Company Quick10K Filing
Fox Corporation
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 621 $22,027
10-Q 2020-02-05 Quarter: 2019-12-31
10-Q 2019-11-06 Quarter: 2019-09-30
10-K 2019-08-09 Annual: 2019-06-30
10-Q 2019-05-10 Quarter: 2019-03-31
10-Q 2019-03-18 Quarter: 2018-12-31
8-K 2020-02-05 Earnings, Exhibits
8-K 2019-11-20 Amend Bylaw, Exhibits
8-K 2019-11-14 Shareholder Vote
8-K 2019-11-05 Enter Agreement, Earnings, Other Events, Exhibits
8-K 2019-10-02 Regulation FD, Exhibits
8-K 2019-08-07 Earnings, Exhibits
8-K 2019-08-04 Other Events, Exhibits
8-K 2019-06-13 Enter Agreement, Shareholder Rights, Exhibits
8-K 2019-05-08 Earnings, Other Events, Exhibits
8-K 2019-04-26 Officers
8-K 2019-04-08 Earnings, Exhibits
8-K 2019-03-20 Leave Agreement, Other Events, Exhibits
8-K 2019-03-15 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-03-14 Enter Agreement, M&A, Sale of Shares, Shareholder Rights, Control, Officers, Amend Bylaw, Code of Ethics, Regulation FD, Other Events, Exhibits
FOXA 2019-12-31
Note 1. Description of Business and Basis of Presentation
Note 2. Acquisitions, Disposals and Other Transactions
Note 3. Inventories, Net
Note 4. Fair Value
Note 5. Goodwill and Intangible Assets, Net
Note 6. Borrowings
Note 7. Leases
Note 8. Stockholders' Equity
Note 9. Equity-Based Compensation
Note 10. Related Party Transactions and Twenty-First Century Fox, Inc. Investment
Note 11. Commitments and Contingencies
Note 12. Pension and Other Postretirement Benefits
Note 13. Segment Information
Note 14. Additional Financial Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 fox-ex311_7.htm
EX-31.2 fox-ex312_6.htm
EX-32.1 fox-ex321_8.htm

Fox Corporation Earnings 2019-12-31

FOXA 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
FOXA 22,027 19,509 9,562 8,848 0 1,028 1,749 26,436 0% 15.1 5%
DISH 19,947 32,284 22,449 13,100 12,278 1,512 3,420 33,957 94% 9.9 5%
LBTYA 19,510 53,987 50,316 11,626 8,470 1,176 7,334 48,133 73% 6.6 2%
ATUS 15,925 33,780 31,071 9,720 6,498 309 4,339 39,427 67% 9.1 1%
VIA 13,926 23,648 15,208 12,890 6,012 1,672 2,391 22,162 47% 9.3 7%
ROKU 10,682 821 360 906 406 -22 -10 10,305 45% -991.7 -3%
CABO 6,684 2,549 1,787 1,113 0 155 464 7,900 0% 17.0 6%
LILA 3,136 13,907 9,903 3,799 2,890 -404 1,048 9,430 76% 9.0 -3%
AMCX 3,107 5,562 4,690 3,026 1,552 477 866 5,550 51% 6.4 9%
MSGN 1,599 867 1,326 721 0 186 335 2,394 0% 7.1 21%

fox-10q_20191231.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the quarterly period ended December 31, 2019

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 for the transition period from             to             

Commission file number 001-38776

 

FOX CORPORATION

(Exact Name of Registrant as Specified in its Charter)

 

Delaware

 

83-1825597

(State or Other Jurisdiction
of Incorporation or Organization)

 

(I.R.S. Employer
Identification No.)

 

1211 Avenue of the Americas, New York, New York

 

10036

(Address of Principal Executive Offices)

 

(Zip Code)

Registrant’s telephone number, including area code (212852-7000

 

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbols

Name of Each Exchange
on Which Registered

Class A Common Stock, par value $0.01 per share

FOXA

The Nasdaq Global Select Market

Class B Common Stock, par value $0.01 per share

FOX

The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes       No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes       No  

As of February 4, 2020, 344,808,708 shares of Class A Common Stock, par value $0.01 per share, and 262,024,419 shares of Class B Common Stock, par value $0.01 per share, were outstanding.

 

 


FOX CORPORATION

FORM 10-Q

TABLE OF CONTENTS

 

 

 

Page

Part I. Financial Information

 

 

Item 1.

 

Financial Statements

 

 

 

Unaudited Consolidated and Combined Statements of Operations for the three and six months ended December 31, 2019 and 2018 

1

 

 

 

Unaudited Consolidated and Combined Statements of Comprehensive Income for the three and six months ended December 31, 2019 and 2018

2

 

 

 

Consolidated Balance Sheets as of December 31, 2019 (unaudited) and June 30, 2019 (audited)

3

 

 

 

Unaudited Consolidated and Combined Statements of Cash Flows for the six months ended December 31, 2019 and 2018

4

 

 

 

Unaudited Consolidated and Combined Statements of Equity for the three and six months ended December 31, 2019 and 2018

5

 

 

 

Notes to the Unaudited Consolidated and Combined Financial Statements

6

 

Item 2.

 

Management’s Discussion and Analysis of Financial Condition and Results of Operations

24

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

35

 

Item 4.

 

Controls and Procedures

35

Part II. Other Information

 

 

Item 1A.

 

Risk Factors

36

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

37

 

Item 3.

 

Defaults Upon Senior Securities

37

 

Item 4.

 

Mine Safety Disclosures

37

 

Item 5.

 

Other Information

37

 

Item 6.

 

Exhibits

38

 

Signature

39

 

 


 

FOX CORPORATION

UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS

(IN MILLIONS, EXCEPT PER SHARE AMOUNTS)

 

 

 

For the three months ended December 31,

 

 

For the six months ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Revenues

 

$

3,778

 

 

$

3,583

 

 

$

6,445

 

 

$

6,124

 

Operating expenses

 

 

(3,091

)

 

 

(2,818

)

 

 

(4,559

)

 

 

(4,309

)

Selling, general and administrative

 

 

(431

)

 

 

(329

)

 

 

(783

)

 

 

(628

)

Depreciation and amortization

 

 

(57

)

 

 

(51

)

 

 

(107

)

 

 

(94

)

Impairment and restructuring charges

 

 

-

 

 

 

-

 

 

 

(9

)

 

 

-

 

Interest expense

 

 

(90

)

 

 

(15

)

 

 

(180

)

 

 

(31

)

Interest income

 

 

8

 

 

 

-

 

 

 

25

 

 

 

-

 

Other, net

 

 

302

 

 

 

(339

)

 

 

287

 

 

 

(200

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income before income tax expense

 

 

419

 

 

 

31

 

 

 

1,119

 

 

 

862

 

Income tax expense

 

 

(105

)

 

 

(7

)

 

 

(292

)

 

 

(223

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

 

314

 

 

 

24

 

 

 

827

 

 

 

639

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interests

 

 

(14

)

 

 

(16

)

 

 

(28

)

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Fox Corporation stockholders

 

$

300

 

 

$

8

 

 

$

799

 

 

$

612

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE DATA

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

617

 

 

 

621

 

 

 

619

 

 

 

621

 

Diluted

 

 

620

 

 

 

621

 

 

 

622

 

 

 

621

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income attributable to Fox Corporation stockholders per share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.49

 

 

$

0.01

 

 

$

1.29

 

 

$

0.99

 

Diluted

 

$

0.48

 

 

$

0.01

 

 

$

1.28

 

 

$

0.99

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Unaudited Consolidated and Combined Financial Statements.

1


 

FOX CORPORATION

UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME

(IN MILLIONS)

 

 

 

For the three months ended December 31,

 

 

For the six months ended December 31,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

314

 

 

$

24

 

 

$

827

 

 

$

639

 

Other comprehensive income, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit plan adjustments

 

 

8

 

 

 

2

 

 

 

12

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

-

 

 

 

 

 

Other comprehensive income, net of tax

 

 

8

 

 

 

2

 

 

 

12

 

 

 

3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income

 

 

322

 

 

 

26

 

 

 

839

 

 

 

642

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Less: Net income attributable to noncontrolling interests(a)

 

 

(14

)

 

 

(16

)

 

 

(28

)

 

 

(27

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income attributable to Fox Corporation stockholders

 

$

308

 

 

$

10

 

 

$

811

 

 

$

615

 

 

(a)

Net income attributable to noncontrolling interests includes $3 million and $10 million for the three months ended December 31, 2019 and 2018, respectively, and $12 million and $21 million for the six months ended December 31, 2019 and 2018, respectively, relating to redeemable noncontrolling interests.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Unaudited Consolidated and Combined Financial Statements. 

2


 

FOX CORPORATION

CONSOLIDATED BALANCE SHEETS

(IN MILLIONS, EXCEPT SHARE AND PER SHARE AMOUNTS)

 

 

 

As of

December 31,

2019

 

 

As of

June 30,

2019

 

 

 

(unaudited)

 

 

(audited)

 

ASSETS

 

 

 

 

 

 

 

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,991

 

 

$

3,234

 

Receivables, net

 

 

2,733

 

 

 

1,967

 

Inventories, net

 

 

1,544

 

 

 

1,129

 

Other

 

 

130

 

 

 

148

 

 

 

 

 

 

 

 

 

 

Total current assets

 

 

6,398

 

 

 

6,478

 

 

 

 

 

 

 

 

 

 

Non-current assets

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

1,330

 

 

 

1,313

 

Intangible assets, net

 

 

2,911

 

 

 

2,851

 

Goodwill

 

 

2,991

 

 

 

2,691

 

Deferred tax assets

 

 

4,398

 

 

 

4,651

 

Other non-current assets

 

 

2,422

 

 

 

1,525

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

20,450

 

 

$

19,509

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable, accrued expenses and other current liabilities

 

$

1,816

 

 

$

1,712

 

 

 

 

 

 

 

 

 

 

Total current liabilities

 

 

1,816

 

 

 

1,712

 

 

 

 

 

 

 

 

 

 

Non-current liabilities

 

 

 

 

 

 

 

 

Borrowings

 

 

6,753

 

 

 

6,751

 

Other liabilities

 

 

1,312

 

 

 

899

 

Redeemable noncontrolling interests

 

 

216

 

 

 

189

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Equity

 

 

 

 

 

 

 

 

Class A common stock(a)

 

 

3

 

 

 

4

 

Class B common stock(b)

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

9,849

 

 

 

9,891

 

Retained earnings

 

 

775

 

 

 

357

 

Accumulated other comprehensive loss

 

 

(296

)

 

 

(308

)

 

 

 

 

 

 

 

 

 

Total Fox Corporation stockholders' equity

 

 

10,334

 

 

 

9,947

 

Noncontrolling interests

 

 

19

 

 

 

11

 

 

 

 

 

 

 

 

 

 

Total equity

 

 

10,353

 

 

 

9,958

 

 

 

 

 

 

 

 

 

 

Total liabilities and equity

 

$

20,450

 

 

$

19,509

 

 

(a)

Class A common stock, $0.01 par value per share, 2,000,000,000 shares authorized, 346,509,519 shares and 354,422,419 shares issued and outstanding at par as of December 31, 2019 and June 30, 2019, respectively.

(b)

Class B common stock, $0.01 par value per share, 1,000,000,000 shares authorized, 264,013,196 and 266,173,651 shares issued and outstanding at par as of December 31, 2019 and June 30, 2019, respectively.

 

 

 

 

 

 

The accompanying notes are an integral part of these Unaudited Consolidated and Combined Financial Statements.

3


 

FOX CORPORATION

UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS

(IN MILLIONS)

 

 

 

For the six months ended

December 31,

 

 

 

2019

 

 

2018

 

OPERATING ACTIVITIES

 

 

 

 

 

 

 

 

Net income

 

$

827

 

 

$

639

 

 

 

 

 

 

 

 

 

 

Adjustments to reconcile net income to cash (used in) provided by operating activities

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

107

 

 

 

94

 

Amortization of cable distribution investments

 

 

14

 

 

 

19

 

Impairment and restructuring charges

 

 

9

 

 

 

-

 

Equity-based compensation

 

 

65

 

 

 

-

 

Other, net

 

 

(287

)

 

 

200

 

Deferred income taxes

 

 

246

 

 

 

57

 

Change in operating assets and liabilities, net of acquisitions and dispositions

 

 

 

 

 

 

 

 

Receivables and other assets

 

 

(640

)

 

 

(587

)

Inventories net of program rights payable

 

 

(354

)

 

 

(168

)

Accounts payable and other liabilities

 

 

(243

)

 

 

(218

)

 

 

 

 

 

 

 

 

 

Net cash (used in) provided by operating activities

 

 

(256

)

 

 

36

 

 

 

 

 

 

 

 

 

 

INVESTING ACTIVITIES

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

(110

)

 

 

(88

)

Acquisitions, net of cash acquired

 

 

(260

)

 

 

-

 

Purchase of investments

 

 

-

 

 

 

(100

)

Other investing activities, net

 

 

21

 

 

 

(63

)

 

 

 

 

 

 

 

 

 

Net cash used in investing activities

 

 

(349

)

 

 

(251

)

 

 

 

 

 

 

 

 

 

FINANCING ACTIVITIES

 

 

 

 

 

 

 

 

Net transfers to Twenty-First Century Fox, Inc.

 

 

-

 

 

 

(312

)

Repurchase of shares

 

 

(421

)

 

 

-

 

Dividends paid and distributions

 

 

(169

)

 

 

(22

)

Other financing activities, net

 

 

(48

)

 

 

-

 

 

 

 

 

 

 

 

 

 

Net cash used in financing activities

 

 

(638

)

 

 

(334

)

 

 

 

 

 

 

 

 

 

Net decrease in cash and cash equivalents

 

 

(1,243

)

 

 

(549

)

Cash and cash equivalents, beginning of year

 

 

3,234

 

 

 

2,500

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents, end of period

 

$

1,991

 

 

$

1,951

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying notes are an integral part of these Unaudited Consolidated and Combined Financial Statements.

 

 

4


 

FOX CORPORATION

UNAUDITED CONSOLIDATED AND COMBINED STATEMENTS OF EQUITY

(IN MILLIONS)

 

 

 

Class A

 

 

Class B

 

 

Twenty-First Century

 

 

Additional

 

 

 

 

 

 

Accumulated Other

 

 

Total Fox Corporation

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Common Stock

 

 

Fox, Inc.

 

 

Paid-in

 

 

Retained

 

 

Comprehensive

 

 

Stockholders'

 

 

Noncontrolling

 

 

Total

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Investment

 

 

Capital

 

 

Earnings

 

 

(Loss) Income

 

 

Equity

 

 

Interests(a)

 

 

Equity

 

Balance, September 30, 2019

 

 

354

 

 

$

4

 

 

 

266

 

 

$

3

 

 

$

-

 

 

$

9,921

 

 

$

696

 

 

$

(304

)

 

$

10,320

 

 

$

10

 

 

$

10,330

 

Net income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

300

 

 

 

-

 

 

 

300

 

 

 

11

 

 

 

311

 

Other comprehensive income

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

8

 

 

 

8

 

 

 

-

 

 

 

8

 

Shares repurchased

 

 

(8

)

 

 

(1

)

 

 

(2

)

 

 

-

 

 

 

-

 

 

 

(194

)

 

 

(232

)

 

 

-

 

 

 

(427

)

 

 

-

 

 

 

(427

)

Other

 

 

1

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

122

 

 

 

11

 

 

 

-

 

 

 

133

 

 

 

(2

)

 

 

131

 

Balance, December 31, 2019

 

 

347

 

 

$

3

 

 

 

264

 

 

$

3

 

 

$

-

 

 

$

9,849

 

 

$

775

 

 

$

(296

)

 

$

10,334

 

 

$

19

 

 

$

10,353