William Blair Growth Stock Conference. June 13, 2012
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1 William Blair Growth Stock Conference June 13, 2012
2 Forward Looking Statements The following discussion contains forward-looking statements, including those about Nielsen s outlook and prospects, in the meaning of the Private Securities Litigation Reform Act of Forward-looking statements are those which are not historical facts. These and other statements that relate to future results and events are based on Nielsen s current expectations. Our actual results in future periods may differ materially from those currently expected because of a number of risks and uncertainties. The risks and uncertainties that we believe are material are outlined in our disclosure filings and materials, which you can find on Please consult these documents for a more complete understanding of these risks and uncertainties. We disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. Our outlook is provided as of June 13, 2012 for the purpose of providing information about current expectations for This information may not be appropriate for other purposes. 2
3 Who we are Our mission To provide clients with the most complete understanding of their consumers and markets worldwide Our values Open Simple Integrated Our brand Quality Integrity Neutrality 3
4 Nielsen investment highlights Comprehensive understanding of what consumers buy and watch Global leader in our segments with market presence in ~100 countries Mission critical measurement and analytics embedded in client workflows Syndicated, scalable products and services Favorable market trends provide organic growth opportunities Proven track record of growth and economic resilience Accelerated earnings growth through deleveraging 4
5 Nielsen s business model What Consumers Buy What Consumers Watch We provide Retail sale measurement of consumer goods in stores Measurement of TV viewing, online and mobile phone activity We help Consumer packaged goods clients Media clients An example > Engagement in 80 markets worldwide > 50+ year relationship > Multi-year contract > 70+ year relationship Our measurement and analytics are embedded in our clients operating disciplines 5
6 Business update Headwinds > Buy - Western Europe FY 2012 Expectations > Buy - Global multinational client investments > Foreign currency impact Tailwinds > Walmart data live > Revenue growth 5-6% > Adj. EBITDA margin expansion bps > 325 bps negative FX impact > Reported EPS $ $1.82 > OCR adoption continues > Developing markets growth > Advertiser solutions watch + buy Note: Revenue and Adjusted Net Income growth rates derived on a constant currency basis 6
7 Foreign currency impact 2011 Revenue distribution FX impact reported vs. constant currency revenue As reported Projected impact (a) By geography By currency 500 U.S. $ 50% Euro 14% Other 36% (100) (130) (225) (325) (475) (475) FX impact (bps) 1Q11 2Q11 3Q11 4Q11 FY11 1Q12 2Q12E 3Q12E 4Q12E FY12E We report on a constant currency basis to reflect operating performance (a) Projected impact assumes rate in effect at 6/11/12 remains in effect for the balance of Also based on company estimates for future quarters on distribution of revenue by country. 7
8 Resilient financial performance Revenue Adjusted EBITDA ($ millions) ($ millions) CAGR = 5.2% CAGR = 8.7% $4,806 $4,808 $5,126 $5,532 $1,312 $1,411 $1,546 $1, % 4.0% 6.1% 5.6% 25.1% 27.3% 27.5% 27.9% Constant currency growth Adjusted EBITDA Margin Note: Revenue and EBITDA growth rates derived on a constant currency basis; figures are as reported 8
9 Buy segment Revenue Business Drivers ($ millions) > Long term contracts CAGR = 7.2% $2,861 $3,108 $3,409 > Proprietary data sets > ~100 countries > Coverage expansion: > Developing markets > Additional channels in US/other % (a) 7.6% (b) Constant currency growth 6.7% (b) > Insights opportunities and analytical capabilities (a) Prior to change in segmentation made at end of 2011 (b) Revenue growth rates derived on a constant currency basis; figures are as reported 2009 constant currency growth by segment is unavailable due to re-segmenting completed in December
10 Increasing coverage is a Nielsen priority Nielsen presence Client Trends Past: West East Future: West East Our global breadth and depth enables us to fulfill client needs 10
11 Trends shaping What Consumers Buy Growth of middle class Demographic shifts Projected increase in global middle class population and spending (a) $55B Spending by middle class $35B $22B 1.9B 3.3B 5B Population of middle class E 2030E > Driven by developing markets > Major changes in global population Clients need to understand new consumers in developing markets (a) The Emerging Middle Class in Developing Countries, Organization for Economic Cooperation and Development
12 Developing markets growth and expansion Developing markets revenue Expansion of market coverage ($ millions) $1,125 Population coverage CAGR = 13.6% Africa 45% 60% $575 China 45% 90% India 85% 95% Nielsen s position in developing markets provides deep opportunity for growth as population of middle class further expands Note: Revenue growth rate derived on a constant currency basis 12
13 Watch segment Revenue Business Drivers ($ millions) > Long term contracts CAGR = 4.1% > Proprietary data sets $1,767 $1,850 $1,944 > Content monetization across platforms and devices > Online Campaign Ratings > Cross-Platform Ratings > Extended Screen > Advertiser solutions 11.5% (a) 4.6% (b) 3.8% (b) Constant currency growth > Global opportunities (a) Prior to change in segmentation made at end of 2011 (b) Revenue growth rates derived on a constant currency basis; figures are as reported 2009 constant currency growth by segment is unavailable due to re-segmenting completed in December
14 Trends shaping What Consumers Watch More choices and platforms Consumers more connected 1950s 1960s BLACK & WHITE TELEVISION FIRST SATELLITE BROADCAST Video penetration by platform, Q (a) (Percent of US population) 95% 1970s 1980s 1990s RISE OF CABLE TV MORE ADVERTISER- SUPPORTED NETWORKS DIGITAL AND INTERNET REVOLUTION 11% 49% DVR PENETRATION OVER-THE- TOP DISTRIBUTION Mobile Online Television 4:20 4:34 153:19 Monthly time spent among video users (hh:mm) Cross-platform measurement facilitates better marketing ROI (a) Nielsen Cross-Platform Report: Based on Total US Population, Persons 2+ for TV and Online, (Home and Work) 13+ for Mobile, 4 th Qtr
15 Nielsen measures the true audience for online and cross-platform campaigns Online Campaign Ratings Overnight audience ratings, consistent with TV Cross-Platform Campaign Ratings Initial release is Live; Q commercial release Delivery against campaign objectives Unduplicated ratings from Online and TV campaigns, by demographic Verification, including Brand Safety and Viewability metrics Provided by TV Online Ad resonance and recall, fully integrated with campaign reach Built from Nielsen TV ratings and Online Campaign Ratings inputs 15
16 Integration of Buy and Watch Media Client Example Buy + Watch Buyer Insights Buy Advise Analyze Marketing and media effectiveness Enterprise solutions Advise Advise Watch Analyze Analyze TV viewing segment domestic + purchase data = Buyer Ratings > Highlights consumer purchasing power of audience for a network or show Integration Measure Measure Measure > Enables advertisers to improve marketing ROI > Potential to increase yield of the market grow the total size 16
17 Looking ahead Continue investment of resources in developing markets to increase the depth and breadth of Nielsen s coverage Provide clients with cross-platform solutions to optimize performance of advertising campaigns Leverage Nielsen s Buy & Watch capabilities to provide innovative solutions in a fragmented consumer landscape 17
18 Appendix
19 Certain non-gaap measures Overview of Non-GAAP Presentations We consistently use the below non-gaap financial measures to evaluate the results of our operations. We believe that the presentation of these non-gaap measures provides useful information to investors regarding financial and business trends related to our results of operations and that when this non-gaap financial information is viewed with our GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance. None of the non-gaap measures presented should be considered as an alternative to net income or loss, operating income or loss, cash flows from operating activities or any other performance measures of operating performance or liquidity derived in accordance with GAAP. These non-gaap measures have important limitations as analytical tools and should not be considered in isolation or as substitutes for an analysis of our results as reported under GAAP. Constant Currency Presentation We evaluate our results of operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-gaap measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our results of operations, consistent with how we evaluate our performance. We calculate constant currency percentages by converting our prior-period local currency financial results using the current period exchange rates and comparing these adjusted amounts to our current period reported results. 19
20 Adjusted Net Income Reconciliation: Q1 ($ in millions except per share amounts) Quarter ended March 31 (Unaudited) Net income/(loss) $ 25 $ (181) Loss from discontinued operations, net -- 1 Interest expense, net Provision / (Benefit) for income taxes 7 (134) Depreciation and amortization EBITDA 268 (39) Equity in net loss of affiliates 2 2 Other non-operating expense, net Restructuring charges Stock-based compensation expense 8 4 Other items (a) Adjusted EBITDA Interest expense, net (105) (139) Depreciation and amortization (131) (136) Depreciation and amortization of acquisition-related tangible and intangible assets Stock-based compensation expense (8) (4) Cash paid for income taxes (23) (31) Interest expense attributable to mandatory convertible bonds 6 4 Adjusted net income $ 113 $ 64 Adjusted net income per share of common stock, diluted (b) $0.30 $0.19 (a) (b) See footnotes on next page 20
21 Adjusted Net Income Reconciliation: Q1 cont d (a) (b) Other items primarily consist of Sponsor Advisory Fees in 2011, costs related to our initial public offering and other deal-related fees. Adjusted Net Income per share of common stock presented on a diluted basis includes potential common shares associated with stock-based compensation plans that may have been considered anti-dilutive in accordance with GAAP. The amount also includes the weighted-average amount of shares of common stock convertible associated with the mandatory convertible bonds based upon the average price of our common stock during the period. Weighted-average shares of common stock outstanding as of quarter ended March 31, 2012, basic Dilutive shares of common stock from stock compensation plans 360,881,693 4,839,365 Shares of common stock convertible associated with the mandatory convertible bonds 10,416,700 Weighted-average shares of common stock outstanding, diluted 376,137,758 21
22 Quarterly Financial Performance Revenue Adjusted EBITDA ($ millions) ($ millions) $1,396 $1,421 $432 $1,413 $408 $386 $1,340 $332 $320 $1,302 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 7.3% 4.9% 5.8% 4.6% 4.2% 24.6% 27.7% 28.9% 30.4% Constant currency growth Adjusted EBITDA Margin 24.8% Note: Revenue growth rates derived on a constant currency basis; figures are as reported 22
23 Quarterly Performance by Segment Revenue Adjusted EBITDA ($millions) $56 $38 $64 $21 $61 ($ millions) $13 $37 $4 $468 $487 $485 $504 $480 $33 $199 $195 $210 $36 $177 $185 $778 $871 $864 $896 $799 $180 $177 $222 $120 $121 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Buy Watch Expo Buy Watch Expo Note: Figures are as reported 23
24 Annual Performance by Segment Revenue Adjusted EBITDA (a) ($ millions) $180 $168 $179 ($ millions) $63 $78 $87 $1,944 $1,767 $1,850 $672 $704 $781 $2,861 $3,108 $3,409 $595 $656 $ Buy Watch Expo Buy Watch Expo (a) The representation by segment does not include Corporate, which contributes to the full view of total Adjusted EBITDA for the Company Note: Figures are as reported 24
25 Selected Cash Flow & Balance Sheet Items ($ in millions) Cash Flow 1Q 12 Free Cash Flow ($85) Capex $82 Cash Taxes $23 Restructuring $25 Balance Sheet 3/31/12 Gross Debt (a) $6,568 Cash $295 Net Debt (a) $6,273 Capital Table 12/31/11 3/31/12 Change Loan Debt (secured) $ 4,656 $ 4,781 $ % Sr. Notes % Sr. Notes % Sr. Notes 1,084 1, EMTNs (37) Capital lease/misc. debt Total Debt (a) $ 6,475 $ 6,568 $ 93 Less Cash (24) Net Debt $ 6,156 $ 6,273 $ 117 Net Debt Ratio (b) 4.0x 4.0x -- Weighted avg. interest rate (a) 5.68% 5.60% (8 bps) Net Debt Ratio (b) 4.0x (a) (b) Does not include $288 million of mandatory convertible subordinated bonds; weighted avg. interest rate calculated based on amount outstanding at end of quarter Reflects Net Debt divided by Adjusted EBITDA calculated on last twelve months basis. See Appendix for detail 25
26 Free Cash Flow Reconciliation ($ in millions) Quarter ended March Net cash used in operating activities $ (3) $ (52) Capital expenditures (82) (52) Free Cash Flow $ (85) $ (104) Sponsor termination fees Normalized Free Cash Flow $ (85) $ (2) 26
27 Investor Relations ir.nielsen.com
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