Nielsen (NLSN) 5 Aug 202020 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Second Quarter 2020 Nielsen Holdings 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]. We ask that you limit yourself to one question and re-queue for any additional questions. today’s being that advised be conference recorded. is Please Instructions]. [Operator hand over Investor to I and would Gubins, conference to like President, now Sara the Senior Treasury. Relations Vice

section us quarter Good presentation discuss CEO, that our A Web this CEO David of Linda on am for of Thank CFO, morning, our call joining we’ll site. our under and everyone. joined by use Nielsen’s financial the XXXX Relations is slide Zukauckas; second Kenny; performance. Connect, I you Rawlinson. Events to Investor available the David

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

any measures forward-looking comparable measures update periods expected financial section also release, filed press are at Investor Reconciliations subsequent those future annual our most by risks no available on in available materially actual report the non-GAAP our the identified of number our Form as nielsen.com. non-GAAP to results except because call, most Relations in we SEC, a of uncertainties, Factors XX-K to may obligation currently will site. law. On site refer these reports of earnings including the measures. to assume certain and required the financial those We recent with today’s statements, Web available GAAP at which is are Web on Risk the in in from which differ of of section Our and

turn we to we to over if can to queue CEO, yourself Kenny. will to to again remains, to on that now and our it I’d start always, accommodate so you. call join For we free Q&A, call, like as you question the limit David the ask everyone. time And Feel one

it I has joining comments all always shortly and diversity and Sara, you, you with This some Diversity morning. inclusion. be personally. can equally to thank events even not more but At Nielsen Chief to Recent Rawlinson. and Officer to fight It’s it should on Nielsen on joined actions. all to we and and want this key for clearer start the the that injustice me racism role and important are we to for is took been reason I call counted important Thank doing voices that have Nielsen, I everyone with counting after I know David stand a are heard. just ensuring made social

the of that do better. effort, ongoing opportunity will and ensuring to are full This will are with strive continually succeed we and treated have they employees to We respect committed an and our be dignity all that deserve. to the

educating how me launched week, workshop injustice. micro-aggression are externally on and/or examples pandemic providing due we robust assistance a the address Let efforts. Last a of of give associates the small we in that to social need our to LATAM of businesses our help couple tangible all and to workplace

the organization Nielsen Our Media our Rawlinson part through enriching every expanding Global of diverse and for at and is accountable Board and representation David level every Connect me, voices. Nielsen of teams holding Global

me you from Let want away today's five I key call. take that address to now points

period due First, solid an second we quarter delivered in a unprecedented to COVID-XX.

building consistent are of We track a execution. record

packaged industries essential our society. remain and goods to the Second, to and remain clients our essential businesses in those retail Connect and consumer Media industries media,

fifth, XXXX and and for increase narrowing will margins, have our follow guidance. enable And spin I'll I’ll are profits points, Connect. our results us we and elaborate on these first will Media, Rawlinson XXXX. long-term back and our track optimization the review are through cash Connect that to of quarter come plans XXXX. and time permanent Third, plan, Fourth, of then on accelerated and guidance invest to to we growth Linda over discuss flow reductions for cost in financial drive initiatives. will the David we in refining with

and revenue line margins X.X% were currency execution. significant free of with our and declined which constant We world-class Adjusted out Our measurement COVID-XX less the expected we ensure and was of am courage how to EBITDA proud way to leveraging cash operating costs change consistency ways in and to grew we want ambition, to risk-taking, innovation expectations. colleagues continuity QX I'm Nielsen year-over-year. results our adapt my necessity offerings, down teamwork we pace new across are around learnings tell response to expenditures. solid as than our capital and business our working, flow the I rapid discipline our I This team. reflect accelerated operate. in analytics reflects QX and permanently far seeing and of of and you

is given and we Media Nielsen to Second, essential industries the and reinforcing the environment packaged in Clients are of consumer help or serve, essential better evolving to consumer drive decisions. Connect’s and business them nature media in changes we’re current goods, to to e-commerce our Media want analytics analytics clients. rapidly the landscapes, society like and Connect solutions the measurement in streaming and understand behavior, developing new

provided with these revenue contracted during XX% times. We have revenue, visibility uncertain has high greater recurring approximately which

$XXX a before and benefit implementing rate to drive Third, permanent transformative a plan investments. annual run we million have broad-based optimization begun

to are capital and will and driving change taken These international our reducing underperforming easy smaller We key Connect. forward more transformation but to transformation, accidents, platform-based resource prioritizing non-core in but not fundamental us and are to a done. to workforce the continue simultaneously We've the in cash step invest efficient, profits we cost way that in includes enable we’re faster our reflects our initiatives, organization. select big zero-basing actions not a expenditures. structure we growth while decisions, and and in This markets expedite businesses work generation. our allocation transformation were in agile, a opportunities, Media our These growth higher

raising market XXXX guidance, bringing clients’ including to needs products on we scalable doing our adjusted evolving our to refining and Fourth, the to in way. right increasing continue so our syndicated are and address a will We focus EPS range, to cash and to ability target our flow continue in so our our necessary. the dynamic raising we forecast. low free will as the end environment, do margin We've adapt most of proven and

We on I'm are execute pandemic the teams scenarios well will XXXX followed. global positioned that a continue goals. range if of economy our the for continues to and our confident

accelerating in profit XXXX strategic We and are cash commitment growth and both with also in better needs, engaged a to for and beyond evolving businesses planning serving revenue driving clients’ generation. flow continued currently

track a Nielsen Global Nielsen Connect XXXX. of week statement are a first every making towards the of Media and early Global on are has we David full We operational separation filed Form progress the separation. milestone; and Rawlinson we May, initial in Finally, big team was Connect; established registration strong for leadership at which in XX quarter Nielsen the

have businesses well We companies. positioned as are strong and two futures both for their stand-alone

more provide and on year. and turn future later Media will at our Days to this Connect outlook strategy With Linda. Investor We detail I'll it over that,

you, our X I’ll with Slide and results. start Thank good everyone. QX to review David, morning,

Overall, their David, from commitment want continue to I reflect our new heard expected, for thank you flow norms. and colleagues performance COVID-XX. high results than grew year-over-year including to and we in our to revenue better which were despite As cash margin where points a in we than associated better the strong several operating adjust or period quarter, There were with QX our and execution losses free focus outlook. during results line

Constant Overall down Connect drag had a in significant with both significant expected, impact basis revenues. currency EBITDA constant revenue currency or FX an line includes and expected, basis X.X% Adjusted on points XX As points. X% revenue our XXX driven Media than only cost by expectations. declined better management. X.X%, which COVID-XX declined was organic, of

disciplined XX higher lower was Our EBITDA the illustrates XXX and XXXX, EBITDA compared QX EPS lower cost depreciation offset due was quarter This $X.XX by in only was and down while amortization, to in year-over-year, focus. to $X.XX revenue Adjusted taxes. part adjusted second of adjusted million. down our million

optimization several solid. markets. pre-tax net Free announced charges the quarter. capital drivers XX charge trends July, Our related forecast quarter. These of payments were businesses impairment and include million materialize a exits international working of well pre-tax up to non-cash we year-over-year favorable expectations, Cash smaller cash offset XXX timing. from the And to the did million considerably tax beat Free flow the restructuring monitor due million in EBITDA These and million XX our the charge resulted to by the delays for driven plan GAAP by and an lower collection capital of prior of above to working pre-tax lower with CARES XX and XX results separation-related cash our include related and cash to in results XXX year restructuring a benefit gave in was QX improvement flow the partially net in which the EBITDA. collections a Key cash in rise lower was Act about risks. although loss, our period. QX, exclude expectations million million cash continue improvements, not adjusted taxes

X.X% in Audience line QX Turning revenue million, declined starting organic, to currency. expectations. results, XXX or the generally down was Slide constant X, I’ll with segment constant revenue with Media on review the X.X% currency measurement left. X.X% our

organic hoc of products Plan/optimize in pressure XX.X% revenue and divestiture 'XX pressure saw As currency our ad with business. down QX driven declined television. adjusts which revenue music slightly X.X%, stronger, for we expected, constant COVID-XX in sports and local ongoing the

and X.X% XX.X% short-cycle remains in plan/optimize Connect by first constant revenue XXX the the organic down driven and the temporary of impact page, impacted initiatives, in by the on Predict/activate retail in This revenue XXX we Precima the XX.X% impact of quarter. are X.X% developed Gracenote was January constant includes adjusts cost constant sports, for Margins Shifting were late and expected, QX growth revenue currency of for from revenue with actions on XX.X%, As currency. markets by acquisition. Measure right down acquired constant channels. COVID-XX XX.X% the XXXX. revenue auto a loyalty Connect place basis adjusts provider analytics currency markets. Media's business down adjusted side had trade declined declines X% XX.X% telecom X.X% traditional markets under the Precima, revenue were points investments to XX negative COVID-XX pressure The margins with of for down EBITDA currency pressure decline basis XX.X%, revenue. in currency. measurement we which for was Developed organic services approximately impact which XXX declined of Media down point total emerging million, put COVID-XX on million, of XX% constant in partially revenue. revenue. in mitigated impacted the and

were are services impacted. XX We continue adjusted to work innovation Adjusted insights basis aggressive XX.X%, see down margins disruption currency. by EBITDA COVID-XX pressure is despite significantly only better was cost expectation, Connect constant custom solid in-store demonstrated Overall, XX X.X% currency quarter and EBITDA actions. Connect’s than performance and points face-to-face in down volatility conducted that this COVID-XX. from million, and and driven our constant

voluntary revenue, executives on and million hiring for Examples like actions around global and Slide provide When to it aggressive some clear the senior financial furloughs. mitigate XXX freezes, I'd to the Board cost continued the we and now an cost impact, Turning X, COVID-XX context compensation savings strength. our going savings temporary our was cost in on actions of economy that and took to XXXX. to driving temporary our have include impact became reductions

return ramp to As we COVID-XX to costs revenue subsides pressure up. these will growth, back and begin

efforts will and on broad-based plan, our XXXX cost optimization of beyond. we exits, force and in The generation the of increase savings. exiting and is savings cost XXX of our businesses. includes exits. revenue an This reduction is from expenses rate which optimization, and business plan the The underperforming drive The million announced net This approximately permanent offset expense X,XXX cash invest will on plan low exits drive businesses growth to drive these the workforce the global smaller margin with further provide base sustained revenue, leveraging importantly, estimate and and business help a since essentially markets. associated of to July flexibility in certain accelerates run permanent automation expansion, are margin half expected includes from savings and are second approximately mostly the initiatives. annual More includes related transformation technology employees a increased transformation the to very and which X, optimization in and international

year across The comes million benefit for are number in split roughly from So plan the reinvestments XXXX. drive and potential XXX our evenly to coming designed full total is Connect. are sustained This The growth half beyond, EBITDA actions in initiatives. cost is savings and to really in net the before XXXX a about any benefit takeout. savings Media of and

all some mentioned, optimization which and includes of As negligible plan the exits, have market business international margin.

markets For basis and XX perspective, drag these XXXX margins. points businesses on XXXX of were revenue about XX on in about basis growth a points

XXXX our lowering to incorporate the also are forecast CapEx XX We by exits. million

We the on The but basis expect be revenue split early additional the roughly of have to from impact is point a across impact revenue evenly loss and complete Connect point the timing in an XXXX towards impact and more was basis XXX XX exits weighted impact by given XXXX. Media in XXXX, the Media, heavily the exits. XXXX to

half to XXX quarter. growth of will optimization improves to incrementally trends. growth million complete more will be restructuring million in when flexibility mostly second now they gives margin financial us that in the organic expense discipline invest $XX XX can are essential XXX the services. XX second XXXX, our increases plan underlying modest understand to in the in operating estimate and you charge. The We million higher the break of million year million quarter Restructuring the We at in including exits third stream, so the revenue out

of our monitor moderate savings aggressively sustained. Over the time, associated expect ensure will are ongoing We and significantly. restructuring level that to we to restructuring quarterly cost achieved

and out profile We we scenarios. our a debt, strong retiring have of continue robust a maturities and June, October and X XXXX to range billion liquidity of the fully refinancing maturities. reduce the upsized financial with execution, receptive were XXXX which pushing refinanced In across XX% were position we solid reinforce by markets pleased debt our also holders. The to bonds. debt We with

I’ll XXXX XX, discuss Slide our to outlook. Turning

XXXX refining second our pandemic. We continues a which to the are guidance half COVID-XX from anticipate recovery

the revenue basis currency constant XX in months. points guidance. to associated top lowered of from the X% and declines revenue the the benefit point this X%. of divestitures expect includes completed also impact exits, basis which incorporate approximately XXX The We with previously range We end to not XX directly were net of within forecast last acquisitions

expect Media, of December rate into points. revenue which by now exits, revenue in plan/optimize. lowers decline both XX we into X% music incorporated and audience X%. a is For This this XXXX fall measurement incorporates constant basis growth to the The estimate currency and also currency divestiture constant

XXXX is net to expect For range offset decline the Connect, forecast, margin constant The part and than acquisition. a acquisition our up activity, revenue This XX% solid is to XX%, the exits X%. basis better a bit to of January previous from for we largely in by from forecast related reflect in related the previous currency benefit quarter. our The range inclusion the margin EBITDA X% of exits. to points to underlying the outlook of second slightly guidance includes performance Precima adjusted XXX growth

range flow X are exits, lower free range million cash in interest in million. underlying adjusted XXX Despite billion. mostly rate of the of depreciation raising now to we also environment. We into the certain XXX are low favorable narrowing and depreciation included end given X.XX revised the reflects amortization amortization is higher in We by and the costs interest the forecast related by to restructuring to These to assumptions $X.XX, million which coming million billion and range of expense QX XXXX, EBITDA higher to XX adjusted timing of low in EPS are our a and markets end driven the results, guidance, X.X and the of million capabilities which acceleration appendix. other of raising $X.XX XX

do separate to adjusted or These will costs we the one-time traded managing not of EBITDA, diligent year-to-date include in million adjusted remain We separation. cash flow incremental approach XX two a any and as are expenditures. free and guidance costs beginning impact operate separation-related As increase costs cash ranges EPS reminder, companies. separation-related publicly as

year playing second the of how half I'll see we discuss the Now out.

continue declines to especially incorporated trends as we COVID-XX have quarter exits our second to compared not we In we versus the markets exits recovery COVID-XX now Media, this and second revenue We demand improve the shorter-cycle from a the in quarter gradual revenue into planned forecast. incorporate partially improvement. Connect, improving impacts In improves, expect businesses. EBITDA. expect and offsetting the open This the pandemic to but with

the will optimization begin more third to Our second Connect. for Media even in impact an margin plan we and meaningful both the on and have the forecast in a expansion impact quarter and significant fourth, half

XXXX. year of restructuring flow second we higher primarily in full for wrap be guidance year free Our the up, suggest will second plan. year-over-year, by half are To the versus confident full cash that driven down the half

updating to take continue in the to pandemic have we turn the as business. last to a ability of manage face you the We uncertainty look to in Kenny on segment. progress Media impact decisive of for monitor I’ll reinforced and closely update the business actions the the to back forward continued and the David months call go rapid on forward. to now our our and We adapt several

Thanks, Linda.

to for making buyers evolves has investments. have as role and Nielsen global the me our an essential role, sellers we the content Global rapidly audiences, discover a opportunity XX. outcomes turn and media with to by easier expand Media Slide landscape ecosystem predicting and transact measuring confidence to to media and continue to Let significant enabling in and measuring tracking changing

platform, to our is a growth contracted. capital driving our XX% model want efficiency. increasing strong have and our that with tech media strategy, start business which and foundational data executing velocity We I revenue to including is

single to globally and a all services enables to landscape measurement across As our structure, platform us complex, on simplifying we one media grows scale backend outcomes. media increasingly moving technology the are which

including in quarter. this second are making journey, great We the progress in

of assets in in lake all media bringing and and have repository. speed services the consistent leveraging allows products This scale built media a a data We a our data data and to single us across together our manner. privacy-centric operate

infrastructure combining example efficiently. impact, in In which we’ve us to will measurement an TV a was holistic we assets our to media to important advertisers. measurement methodology deliver to which products, confidence, increasingly video us Owning completed month, our and the data of and time, enables continuity the platform connected adapt for on provide and and for onto and flagship premium allowing to data expand will flexibility while becoming launch stack, announced move enable and more new built next-gen cookieless privacy Last products platform measurement, to of ad in tech publishers allow of the and more substantially for our digital digital As recently audience comparability digital across changes sources swiftly costs single future. our This complexity. in measurement our landscape. both ratings us integration is backend all continue to instill entirely technology cross a new to coverage television ongoing reduced

panels robust privacy of Our key understanding most a in consumer and the a audience competitive way. complaint providing behavior remain advantage,

TV We our in currency have the during U.S. pandemic, manage and solutions deliver our of ratings. internationally and panels to the panels the quality maintained remotely innovative finding

meters. leveraging over of past the end of year. will streaming this install self are months to tenfold begin by trials to and enable We four increase our us panel streaming the three to our learnings self by nearly installs The nano

to automate improvement. panel sustainable drive pulling cost also efforts and forward are operations We

and enhancements services only TV accredited During of from the both TV our initiative national local transformation company Nielsen local service. continued accreditation Nielsen's ratings the for accreditation quarter, the including and the services. of remains TV national MRC our continued local

the comparable TV ratings measurement. cross-media foundation deduplicated Gold standard for Our are and

for with TVs contract We to such look International Denmark, to won measurement alignment are which connected to we linear the Media build working additional a remains sellers. media recently between and industry viewing. we as closely the both five-year streaming streaming our add currency, a was and buyers strategy. into media viewing, core competitive As and takeaway growth cross in

had analytics, plan/optimize, mission. are can that some the that on high to COVID-XX. margin to We’ve decision accelerated drive execution core did to Turning sales focused be This stronger impact Nielsen's scalable we we clients businesses, on our platform with are drive closely leveraging to greater a not they focus from working delivering growth. see our helped built exit but to difficult solutions are ensure

our expanding global reach plan/optimize. We’re also in

ability and with with For example, Gracenote as for agreement video behavior licensing Google media products global sum This XX their use partner metadata. our unparalleled. is deal is movie across countries. portfolio Nielsen's understand recently to expanded their TV a Google To preferred of of up,

We the role are expand marketplace. in to well global positioned our media

faster to will and over serve time. the and profitability for With enable David our to better over Our clients us I'll growth our turn drive Rawlinson. shareholders investments call that,

restructured future a consumer Nielsen good energized and morning, been and newly David, Global to named about of organization with about more product you, everyone. have have a CEO of that team six for defining I focused Thank measurement. leadership leaner, months Connect is the we already

We performance. end are business a path with would substantially second what financial and making operational the rapid circumstances. normal I better and under progress towards hurdles new becoming a we expect to direct a faced below perform made driven stand-alone COVID-XX and this quarter, market In ambition company the

combined meaningful permanent compared down of the basis have with expansion points resiliency over currency and XX only As we when third declines other quarter, year-over-year expect significantly our to XX which on next we in ahead, we a was improvement is third in our about we the EBITDA in a the This revenue just see months. trends X% more partly performance beginning transformation COVID-XX. over And quarter. executed, of and confident basis attributable of expect EBITDA the drive the we improved as the margin quarter months coming should model, margin Despite the expansion the margin we to and second and the further, stickiness constant as to are transformation side quarter. result second look the business of on

EBITDA to approximately noted, Linda XXX As of Connect. net half comes the annualized from in benefit million

majority actions profit meaningful. their The that of on in to executed cost For XXX permanent or generated are million a XXXX, these completion. this way of well is segment business

business. reset cost structure the the of have We

Ultimately, As our we world-class them. analytics we be as to sharing will our to grow scalable path. forward approach with and more measurement customers separation, successful that allow solutions look for will growth Connect about offerings build us we

focus organization strengthening segment new customer streamlined core market in agility measurement experience. and increase by e-commerce, This deep and out We on with have vision growth international and a will carried our diverse, our areas, growing to retail executive drive including service. new team industry and analytics, be

that thrilled expertise this are Media team CFO. as business. Tribune He company. His recently, at has joined success helped Chandler proven has close manage Connect brings as he incredibly was We he Bigelow stand-alone newspaper already of public CFO we move to to been companies. spinoff Company three of the Most being decades private and a publishing Tribune’s helpful where of

quarter highlights. cover second I’ll business Now

As rapidly to was of our the acted on COVID-XX we the of deliver measurement impact continuity globally, felt analytics. and

service The breadth coverage key key well depth were In to of and on new and traditional partnership the initiatives. retailer our and with like revenue our short-cycle we’re projects. global leveraging markets Connect using solutions market as our Mondelez. data investments platform, We’re as collection and modernizing new focused recently trade support measure, drivers renewed methods technology coverage enhancements of initiatives in teams Nielsen in our

into seeing and increasingly deploy clients across Nielsen the platform. manufacturers lean Connect continue We retailers cloud-based are to and our platform

unique users XXXX. E-commerce December We well. have is seen our critical double clients since weekly to as

to meet driven we the all for and normal insights e-commerce the clients from world demand. this seek COVID-XX, by over new seen they are greater strong better have understand demand organized as to We

us is deliver services innovation which growth to predict/activate. in of future. the this to toward recently has in moved a us skewed scalable Turning enabling ad survey Today majority businesses pandemic in-person our hoc the positioning been of clients to the spite face-to-face work, and business continue pandemic. and challenged online, in to for We’ve and

in remain quarter second a with growth. solid Our bright solutions analytic spot the

solutions Precima supplier customer-centric acquisition with strengthens personalization, also our have and pleased driving programs, productive loyalty around is been and collaborations. We with global which of roadmap retail product merchandizing retailers our discussions

OXXO We loyalty retailer are second to pleased chosen also largest has that in Mexico, the its Mexico, be Nielsen provider.

our predict/activate. and scale up, growth we a for trajectory see capabilities strong we open As markets

are our Despite Global the Connect manufacturers with and century, challenges as nearly of consumer that earning heritage the growth truth with solutions of navigating excel. for strong new more organization a For products now integrity, goods, pivoting COVID-XX, and building and clients team, on that Nielsen focus reputation to great help a this by industry agile best and build leaner our packaged retailers. on led a source we has determined

to for are forward our path the confident improved and positioned are call I’ll company that, we We in With turn performance. long-term well a stand-alone for financial as back Sara Q&A.

Operator, David. Thanks, can up you open the line?

Certainly. We [Operator to you that and limit questions. do additional question yourself one ask for Instructions]. re-queue

comes go Kaplan Our Stanley. first from Please Toni from ahead. Morgan question

just segments, Thank average hit be related, levels that And improve to to us a two or of trough in the Thanks the very could much. significantly order was give helpful. would the give throughout of XQ sense could July businesses the quarter, you. improve if the have you up from maybe sort on the you June I things level? from hoping you or just ended versus do color some in additional where the progression guidance of

depth, you I’ll To think Thank Toni. get for I for Connect those for the we’re let businesses in Media question, I’ll answer both and because David answer into Rawlinson day-to-day.

starting there clarity there were side, I down talking, more Media say I confidence is it’s to back. quarter in some would but I Media wouldn’t is in we the for come ad to quarter that’s the think stabilized. Sports, and I uncertainty ago the as space which think say was rebounded, market. when was a of the On part

are things strengthening. So

we’ve the high year, the second So we’ve of the a And good going starting also at so would I we’ve would and half quarter, given. the degree to I from say guidance got got want in stronger you base. given of guidance this little into David, point say the in things confidence about talk a got throughout stronger we’re Connect? a we’ve confidence

third on the are we markets said. In David. demand had is what some you, that echo impacts quarter. opening. levels COVID Thank would increased What and I I’d you’ve the supply say, seeing for confidence side. have we both we Yes. Connect, of are

where businesses in revenue and with that We’re more And note We’ve back in-person, online improvements example that’s in to of customized the in current majority We’ve our markets. operational we good some short-cycle is demand We just improving markets. able the are is are our operating of reopening, survey which see a the and then activate. predict we’re markets get also is revenue. in Western and China. where Final moved the are thing also to we pandemic. I’d seeing different. seeing some Europe Much normally made momentum deal on reflected of helped end changes now now.

retailers, solid doing to has better impacted And which many about So the continue well. I more we’re staples, look feel consumer that starting relatively pandemic, been as grocery, by on-premises, well. bit think to with a those little

more we So second. feel quarter in the third emerging from confident the

thing last the just sure want you exits. impact of I one Toni, make is to know the

to were for affect when did flow exit which they much, the EBITDA on as modeling. top smaller need these impacting the excess are unwind. the those line, do added because So will to impactful for were bottom we you some businesses businesses but I line that decision think we CapEx make not in particularly don’t cash cash some and accommodate

Our from Please JPMorgan. ahead. next Sokel Judah comes go question from

-- company Good has I Hi. the continued morning. like

morning, Good Judah.

savings the impact. during company to time morning. like been from using the cross has initiatives COVID-XX mitigate Good investing this I

to install longer Some Connect, the out of investing like survey necessity, moving business been meters, in pandemic. term borne self but moves online definitely has unrelated seem also the obviously the the company for the of those

product especially you will around you. Media innovation plan, So and Thank when those could metrics specifically more the I us about was be hoping syndicated? streaming tell

Yes.

make to is continue you connect progress meters said. on of part as also streaming, of we the good the advantage streaming meters. new So And self-serve nanometers to those

advertising year said, now the was So at the measure big we tenfold a I we for we’re when protected continues the content streaming we have the investments what’s the we investing to one of scale as stream streaming the in beginning clients, That meter. be with at flagged the and get increase is of need that Obviously look it. AVOD. able to to our to and both happening and

So to that and to continue happen continues put metrics those out. we

we’ve syndicating into market inevitable. push with But media we’re need market the that getting buyers and with make closely That’s that on goes. going think across point to discussions the and We to now. We sure a terms those the having of work market it’s certainly them currency agree to the we’re In the streaming and we’re to signals. got the currency, that. right sellers broadcast way cross

BMO comes from question next go ahead. Salmon Our Please Dan from Capital.

David, question. the digital taking recently the and for Thanks I some announced a everyone. considering on morning, methodology a IDs isn’t you lately. of cookies with Good that’s new surprise which guess Hi. mobile going changes

question. a had guess I I So two-part

a hear up and ecosystem digital ad-supported Google level, specifically, changes to these. and of solutions how Nielsen to and to And then we in Apple set sort address works? essentially more a high making are way in is their the bit about where browsers the world First, Internet play lot rewiring a ID systems second, the operating

pretty sort plays companies guidelines. that bit business identify company more of of open maybe that like do more a Nielsen leading in Desk are the is as I’m to explicitly or type think that Trade ultimately directly, to that seems along needs be Now the source something be LiveRamp like as sure building IAB the solutions. more broadly for competing you the But

that I’d too. hear So to love about Thanks.

quarter. audience the And Nielsen scale. of while. reason of that’s to make fully for And that so made is on a number ID announced and and industry Nielsen it and have we’ve But any is privacy-proved being changes points important investing resilient are the is question. by part and to we think the Yes, the ID, are we a in the because with been are an to you the we we’ve can described that changes privacy privacy we reason your make specifically compliant duduplicate that been back The sure that place last methodology other media this I further one for we some sure the want solutions. of to because investment, in platform, that

best of that Our believe with that place. us does. now quite we’ve got industry, a our information and don’t in other uses sure own from work open It resilient of to number the your work makes and which continues of the model mentioned to answer helps solutions terms industry a behind lot directly everybody clients don’t purpose is and our easy way have our we’ve proprietary we’re we’ve other And also now backbone us that And ID to it can for personal it of capability, everybody frameworks but source with decentralized. our like And you see platform accommodate accurate ability the in also for so majority for got prove a that players. stand-alone for got without LiveRamp we make I measuring to in competing players Desk, specific Trade that to firewalls question, we way the sharing us consistently. reconcile the in of the other Media and the the independent that a ID,

I the side serve think to going measurement. using working that and sources possible many in answer why specific as as make decentralized an ID is sure for important for media of purpose, we’re on we’re is purpose is we’ve which the open got

question from go Please Barclays. next from comes ahead. Our Leonard Ryan

benefit kind I taking lot markets. your take back the a of question. Hi. at kind and to step morning. quarter, ordering media, were in of consuming presumably happened which for and Thanks a people the home about If of be food end Good what would think a

And the being bigger I the of a you your I impact with specifically, guess market can about of end the business? how have canceled, was kind thought pieces revenue think just talk in in about And to that on business. Olympics I wondering have would relation if your so the would we

if that? could to sneak if So there that I just then was curious out if anything is people But the if call on there’s piece, Connect – a risk on in don’t kind of impact? budgeting putting your with euro-based of ad some come more things projects, and that the once kind clients off they back we’ve as seen hoc of normalize are

Yes.

So then I’ll let talk ad let me in take the first part the David specifically hoc of and about Connect. that

markets of So in been course of end terms in Media, an impact. there’s the

like continue what to revenue. business having in to Media is during and important don’t revenue in those much any we had clients to honored contracted Still I decline Our originally the be our be even way hoped. operate our contracts is of and contracts continue those quite not this pandemic.

has so obviously So I and back in deferred like actually until Olympics Olympics the which the But civility. sports and very other force good there those games. feel about efforts host been we’re around were Tokyo deferred, efforts some projects of our

the is things these back. back will and said come and that the because also on soft. is factories Gracenote soft market impacted of So were as we economy comes before the end market some Auto hiatus as

off advertising of some put so the as was ad obviously And about well. work hoc

feel like would markets to in two we’re They’re see and what say, we’ll the are resilient very on rebuild. all markets, seen. going end the as I rebuild, end we’re them companies. So I we’ve helping they working strategies

David about side, on I about getting the I’m end hoc growth know. And So work. don’t as economy I’m and markets going let both the ad stabilize When as Connect quite talk improves. to happens, optimistic the us to little the things bit that and exactly a back

bit markets. David. Thank I the end on you, a commented Yes.

but to markets, think results I performing end continued our are markets see in well. very most dispersion some of in our end we’ve

the work, that a addresses I we a to much have would of say markets be market e-commerce. demand pandemic well, services to hoc say we dynamic have and proven ad into essential. our operations up and our And what changing work of end get where it that we’ve shifting clients as hoc can field get more running the back seen we again, During that because I’d essential core we and especially ad the field understanding consumer is often for is see then recovering. on as lot

understanding products around in share view And revenue work doing to questions. we so previously terms think core last I’d view is suited think moving things Where have will that of permanent introducing we come around innovating increasingly of The part it in transformation. making was done we obviously say is that to model. some rationalizations as platform the decisions loss. to we of still pricing new scale syndicated a We more The as of and permanent temporary to work platform. as the are been ad don’t the terms the markets or that’s on that promotion some shifts disruption have allow and that our world, of new view limited And temporary. because reason from and most this thing like that of a are seen of we Connect we part either us don’t us are a allows we top a hoc to lot as and that of the is is insights our analytics shift

well. over so And that time, as will us help

Our next George from Please Goldman go Sachs. ahead. question comes from Tong

Hi. single tech data Thanks. a your Good automating of as creating lake Media morning. David, and you platform, a media some building panels. investments talked about such

product outlook. on investment about longer-term revenue your initiatives meters, little touched also your in then You you more specifically improvement growth bit streaming a that talked but can an drive

the to effective analytics is more Yes, but cost of agile content I revenue it, top lot improve more everything approach, of platforms so we as that. does our across that to that’s makes different of lot different And prior I sure and and distribution our grows so platforms, new ad we approaches. part do ways the and one. more it. as here a maintain revenue measurement very finding all they because a clients’ of which certainly platform on on we that a a are resiliency Well, also platforms, the all but to it adopt as are think reengineering our many number launch clients currency consumed it’s of added, A to of investments manage common those able approach much is opposed many grows silos different to the that got additional think and manage be more

two think to more I customers. open up those us and more secondly, markets

say – shouldn’t the I’ve as So content – out services the say a content in of in more a distribution I as also hope ways confidence the as comes the we ecosystem in we the of additional ecosystem customers to more lot do the added and lot audience. to side. we’ll the able robust, platform scale, market side. measurement becomes there’s also I I the with is but a Gracenote got think good get metadata, that added would very on your to digital be many together content on

We’re a doing providing analytics top on us invest and to analysis, we’ll the I much and so only both our allows would content think syndicated to services to more scale both dependent new have being say and in then and the more that’s top line. that bottom platform I help analytics the humans continue content more And and measurement services more audience us do to distribution. and to going on way provide versus

comes question next from go Sabadra Our from Bank. ahead. Ashish Deutsche Please

taking my for question. Thanks

other providing I on Connect also on color question was two-part was for retailers talk the adoption. Thanks with Connect, adopting about if a if can that I can. the the user conversation platform. just some platform. So around you One on wondering

Thanks. you one, David, was If emerging about a impact in particularly infrastructure and talk enable of the manual you the in market. wondering about emerging if that second believe then you And it market? automation. can one. I clear of the emerging allows that’s or the can market saw automation because processes. in talked So we is a that lot I the

think I Rawlinson, you. David for that’s

Yes, Thank you questions. think. I it the for is

we’ve discussions very the our large committed a very we’re in end-to-end have environment key The and differentiator increasing seen the U.S. retailers – strong number platform relatively terms we the active getting renewal platform, deployment in Connect driving large bringing the has are of clients and of substantially been – clients who and we’re on increasingly strong deployments making progress and the manufacturers pipeline current platform. a In even core from with Connect and reaction of across

that mentioned my that of unique double the opening sense XXXX, in some have platform. you in weekly momentum I gives As we’ve we users since so comments, seen December the

The retailers is thing really helping other Precima. is which

a loyalty their With I in for experience and them. that think a solution, who series retailers opened of lot seen of richness the conversations with very see solution new that’s of up value we’ve that

around our accelerated our relationships. retailer that’s so conversations our retail And solutions and

how this Precima the around of like insights ways quickly world the things in what’s can going to market helped some people platform has them. that but All how dynamic been in on they is understand so and and get Connect more the

on the about have momentum level good platform the feel and we we ecosystem. in of so retailer the And

was to on I that’s data second been markets. in collection around especially think quarter emerging of I’ve level your impressed gone emerging innovation by around the markets.

first Our of in collection methods the put alternative than adapt our better together data and more to ability we online as more than businesses. customized we collection held in shown much them during have expected current some better a data when environment. done well in this as lot We’ve

but of We’re to far developments the products. related I largely produce obviously pandemic closely, monitoring our would been to most very say so we’ve able

accelerate markets. self roughly any gone downloading specific and disruption there XXX served, to more that to automation included and audits by from haven’t radically of are but also looking everything the our plans methodologies although store measurement possible been trade had trade problems every those opportunity in managers we data which accelerations traditional alternative traditional are they’re at to of collected, our specific now the We methodologies make we automated, of service on terminals have measurement. markets have to The we are enhancements dark

provide level our right to It’s dataset making help will able in given automate of circumstances. this think it and think we to need experience. better a the we it’s and on customers really so in we all be continue core us to So digitize be the for we and that future sure us concentration

question from from Please Macquarie. ahead. Tim comes Nollen next Our go

you, question Nielsen the A I follow lot. Kenny. a universe. up wanted to Thanks in TV on measurement position David Hi. of for the

of with always very, devices. so You’ve been there’s this and role TV, sources on so data had connected TV watching decisions different now in sales, especially ways on and ad central change basically very different many guiding so much many

Gracenote measurement is ACR So there one and and have is cross have TV is methodologies important I to – unified premier so – important how something of Gracenote And using out sellers everything forth. important Gracenote bits with to and system how methodologies. buyers ratings and is and opposed it wondering you the is Thanks. which ecosystem tie on first using How picking pieces just just other and the a question linear using how is that the together? and it competitive of to else is to important really was how to as Nielsen versus all, it

Thank Tim. you,

the answer me order. questions in Let reverse

important to it’s now more than things tie very it’s and important ever. think I together

it total And in you you make only or best do add the you a up. frequency say of company, you’re in yield. able you honestly, figure need inventory, side, the the buyers pricing – to management, are part of a up got look being the need reach, yield the outcome. revenue on and To to end media the all to for to way writing I shoes sure would If some buyers’ every managing a fragmented practice for yourself day, manage end of got you At And trying to at is a the way with quite price. seller way total to they that need challenge you out. just the put it

everything making platform, lot that with taken Gold which get standard sure of a last end which measure been do complexity you into is build. Gold of we the rework a that. technology across It but we It’s and is accelerated Nielsen, professional standard quarter. well why The really to is Gracenote together, work all single why up it say much duduplication investment which I with is component is like measure and developed. to we’ve to lot so continues we’ve in it that a the As has is countries. Google that would source content the re-frequency of honestly other seller, since here only and XX done the you using I that important in some way. a an ACR pulling companies and and is outcomes, the essential a that’s got can putting can off same

all be what exactly with the to important as they’re another becomes is platform measurement it to watching more and and It competitive, and to content, engaging way helps only their both So, a, experience. find what on not – steaming on this And people to people be but are but watching helps know it know helps program because with. platforms. streaming what also more going with able are people it’s the

So ad again, in side distribution on growth market. I think that to us gives that this addition the content

comes Arete Our Richard Kramer next from question Please from go ahead. Research.

the escalation David, much. had audience historically Scarborough, Nielsen et year including its products graphic, renewals rising number for very some that local, price Intel would and clauses noticing deals, this insofar rises the in allow measurement Thanks example, we of you’ve annual a contracts language which of and cetera. couldn’t of you’re Ad announced help it

you And get Given maybe clauses on needing are are you the housekeeping deals customers, quick the more able pressures and still to escalation deals on bundle your in media annual secure in a now then How working to for management to limited or Thanks. of you’ve this from the comes capital controlled Linda. now and year? end quarter. flow help We free couldn’t your that assumption better of notice much cash capital between growth working certainly the them?

David back lot come you the and why first? don’t Linda, answer the a been of I second So, It’s I’ll questions and question escalators. on for

on growth, be really what that not did flow outlook of in that largely On Okay. thought on the on view would is and would free updated collections say cash our pressure is we quarter, cash what I more most view just an second materialize. the Richard

the victory good a business, large it. grade use we from feel portfolio and too second investment right we analogy smaller it’s went of on we we’re free bright and think in very we pandemic to our from that more still the Toni’s modeled it about play really quarter. second pressure what here. the the in levers, that was is early that out third range us now. But we really expect in it’s that type half gradual about definitely clients through And calling about but to questioning, last calling way which that’s the quarter we’re narrow And quarter across to this we’re I the Now we guidance all saw kind that unique recovery in spot quarter think trough I quarter on earlier half a flow second call but range a second customers of and to it ranging And SME we scenarios do going feel and really for everyone. confident recovery, feeling with us is some the cash shared that definitely our in the good enabled different into what

we Yes. to want And add on our clients think first to over to the time. question, I value continue yes,

quarter and clear is So the is agreements, plans those those are when but product say use our there all and was what that past. to are say which don’t that The we’re be. changing there’s think forward. how I are to are are be continued to very individually past we last we’re time we certainly working Thanks. think clients progress on I clients that the we’ve in And value. aggregate. our I needs similar be And any so that trying with to to signed bundling aligned going are they contracts we’ve this achieve increased continue what services seen in that, the that and related here And using to what contract collectively future relevant roadmap that these is value would services our there would terms over make long-term price And in then question. I needs and our increases to think anticipate I renewing some as with

back to it turn I’ll you, is. Kenny remarks. Mr. It closing for

joining you environment. once a enabled challenging and all much. an morning. and just to us at quarter thank call to perseverance very my that I has hard thank for want Nielsen deliver And work this you again in colleagues the for Thank unprecedented the Listen, strong

to we uncertain, XXX I global We’ve know numerous model remain believe as and over Thank a ever Connect position of and strong spite and clients strong While strived well. well I business prepared changes both have continued years as issues are environment and you. today financial flexibility have critical we to continue Media the that positioned performance. and drive for resilient we to does us in our and

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

disconnect. now may You