Nielsen (NLSN) 7 Nov 192019 Q3 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Third Quarter 2019 Nielsen Holdings PLC Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions]

to President conference of like Gubins, to now Vice Senior Investor would hand over the Sara I Relations. Please go ahead.

under Thanks, call you COO, A we'll for CEO, David third our morning, Dave joined by everyone. Anderson. to review. and is of Attwood; our good on the and Investor use Nielsen's our Jim of performance quarter Events Denise, discuss that financial our I'm slide website. outcome strategic Kenny; available presentation Chairman joining section this and us the Thank Relations CFO and

of begin, that your we I'd expectations. forward-looking Nielsen's Before like may are to prospects today remarks to statements, current remind all based responses and those Nielsen's about outlook you and including contain our questions that on

periods with our materially expected differ results recent Our those from of and future of and actual of to annual which because in update uncertainties, in section XX-K obligation most required currently identified Factors report risks statements, on on any including no are number by a Form reports Risk those forward-looking in except the the may website. assume available as SEC, our We law. filed subsequent

these to Instructions] the available call, Relations [Operator of also today's will available the Reconciliations measures is earnings Nielsen.com. at press non-GAAP the our at most Investor in section financial refer we measures. financial of comparable On GAAP are website non-GAAP to certain measures release, which

CEO, the call, Kenny. to start to it to And like David now turn over I'd our

all Thanks, the call Sara. joining today. for you Good and thank morning

the key agenda Let items. through me run

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Good morning, thanks Jim.

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big for us to Our analytics analytics. programs and deliver The of the broad retail retailers finally, as enable we on a areas interest well And lean and like range a address analytics in promotions, systems. looking growth manufacturers down which operational opportunity Retailers Connect platform efficiency pricing, increasingly in legacy automation drive Connect collaboration as as our business of transformation for all are real-time needs. personalization their for reduction our and cost enables close scale, has capabilities.

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clients. improve potential shareholders to achieve greater performance for place and and in initiatives have We our

back I'll call for turn to that, the the discussion. Dave financial With

summary our outlook. before So I'd and the like you view businesses do of detail financial each updated to greater is, a what on the through into of quarter take going XXXX performance third

Slide start let's with to turning So, Media. #XX

XXXX digit On any course over delivered other reporting. it of strong of low include side and are some organic of current Media a just financial the numbers XXXX the consistent the our costs forecast. years our and has last left They XXXX several our single The standalone operating of its page Medial snapshot with continued profile generation. business. don’t The has growth profit is

and side shown the market level. result product a right that a peers. at initiatives single investments targets referenced Through We're is organic key the the compound average growth the XXXX term I've medium summary we as business for making On that digit expect of mid we're line and in rate. Media the Information a where market profile This is would headed. align the result in that Services with in roadmaps growth David investing

to through build mid will growth as Media to or single-digit addressable going continue with time investments beyond to digital growth invest over and in Our anticipating international in has low drive the measuring measurement TV investments to well as attractive business growth growth growth enhancing ramping revenue and outcomes as faster. The margins. We're single-digit over time revenue predicting drive accelerated productivity. XXXX XXXX driving

performance business up largely is We're roughly in focused Now revenues. growth quarter been globally. We've challenged intensely over of the of and operational several the timers excluding the was Connect Connect the Slide in improving U.S. It to that turned in the across begun a progress. is turning has last business global U.S. now driving total the to around. negative on results. XX, trajectory years, which the revenue improved XXXX Organic make has XXXX, and showing our business one

revenue comparable XXXX. expect expansion We margin to grow in with

medium-term growth On to as the targets, the U.S. page turns around. revenue we of the improve right regarding side expect Connect

should significant developed by And operational topline in markets We in low should helped drive through yield efficiency a expansion. along and also initiatives CAGR an organic in improvement trends expect China. accelerating margin productivity growth with improving markets and steady XXXX. other single-digit This emerging

on including cost number We're super separation. following EBITDA hubs, via several we key the platform. teens a automating with the field high offerings our at the product of course Importantly, are and any standalone throughput scale targeting excluding initiatives operations in next the margins delivering adjusted over years Connect Nielsen

So go XXXX. XX, with quarter the third the and about let's rest to that now perspective, Slide of talk summary

Connect revenue obviously can compares of up you increased solid in of a being pleased were Total basis, ahead expectation third organic basis. constant X.X%. year-over-year Connect Media which a currency and currency and prior company saw growing, X.X% trends to effect on third one-time our we're see quarter, results slightly. expectations. Media and our the First, grew with flat which for We which constant on some of on currency the we in an revenue if Revenue periods, X.X% with constant quarter organic increased in basis carryover the exclude items

For $XXX up basis a This margins the our reported constant EBITDA the slightly XX of points better basis. points basis than currency adjusted expectation quarter. constant million XX.X% is up adjusted third currency down quarter third in were and X.X% two EBITDA on was margins

these products well in new from in Now margins as benefited partially and productivity, by investments and offset technology, performance investments as positive people. our

tax in quarter rate resolved these approximately tax includes the XX.X% our may Consequently, I In other limitation. in anticipating after tax of we're closure we we this half. audits that forecasts. the prior the audits $XXX released of adjust the several rate of the in our mentioned third items. tax a you Last third discrete second third GAAP conclusion tax million The quarter, was of recall quarter contingencies book for statutes various resulting of and below you well number quarter

by the Adjusted the Free compared also a $XXX reflecting quarter and $XXX million cash reflecting higher to lot a mentioned, we of also terrific restructuring, in in and to compared the strong XXXX year-over-year. in EPS lower they payments, depreciation quarter who was focus I have EBITDA but also lower off on $X.XX favorability to I tax CapEx. due the offset taxes quarter $X.XX in had –hats flow the one-time and higher to Year-over-year a in the amortization higher put did XXXX million, third this collections quarter, team was to job. of partially really

continued work execution tremendous across both Media quarter and third overall, So the and results solid reflect Connect.

driven of Media XX. let's up Now quarter for Media was basis. the for segment constant local. declines X.X% digital million currency, go third X.X% expected through outperformed each X.X% and Audience expected on our starting was highlights measurement in lower on higher in expectations, Plan/Optimize constant Revenue Slide the currency. with constant $XXX just by was up currency Media a up than growth than partly

and $XXX again points currency down was in million, core in for the We're and constant getting but currency drivers, in XXX of investing benefit for business X.X% Media's with constant EBITDA adjusted XX.X% internal Media's line up the growth also basis margins franchise our and productivity. expectations. the

in Let's constant Slide XX million was Connect, and currency, Measure currency quarter. quarter X.X%. X.X% to Measure impacted $XXX that up the third note Connect on flat third revenue was with revenue quarter year third I'd expected last down a fourth into the with revenue the by constant quarter go shifted basis. some timing was Predict/Activate

was Connect XX $XXX were million EBITDA Connect markets EBITDA in emerging up basis were was X% productivity And adjusted by currency, year-over-year margins the X% up constant XX.X% third Developed points currency. up constant currency for markets quarter. X.X% up driven revenue initiatives. constant

on Next, took we impairment charge Connect. noncash third let to the quarter related me touch the in

$X.XX approximately, of $X.X has including updated which billion the to quarter, the carrying a review resulted in in we business assessment cash. $X This As noncash led for part unit, goodwill third the a updated of during of strategic quarter of an or value share. an impairment the Connect recording performed billion

increasing free and adjusted now to EBITDA our turn XXXX and for Slide revenue EPS. flow adjusted our On for we're our Let's we're guidance maintaining XXXX. outlook cash XX,

includes up flat constant of currency total revenue guidance company approximately to Our X.X%.

the to margin at XX% to of the for continue EBITDA the year. expect midpoint above full be We range or adjusted and XX% to

be is partially by significant margin driven by reinvestment offset in going productivity, The to the businesses. again

to tax range we guidance items adjusted the items roughly the $X.XX We’re from $XXX of expect the million EPS increasing previously guide discrete year XQ our discrete $X.XX XX% in million. previously $X.XX. to as for restructuring some lowered $XX to year to from to $XXX million now before for includes million assumption $XXX $X.XX, the our quarter. We've This rate

full expect productivity our to million although on our ramp lastly, quarter, expect should restructuring fourth this continue $XXX year, to be million. year expectations. and expect we lower ramp, of be below achieved cash free We've to the spend to to the targets some in restructuring we we $XXX flow somewhat And restructuring the previous in range

discussed, include net taxes. and key to payouts XXXX incentive retailer interest As compared lower we cash higher payment and also -- compensation in offset lower payments, by drivers retail part cash

more expectations. me into outlook, the a points fourth our going summary let few in about before just So detail quarter segment make

the be quarter to currency constant revenue third fourth We quarter. lower than expect growth year-over-year the

slightly initiatives. fourth the support be growth the to year-over-year, flat to expect For which we continue in to up and see of margins provides quarter productivity for we benefit investment

down We and go quarter practices tough cash EBITDA continue to We're focus, a particularly to for remains fourth obviously the to opportunity the focus collection of expect fourth as flow terms, the we comp XXXX. cash forward. company. quarter in against year-over-year going on a be improving contractual conversion a significant

and And let's growth to there outlook to we surprises to range. range segment on to that Plan/Optimize at Telecom this end year, X% X% that business first X% downside range end the Measurement then be Plan/Optimize. X% Slide low expect to be turn the could I'd the Media, high the continue -- the of the incremental The of Audience XX. pressure note to at finally, to put

quarter, fourth helped our due but doesn't Measurement, audio local greater in Audience slower full repeat in guide in that suggests third growth the year part in In fourth and third anticipated versus pressure slower quarter the the in the national. to quarter growth in quarter,

the I to X% some in help for be mentioned year X%, In expect minus high to fourth of the to and the be plus range for X% will Predict/Activate earlier I the to quarter. previously continue Connect, to we provided to XQ, timing at from year. the end which And Measure the minus X% that shifts, mentioned range Measurement growth in in minus the XQ rate

our So in plan. in summary, confident we're

management We're and we strong on a fronts. commitment progress by our continued tremendous to team on look We you commitment forward obviously seeing our execution forward. globally. deliver updating and go to all associates have We as

let it that, to back And me with over turn David.

you, each company a I there delivered really value. more me, options. really and Board the the independent, think operating the one and drive strong, Nielsen fact that got long-term we world our its And in path discipline, of to looked quarters, numbers, strategic thousands lot at my companies every we I around publicly Board rallied, colleagues is Thank because delivered this all looking number to of gave the while Media want success that two confidence The Global and options, Connect of appreciated a concluded into best Nielsen unanimously know that separating are with the Global thank and to clean traded Nielsen us at financial them. enhance

separation profits as value This and franchises. Connect cash improve have and initiatives place free time. to revenue, making, companies of transformations. strong us decision going allow in separation to to plan flow, a two faster to is key and and allows Nielsen unlock going This our independent Nielsen which global accelerate is each clear focused Media over

completion nine months. targeting are separation We of within XX to the

And back with turn Sara. I'll to it that

the Denise, to ready now open Q&A. line you, for we're Thank up David.

[Operator question Steinerman JP first comes with Instructions] Morgan. Your Andrew from

Your line is open.

ahead really business. the lower like laid will sense need longer-term and reinvestment of to to insights all I on the your slide hear that Do wanted margin go XX on Media from gross of Good a heading for the thank sharing each your the XX? feel businesses, wanted to of level really outlook a before out to you and morning. you you and great plans little on towards views. get the two to targets margins first I margin Connect

- strategic is very Obviously, be very to the businesses said very is focused focused Dave. the through working and for review the as we've a stage obviously completion culmination, David setting - two on all question. been we're of successful. real a this the really this really is We're that. good This really Andrew, time of

XXXX much and through process. working our very it's XXXX in now work are We numbers, a

of So insights will to in you we of back that terms terms more providing be question. in

Okay, thank you.

is question with Fargo, next Wells Bill comes Your open. from your Warmington line

Good everyone. morning

the for out that your question Connect growth Investor opportunities So still at there, some talk Day, lot a into where I you was think comments of a you that that cost do saving significant cost you back There is last had on could potential they and hoping been point. and there And about side. laid about pretty were at organic year? opportunities in next seeing fit expansion bit those margin a how for little saving Connect the

do you can that start want to, to maybe me you just want Dave you Yes, me add. and

of you'll did XXXX first think, both, I very and all on very, much focus the as non-labor our we plan productivity. prepared recall, we a labor refresh focused

of - gross those with targeted. on we've that significant track points We've the in absolutely basis really We're numbers. discipline created that. XXX it's productivity Again you'll We've recall process the organization. benefited from

executing against gives We tracking really organization we're that activities, within in us disciplines, the place that. So put confidence.

of We year. as at XXXX the do we again update outlook the the detail in beginning will more

much of the in will just the on perspective as really in want longer you'd we've how would We that encouraging, But give thing say is that's forward basis it's is terms that. got go showing as term add? fact performance. flight, and that you up David, of so to now, right our on anything terms a in looks well I a updates then

Yes, that business. for the next We talking year a need you're about. on this I here wasn't Investor new one Day

impressive Connect on I call we're would is say - would I it think focused that is I but what it's productivity. what sustainable about

new to work hubs, automate super reducing and we headcount when were sustainable, able when there that to roll reduction into is use blanket we harder. opposed just But what way productivity out we we think actually actions. when technology, some I to have and we're cost data, we're combine collect people to seen doing technology is I've now as asking things the

So I more a to renewable, much sustainable. so we've an services business like feel sustainable, real approach be, got like subscription based should it's now, information more productivity

you. Thank

from Morgan comes with Toni line is question your next Stanley, Your Kaplan open.

Thank you.

or about going be talk estate not give you the this real you may to I synergy, a there's you. be? shared number, guess, how want I'm think overhead spins company should help off, we what Connect us just in about but extra could costs, Thank so sure and to you the some, of public synergies will could to addition pieces think about As

we year direction Yes going and be to Sure. costs. regarding we true specific mentioned, worked onetime businesses earlier to obviously there's significantly on end-to-end. that. align the a the question a this some I under on as standalone, Toni, But synergies and the leadership number It's David's provided

going separation So estate. on also platforms be work tech the real office, now to and the focused largely is back really

there'll of math strategy, this of strategy be a part which question, it, company go addition, basis? these and include manageable good some So and that's incremental quite But think IT, those part and on costs anticipate to think are going relatively it's at it's basis. cetera. ongoing et small supported terms I on that are public be this some it's looking costs, we we In an the in a will of forward

Thank you.

comes question Todd with Bernstein. next from Juenger Your Sanford

open. is line Your

surprised Media couple you in of morning, cited terms and to I and more I'd love thing that is, I the one side, to hear opportunity that growth several thought me somewhat a hear times guess an opportunity, about stood on the Good Hi. out to for reasons. international,

panels First, I that lot you the a internationally, the in the you states. especially have of give think position that have assets the you don't

things? you do those to we those if solution you need build wonder provide without I so believe or can assets, a And

in stuff. know, And countries a lot way different these as then commissions you is joint the and market very industry with secondly, works the of

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about investment a how some given hear little the maybe share that you I'd the I markets. there, to So of factors could educated I what need why, think, more see of that specifically requirement different opportunity what the and is love maybe some put if thanks. they're be you out than I Maybe to on or

platform we And combination it's and global can panel first. happening. you so linear Audience within including question, The is the platform Yes, a our Total I more digital businesses. and good know. think what Todd, of platforms here's are rating, components a of digital as go digital partners ad partner that digital digital is

total to then So the partner and get go with to a us go route and it can there's Measurement tell side. so digital different have it on always I linear digital actually think go doesn't to linear then

to And markets we're as ways cover you in increasing some the mentioned finding I with and of to partner [indiscernible] say including order would that. in

like We use are folks us today XX that the YouTube digital markets those in in markets. currency

I we're the also the digital content at you currency would So trend, digital that if is first. way look leading distributed. is say the establishing becoming

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Then about get the layer I was to outcomes. talked how we second

of the globally, metadata business helping also work having platform our global which is a having [indiscernible], is us. analytics of think I business, much

of audience get vision. a same So that in chunk where exactly U.S. can to linear couple endpoint that as good would looked gone we've but got I total down at the market, the outlook, say, same a working of not globally And we getting we've we the over built we're or It's the to business followed today, we've [indiscernible] next getting path to path and few years. each the it. double the sort of we've markets

next from Tim with Nollen Macquarie. comes Your question

is open. line Your

question again, of AC apart decades at and And last least is whatever. it's Nielsen times or thorough Nielsen concise Oh, synergies, have have also the together much used echo hi, a estate on together real thanks not couple and but the and on thanks. been what I about now whatever. couple I'll to costs apart be so the and the presentation. and The or over

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majority Media. is revenue today the the of decades in maybe of advertising CPG that ad was the industry ago X% know You

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focus by Media and index CPG, separating one. number two on the industries on the so, all to allows over not business And it

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Media a Nielsen those Nielsen those that continue will will Connect who both that and this between so have We use and out sorted get to that. clients we've relationship for FMCG to serve preferred companies

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combine think you things, when that sometimes them operations make and think actually you case is work, I was separate I working the here, So much better.

Great, thanks that's right.

– the what add If showing can see discussed quickly is, up benefit what And the just just showed just add we it I would to that earlier. I’ll you also we've numbers. in just to that reinforce to

it and see business flow. cash results, it and can the see leaders, you of balance the in P&L increasingly, of You can the in terms the ownership and by also the sheet

think all is of that I together. So working

- Kenny A David

you, guys. Thank

next Your with Manav Patnaik Barclays. comes question from

is open. line Your

you, Thank good morning.

that out over sounds prior Media and to what under familiar you've So, heard management. past both plan broadly even to we've Connect very the laid year and the

I about more just is even So, an I'm spin adding makes that executable guess, just that layer work what and makes it feels probably this you're harder. curious, it of because like it the extra noise

there? So I for was thoughts your just curious

great largely I listen do Manav think sort thank is strategies. this about Yes, new and – versus you, of execution

P&L having Here the entire its better on is make end-to-end, Connect own, think its owning helps business stand different, decisions. I what is

with what trade-offs the between important. automate I we what things we do things think is humans and

we technology way right. is is super work, way the think rollout hubs we I the right,

faster that all endpoint. that move it having got So iteration to end-to-end, much to

connect that in I and many head connected an comparisons the it's to the other tools. who've their done think launched system for system, part open open reasons, truly secondly, are having the there is alternatives is platform of because Connect XXX% differentiated. can with it using Clients a is they big because with head actually having difference

So as think differentiation real product there that is I us helps well.

much velocity I stay a changes really to having the is dividend, are just the business, necessary media the of our in investments really at to very going is a deliberately, ability made way. the important key. off. Similarly, willingness very, we've this very We're going Board. Connect think invest to So our standing relevant in actually decision disciplined our capital I pull on the on is a business investments changes that to those think The future the alone. higher focus to fly that allocation, in with few are think There I at

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strategy. arguing will being and say, companies. execution, I not enhanced far arguing So that a I'm only better, be would different I'm clear two by far

Baird. Your next question comes with from Jeff Muller

open. is line Your

I'm for clarity leverage around of gave some on media on those thanks can Hi, if of theory of taking question. you levels the you expect catch appreciate to wondering and my profile each standalone and But what the for provide some then flow the Jeff, businesses. kind connect leverage targets? you for I Tim Pollock the cash

think cash term Sure again, rough terms of profile. what a flow kind numbers, the those we said I medium of kind it were of in

As both we also publish we have CapEx in a report EBITDA for businesses. and our for both filings

continue of that's particularly it's business and of seen, side it a in of on with to nature in the way to said, look operationally the evident characteristics. at of sort their as global business. the you've respective math, it's simple executing, we So Connect terms that That cash get but better just

We the in really discipline of itself of in lends It improvement better DSL again terms the in of particularly quarter to the cash focus We've terms over that aggressively saw course seen improvement. and year. the collections.

And exists The at Connect of we're and and capital a that on with so, cash for on margin we're upside each, track improvements just going relative side look to to opportunities particularly to the some generation basis. also time the deliver the we’ll that over improve to working continue deliver. expansion to continue referenced, I but exists the on upside

time for profile lower over of business. a CapEx also terms in the then And Connect

order are targets in leverage I those terms of for talked that getting of about all term to well midterm those So targets. medium

Great, thanks.

with Goldman question Your comes Tong Sachs. from George next

open. is line Your

grow media to laid broader linear. through in help you out morning, initiatives. with growth plan mid do how said reaching you markets? at you could what you in single-digit prevent layer flush your that factors external specifically, good line growth the from perhaps media to And that's you term the Can for path medium be that had a necessarily thanks Hi, targets won't CAGR out And up XXXX.

think to we the strategy sure pacing we're talked is categories as adequate way I it make the have about. in – Yes,

places we pieces media a today. we might well pretty side acquired we're, will to your do sure got in I’d certain OMNI in measurement integrate this platform. common over deliver say have to some plan channel the we've So investments be some time and invest that of things across make number are in to on gap. we we've There that outcome going

make to down investments those earlier, actually aggressively markets. discussed sure I putting international more as markers we're on And bigger

the investments some cases, some a So little the market do lined up revenue, sure before in the that. we've we're of making ahead certainly we of

But a pacing not waiting to that them we're, it's ambition. for huge come. So through investment

the of terms we have affects everything. meeting which and external always In economy, factors

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we're client going So would I them. change models say, to to and change business certainly going our with are

thank you. it, Got

next comes from Your question

question capital BMO next Markets. Dan comes with Salmon Your from

Your line is open.

dividend picture want couple would that been morning, one first. Nielsen everyone. forth apologize. an bigger that I Kenny. could and clarify maybe a If then the spin Connect, think back follow And and David policy. Media with but without would calls, dividend, just just between Hey, off good stay I established believe the to for I've I up I I Nielsen

cash you development to free you how do. and where at As could appetite of your potentially flow you internal for do are there's Nielsen investment But a you market in for want the your much think Thanks. M&A? look your and M&A doubt, Media, think particular, No priorities do lot help?

So first I'll that this is take Dan, Dave. part,

that profile would mean, the we a cash pay You're unlikely Connect, dividend. it given flow correct. I it's

And do should as terms really that media in think that one? forward. about of going second you being practical David, So part take to want

Yes.

debt. the free listen, Certainly, I and cash to pay So want flow. down

going more we important a deleveraging organically. and building able do be think things, I as what very clear path think to of be have I said, to we're So you to

what there's another do could look do by can been things something that. that it deliberate acquire have need I I'm might I think always to If roadmap our at company, smart to up built alternatives. certainly weren't more we achieve than speed of to platform, we're a as and has will to past We we it be. and acquisitions been integrated as in will we sure integrates that they anything XX acquired the and make some think, prior hours

say, certainly, move. everywhere plan for audience for we faster. to also a acquiring to So as question be being both That basis, build, They could it is, around we'll we measurement make and work we to a things I related very media a partner. with will increasingly have do on that clear because we're global easier one feeling the be truth were and believe M&A outcome a going

need may clients There are to with not own work other with. interoperably solutions we more to we a for need but Nielsen, that

question. the Media That's would help. that So

would Connect, well their side, as are on tuck that, also on there's but a to roadmap, acquisition. selected add ask clear them the just didn't there You progress I Connect for accelerate to very opportunities and in

acquisitions we'll accelerate when look And I very companies roadmap. their they now. think have both direction So clear at tuck-in

Okay great, both. thank you

with Your next SunTrust. Matthew comes Thornton from question

Your line is open.

players, digital now for lay the the for morning. talking the what's kind big feedback now the of the including to that getting like right sellers to and market? the the product timeline in what's approved buyers, right of right in kind first buy one Thanks platform, one know you're and cross when latest land maybe can you of the good you for David, us Maybe Dave. on give to question. David taking Hey,

have that there to to love to there in you level and you feel other your some [indiscernible] you I'd measurement, data data box been, build that acquire thoughts one us hear Dave, hasn't are just just I latest the we data on plans, you'd sets set-top there. like But need quick Dave for include real post thanks. census sets thinking obviously, one data curious again, just any the Great, kind your integrated spin? of as the And latest maybe as far know, just integrated love yet product. update just then both if this into

verified think all, and from way advertiser to want data. know Nielsen. wanting strong so, their demand I platform than measuring Okay, And or the all say comparisons. to the ever things the cross rigorously. would apples-to-apples make to wanting and is they're first, party buy to rely independent on of a side the lost they're very sure third people that agencies demand advertisers simpler all right that not have really first want more They Media and I on so They now,

the so get them association [indiscernible] are And deep been it say to demand have working currency. certainly agencies the in from things with we represent I'd us adopted as with very side advertisers a

and beginning clients, process south publisher the digital a we're of in mean, the things I are Now, on digital the number our that now ratings. guys ad expanding, would say, I because certainly of Because markets believe around world. side, that, in

continued they're actually with adoption that seen linear we're endorsement pushing. the other can what we've more particularly media media is be think so But I consistent of helping building. and

connected also even are of their now TVs linear explosion launch is growth the more sort our direct as been there's think, as there. historic consumer an are think, I of out there's businesses I believing customers been of there

folks And signing to it's renewal they're big Nielsen. So had are pushing of the we've this on year, part same thing. a for the as discussions

the So market like help move I will This fast as the in possible. simplification much with to it's that. I would us motion, organization would as say very think of

of some we've that. think with decisions made I the help capital will allocation

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service before, as lot the side, some all to to data categories. of but would other say Power is advantage a The we add of use think do said being I need more we in more around two still key. services other not providers set part used financial will to of sets. on the the and the the categories I work use, CPG we with for Connect and financial acquire actually advertising that getting I those outcome companies the advertiser, some data the of we do auto, is work around, at JD again Nielsen

partnership. I can think that through do we

a this else we're think underneath more differentiated to I all great brilliant itself. that was continue is getting There digital nothing that is but in stuff, to and for is expand true measuring want becoming more that, it of to set be all highly metadata help. the needs metadata one the integrated core great this. content is like on Great, of going truth a to future and now the globally, I Lastly, way acquisition, see stuff continue

his let Dave about talk I'll plans.

Thank you.

really media you business spin both with on the and the focused, as ensuring then very, you successfully know, business ultimately, we're Connect those independent many the there's standing separation as up obviously, Connect So preoccupied up dimensions could businesses you that, very as say, entities. so public successful know, for both And the maybe and focus business. well support that of of

company organization So work that be for be with able as now amount that time. the to there's leverage. to and we'll able of then, a we're we've we're come months. more tremendous about for going XX said, with And on to that's to leverage to do to of the all whole going outcome. to that successful leadership a as plants over learning be apply that back And been I've going required

just the there's at to will well. in job include organization tremendous now role that as the amount hand. Right So a with there's my a be done

comes Ashish Deutsche Your from Bank. next question Sabadra -

Your line open. is

the taking question. for Thanks

high on Media shortly. So several the Can your offering? there and are conversations - expanding about Thanks. expanding you profile comment just your with company [indiscernible]

extending little and offerings with bit to broke the streaming You up DTC [ph]. a

how just was so of profile services my streaming I evolving media know which I those launching question Yes, companies a And launches? lot - your are was with there are conversations off high shortly?

counter helpful. become, they listen, Nielsen people in our on it been market always television, And they're in I we've offers, has share to more profile actual I are so, what time talking DTH the share. our watching market market high and looking is viewing market and to at also subscriber ability share streaming accurately all not lately measure Yes, services are been think streaming as is how have in DTC me, these usage much . investment really as mentioned think [Indiscernible] the the companies services spending meters,

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Your next Kevin Suisse. Credit from question comes with [indiscernible]

is line open. Your

about or use the about of how on thanks. million. the like think which frees forward? just of that towards restructuring it's if ever Hey, going cash the Great, lot we in that with dividend, initially shift Does go we incremental any a cash, feels $XXX thoughts should up that

what the companies. that facilitate And I each is of the about deleveraging as key it’s will help helps it we've as really both think take priority business. really of part David stage the for launch Well, is paid really - to best this us for really all public I is here setting as independent said it's really get I down. possible conditions we're a the mean - mentioned, create

that's the at really was. is, end the So that's what the day, that's the where priority of focus

Your last White’s with Deutsche comes from question Aaron Bank.

open. is line Your

that for did in main set months you targets a XX add-on to businesses term relative thanks give desire as you currently? of be reducing you you Thank to gates leverage or for would us start due guess sense see to the Maybe for was related spoke times out everyone, from the a ahead towards last of that of to you fitting the kind as give of for the connect march the to just dividend any up X where the to sheet indicate the you'd envision be an separation. us the you the sense here leverage Are of leverage driver but now able like on the And balance end. at targets? of each those to of a me to Hi media very able X.X they leverage I the you what much. medium note and businesses, question, to kind the

times taking be than that, will it call would X.X at for would pro in deck. Connect. let's the be anticipate we range Yes, start. rata of that less a existing Connect We portion

obviously level So little obviously, going be years, obviously the than is current current video a few that for higher video assuming in a going to to would it's ratio. the as take higher But be also dependent pointed other a very a out attractive cash on Connect, what David It we're outcome to and little than going going with the investment attractive business very, to range. target to get very is profile. It's opportunities. be

where gives got of pretty a think can But good So do. more. you we I we start we've that indication that things

you. Thank great. Okay,

ahead. thanks question. Go Well, the for

closing like now would to David over I back Sorry, to call the turn for Kenny remarks.

to for focus future. day of our us, I entirely preemptive. the Got when closed. excited questions. Nielsen ahead, This big all the I now will a so value everything's I'm this on listen. actually we're the new about So the building going for and about Thank excited day strategic And joining day getting review great appreciate be and call. is you a for am

and much. through excellence going be this to you of we're excellence timeframe. Thank hard as good possible the drive transparent continue we're And time XX product each day. separation the operational as and We in work you very our same going a will to process this Have we in businesses. month X two can. as to complete to to update At

conference today's concludes call. This

may disconnect. You now