Company Quick10K Filing
News Corp
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
10-Q 2020-12-31 Filed 2021-02-05
10-Q 2020-09-30 Filed 2020-11-06
10-K 2020-06-30 Filed 2020-08-11
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
8-K 2020-11-18
8-K 2020-11-18
8-K 2020-11-05
8-K 2020-09-21
8-K 2020-09-17
8-K 2020-08-17
8-K 2020-08-06
8-K 2020-07-31
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

Part I
Item 1. Financial Statements
Note 1. Description of Business and Basis of Presentation
Note 2. Revenues
Note 3. Acquisitions
Note 4. Restructuring Programs
Note 5. Investments
Note 6. Borrowings
Note 7. Equity
Note 8. Financial Instruments and Fair Value Measurements
Note 9. Earnings (Loss) per Share
Note 10. Commitments and Contingencies
Note 11. Income Taxes
Note 12. Segment Information
Note 13. Additional Financial Information
Note 14. 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
EX-31.1 ex-311xceocertq2fy2021.htm
EX-31.2 ex-312xcfocertq2fy2021.htm
EX-32.1 ex-321xsoxcertq2fy2021.htm

News Corp Earnings 2020-12-31

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

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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 December 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
_________________________________________
nws-20201231_g1.jpg
NEWS CORPORATION
(Exact name of registrant as specified in its charter)
_________________________________________
Delaware46-2950970
(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 shareNWSAThe Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per shareNWSThe Nasdaq Global Select Market
Class A Preferred Stock Purchase RightsN/AThe Nasdaq Global Select Market
Class B Preferred Stock Purchase RightsN/AThe 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 Rule12b-2 of the Exchange Act). Yes No
As of January 29, 2021, 391,092,888 shares of Class A Common Stock and 199,630,240 shares of Class B Common Stock were outstanding.



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NEWS CORPORATION
FORM 10-Q
TABLE OF CONTENTS
Page



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
December 31,
For the six months ended
December 31,
Notes2020201920202019
Revenues:
Circulation and subscription$1,030 $990 $2,032 $1,985 
Advertising448 677 780 1,285 
Consumer523 421 964 808 
Real estate281 242 516 460 
Other132 149 239 281 
Total Revenues22,414 2,479 4,531 4,819 
Operating expenses(1,198)(1,351)(2,362)(2,689)
Selling, general and administrative(719)(773)(1,404)(1,554)
Depreciation and amortization(167)(162)(331)(324)
Impairment and restructuring charges4(23)(29)(63)(326)
Equity losses of affiliates5(3)(3)(4)(5)
Interest expense, net(12)(8)(20)(4)
Other, net1354 2 71 6 
Income (loss) before income tax expense346 155 418 (77)
Income tax expense11(85)(52)(110)(31)
Net income (loss)261 103 308 (108)
Less: Net income attributable to noncontrolling interests(30)(18)(43)(34)
Net income (loss) attributable to News Corporation stockholders$231 $85 $265 $(142)
Net income (loss) attributable to News Corporation stockholders per share:9
Basic$0.39 $0.15 $0.45 $(0.24)
Diluted$0.39 $0.14 $0.45 $(0.24)
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NEWS CORPORATION
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited; millions)
For the three months ended
December 31,
For the six months ended
December 31,
2020201920202019
Net income (loss)$261 $103 $308 $(108)
Other comprehensive income (loss):
Foreign currency translation adjustments315 199 422 14 
Net change in the fair value of cash flow hedges(a)
  (2)(14)
Benefit plan adjustments, net(b)
(7)(13)1 (2)
Other comprehensive income (loss)308 186 421 (2)
Comprehensive income (loss)569 289 729 (110)
Less: Net income attributable to noncontrolling interests(30)(18)(43)(34)
Less: Other comprehensive (income) loss attributable to noncontrolling interests(63)(36)(80)9 
Comprehensive income (loss) attributable to News Corporation stockholders$476 $235 $606 $(135)
(a)    Net of income tax benefit of nil for the three months ended December 31, 2020 and 2019, respectively, and income tax benefit of nil and $3 million for the six months ended December 31, 2020 and 2019, respectively.
(b)    Net of income tax benefit of $3 million and $4 million for three months ended December 31, 2020 and 2019, respectively, and income tax benefit of nil and $1 million for the six months ended December 31, 2020 and 2019, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NEWS CORPORATION
CONSOLIDATED BALANCE SHEETS
(Millions, except share and per share amounts)
NotesAs of
December 31, 2020
As of
June 30, 2020
(unaudited)(audited)
Assets:
Current assets:
Cash and cash equivalents$1,562 $1,517 
Receivables, net131,444 1,203 
Inventory, net203 348 
Other current assets387 393 
Total current assets3,596 3,461 
Non-current assets:
Investments5353 297 
Property, plant and equipment, net2,315 2,256 
Operating lease right-of-use assets1,074 1,061 
Intangible assets, net1,934 1,864 
Goodwill4,292 3,951 
Deferred income tax assets11337 332 
Other non-current assets131,193 1,039 
Total assets$15,094 $14,261 
Liabilities and Equity:
Current liabilities:
Accounts payable$291 $351 
Accrued expenses1,094 1,019 
Deferred revenue2400 398 
Current borrowings6212 76 
Other current liabilities13864 838 
Total current liabilities2,861 2,682 
Non-current liabilities:
Borrowings61,044 1,183 
Retirement benefit obligations254 277 
Deferred income tax liabilities11339 258 
Operating lease liabilities1,160 1,146 
Other non-current liabilities362 326 
Commitments and contingencies10
Class A common stock(a)
4 4 
Class B common stock(b)
2 2 
Additional paid-in capital12,091 12,148 
Accumulated deficit(2,976)(3,241)
Accumulated other comprehensive loss(990)(1,331)
Total News Corporation stockholders’ equity8,131 7,582 
Noncontrolling interests943 807 
Total equity79,074 8,389 
Total liabilities and equity$15,094 $14,261 
(a)    Class A common stock, $0.01 par value per share (“Class A Common Stock”), 1,500,000,000 shares authorized, 391,082,746 and 388,922,752 shares issued and outstanding, net of 27,368,413 treasury shares at par at December 31, 2020 and June 30, 2020, 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 December 31, 2020 and June 30, 2020, respectively.
The accompanying notes are an integral part of these unaudited consolidated financial statements.
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NEWS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited; millions)
For the six months ended
December 31,
Notes20202019
Operating activities:
Net income (loss)$308 $(108)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization331 324 
Operating lease expense64 86 
Equity losses of affiliates54 5 
Cash distributions received from affiliates7 5 
Impairment charges 292 
Other, net13(71)(6)
Deferred income taxes and taxes payable1121 (35)
Change in operating assets and liabilities, net of acquisitions:
Receivables and other assets(172)(1,661)
Inventories, net27 3 
Accounts payable and other liabilities(36)1,287 
Net cash provided by operating activities483 192 
Investing activities:
Capital expenditures(173)(237)
Acquisitions, net of cash acquired(90)(2)
Investments in equity affiliates and other(11)(8)
Proceeds from property, plant and equipment and other asset dispositions3 10 
Other, net(5)3 
Net cash used in investing activities(276)(234)
Financing activities:
Borrowings6146 917 
Repayment of borrowings6(248)(1,161)
Dividends paid(80)(81)
Other, net(37)(3)
Net cash used in financing activities(219)(328)
Net change in cash and cash equivalents(12)(370)
Cash and cash equivalents, beginning of period1,517 1,643 
Exchange movement on opening cash balance57 (1)
Cash and cash equivalents, end of period$1,562 $1,272 
The accompanying notes are an integral part of these unaudited consolidated financial statements.
5

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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1. DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION
News Corporation (together with its subsidiaries, “News Corporation,” “News Corp,” the “Company,” “we” or “us”) is a global diversified media and information services company comprised of businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing.
During the fourth quarter of fiscal 2020, in connection with the Company's sale of its News America Marketing reporting unit and its annual review of its reportable segments, the Company determined to disaggregate its Dow Jones operating segment as a separate reportable segment in accordance with Accounting Standard Codification (“ASC”) 280, “Segment Reporting.” Previously, the financial information for this operating segment was aggregated with the businesses within the News Media operating segment and, together, formed the News and Information Services reportable segment. Following the sale of its News America Marketing business in the fourth quarter of fiscal 2020 and in conjunction with the Company’s annual budgeting process, the Company determined that aggregation was no longer appropriate as certain of the remaining businesses no longer shared similar economic characteristics. As a result, the Company has revised its historical disclosures for the prior periods to reflect the new Dow Jones and News Media reportable segments.
Basis of Presentation
The accompanying unaudited consolidated financial statements of the Company, which are referred to herein as the “Consolidated Financial Statements,” have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. In the opinion of management, all adjustments consisting only of normal recurring adjustments necessary for a fair presentation have been reflected in these Consolidated Financial Statements. Operating results for the interim period presented are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2021. The preparation of the Company’s Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts that are reported in the Consolidated Financial Statements and accompanying disclosures. The business and economic uncertainty resulting from the impacts of the ongoing novel coronavirus (“COVID-19”) pandemic has been considered in making those estimates and assumptions. Actual results could differ from those estimates.
Intercompany transactions and balances have been eliminated. Equity investments in which the Company exercises significant influence but does not exercise control and is not the primary beneficiary are accounted for using the equity method. Investments in which the Company is not able to exercise significant influence over the investee are measured at fair value, if the fair value is readily determinable. If an investment’s fair value is not readily determinable, the Company will measure the investment at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for an identical or similar investment of the same issuer.
The consolidated statements of operations are referred to herein as the “Statements of Operations.” The consolidated balance sheets are referred to herein as the “Balance Sheets.” The consolidated statements of cash flows are referred to herein as the “Statements of Cash Flows.”
The accompanying Consolidated Financial Statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2020 as filed with the Securities and Exchange Commission (the “SEC”) on August 11, 2020 (the “2020 Form 10-K”).
Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current year presentation. Specifically, the Company reclassified certain costs at the Other segment that were previously included within Selling, general and administrative to Operating expenses. For the three and six months ended December 31, 2019, these reclassifications increased Operating expenses by $1 million and $2 million, respectively.
The Company’s fiscal year ends on the Sunday closest to June 30. Fiscal 2021 and fiscal 2020 include 52 weeks. All references to the three and six months ended December 31, 2020 and 2019 relate to the three and six months ended December 27, 2020 and December 29, 2019, respectively. For convenience purposes, the Company continues to date its Consolidated Financial Statements as of December 31.
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
Recently Issued Accounting Pronouncements
Adopted
In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, “Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). The amendments in ASU 2016-13 require a financial asset (or a group of financial assets) measured at amortized cost basis to be presented at the net amount expected to be collected. The Company adopted the amendments in ASU 2016-13 on a modified retrospective basis as of July 1, 2020 and the adoption did not have a material effect on the Company's Consolidated Financial Statements. The Company will continue to actively monitor the impact of COVID-19 on expected credit losses.
Allowance for doubtful accounts is calculated by pooling receivables with similar credit risks such as the level of delinquency, types of products or services and geographical locations and reflects the Company’s expected credit losses based on historical experience as well as current and expected economic conditions. Refer to Note 13—Additional Financial Information for further discussion.
In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU 2018-13”). ASU 2018-13 removes, modifies and adds certain disclosure requirements in Topic 820, “Fair Value Measurement.” ASU 2018-13 eliminates certain disclosures related to transfers and the valuation process, modifies disclosures for investments that are valued based on net asset value, clarifies the measurement uncertainty disclosure, and requires additional disclosures for Level 3 fair value measurements. The Company adopted the amendments to disclosure requirements in ASU 2018-13 on a prospective basis as of July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements.
In March 2019, the FASB issued ASU 2019-02, “Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20) and Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350): Improvements to Accounting for Costs of Films and License Agreements for Program Materials (a consensus of the Emerging Issues Task Force)” (“ASU 2019-02”). The amendments in ASU 2019-02 align the impairment model in Entertainment—Broadcasters—Intangibles—Goodwill and Other (Subtopic 920-350) with the fair value model in Entertainment—Films—Other Assets—Film Costs (Subtopic 926-20). The Company adopted the amendments in ASU 2019-02 on a prospective basis as of July 1, 2020. The adoption did not have a material effect on the Company's Consolidated Financial Statements. Refer to Note 13—Additional Financial Information for further discussion.
Issued
In December 2019, the FASB issued ASU 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). The amendments in ASU 2019-12 remove certain exceptions to the general principles in Topic 740 and simplify other areas of Topic 740 including the accounting for and recognition of intraperiod tax allocation, deferred tax liabilities for outside basis differences for certain foreign subsidiaries, year-to-date losses in interim periods, deferred tax assets for goodwill in business combinations and franchise taxes in income tax expense. ASU 2019-12 is effective for the Company for annual and interim reporting periods beginning July 1, 2021, with early adoption permitted. The Company is currently evaluating the impact ASU 2019-12 will have on its Consolidated Financial Statements.
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 2. REVENUES
The following tables present the Company’s disaggregated revenues by type and segment for the three and six months ended December 31, 2020 and 2019:
For the three months ended December 31, 2020
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$8 $446 $319 $ $257 $ $1,030 
Advertising30 55 115  248  448 
Consumer   523   523 
Real estate281      281 
Other20 10 12 21 68 1 132 
Total Revenues$339 $511 $446 $544 $573 $1 $2,414 
For the three months ended December 31, 2019
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$9 $439 $296 $ $245 $1 $990 
Advertising25 53 120  479  677 
Consumer   421   421 
Real estate242      242 
Other18 9 14 21 87  149 
Total Revenues$294 $501 $430 $442 $811 $1 $2,479 
For the six months ended December 31, 2020
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$16 $883 $630 $ $503 $ $2,032 
Advertising58 105 185  432  780 
Consumer   964   964 
Real estate516      516 
Other39 19 17 38 125 1 239 
Total Revenues$629 $1,007 $832 $1,002 $1,060 $1 $4,531 
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NEWS CORPORATION
NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
For the six months ended December 31, 2019
Digital Real
Estate
Services
Subscription
Video
Services
Dow JonesBook
Publishing
News MediaOtherTotal
Revenues
(in millions)
Revenues:
Circulation and subscription$19 $890 $585 $ $490 $1 $1,985 
Advertising52 104 204  925  1,285 
Consumer   808   808 
Real estate460      460 
Other35 21 23 39 163  281 
Total Revenues$566 $1,015 $812 $847 $1,578 $1 $