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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 September 30, 2021

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

(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, 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 358,927,442 shares of the registrant’s Common Stock outstanding as of September 30, 2021.

 

 

 

 


 

 

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

- 33 -

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

- 51 -

Item 4.

 

Controls and Procedures

- 52 -

PART II.

 

OTHER INFORMATION

- 54 -

Item 1.

 

Legal Proceedings

- 54 -

Item 1A.

 

Risk Factors

- 54 -

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

- 54 -

Item 3.

 

Defaults Upon Senior Securities

- 54 -

Item 4.

 

Mine Safety Disclosures

- 54 -

Item 5.

 

Other Information

- 54 -

Item 6.

 

Exhibits

- 54 -

 

 

Signatures

- 56 -

 

 

 

 


 

 

PART I. FINANCIAL INFORMATION

 

Item  1.Condensed Consolidated Financial Statements

Nielsen Holdings plc

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues

 

$

882

 

 

$

836

 

 

$

2,606

 

 

$

2,489

 

Cost of revenues, exclusive of depreciation and

   amortization shown separately below

 

 

307

 

 

 

290

 

 

 

876

 

 

 

916

 

Selling, general and administrative expenses, exclusive

   of depreciation and amortization shown separately

   below

 

 

218

 

 

 

167

 

 

 

642

 

 

 

542

 

Depreciation and amortization

 

 

129

 

 

 

140

 

 

 

382

 

 

 

423

 

Impairment of other long-lived assets

 

 

 

 

 

8

 

 

 

 

 

 

49

 

Restructuring charges

 

 

6

 

 

 

9

 

 

 

12

 

 

 

41

 

Operating income

 

 

222

 

 

 

222

 

 

 

694

 

 

 

518

 

Interest expense, net

 

 

(68

)

 

 

(82

)

 

 

(217

)

 

 

(247

)

Foreign currency exchange transaction (losses)/gains, net

 

 

(1

)

 

 

9

 

 

 

(5

)

 

 

10

 

Other expense, net

 

 

(1

)

 

 

(9

)

 

 

(27

)

 

 

(15

)

Income from continuing operations before income taxes

   and equity in net income of affiliates

 

 

152

 

 

 

140

 

 

 

445

 

 

266

 

Provision for income taxes

 

 

(33

)

 

 

(38

)

 

 

(129

)

 

 

(72

)

Equity in net income of affiliates

 

 

1

 

 

 

 

 

 

1

 

 

 

 

Net income from continuing operations

 

 

120

 

 

 

102

 

 

 

317

 

 

 

194

 

Net (loss)/income from discontinued operations, net of

   income taxes

 

 

(17

)

 

 

(92

)

 

 

440

 

 

 

(223

)

Net income/(loss)

 

 

103

 

 

 

10

 

 

 

757

 

 

 

(29

)

Net income attributable to noncontrolling interests

 

 

3

 

 

 

3

 

 

 

8

 

 

 

12

 

Net income/(loss) attributable to Nielsen shareholders

 

$

100

 

 

$

7

 

 

$

749

 

 

$

(41

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations attributable to

   Nielsen shareholders

 

$

0.33

 

 

$

0.28

 

 

$

0.86

 

 

$

0.51

 

Net (loss)/income from discontinued operations

   attributable to Nielsen shareholders

 

 

(0.05

)

 

 

(0.26

)

 

 

1.23

 

 

 

(0.63

)

Net income/(loss) attributable to Nielsen shareholders

 

$

0.28

 

 

$

0.02

 

 

$

2.09

 

 

$

(0.11

)

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations attributable to

   Nielsen shareholders

 

$

0.32

 

 

$

0.28

 

 

$

0.86

 

 

$

0.51

 

Net (loss)/income from discontinued operations

   attributable to Nielsen shareholders

 

 

(0.05

)

 

 

(0.26

)

 

 

1.22

 

 

 

(0.63

)

Net income/(loss) attributable to Nielsen shareholders

 

$

0.28

 

 

$

0.02

 

 

$

2.08

 

 

$

(0.11

)

Weighted-average shares of common stock outstanding,

   basic

 

 

358,879,518

 

 

 

356,913,312

 

 

 

358,489,287

 

 

 

356,661,167

 

Dilutive shares of common stock

 

 

1,648,595

 

 

 

1,529,996

 

 

 

1,896,697

 

 

 

1,162,553

 

Weighted-average shares of common stock outstanding,

   diluted

 

 

360,528,113

 

 

 

358,443,308

 

 

 

360,385,984

 

 

 

357,823,720

 

Dividends declared per common share

 

$

0.06

 

 

$

0.06

 

 

$

0.18

 

 

$

0.18

 

 

 

 

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

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

(IN MILLIONS)

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income/(loss)

 

$

103

 

 

$

10

 

 

$

757

 

 

$

(29

)

Other comprehensive income/(loss), net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments (1)

 

 

(20

)

 

 

-

 

 

 

180

 

 

 

(90

)

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

 

 

5

 

 

 

6

 

 

 

14

 

 

 

(25

)

Defined benefit pension plan adjustments (3)

 

 

3

 

 

 

3

 

 

 

149

 

 

 

10

 

Total other comprehensive (loss)/income

 

 

(12

)

 

 

9

 

 

 

343

 

 

 

(105

)

Total comprehensive income/(loss)

 

 

91

 

 

 

19

 

 

 

1,100

 

 

 

(134

)

Less: comprehensive income attributable to noncontrolling interests

 

 

1

 

 

 

5

 

 

 

6

 

 

 

7

 

Total comprehensive income/(loss) attributable to Nielsen shareholders

 

$

90

 

 

$

14

 

 

$

1,094

 

 

$

(141

)

 

(1)

Net of tax of zero and $5 million for the three months ended September 30, 2021 and 2020, respectively, and $(1) million and $5 million for the nine months ended September 30, 2021 and 2020, respectively.

(2)

Net of tax of $(1) million and $(2) million for the three months ended September 30, 2021 and 2020, respectively, and $(6) million and $10 million for the nine months ended September 30, 2021 and 2020, respectively.

(3)

Net of tax of zero and $(1) million for the three months ended September 30, 2021 and 2020, respectively, and $(44) million and $(3) million for the nine months ended September 30, 2021 and 2020, respectively.

 

 

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

 

 

- 4 -


 

 

Nielsen Holdings plc

Condensed Consolidated Balance Sheets

 

 

 

September 30,

 

 

December 31,

 

(IN MILLIONS, EXCEPT SHARE AND PER SHARE DATA)

 

2021

 

 

2020

 

 

 

(Unaudited)

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

542

 

 

$

500

 

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

   returns of $16 and $23 as of September 30, 2021 and December 31, 2020, respectively

 

 

580

 

 

 

465

 

Prepaid expenses and other current assets

 

 

265

 

 

 

195

 

Current assets, discontinued operations

 

 

 

 

 

1,064

 

Total current assets

 

 

1,387

 

 

 

2,224

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

247

 

 

 

270

 

Operating lease right-of-use asset

 

 

155

 

 

 

161

 

Goodwill

 

 

5,659

 

 

 

5,680

 

Other intangible assets, net

 

 

3,505

 

 

 

3,663

 

Deferred tax assets

 

 

47

 

 

 

53

 

Other non-current assets

 

 

169

 

 

 

159

 

Non-current assets, discontinued operations

 

 

 

 

 

1,925

 

Total assets

 

$

11,169

 

 

$

14,135

 

Liabilities and equity:

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable and other current liabilities

 

$

546

 

 

$

499

 

Deferred revenues

 

 

136

 

 

 

135

 

Income tax liabilities

 

 

107

 

 

 

15

 

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

 

 

37

 

 

 

276

 

Current liabilities, discontinued operations

 

 

 

 

 

989

 

Total current liabilities

 

 

826

 

 

 

1,914

 

Non-current liabilities

 

 

 

 

 

 

 

 

Long-term debt and finance lease obligations

 

 

5,841

 

 

 

6,684

 

Deferred tax liabilities

 

 

670

 

 

 

888

 

Operating lease liabilities

 

 

139

 

 

 

140

 

Other non-current liabilities

 

 

407

 

 

 

429

 

Non-current liabilities, discontinued operations

 

 

 

 

 

1,837

 

Total liabilities

 

 

7,883

 

 

 

11,892

 

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, 358,927,514 and 357,678,263 shares issued and 358,927,442

   and 357,644,935 shares outstanding at September 30, 2021 and

   December 31, 2020, respectively

 

 

32

 

 

 

32

 

Additional paid-in capital

 

 

4,289

 

 

 

4,340

 

Retained earnings/(accumulated deficit)

 

 

(467

)

 

 

(1,216

)

Accumulated other comprehensive loss, net of income taxes

 

 

(760

)

 

 

(1,105

)

Total Nielsen shareholders’ equity

 

 

3,094

 

 

 

2,051

 

Noncontrolling interests

 

 

192

 

 

 

192

 

Total equity

 

 

3,286

 

 

 

2,243

 

Total liabilities and equity

 

$

11,169

 

 

$

14,135

 

 

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

 

 

- 5 -


 

 

Nielsen Holdings plc

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Nine Months Ended

 

 

 

September 30,

 

(IN MILLIONS)

 

2021

 

 

2020

 

Operating Activities

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

317

 

 

$

194

 

Net loss from discontinued operations

 

 

(94

)

 

 

(223

)

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

 

 

534

 

 

 

 

Net income/(loss)

 

 

757

 

 

 

(29

)

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

 

 

 

 

 

 

 

 

Share-based compensation expense

 

 

27

 

 

 

44

 

Gain on sale of discontinued operations, net of tax

 

 

(534

)

 

 

 

Currency exchange rate differences on financial transactions and other losses

 

 

39

 

 

 

11

 

Equity in net loss of affiliates, net of dividends received

 

 

 

 

 

1

 

Depreciation and amortization

 

 

418

 

 

 

655

 

      Impairment of other long-lived assets

 

 

 

 

 

53

 

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

   and divested:

 

 

 

 

 

 

 

 

Trade and other receivables, net

 

 

(131

)

 

 

11

 

Prepaid expenses and other assets

 

 

(33

)

 

 

137

 

Accounts payable and other current liabilities and deferred revenues

 

 

(112

)

 

 

(129

)

Other non-current liabilities

 

 

(35

)

 

 

(37

)

Interest payable

 

 

32

 

 

 

31

 

Income taxes

 

 

11

 

 

 

(86

)

Net cash provided by operating activities

 

 

439

 

 

 

662

 

Investing Activities

 

 

 

 

 

 

 

 

Acquisition of subsidiaries and affiliates, net of cash acquired

 

 

(13

)

 

 

(29

)

Proceeds from the sale of subsidiaries and affiliates, net

 

 

2,269

 

 

 

13

 

Additions to property, plant and equipment and other assets

 

 

(41

)

 

 

(26

)

Additions to intangible assets

 

 

(197

)

 

 

(319

)

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

 

 

3

 

 

 

 

Other investing activities

 

 

 

 

 

(4

)

Net cash provided by/(used in) investing activities

 

 

2,021

 

 

 

(365

)

Financing Activities

 

 

 

 

 

 

 

 

Net borrowings under revolving credit facility

 

 

 

 

 

 

Proceeds from issuances of debt, net of issuance costs

 

 

1,231

 

 

 

2,974

 

Repayment of debt

 

 

(3,632

)

 

 

(1,319

)

Cash dividends paid to shareholders

 

 

(65

)

 

 

(64

)

Activity from share-based compensation plans

 

 

(10

)

 

 

(6

)

Proceeds from employee stock purchase plan

 

 

1

 

 

 

3

 

Finance leases

 

 

(34

)

 

 

(43

)

Other financing activities

 

 

(10

)

 

 

(29

)

Net cash (used in)/provided by financing activities

 

 

(2,519

)

 

 

1,516

 

Effect of exchange-rate changes on cash and cash equivalents

 

 

(9

)

 

 

(17

)

Net decrease in cash and cash equivalents

 

 

(68

)

 

 

1,796

 

Cash and cash equivalents at beginning of period

 

 

610

 

 

 

454

 

Cash and cash equivalents at end of period

 

$

542

 

 

$

2,250

 

Supplemental Cash Flow Information

 

 

 

 

 

 

 

 

Cash paid for income taxes

 

$

96

 

 

$

128

 

Cash paid for interest, net of amounts capitalized

 

$

193

 

 

$

246

 

 

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 September 30, 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, June 30, 2021

 

$

32

 

 

$

4,301

 

 

$

(567

)

 

$

(621

)

 

$

(30

)

 

$

(99

)

 

$

3,016

 

 

$

194

 

 

$

3,210

 

Net income

 

 

 

 

 

 

 

 

100

 

 

 

 

 

 

 

 

 

 

 

 

100

 

 

 

3

 

 

 

103

 

Currency translation adjustments, net of tax of

   zero

 

 

 

 

 

 

 

 

 

 

 

(18

)

 

 

 

 

 

 

 

 

(18

)

 

 

(2

)

 

 

(20

)

Cash flow hedges, net of tax of $(1)