News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2021
Fiscal 2021 Full Year Key Financial Highlights
Revenues were $9.36 billion, a 4% increase compared to $9.01 billion in the prior year, reflecting a 30% increase in the fourth quarter
Net income of $389 million compared to a net loss of $(1.55) billion in the prior year, which included non-cash impairment charges of $1.69 billion
Total Segment EBITDA was $1.27 billion compared to $1.01 billion in the prior year
Diluted EPS were $0.56 compared to $(2.16) in the prior year - Adjusted EPS were $0.67 compared to $0.22 in the prior year
Revenues at Move, operator of realtor.com , grew 36% year-over-year, with 68% growth in the fourth quarter, which was an acceleration from the prior quarter growth rate. Average monthly unique users grew 32% in the fourth quarter
Dow Jones saw record digital subscriptions, continued robust growth at Risk & Compliance and a strong increase in digital advertising revenues
Foxtel's streaming products exceeded 2 million total paid subscribers as of year end, driving 40% total paid subscriber growth
Book Publishing continued to benefit from strong consumption patterns with 19% revenue growth
Announced agreement to acquire OPIS, a leading data and analytics provider for energy and commodities markets, to bolster Dow Jones' Professional Information Business
New York, NY - August 5, 2021 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2021.
Commenting on the results, Chief Executive Robert Thomson said:
Fiscal Year 2021 was the most profitable year since we created the new News Corp in 2013, with revenues rising 4 percent in the full year and surging by 30 percent in the Fourth Quarter. Profitability improved by 26 percent for the year, when we had a record number of digital subscriptions, record revenue and profits at Move and record traffic at realtor.com , record profits at HarperCollins and the largest profit at Dow Jones since its acquisition in 2007.
We also saw record subscriber growth at Foxtel, where, at the end of June, our paid streaming subscribers reached over 2 million, an increase year-on-year of 155 percent. That sterling performance has clearly given us much optionality as we consider Foxtel's future, which is certainly bright, given that revenues rose 33 percent in the Fourth Quarter.
Our strong record of cash generation, with a positive balance of $2.2 billion at the end of June, has given us enhanced flexibility. We were opportunistically able to take advantage of the required sale of OPIS, which we believe will be transformative for the already successful Dow Jones Professional Information Business. Our robust cash position has prompted the Company to actively review our capital allocation policy, with a greater focus on buybacks.
The intrinsic value of our content has been amplified through landmark news payment agreements with major tech platforms. These deals, which are confidential, will add revenue annually into nine figures and are a profoundly positive sign of the ongoing transformation of the news landscape.
I want to express my sincere gratitude to the employees of News Corp, who have navigated these trying times with professionalism and with principle. Their efforts, their creativity and their commitment have built on the Company's proud foundations and been a catalyst for these particularly impressive results.
Full Year Results
The Company reported fiscal 2021 full year total revenues of $9.36 billion, a 4% increase compared to $9.01 billion in the prior year, reflecting a $513 million, or 6%, positive impact from foreign currency fluctuations. The increase was also driven by growth at the Digital Real Estate Services, Book Publishing and Dow Jones segments and higher streaming revenues at the Subscription Video Services segment. The growth was partially offset by lower revenues at the News Media segment, which was primarily due to the divestiture of News America Marketing in May 2020. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 5%.
Net income for the full year was $389 million as compared to a net loss of $(1.55) billion in the prior year. The improvement reflects the absence of $1.69 billion of non-cash impairment charges in the prior year, primarily related to Foxtel and News America Marketing, higher Total Segment EBITDA, as discussed below, and higher Other, net, partially offset by higher tax expense.
Total Segment EBITDA for the full year was $1.27 billion, a 26% increase compared to $1.01 billion in the prior year, reflecting higher revenues, as discussed above, and an $86 million, or 9%, positive impact from foreign currency fluctuations. The growth was partially offset by higher costs in the Other segment due to higher employee costs, primarily related to stock price and Company performance, non-recurring legal settlement costs and investment spending related to global cost reduction initiatives, as well as the net $50 million negative impact from the divestitures of News America Marketing and Unruly in fiscal 2020. Adjusted Total Segment EBITDA (as defined in Note 2) increased 30%.
Diluted net income (loss) per share attributable to News Corporation stockholders was $0.56 as compared to $(2.16) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.67 compared to $0.22 in the prior year.
Fourth Quarter Results
The Company reported fiscal 2021 fourth quarter total revenues of $2.49 billion, a 30% increase compared to $1.92 billion in the prior year period, reflecting a $212 million, or 11%, positive impact from foreign currency fluctuations. The increase also reflects strong growth at the Digital Real Estate
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News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2021
