Nielsen (NLSN) 27 Feb 202019 Q4 Earnings call transcript

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

I would now like to hand the conference over to your speaker today, Sara Gubins, Senior Vice President, Treasury and Investor Relations. you. Thank ahead. go Please

and good Nielsen’s Thank year fourth here David performance. and Zukauckas. us XXXX for to I’m Kenny; CEO, our discuss quarter with CFO morning, Lisa, Linda you everyone. joining financial our Thanks, and full

use that Investor under our this call website. A the we’ll is section Events slide on presentation of Relations available

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

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

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

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

key Thank for today. thank morning, the you the and start you, with topics Good call. Sara. all for I’ll joining

track since separation. following of Nielsen’s of driving David our one two perspective, Rawlinson Board especially served chapter: will First, accomplishments the at strong happy I’ll And a to for you and leader is growth. of David high brings strengthening of and introduce on and a today Global Zukauckas. executives Linda key Nielsen’s background Connect two cover the our accomplishments international team. David XXXX to XXXX was a digital record and level. be critical CEO management its the next I’m Nielsen Directors a

Good morning.

of Express. CFO the following separation. remain CFO American and the served the Nielsen, of Nielsen Linda Linda Global most she’ll as at is as CFO recently Media Deputy

Good morning.

have Global XXXX Media and on plan going year over planned which is growth Linda and quarter as the our full results we’re then well update November. fourth call separation as to to the with the Second, financial an to Nielsen Connect, consistent turn the review discussed XXXX I’ll Global guidance, in of Nielsen medium-term

our prudent, path are We guidance Media that the in and on transition being we disciplined reflects and Connect. are

key Connect. his Following will forward. that, our strategic our on path I’ll Rawlinson update that early you David thoughts of how some share on shapes and initiatives also

XXXX XXXX. XXXX. of and of delivered ahead teams year progress tremendous solid Media with We set Full currency we both a was our growth and constant in achieving year out of Nielsen, for of goals X.X% revenue On beating guidance, was growth at I’m the or proud in results, the our executed. extremely way Connect.

a organically to Adjusted time original with first free grew positioned February. provided and the year growth. flow line since XXXX Connect EPS for Importantly, our and EBITDA ago forecast, which continue strongly that cash in last guidance. our Adjusted beat we’ve were is now

operational Our increased and results financial discipline reflect progress.

technology aligned we the each greater within and shifting our began visibility, technology our XXXX, During a accountability culture end-to-end and segment, and which other drove we product-driven operations to organization.

streaming Specifically, new The and e-commerce most. the in for our we of digitization both businesses. information product help to clients developed digitization clear through need retail prioritizing our maps, clients create that opportunities of products road services the through media

and infrastructure architecture global good towards modernizing We legacy execute single operating Media on Connect, progress retiring and at their vision also each on our made of platforms.

products to to innovative both existing culture, which new sales accountable bring needed more businesses. and clients stronger a built and also new We is in

Connect. Nielsen separate concluded November, we announced Nielsen and in Global our the to review Global plan finally, Media strategic And and

to want on I the planned that, also on separation. update you So

Our growth focus shareholder and is concluded drive value. to this path Board long-term strategic best enhance the to forward that

two successful strong and XX. reported the directors, Nielsen added with three our separation work a we’ll QX this on last see And focused when we Connect separation. independent results, We’re new ready Since as is companies, move we’ve you independent we into to up the we Board Board growing for progressing were to be well. towards

responsible company. dedicated with internal have supporting of new each teams operational readiness and We experts structure external for the of planning

establishing and benefit the next systems, our companies; for the will understanding the plans have several of functions entities replicating role associates and establishing separating focus public ensuring as facilities few new Over that including capabilities Connect; each global and within applicable. on our critical and months, our financial of legal IT an their infrastructure, we steps, company of our each

complete within announcement, months expect initial XX and the to conditions. of We legal separation approvals regulatory market to subject our and

Linda me financials. let that, the With the review to turn over call to

earlier you, time Thank solid our results for are Media having tremendous focus David, ahead and a Nielsen and the join and everyone. The very leadership to month. the and joined company in with the here, by the colleagues. It’s opportunities exciting pleased businesses. particularly many by morning, I’m company Connect to good XXXX global reflect be so

I’ll start Slide for and X quarter year full XXXX fourth results with our review.

all of for growth company and on X.X% a constant growth constant growth on full the the in full X.X% organic exceeded a heard revenue Revenue basis. better-than-expected revenue QX or the achieved X.X% you of includes X.X% measures. and both growth year, XXXX both basis. was across year organic As currency key from at currency quarter fourth David, guidance This

points quarter and the revenue grew EBITDA of margins the QX XX the a million, XX.X%, an in onetime for quarter periods, for were fourth the effect down of Excluding elevated X.X% up on was year. carryover prior Adjusted currency the items XXXX. $XXX currency. fourth reflecting Adjusted basis investments constant in quarter full X% in for organic basis, Media constant EBITDA X.X% in level

basis, of in XX.X% adjusted with line the for down a points margins expectations. $X.XX EBITDA eight adjusted EBITDA constant constant was resulting X.X% year currency, basis Full billion, up year, but currency in on

benefited to XXXX in XXXX, productivity, by margins versus as incentive technology XXXX. related offset investments performance product well and as better from compensation higher annual During due

adjusted of a the and the settlement This of include the $XXX to Adjusted million deductible. pension noncash EPS EBITDA of related pension charge of defined two fourth plans was not do the outside quarter charge in U.S. not benefit impact tax

Adjusted EPS for in due was higher mostly to compared and depreciation, slightly amortization taxes on $X.XX $X.XX the the fourth quarter quarter XXXX, EBITDA. of to fourth higher

$X.XX Full $X.XX recent to was and to in line in range most with $X.XX of year guidance adjusted XXXX the EPS compared $X.XX.

amortization. higher slightly adjusted compared As year, reflects EPS higher offset depreciation tax and the and to $X.XX favorability, the EBITDA primarily prior by

the high an of which end guidance EPS initial was range the $X.XX. performance $X.XX provided last And above of the full February, range year, to for called for

was in to Our and discrete unusual fourth items. the been the the pension our settlement, have discrete of tax for million Adjusting quarter. quarter would expense XX% tax nondeductible due $XX rate

of took settlements year, rate tax reflects in of expired open benefit quarter, items, as the the shares. full third number tax the effective discrete and closed and nondeductible reserve For releases product the the statutes XX% including a charge company impairment we

the approximately would year tax rate impact effective items, of Excluding the XX%. have been full these

in restructuring, free and which year, in line from incentive XXXX to Key slightly was slightly the offset drivers payments. interest lower were For and million cash XXXX up cash XXXX QX $XXX million lower in and $XXX to full results lower $XXX by range payments $XXX for million. of compared with million, the include on taxes payouts, guidance XXXX higher the retailer partially timing of XXXX annual compensation and higher flow

executing for busy reflect year quarter performance and fourth did year Connect Media and a job full solid Nielsen. of results great during teams at The The a

each let’s segment. Now, review

to basis. I’ll Turning first talk up a Slide million, left. on $XXX QX currency about the the for Media was on constant Revenue year-over-year X.X% X. results

grew of full with X% in currency, the X%. constant X.X% year, to range revenue line the For guidance

both growth quarter is the X% currency currency optimized Audience slower the measurement were which X% full currency constant full while timing line digital revenue slower local, sequential revenue X.X% expectations. pressure in the guidance growth, in constant for and drivers the a Plan there constant and strong. On X% X% quarter X% national, currency in line including basis, to the audio fourth year, and quarter with grew range. remains grew several with of in for fourth year, in constant for in

saw XXXX. in solutions. discovery platform, dragged Gracenote, and in outcome-based pressure mid-single-digit basis growth and XXX steady Telecom growth we in points our roughly XXXX, metadata plan In optimized by

in Media’s XX.X%, quarter, adjusted resulting currency, million, EBITDA the was XXX down opportunities, constant margin. investments growth impacted down currency. During which of in Media X.X% constant we margins accelerate $XXX adjusted did points EBITDA In QX, the basis in

up year, year-over-year. the margins EBITDA XX For was in XX.X%, currency. X.X% adjusted $X.XX basis down EBITDA full billion, were Adjusted constant

productivity on investing in our media drivers by focus are part offset We in initiatives. growth continuous

quarter Fourth This results Now, the a X.X% delivering currency guidance progress above I’ll currency basis. revenue revenue and after the revenue growth in full constant grew growth throughout million, year. a for was revenue fourth marked Measure $XXX X.X% showed Connect of return page. the on years constant up on currency constant X.X% two declines. of quarter to side was the right Connect the XXXX, discuss

quarter, timing as last QX. revenue QX mentioned some QX As benefited revenues from shifted into

strength the was innovation full measurement predict grew services. in activate to Full For In X.X% plus X.X% to fourth strength saw above constant constant currency measure accelerated on retail revenue X.X% minus drag expectation in in X%. than less X% declined This in growth the year, the and currency. prior year. revenue consumer year from the insights quarter. shorter-cycle we Revenue XXXX, and of analytics

markets markets for currency for X.X% for the emerging while and geographic for and was revenue X.X% the quarter From X.X% perspective, developed the year, grew X.X% a up constant quarter grew the year.

up margins points up EBITDA adjusted was Adjusted QX Connect XXX basis. constant EBITDA on currency. XX.X% constant XX.X%, basis currency $XXX a were million,

constant productivity margins basis was driven $XXX points EBITDA currency. year-over-year up XX initiatives. up full For million, adjusted year, by the X% Adjusted were XX.X%, EBITDA

work we’re relation Connect the turn X.X% outlook to XXXX, on we revenue for growth a company Nielsen to in to for providing On XXXX. constant let’s basis, total whole guidance XXXX of X% currency be XX. the while businesses and year. guidance later expect Media a to X.X% we Today, Now the separation towards Slide the growth approximately as in and in

EBITDA include XXXX. XX XX.X% when within detail go adjusted does in is flat I points acquisitions will for these of down This and to which more basis review guidance versus divestitures XX revenue be completed from benefit approximately to for into range margin suggests guidance last The XXXX XX.X% And the businesses. slightly months. net margins the I’ll the

me So explain. let

growth discussed earnings investing we on drivers. are QX media call, As in the

Our our investments on digital plan optimized. panels, driving are focused in investments strengthening and

be As a for expect but we media less than margins saw the in XXXX, result, compression down XXXX. to we by

expansion management. by cost ongoing on expect driven we underlying For revenue Connect, focus continued margin an and growth

the a recall leading our you’ll last of of analytics. announcement However, is month which Precima, provider of retail acquisition

it growth, in year negligible with revenue to comes While EBITDA favorably Precima contributes one. margin

So to we expect for margins roughly overall year. be flat connect the the

Adjusted to we to EPS is of $X.XX level is expected and $X.XX earned be driving a platforms, reflects XXXX. $X.XX compared expense. range the in that of higher range which amortization depreciation investment This our in higher recent the in to

expect of range to the cash to $XXX midpoint up the which free slightly million, versus in at be million is We flow $XXX XXXX.

We’re continuing expenditures. capital improve management, focused in our higher and capital working we’re on to investing media with

adjusted that to and EBITDA, cash to operate We note incremental and to cash separation-related costs we EBITDA beginning costs impact don’t free of $XXX million the to and want include adjusted guidance I two companies. do plan EPS. million flow or EPS approximately ranges traded adjusted $XXX separate estimate the onetime XXXX, or to these as include not in adjusted publicly costs of costs

third-party vast components costs tax largest The related costs, standing friction nature in these such data and and centers adviser of to separation these of to The time described David of spin, onetime one the networks. are are expenses earlier. as up majority technology-related execution

second In two be operate of companies, costs will majority will addition, the incur half. which to we the as in

each We on structures also mitigate while costs, to will incremental are strategies so appropriately work scaled that they rationalized business. we for

you imagine, costs will year vary as from these more progresses. As can these provide the details we on can separation quarter-to-quarter, and costs

additional included XXXX this appendix. in have related We guidance to assumptions the

specifics more into go Media and I’ll Connect. XX. for Slide to Turning

from into we Media, X% to incorporated X.X% approximately constant Global to versus The it to X.X% to the XXXX. constant which estimate, X% revenue of and currency basis to our versus point audience XX expect For Music impact basis growth and XXX Media, Within is in flat X.X% lowers we be in incorporates to be optimized divestiture business the expect grow by December currency growth measurement X%, a divestiture. plan up this X% points. music XXXX negative

acquisition basis XX%, For expect to to we and to X% points includes XXX currency largely which incorporates Predict/Activate Connect, activity. measure approximately to growth Precima. revenue grow be X.X% to net plus from XXX X% related which constant XX% net to growth growth to Connect, basis minus Within X.X% points acquisitions, expect be revenue of of approximately we

some guidance commentary will in remarks. David for additional provide around revenue XXXX the his

a the talk about year how out timing we me playing perspective. bit from Let little see a

in about Clients streaming the investing new will start to well increasing these XXXX. we’ve support services talked investments as want growth media benefits and First, to products as initiatives, see of of second half new in outcomes measures. the we

investing to We’re back second growth will the their accelerated meet these revenue The half products half needs, year. growth of year. growth accelerate the drive will of to provide the in which EBITDA in the

losses few versus through most in first Second, revenue half. in this Connect, we’ll In margins. speak prior the periods, more we client are David which expect a in the second These QX, the about to half XXXX, later. and flow pronounced see will accelerated of in impact growth

we improving with the of year. the margin in balance expect first trends so the profit And in Connect pressure during quarter,

quarter, As we our last on identified realizing expansion time. discussed and in driving margin over operational continued medium-term Connect are at efficiencies focused framework,

low adjusted the to assessment guidance of incorporate coronavirus. risks the range In our our end related addition, current to of we’ve

are free consistent heavily flow cash with half which weighted. should Quarterly be patterns, historic second

first The incentive capital by improvements, driven XXXX. free compared show flow an XXXX, improvement cash higher versus XXXX a working compensation offsetting XXXX should for payout to QX quarter

making transition progress XXXX in In developed as and sound we’re Nielsen the redefine as this year for important separate very is two companies. companies. solid period, separating We’ve summary, plan an a we

we important very We growth next performance. and to to I’m in sustain expect part are Connect’s stage. be drive faster over time, of the Media to improved driving investing excited Nielsen’s team

call And now, over I’ll to David. back the turn

Linda. Thanks,

Let with me add some color Nielsen starting Global Media.

significant audience, media group. tracking so and the expand the investments. a that media role To to content for have truth the Nielsen’s and covers buyers it making remind you, basis the one by ensuring to media discover content can in transact the on We opportunity and of sellers easier ecosystem that audience outcomes measuring

there As common media and even audience, are outcomes. content for evolves, greater more by and players an need standards

to and transformation headed is we the market top investing is digital deliver and where audience across are our Our outcome. solutions priority, both

YouTube. For to continues example, marketers Nielsen demonstrate their to in Google reach work ratings ad adopt with total incremental of the

YouTube to cross-platform TV guide their begin data planning will also and our to television. use national We advertisers in suite help investments across

further for ad Nielsen’s partnering Roku, platforms year’s ratings the do to with NBC, as measurement rapidly Hulu in service currency in such as video-on-demand you’ll and measurement digital the their this changing help landscape. see we’re upfront. evolve And FOX ad-supported

On content Discovery. measurement metadata and spend, role, side are the

total help these work key evidenced to As report, together recent clients. drive in our increasingly capabilities decisions for audience

currency brand platform, year and our came and addressable in is future future clients. Addressable we’re measurement We at growth with escalators. at is in every a test TV. another recently as broadcast. CBS, with up We the scale delivering and such explosive the are the our renewed with investing growth multiyear reach agreements of remains addressable Discovery and continues building. clients to Linear linear linear TV last Linear driver, to and about streaming, contract NBCUniversal. within linear ads price part launched of tech a that the video many be dominant advertising beta And of advertising platform of you new stacking business, national important advertisers, asking an mass offering critical

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the viewing cross-media Nielsen example, TV Trade enhance their data is For into platform which partnering with capabilities. Desk, brings further our buying to

we of that here. our in announced to we XXXX And information a the and the result When multiyear mid-single-digit including This XXXX and strong audience the media grow ramping portfolio in a and we profile growth scale in line at in This in is Plan/Optimize to continues single-digit now services growth Italy low is and both in would a digits then in XXXX. growth Media expected investments key basis. and outcome review through renewed November, measurement ramp measurement, said Australia and of expected result international, digital in in with through CAGR both we’re mid-single beyond. in market streaming linear, strategic XXXX, we and to saw measurement revenue growth our making contracts our global on

we’re say initiatives. well I’d And on these executing

the time, not disciplined in importance order We in growth linear is said, of That have where highlights deliberate media transformation align investments time. coming transitions and take and they it from. and to a our are

this we We are will And as right investments medium we see over are term, growth. off steps the the accelerates later pay revenue growth our that long-term for year. confident taking

expect we this value are measurement, flows in and mid-single-digit local from of as revenue. pressure after XXXX business through local audience the stabilize XXXX. should renewals our In previous seeing Clients – in declines will transformation,

to measurement, In over single-digit in couple TV we next national mid- of low growth XXXX years. expect the and

growth digital digital third-party even remains become independent will and to strong and overtime. streaming more important volume really measurement platform Our

our We offering. see ad digital growth continue double-digit to ratings in

more side, in closely is with important, clients. our content to streaming. And extremely greater particularly the value measurement to deliver measurement and linking metadata tagging the we’re On growth with also discovery

improve actions we in be divestiture December in our took go-to-market adjusting growth our outcomes business content, in accelerate will XXXX to the revenue streaming predict penetration of product and In of to our by of This XXXX. measure for to expect XXXX investing across we and Music our growth strategy. drive where capabilities the of and driven the we all after platform. We’re Plan/Optimize, content advertising faster

agencies runway ourselves advertisers, our owners to further media and ample Plan/Optimize across embed have growth. to accelerate We

markets And are on globally, to XXXX. products generation focused bringing the next we in of more

the Officer the of Our in our International, role underscores Chief recent hire President that and as medium-term of Sean Cohan will growth. play Growth international

To content across discovery. across ecosystem, truth sum up, media role an delivering Nielsen the media and one has audiences, outcomes essential

shareholders. strengthened the key only to in and accelerate player trust The and we transformation are are our currency now greater We in provide world. spectrum solutions that investing we actions the our grade with XXXX to confidence took around can initiatives value the deliberately across deliver clients and and

a our strengthen and margins. turn me also and year leadership executed to ecosystem. the Connect. for the as Let transformation in and our for XXXX in expanded our position global on full years was XXXX we to the Connect progress of returned year We retailer steady CPG first in two time growth

increased move Connect company out David have as as separating confidence Connect We CEO. towards a we Rawlinson the stand-alone as with

Before I would a go comments. few further, likely share David Rawlinson

strong and ecosystem can of more David. at in goods know here data that scale, today. and XXXX and in impressed an you, Connect XX-year franchise, thrilled the Connect for join to with analytics role team provide I’m to than outstanding only honor time of more XXX retailer the this has the measurement never as its be the gotten products center Board Thank been platform have then. business the countries. Connect I’m critical. people. since packaged and Nielsen’s consumer A well joined global I history. very at global technology pivotal is company’s It’s CEO this millions across of to

look you Connect’s stabilized. The separation. improved to deployed, to business our growth opportunities has to look Connect and and Nielsen have strong right with With plan, towards delivering forward we sharing predictive I we have progress I drive confidence the I’m in now strategic and further as growth to in that profitability. we strategy committed omnichannel place revenue platform forward analytics the grow measurement. have

David. Thanks,

guidance. were, helm. our this confidence sales measurement, continue company the in we to accomplishments XXXX foster robust with a in I at the part, connect Our driven David and culture, pivot technology our exceeded and product-driven by in full have will XXXX Rawlinson In

wins Connect and of us and defend such improved live with successfully we’re as platform others. the Our amongst Buyer Store, Connect Nielsen The and share. driver clients deployment Nielsen investments product with is McCormick’s, an multiyear we partnerships, as U.S. East Coca-Cola recently and to recently We enabled accelerated Bacardi, [indiscernible] win important and business key platform, market renewed had also renewal in competitive client a business and takeaway Kimberly-Clark of global renewed winning with discussions, Middle L’Oréal global Europe, their including partnerships Colgate, measurement and the J&J, Africa. and

and revenue, up that and clients, company solution Turkey, channels launched off-line. partnerships factoring our further adoption important we strong are specialty truly that coverage and in we adoption view new We’re countries in measurement a and secured only priority, omnichannel growth data provide on the emerging and India. are is E-commerce omnichannel to and and Russia, saw markets, an e-commerce retail. in global can building across e-commerce, and a such we new both as Broadly, Ukraine client we in

in recently Supplies we into global expectations driven by our with long-term channels, Predict/Activate specialty [indiscernible] an exclusive of relationship Plus. analytic In Pet ahead came scale. largely entered also XXXX, in

automating platform we the significant pillars, in and hubs XXXX across super progress made finally consolidation And field selection, operation convergence. three in

intensely Turning the our automation retailer November for include initiatives been consumer, laid We’ve focused the Connect our measure cost through U.S. to progress relationships and deploy operational it is XXXX. to total the showing Connect platform is continuing efficiencies the globally. Nielsen said business and out we improving the XXXX. getting XXXX on up our and to deliver and make single a which this convergence. driving strengthening performance platform, digit of outlook coverage in organic trajectory results. business driving through across to what key revenue We’ve expect operational in expected to we CAGR we improved We low and begun In

Let me add color. some

For flat the of our revenue measure, we be expect year-over-year at midpoint to guide.

and renewals some their internationally. What Connect impact and major to our are the XXXX all U.S. our XXXX. the client truly is won XXXX XXXX. in multi-year deploy loss platform about the We’ll in deployment in we the further that Nielsen is in said, the States competitive broaden impacting changed Connect through the losses renewables [indiscernible] That working largely begin this. clients United We U.S. our really in are of of excited transformation platform reflected with of

growth to investments us our to analytics retail momentum and positions expect and enables win retailers. as we of provider with XXXX. acquisition accelerating as an accelerate our Precima important driven innovation, and roadmap staff-based to the well Predict/Activate, This retail by us ongoing in acquisition In January, industry-leading, see product in analytics

Before I China, I about want of moment is close, a company to spend which or of X% revenues, Connect on revenue. total X% about

it China you big has As know, in turning progress a we around. been make and focus

in and revenue have strong better execution the We improving a leader place team is driving and expanded coverage, trends.

While closely. from main in in and that coronavirus impacted China, improved safety we monitoring are position head XXXX to an taken areas. precautions into concern we minimize employees our the their On of risk the we’ve is our

Our affecting unknown provided initial from known but China, be today, into keep risk situation as could coronavirus you but is We’ve on incorporated we’ll the Nielsen around we’re coronavirus of very course monitoring around closely risk updated the globe. fluid this the clients our guidance there situation the focus and was and a

a Connect, This on we unique global consistently in business delivery strong up foundation, sum To XXXX. scale. have has and reach

have strong later as this our in standalone to well strategy a positioned Connect committed is place and we team clear for success year. Our executing goal. is company on a

for I’ll it with that Sarah to Q&A. And turn back

line please? thanks you Great, open David. Q&A can the for up Lisa,

first from Our JPMorgan. Instructions] Andrew comes you. Certainly. Steinerman of Thank [Operator from line the question

open. Your is line

Hi David.

think distinction you there’s in in do is planned a well data with planning that Nielsen and So mind, think measurement? as You Nielsen truth Do positioned talk personally as media about measurement in audience between optimize is it one platforms/data? you media media with Media.

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next from of our from line Bill Fargo. comes And question Warmington Wells the

line is Your open.

and Good congratulations. welcome Thank everyone you. morning And David Linda. to and

to will would next my share talk question national you the you not about thoughts media also doing on And please be why the your local? local stabilize what For are business?

would back about the local I so did strengthen that has big to local finished We finally in and the say strengthen I happen. complete Yes, that methodologies we made been the XXXX transformation. got to renewals investment. see panel That That we’re cement to a got say after a very in strong in would excited Nexstar in years. come we’ve currency. and XX from feeling really good does I And position our base very here the local. was

that. good So we are where on I about feel competitively quite

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line Kaplan question Stanley. from next Toni the Our of comes Morgan from

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like handle feel got I a it. And good on we’ve

going the monitor because never the in an measured where out we’re But in actually Media depending continue remotely. field impact to expand. certainly Media on We’re most to on an an employee going it to It’s else of of is less position. have to unsafe

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Juenger comes line Todd question next of Our Sanford Bernstein. from from the

open. Your line is

taking for Thanks the morning. good Hi, question.

morning Good Todd.

national about and be that years. progress, later? growth I’d transformation like sign that can is the terms up to or show to this your out looks to there next point progression, per plan the ups that come it client later progressing give point year you revenue great. to to in go trying outsiders the there, reassurance thinking for to mind, to as there just And guidance don’t like for we is in That’d Thanks. could anything investment look revenue is to and you follow Is media. in could of because then your us back if David waiting than in in how milestones, confidence us anything you operational continued other

they how to is as national we’re need services Yes, appliance think for look new you help listen, I national that our adding what in expand.

national with all historical or them in where So more are escalators as of And shifts businesses, additional I with services other they DTC launch renewals include there those other partnerships clients the their platforms. to be to of are around our did some move that renew be whether annual services in whether XXXX. That be businesses, want on streaming levels. they businesses, again, direct-to-consumer that major line help said, clients what did clear price we is there

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the question next line Baird. Our of Meuler Jeff from from comes

open. is line Your

different thank a Yes, maybe question. structural variation you. the media guess of I

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this CEO, I’ll Kenny our time. no back have at David call further for questions the remarks. closing to We turn

journey. couple excited for a this know all past hour. minutes you we’re Thank I joining. I’m the about

new many quickly. I along are of things us fresh colleagues some some think ideas, help to here committed and combination who’ve colleagues with really moving for been years the really

transformation. We of and And are transformation. keep of the the over we very to completing you course this year course, on on the that, will committed posted

quarter. end again first at we’ll you you. the of the So talk to Thank

concludes gentlemen, Thank and this call. Ladies you participating. conference for today’s

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