Certain Non-GAAP Measures
We use the non-GAAP financial measures discussed below 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, total indebtedness or any other performance measures of operating performance, liquidity or indebtedness 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. Our use of these terms may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation
恒常為替レート表示
当社は報告ベースと恒常為替レートベースの両方で経営成績を評価している。恒常為替レート表示は非 GAAP 指標であり、為替レートの変動による影響を除外しています。当社は、恒常為替レート情報を提供することで、当社の業績評価方法と一致した、当社の業績に関する貴重な補足情報を提供できると考えています。当社は、前期の現地通貨建て業績を当期の為替レートで換算し、調整後の金額を当期の報告済み業績と比較することにより、恒常為替レート比率を算出しています。
Adjusted EBITDA and Adjusted Net Income
We define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, goodwill and intangible asset impairment charges, stock compensation expense and other non-operating items from our consolidated statements of operations as well as certain other items considered unusual or non-recurring in nature. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly-titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. We use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors.
調整後当期純利益とは、税引前当期純利益または損失、買収した有形・無形資産に関連する減価償却費および償却費、事業再編費用、のれん代および無形資産の減損費用、連結損益計算書のその他の営業外項目、ならびに異常または非経常的とみなされるその他の項目のうち、法人税等支払額を差し引いたものである。また、2013年満期強制転換劣後社債に起因する支払利息も調整後当期純利益から除外されています。希薄化後1株当たり調整後当期純利益には、GAAPに基づき希薄化効果がないとみなされる可能性のある株式報酬制度に関連した潜在的普通株式が含まれています。また、当期中の当社普通株式の平均価格に基づく強制転換社債に関連する転換可能普通株式の加重平均額も含まれています。
Adjusted net income and Adjusted net income per share of common stock are not presentations made in accordance with GAAP.
The below table presents a reconciliation from net income to Adjusted EBITDA and Adjusted net income and a reconciliation from weighted-average shares outstanding on a GAAP basis to dilutive shares outstanding for the three and twelve months ended December 31, 2011 and 2010, respectively:
Contacts:
Investor Relations: Liz Zale, +1 646 654 4593
Media Relations: Kristie Bouryal, +1 646 654 5577
- Revenues for the year grew 8% to $5,532 million, up 6% in constant currency
- Adjusted EBITDA for the year grew 10% to $1,546 million, up 8% in constant currency
- Adjusted Net Income for the year increased to $590 million from $266 million. Net income for the year was $86 million as compared to $132 million in 2010.
New York, USA – February 6, 2012 – Nielsen Holdings N.V. (NYSE: NLSN), a leading global provider of information and insights into what consumers buy and watch, today announced financial results for the fourth quarter and year ended December 31, 2011.
“Nielsen delivered solid fourth quarter results, with double-digit growth in developing markets and steady gains in all other regions,” said David Calhoun, Chief Executive Officer of Nielsen. “We feel great about our first year as a public company and look forward to achieving continued progress in 2012.”
Fourth Quarter 2011 Operating Results
Revenues for the fourth quarter increased 4% to $1,421 million, or 5% on a constant currency basis compared to the fourth quarter of 2010. Growth was driven by a 4% increase within our Buy segment (5% on a constant currency basis), a 3% increase within our Watch segment (3% on a constant currency basis) and a 17% increase within our Expositions segment (17% on a constant currency basis).
Adjusted EBITDA for the fourth quarter increased 7% to $432 million, or 9% on a constant currency basis compared to the fourth quarter of 2010. Net income for the fourth quarter was $95 million compared to $4 million in the fourth quarter of 2010. Net income per share, on a diluted basis, was $0.26 compared to $0.01 in the fourth quarter of 2010. Adjusted Net Income for the fourth quarter increased to $190 million compared to $99 million in the fourth quarter of 2010. Adjusted Net Income per share was $0.51 compared to $0.35 in the fourth quarter of 2010.
Year Ended December 2011 Operating Results
Revenues for full year 2011 increased 8% to $5,532 million, or 6% on a constant currency basis compared to full year 2010. Growth was driven by a 10% increase within our Buy segment (7% on a constant currency basis), a 5% increase within our Watch segment (4% on a constant currency basis) and a 7% increase in our Expositions segment (7% on a constant currency basis).
Adjusted EBITDA for full year 2011 increased 10% to $1,546 million, or 8% on a constant currency basis compared to 2010. Net income for full year 2011 was $86 million compared to $132 million for 2010. The 2011 results included charges associated with the IPO of $206 million (net of tax of $127 million). Net income per share, on a diluted basis, was $0.24 compared to $0.46 in 2010. Adjusted Net Income for full year 2011 increased to $590 million compared to $266 million for full year 2010. Adjusted Net Income per share was $1.61 compared to $0.95 in 2010.
Financial Position
As of December 31, 2011, cash balances were $319 million and gross debt was $6,475 million, excluding the $288 million mandatory convertible subordinated bonds due 2013. Net debt (gross debt less cash and cash equivalents) at the end of 2011 was $6,156 million and our net debt leverage ratio was 4.0x. In 2011, we voluntarily repaid $287 million of our senior secured term loans due 2013, including $162 million in the fourth quarter. Capital expenditures were $367 million for full year 2011, compared with $334 million for 2010. In February 2012, we executed a new $1.2 billion five-year term loan, the proceeds from which were applied to refinance the majority of our previously existing 2013 bank maturities. This transaction results in 84% of our debt portfolio with a maturity of 2016 or beyond.
Conference Call and Webcast
Nielsen will hold a conference call to discuss fourth quarter and full year results at 9:00 a.m. U.S. Eastern Time (ET) on February 6, 2012. The audio and slides for the call can be accessed live by webcast at https://ir.nielsen.com or by dialing 1-866-652-5200. Callers outside the U.S. and Canada can dial +1-412-317-6060. The passcode for the call is “Nielsen.” An archive will be available on the investor relations website after the call.
将来の見通しに関する記述
このニュースリリースには、1995年米国私募証券訴訟改革法のセーフハーバー条項に基づき作成された、将来の見通しに関する記述に該当する可能性のある情報が含まれています。これらの記述は、「予定する」、「期待する」、「はずである」、「可能性がある」、「しなければならない」などの言葉や同様の表現で特定される場合があります。これらの記述にはリスクや不確実性が含まれており、実際の結果や事象は現在予想されているものとは大きく異なる可能性があります。そのような要因には、一般的な経済状況、ニールセンが従事している市場の状況、顧客、サプライヤー、競合他社の行動、技術開発、ニールセンの事業に影響を与える法的規制規則、および当社が行った他のリリースや公的提出書類（証券取引委員会への提出書類を含む）で説明されている特定のリスク要因が含まれますが、これらに限定されるものではありません。この要因のリストは網羅的なものではありません。このような将来の見通しに関する記述は、本プレスリリースの日付時点におけるものであり、当社は、新たな情報、将来の出来事、またはその他の要因の結果として、当社または当社の代理人が作成した書面または口頭による将来の見通しに関する記述を更新する義務を負いません。
ニールセンについて ニールセン
ニールセン・ホールディングス・エヌ・ヴィ（NYSE: NLSN）は、マーケティングおよび消費者情報、テレビなどのメディア測定、オンライン・インテリジェンス、モバイル測定、見本市および関連資産において市場をリードするグローバルな情報・測定企業である。ニールセンは約100カ国に拠点を持ち、本社は米国ニューヨークとオランダのディーメンにある。詳細はwww.nielsen.com。
Results of Operation — (Three and Twelve Months Ended December 31, 2011 and 2010)
The following table sets forth, for the periods indicated, the amounts included in our Consolidated Statements of Operations:
