Nielsen Holdings plc (NYSE:NLSN) Q4 2014 Earnings Conference Call - Final Transcript

Feb 12, 2015 • 08:00 am ET


Nielsen Holdings plc (NYSE:NLSN) Q4 2014 Earnings Conference Call - Final Transcript


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Good morning. My name is Laurel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Fourth Quarter 2014 Nielsen N.V. Earnings Conference Call. [Operator Instructions]

Thank you. I'll now turn the call over to Kate Vanek, Senior Vice President of Investor Relations at Nielsen. Please go ahead.

Kathryn H. White Vanek

Good morning, everybody, and thanks so much for joining us today to discuss Nielsen's fourth-quarter and full-year 2014 performance. Joining me on today's call from Nielsen is Mitch Barns, CEO and Jamere Jackson, CFO. A slide presentation that we'll use on this call is available under the Events section of our IR website at\investors.

Before we begin our prepared remarks, I'd like to remind all of you that the following discussion contains forward-looking statements within the meaning of the safe harbor provision of the Private Securities Litigation Reform Act of '95. These forward-looking statements may include comments about Nielsen's outlook, expectations and prospects and are based on Nielsen's view as of today, February 12, 2015.

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 Nielsen's 10-K and other filings and materials, which you can find also on our website.

For today's call, Mitch will start with comments on our results for the quarter and the year and give some -- the overview of some key highlights and a business update. Then Jamere will discuss financials for the quarter and the year and will also provide updates on our full-year guidance.

[Operator Instructions] Know that as always, the IR team is here to answer any questions after the call.

And now to start the call, I'd like to turn it over to our CEO, Mitch Barns.

Dwight Mitchell Barns

Yes. Thanks, Kate. Good morning, everyone. Thanks for joining the call today.

Look, 2014 was a terrific year. Our steady, consistent financial performance reflects solid execution by our teams against the commitments we laid out a year ago, including our commitment to delivering value for our shareholders. But it's not just our financial performance that made 2014 great. We're also stronger than we were a year ago thanks to the progress we made on our key initiatives. Top to bottom, all across our company, there's a high level of energy and optimism about our future and the opportunities ahead. But before we talk about what's ahead, let's take a look at the full-year numbers for 2014.

First, we had solid revenue growth. On a constant currency basis, 2014 revenues grew 12.4%. Excluding the Arbitron and Harris acquisitions, our core revenue growth was 4.5%. That's more than 0.5 better than in 2013. Core Watch revenues increased by nearly 6%, including a 6.3% increase in Audience Measurement. And our local television revenues grew at the highest rate we've seen in several years, up 4.5%.

That's a fact that might be surprising to some of you. Core