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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2022

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 001-35042

 

Nielsen Holdings plc

(Exact name of registrant as specified in its charter)

 

 

England and Wales

 

98-1225347

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

 

 

 

 

675 Avenue of the Americas

New York, New York 10010

 

 

5th Floor Endeavour House

189 Shaftesbury Avenue

London, WC2H 8JR

United Kingdom

(410) 717-7134

(Address of principal executive offices) (Zip Code) (Registrant’s telephone numbers including area code)

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Ordinary shares, par value €0.07 per share

NLSN

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

 

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

There were 359,693,302 shares of the registrant’s Common Stock outstanding as of March 31, 2022.

 

 

 

 


 

Table of Contents

Contents

 

 

 

 

PAGE

PART I.

 

FINANCIAL INFORMATION

- 3 -

Item 1.

 

Condensed Consolidated Financial Statements

- 3 -

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

- 24 -

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

- 32 -

Item 4.

 

Controls and Procedures

- 33 -

PART II.

 

OTHER INFORMATION

- 34 -

Item 1.

 

Legal Proceedings

- 34 -

Item 1A.

 

Risk Factors

- 34 -

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

- 36 -

Item 3.

 

Defaults Upon Senior Securities

- 36 -

Item 4.

 

Mine Safety Disclosures

- 36 -

Item 5.

 

Other Information

- 36 -

Item 6.

 

Exhibits

- 36 -

 

 

Signatures

- 38 -

 

 

 


 

PART I. FINANCIAL INFORMATION

 

Item  1.

Condensed Consolidated Financial Statements

 

Nielsen Holdings plc

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2022

 

 

2021

 

 

Revenues

 

$

877

 

 

$

863

 

 

Cost of revenues, exclusive of depreciation and amortization shown separately below

 

 

314

 

 

 

277

 

 

Selling, general and administrative expenses, exclusive of depreciation and amortization

   shown separately below

 

 

224

 

 

 

206

 

 

Depreciation and amortization

 

 

130

 

 

 

127

 

 

Restructuring charges

 

 

12

 

 

 

 

 

Operating income

 

 

197

 

 

 

253

 

 

Interest expense, net

 

 

66

 

 

 

80

 

 

Other (income)/expense, net

 

 

(9

)

 

 

4

 

 

Income from continuing operations before income taxes and net income of affiliates

 

 

140

 

 

 

169

 

 

Provision for income taxes

 

 

33

 

 

 

60

 

 

Equity in net income of affiliates

 

 

(4

)

 

 

 

 

Net income from continuing operations

 

 

111

 

 

 

109

 

 

Net income from discontinued operations, net of income taxes

 

 

4

 

 

 

467

 

 

Net income

 

 

115

 

 

 

576

 

 

Net income attributable to noncontrolling interests

 

 

10

 

 

 

3

 

 

Net income attributable to Nielsen shareholders

 

$

105

 

 

$

573

 

 

Net income per share of common stock, basic

 

 

 

 

 

 

 

 

 

      Net income from continuing operations attributable to Nielsen shareholders

 

$

0.28

 

 

$

0.30

 

 

      Net income from discontinued operations attributable to Nielsen shareholders

 

$

0.01

 

 

$

1.30

 

 

Net income attributable to Nielsen shareholders

 

$

0.29

 

 

$

1.60

 

 

Net income per share of common stock, diluted

 

 

 

 

 

 

 

 

 

Net income from continuing operations attributable to Nielsen shareholders

 

$

0.28

 

 

$

0.29

 

 

      Net income from discontinued operations attributable to Nielsen shareholders

 

$

0.01

 

 

$

1.30

 

 

Net income attributable to Nielsen shareholders

 

$

0.29

 

 

$

1.59

 

 

Weighted-average shares of common stock outstanding

 

 

 

 

 

 

 

 

 

      Basic

 

 

359,531,490

 

 

 

357,944,731

 

 

      Diluted

 

 

360,662,265

 

 

 

360,189,322

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

- 3 -


 

Nielsen Holdings plc

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

 

 

 

Three Months Ended

 

 

 

 

March 31,

 

 

(IN MILLIONS)

 

2022

 

 

2021

 

 

Net income

 

$

115

 

 

$

576

 

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

(11

)

 

 

228

 

 

Changes in the fair value of cash flow hedges

 

 

13

 

 

 

5

 

 

Net unrealized pension and other postretirement benefits, net of tax

 

 

3

 

 

 

144

 

 

Total other comprehensive income

 

 

5

 

 

 

377

 

 

Total comprehensive income

 

 

120

 

 

 

953

 

 

Less: comprehensive income attributable to noncontrolling interests

 

 

11

 

 

 

1

 

 

Total comprehensive income attributable to Nielsen shareholders

 

$

109

 

 

$

952

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

- 4 -


 

Nielsen Holdings plc

Condensed Consolidated Balance Sheets

 

 

 

March 31,

 

 

December 31,

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2022

 

 

2021

 

 

 

(Unaudited)

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

482

 

 

$

380

 

Trade and other receivables, net

 

 

543

 

 

 

517

 

Prepaid expenses and other current assets

 

 

256

 

 

 

243

 

Total current assets

 

 

1,281

 

 

 

1,140

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

266

 

 

 

273

 

Operating lease right-of-use asset

 

 

124

 

 

 

144

 

Goodwill

 

 

5,593

 

 

 

5,599

 

Other intangible assets, net

 

 

3,421

 

 

 

3,462

 

Deferred tax assets

 

 

50

 

 

 

55

 

Other non-current assets

 

 

147

 

 

 

147

 

Total assets

 

$

10,882

 

 

$

10,820

 

Liabilities and equity:

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

454

 

 

$

478

 

Deferred revenues

 

 

145

 

 

 

131

 

Income tax liabilities

 

 

21

 

 

 

13

 

Current portion of long-term debt, finance lease obligations and short-term borrowings

 

 

35

 

 

 

35

 

Total current liabilities

 

 

655

 

 

 

657

 

Non-current liabilities

 

 

 

 

 

 

 

 

Long-term debt and finance lease obligations

 

 

5,588

 

 

 

5,591

 

Deferred tax liabilities

 

 

560

 

 

 

561

 

Operating lease liabilities

 

 

118

 

 

 

126

 

Other non-current liabilities

 

 

364

 

 

 

389

 

Total liabilities

 

 

7,285

 

 

 

7,324

 

Commitments and contingencies (Note 10)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Shareholders’ equity

 

 

 

 

 

 

 

 

Common stock, €0.07 par value, 1,185,800,000 shares authorized; 359,693,302 and 359,267,580 shares issued and 359,693,302 and 359,267,535 shares outstanding at March 31, 2022 and December 31, 2021, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

4,256

 

 

 

4,273

 

Retained earnings/(accumulated deficit)

 

 

(148

)

 

 

(253

)

Accumulated other comprehensive loss, net of income taxes

 

 

(734

)

 

 

(738

)

Total shareholders’ equity

 

 

3,406

 

 

 

3,314

 

Noncontrolling interests

 

 

191

 

 

 

182

 

Total equity

 

 

3,597

 

 

 

3,496

 

Total liabilities and equity

 

$

10,882

 

 

$

10,820

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

- 5 -


 

Nielsen Holdings plc

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Three Months Ended

 

 

 

March 31,

 

(IN MILLIONS)

 

2022

 

 

2021

 

Operating Activities

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

111

 

 

$

109

 

Net income/(loss) from discontinued operations

 

 

4

 

 

 

(75

)

Gain on disposal of Global Connect, net of tax, within discontinued operations

 

 

-

 

 

 

542

 

Net income

 

 

115

 

 

 

576

 

Adjustments to reconcile net income/(loss) to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

8

 

 

 

8

 

(Gain) on sale of discontinued operations, net of tax

 

 

-

 

 

 

(542

)

Currency exchange rate differences on financial transactions and other (gains)/losses

 

 

(9

)

 

 

11

 

Equity in net income of affiliates, net of dividends received

 

 

(4

)

 

 

(1

)

Depreciation and amortization

 

 

130

 

 

 

163

 

Changes in operating assets and liabilities, net of effect of businesses acquired and divested:

 

 

 

 

 

 

 

 

Trade and other receivables, net

 

 

(16

)

 

 

(57

)

Prepaid expenses and other assets

 

 

16

 

 

 

(71

)

Accounts payable and other current liabilities and deferred revenues

 

 

(7

)

 

 

(147

)

Other non-current liabilities

 

 

(19

)

 

 

(17

)

Interest payable

 

 

-

 

 

 

31

 

Income taxes

 

 

5

 

 

 

1

 

Net cash provided by/(used in) operating activities

 

 

219

 

 

 

(45

)

Investing Activities

 

 

 

 

 

 

 

 

Proceeds from the sale of subsidiaries and affiliates, net

 

 

1

 

 

 

2,245

 

Additions to property, plant and equipment and other assets

 

 

(17

)

 

 

(7

)

Additions to intangible assets

 

 

(65

)

 

 

(82

)

Proceeds from the sale of property, plant and equipment and other assets

 

 

-

 

 

 

3

 

Other investing activities

 

 

-

 

 

 

(1

)

Net cash (used in)/provided by investing activities

 

 

(81

)

 

 

2,158

 

Financing Activities

 

 

 

 

 

 

 

 

Repayment of debt

 

-

 

 

 

(1,478

)

Cash dividends paid to shareholders

 

 

(22

)

 

 

(21

)

Payments related to tax withholding for share-based payment arrangements

 

 

(4

)

 

 

(7

)

Proceeds from employee stock purchase plan

 

 

1

 

 

 

-

 

Finance leases

 

 

(7

)

 

 

(14

)

Other financing activities

 

 

(4

)

 

 

(3

)

Net cash used in financing activities

 

 

(36

)

 

 

(1,523

)

Effect of exchange-rate changes on cash and cash equivalents

 

 

-

 

 

 

(3

)

Net increase in cash and cash equivalents

 

 

102

 

 

 

587

 

Cash and cash equivalents at beginning of period

 

 

380

 

 

 

610

 

Cash and cash equivalents at end of period

 

$

482

 

 

$

1,197

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

     Cash paid for income taxes

 

$

28

 

 

$

38

 

Cash paid for interest, net of amounts capitalized

 

$

66

 

 

$

57

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

 

 

- 6 -


 

Nielsen Holdings plc

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Income

(Loss), Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Currency

 

 

Cash

 

 

Post

 

 

Total Nielsen

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Paid-in

 

 

(Accumulated)

 

 

Translation

 

 

Flow

 

 

Employment

 

 

Shareholders’

 

 

Noncontrolling

 

 

Total

 

(IN MILLIONS)

 

Stock

 

 

Capital

 

 

(Deficit)

 

 

Adjustments

 

 

Hedges

 

 

Benefits

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance, December 31, 2021

 

$

32

 

 

$

4,273

 

 

$

(253)

 

 

$

(647)

 

 

$

(18)

 

 

$

(73)

 

 

$

3,314

 

 

$

182

 

 

$

3,496

 

Net income

 

 

 

 

 

 

 

 

105

 

 

 

 

 

 

 

 

 

 

 

 

105

 

 

 

10

 

 

 

115

 

Currency translation adjustments, net of

   tax of zero

 

 

 

 

 

 

 

 

 

 

 

(23)

 

 

 

 

 

 

11

 

 

 

(12)

 

 

 

1

 

 

 

(11)

 

Cash flow hedges, net of tax of $(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

 

 

 

 

 

13

 

Net unrealized pension and other postretirement benefits, net of tax of $(2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

 

 

 

 

 

3

 

Employee stock purchase plan

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

1

 

Dividends to shareholders ($0.06 per share of common stock)

 

 

 

 

 

(22)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(22)

 

 

 

(2)

 

 

 

(24)

 

Payments related to tax withholding for share-based payment arrangements

 

 

 

 

 

(4)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4)

 

 

 

 

 

 

(4)

 

Share-based compensation expense

 

 

 

 

 

8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8

 

 

 

 

 

 

8

 

Balance, March 31, 2022

 

$

32

 

 

$

4,256

 

 

$

(148)

 

 

$

(670)

 

 

$

(5)

 

 

$

(59)

 

 

$

3,406

 

 

$

191

 

 

$

3,597

 

 

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

 

- 7 -


 

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Income

(Loss), Net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retained

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Earnings

 

 

Currency

 

 

Cash

 

 

Post

 

 

Total Nielsen

 

 

 

 

 

 

 

 

 

 

 

Common

 

 

Paid-in

 

 

(Accumulated)

 

 

Translation

 

 

Flow

 

 

Employment

 

 

Shareholders’

 

 

Noncontrolling

 

 

Total

 

(IN MILLIONS)

 

Stock

 

 

Capital

 

 

(Deficit)

 

 

Adjustments

 

 

Hedges

 

 

Benefits

 

 

Equity

 

 

Interests

 

 

Equity

 

Balance, December 31, 2020

 

$

32

 

 

$

4,340

 

 

$

(1,216)

 

 

$

(821)

 

 

$

(39)

 

 

$

(245)

 

 

$

2,051

 

 

$

192

 

 

$

2,243

 

Net income

 

 

 

 

 

 

 

 

573

 

 

 

 

 

 

 

 

 

 

 

 

573

 

 

 

3

 

 

 

576

 

Currency translation adjustments, net of

   tax of $(3)

 

 

 

 

 

 

 

 

 

 

 

(3)

 

 

 

 

 

 

 

 

 

(3)

 

 

 

(2)

 

 

 

(5)

 

Cash flow hedges, net of tax of $(3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

 

 

 

 

 

5

 

Net unrealized pension and other postretirement benefits, net of tax of $(1)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3

 

 

 

3

 

 

 

 

 

 

3

 

Other Comprehensive Income gain/(loss) on disposition, net of tax of $(42)