12.4% $712 11.8% Corporate/Other Watch 42 53 (20.8)% 52 (19.2)% Watch $838 $761 10.1% $764 9.7% Total Core Buy and Watch 1,584 1,484 6.7% 1,499 5.7% Total $1,641 $1,570 4.5% $1,584 3.6% QUARTER ENDED SEPTEMBER 30, 2017
20.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2020 2017 GUIDANCE NON-GAAP
RECONCILIATIONS ($ in millions) ADJUSTED EBITDA RECONCILIATION 2017 Guidance Range Net income $500 - $525 Interest expense, net $365 - $375 Provision for income taxes $310 – $330 Depreciation and amortization ~$650 Restructuring charges ~$85 Stock-based compensation and other(a) $100 - $105 Adjusted EBITDA $2,030 - $2,050 FREE CASH FLOW Net cash provided by operating activities ~$1,340 Less: Capital expenditures, net ~(440) Free cash flow ~$900 NET DEBT LEVERAGE RATIO Gross Debt ~$ 8,430 Cash ~$ 600 Net Debt ~$ 7,830 Adjusted EBITDA $2,030 - $2,050 Net Debt Leverage Ratio ~3.8x (a) Other represents certain expenses that arise outside the ordinary course of our continuing operations. Such costs primarily include legal settlements, acquisition related expenses, business optimization costs and other transaction costs.
21.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2121 2017 GUIDANCE NON-GAAP
RECONCILIATIONS ($ in millions) 2017 Guidance % V Constant Currency 2016 Constant Currency Total Revenue ~$6,585 ~4% $6,331 Total Revenue Core ~$6,305 ~6% $5,948 Total Revenue Core (ex. Gracenote) ~$6,125 ~3% $5,948 REVENUE RECONCILIATION
22.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2222 FREE CASH FLOW
RECONCILIATION ($ in millions) Quarter Ended September 30, (Unaudited) 2017 2016 Net cash provided by operating activities $ 538 $ 456 Less: Capital expenditures, net (113) (103) Free cash flow $ 425 $ 353
23.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2323 DEBT CAPITAL TABLE($
in millions) DEBT CAPITAL TABLE 9/30/17 12/31/16 Change Loan Debt (secured) $4,073 $4,059 $14 4.50% Sr. Notes (10/1/20) 795 794 1 5.50% Sr. Notes (10/1/21) 619 618 1 5.00% Sr. Notes (4/15/22) 2,288 2,285 3 5.00% Sr. Notes (2/1/25) 495 - 495 Capital lease/misc. debt 174 170 4 Total Debt $8,444 $7,926 $518 Less Cash 662 754 (92) Net Debt $7,782 $7,172 $610 Adjusted EBITDA(a) $2,004 $1,938 66 Net Debt Leverage Ratio (b) 3.88x 3.70x 0.18x Weighted avg. interest rate (c) 4.24% 4.04% 20bps (a) Adjusted EBITDA calculated based on last twelve months basis (b) Reflects Net Debt (gross debt less cash and cash equivalents), divided by Adjusted EBITDA calculated on last twelve months basis (c) Excludes capital leases
24.
Copyright©2017TheNielsenCompany.Confidentialandproprietary. 2424 SELECTED FINANCIAL METRICS
& BALANCE SHEET ITEMS ($ in millions) FINANCIAL METRICS 3Q 17 Free Cash Flow $425 Capital Expenditures, net $113 D&A(c) $160 Net Book Interest $94 Cash Taxes $53 Cash Restructuring $28 Wtd. avg. diluted shares 357.7 BALANCE SHEET – 9/30/17 Gross Debt $8,444 Cash $662 Net Debt $7,782 Net Debt Leverage Ratio (a) 3.88x $3 $28 $1,401 $818 $1,071 $2,325 $2,126 $499 2017 2018 2019 2020 2021 2022 2023 2024 2025 CURRENT DEBT MATURITY PROFILE – 9/30/17 (b) (a) Reflects net debt (gross debt less cash and cash equivalents), divided by Adjusted EBITDA calculated on last twelve months basis (b) Excludes capital leases ($173M) (c) Includes $54 million of depreciation and amortization associated with tangible and intangible assets acquired in business combinations
25.
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