This Day On The Street
Continue to site right-arrow
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Nielsen Holdings N.V. Management Discusses Q2 2012 Results - Earnings Call Transcript

Stocks in this article: NLSN

And now to start the call, I'd like to introduce our CEO, David Calhoun.

David L. Calhoun

Hi. Good morning, everyone. First slide. Absent currency translation, we had a very solid operating quarter. Revenue on a reported basis declined 1%; on a constant-currency basis, grew 4%. Adjusted EBITDA grew 1% on a reported basis and up 5% on a constant-currency basis. Margin expansion met expectations in every way and net debt leverage of 4x as we finished the quarter.

Growth and resilience were sort of apparent in what is clearly a more difficult macro environment. And for us, you see those implications in the developing markets, as well as the developed markets. Tangible progress in all our growth investments. High confidence. We'll talk about a few of those here in the upfront comments, and then we'll get more to it in Q&A I'm sure. And we are reaffirming our 2012 guidance.

With respect to the operating environment, strong growth in North America. For us, it has been robust, 7% on the buy side, which is, of course, sort of the bigger piece of the puzzle. And the Wal-Mart implementation went beautifully with very, very little lift in 2Q with respect to revenue in buy. So those are -- those days are ahead of us.

Difficult operating climate in western Europe, not news to anybody. Just to frame it, that is a little less than 15% of our overall revenue. Despite that tough environment, the resilience of our information business is always as apparent, and it continues to grow. Insights has been -- has declined quite a bit over 20%.

Solid growth in the developing markets, but not as robust as I would like. As you all know, we have a target of double digit. In the quarter, it grew 7%. Global multinationals are clearly being more selective. Believe it or not, I believe most of that is a reaction to difficulties in developed markets and just more selective resource calls.

3 of 4

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 17,804.80 +26.65 0.15%
S&P 500 2,070.65 +9.42 0.46%
NASDAQ 4,765.38 +16.9840 0.36%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs