Nielsen (NLSN) 29 Jul 212021 Q2 Earnings call transcript

Ladies and gentlemen, thank you for standing by and welcome to the Second Quarter 2021 Nielsen Holdings plc Earnings Conference Call. [Operator Instructions] Thank you. And now I'd like to welcome Ms. Sara Gubins, Senior Vice President, Head of Investor Relations & Treasury. Ma'am, please go ahead.

everyone. morning, Good joining financial for discuss second Nielsen's Thank us XXXX performance. quarter you to by Kenny; I'm Linda CEO, our joined David Zukauckas. and CFO, our

Q&A our on this Our on is available A will Rao, Events call website. presentation portion section the the of slide use COO, call. Relations of we'll also that under the Investor Karthik for be

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

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

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

call. joining our Good morning. Thank second quarter for earnings you

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deliver increased outlook, provided have which in our on today. We year to is our in updated confidence our full ability reflected guidance

over to now the turn to Let call me financials. Linda the review

the billion the as morning, down good $X.X sale everyone. to Thank remarks last we prior Investor related comparisons that and with how Similar the This earlier consistent place completed if at beginning David, took our helps results focus in XXXX December year in guidance. you, handled we quarter, debt of and my XXXX. year it's today our with on Connect and approach Day and

prior comparisons the appendix find slide presentation. period You'll of in today's comparable

I like impacted had most remind time, large scale perspective, just a quarter from to the faced would you Before year-ago plan. COVID optimization into the our get we our this I that and announced recently we results,

business currency exits results million, on with is performance. was our review Revenue up which this world, We're Slide teams and strong I'll or from in XXXX I revenue markets. constant second an year-over-year a video uneven U.S backdrop recovery constant these grew a the for see COVID includes QX our quarter X.X% which sale optimization and of continuing start global strong revenue international year. pressures a accelerated summarizes pleased now the earlier basis, points. and around X.X% for related reported currency, Revenue basis, of X.X% growth to All which X, On with basis the our advanced by advertising $XXX adjusts organic benefit to to QX up recovery. of relevant Roku to FX this related the in both to XXX execution am you. despite plan

loss exits XXXX 'XX associated the that from QX demonstrates in addition in we For we believe the revenue. business of quarter, current are part perspective, some surpassing the was was The despite than fundamental plan year COVID QX same with were 'XX revenue optimization higher in true pre-pandemic impacts revenue first XXXX. revenue levels driving for the and growth that to recovering of

resonating currency an Our around constant solutions world. are with markets X.X% the clients in the grew difficulty] Audience X% on strong and especially measurement. organic [Technical digital across our across board and end basis. Measurement solid

posting in expected, time XX local has growth in As quarters. for positive subsided, our with local the first pressure business

XXXX. went on grew during cycled in business, contracts we and We and the constant revenue discussed we revenue year. our currency through years As expect short late that organic local be improving QX our to flat work 'XX to as in transformation. was previously, both those Outcomes in was were cycle sports digits in X down single the to roughly local hard in X.X% saw mid our We the due due pressure business completed hit Content contract up last And for with COVID. XX.X%. renewals of multiyear through strong and trends growth which local

solid for of right revenue in constant as the growth rates. drive side to continued as organic also quarters, page currency well shows the and revenue We Content. five growth The past

quarter. see, in As trend improve growth the you nicely to can second the continued

on expanded was now basis XXX up EBITDA margins a currency. basis, up reported XXX points or XX.X% Adjusted constant $XXX Slide currency basis points XX% X. EBITDA a constant on Turning of basis. reported, or million, to year-over-year Adjusted XX.X%

took side page, of if quarters, sale margins. the to we beginning and On five place EBITDA over right show the several Connect There at XXXX. the of adjusted margins are our the as last drivers the of

First, operating strong. was line leverage from growth top

'XX lesser as actions ramp And or to to costs a and swift we'll million. a 'XX, took a approximately plan. but expected, began progresses. we initially temporary late pace QX we optimization by than restructuring QX though return year-ago, did just in over temporary continue third, costs These in we Second, $XXX reduce at

this quarter by So half. the in of the higher compared plan pronounced higher versus and This is $X.XX to lower year EPS the in incremental the second Adjusted year-over-year as benefit QX by 'XX. was offset $X.XX part first more this driven in of taxes. half second EBITDA and amortization in was depreciation

increasing in EBITDA, payments. offset by which second adjusted payments, partially collections improved the rate interest is resulting This rate in strong tax I'll tax due XX. quarter XXXX. effective in QX was working discrete include $XX to for a improvement updated we QX the flow which were includes back XX% million, part guidance in $X was within our 'XX higher income, of XXXX add items, balance of discuss And solid normalized and on year the Key million full capital, basis. forma we Free net Our which Slide reflect quarter. confidence cash guidance year-over-year and our are second approximately strong in our really lower on the in now related year. $XXX a to Today, of million timing to tax our pro XX.X%. at These results compares higher drivers improvements

and We and guidance. EPS are the adjusted and free raising EBITDA margin, raising low guidance flow revenue of cash end our our adjusted ranges,

Let through of take each you items. these me

raised revenue of constant we for are X% we currency are organic now X.X% now currency we We've range revenue, to growth. guiding guiding constant For to similarly where end the range growth, the narrowed the X.X% and X%. low

$X,XXX XX.X%. XXXX. at took of XX.X% XX% the the million to now XXXX adjusted with EBITDA, if to For of beginning of adjusted as compares to are margins place million sale Connect This margins $X,XXX EBITDA we guiding of

quarter, an EBITDA last return plan COVID heavily discussed $XX we growth efficiency guidance of benefit of temporary the weighted underlying the year. partially of by business offset million the temporary and more return The last made year, year, investments. optimization XXXX incremental the well the the As as approximately balance is as cuts this costs reflects of cost in of

to optimization also implement plan in 'XX. We QX began the

faces As the to challenging compression of forecast we half a the year. second comparison more and half second margin in result, a the continue

offset driven in adjusted payments, tightening are amortization, our and is by our depreciation $X.XX are EBITDA slightly we to This EPS higher adjusted comparable a versus $XXX And lower in to range million range to cash We is a count. which guidance part solid higher interest guidance of and tightening $X.XX and the XXXX. raising collections. strong and guidance range raising tighter $X.XX EBITDA EPS share a lower performance, adjusted and flow finally, million to on XXX free by

has our As million costs cash flow with absorbed QX of leverage of these meaningful the And full separation operations. Xx year. expectation to paid vast net leverage are our our debt last $XXX basis, lowering debt guidance a path in under related separation costs. Connect in the of any the which We for costs, range year, net year EPS of medium expect to a EBITDA, of free X.XXx term first and forma adjusted ended cash the on half is ranges not $XXX discontinued these reminder, majority on are the pro for towards now a $XXX of by included with the and target well agreement. we The X.Xx. costs million, Today, Nielsen $XX sale do adjusted one-time million include million impact related cash this

guidance drivers up, To range are with The results. strength our quarter progress, are the reinforces wrap key year-end to leverage of this confidence underlying Given second pleased lowering X.Xx. we full Sara to our longer execute have growth the on X.Xx Nielsen's I'll to we call and Q&A our deliver for ability in to story, goals. that session. term year and now turn the And guidance our back we

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

first from Steinerman Your of is from question Instructions] line Andrew [Operator presenters. the JPMorgan. you Thank

Your line is now open.

David. your all. point, follow-up on I Hi, to wanted

You said product we're track on roadmap. with the

year-by-year. out I which the obviously, to is laid product back XXXX roadmap, think So, December

half which of introduced I First to cross-media if quarter terms want of second product launches in you key sure go all, could, roadmap 'XX. to that of the will 'XX make date, the over the in be of currency fourth of this till just second year? pieces just the half And of

we're call, the driving Part Andrew. of thank And on reason that you roadmap. Yes, the Karthik imagine. you, tracking the as is product daily he's can

in in so turn to see made So far. expecting things it over to remainder the Karthik? progress of the clients sort the I'm of him out are going lay that's this great key to reiterate that been and year, the market our to

Thanks, David. Hi, Andrew.

couple things. Just of a

ultimately digital First, the coverage, them already the another the with the out. more that environment. that expansions resilient launched XXXX. a Nielsen the we is the to and what is going second which ONE in all a year, for is resiliency, we're call are the half is foundationally that all as coverage, of of core components cross-media David into Identity all obviously privacy comparability. Those is changes players in component. are new to solutions which of little The reminder, that the biggest completely that. And of And CTV about of expanding deliver pillars that coverage measurement, bit three under That and backbone an are of focused get completely going all powers was three launching component on our we Spine sort us a important

with the where going our data. addressable -- So year those launch big of granularity doing the is Analytics start is They QX. emboldened we're and Capability, the important. which are the the Capability all in we're National Linear out of the which And work the into to by putting National Capability rest of launch around is

flexibility takes together, there's including host across place. methodology, a to is where delivery of imagine the next that things, pushes component granularity deduplicating So other of core media add, the you deduplication ultimately of ultimately starts comes and the that into all which this whole every all us of and can year where

of on as as building well going towards. into to completely inputs, year. next see The early and rest from periodically into all roadmap we're start what what clients the is track the of the year that's So

just And as obviously solution? identity terms long Okay. Identity is as be your Or b, a okay Spine, a to Nielsen Does industry. be ONE to the solo in measurement be are solutions to identity it you're; several solution need solution? there of the in identity clear,

so Andrew, they the around all are Yes, what the in key Solutions Identity of that power. enable exist

For us, interoperability for key focused what it use with on, cases, identity make the to is works sure the measurement other we're all and marketplace. that's solutions in the

David big enabling talks all the a where we integrations when So world interoperable an about it's have, is identity about challenge. obviously

is it version exposure new difficult around different think them primarily. case So together sport. solving frequency. And have That's into But when as basically about the of where to versions deduplicated for you and are of it team deduplicating case reach is of the building many that you build put use we're use largely a measurement. found use measurement have cases can we're -- to that is continued

us interoperability that's different a we're makes so deduplication really progress bit that. on making good what little And than but and And about. we're that solutions, other the

for other I asked that, to launch Got still measurement? cross you're 'XX it. And piece for quarter currency and on one fourth track

and the calls want David we Nielsen building full once sellers as continue to ultimately also start come make The track. buyers, launches, of it comes completely the them, sure they component blocks what what gives ONE to gets the everybody, make to where to is data it's on rollout out very out. all And do put the And ecosystem, is all need to adjustments together, there, Absolutely. the exciting. because all going be then

to everything ads So components, to people the get ultimately start content up across in and XXXX. deduplication each familiar for leading with the of

Karthik. much, very you Thank

of from Morgan Kaplan Your line Stanley. next question is from Toni the

line now is Your open.

Hey. question. Its to our talk cookieless for about Thanks taking was measurement. Toni. on Greg your for I wanted

noted new the resiliency, XX% call few called partners you data here. out a You on

do shifts. or need any technology number? know that? it then related, I data is And mean the goals wondering, partners on there's if So resiliency Google new does that delayed And or one, recently in don't regards you the its targets to front? improve to

about So hoping willingness from maybe what talk you make also hearing and in shift of the Thanks. to could terms clients timing. you're

the sophisticated happen. I forward would is delayed And what still has Google will privacy Greg. on thing. keep that and of delayed. Yes, we course, doing say give it's good Thanks, client side, a know it's people get us know Apple to important time, for a Yes. but to I because moving [indiscernible] clients think that this isn't and

So it's to we lead. think important, we continue

biggest big ones for, are We there audience well really we the the obviously with so privacy say And our -- and started your more the have believe allow I went for solution solutions in would it do that's XX%, they the We this served What privacy And release same in reason time. we And for we are. the talked on for for has the with cookieless to been launch believers solved solution. with the and at policy. now that's measurement which in of publishers be that have solutions we unauthenticated. respect already about to have our the that we ahead attribution. and our

not we're may getting there that party in machine a who smaller added techniques first data, some probabilistic much with are learning. have models who those For as use

So It's that we make believe matter works, we're publishers integrating covering tail now methodology sort to tested. its the market. long whole the a of sure of of

so Thanks much. Got it.

the from Salmon of is from question next line Dan Your BMO.

is Your now wine open.

good morning everyone. Hi,

[technical issues. worse, headlines for been about COVID question the the negative maybe has difficulty] or of most the to late better popular some related of For investor probably

of of that VAB is? is the financial like potential do scenario, could rating. David, likelihood you sound that What that expand just the acknowledging because on a idea the everyone more. What to maybe, continue would would impact think accreditation. does a you call We've use little So had worst the be case the MRC it to remove

your bit maybe more. both and like more Google data then the on for on I Google particular, be on side, a Netflix in to brighter streaming that maybe earnings And you color mentioned get How helpful. calls little So the YouTube just would impactful and highlighting that's your that being Does it days. recognized team hear the these your business? well. more that, secular element as start your as products as that sales is to you that like to on much because an to isn't leaders feels love I'd for promoting feel

Well, two different those are very questions.

So valid. let's -- let because I they're both both answer me think

very I'm On the some recovery. both we actually to into at make of It's homes, done. to a was way be for COVID details instantly. strong But like increased to on it we that it the that the We sure is that the needs And, replacement, part point we've Karthik had not in pace would during differently go and back safe COVID the fair things complaint do recruiting investment be. first to and did to course, a we're COVID. and to people want have get operating where going panels

love of So I -- The going describe I agree to let that important I’m But that is that. the don't panel. how Karthik part rebuild it the would tactics. we second the

required not to very the of it's contract. product it important. not confidence. in industry. clear, in be use vote But So the It's builds our accreditation and to the is We it's trust really a think

continue set the certainly MRC So, a standards. And we're not required think work have We're as important to is to to we with a really maintain going them. partner accreditation. to it We goal.

rest. I'm discussions. He's MRC now answer front the the the to going let in Karthik So been with

Yes, thanks, David.

which and ultimately panels of from that an Just continue work the managing to the is the what up into goes to before, products. an process, that MRC now, typically accreditation and we you largely even reinforce process our produced every panels into with during, leads said, single to gets what audit

over. is homes of completely needed our all plan though to even and during of completely get We've all terms what that coming managed basically not make COVID. of is COVID to we were peak field into COVID, we the track, to back going checking unable corrections out on for So in the of [indiscernible] the do

push. doing. on to love So get well don't work where as is said, it the as look, our we completely David to like yes, up with panel and to execution And, to what added clients there getting them tell track. back exactly we we're showcase But be needs the

the as confidence lot exactly going bring and our completely And of working we what process are a MRC, they well because of planned committed, produce. to value so as with as we in we're plans reinforcing the

you. Thank

a the understand I players, And they're the digital the them are using and see products to couple them understand was on to respond really be competitiveness really a players validation. because continue relationship. share, And And clearly the their And better. in able COVID will promoting of Nielsen as of growth, as that use I market and to the And they're them it using know digital they're in way the are those think products growth their they businesses. drive their as core second nature lot of operate driving to their calls, earnings much to said, pleased nice that's close means pretty first of period make I they them. don't to course, this question, given their I to a our our

people think the who on measure demand invest I I the total does who audience. So lot more side really Nielsen broadly, credibility feel a the would the that. that people More buy advertising, good I there's in content, say, about really

focused, of I a lot there a we're in were think linear lot and of focused. here when think more was ways it's we and narrative really to clear following wherever is a and streaming the [technical audience she broadcast difficulty] categories. got that I maybe audience going goes And I were in

towards view early the their for market same So being product already, an Nielsen on and and integrated manage but across up basis. to used think this days, listen, up ONE, of it's strategies. leading the for folks of And is to and both the kind linear total moving whole to decisions streaming it's audience I leading validation the

both. helpful. you very That's Thank Okay.

George is the from next of line question Tong Goldman Sachs. from Your

Your line open. is now

morning. Good Thanks.

growth the on outstanding organic accelerating of in second the the you envision year? targets, what over both currency remain in growth revenue your deliver term? also delivered progressing in not Outcomes You order organic Audience organic and you just constant currency but constant growth across And from that on the initiatives second to Content these revenue half businesses do How half, have to in XQ. and medium Measurement work

so, add I beyond lot could color Karthik getting start? if that team Linda, behind a you question. why and of Yes, that or back. some spent And come we'll your You time don't

Yes, sure.

would we results. George. start about that the question, for just thanks I saying the So QX by feel good

strong you results. are they really As noted,

total, do you today. doesn't out of the business, growth. the subscription got The expect point revenue first our the that our variability have continue was as the lot about we a because But We're half revisions and of there's benefiting is of we half which COVID. market much And now and business. solid visibility that the think a more in environment. we we've are [technical with an a XX% As on about will second is that the business, we've expectations. the that an impact year, still provided see the to portion year And this guidance of year not last I COVID from the of stronger But improving bit behind of unpredictable saw side year, optimistic. outcome us difficulty] opinion this it's the we're of though pandemic that definitely variability. and from we of ad that into than

risk we've the around a low the of recovery. the global bit pace So or end the incorporated at of speed

heard that that product we're roadmap is David earlier doing our and execution on from on important. Karthik and You well

are our growth we half, do and second second half making, the difficulty]. investments that [technical which For have we're more initiatives

reflected that we, are the revisions. very guidance the basis, to those line of way the and our performance take in will in I feeling course, think guided some And today. And overall, of that a we bit as half an on half of about with, will think time ramp. the second But second optimistic be overall we've

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Thanks, David.

what vertical there, strategy, expansion. components laying there. we Just One on calling the Outcomes, really trying to out again, just is three out are accomplish

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very Okay, Thanks, Thanks, David. helpful. Karthik.

Securities. Truist line question Matthew next the of Your from is Thornton from

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and one Hey, good quick clarification, two One everybody. on ones. is more more maybe for of housekeeping. clarification Maybe a this is the of I is morning, David. had a

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Okay. Thank you.

Okay.

no There please will I'm David it Mr. are Kenny. sorry, further further are there questions. I over question. ahead. no to back go Sir, hand

we ability really as has again. next strategy, believe you very deliver everybody growth I our team. thank clients each And a thank are to planned. and prove much. clear for to value for Nielsen our ahead Bye. quarter. I Thanks enhance our and we joining Yes, quarter, am want execute and well-positioned every path great confident further a this in shareholders. See to our for you morning.

this conference Thank with And attending. concludes call. you that, today's for

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