Company Quick10K Filing
Nielsen
Price21.05 EPS-4
Shares356 P/E-6
MCap7,490 P/FCF13
Net Debt7,978 EBIT-1,210
TEV15,468 TEV/EBIT-13
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-09-10 Regulation FD, Exhibits
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8-K 2020-08-05 Earnings, Exhibits
8-K 2020-07-21 Enter Agreement, Off-BS Arrangement, Exhibits
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8-K 2018-02-08

NLSN 10Q Quarterly Report

Part I. Financial Information
Item 1.Condensed Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 nlsnnv-ex311_8.htm
EX-31.2 nlsnnv-ex312_6.htm
EX-32.1 nlsnnv-ex321_9.htm

Nielsen Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
25201510502012201420172020
Assets, Equity
1.81.20.70.1-0.4-1.02012201420172020
Rev, G Profit, Net Income
0.90.50.0-0.4-0.9-1.32012201420172020
Ops, Inv, Fin

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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 June 30, 2020

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.)

 

 

85 Broad Street

New York, New York 10004

(646) 654-5000

 

Nielsen House

John Smith Drive

Oxford

Oxfordshire, OX4 2WB

United Kingdom

+1 (646) 654-5000

(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, 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 356,753,964 shares of the registrant’s Common Stock outstanding as of June 30, 2020.

 

 

 


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

- 40 -

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

- 61 -

Item 4.

 

Controls and Procedures

- 62 -

PART II.

 

OTHER INFORMATION

- 63 -

Item 1.

 

Legal Proceedings

- 63 -

Item 1A.

 

Risk Factors

- 63 -

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

- 63 -

Item 3.

 

Defaults Upon Senior Securities

- 64 -

Item 4.

 

Mine Safety Disclosures

- 64 -

Item 5.

 

Other Information

- 64 -

Item 6.

 

Exhibits

- 64 -

 

 

Signatures

- 66 -

 

 

 

 

 

 

 

 

 


PART I. FINANCIAL INFORMATION

 

Item  1.Condensed Consolidated Financial Statements

Nielsen Holdings plc

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Revenues

 

$

1,496

 

 

$

1,628

 

 

$

3,055

 

 

$

3,191

 

Cost of revenues, exclusive of depreciation and

   amortization shown separately below

 

 

664

 

 

 

699

 

 

 

1,385

 

 

 

1,394

 

Selling, general and administrative expenses, exclusive

   of depreciation and amortization shown separately

   below

 

 

451

 

 

 

483

 

 

 

966

 

 

 

963

 

Depreciation and amortization

 

 

224

 

 

 

185

 

 

 

438

 

 

 

364

 

Impairment of goodwill and other long-lived assets

 

 

45

 

 

 

 

 

 

45

 

 

 

 

Restructuring charges

 

 

84

 

 

 

12

 

 

 

95

 

 

 

47

 

Operating income/(loss)

 

 

28

 

 

 

249

 

 

 

126

 

 

 

423

 

Interest income

 

 

 

 

 

1

 

 

 

1

 

 

 

3

 

Interest expense

 

 

(91

)

 

 

(100

)

 

 

(185

)

 

 

(199

)

Foreign currency exchange transaction gains/(losses), net

 

 

3

 

 

 

(1

)

 

 

(3

)

 

 

(4

)

Other income/(expense), net

 

 

(4

)

 

 

 

 

 

(5

)

 

 

5

 

Income/(loss) from continuing operations before income taxes and equity in net income/(loss) of affiliates

 

 

(64

)

 

 

149

 

 

 

(66

)

 

228

 

Benefit/(provision) for income taxes

 

 

38

 

 

 

(23

)

 

 

27

 

 

 

(55

)

Net income/(loss)

 

 

(26

)

 

 

126

 

 

 

(39

)

 

 

173

 

Net income/(loss) attributable to noncontrolling interests

 

 

4

 

 

 

3

 

 

 

9

 

 

 

7

 

Net income/(loss) attributable to Nielsen shareholders

 

$

(30

)

 

$

123

 

 

$

(48

)

 

$

166

 

Net income/(loss) per share of common stock, basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Nielsen shareholders

 

$

(0.08

)

 

$

0.35

 

 

$

(0.13

)

 

$

0.47

 

Net income/(loss) per share of common stock, diluted

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income/(loss) attributable to Nielsen shareholders

 

$

(0.08

)

 

$

0.34

 

 

$

(0.13

)

 

$

0.47

 

Weighted-average shares of common stock outstanding,

   basic

 

 

356,672,845

 

 

 

355,630,327

 

 

 

356,532,069

 

 

 

355,539,038

 

Dilutive shares of common stock

 

 

 

 

 

997,381

 

 

 

 

 

 

954,854

 

Weighted-average shares of common stock outstanding,

   diluted

 

 

356,672,845

 

 

 

356,627,708

 

 

 

356,532,069

 

 

 

356,493,892

 

Dividends declared per common share

 

$

0.06

 

 

$

0.35

 

 

$

0.12

 

 

$

0.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

- 3 -


Nielsen Holdings plc

Condensed Consolidated Statements of Comprehensive Income/(Loss) (Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

(IN MILLIONS)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income/(loss)

 

$

(26

)

 

$

126

 

 

$

(39

)

 

$

173

 

Other comprehensive income/(loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments (1)

 

 

14

 

 

 

9

 

 

 

(90

)

 

 

20

 

Changes in the fair value of cash flow hedges (2)

 

 

2

 

 

 

(20

)

 

 

(31

)

 

 

(29

)

Defined benefit pension plan adjustments (3)

 

 

3

 

 

 

2

 

 

 

7

 

 

 

6

 

Total other comprehensive income/(loss)

 

 

19

 

 

 

(9

)

 

 

(114

)

 

 

(3

)

Total comprehensive income/(loss)

 

 

(7

)

 

 

117

 

 

 

(153

)

 

 

170

 

Less: comprehensive income/(loss) attributable to noncontrolling interests

 

 

5

 

 

 

5

 

 

 

2

 

 

 

9

 

Total comprehensive income/(loss) attributable to Nielsen shareholders

 

$

(12

)

 

$

112

 

 

$

(155

)

 

$

161

 

 

(1)

Net of tax of $3 million for each of the three months ended June 30, 2020 and 2019, and zero and $(1) million for the six months ended June 30, 2020 and 2019, respectively

(2)

Net of tax of zero and $8 million for the three months ended June 30, 2020 and 2019, respectively, and $12 million and $11 million for the six months ended June 30, 2020 and 2019, respectively

(3)

Net of tax of $(1) million and zero for the three months ended June 30, 2020 and 2019, respectively, and $(2) million and $(1) million for the six months ended June 30, 2020 and 2019, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

- 4 -


Nielsen Holdings plc

Condensed Consolidated Balance Sheets

 

 

 

June 30,

 

 

December 31,

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2020

 

 

2019

 

 

 

(Unaudited)

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

438

 

 

$

454

 

Trade and other receivables, net of allowances for doubtful accounts and sales

   returns of $42 and $28 as of June 30, 2020 and December 31, 2019, respectively

 

 

1,131

 

 

 

1,103

 

Prepaid expenses and other current assets

 

 

504

 

 

 

420

 

Total current assets

 

 

2,073

 

 

 

1,977

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

402

 

 

 

466

 

Operating lease right-of-use asset

 

 

377

 

 

 

393

 

Goodwill

 

 

5,984

 

 

 

5,993

 

Other intangible assets, net

 

 

4,698

 

 

 

4,881

 

Deferred tax assets

 

 

276

 

 

 

276

 

Other non-current assets

 

 

312

 

 

 

333

 

Total assets

 

$

14,122

 

 

$

14,319

 

Liabilities and equity:

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

1,100

 

 

$

1,182

 

Deferred revenues

 

 

361

 

 

 

345

 

Income tax liabilities

 

 

-

 

 

 

60

 

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

 

 

291

 

 

 

914

 

Total current liabilities

 

 

1,752

 

 

 

2,501

 

Non-current liabilities

 

 

 

 

 

 

 

 

Long-term debt and finance lease obligations

 

 

8,130

 

 

 

7,395

 

Deferred tax liabilities

 

 

1,016

 

 

 

1,052

 

Operating lease liabilities

 

 

372

 

 

 

370

 

Other non-current liabilities

 

 

645

 

 

 

613

 

Total liabilities

 

 

11,915

 

 

 

11,931

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Nielsen shareholders’ equity

 

 

 

 

 

 

 

 

Common stock, €0.07 par value, 1,185,800,000 and 1,185,800,000 shares

   authorized, 356,767,164 and 356,158,879 shares issued and 356,753,964

   and 356,149,883 shares outstanding at June 30, 2020 and

   December 31, 2019, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

4,359

 

 

 

4,378

 

Retained earnings/(accumulated deficit)

 

 

(1,258

)

 

 

(1,210

)

Accumulated other comprehensive loss, net of income taxes

 

 

(1,112

)

 

 

(1,005

)

Total Nielsen shareholders’ equity

 

 

2,021

 

 

 

2,195

 

Noncontrolling interests

 

 

186

 

 

 

193

 

Total equity

 

 

2,207

 

 

 

2,388

 

Total liabilities and equity

 

$

14,122

 

 

$

14,319

 

 

 

 

 

 

 

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

 

 

 

- 5 -


Nielsen Holdings plc

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Six Months Ended

 

 

 

June 30,

 

(IN MILLIONS)

 

2020

 

 

2019

 

Operating Activities

 

 

 

 

 

 

 

 

Net income/(loss)

 

$

(39

)

 

$

173

 

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

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

27

 

 

 

26

 

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

 

 

8

 

 

 

(1

)

Equity in net loss of affiliates, net of dividends received

 

 

1

 

 

 

1

 

Depreciation and amortization

 

 

438

 

 

 

364

 

      Impairment of goodwill and other long-lived assets

 

 

45

 

 

 

 

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

   and divested:

 

 

 

 

 

 

 

 

Trade and other receivables, net

 

 

(42

)

 

 

(118

)

Prepaid expenses and other assets

 

 

42

 

 

 

(4

)

Accounts payable and other current liabilities and deferred revenues

 

 

(94

)

 

 

(153

)

Other non-current liabilities

 

 

(16

)

 

 

(48

)

Interest payable

 

 

(5

)

 

 

6

 

Income taxes

 

 

(120

)

 

 

(63

)

Net cash provided by/(used in) operating activities

 

 

245

 

 

 

183

 

Investing Activities

 

 

 

 

 

 

 

 

Acquisition of subsidiaries and affiliates, net of cash acquired

 

 

(28

)

 

 

(60

)

Additions to property, plant and equipment and other assets

 

 

(14

)

 

 

(44

)

Additions to intangible assets

 

 

(218

)

 

 

(186

)

Other investing activities

 

 

(2

)

 

 

 

Net cash provided by/(used in) investing activities

 

 

(262

)

 

 

(290

)

Financing Activities

 

 

 

 

 

 

 

 

Net borrowings under revolving credit facility

 

 

165

 

 

 

296

 

Proceeds from issuances of debt, net of issuance costs

 

 

978

 

 

 

 

Repayment of debt

 

 

(1,029

)

 

 

(29

)

Increase/(decrease) in other short-term borrowings

 

 

 

 

 

(1

)

Cash dividends paid to shareholders

 

 

(43

)

 

 

(249

)

Activity from share-based compensation plans

 

 

(5

)

 

 

(4

)

Proceeds from employee stock purchase plan

 

 

2

 

 

 

2

 

Finance leases

 

 

(36

)

 

 

(29

)

Other financing activities

 

 

(11

)

 

 

(8

)

Net cash provided by/(used in) financing activities

 

 

21

 

 

 

(22

)

Effect of exchange-rate changes on cash and cash equivalents

 

 

(20

)

 

 

(2

)

Net increase/(decrease) in cash and cash equivalents

 

 

(16

)

 

 

(131

)

Cash and cash equivalents at beginning of period

 

 

454

 

 

 

524

 

Cash and cash equivalents at end of period

 

$

438

 

 

$

393

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

(93

)

 

$

(118

)

Cash paid for interest, net of amounts capitalized

 

$

(190

)

 

$

(193

)

 

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

 

 

- 6 -


Nielsen Holdings plc

Condensed Consolidated Statements of Changes in Equity

 

Condensed Consolidated Statements of Changes in Equity for the Three Months Ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated Other Comprehensive Income

(Loss), Net