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Exhibit 99.1
News Release |
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Investor Relations: Sara Gubins, +1 646 654 8153
Media Relations: Laura Nelson, +1 203 563 2929
NIELSEN REPORTS 3rd QUARTER 2018 RESULTS
New York, USA – October 25, 2018 –
Nielsen Holdings plc (NYSE: NLSN) today announced its third quarter 2018 results. Revenues were $1,600 million for the third quarter of 2018, down 2.5%, or 0.6% on a constant currency basis, compared to the third quarter of 2017. Net income per share on a diluted basis was $0.27 per share, compared to $0.41 per share in the third quarter of 2017. Cash flow from operations decreased to $387 million for the third quarter of 2018, from $538 million in the third quarter of 2017. Free cash flow for the third quarter of 2018 decreased to $266 million, compared to $425 million in the third quarter of 2017.“The third quarter revenue and earnings are consistent with our updated 2018 guidance despite a number of near-term challenges in our markets. We have a number of key initiatives and actions that we are pursuing to improve our future outlook,” said Jim Attwood, Executive Chairman of the Board. “Together with the Board of Directors, we are aligned on a set of operational priorities to drive the business forward. In addition, the Board of Directors, with the assistance of our advisors and management team, is focused on the expanded strategic review that we announced in September, which includes a broad review of strategic alternatives for Nielsen and its businesses.”
Revenues within the Watch segment for the third quarter of 2018 increased 0.8% to $845 million, or 1.4% on a constant currency basis, compared to the third quarter of 2017. Audience Measurement of Video and Text revenues increased 4.7%, or 5.2% on a constant currency basis, due to continued client adoption of our Total Audience Measurement system and our ongoing investments, including Gracenote. Marketing Effectiveness revenues decreased 10.1% on both a reported and constant currency basis, primarily driven by pressure on our clients and partners from changes to consumer data privacy protocols. Audio revenues decreased 1.6% on both a reported and constant currency basis.
Revenues within the Buy segment for the third quarter of 2018 decreased 6.0% to $755 million, or 2.7% on a constant currency basis, compared to the third quarter of 2017. Buy Developed Markets revenues decreased 2.0%, or 0.8% on a constant currency basis, primarily driven by continued pressure in the fast moving consumer goods industry in the U.S. Buy Emerging Markets revenues decreased 9.4%, or 2.5% on a constant currency basis, primarily driven by pressure on multinational client spend and continued softness in China.
Net income for the third quarter of 2018 decreased 34.2% to $96 million, or 31.4% on a constant currency basis, compared to $146 million in the third quarter of 2017, as a result of softer revenues, higher restructuring charges, retailer investments, and other growth initiatives. Net income per share on a diluted basis was $0.27 per share, compared to $0.41 per share in the third quarter of 2017.
Adjusted EBITDA for the third quarter of 2018 decreased 9.2% to $471 million, or 7.5% on a constant currency basis, compared to the third quarter of 2017. Adjusted EBITDA margins contracted 219 basis points on both a reported and constant currency basis to 29.4%, due to softer revenues and continued investments in our Buy and Watch segments, partly offset by productivity initiatives.
Dave Anderson, Chief Financial Officer, commented, “In the third quarter, we continued to drive adoption of Total Audience Measurement. In Buy, we saw a continuation of challenging end market trends. The leadership team remains focused on executing key growth initiatives to drive improved results. We are also making good progress on efficiency initiatives which are generating increased net productivity in 2018. Importantly, we are reiterating our 2018 guidance for revenue, adjusted EBITDA, and GAAP EPS. However, we are lowering our 2018 free cash flow guidance from $550 to $575 million to $450 to $500 million due to continued working capital headwinds.”
Financial Position
As of September 30, 2018, Nielsen’s cash and cash equivalents were $446 million and gross debt was $8,611 million. Net debt (gross debt less cash and cash equivalents) was $8,165 million and Nielsen’s net debt leverage ratio was 4.21x at the end of the quarter. Net capital expenditures were $121 million for the third quarter of 2018, compared to $113 million for the third quarter of 2017. Cash taxes were $35 million for the third quarter of 2018, compared to $53 million for the third quarter of 2017.
Cash flow from operations decreased to $387 million for the third quarter of 2018, from $538 million in the third quarter of 2017. Free cash flow for the third quarter of 2018 decreased to $266 million, compared to $425 million in the third quarter of 2017. Cash flow performance was driven by lower net income, working capital pressure, and higher cash restructuring.
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Nielsen Holdings Plc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The decrease was driven primarily by lower stock-based compensation expense and restructuring costs, partially offset by higher transaction and business optimization costs and higher depreciation and amortization expense associated with higher capital expenditures in 2018.
Our long-term financial objectives include consistent revenue growth and expanding operating margins.
Adjusted EBITDA should not be considered as an alternative to net income or loss, operating income, cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or cash flows as measures of liquidity.
The decrease was primarily driven by the revenue performance mentioned above, an increase in restructuring charges and depreciation and amortization expense, as well as our continued global investments in our services, including retailer investments for the three months ended September 30, 2018.
Our services also enable our clients to better manage their brands, uncover new sources of demand, launch and grow new products, analyze their sales, improve their marketing mix and establish more effective consumer relationships.
Our Board of Directors approved...Read more
These non-GAAP measures should not...Read more
As the customer simultaneously receives...Read more
As the customer simultaneously receives...Read more
We believe that important measures...Read more
Adjusted EBITDA is not a...Read more
Revenues from developed markets decreased...Read more
The decrease was driven primarily...Read more
As of September 30, 2018...Read more
Fluctuations in the value of...Read more
Fluctuations in the value of...Read more
Fluctuations in the value of...Read more
Revenue growth was primarily driven...Read more
Revenue growth was primarily driven...Read more
Of the $446 million in...Read more
Revenues decreased 2.5% to $1,600...Read more
Revenues within our Buy segment...Read more
Revenues from Corporate Buy decreased...Read more
Audio revenues decreased 1.6% on...Read more
Revenues within our Buy segment...Read more
Revenues from Corporate Buy decreased...Read more
Audio revenues decreased 0.3% on...Read more
Revenues decreased 6.0% to $755...Read more
Revenues decreased 2.6% to $2,320...Read more
Our restructuring and other productivity...Read more
The following unaudited pro forma...Read more
Selling, general and administrative expenses...Read more
Selling, general and administrative expenses...Read more
In addition, our definition of...Read more
Revenue growth was driven by...Read more
Non-GAAP business segment income decreased...Read more
Non-GAAP business segment income decreased...Read more
Non-GAAP business segment income decreased...Read more
Revenues from developed markets decreased...Read more
Our Marketing Effectiveness revenue decreased...Read more
From time to time, Nielsen...Read more
However, depending on the amount...Read more
Selling, general and administrative expenses...Read more
Cost of revenues decreased 1.6%...Read more
Cash flows from operations provided...Read more
Our Buy segment provides measurement...Read more
In countries with currencies other...Read more
Depreciation and amortization expense associated...Read more
These non-GAAP measures may differ...Read more
Revenue for contracts that do...Read more
In December of 2017, the...Read more
Additionally, only service costs may...Read more
Our measurement and analytical services...Read more
The TCJA reduces the U.S....Read more
The below table presents a...Read more
The below table presents a...Read more
Marketing Effectiveness revenue increased 5.5%,...Read more
We adopted this ASU effective...Read more
The new standard is effective...Read more
Selling, general and administrative expenses...Read more
Selling, general and administrative expenses...Read more
Our principal foreign exchange revenue...Read more
In addition to Adjusted EBITDA...Read more
This increase was primarily due...Read more
The new Class A Term...Read more
It is important to note...Read more
The dividend is payable on...Read more
We believe we will have...Read more
Corporate includes slow growth and...Read more
Corporate includes slow growth and...Read more
Foreign currency exchange transaction losses,...Read more
Foreign currency exchange transaction losses,...Read more
Accordingly, we are focused on...Read more
We recorded $19 million and...Read more
We recorded $108 million and...Read more
The Amended Credit Agreement contains...Read more
The proceeds of $154 million...Read more
The effective tax rates for...Read more
The effective tax rates for...Read more
Core Watch revenue grew 6.3%,...Read more
Revenues from emerging markets decreased...Read more
The Class B-4 Term Loans...Read more
Non-GAAP business segment profitability provides...Read more
Goodwill and Indefinite-Lived Intangible Assets...Read more
Our Buy and Watch segments...Read more
Our Core Watch revenues grew...Read more
As of September 30, 2018,...Read more
Our growth objective of geographic...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Material Contracts, Statements, Certifications & more
Nielsen Holdings Plc provided additional information to their SEC Filing as exhibits
Ticker: NLSN
CIK: 1492633
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-18-025003
Submitted to the SEC: Thu Oct 25 2018 6:41:34 AM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: Business Services