Nielsen (NLSN) 28 Feb 222021 Q4 Earnings call transcript

Good morning, and welcome to the Q4 2021 Nielsen Holdings plc Earnings Conference Call runs. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. [Operator Instructions] Thank you. Sara Gubins, Senior Vice President, Head of Investor Relation and Treasury, please go ahead.

everyone. morning, Good joining Full for discuss Fourth Nielsen's Thank XXXX us Financial and Year Performance. Quarter you to I’m joined by Linda our CEO, David Kenny; Zukauckas. and our CFO,

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

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

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

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

Instructions] Thank comes you. Andrew Steinerman Please question go JPMorgan. Your [Operator from from first ahead.

partners? Hi, at look you within this when Or gating five, you your feel that really what the the if like I is you're slide the will you really be is and just wanted the this factor include Alpha agree? data And feel to out, number then control. map product road or laying does just when data subset know, timing own showed do that set-top big look you TV when both buyers you two also, the those a smart and data them and sellers already, of at box the

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David, prepared follow-up everyone. had morning on Good a your questions couple great. Okay, I two of remarks. to

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Great. Thank both. Very helpful. you

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

renewals called. contract Content, a wanted out to focus I Impact, Content. is what you for in guess, just Linda, called I the on I second shift to timing this the thanks. now Yeah, -- mean,

I question term, a Impact of did fairly to you XX% organic still the that the longer and in growth is, do X% both relevant guess, a -- have comp. Is Content? those is range easy for You ballpark?

the one, Yeah. for I Thanks question. Doug. can take that

the But and Impact And really X.X%. about the Impact at Content X.X%, remarks. was look So two of it's grew But at cities. X.X%. down. single-digits comp. a It Content I a And QX, are we bit right the The growth declined. about look organic revenue was Content what prepared and if Impact if QX, grew you little of in my revenue grew it's in talked high you XXXX, tale

our clients, just of the see the some At presents first some For can structure in the And will that point really that. size unevenness, in fourth and the vary. not in of we're we structure saw -- beyond And the we it contract this quarter. that calling and that Gracenote quarter. also time,

to a basis. go-forward overall revenue So high growth that the I Impact right. you described mid think do We organic to expect for continue on is Content characterization and single-digit

much. very you Okay. Thank

Sabadra Your from next from Market. question Ashish Please go Capital comes RBC ahead.

a question if confidence Thanks one? XXX of XXXX fiscal could your the quick some year are the of expansion margin seeing getting on you for in Wondering the basis we question. on comment by point despite headwinds taking fiscal and year Maybe Thanks. just EBITDA that of XXXX.

Yeah.

EBITDA overall referencing, gave feeling see we're the at you we you're it Day. important. medium-term guidance really and we And in that's today, about revenue that growth. an it growth perspective, the that out So Investor do from first And we target still confident put good overall which there stems from feel about still that

globally. driving The estate. will real also other investments right lot. of within the the and has do fresh all are financials, But over We the really our in re-platforming at world now, nothing the investments We're people which expanding all changed We're efficiencies. investing drive And We're think smart covers there. look we company a time. ERP revenue also are those business, moderate those growth. to our then has are taking a changed will and start investments they we and panel

first -- the offices today. we in pleasure in since done have being headquarter of We April the time it's the of the XXXX. earnings But office have our

it's at the quite margins Investor we world has and looking good lot and put line estate So overall XXXX -- all, portfolio. we our feel stepping changed with it Day. about back what the out real that do a But in has at here us XX.X% in from

helpful Linda. question trajectory. ask That's just can growth a on if color, I the revenue very And maybe

wondering, we weighing anything driving Content are the cognizant through in growth the on that the an of Thanks. first else which revenue is rest quarter. was of in be the headwind the about there But potentially year? but improvement potentially I need first to talked just quarter the You

Yes.

really focus year to important on we little a gave just then that, other first QX. guide color. But probably I referenced -- the than half, it's full you what I beyond that think in I nothing the And of half second bit So, there's gave.

guide the Aside X% I X% that that, I line from think gave. in with to

Thanks Linda.

from comes Please Thornton ahead. Securities. Truist Your go from Matthew next question

could. I if questions two Maybe everyone. morning good Hey

The housekeeping second of a more is one question.

into XXXX chain disruption? us business. impacted into it's you if maybe impact curious the some talk we half how of disruption, and that's should you're or we that little there's a back Obviously, others. us vertical, can to about CPG, the as been auto as can short-cycle few similarly, how well. short cycle maybe any business bit -- you get think type about a about, of I'm guess, think I little from we First, exiting remind political a as remind And supply seeing year, plays whether consumer kind of electronics, the XXXX,

is behind first the Linda, still then costs about over us think or XXXX, a of into of that's so housekeeping. separation-related carrying So much. kind all now? any should that we question. kind secondly, And Thanks

Matthew. Thanks I'll the hit just chain. on supply

the is I think from One which headwinds to in that. manage our particularly in space there's components meter two supply us able just is the internal, to chain, XXXX. being

meet panel all ordering So, in advance we and our together so that we put that general year, plans the entire had an and that amazing meter we hardware team through can managed needs. of

watch. component topline that. So the we in there's going on. continue expected ordering how It's From to play it fairly like it's noteworthy was in is a continue to and a any an it there's impact to. in meters we close consistent things particularly But XXXX, changing vendors, other of no of to a reengineering the strategy. advance an eye been stuff very perspective, huge Obviously, to like keep we're out revenues. short-cycle area area

So, nothing material there.

you Second to? want Linda, one,

got one. the Yes, I second

end out right. million costs, that you'll broke year. That's You're as I of far what separation-related most seeing, as Matthew, is up this $XXX

they're out because You forward costs going be -- won't just breaking to see going virtually us non-existent. they're separation-related

back guess, have is year, we back you lift to the to coming tend or on the this on then, that of that, little the as more half bit remind us? I political. Can And helpful. again, a Does business point of a That's right. get short-cycle non-event? of into All just

this is events, whether year, that's into guidance. the out been kinds nothing noteworthy Every of No. what's typically sporting, there's basically separate from political, Matthew. different it's flow, called mean I they're baked our there revenue building

everyone. Thanks Great.

you. Thank

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

Good Hi. morning. Thanks.

elaborate outstanding on remain actions mentioned your for also you'll by and ratings digital how year. and the complete discuss ratings, all local accreditation middle is what process of MRC You items Can this national for progressing? you

complete the Yes. audit a all It of with I'll of is digital Thanks, digital. components George. begin product.

know, you it we As rebuilt scratch. from

And -- it's desktop. so enhancements, the components, identity. mobile. It's adding It's viewability, auditing it's CTV all the

So comprehensive. pretty it's

first in of the for of the to the be set is We comprehensive digital week rest audits expect month. March, this and in which obviously

the about progress on So really we good feel that front.

regards items As transparently, as bar And required the publishing out about very accreditation of to look, raising television accreditation. about all measurement, It's started we've quality the against tracking laid more this we broadly. on isn't just

a So we've what that would be series beyond got of are accreditation projects called criteria.

where really mid-year. industry So done and to our but expectation stand the projects, frequent tracking that to we basis. the is we we're execution, a even of the these on publishing just And get audits fairly by not all well

good we as well QX going how executed about feel as really of beginning into we XXXX. have So

you're your to a point upfront, digital asked because something I leads earlier. which clarify question around ratings. do was George, to the to want go right to second

this the think out that's call, streaming the the we're always clearly there, the that those. citing Roku, a very players ratings, Google year digital the upfront blog to Nielsen going thing sponsored, showing being is I they're with different with in to there rating. on is forward intend post, out go is that under mentioned see which biggest but up. I platform, the of

a going with MRC this really But digital all with as is and to and the think, of that, be the confidence really process. think of we to need side when we'll approach Nielsen. looking lot and the are is that I I accredit And and streaming also, belief going and Then cross-media. so trust it people forward at respect first the to time, as the pieces all will those and behind we think is resource industry commitments Nielsen. first, it's this, right the they realize I the important because I are for upfront industry, be upfront

helpful. That's it. Got

comps of takes you Audience easier Can organic back year. the half Measurement including to might despite be growth weighted half? that first specifically in expectations XXXX the revenue in growth You puts half elaborate on first in the expect business, growth and the in for impact

Yes.

George. take can I that one, So

are see as pretty that that Audience renewals, renewals depending out. mix of And our I about think we're for way strength to consistent that mid, Measurement, Measurement, mid with and way play low we that particular the talk on past. it XXX% about single-digit thinking the you of we heard we renewed. we've as is Audience But in the have the David of signaled think that that it, any much

feel good the put with about to low at overall we mid, Investor out there Day. we line So what in

And timing case, play And half that's latter we And the out. the us so nothing fairly in we the is the call for oftentimes business, this are year. of in over and then the the as the in to really the out years. the initiatives, in I as mentioned. that's you concerned, see consistent the investing previously far As the past is year, first out the benefit what way investing numbers seen half, as with have that play few you've beyond business see

Got Thank you. Very it. helpful.

from Stanley. Please Kaplan question Morgan comes Toni from Your go ahead. next

initiatives talk as And you. so in challenging if could how current Thank you much. Thanks a you seeing hiring included about with Can inflation? and or little the been of the to And recruiting an guidance? in environment? has taken impact any EBITDA labor more what to related, is about retaining you're bit much regard you've employees regard changes talk with

have an we team. extraordinary Listen, Certainly.

we've of I reward As scientists team, them. incredibly in said and We've demand. leaders. sure call, make great hot course, an we than And commercial They're combined. product five more really leaders, got on the next that data we tech the good strong contenders got

to stay have to work competitive. We

people reflected competitive watching like are in. gave, in the are going for got proposition. the and is working we've really here the value on is We margin people. and coming that But are people's think a on great And expansion. offers some proposition be our market which in do and generally, in targets investing what's And may we I constraint

in the also of all investments future. investments tough. in I There's because not it's course, real People collaboration. learn There's to come real want think, training. here they

very are, learn the like quite that elsewhere, a it's even are they convergence well are about is excited time. at we think I going digital their go taken hot think to which help for we of no else do when and linear, long in and to careers, hopefully Nielsen one and alumni And because our really demand. I excited

we call the focused That's or work, make as very smart them is have course, whether work. lot So of been way something the those managers, given the are all reopen. I it's We've our the The we're burden, everybody, to during that we think, work offices I including received. office them remotely well office to also, sure of see week. with one. in the the things flexibility We a with we a people say we're which on. balance would -- is job do work-from-home we

of lot there's manage so a the flexibility that tech people. our helping our take managers And work and has enabled of advantage

Great. about also I ask to international. wanted

You getting Thanks. the just by types the growth talked most X% it country seeing of the about uptake you be solutions where XXXX. you're Can whether in about in or traction which are international? most there, talk

Yeah. I would distributed. story that say, international, good Tony, really it's diversified in and for a it's

more a It's all in regions. nothing that So, in there's driving others. in be -- given But quarter, some market. there that really all could any There's pronounced than way in strings. in it's is particular

to -- all diversification story the And the level from better so really that that being out a international. But nothing as the across rises have strike is to of we real standout.

subsequent I out called advertisers panel, Australia team has But Investor the measurement to What we've happening it's I project which lab at around big they in -- world or of done, cited and thesis some XXXX, guess, the add, a Mexico, that, is this fall was December to the I it basically, laid also the in cross-media. confirms want we VAS. the which build because demanding And measurement. agencies that in helping out Day are examples. the where

is a to like really they deliver up cross-media. the company cross-media, which could they with get sellers place both and to only to has Thailand, it. So, it Nielsen sure chose again, that do Ad In make buyers the stepped them the Teb across working

unparalleled. the So, huge digital for digital the out currency It a there. demand is capabilities And are of there's this. valued most Nielsen really

companies, are other need on So, measurement places even all where traditional jigs side. they us digital in there and the

embed year, in Nielsen of and we're So, big it's of why international measurement expect the part to we really helping in that's we audience part the have faster continue. And internationally. growing that a than

Thanks. Perfect.

Mueler from Jeff from go ahead. comes question next Baird. Please Your

Yes, year upon terms Anything M&A and of what how aggressive it, like flow, you and I is half it or thank conversion? that? hoping line was pipeline, figure, dependent you comment marketing I a you'd of could But headline just executing guess, on, it. you. are a assumption plans be, given execution not I time planning including and in Thank you. or the the cap like of consideration. such big buyback or percentage understand for guidance cash It's of free

Linda. that it's Jeff, Hey one. Yes. take I'll

with flexibility we line. the make lot great progress of those much all continuing share regard to of a have in the executing or our time tuck-in business, while to provided But leverage, considering are repurchases, dividend. where trade-offs, the past any on stepping year able investing to evaluate we there do the now M&A is so variables this we news back, So, and were haven't that specific

to a the are And buyback so some exactly in we're you signal at out, be And that do suffice generate the on as we're limitations there time. of it over always amount to market. flexibility when are can are, continue But program not we going going point think very trading you to significant capital levels shares we attractive the anyway. going to And to say currently. in

very pleased company us we the know the long-term the couldn't in more that and well-positioned did So, it has Board and just value sees authorization. be the that to

due time, timeframe. So, at but course, specific circle we this in in point will back no

assessing market I to and the then views market this way And is on probably your value. terminal guess price ties Thanks. the versus the intrinsic

You noise gave markers. us David, financial a both lot of reality, on points, operational the separating from good and

Just Nielsen any going there on you renew as length update know process? ONE contracts. or any I rollout. But long-term the they of I had Nielsen they're through contract Is ONE ONE? contract pause embrace lengthening guess adoption always through sort length? duration the a clients as as are question Nielsen you've Just on

Well, they escalators as we've frames renewed similar first said of all, years. clients And I'd in and last our of with remind all historically. XX you the renewed top the had three in I script, time XXX%

it So items of us, same I we can the would and much when have people say it would audience very on an in so track contracts with ONE what to contract measurement with types that certainly -- the to those as be methods to measure roll them come one just for Nielsen audience all the measure methods on better incremental Nielsen and shouldn't ONE. a way out It's methodology.

marginally would player are contracts of I a companies what futures value believe world, also their with as those and so out in got companies length, this we'll I say to be average terms digital able I Nielsen that provides those first players is is a length of quite media pointed fiduciary those responsibility, confident to little we’ve and In that number streaming digital-first the really agencies realize have be new exceeding help into the tend longer longer, who've their settle us, and all meet up a to signed they with discussion.

going hasn't to it gotten would it I forward. longer be shorter. certainly like So

Got it. Thank you.

from Bazinet ahead. And Citi. from Please question comes your go next Jason

had cash quick conversion. on question I free a

sort any your hitting that that what cash frame be permanent. Is either would implies there I taxes would firm? be taxes of was you but free higher think think are in converting of difficult the will will CapEx be be sort XXXX you of sort higher cash CapEx step cash XX% it taxes and said could of temporary. in guess up free higher, prepared the longer-term cash because remarks a I cash reasonable way the you for conversion -- to

of media the more a media having domestic, outside much US. different. growth of profits business sale I very business of having business. even the mark is Connect global the the what really haven't of hit been one-year Jason know closed You connect the is portion And connect but and business the largely we would on mix nice the being versus with the say of

So Connect tax in utilize to of in during associated treatment short, the the impacted it's lot complicated. And that, play with certainly during year. the and and selling course of course of XXXX are there with that ability how dynamics a our tax credits the

and we where various higher in is and really in rate time. states impact so point that good higher our at jurisdictions it is taxes. cash the into translates various is that taxes. cash not And are EBITDA news what US will a giving The all But this of on our into and based profitability is in and factors

expense. have huge share to interest cash would still extent Our the And interest is interest. impacts nevertheless, cash may expense would repurchases continuing but to conversion the time. relevance because the Not amounts, to it the that to delever XX% goal to pacing impact that over some -- get of us

effective the current comfortable dynamics handful that effective in be point play. if been noise there the have remove the position in at give XX% rate not is way tax concept to you this out of so remind year, with guided the anyway. our a that really are to are that you And time, would we've XX% range. tax I'll I’m rate cash able the XX.X%. though a range, unique a But in And to which We're a in of

So important data and we'll just an transparent to continue on be a point, on go-forward basis. cash taxes

you. Great. Thank

out are for of We time today.

So, for I over call remarks. will Kenny back to the closing David turn

future to day, here power Listen, all media I for you to all all morning. call thank the we Every want a people. up get for this better joining

now, very excited we're in path progress the ahead. We got the more of are not to very lot We're confident and we've that mission. distracted we've proud from And And made. a do.

to you forward April. look in we So updating again

This concludes conference call. today's

disconnect. now You may