DECEMBER 8, 2016
NIELSEN 2016 ANALYST DAY
SARA GUBINSSVP – Investor Relations
WELCOME AND AGENDA
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FORWARD-LOOKING STATEMENTSThe following discussion contains forward-looking statements, including those about Nielsen’s outlook and prospects, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those which are not historical facts and may be identified by words such as ‘will’, ‘expect’, ‘anticipates’, ‘should’, ‘could’, ‘shall’ and similar expressions. These and other statements that relate to future results and events are based on Nielsen’s current expectations as of December 8, 2016.
These statements are subject to risks and uncertainties, and actual results and events could differ materially from what presently is expected. Factors leading thereto may include, without limitation, general economic conditions, conditions in the markets Nielsen is engaged in, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Nielsen’s business and specific risk factors discussed in press releases and public filings made by Nielsen (including our filings with the Securities and Exchange Commission). This list of factors is not intended to be exhaustive. Suchforward-looking statements only speak as of the date of these materials, and we assume no obligation to update any written or oral forward-looking statement made by us or on our behalf as a result of new information, future events or other factors.
Our outlook is provided for the purpose of providing information about current expectations for 2016, 2017 and our long term framework.
NON-GAAP INFORMATIONThe following discussion contains certain non-GAAP financial measures. See Appendix for additional information regarding the useof these measures, including a reconciliation of these measures to financial information presented in accordance with GAAP.
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AGENDAOPENING REMARKS (8:15am – 9:15am)
Breakfast & Nielsen Interactive
Welcome & Agenda (1) Sara Gubins, SVP – Investor Relations
Opening Remarks: Nielsen of Today & Tomorrow (2) Mitch Barns, Chief Executive Officer
Financial Goals & Capital Allocation (Book #2) Jamere Jackson, Chief Financial Officer
Q&A
GLOBAL BUY (9:15am – 10:40am)
Global Buy: State of the Marketplace & Our Plan to Succeed (3) Steve Hasker, President & Chief Operating Officer
Connected System: Helping Clients Measure & Improve Performance (4) Andrew Somosi, EVP – Buy Product Leadership
Connected System: Charter Client Interview Karen Fichuk, President – Lead Markets, NielsenMike Terpkosh, VP – Store Services, SUPERVALU Inc.
Q&A
Break
WATCH (10:40am – 11:30am)
Watch: State of the Marketplace (5) Steve Hasker, President & Chief Operating Officer
Total Audience: Evolving with the Changing Marketplace (6) Megan Clarken, President – Global Product Leadership
Q&A
Closing Remarks (7) Mitch Barns, Chief Executive Officer
LUNCH & NIELSEN INTERACTIVE (11:30am – 2:00pm)
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OUR GIFT TO YOU
Mission: Inspire and prepare young people to succeed in a global economy
Source: Junior Achievement Worldwide, website
100M living alumni
Alumni on six continents
Partners/schools in 100+ countries
Over 450,000 volunteers mobilized each year
Nielsen remains committed to serving the communities in which we live and work and helping to develop the next generation of global talent in a diverse and inclusive environment
Junior Achievement Worldwide
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NIELSEN INTERACTIVEYour chance to experience Nielsen’s innovation
Total Audience Measurement
Emerging Markets
Total Consumer Measurement (with e-Commerce)
Sustainability & Responsibility
Nielsen Ventures
Nielsen Sports
Marketing Cloud Platform (feat. NCS)
Priority InitiativesNielsen Marketing CloudNielsen Connected System
End to End Connected System
Connected Partners
Innovation Performance Apps
Sales & Merchandising Apps
TODAY AND TOMORROW
MITCH BARNS Chief Executive Officer
NIELSEN
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OUR GLOBAL BUY BUSINESS
Emerging Markets:
Continued high single digit growth
• Europe (+)
• Canada (+)
• Pacific (+)
• U.S. (-)
• India• China• Turkey• Brazil
• Mexico• Russia• Indonesia• Argentina
Developed Markets:
Mixed picture
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U.S. BUY BUSINESSThree Client Segments
Clients
• Growth challenging
• 3G effect
• Consolidation
Nielsen
• High market share
• Minimal growth
LARGE
Clients
• Some growth
• Active market
Nielsen
• Lower market share
• Opportunity (share)
MID-TIER
Clients
• Growing
• On trend with consumers
Nielsen
• Growing
• Opportunity (volume)
SMALL
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CONNECTED SYSTEM INITIATIVE
PERFECTLY ALIGNED WITH CLIENT NEEDS
DataExchange
Why?What Next?
What’s Happening?
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2016 WATCH HIGHLIGHTS
TELEVISION: ADDING RETURN PATH DATA, OUT OF HOME VIEWING
SVOD: OVER 15,000 PROGRAM EPISODES
DIGITAL CONTENT RATINGS: SYNDICATED IN SEPTEMBER
TOTAL CONTENT RATINGS: MULTI-PHASED SYNDICATION
NIELSEN MARKETING CLOUD: ~20% GROWTH IN MARKETING EFFECTIVENESS
UPFRONTS: TOTAL AUDIENCE POISED TO PLAY BIG ROLE IN 2017
DIGITAL AD RATINGS: EXPANDED TO 25 MARKETS; VIEWABILITY
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KEY MESSAGES
• Independent, third party
measurement remains
essential
• Our global footprint…
competitive advantage
• Syndicated, scalable business
Fundamentals Remain Strong
• Aligned with client needs
• Total Audience,
Nielsen Marketing Cloud,
Connected System
Confident in Strategy
• Strategy is what you do
• Talent, teamwork, grit
Proven Executors
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THE FUTURE OF NIELSEN
MEASUREMENT: 94TH YEAR, INDEPENDENCE, COVERAGE, GRANULARITY
INTEGRATING MULTIPLE DATA SOURCES
OPEN, COLLABORATIVE MODELS
CONNECTING MEASUREMENT WITH ANALYTICS, DRIVING ACTIVATION
TRANSITIONING TO DaaS / SaaS MODEL
MORE TECHNOLOGY CENTRIC, GROWING ROLE OF AUTOMATION
SPEED, EFFICIENCY, VALUE FOR OUR CLIENTS
VALUE FOR OUR SHAREHOLDERS
JAMERE JACKSON Chief Financial Officer
FINANCIAL GOALS & CAPITAL ALLOCATION
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COMPELLING FINANCIAL PERFORMANCE
* ’11 to ’16E CAGR ~4.3% ex Harris and AudioNote: FCF conversion: calculated as a percentage of Adj. EBITDA
• 6% CAGR from ’11 to ’16E*• 42 quarters of consecutive growth• Investing in key growth opportunities
• Syndicated business model & cost-out initiatives• ~3.4 pts of margin expansion ’11 to ’16E• Adj. EBITDA +9% CAGR from ‘11 to ‘16E
• Generated ~$3.7B of Free Cash Flow• 18% CAGR from ’11 to ’16E• 18 pts FCF conversion improvement ‘11 to ‘16E
• Tremendous flexibility to invest in growth• ~$2.5B+ back to shareholders from 2014-2016E
STRONG FREE CASH FLOW
BALANCED CAPITAL ALLOCATION
RESILIENT REVENUE GROWTH
MARGIN EXPANSION
RESULTS
WELL-POSITIONED TO DELIVER STRONG SHAREHOLDER RETURNS
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REITERATING 2016 GUIDANCE
Note: Revenue and Adj. EBITDA margin growth in constant currency
Total Revenue 3.5% - 4.0%
Adj. EBITDA margin growth 30 bps
Adj. Net Income Per Share $2.73 - $2.79
GAAP Net Income Per Share $1.32 - $1.36
Free Cash Flow ~$850M
Net book interest $325M - $335M
Cash taxes 14.0% - 14.5%
Cash restructuring $50M - $75M
Est. wtd. avg. diluted shares outstanding for FY 2016 ~362M
OTHER FINANCIAL METRICS
CONSISTENT WITH OCTOBER 2016 EARNINGS CALL
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BUY(Percentages reflected as constant currency)
~$1.1B
~$2.0B
~$3.3B
2016E
~$0.2B
Emerging
Developed
Corporate
(1.5)% – (1.0)%
2017E GROWTH RATE
8.0% – 10.0%
~(40)%
2.0% - 3.0%2017E Core Buy
2017E: TOTAL CORE BUY 2.0% – 3.0%...TOTAL BUY (0.5)% – 0.5%
DYNAMICS
• Emerging Markets: ‒ Continued investment in coverage‒ Local and MNC strength
• Planning for tougher developed environment: ‒ Flat volume and price in U.S.‒ Client productivity initiatives
• Corporate: ‒ Exiting U.S. consumer segmentation‒ Evaluating U.S. survey consumer research &
CPG consulting
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2017 CORE BUY PORTFOLIO MIX
Core Measurement
Innovation
Everyday Analytics Core Measurement
Everyday Analytics‒ Price‒ Promotion‒ Assortment
Innovation‒ New product evaluation
~75%
~15%
~10%
2017E Growth Rates
Low Single Digits
Low to Mid Single Digits
Low to Mid Single Digits
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WATCH(Percentages reflected as constant currency)
~$2.0B
2016E
Audio
Audience Measurement (Video/Text)
Corporate/ Other Watch
Marketing Effectiveness
15.0% – 20.0%
4.0% – 5.0%
DYNAMICS
~flat
~flat
4.5% - 5.5%2017E Core Watch
~$0.3B
~$3.0B
~$0.2B
~$0.5B
2017E: TOTAL WATCH 4.5% - 5.5%
2017E GROWTH RATE
• Continued strength in Marketing Effectiveness
• Consistent high margins and cash from Audio
• Audience Measurement driven by Total Audience
• Corporate/Other Watch: ‒ Evaluating telecom network performance
testing & Neuroscience
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2017 GUIDANCE
Note: Revenue and Adj. EBITDA margin growth in constant currency
Total Revenue : Core 3% - 4%
Total Revenue 2% - 3%
Adj. EBITDA margin growth 30 - 40 bps
GAAP Net Income Per Share $1.40 - $1.46
Leverage ~3.8x
Free Cash Flow 3% - 4%
Net book interest $342M - $350M
GAAP Tax Rate 38.0% - 38.5%
Restructuring $60M - $70M
Cash restructuring $100M - $110M
D&A $642M - $648M
Est. wtd. avg. diluted shares outstanding for FY 2017 ~358M
OTHER FINANCIAL METRICS
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FOREIGN CURRENCY IMPACT
2013PF REVENUE DISTRIBUTION
(a) Projected impact assumes rates in effect at 12/5/16 holds constant for the balance of 2016 and 2017. Also based on company estimates for future periods on distribution of revenue and Adj. EBITDA by currency.
61%9%
3%3%3%
21%
USD EUR CAD GBP CNY Other
2016E CURRENCY PROFILE – REVENUEPROJECTED FX IMPACT(a):
REPORTED VS CONSTANT CURRENCY
.
(110)
(180)(160)
(30)(80)
(120)
Revenue Adj. EBITDA
4Q16E FY16E FY17E
WE REPORT ON A CONSTANT CURRENCY BASIS TO REFLECT OPERATING PERFORMANCE
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BALANCED CAPITAL ALLOCATION
Dividend~45%
MandatoryDebt~15%
Buyback / Tuck-in BD
~40%
LONG TERM FCF DEPLOYMENT 2014 – 2016E ACTIVITY
DELIVERING SHAREHOLDER VALUE
• Grow the business‒ Innovation…Total Audience & Connected System‒ Inorganic…Tuck-ins
• Return cash to shareholders‒ Grow dividend in line with earnings‒ Share buybacks
PRIORITIES
• Generated $2.3B+ of Free Cash Flow
• Returned $2.5B+ back to shareholders
• Increased dividend 94% since inception
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LONG TERM OUTLOOK
Note: All growth rate measures represented on constant currency basis
THIS IS NIELSEN
DIVIDEND GROWTH IN LINE WITH EARNINGS GROWTH
GAAP EPS GROWTH DOUBLE DIGIT
FREE CASH FLOW CONVERSION 45-50% ADJ. EBITDA
MARGIN EXPANSION ~50 BPS
REVENUE GROWTH MID-SINGLE DIGIT
GLOBAL BUY: STATE OF THE MARKETPLACE & OUR PLAN TO SUCCEED
STEVE HASKERPresident & Chief Operating Officer
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FMCG MARKETS UNDERGOING SIGNIFICANT CHANGE
e-Commerce
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3.0%
1.9%
4.0%
2.1%
3.6%
1.8%
Emerging Markets
Developed Markets
INDUSTRY GROWTH IS IN EMERGING MARKETS
Source: The Conference Board Global Economic Outlook 2016
Global GDP Growth Forecasts: 2015-2025
2021-2025 2017-2020 2016
NLSN growth (’12 – ’16E CAGR)
+2.1%
+8.4%
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SMALLER U.S. FMCG MANUFACTURERS GROWING FASTER
Note: "Large" manufacturers defined as having $ Volumes greater than $1B in the 52 weeks ending Q3 2016. Under $1B for "Small & Medium". All data through Q3 2016.
Source: Nielsen Answers Total US All Outlets (w/ Convenience)
4.2%
1.3%
Small & Medium Large
U.S. FMCG Manufacturers’ Dollar Sales Growth (2-year CAGR)
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FMCG EBITDA MARGINS EXPANDING
Note: Average includes Church & Dwight, Colgate-Palmolive, Clorox, Dr Pepper Snapple Group Inc., Kimberly-Clark, The Coca-Cola Company, Pepsi, Procter & Gamble
Source: Deutsche Bank, Company Filings
23.0%
23.4%
23.8%
22.5%
23.3%
23.9%
25.0%
23.7%
24.4%24.3%
25.1%
1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16
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Move fasterAlign teams Know your consumers
Win in all channels
Prove ROI
CLIENT GROWTH IN TODAY’S ENVIRONMENT
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NIELSEN BUY ENVIRONMENT
• Comprehensive product reference data
• Deeply embedded core measurement
• Unique global footprint
• Multi-year contracts
• Primary clients mostly researchers
• Exposure to developed markets, MNCs and project-based analytics
• Increasing retailer data costs and competition
• Unconnected core measurement and everyday analytics
STRENGTHSCHALLENGES
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THE OPPORTUNITYFROM: TO:
Unconnected – core measurement & explanatory analytics
Integrated core measurement connected to everyday analytics (what? why? what next?)
1
2 Predominantly used by researchers
Broad set of users across FMCG clients (e.g., brand managers, sales, loyalty, research)
3 Offering skewed towards largest MNCsProduct easily scaled to meet next client tiers
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0
0.5
1
1.5
2
2.5
3
3.5
Retail Measurement Sales Effectiveness Innovation, Supply Chain,Other
Marketing Effectiveness
$ B
illio
ns
Nielsen (2015)
Other Providers
EXAMPLE: THE U.S. FMCG OPPORTUNITY
Source: 2015 McKinsey Global Media Report, eMarketer, Internal Competitive Intelligence
Underlying Growth Dynamic
~$2B
~$1B
~$1B+
~$3B
Price and PromotionAssortment
Product Examples
Retail Market ShareConsumer Panel
Innovation Performance Management
Marketing CloudMarketing Mix
ANDREW SOMOSIEVP – Buy Product Leadership
CONNECTED SYSTEM: HELPING CLIENTS MEASURE AND IMPROVE PERFORMANCE
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THE SOLUTION: A CONNECTED SYSTEM
DataExchange
Why?
What’s Happening?
WhatNext?
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NIELSEN CONNECTED SYSTEM
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business driversWhy?
data visualizationWhat’s Happening?
data exchangeAPI
data
NIELSEN
CONNECTED
PARTNER DATA
TOTAL
CONSUMER
TOTAL
AUDIENCE
CLIENT
DATA
PUBLIC
DATA
ECOSYSTEM
WhatNext?
appsinnovation • marketing • sales
2016: BUILDING THE FOUNDATION
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E-COMMERCE
US
FranceChina
e-Commerce Measurement in 11 Markets U.S. e-Commerce Insights
3% Average e-Com share across CPG categories
20% e-Com annual growth
40-70% Amazon e-Com share across CPG categories
Turkey
Singapore S. Korea
Chile
Spain
UK
Netherlands
Thailand
business drivers
data visualization
data exchange
data
apps
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Integrate Nielsen, client and partner data
Enrich and customize content
ENRICHMENT STUDIObusiness drivers
data visualization
data exchange
data
apps
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AUTOMATED BUSINESS DRIVERSbusiness drivers
data visualization
data exchange
data
apps
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NIELSEN APPSbusiness drivers
data visualization
data exchange
data
apps
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NIELSEN APPSbusiness drivers
data visualization
data exchange
data
apps
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PARTNER APPSbusiness drivers
data visualization
data exchange
data
apps
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open actionable(CONNECTED APPS)
personal
WHAT’S DIFFERENT?
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““Business Drivers will significantly reduce the time our analysts spend trying to determine why sales have changed.
MAJOR BEVERAGE MANUFACTURER
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““The platform flexibility anduser friendly design help in analyzing and understanding of the business for all users across the company.
PERSONAL CARE MANUFACTURER
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ONGOING, AGILE DEVELOPMENT AND ROLLOUT
Build the foundations with
charter clients
Expand to 20-30 clients
Agile rollout
2016 2017 2018
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CONNECTED SYSTEM: FINANCIAL OUTCOMES
Revenue
+ Data & software revenue less people intensive+ Connected Partner revenue less cost intensive+ Cost efficient technology architecture
+ Stronger value proposition for large, mid & small clients+ Analytics less lumpy…connected to core measurement+ Connected Partners…new revenue source+ Data & software revenue
Margins
EXPECTED TO LEAD TO A STRONGER, MORE PROFITABLE BUY BUSINESS
People-as-a-Service revenue
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2016 – BUILDING THE FOUNDATION AND TESTING WITH CHARTER CLIENTS
TAKEAWAYS
2017 – EXPAND TO 20-30 CLIENTS
CLIENTS ARE EXCITED ABOUT THE CONNECTED SYSTEM
NIELSEN BENEFITS FROM GROWTH THROUGH STICKINESS, CROSS-SELL AND SCALE
2018 – AGILE ROLLOUT
WATCH: STATE OF THE MARKETPLACE
STEVE HASKERPresident & Chief Operating Officer
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AMERICANS WATCHING LESS LIVE TV
Source: Nielsen
Total Day: Persons Using Television (Live)Year over Year Percent Change
P2-11 P12-17 P18-34 P35-49 P50-64 P65+
2008 vs 2007 -1% 0% 2% 2% 2% 2%
2009 vs 2008 1% -2% -2% -1% 0% 1%
2010 vs 2009 3% 1% -1% -1% 0% -1%
2011 vs 2010 -1% -4% -4% -1% 1% 1%
2012 vs 2011 -3% -4% -4% -1% 0% 1%
2013 vs 2012 -1% -5% -4% -4% 0% 2%
2014 vs 2013 -8% -10% -10% -5% -3% -1%
2015 vs 2014 -6% -14% -10% -4% -1% 0%
9 Months 2016
vs 9 Months 2015-7% -12% -5% -1% 1% 1%
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TRADITIONALLY DEFINED TV RATINGS REPLACED BY TIME SPENT ON DIGITAL DEVICES
-3.0
-1.0
1.0
3.0
5.0
7.0
9.0
6A
M
12
PM
6P
M
12
AM
TV TV-Connected Devices PC Smartphone Tablet Radio
Change in U.S. Audience 18-49 2015-2016
Source: Nielsen
Mill
ion
s
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VIEWING BUILDS AFTER DAY 7
Source: TCR Average Minute Audience (1/25/2016 to 3/6/2016) includes DVR and Recently-telecast VOD (RT VOD) audiences
918
1,184 1,238 1,265 1,267 1,268
0
200
400
600
800
1,000
1,200
1,400
1/25/2016 2/1/2016 2/8/2016 2/15/2016 2/22/2016 2/29/2016
Week of
Total +38%
Digital +135%
VOD + 0%
DVR +39%
Live TV +37%
IncreaseWeek 1 – Week 6
Digital Lift (Week 6) = 3%
Rolling Avg Audience Delivery (P18-49)
Tho
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CONSUMPTION CHANGES OVER FIVE WEEKSOriginal episode aired in Week 1 – Consumption shifts to DVR, Digital
Source: Total Content Ratings 1/25/2016 to 2/28/2016
25% 70%
79%
71%
73%
60%
2%
3%
21%
29%
27%
40%
0% 20% 40% 60% 80% 100%
Week 1
Week 2
Week 3
Week 4
Week 5
Live TV DVR VOD Total Digital
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UNPRECEDENTED GLOBAL FOOTPRINT FOR INTERNATIONAL TOTAL AUDIENCE EXPANSION
Watch & Buy Coverage
Buy Coverage Only
WATCH: 80% OF GLOBAL AD SPEND; DAR NOW IN 25 MARKETS
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DIGITAL PURE PLAYS ARE FOCUSING ON VIDEO
Digital Publisher Video Initiative Nielsen Client
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THE WORLD IS GOING ADDRESSABLE
TARGETED ADVERTISING (AUDIENCE BUYS)
REACH ADVERTISING (LINEAR BUYS)
AD AD AD AD
Pet Lover Beer Drinker Avid Hiker Car Buyer
AD
MEGAN CLARKENPresident – Global Product Leadership
TOTAL AUDIENCE: EVOLVING WITH THE CHANGING MARKETPLACE
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FOUR KEY PILLARS OF TOTAL AUDIENCE MEASUREMENT
MEASUREMENT OF CONSUMER MEDIA EXPOSURE ACROSS
PLATFORMS
1
COMPARABLE MEASUREMENT
2
RATINGS FOR VIDEO, AUDIO
AND TEXT
3
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4: MEASUREMENT OF CONTENT & ADS SEPARATELY
Total Ad Ratings Total Content Ratings
TOTAL AUDIENCE
Includes:
Digital Content Ratings+
TV Program Ratings
Includes:
Digital Ad Ratings+
C3/C7
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MOVING THE MARKET USING TOTAL AUDIENCE
Execute
• Build of scalable architecture and software complete
2015
Transact
• TCR full syndication
• DCR syndication complete
2017
Evaluate
• ~50 networks VOD
• +25 networks Digital
• Secondary crediting capability
• 5 MVPDs + networks digital C3/7 – now transacting
Adopt
• Parallel industry reporting, framework in place
2016
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We’re hoping we can make Total Audience the currency in the next upfront, Scanzoni says. We have to go there.
Total audience ratings represents another significant step toward getting paid for the
audience we are actually delivering,. And with viewing habits changing this will become
a very big number," Moonves said.“ ”
“ ”
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BUILDING FOR AN ADDRESSABLE FUTURE
TARGETED ADVERTISING (AUDIENCE BUYS)
REACH ADVERTISING (LINEAR BUYS)
AD AD AD AD AD
COMPARABLE CROSS-PLATFORM REACH MEASUREMENT (AGE/GENDER)
AUDIENCE SCORES (DEMO+)
ROI SCORES
Pet Lover Beer Drinker Avid Hiker Car Buyer
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INFORMING CMO DECISION-MAKINGPlanning, activation and analysis via Nielsen’s Marketing Cloud
PERSONS LEVEL BIG DATA BACKBONE
ACTIVATEPREDICT AND PLAN ANALYZE
LIFESTYLE
TOTAL AUDIENCE
1ST PARTY PARTNERSHIP
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CONNECTING WATCH TO BUYInforming the CMO creates further demand for Total Audience Measurement
business driversWhy?
visualizationWhat’s Happening?
data exchangeAPI
data
NIELSEN
CONNECTED
PARTNER DATA
TOTAL
CONSUMER
TOTAL
AUDIENCE
CLIENT
DATA
PUBLIC
DATA
ECOSYSTEM
WhatNext?
appsinnovation • marketing • sales
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TOTAL AUDIENCE: DELIVERING ON THE NEEDS OF THE INDUSTRY – TODAY AND TOMORROW
TOTAL AUDIENCE IS FOUNDATIONAL FOR AN ADDRESSABLE WORLD
TOTAL AUDIENCE IS A CRUCIAL PART OF THE EVOLVING CURRENCY
BUILDING OUT A BUY AND SELL SIDE DEPENDENCY FOR THE FUTURE
TOTAL AUDIENCE IS HERE – DELIVERED
ONLY NIELSEN CAN
CLOSING REMARKS
APPENDIX
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CERTAIN NON-GAAP MEASURESOverview of Non-GAAP PresentationsWe 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, cash flows and indebtedness and that when this non-GAAP financial information is viewed with our GAAP financial information, investors are provided with valuable supplemental information regarding our results of operations, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s operating performance and liquidity. In addition, these non-GAAP measures address questions the Company routinely receives from analysts and investors and, in order to assure that all investors have access to similar data the Company has determined that it is appropriate to make this data available to all investors. 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 measures of operating performance and financial condition, 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. A reconciliation of forward-looking non-GAAP measures to the most directly comparable GAAP measure has not been provided in reliance on Item 10(e)(1)(i)(B) of Regulation S-K because such reconciliation is not available without unreasonable efforts as a result of certain of the adjustments utilized, including the impact of foreign exchange and income taxes.
Constant Currency PresentationWe 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, thereby facilitating period-to-period comparisons of our business performance and is consistent with how management evaluates the company’s 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. No adjustment has been made to foreign currency exchange transaction gains or losses in the calculation of constant currency net income.
Net Debt and Net Debt Leverage RatioThe net debt leverage ratio is defined as net debt (gross debt less cash and cash equivalents) as of the balance sheet date divided by Adjusted EBITDA for the twelve months then ended. Net debt and the net debt leverage ratio are commonly used metrics to evaluate and compare leverage between companies and are not presentations made in accordance with GAAP.
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CERTAIN NON-GAAP MEASURESAdjusted EBITDA
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, stock-based compensation expense and other non-operating items from our consolidated statements of operations as well as certain other items that arise outside the ordinary course of our continuing operations. 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.
Adjusted Net Income
We define Adjusted Net Income as net income or loss from our consolidated statements of operations before income taxes, depreciation and amortization associated with acquired tangible and intangible assets, restructuring charges, other non-operating items from our consolidated statements of operations and certain other items that arise outside the ordinary course of our continuing operations, reduced by cash paid for income taxes.
Free Cash FlowWe define free cash flow as net cash provided by operating activities, plus the excess tax benefit on stock-based compensation, less capital expenditures, net. We believe providing free cash flow information provides valuable supplemental liquidity information regarding the cash flow that may be available for discretionary use by us in areas such as the distributions of dividends, repurchase of common stock, voluntary repayment of debt obligations or to fund our strategic initiatives, including acquisitions, if any. However, free cash flow does not represent residual cash flows entirely available for discretionary purposes; for example, the repayment of principal amounts borrowed is not deducted from free cash flow. Key limitations of the free cash flow measure include the assumptions that we will be able to refinance our existing debt when it matures and meet other cash flow obligations from financing activities, such as principal payments on debt. Free cash flow is not a presentation made in accordance with GAAP.
(continued)
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RESILIENT REVENUE GROWTH($ billions)
Note: Figures are as reported, CAGR and revenue growth in constant currency. ’11 to ’16 CAGR ~4.3% ex Harris and Audio.
BUY
WATCH $5.3 $5.4 $5.7$6.3 $6.2
6% CAGR
• Core measurement resilient
• New client wins
• Accelerating growth in emerging markets
• Total Audience Measurement
• Marketing Effectiveness growing double-digits
• Portfolio transformation
~$6.3
CONSISTENT & RESILIENT BUSINESS MODEL
2011 - 2016E
Total CC % 5.6% 4.1% 6.4% 12.4% 5.0% 3.5 - 4.0%
Watch CC % 5.2% 4.8% 11.7% 21.3% 4.9% 4.5 - 6.5%
Buy CC % 5.8% 3.6% 3.1% 6.3% 5.0% 1.5 - 2.0%
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2011 2012 2013 2014 2015 2016E
STRONG CONSISTENT FINANCIAL PERFORMANCE
Note: Figures are as reported, Adj. EBITDA CAGR represented in constant currency. FCF conversion: calculated as a percentage of Adj. EBITDA.
27.2% 27.8% 28.4% 29.2% 30.1%Margins
ADJUSTED EBITDA ($B)
9% CAGR
$1.5 $1.5$1.6
$1.8 ~$1.9$1.9
~31%
2011 2012 2013 2014 2015 2016E
$376$426
$573
$681
~$85018% CAGR
FCF Conversion
26% 28% 35% 37%
$804
43% ~44%
FREE CASH FLOW ($M)
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ADJUSTED NET INCOME AND ADJUSTED EBITDA RECONCILIATION($ in millions except per share amounts. Year ended December 31 for all years)
(a) Other items primarily consist of transaction related costs, a $36 million donation to the Nielsen foundation (2015), sponsor termination fees (2011), and acquisition adjustments
Net income $575 $381 $736 $272 $87(Income)/ loss from discontinued operations, net of tax – – (305) (30) (26)
Interest expense, net 307 297 307 386 443Provision / (benefit) for income taxes 383 236 91 122 6
Depreciation and amortization 574 573 510 493 502EBITDA 1,839 1,487 1,339 1,243 1,012
Equity in net (income)/ loss of affiliates 3 4 (2) (5) (3)Other non-operating loss/(income), net (175) 171 34 135 219
Restructuring charges 51 89 119 85 83Stock-based compensation expense 48 47 47 34 27
Other items (a) 92 39 80 12 112
Adjusted EBITDA 1,858 1,837 1,617 1,504 1,450Interest expense, net (307) (297) (307) (386) (443)
Depreciation and amortization (574) (573) (510) (493) (502)Depreciation and amortization of acquisition-related
tangible and intangible assets 205 204 162 145 161
Cash paid for income taxes (159) (154) (147) (124) (132)Stock-based compensation expense (48) (47) (47) (34) (27)
Interest expense attributable to mandatory convertible bonds – – 2 23 21
Adjusted net income 975 970 770 635 528Adjusted net income per share of common stock, diluted $2.63 $2.52 $2.02 $1.69 $1.44
2015 2014 2013 2012 2011
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WEIGHTED AVERAGE SHARES OUTSTANDING($ in millions except per share amounts. Year ended December 31 for all years)
Weighted-average shares of common stock outstanding as of December 31, basic
366,996,788 379,333,037 375,797,629 361,787,868 352,469,181
Dilutive shares of common stock from stock compensation plans 3,961,016 5,038,415 5,130,337 4,523,116 5,032,773
Shares of common stock convertible associated with the mandatory convertible bonds
– – 896,994 10,416,700 9,531,994
Weighted-average shares of common stock outstanding as of December 31, diluted
370,957,804 384,371,452 381,824,960 376,727,684 367,033,948
20112015 2013 20122014
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FREE CASH FLOW RECONCILIATION($ in millions. Year ended December 31 for all years)
Net cash provided by operating activities $1,179 $1,093 $901 $784 $641
Excess tax benefit on stock based compensation (2015) / Sponsor termination fee (2011) 26 – – – 102
One-time Arbitron costs – – 46 – –
Capital expenditures, net (401) (412) (374) (358) (367)
Free Cash Flow $804 $681 $573 $426 $376
20112015 2013 20122014
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NET DEBT AND NET DEBT LEVERAGE RATIO RECONCILIATION($ in millions. Year ended December 31 for all years)
Note: 2013 is ProForma and includes nine months of Arbitron Adj. EBITDA of $117 million
Gross debt $7,338 $6,812 $6,640 $6,296 $6,475
Less: cash and cash equivalents 357 273 564 288 319
Net debt $6,981 $6,539 $6,076 $6,008 $6,156
Adjusted EBITDA $1,858 $1,837 $1,734 $1,602 $1,546
Net debt leverage ratio 3.8x 3.6x 3.5x 3.8x 4.0x
20112015 2013 20122014
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ADJUSTED NET INCOME TO GAAP NET INCOME RECONCILIATION(in millions except per share amounts. Year ended December 31 for all years)
(a) Other non-operating loss/(income), net consist of foreign currency gains and losses, a $158 million gain recorded from the step acquisition of NCS (2015), a $100 million, $115 million and $231 million charge related to debt refinancing in 2014, 2012 and 2011, respectively.
(b) Other items primarily consist of transaction related costs, a $36 million donation to the Nielsen foundation (2015), sponsor termination fees (2011), and acquisition adjustments
Adjusted Net income $975 $970 $770 $635 $528Adjusted net income per share of common stock, diluted $2.63 $2.52 $2.02 $1.69 $1.44
Provision for income taxes (383) (236) (91) (122) (6)Other non-operating loss/(income), net (a) 175 (171) (34) (135) (219)
Restructuring charges (51) (89) (119) (85) (83)Depreciation and amortization of acquisition-related tangible and
intangible assets (205) (204) (162) (145) (161)
Equity in net (income)/ loss of affiliates (3) (4) 2 5 3Cash paid for income taxes 159 154 147 124 132
Net income attributable to non-controlling interests (5) 3 4 1 (3)Interest expense attributable to mandatory convertible bonds – – (2) (23) (21)
Other items (b) (92) (39) (80) (12) (112)Net income from continuing operations $570 $384 $435 $243 $58Net income from continuing operations
per share of common stock, diluted $1.54 $1.00 $1.14 $0.66 $0.17
Non-GAAP Weighted-average shares of common stock outstanding, diluted 371 384 382 377 367Less: Shares of common stock convertible associated with the mandatory
convertible bonds– – (1) (10) (10)
GAAP Weighted-average shares of common stock outstanding, diluted 371 384 381 367 357
2015 2014 2013 2012 2011
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WATCH RE-ORGANIZATION: IMPACT ON REVENUE
2016 2015 2014
Note: Figures are as reported, revenue growth in constant currency
Prior Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Marketing Effectiveness $ 67 $ 84 $ 87 $ 238 $ 52 $ 74 $ 68 $ 88 $ 282 $ 44 $ 62 $ 65 $ 68 $ 239
Audio 120 123 137 380 120 121 141 122 504 118 122 127 131 498
Audience Measurement 472 491 496 1,459 445 458 458 479 1,840 434 443 448 459 1,784
Other Watch 35 46 41 122 43 54 48 56 201 56 67 54 67 244
Total Watch $ 694 $ 744 $ 761 $ 2,199 $ 660 $ 707 $ 715 $ 745 $ 2,827 $ 652 $ 694 $ 694 $ 725 $ 2,765
Revised Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Marketing Effectiveness $ 58 $ 71 $ 75 $ 204 $ 48 $ 64 $ 61 $ 78 $ 251 $ 40 $ 56 $ 58 $ 61 $ 215
Audio 120 123 137 380 120 121 141 122 504 118 122 127 131 498
Audience Measurement 472 491 496 1,459 445 458 458 479 1,840 434 443 448 459 1,784
Core Watch 650 685 708 2,043 613 643 660 679 2,595 592 621 633 651 2,497
Corporate / Other Watch 44 59 53 156 47 64 55 66 232 60 73 61 74 268
Total Watch $ 694 $ 744 $ 761 $ 2,199 $ 660 $ 707 $ 715 $ 745 $ 2,827 $ 652 $ 694 $ 694 $ 725 $ 2,765
Revised Y/Y Growth Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Marketing Effectiveness 20.8% 12.7% 25.0% 19.3% 26.3% 16.4% 8.9% 27.9% 19.5% 11.1% 5.7% 20.8% 19.6% 14.4%
Audio 0.8% 1.7% -2.8% -0.3% 1.7% -0.8% 11.0% -6.9% 1.2% F F F -3.7% F
Audience Measurement 7.5% 7.9% 8.5% 8.0% 5.5% 6.8% 5.8% 7.6% 6.4% 6.0% 6.5% 6.2% 6.5% 6.3%
Core Watch 7.3% 7.2% 7.6% 7.4% 6.1% 6.1% 7.1% 6.6% 6.5% 33.0% 32.1% 34.7% 4.8% 24.5%
Corporate / Other Watch -6.4% -7.8% -3.6% -6.0% -19.0% -8.6% -5.2% -7.0% -9.7% 1.7% 0.0% -7.6% -1.3% -1.8%
Total Watch 6.3% 5.8% 6.7% 6.3% 3.6% 4.7% 6.1% 5.2% 4.9% 29.4% 28.3% 29.2% 4.0% 21.3%
($ in millions)
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BUY RE-ORGANIZATION: IMPACT ON REVENUE
2016 2015 2014
Note: Figures are as reported, revenue growth in constant currency
Prior Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Emerging $ 243 $ 270 $ 267 $ 780 $ 249 $ 270 $ 253 $ 272 $ 1,044 $ 260 $ 286 $ 290 $ 297 $ 1,133
Developed 550 582 542 1,674 549 582 563 607 2,301 577 614 588 611 2,390
Total Buy $ 793 $ 852 $ 809 $ 2,454 $ 798 $ 852 $ 816 $ 879 $ 3,345 $ 837 $ 900 $ 878 $ 908 $ 3,523
Revised Segments Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Emerging $ 243 $ 270 $ 267 $ 780 $ 249 $ 270 $ 253 $ 272 $ 1,044 $ 260 $ 286 $ 290 $ 297 $ 1,133
Developed 515 527 509 1,551 506 535 516 553 2,110 539 565 543 553 2,200
Core Buy 758 797 776 2,331 755 805 769 825 3,154 799 851 833 850 3,333
Corporate 35 55 33 123 43 47 47 54 191 38 49 45 58 190
Total Buy $ 793 $ 852 $ 809 $ 2,454 $ 798 $ 852 $ 816 $ 879 $ 3,345 $ 837 $ 900 $ 878 $ 908 $ 3,523
Revised Y/Y Growth Q1 Q2 Q3 YTD Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY
Emerging 10.0% 8.9% 8.5% 9.1% 10.2% 9.3% 6.3% 8.4% 8.5% 8.3% 9.2% 10.3% 10.0% 9.5%
Developed 3.8% -0.4% 0.0% 1.1% 2.2% 3.3% 2.8% 5.7% 3.5% 2.7% 3.7% -0.5% 0.9% 1.7%
Core Buy 5.7% 2.6% 2.8% 3.6% 4.7% 5.2% 3.9% 6.6% 5.1% 4.4% 5.5% 3.0% 3.9% 4.2%
Corporate -18.6% 14.6% -29.8% -10.9% 13.2% -2.1% 6.8% -3.6% 2.7% 52.0% 81.5% 60.7% 65.7% 65.2%
Total Buy 4.3% 3.3% 0.9% 2.8% 5.1% 4.8% 4.1% 5.9% 5.0% 5.9% 7.9% 4.9% 6.4% 6.3%
($ in millions)