Company Quick10K Filing
⚲
News Corp
Financials
Price14.17 EPS-0
Shares587 P/E-75
MCap8,314 P/FCF14
Net Debt-112 EBIT40
TEV8,202 TEV/EBIT205
TTM 2019-09-30, in MM, except price, ratios
Filings
10-Q 2020-03-31 Filed 2020-05-08
10-Q 2019-12-31 Filed 2020-02-07
10-Q 2019-09-30 Filed 2019-11-08
10-K 2019-06-30 Filed 2019-08-13
10-Q 2019-03-31 Filed 2019-05-10
10-Q 2018-12-31 Filed 2019-02-08
10-Q 2018-09-30 Filed 2018-11-08
10-K 2018-06-30 Filed 2018-08-15
10-Q 2018-03-31 Filed 2018-05-11
10-Q 2017-12-31 Filed 2018-02-09
10-Q 2017-09-30 Filed 2017-11-13
10-K 2017-06-30 Filed 2017-08-14
10-Q 2017-03-31 Filed 2017-05-10
10-Q 2016-12-31 Filed 2017-02-10
10-Q 2016-09-30 Filed 2016-11-08
10-K 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-06
10-Q 2015-12-31 Filed 2016-02-05
10-Q 2015-09-30 Filed 2015-11-06
10-K 2015-06-30 Filed 2015-08-13
10-Q 2015-03-31 Filed 2015-05-06
10-Q 2014-12-31 Filed 2015-02-06
10-Q 2014-09-30 Filed 2014-11-06
10-K 2014-06-30 Filed 2014-08-14
10-Q 2014-03-31 Filed 2014-05-09
10-Q 2013-12-31 Filed 2014-02-07
10-Q 2013-09-30 Filed 2013-11-12
10-K 2013-06-30 Filed 2013-09-20
Reports
8-K 2020-06-18
8-K 2020-05-07
8-K 2020-05-05
8-K 2020-04-13
8-K 2020-03-31
8-K 2020-02-06
8-K 2019-12-12
8-K 2019-11-20
8-K 2019-11-07
8-K 2019-08-08
8-K 2019-06-18
8-K 2019-05-10
8-K 2019-05-09
8-K 2019-02-25
8-K 2019-02-07
8-K 2018-11-08
8-K 2018-11-07
8-K 2018-11-06
8-K 2018-08-09
8-K 2018-06-18
8-K 2018-05-10
8-K 2018-04-02
8-K 2018-04-02
8-K 2018-03-05
8-K 2018-02-08

NWS 10Q Quarterly Report

Content
Part I
Item 1. Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Revenues
Note 3. Acquisitions, Disposals and Other Transactions
Note 4. Impairment and Restructuring Charges
Note 6. Borrowings
Note 7. Leases
Note 8. Equity
Note 10. Earnings (Loss) per Share
Note 11. Commitments and Contingencies
Note 12. Income Taxes
Note 13. Segment Information
Note 1
Note 15. Subsequent Events
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 1. Legal Proceedings
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
Exhibits
EX-31.1 d902897dex311.htm
EX-31.2 d902897dex312.htm
EX-32.1 d902897dex321.htm

News Corp Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
2016128402012201420172020
Assets, Equity
 2.71.91.10.4-0.4-1.22012201420172020
Rev, G Profit, Net Income
 0.40.1-0.2-0.4-0.7-1.02012201420172020
Ops, Inv, Fin
Form 10-Q
P364DP364D2020-01-012020-07-312027-12-31false00015647082020Q3--06-302021-12-312022-11-302019-07-312019-09-302024-11-30Net of income tax expense (benefit) of $5 million and ($1) million for the three months ended March 31, 2020 and 2019, respectively, and income tax expense of $4 million and $2 million for the nine months ended March 31, 2020 and 2019, respectively.Net of income tax expense of $3 million and nil for the three months ended March 31, 2020 and 2019, respectively, and income tax expense of nil and $1 million for the nine months ended March 31, 2020 and 2019, respectively. Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 388,843,519 and 385,580,015 shares issued and outstanding, net of 27,368,413 treasury shares at par at March 31, 2020 and June 30, 2019, respectively. Class B common stock, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 199,630,240 shares issued and outstanding, net of 78,430,424 treasury shares at par at March 31, 2020 and June 30, 2019, respectivelyDuring November 2019, certain subsidiaries of NXE Australia Pty Limited (“Foxtel” and together with such subsidiaries, the “Foxtel Debt Group”) repaid the outstanding borrowings under these facilities using a combination of new indebtedness and an A$200 million shareholder loan provided by the Company.Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus an applicable margin of between 2.00% and 3.75% per annum depending on the Foxtel Debt Group’s net leverage ratio.During November 2019, the Foxtel Debt Group amended its 2017 Working Capital Facility which, among other things, extended the remaining term to three years, decreased the capacity under the facility from A$100 million to A$40 million and increased the applicable margin.As of March 31, 2020, the Foxtel Debt Group has undrawn commitments of A$2 million under this facility for which it pays a commitment fee of 45% of the applicable margin.During the first quarter of fiscal 2020, the Foxtel Debt Group repaid $150 million aggregate principal amount of senior unsecured notes which matured in July 2019 and $75 million aggregate principal amount of senior unsecured notes which matured in September 2019.The carrying values of the borrowings include any fair value adjustments related to the Company’s fair value hedges. See Note 9 —Financial Instruments and Fair Value Measurements.During November 2019, the Foxtel Debt Group entered into an A$610 million revolving credit facility maturing in November 2022 (the “2019 Credit Facility”).During November 2019, the Foxtel Debt Group entered into an A$250 million term loan facility maturing in November 2024 (the “2019 Term Loan Facility”). Borrowings under the 2019 Term Loan Facility bear interest at a fixed rate of 6.25% per annum.During December 2019, REA Group repaid the final A$240 million tranche of its A$480 million revolving loan facility using a combination of cash on hand and new indebtedness.Borrowings under these facilities bear interest at a floating rate of the Australian BBSY plus a margin of between 0.85% and 1.40% depending on REA Group’s net leverage ratio.During December 2019, REA Group entered into an A$170 million unsecured syndicated revolving loan facility maturing in December 2021 (the “2019 REA Group Credit Facility”).During the three and nine months ended March 31, 2020, REA Group contributed its businesses located in Singapore and Indonesia into a joint venture with 99.co in return for an equity method investment in the combined entity. As a result of the deconsolidation of these entities, REA Group recognized a $20 million gain in Other, net.In February 2020, the Foxtel Debt Group entered into an A$170 million subordinated shareholder loan facility agreement (the “Telstra Facility”) that can be used to finance cable transmission costs. The Telstra Facility bears interest at a variable rate of Australian BBSY plus a margin of 7.75%.The Company’s outstanding borrowings as of March 31, 2020 were incurred by Foxtel and REA Group, consolidated but non wholly-owned subsidiaries of News Corp. These borrowings are only guaranteed by Foxtel and REA Group and their respective subsidiaries, as applicable, and are non-recourse to News Corp.The Company classifies the current portion of long term debt as non-current liabilities on the Balance Sheets when it has the intent and ability to refinance the obligation on a long-term basis, in accordance with ASC 470-50, “Debt.” 0001564708 2019-07-01 2020-03-31 0001564708 2020-01-01 2020-03-31 0001564708 2019-01-01 2019-03-31 0001564708 2018-07-01 2019-03-31 0001564708 2020-03-31 0001564708 2019-06-30 0001564708 2019-03-31 0001564708 2020-02-01 2020-02-29 0001564708 2018-12-31 0001564708 2019-12-31 0001564708 2018-06-30 0001564708 nws:CirculationAndSubscriptionMember nws:NewsAndInformationServicesSegmentMember 2020-01-01 2020-03-31 0001564708 nws:CirculationAndSubscriptionMember nws:SubscriptionVideoServicesMember 2020-01-01 2020-03-31 0001564708 nws:CirculationAndSubscriptionMember nws:DigitalRealEstateServicesSegmentMember 2020-01-01 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Table of Contents
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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 March 31, 2020
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
001-35769
 
 
NEWS CORPORATION
(Exact name of registrant as specified in its charter)
 
     
Delaware
 
46-2950970
(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)
 
 
 
 
 
 
 
 
(212)
416-3400
(Registrant’s telephone number, including area code)
 
Securities registered pursuant to Section 12(b) of the Act:
         
Title of each class
 
Trading
Symbol(s)
 
Name of each exchange
on which registered
Class A Common Stock, par value $0.01 per share
 
NWSA
 
The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share
 
NWS
 
The Nasdaq Global Select Market
Class A Preferred Stock Purchase Rights
 
N/A
 
The Nasdaq Global Select Market
Class B Preferred Stock Purchase Rights
 
N/A
 
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, a smaller reporting company, or an emerging growth 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 April 30, 2020, 388,856,866 shares of Class A Common Stock and 199,630,240 shares of Class B Common Stock were outstanding.
 
 
Table of Contents
NEWS CORPORATION
FORM
10-Q
TABLE OF CONTENTS
         
 
 
Page
 
 
 
 
 
 
 
 
 
2
 
 
 
3
 
 
 
4
 
 
 
5
 
 
 
6
 
 
 
38
 
 
 
59
 
 
 
59
 
 
 
 
 
 
60
 
 
 
60
 
 
 
62
 
 
 
62
 
 
 
62
 
 
 
62
 
 
 
63
 
 
 
64
 
 
 
 
 
 
 
Table of Contents
PART I
ITEM 1. FINANCIAL STATEMENTS
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited; millions, except per share amounts)
                                         
 
 
  
For the three months
ended
   
For the nine months
ended
 
 
 
  
March 31,
   
March 31,
 
 
Notes
 
  
2020
 
  
2019
 
  
2020
 
  
2019
 
Revenues:
   
     
     
     
     
 
Circulation and subscription
   
    $
966
    $
 
1,025
     $
2,951
    $
3,088
  
Advertising
   
     
576
     
670
      
1,861
     
2,052
  
Consumer
   
     
396
     
403
      
1,204
     
1,281
  
Real estate
   
     
209
     
218
      
669
     
693
  
Other
   
     
119
     
141
     
400
     
494
  
                                         
Total Revenues
   
2
     
2,266
     
2,457
      
7,085
     
7,608
  
Operating expenses
   
     
(1,281
 )    
(1,400
 )    
(3,968
 )    
(4,224
 )
Selling, general and administrative
   
     
(743
 )    
(810
 )    
(2,299
 )    
(2,409
 )
Depreciation and amortization
   
     
(160
 )    
(168
 )    
(484
 )    
(494
 )
Impairment and restructuring charges
   
4
      
(1,125
 )    
(34
 )    
(1,451
 )    
(71
 )
Equity losses of affiliates
   
5
      
(7
 )    
(4
 )    
(12
 )    
(13
 )
Interest expense, net
   
     
(9
 )    
(14
 )    
(13
 )    
(45
 )
Other, net
   
14
      
13
     
3
     
19
     
30
 
                                         
(Loss) income before income tax benefit (expense)
   
     
(1,046
 )    
30
     
(1,123
 )    
382
 
Income tax benefit (expense)
   
12
      
10
     
(7
 )    
(21
 )    
(112
 )
 
                                        
Net (loss) income
   
     
(1,036
 )    
23
     
(1,144
 )    
270
 
Less: Net
loss (
income
)
attributable to noncontrolling interests
   
     
306
      
(13
 )    
272
      
(64
 )
 
                                        
Net (loss) income attributable to News Corporation stockholders
   
    $
(730
 )   $
10
    $
(872
 )   $
206
 
 
                                        
Net (loss) income attributable to News Corporation stockholders per share:
   
10
      
     
     
     
 
Basic and diluted
   
    $
 
(1.24
)    $
0.02
    $
(1.48
 )   $
0.35
 
 
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
2
Table of Contents
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
(Unaudited; millions)
 
For the three months
ended
   
For the nine months
ended
 
  
March 31,
   
March 31,
 
  
2020
 
  
2019
 
  
2020
 
  
2019
 
Net (loss) income
  $
(1,036
)    $
23
    $
(1,144
 )   $
270
 
Other comprehensive (loss) income:
   
     
     
     
 
Foreign currency translation adjustments
   
(484
)     
75
     
(470
)    
(182
 )
Net change in the fair value of cash flow hedges
(a)
    
9
     
(5
 )    
(5
 )    
2
 
Benefit plan adjustments, net
(b)
    
15
      
(3
 )    
13
      
10
 
 
                                
Other comprehensive (loss) income
   
(460
)     
67
     
(462
 )    
(170
 )
 
                                
Comprehensive (loss) income
   
(1,496
)     
90
     
(1,606
 )    
100
 
Less: Net
loss 
(
income
)
attributable to noncontrolling interests
   
306
      
(13
 )    
272
      
(64
 )
Less: Other comprehensive loss (income) attributable to noncontrolling interests
   
109
      
(10
 )    
118
     
46
 
 
                                
Comprehensive (loss) income attributable to News Corporation stockholders
  $
 
(1,081
)    $
 
 
 
 
67
    $
 
 
(1,216
 )   $
 
 
 
82
 
                                 
(a)
Net of income tax expense of $3 million and nil for the three months ended March 31, 2020 and 2019, respectively, and income tax expense of nil and $1 million for the nine months ended March 31, 2020 and 2019, respectively.
(b)
Net of income tax expense (benefit) of $5 million and ($1) million for the three months ended March 31, 2020 and 2019, respectively, and income tax expense of $4 million and $2 million for the nine months ended March 31, 2020 and 2019, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
3
Table of Contents
NEWS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions, except share and per share amounts)
                         
 
 
  
As of
 
  
As of
 
 
Notes
   
March 31, 2020
 
  
June 30, 2019
 
 
 
  
(unaudited)
 
  
(audited)
 
Assets:
 
 
 
  
 
 
  
 
 
Current assets:
 
 
 
  
 
 
  
 
 
Cash and cash equivalents
   
    $
1,388
    $
1,643
 
Receivables, net
   
14
      
1,237
     
1,544
 
Inventory, net
   
     
363
     
348
 
Other current assets
   
14
      
753
     
515
 
                         
Total current assets
   
     
3,741
     
4,050
 
                         
Non-current
assets:
    
     
     
 
Investments
   
5
      
325
     
335
 
Property, plant and equipment, net
   
     
2,225
     
2,554
 
Operating lease
right-of-use
assets
    
7
      
1,191
     
—
 
Intangible assets, net
   
     
1,846
     
2,426
 
Goodwill
   
     
3,831
     
5,147
 
Deferred income tax assets
   
12
      
306
     
269
 
Other
non-current
assets
    
14
      
963
     
930
 
                         
Total assets
   
    $
14,428
    $
15,711
 
                         
Liabilities and Equity:
 
 
 
  
 
 
  
 
 
Current liabilities:
   
     
     
 
Accounts payable
   
    $
342
    $
411
 
Accrued expenses
   
     
981
     
1,328
 
Deferred revenue
   
2
      
387
     
428
 
Current borrowings
   
6
      
—
     
449
 
Other current liabilities
   
14
      
979
     
724
 
                         
Total current liabilities
   
     
2,689
     
3,340
 
                         
Non-current
liabilities:
    
     
     
 
Borrowings
   
6
      
1,115
     
1,004
 
Retirement benefit obligations
   
     
248
     
266
 
Deferred income tax liabilities
   
12
      
238
     
295
 
Operating lease liabilities
   
7
      
1,249
     
—
 
Other
non-current
liabilities
    
     
321
     
495
 
Commitments and contingencies
   
11
      
     
 
Class A common stock
(a)
    
     
4
     
4
 
Class B common stock
(b)
    
     
2
     
2
 
Additional
paid-in
capital
    
     
12,137
     
12,243
 
Accumulated deficit
   
     
(2,845
 )    
(1,979
 )
Accumulated other comprehensive loss
   
     
(1,466
 )     
(1,126
 )
                         
Total News Corporation stockholders’ equity
   
     
7,832
     
9,144
 
Noncontrolling interests
   
     
736
     
1,167
 
                         
Total equity
   
8
      
8,568
     
10,311
 
                         
Total liabilities and equity
   
    $
14,428
     $
15,711
 
                         
 
 
 
 
 
(a)
Class A common stock
, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 388,843,519 and 385,580,015 shares issued and outstanding, net of 27,368,413 treasury shares at par at March 31, 2020 and June 30, 2019, respectively.
 
 
 
 
 
(b)
Class B common stock
, $0.01 par value per share (“Class B Common Stock”), 750,000,000 shares authorized, 199,630,240 shares issued and outstanding, net of 78,430,424 treasury shares at par at March 31, 2020 and June 30, 2019, respectively
 
 
 
 
 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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Table of Contents
NEWS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; millions)
                         
 
 
  
For the nine months ended
 
 
 
  
March 31,
 
 
Notes
   
2020
 
  
2019
 
Operating activities:
 
 
 
  
 
 
  
 
 
Net (loss) income
   
    $
(1,144
 )   $
 
270
 
Adjustments to reconcile net (loss) income to cash provided by operating activities:
   
     
     
 
Depreciation and amortization
   
     
484
     
494
 
Operating lease expense
   
7
      
128
     
—
 
Equity losses of affiliates
   
5
      
12
     
13
 
Cash distributions received from affiliates
   
     
7
     
30
 
Impairment charges
   
4
      
1,398
     
9
 
Other, net
   
14
      
(19
 )    
(30
 )
Deferred income taxes and taxes payable
   
12
      
(67
 )    
22
 
Change in operating assets and liabilities, net of acquisitions:
   
     
     
 
Receivables and other assets
   
     
(1,593
 )    
37
  
Inventories, net
   
     
(47
)     
(74
 )
Accounts payable and other liabilities
   
     
1,303
     
(110
 )
                         
Net cash provided by operating activities
   
     
462
     
661
 
                         
Investing activities:
 
 
 
  
 
 
  
 
 
Capital expenditures
   
     
(335
 )    
(417
 )
Acquisitions, net of cash acquired
   
     
(2
 )    
(187
 )
Investments in equity affiliates and other
   
     
4
      
(36
 )
Proceeds from business dispositions
   
     
(7
)     
50
 
Proceeds from property, plant and equipment and other asset dispositions
   
     
10
     
49
 
Other, net
   
     
3
     
18
 
                         
Net cash used in investing activities
   
     
(327
 )    
(523
 )
                         
Financing activities:
 
 
 
  
 
 
  
 
 
Borrowings
   
6
      
925
     
450
 
Repayment of borrowings
   
6
      
(1,161
 )    
(801
 )
Dividends paid
   
     
(100
 )    
(102
 )
Other, net
   
     
(5
 )    
(48
 )
                         
Net cash used in financing activities
   
     
(341
 )    
(501
 )