21st Century Fox Reports Second Quarter Income From Continuing Operations Attributable to 21st Century Fox Stockholders of $10.83 Billion

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PR Newswire

NEW YORK, Feb. 6, 2019

NEW YORK, Feb. 6, 2019 /PRNewswire/ -- Twenty-First Century Fox, Inc. ("21st Century Fox" or the "Company" -- NASDAQ: FOXA, FOX) today reported financial results for the three months ended December 31, 2018.

The Company reported quarterly income from continuing operations attributable to 21st Century Fox stockholders of $10.83 billion ($5.81 per share) compared to $1.84 billion ($0.99 per share) reported in the prior year quarter. The current quarter's income from continuing operations attributable to 21st Century Fox stockholders per share included a $5.62 impact related to the net gain on the Company's sale of its investment in Sky plc ("Sky"). The prior year quarter's income from continuing operations attributable to 21st Century Fox stockholders included a tax benefit of $1.34 billion, or $0.72 per share, due to a non-cash remeasurement of the Company's net deferred tax liability related to the enactment of the Tax Cuts and Jobs Act. Adjusted quarterly earnings per share from continuing operations attributable to 21st Century Fox stockholders¹ was $0.37, 12% lower than the $0.42 adjusted result reported in prior year quarter due to lower equity earnings reflecting the absence of Sky contributions as a result of the sale of the investment in Sky.

The Company reported total quarterly revenues of $8.50 billion, a 6% increase from the $8.04 billion of revenues reported in the prior year quarter. This increase principally reflects higher affiliate revenues reported at the Cable Network Programming and Television segments and higher advertising revenue reported in the Television segment partially offset by lower home entertainment revenue reported at the Filmed Entertainment segment. The impact of foreign exchange rates adversely impacted revenue growth by approximately $195 million, or 2% in total.

Quarterly income from continuing operations before income tax (expense) benefit increased to $11.55 billion from the $703 million reported in the prior year quarter primarily due to the $10.8 billion pre-tax gain on the sale of Sky. Quarterly total segment operating income before depreciation and amortization ("OIBDA")² of $1.57 billion was 9% higher than the prior year quarter driven by higher contributions reported at our Cable Network Programming and Filmed Entertainment segments partially offset by lower contributions at the Television segment. The impact of foreign exchange rates negatively impacted quarterly OIBDA growth by $94 million, or 7%.

Commenting on the results, Executive Chairmen Rupert and Lachlan Murdoch said:

"Our Company delivered another strong quarter of financial results, underpinned by distribution and advertising revenue increases at our domestic cable networks and broadcast businesses and the substantial gain on our sale of Sky. These results reflect our continued commitment to excellence in all aspects of our business. There has also been significant progress regarding the transaction with Disney and the spin-off of Fox Corporation including the effectiveness of the Form 10. Lastly, it is a fitting tribute that our film and television production businesses were recently recognized with industry leading Golden Globe wins and Academy Award nominations. Our achievements, including the value we have delivered for shareholders, are a credit to all our talented colleagues. Thanks to their hard work, we have created durable businesses for the long term, and strong momentum as we near the creation of Fox Corporation and the combination with Disney."

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Excludes net income effects of Impairment and restructuring charges, adjustments to Equity (losses) earnings of affiliates, Other, net, and tax reform remeasurement benefit. See page 15 for a reconciliation of reported income and earnings per share from continuing operations attributable to 21st Century Fox stockholders to adjusted income and adjusted earnings per share from continuing operations attributable to 21st Century Fox stockholders, which may be considered non-GAAP financial measures. See footnote (a) on page 15 for a description of the adjustments to Equity (losses) earnings of affiliates.

Total segment OIBDA may be considered a non-GAAP financial measure. See page 12 for a description of total segment OIBDA and a reconciliation from income from continuing operations before income tax (expense) benefit to total segment OIBDA.

REVIEW OF SEGMENT OPERATING RESULTS

	Three Months Ended December 31,				Six Months Ended December 31,
	2018		2017		2018		2017
	US $ Millions
Revenues:

Cable Network Programming	$	4,562	$	4,405	$	8,909	$	8,601
Television		2,148		1,806		3,424		2,871
Filmed Entertainment		2,159		2,246		3,975		4,209
Other, Corporate and Eliminations		(370)		(420)		(632)		(642)
Total revenues	$	8,499	$	8,037	$	15,676	$	15,039

Segment OIBDA:

Cable Network Programming	$	1,454	$	1,365	$	2,991	$	2,876
Television		(22)		56		146		178
Filmed Entertainment		193		131		470		387
Other, Corporate and Eliminations		(60)		(114)		(169)		(212)
Total Segment OIBDA^(a)	$	1,565	$	1,438	$	3,438	$	3,229

^(a)

Total segment OIBDA may be considered a non-GAAP financial measure. See page 12 for a description of total segment OIBDA

and for a reconciliation from income from continuing operations before income tax (expense) benefit to total segment OIBDA.

CABLE NETWORK PROGRAMMING

Cable Network Programming reported quarterly segment OIBDA of $1.45 billion, a 7% increase over the prior year quarter as 4% revenue growth led by higher affiliate revenues was partially offset by a 2% increase in expenses. The increase in expenses was primarily due to higher sports rights costs at both the regional sports networks ("RSNs") and FS1 and higher entertainment programming costs at FX Networks, partially offset by lower cricket rights costs at STAR. Foreign exchange fluctuations, primarily in Latin America, adversely impacted segment OIBDA growth by 5%.

Domestic cable revenue increased 7% led by growth in both affiliate and advertising revenues. Domestic affiliate revenue increased 8% reflecting continued contractual rate increases across all our domestic brands, and domestic advertising revenue increased 6% from the prior year period largely due to higher pricing at FOX News. Domestic OIBDA contributions increased 10% over the prior year quarter led by higher contributions from FOX News and the RSNs.

International cable revenue declined 5% as higher constant currency affiliate and advertising revenues were more than offset by a 12% adverse impact from the strengthened U.S. dollar. Reported international affiliate revenue decreased 4% as 11% local currency growth at FNG International and STAR was more than offset by a 15% adverse impact from the strengthened U.S. dollar. Reported international advertising revenue decreased 9% as the adverse impact from the strengthened U.S. dollar and lower local currency advertising revenue at FNG International more than offset local currency advertising growth at STAR. International cable OIBDA contributions were 8% lower than the prior year quarter primarily due to the adverse impact from the strengthened U.S. dollar partially offset by local currency growth at both STAR and FNG International.

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