Nielsen (NLSN) 26 Feb 212020 Q4 Earnings call transcript

Ladies and gentlemen, thank you for standing by, and welcome to the Fourth Quarter and Full Year 2020 Nielsen Holdings Earnings Conference Call. [Operator Instructions] After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I'd now like to hand the conference over to Sara Gubins, Senior Vice President, Investor Relations and Treasury.

Good morning, everyone. Thank you for joining us to discuss Nielsen's fourth quarter and full year 2020 financial performance. CEO, and our Zukauckas. CFO, by joined David our Kenny; Linda I'm Rao, also portion. the will COO on Karthik Media, for be our the call Q&A slide is this section use that our under of website. the Events A call Relations Investor presentation we'll available on

to like and questions our the your all of may proposed relating the to contain COVID-XX. forward-looking transaction, I'd remarks begin, you responses guidance and impact we of remind Before those XXXX to today that statements, including

reflect involve our XXth, inherently and risks today, under and only as statements February view Forward-looking and no uncertainties of obligation are we to update.

XX-K, assume update future available financial XXXX may our the today, measures. and because the are call, GAAP these no in refer available Investor comparable non-GAAP we website to certain on today's earnings and are our Annual financial of in release, the and measures in our results actual filed X-K to currently press non-GAAP of file expect including obligation later section those uncertainties, in will materially On measures statements, website. any except Reconciliations disclosure expected is required law. our filings to most We also by Our the reports a as risks which XX-Q number SEC, reports to forward-looking periods including our subsequent Relations Report of differ and identified from with at at which we materials, those that of as such available nielsen.com.

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David, you, Thank good and morning, everyone.

David the full-year metrics. financial highlighted, and solid and As quarter reflect results fourth performance

accomplishments Before me XXXX. let I on review results, in the the meaningful reflect

when quickly our to COVID a have was processes that can it clear our the we became of business global focused potential continuity on to First, revenue, on going and impact. impact mitigate adapting ensure

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of balance the and Connect. beyond, EBITDA of the annualized realized margin rate run we the will comps XXXX. permanent in The expansion drove cost began of half but cost half XXXX. roughly half well evenly and in July, to the XXXX the second optimization in Second, cut half XXXX, the announced strong the which savings and second in XXXX, and split million result in plan margin expected second optimization in for between in $XXX tougher of about and with includes of temporary savings Media We plan executed execute

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Q&A. open Thanks, that, up let's you With turn can lines? Linda. to Operator, the

[Operator Instructions] from Our Please ahead. question comes first Morgan Kaplan from Toni go Stanley.

you. Thank

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Our go ahead. from next from Jeff question comes Please Baird. Meuler

Yeah. Good Thank you. morning.

against less guess So, but should is COVID to -- that competing better, lot surface. the need revenue be bad. surface-level but getting on a also But some obviously the there is I you're foregone on, growth due to going revenue

I on love So, underlying commentary the would just improvement. some additional guess,

what you and core some beyond the or streams bill seeing you COVID where are looks the the capabilities trend products? the Maybe revenue on revenue new half second good pipe gaining more particularly from foregone traction, So, revenue which for details expect Thanks. comp? are into that improvement to

Yeah.

And also some that, of product is I improvement. think Jeff,

audience the confidence, let then also enhancements accelerating. the give Karthik and through as that. that some kind me comp. bit of Listen, Linda I her which you’re of totally product So, right, to it's And would think and on explain measurement, XXXX best very the talk come about a we're about us ins year, demand is I'll say greater solid. outs little an on talk additional I odd let did

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David. thanks, So,

did of measurement we a in that everyone just time, as launch Investor Just to couple our One, remind on we things. digital said Day.

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go from from JPMorgan. Please Our comes next Andrew Steinerman question ahead.

Andrew. it's questions. actually two Hi, have I

Nielsen to one past? opex and the and how fully new ONE now clients in product new capex of is is, And the of be David, spent now existing 'XX. available products used that mentioned was or to now. products, how the 'XX, Nielsen at by ONE the being and much you does R&D fall being your New thought by compare is going First of that on some Nielsen I transitioned fully

expect based that we Nielsen ONE? clients to spring on can now, using are ONE guarantees upfront Nielsen the with So,

second question. come back the I'll Good. should first. Linda on answer the

Sure. Yeah.

Andrew. thanks, So,

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

growth morning. how the improved have COVID Good the thanks. start despite Audience in year? pressure the you discuss in Measurement client quarter, impact. Organic conversations local in evolved of TV and Audience Measurement since Can Hi,

George. take that, to Glad

the think I they everybody So, important good through were as news is as or COVID. working Audience Measurement was more that felt important

had data Nielsen So, operating and cost the businesses to year even everybody their it discussions, think, end negotiations the And rate. was day, value escalators. was was of I looking had remained of last as pricing the structure We continued. but the certainly, at at we it certainly, remained where

solid. So, I think really

forward-looking demand has and there on about agencies, across been advertisers models the into and having the Measurement in focus how that mind, a more our and lot lot in has right is when. and the getting to enthusiasm Nielsen more discussion economy I a measurement evolving there see has as more think available Keep think been I how our the ONE what's a and now, there, on measurement, Outcomes for off of business be but getting simple market ID, we'll on effective the for Audience platform, the being growing the really with around to well. certainly roadmap approach the efficient. side And really think there the future. enthusiasm on might we're the them. question. side, the signing more are a clients' been also connect Nielsen ad the generated has a for energy subscriptions years MSAs measurement several to And tangible, from shared I Similarly is single evolving of Thanks of for the scalable buying

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

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What on the And a you, we call. have Karthik great why it's Tim. Thank question.

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Yeah.

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

Good morning, everyone.

at sort in the changing we've of and evolving specifically in ago. a to the going your that the the a evolution product roadmap from was I product still things maybe March evolving Investor a your upfront like And at these So, some coming changes the but time I in with of it the you how other months. mobile -- are the example, a and on know going like really was ultimately Usually, privacy Karthik, of sort three about for how where for iterations. sort and of same next example, time. kind want for Apple upfront/NewFront time, also importance products David, six And Nielsen I products maybe highlighted issues, the here that affect sandbox. your go is period, what's on some is season back I rollout or, to to got products what ask is the a and the on products Chrome At in if may is look of moment looks and days, the typically market of of the Day, educating think sell for what question and same you this about part your but part how the

you Thanks. to also how learning ecosystem evolving about same at sell asking So, of what the again, is, about time? what the I'm adjust how kind you you're and how is

that. for Dan, I be is think, geared to Listen, upfronts everything around being from thanks clear, And going shift. to probably

both think think, I that buyers constant more sellers, are and I Both conversations. -- having

have points already are to here at we make support which to still folks people adapted engagement there we'll commitments I forward. always-on more move help but certainly think that, an process will and of

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Our next question ahead. Thornton from from Matthew comes go SunTrust. Please

two the and areas to hit Good And Thanks That's lot questions. wanted on that David, -- for local is kind about on everybody. in taking Hey. of to hit I Audio. actually. this talk morning, wanted I for you, we a maybe don't

about and just Does do podcast would of or being the partners. Thanks you -- of Audio, new obviously aggressively. about that maybe could under that's be how maybe revenue that similarly, tend think how we help thinking after you us and then a us and/or there, if Should think just Any a much. plans have in maybe again? offset just of you again, kind pressure. medium-term new starting so just that medium-term think that on size and to was that outlook address when of brought digital way? us So, you in market great. outlook, to fairly as been there be just tell pocket it's capital, business? you with I elsewhere? within Again, color that could about to one decline also can in in think some decline aggressive going you're local, more size And And competitors about, your some just help They

Yeah.

go out TV and to broke in local local back we I Investor listen, local So, specifically radio. Day, if

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ahead. Please from Huber go comes Our from next question Research. Doug Arthur

back, Nielsen Page XX, I'm you fourth appendix. pretty the your pro just is I'm Linda, breakdown quarter at at the which some on XX. sort the breakdown in thanks. versus provided just of schedules New Yeah, forma. helpful looking looking the Page

Page XX XX for the Page revised XX? old So, forma I is a with new is on company pro loaded new guess, Co.; the corporate fully number assumption has Page had the is and Co EBITDA

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Thind ahead. comes go from from question Please next Our Surinder Jefferies.

you. Thank

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Juenger from comes Bernstein. go question ahead. next Please from Sanford Todd Our

to discussion of of a of really all to in a morning, from everybody. to was 'XX, hoping question, I maybe under like Nielsen instant out the if conditioned Good could, 'XX the world. sorts of different two that and in seems ways. that Karthik, little years. was think a begs timelines about us on been back, ONE, When I kind timing you. investors to earlier, bit way lot of we're and I'd Hello. it live Listen, like and sort gratification go

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ONE thoughts? and just do Appreciate risk time there, and gets find business? the Any on. Nielsen that advertisers and ingrained then publishers Thanks. to what's And have between by moved people that So, if way now gets the their it. a would

start? don't why you Karthik,

Todd. Yeah. Thanks,

around the designed not of reason wait-and-see launching think roadmap is I main our and one a constituent.

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we all components when start it, putting of everyone's with ultimately. start again together, a this set end see of a cross-media familiar It metrics of that is with sort is but of ramp the consistency comparable here, So, there pieces built what vision a and so at can expect. to the XXXX, the sort monetizable towards to market

So, plan, that's Todd. the

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

Thanks very much.

think largely series a of a in a challenges one as indeed, for Just and as I moving walled see quick the you behind what larger the of portion do mobile gardens, market sitting was David. measure mean, or about a our you more and know more Media at rising? you the App and just be could to Thanks. Linda, that that seems for you on Nielsen the in Connect having then to QX, was let whether are what one side? think that activity impairment quick us And

Sure. Yeah.

everybody On trying out. to the mobile is figure question, think I

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Kenny closing David call. to it This the portion concludes like And for turn Q&A our to remarks. would of back I

this for call Hey. Thanks, everybody, morning. the joining

got for As I'm And for company. about chapter, a New enhance sure you're great I year you. the thrilled execution appreciate value look focus NVR. growth continued a and clear as a to to Nielsen place, hearing, to media-focused all we we Have got next progress sharing exciting strategy we've Again, us I really growth for day. believe and your forward we've and in with We've our time also on, team, the that clients deliver support good shareholders. super are our it's got our our will but allow a an

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

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