FISCAL 2019 THIRD QUARTER KEY FINANCIAL
HIGHLIGHTS
-
Revenues were $2.46 billion, a 17% increase compared to $2.09
billion in the prior year, reflecting the consolidation of Foxtel and
continued strength at the Book Publishing segment -
Net income was $23 million compared to a net loss of ($1.1)
billion, which included non-cash impairment charges and write-downs of
$1.2 billion in the prior year -
Total Segment EBITDA was $247 million compared to $181 million in
the prior year -
Reported EPS were $0.02 compared to ($1.94) in the prior year –
Adjusted EPS were $0.04 compared to $0.06 in the prior year -
Digital-only subscribers for The Wall Street Journal grew
19% in the quarter to a new record of approximately 1.8 million -
HarperCollins demonstrated another robust financial performance
with 29% Segment EBITDA growth, driven by impressive new releases and
strong backlist sales -
New Foxtel expanded its over-the-top services with 714,000 total
paying OTT subscribers, which includes Kayo Sports and Foxtel Now,
growing over 80% since the beginning of the calendar year -
Digital Real Estate Services segment posted healthy growth in its
Real estate revenues despite the volatility in the U.S. and Australian
property markets and foreign currency headwinds
NEW YORK–(BUSINESS WIRE)–News Corporation (“News Corp” or the
“Company”)(NASDAQ:NWS)(NASDAQ:NWSA)(ASX:NWS)(ASX:NWSLV) today reported
financial results for the three months ended March 31, 2019.
Commenting on the results, Chief Executive Robert Thomson said:
“News Corp reaped rewards from our digital strategy this quarter,
underscored by a robust rise in digital subscriptions across our media
properties, a sharp increase in digital audio book sales and continued
expansion at our digital real estate businesses despite volatile
conditions in property markets.
For the third quarter, the Company saw 17% revenue growth and a 36%
increase in profitability, reflecting the consolidation of Foxtel and
the sterling performance overall at HarperCollins. And for the nine
months, our revenues were 20% higher and profitability was 29% higher
compared to the prior year.
At the News and Information Services segment, digital paid
subscriptions continued their ebullient expansion, with growth of over
19% to nearly 1.8 million at The Wall Street Journal. Dow Jones has also
been bolstered by its Professional Information Business, particularly in
Risk and Compliance, where we have had nine straight quarters of revenue
growth above 20%.
At Move, revenues increased in a challenging housing market earlier
this year, and we are confident that there are signs of improvement in
U.S. economic activity that should surely bode well for the market. Encouragingly,
realtor.com® achieved record audience in April
of 69.4 million uniques, and 209 million visits, and audience numbers
have accelerated recently.
HarperCollins delivered a particularly strong result, with
profitability increasing 29%, highlighted by 30% revenue growth in
digital audio books and increased revenue from its comprehensive
backlist and a strong suite of new releases, which are generating much
momentum.
Within our Subscription Video Services segment, the recently launched
over-the-top subscription service, Kayo Sports, showed much promise,
gathering 239,000 subscribers since its launch late last year, 209,000
of which were paying, as of May 8. Since the beginning of this
calendar year, the number of our total paying OTT subscribers has
increased more than 80% to 714,000.”
THIRD QUARTER RESULTS
The Company reported fiscal 2019 third quarter total revenues of $2.46
billion, a 17% increase compared to $2.09 billion in the prior year
period. The growth reflects the impact from the consolidation of
Foxtel’s results following the combination of Foxtel and FOX SPORTS
Australia (the “Transaction”) into a new company (“new Foxtel”) and
continued strong performance at the Book Publishing segment, partially
offset by a $90 million negative impact from foreign currency
fluctuations and lower print advertising revenues at the News and
Information Services segment. The results also include $17 million of
lower revenues as a result of the adoption of the new revenue
recognition standard. Adjusted Revenues (which exclude the foreign
currency impact, acquisitions and divestitures as defined in Note 1)
increased 2%.
Net income for the quarter was $23 million compared to a net loss of
($1.1) billion in the prior year, reflecting the absence of the non-cash
impairment charges and write-downs of $1.2 billion recognized in the
third quarter of fiscal 2018, and higher Total Segment EBITDA, as
discussed below, partially offset by higher depreciation and
amortization expense.
The Company reported third quarter Total Segment EBITDA of $247 million,
a 36% increase compared to $181 million in the prior year, also
reflecting the Transaction and continued strength in the Book Publishing
segment. The growth was partially offset by lower contribution from the
News and Information Services segment and higher costs associated with
the Opcity acquisition in the Digital Real Estate Services segment.
Adjusted Total Segment EBITDA (as defined in Note 1) decreased 4%.
Net income per share available to News Corporation stockholders was
$0.02 as compared to a net loss per share of ($1.94) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.04 compared to $0.06 in the
prior year.
|
SEGMENT REVIEW |
||||||||||||||||||||||||||
| For the three months ended | For the nine months ended | |||||||||||||||||||||||||
| March 31, | March 31, | |||||||||||||||||||||||||
| 2019 | 2018 | % Change | 2019 | 2018 | % Change | |||||||||||||||||||||
| (in millions) |
Better/ |
(in millions) |
Better/ |
|||||||||||||||||||||||
| Revenues: | ||||||||||||||||||||||||||
| News and Information Services | $ | 1,224 | $ | 1,286 | (5 | ) | % | $ | 3,729 | $ | 3,825 | (3 | ) | % | ||||||||||||
| Subscription Video Services | 539 | 129 | ** | 1,666 | 394 | ** | ||||||||||||||||||||
| Book Publishing | 421 | 398 | 6 | % | 1,335 | 1,268 | 5 | % | ||||||||||||||||||
| Digital Real Estate Services | 272 | 279 | (3 | ) | % | 876 | 842 | 4 | % | |||||||||||||||||
| Other | 1 | 1 | – | 2 | 2 | – | ||||||||||||||||||||
| Total Revenues | $ | 2,457 | $ | 2,093 | 17 | % | $ | 7,608 | $ | 6,331 | 20 | % | ||||||||||||||
| Segment EBITDA: | ||||||||||||||||||||||||||
| News and Information Services | $ | 73 | $ | 87 | (16 | ) | % | $ | 309 | $ | 302 | 2 | % | |||||||||||||
| Subscription Video Services | 98 | 16 | ** | 295 | 76 | ** | ||||||||||||||||||||
| Book Publishing | 53 | 41 | 29 | % | 209 | 167 | 25 | % | ||||||||||||||||||
| Digital Real Estate Services | 74 | 88 | (16 | ) | % | 300 | 302 | (1 | ) | % | ||||||||||||||||
| Other(a) | (51 | ) | (51 | ) | – | (138 | ) | (90 | ) | (53 | ) | % | ||||||||||||||
| Total Segment EBITDA | $ | 247 | $ | 181 | 36 | % | $ | 975 | $ | 757 | 29 | % | ||||||||||||||
| ** – Not meaningful | ||||||||||||||||||||||||||
|
(a) |
Other Segment EBITDA for the nine months ended March 31, 2018 included a $46 million benefit from the reversal of certain previously accrued net liabilities for the U.K. Newspaper Matters as a result of an agreement reached with the relevant tax authority related to certain employment taxes. |
|
News and Information Services
Revenues in the quarter decreased $62 million, or 5%, as compared to the
prior year, reflecting a $52 million, or 4%, negative impact from
foreign currency fluctuations. Within the segment, Dow Jones revenues
grew 1%, while revenues at News UK and News America Marketing each
declined 8% and News Corp Australia revenues declined 7%. Adjusted
Revenues for the segment decreased 1% compared to the prior year.
Advertising revenues declined 9% compared to the prior year, of which
$23 million, or 4%, was related to the negative impact from foreign
currency fluctuations. The remainder of the decline was driven by
weakness in the print advertising market and lower home delivered
revenues, which include free-standing insert products, at News America
Marketing. Advertising revenues at Dow Jones declined 8% in the quarter.
Circulation and subscription revenues were relatively flat, including a
$22 million, or 4%, negative impact from foreign currency fluctuations.
Circulation and subscription revenues again benefited from a healthy
contribution from Dow Jones, which saw a 7% increase in its circulation
revenues, reflecting 19% digital paid subscriber growth and subscription
price increases at The Wall Street Journal, as well as the
continued growth in its Risk & Compliance products. Dow Jones’ consumer
products reached approximately 3.3 million total subscribers, reflecting
a 12% increase compared to the prior year. Cover price increases at
other mastheads also contributed to the revenue improvement. These
increases were partially offset by lower print volume in Australia and
the U.K.
Segment EBITDA decreased $14 million in the quarter, or 16%, as compared
to the prior year, primarily due to lower contribution from News America
Marketing. Adjusted Segment EBITDA (as defined in Note 1) decreased 15%.
Digital revenues represented 31% of News and Information Services
segment revenues in the quarter, compared to 29% in the prior year. For
the quarter, digital revenues for Dow Jones and the newspaper mastheads
represented 36% of their combined revenues, and at Dow Jones, digital
accounted for 55% of its circulation revenues. Digital subscribers and
users across key properties within the News and Information Services
segment are summarized below:
-
The Wall Street Journal average daily digital subscribers in
the three months ended March 31, 2019 were 1,775,000, compared to
1,490,000 in the prior year (Source: Internal data) -
Closing digital subscribers at News Corp Australia’s mastheads as of
March 31, 2019 were 493,200, compared to 409,000 in the prior year
(Source: Internal data) -
The Times and Sunday Times closing digital subscribers
as of March 31, 2019 were 286,000, compared to 230,000 in the prior
year (Source: Internal data) -
The Sun’s digital offering reached more than 84 million global
monthly unique users in March 2019, compared to 84 million in the
prior year, based on ABCe (Source: Omniture)
Subscription Video Services
Revenues and Segment EBITDA in the quarter increased $410 million and
$82 million, respectively, compared to the prior year, primarily due to
the inclusion of Foxtel. Adjusted Revenues and Adjusted Segment EBITDA,
which exclude the impact of foreign currency fluctuations, acquisitions
and divestitures, increased 4% and declined 88%, respectively.
On a pro forma basis, reflecting the Transaction, segment revenues in
the quarter decreased $84 million, or 13%, compared with the prior year,
of which $53 million, or 9%, was due to the negative impact from foreign
currency fluctuations. The remainder of the revenue decline was driven
by the impact from lower broadcast subscribers and the changes in the
subscriber package mix, partially offset by higher revenues from Foxtel
Now and Kayo Sports.
As of March 31, 2019, new Foxtel’s total closing subscribers were 2.896
million, which was higher than the prior year, primarily due to the
launch of Kayo Sports, subscriber growth at Foxtel Now and the inclusion
of commercial subscribers of FOX SPORTS Australia beginning in the first
quarter of fiscal 2019, partially offset by lower broadcast subscribers.
2.4 million of the total closing subscribers were broadcast and
commercial subscribers, and the remainder consisted of Foxtel Now and
Kayo Sports subscribers. As of May 8, 2019, there were 239,000 Kayo
Sports subscribers, of which 209,000 were paying subscribers. For the
same period, there were 567,000 Foxtel Now subscribers, of which 505,000
were paying subscribers. Broadcast subscriber churn in the quarter was
17.7% compared to 15.3% in the prior year, reflecting the impact of the
price increase implemented in October. Broadcast churn improved to 16.2%
in March and 15.1% in April. Broadcast ARPU for the quarter declined 1%
compared to the prior year to over A$79 (US$57), as the impact from the
price increase was more than offset by a negative impact related to the
adoption of the new revenue recognition standard.
Pro forma Segment EBITDA in the quarter decreased $29 million, or 23%,
compared with the prior year, primarily due to lower revenues as
discussed above, $25 million of higher sports programming and production
costs related to Cricket Australia and higher marketing costs related to
Kayo Sports, partially offset by the $45 million positive impact on
expenses from foreign currency fluctuations and lower non-programming
costs.
Book Publishing
Revenues in the quarter increased $23 million, or 6%, compared to the
prior year, of which foreign currency fluctuations had a negative impact
of $9 million, or 2%. The revenue growth was primarily due to higher
sales in Christian publishing, driven by the success of new titles such
as Girl, Stop Apologizing by Rachel Hollis and We are the
Gardeners by Joanna Gaines, as well as the continued success of
backlist titles such as Girl, Wash Your Face by Rachel Hollis.
HarperCollins’ U.K. business also contributed to the revenue growth with
its successful release of Fing by David Walliams. Revenue growth
was partially offset by $17 million of lower revenues as a result of the
adoption of the new revenue recognition standard. Digital sales
increased 5% compared to the prior year and represented 21% of Consumer
revenues for the quarter, driven by the growth in downloadable audiobook
sales. Segment EBITDA for the quarter increased $12 million, or 29%,
from the prior year, primarily due to the higher revenues noted above.
Digital Real Estate Services
Revenues in the quarter declined $7 million, or 3%, compared to the
prior year, of which foreign currency fluctuations had a negative impact
of $16 million, or 6%. Segment EBITDA in the quarter declined $14
million, or 16%, compared to the prior year, primarily due to higher
costs associated with further investment in Opcity following the
acquisition and the $9 million negative impact from foreign currency
fluctuations. Adjusted Revenues and Adjusted Segment EBITDA increased 3%
and 9%, respectively.
In the quarter, revenues at REA Group decreased 4% to $151 million from
$158 million in the prior year, as an increase in Australian residential
depth revenue, driven by pricing increases, improved penetration and
favorable product mix, was more than offset by the negative impact from
foreign currency fluctuations, as mentioned above, and softness in
listing volumes.
Move’s revenues in the quarter increased 5% to $121 million from $115
million in the prior year, primarily due to 14% growth in its real
estate revenues, partially offset by planned declines in advertising
revenues. The increase in real estate revenues, which represent 79% of
total Move revenues, reflect higher yield per lead and the acquisition
of Opcity. Realtor.com® continued to migrate leads from its
ConnectionsSM Plus product to its performance-based Opcity
product, as it further evolves and scales its platform. Based on Move’s
internal data, average monthly unique users of realtor.com®’s
web and mobile sites for the fiscal third quarter grew 7% year-over-year
to approximately 65 million, with mobile representing more than half of
all unique users.
|
REVIEW OF EQUITY LOSSES OF AFFILIATES |
|||||||||||||||||
| For the three months ended | For the nine months ended | ||||||||||||||||
| March 31, | March 31, | ||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||||
|
(in millions) |
(in millions) | ||||||||||||||||
| Foxtel(a) | $ | – | $ | (970 | ) | $ | – | $ | (974 | ) | |||||||
| Other equity affiliates, net | (4 | ) | (4 | ) | (13 | ) | (28 | ) | |||||||||
| Total equity losses of affiliates | $ | (4 | ) | $ | (974 | ) | $ | (13 | ) | $ | (1,002 | ) | |||||
|
(a) |
The Company amortized $17 million and $49 million related to excess cost over the Company’s proportionate share of its investment’s underlying net assets allocated to finite-lived intangible assets during the three and nine months ended March 31, 2018, respectively. Such amortization is reflected in Equity losses of affiliates in the Statement of Operations. |
|
Equity losses of affiliates for the third quarter was ($4) million
compared to ($974) million in the prior year. The improvement was
primarily due to the absence of the $957 million non-cash write-down of
the carrying value of the Company’s investment in Foxtel in the third
quarter of fiscal 2018. The Company began consolidating the results of
Foxtel in the fourth quarter of fiscal 2018 as a result of the
Transaction.
CASH FLOW
The following table presents a reconciliation of net cash provided by
operating activities to free cash flow available to News Corporation:
|
For the nine months ended |
|||||||||
| 2019 | 2018 | ||||||||
| (in millions) | |||||||||
| Net cash provided by operating activities | $ | 661 | $ | 465 | |||||
| Less: Capital expenditures | (417 | ) | (200 | ) | |||||
| 244 | 265 | ||||||||
| Less: REA Group free cash flow | (164 | ) | (144 | ) | |||||
| Plus: Cash dividends received from REA Group | 69 | 63 | |||||||
| Free cash flow available to News Corporation | $ | 149 | $ | 184 | |||||
Net cash provided by operating activities improved $196 million for the
nine months ended March 31, 2019 as compared to the prior year period,
primarily due to higher Total Segment EBITDA as noted above, partially
offset by $59 million in higher cash paid for interest.
Free cash flow available to News Corporation in the nine months ended
March 31, 2019 was $149 million compared to $184 million in the prior
year period. The decline was primarily due to higher capital
expenditures, of which $223 million was related to new Foxtel, partially
offset by higher cash provided by operating activities. New Foxtel’s
total capital expenditures in fiscal 2019 are now expected to be higher
than fiscal 2018 by approximately $25 million compared to the prior
guidance of more than $50 million.
Free cash flow available to News Corporation is a non-GAAP financial
measure defined as net cash provided by operating activities, less
capital expenditures (“free cash flow”), less REA Group free cash flow,
plus cash dividends received from REA Group.
The Company considers free cash flow available to News Corporation to
provide useful information to management and investors about the amount
of cash that is available to be used to strengthen the Company’s balance
sheet and for strategic opportunities including, among others, investing
in the Company’s business, strategic acquisitions, dividend payouts and
repurchasing stock. The Company believes excluding REA Group’s free cash
flow and including dividends received from REA Group provides users of
its consolidated financial statements with a measure of the amount of
cash flow that is readily available to the Company, as REA Group is a
separately listed public company in Australia and must declare a
dividend in order for the Company to have access to its share of REA
Group’s cash balance. The Company believes free cash flow available to
News Corporation provides a more conservative view of the Company’s free
cash flow because this presentation includes only that amount of cash
the Company actually receives from REA Group, which has generally been
lower than the Company’s unadjusted free cash flow. A limitation of free
cash flow available to News Corporation is that it does not represent
the total increase or decrease in the cash balance for the period.
Management compensates for the limitation of free cash flow available to
News Corporation by also relying on the net change in cash and cash
equivalents as presented in the Company’s consolidated statements of
cash flows prepared in accordance with GAAP which incorporates all cash
movements during the period.
COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION
Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA,
Adjusted Segment EBITDA, adjusted net income available to News
Corporation stockholders, Adjusted EPS and free cash flow available to
News Corporation are non-GAAP financial measures contained in this
earnings release. The Company believes these measures are important
tools for investors and analysts to use in assessing the Company’s
underlying business performance and to provide for more meaningful
comparisons of the Company’s operating performance between periods.
These measures also allow investors and analysts to view the Company’s
business from the same perspective as Company management. These non-GAAP
measures may be different than similar measures used by other companies
and should be considered in addition to, not as a substitute for,
measures of financial performance calculated in accordance with GAAP.
Reconciliations for the differences between non-GAAP measures used in
this earnings release and comparable financial measures calculated in
accordance with U.S. GAAP are included in Notes 1, 2 and 3 and the
reconciliation of net cash provided by operating activities to free cash
flow available to News Corporation is included above.
Conference call
News Corporation’s earnings conference call can be heard live at 5:00pm
EDT on May 9, 2019. To listen to the call, please visit http://investors.newscorp.com.
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on management’s views and assumptions
regarding future events and business performance as of the time the
statements are made. Actual results may differ materially from these
expectations due to changes in global economic, business, competitive
market and regulatory factors. More detailed information about these and
other factors that could affect future results is contained in our
filings with the Securities and Exchange Commission. The
“forward-looking statements” included in this document are made only as
of the date of this document and we do not have any obligation to
publicly update any “forward-looking statements” to reflect subsequent
events or circumstances, except as required by law.
About News Corporation
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified
media and information services company focused on creating and
distributing authoritative and engaging content. The company comprises
businesses across a range of media, including: news and information
services, subscription video services in Australia, book publishing and
digital real estate services. Headquartered in New York, News Corp
operates primarily in the United States, Australia, and the United
Kingdom, and its content is distributed and consumed worldwide. More
information is available at: www.newscorp.com.
| NEWS CORPORATION | |||||||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||
| (Unaudited; in millions, except per share amounts) | |||||||||||||||||||
|
For the three months |
For the nine months |
||||||||||||||||||
| March 31, | March 31, | ||||||||||||||||||
| 2019 | 2018 | 2019 | 2018 | ||||||||||||||||
| Revenues: | |||||||||||||||||||
| Circulation and subscription | $ | 1,025 | $ | 659 | $ | 3,088 | $ | 1,947 | |||||||||||
| Advertising | 670 | 702 | 2,052 | 2,101 | |||||||||||||||
| Consumer | 403 | 381 | 1,281 | 1,220 | |||||||||||||||
| Real estate | 218 | 208 | 693 | 633 | |||||||||||||||
| Other | 141 | 143 | 494 | 430 | |||||||||||||||
| Total Revenues | 2,457 | 2,093 | 7,608 | 6,331 | |||||||||||||||
| Operating expenses | (1,400 | ) | (1,151 | ) | (4,224 | ) | (3,439 | ) | |||||||||||
| Selling, general and administrative | (810 | ) | (761 | ) | (2,409 | ) | (2,135 | ) | |||||||||||
| Depreciation and amortization | (168 | ) | (100 | ) | (494 | ) | (297 | ) | |||||||||||
| Impairment and restructuring charges | (34 | ) | (246 | ) | (71 | ) | (273 | ) | |||||||||||
| Equity losses of affiliates | (4 | ) | (974 | ) | (13 | ) | (1,002 | ) | |||||||||||
| Interest (expense) income, net | (14 | ) | 2 | (45 | ) | 9 | |||||||||||||
| Other, net | 3 | 30 | 30 | 9 | |||||||||||||||
| Income (loss) before income tax expense | 30 | (1,107 | ) | 382 | (797 | ) | |||||||||||||
| Income tax expense | (7 | ) | (3 | ) | (112 | ) | (292 | ) | |||||||||||
| Net income (loss) | 23 | (1,110 | ) | 270 | (1,089 | ) | |||||||||||||
| Less: Net income attributable to noncontrolling interests | (13 | ) | (18 | ) | (64 | ) | (54 | ) | |||||||||||
| Net income (loss) attributable to News Corporation stockholders | $ | 10 | $ | (1,128 | ) | $ | 206 | $ | (1,143 | ) | |||||||||
|
Less: Adjustments to Net income (loss) attributable to News Corporation stockholders – Redeemable preferred stock dividends |
– | – | – | (1 | ) | ||||||||||||||
| Net income (loss) available to News Corporation stockholders | $ | 10 | $ | (1,128 | ) | $ | 206 | $ | (1,144 | ) | |||||||||
| Weighted average shares outstanding: | |||||||||||||||||||
| Basic | 585 | 583 | 585 | 583 | |||||||||||||||
| Diluted | 589 | 583 | 587 | 583 | |||||||||||||||
|
Net income (loss) available to News Corporation stockholders per share – basic |
$ | 0.02 | $ | (1.94 | ) | $ | 0.35 | $ | (1.96 | ) | |||||||||
|
Net income (loss) available to News Corporation stockholders per share – diluted |
$ | 0.02 | $ | (1.94 | ) | $ | 0.35 | $ | (1.96 | ) | |||||||||
| NEWS CORPORATION | |||||||||||
| CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in millions) | |||||||||||
|
As of March 31, |
As of June 30, |
||||||||||
| (unaudited) | (audited) | ||||||||||
| ASSETS | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 1,648 | $ | 2,034 | |||||||
| Receivables, net | 1,631 | 1,612 | |||||||||
| Inventory, net | 404 | 376 | |||||||||
| Other current assets | 564 | 372 | |||||||||
| Total current assets | 4,247 | 4,394 | |||||||||
| Non-current assets: | |||||||||||
| Investments | 347 | 393 | |||||||||
| Property, plant and equipment, net | 2,557 | 2,560 | |||||||||
| Intangible assets, net | 2,514 | 2,671 | |||||||||
| Goodwill | 5,223 | 5,218 | |||||||||
| Deferred income tax assets | 257 | 279 | |||||||||
| Other non-current assets | 913 | 831 | |||||||||
| Total assets | $ | 16,058 | $ | 16,346 | |||||||
| LIABILITIES AND EQUITY | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 432 | $ | 605 | |||||||
| Accrued expenses | 1,364 | 1,340 | |||||||||
| Deferred revenue | 460 | 516 | |||||||||
| Current borrowings | 678 | 462 | |||||||||
| Other current liabilities | 745 | 372 | |||||||||
| Total current liabilities | 3,679 | 3,295 | |||||||||
| Non-current liabilities: | |||||||||||
| Borrowings | 868 | 1,490 | |||||||||
| Retirement benefit obligations | 237 | 245 | |||||||||
| Deferred income tax liabilities | 321 | 389 | |||||||||
| Other non-current liabilities | 495 | 430 | |||||||||
| Commitments and contingencies | |||||||||||
| Redeemable preferred stock | – | 20 | |||||||||
| Equity: | |||||||||||
| Class A common stock | 4 | 4 | |||||||||
| Class B common stock | 2 | 2 | |||||||||
| Additional paid-in capital | 12,229 | 12,322 | |||||||||
| Accumulated deficit | (1,927 | ) | (2,163 | ) | |||||||
| Accumulated other comprehensive loss | (1,019 | ) | (874 | ) | |||||||
| Total News Corporation stockholders’ equity | 9,289 | 9,291 | |||||||||
| Noncontrolling interests | 1,169 | 1,186 | |||||||||
| Total equity | 10,458 | 10,477 | |||||||||
| Total liabilities and equity | $ | 16,058 | $ | 16,346 | |||||||
Contacts
Investor Relations
Michael Florin
212-416-3363
[email protected]
Leslie Kim
212-416-4529
[email protected]
Corporate Communications
Jim Kennedy
212-416-4064
[email protected]
Ilana Ozernoy
212-416-3364
[email protected]
