Nielsen Reports Second Quarter 2014 Results
July 30, 2014
Untitled Document

Nielsen N.V. announced financial results for the second quarter ended June 30, 2014.

“Our second quarter results reflect the underlying strength of our Buy and Watch businesses, the successful integration of Arbitron and our steady and consistent business model. We continue to extend our leadership positions in both retail and audience measurement with meaningful innovation and great execution. Our focus on measuring and improving performance for our clients continues to be a powerful combination and positions us well to deliver long-term value to our shareholders,” commented Mitch Barns, Chief Executive Officer of Nielsen.

Second Quarter 2014 Operating Results

Revenues for the second quarter increased 15.0% to $1,594 million, or 15.9% on a constant currency basis compared to the second quarter of 2013. Revenues, excluding the impact of the Arbitron and Harris acquisitions, increased 4.4%, or 5.2% on a constant currency basis. Revenues within the Buy segment grew 6.6%, or 7.9% on a constant currency basis, to $900 million. Excluding Harris, Buy revenues grew 4.8% on a constant currency basis, driven largely by new client wins and a 9.2% increase in developing market revenues. On a constant currency basis, Information services revenue grew 5.0%, while Insights revenue grew 17.9%, or 4.2% excluding Harris.

Revenues within the Watch segment increased 28.0%, or 28.3% on a constant currency basis, to $694 million. Excluding the Arbitron acquisition, Watch revenues increased 5.7%, or 5.9% on a constant currency basis, driven by continued strength in Audience Measurement, including accelerating demand in Digital, and Advertiser Solutions.

Adjusted EBITDA for the second quarter increased 16.2% to $460 million, or 17.9% on a constant currency basis compared, to the second quarter of 2013. Adjusted EBITDA margins grew 50 basis points on a constant currency basis due to the accretive impact of acquisitions and the benefit of ongoing productivity initiatives.

Income from continuing operations for the second quarter decreased 36.1% to $76 million, or 33.9% on a constant currency basis, compared to the second quarter of 2013. The year-over-year decline largely reflects fees related to recent refinancings of our long-term debt; year-to-date refinancing activity further improved our weighted average interest rate to approximately 3.86% as of June 30, 2014 on a pro forma basis. Income from continuing operations per share, on a diluted basis, was $0.19 compared to $0.31 in the second quarter of 2013.

Adjusted Net Income for the second quarter increased 28.3% to $240 million, or 31.1% on a constant currency basis, compared to the second quarter of 2013. Adjusted Net Income per share on a diluted basis was $0.62 compared to $0.49 in the second quarter of 2013.

Financial Position

As of June 30, 2014, cash balances were $310 million and gross debt was $6,692 million. Net debt (gross debt less cash and cash equivalents) was $6,382 million and our net debt leverage ratio was 3.66x at the end of the second quarter. Our proforma net debt leverage ratio, giving effect to Arbitron’s results for the full twelve month period ended June 30, 2014, was 3.57x at the end of the second quarter. Capital expenditures were $94 million for the second quarter of 2014 as compared to $100 million for the second quarter of 2013.

Free cash flow for the second quarter of 2014 increased to $116 million from $107 million in the second quarter of 2013 and cash flow from operations increased to $210 million in the second quarter of 2014 from $206 million in second quarter of 2013.

On May 1, 2014, the company increased the quarterly dividend by 25% to $0.25 per quarter.

In June 2014, a secondary public offering of 20.0 million shares of our common stock was completed on behalf of certain selling stockholders, primarily comprised of the Sponsor group. All proceeds went to the selling stockholders and the offering did not have a significant impact on our operating results or financial position. Subsequent to this offering, the sponsors hold approximately 20% of our common stock.




 
Breaking News
CBS Radio Promotes Shelly Easton and Bobby Smith in its Philly Cluster
iHeartMedia Names Brian Hall SVP of Programming for Ashville
Albie Dee Promoted To OM For Adams Radio Group, Salisbury/Ocean City, MD
May 24, 2017
RCA Records Promotes Joe Daddio To VP/Pop Promotion
iHeartMedia Names Rob Whiteside Digital PD For Virginia/Carolina Region
WBEN/Phiadelphia's Matt Cord & Kristen Herrman To Host National Dog Show Charity Walk
iHeartMedia Hartford Names Kelsey Maxon Digital PD
INSIGHTS: What Radio Can Learn from the TV Upfronts
Cumulus Media Adds Jay Philpott To Nights At KQRS/Minneapolis
Margaret Ann Ronayne NYC Memorial Service on June 8th
May 23, 2017
Beasley Media Group Unveils New Format Captains
iHeartMedia Austin Debuts New Spanish Top 40 Station TU 103.1
CBS Radio Officially Names John Farneda MD At WXRT/Chicago
In Brief - May 23, 2017
May 22, 2017
CBS Corporation Extends Chairman/President/CEO Les Moonves
KDMX (102.9 NOW)/Dallas Adds Kannon In Afternoon Drive
Entercom-Charlotte Signs Contract Extension with Matt & Ramona Show
May 19, 2017
Cumulus Media Oxnard/Ventura Names Matthew "Doughboy" Florence PD For KVYB
Westwood One Presents Backstage at the BBMAs
May 18, 2017
iHeartMedia St. Louis Names Maurice DeVoe PD For KMJM (100.3 The Beat)
May 17, 2017
Atlantic Records Promotes Dionnee Harper & Marsha St. Hubert To SVPs of Urban Marketing
Entercom San Diego & Portland Form Partnership With Pearl Jam's Vitalogy Foundation
Vevo Announces New Hires On Original Content Team
May 16, 2017
Music News
Fergie Signs Worldwide Partnership With BMG
Quick Hits: Ariana Grande, Leslie Jones, Jon Bon Jovi
22 Dead in Explosion at Manchester Ariana Grande Concert
Quick Hits: Iggy Azalea, Newport Folk Festival
It's a Sign of the Times: Harry Styles Debuts at #1
Drake Dominates Billboard Music Awards
Chris Cornell's Wife Issues Statement on His Death
Rocker Chris Cornell Dead at 52
The Entertainment World Remembers Chris Cornell
FMQB Photo Pass: Metallica
Katy Perry Announced as First Judge for American Idol Reboot
Katy Perry Announces New Album Witness, North American Tour
Rapper Logic Debuts Atop Billboard 200
Quick Hits: Beyonce, Kendrick Lamar, Paramore
Jay Z Inks $200 Million Deal with Live Nation
FMQB NOW

Nicki Farag,
SVP of Promotion,
Def Jam Recordings

Advertisement:
Search FMQB.com
Advertisements:
FMQB Member Login
Email:
Pass:

Save
Not a member yet?
Sign up Now!
Sign Up for Breaking News!
Enter FMQB E-Tracking!