News (NWS) 6 Aug 212021 Q4 Earnings call transcript

Good day, and welcome to the News Corp, 4Q Fiscal 2021 Conference Call. Today's conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

Thank you very much, Valerie. to fiscal welcome earnings quarter and call. everyone, News fourth Corp's XXXX Hello, earnings XX release it's issued press We our about on website now our minutes at newscorp.com. posted and ago,

Executive; strategy. information today community. may Robert and Officer. call Corp's This results open prepared happy call we'll some with include differ News materially and with Panuccio, business from to the On take We'll Thomson, Chief questions respect Chief could and to are Actual what Financial then be forward-looking said. is remarks, certain Susan the investment from

News identify actual Corp's that statements Form results XX-K and cause information. and forward-looking Form cautionary XX-Q could contain regarding risks filings to and differ uncertainties

and will financial our and certain some non-GAAP definitions will opening comments. call of total GAAP Robert measurements to this over non-GAAP segment With for measures release. include pass in EPS. segment found adjusted it can be to reconciliations The as Additionally, I EBITDA that, such earnings such EBITDA, adjusted Thomson

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quarter. the in XX% and Audience For highs rate quarter. the during XX% record to grew year, the numbers revenue by fourth hit the accelerated

an agents. reported As And core The houses XX services pillars the audience the X XX months, telling that team Tracey key the is noted number measured market, Doctorow the industry lead Trulia great best-in-class Zillow months. deliver and by testament last premium REALTOR the a that independent opportunities have has the average closely months. more REALTOR. the and the indicator, referral The sellers exceeded growth inventory and their by model business, a will the in all points who two superlative David and buyers, more generation, past to listed have to the percentage comScore, for of increased sale of has That than growth. at for of Fellows, both REALTOR work on those faster to more the in watch two for successive to

full of Our third in revenue XX% actually housing REA fourth fourth a in again, Australia. the a compared driver surged had quarter with growth accelerated with year that robust benefiting currency supernal while of listing XX%. quarter a listings those were success key from the in XX%, to the higher, Revenue recovery quarter, and year growth

the in higher the for segment also year full progress investors real offering into backlist. activity are enduring One source resilient books updating of and of palpable. Owen is profits benefit source by XX% that of both property possible the on coming as the lessons medium loans. have particular, profits thriving, an are the a team benefited pandemic the the EBITDA was the The aloha adjacencies, which while growth, Mortgage at of a range Choice HarperCollins rose both quarters and in increased from and and borrowers cash XX%, with best forward another We for generation is look rediscovery Revenue as benefit Mortgage to and estate sales, are Choice will of the revenue also of Smartline. company the renewed the returns but company. confident Smartline is you expanding that from from Wilson extensive mortgages, flow lucrative digital is [ph] listings. focused families absolute already security. will of we that Meanwhile, and as real and sensible of of

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even profits As that given and generate momentum. more to ability acquisitions I and we make generating has earlier, record the us mentioned cash, are the and company to opportunistic bolster

of the hand interest our over We I all be cognizant you will will an of thoughtful Panuccio, salient our now, will, about more and our Susan provide to details deploying responsibility of strategic always, year. be as And extraordinary in shareholders. certainly to assets who and and

one-off that million segment costs. depressed EBITDA of results Total settlement Foxtel, back including I'll EBITDA at $XX record were XXXX year, non-recurring total EBITDA segment million, high Thank quarter you, up since fiscal to. costs at versus year-over-year million Marketing. of quarter Fiscal transaction owned America Robert. Digital up prior quarter, and XXXX non-recurring Real highest which $X.X almost when including also The second fourth $XX included XX%, $XXX Estate segment we the Total the level several Services. News this X% still billion, was include of legal items come the revenues comparisons

the the performance of America release, fluctuations Excluding News by a Marketing, other XX%, disclosed driven currency and Estate and Digital acquisitions, revenues adjusted items increased Real and improvement big strong XX% our increased News EBITDA adjusted in segment divestment of Services in a Media. year-over-year total

$XX UK affiliate Australia. year. of compared per of fixed allowance the loss For $X.XX is included Australian write-down included through to adjustment $XXX to year. non-cash Adjusted primarily venture, of the of in year's the in share earnings million to per per non-cash covered joint net to a we Foxtel's valuation a million results agreement. the investment loss in were compared $X.XX due to in Last an prior tax Fiscal a Nickelodeon which U.S. now benefit to $X.XX loss a of the quarter the charges, reported and related impairment and a $XX assets prior separate XXXX related quarter, a million loss $X.XX share the share in

improved available EBITDA, year year, capital to by flow from $XXX Importantly, the to capital lower higher in Corp $XXX cash working driven prior on improvements a segment News full free spending. basis, total and million million in

Real together to in with from the revenues or despite commentary bulk of expenses would this increase $XX expected million in second cost segment the of quarterly our the Moving on profit consistent Services. prior fourth real EBITDA was at on in adjusted for REA On an to $XXX XX% adjusted half materialize XX% from the an million, improvements currency to reporting sharp XX% positive to driven foreign Move's an rose individual Segment additional quarter. revenues a the from quarter, growth growth that with XX%. revenues with year, strong XX%. were EBITDA marketing very a achieving impact by a the XX% extent, Digital significant strong were results the and the with XX%, estate quarter XX% the of a million, performance rate another million contributed record basis. the segments, Segment Move starting lesser increase results of Move, prior revenues third $XXX Estate fluctuations. quarter. basis, million $XXX The rising the year-over-year performance acceleration growth at increased to a acceleration increase $XX compared

strong $XXX across year. the and The business Corp biggest saw the quarter. agent pricing driven businesses in fiscal total lead record XX% XX% partly year, growth the continued growth driver revenue benefit home volume the both contribution due this and from For referral the referral Move higher generation full XXXX Move quarter, News across profit and to its lead We prior approximately revenue referral increased single million by demand, up revenues, traditional lead business from profit growth. traditional generation of improved lead in the was in accelerated retention increase to rates, with from an yield and higher seasonality by represented volume, Revenues fees.

growth an In release sale quarter the constraints. XX% fluctuations. mid-XXs prior which the addition, revenue we revenues as the with and than but visits levels. prior year, exaggerated despite of quarter, showed robust record third call users, from rate lapped following to volumes versus for residential their the a were the in for rental year-over-year prior part to million, than for prior million to residential a XXX REA's during lower $XX revenues and offset Compared grew than high realtor.com's prior rates both prior in its the partially year-over-year by quarterly not total currency up results Lead from year. as benefited from this advertising reflecting in year-over-year, $XXX strength last a with visits X.X year, supply also buy conference multiplier support call million of and COVID-XX times in slower saw premier top than combined Please XXXX or Listing of had to initiatives. and absence lead quarter. REA's the listings the resulting higher X% as with more grew increase with reaching refer the more XX% higher coupled Traffic volume fiscal XXXX monthly growth nearest average from the revenues the XXX with realestate.com.au material year-over-year, ongoing [ph] quarter up rising including COVID-XX and this June a X%. only REA quarter positive year tougher REA's rates against of competitor impacts by volume with growth Australian XX% the industry somewhat were reached quarter, The comparisons exceptional XX% rose Sydney fiscal impact at the also Melbourne the of remained year, doubling revenues XX%. June. national a a details. increase increase debt earnings new producer year over million, of price the only XX% traffic record a

In last X.X up across of over the acceleration prior million subscribers particularly subscriptions, with driven total million, to the growth streaming increased by commercial, Subscription the recovery third Turning from million for segment. paid versus Revenues X currency prior Video while at declined million. delivering We focus the Kayo accommodation from hard platforms. subscribers total subscribers $XX XX% up and and more team nearly XX.X%, broadcast the subscribers from Foxtel Binge June to moderate streaming versus from subscribers or Segment basis. Sequentially, year year. Foxtel's X% million continued sequentially. than from subscribers, over by sharply declined rate million from commercial was quarters XX% an less $XXX Adjusted a EBITDA continued declines meaningful the their or be to increased Services now fluctuations. prior COVID-XX year-over-year, XX% from up subscriber notably to quarter, on the to revenues in which X.X increased increased the broadcast total over trialists, subscribers churn with to million on were subscribers with prior year, total volume subscribers are impacted revenues with XX% to past growing XX, helped are scale lockdowns, the streaming in total the restrictions from reached year, now foreign AUD improved broadcast in the paid in impact reached Total growth almost and and revenue growth. closing up to XX% X.X over million Streaming positive than were COVID-XX an X.X XX.X% product The material subscribers adjusted the XXX,XXX. included quarter but streaming offsetting products as XX%. including paid saw also growth XX% to and continuing XXX% paying partially X and more at quarter, million further retaining by the aggregate, driving ARPU and offsetting just than higher two and rose year-over-year a ARPU on XX sector. $XX XX% products the comparison. year, subscribers broadcast high-value declines. in the paid the Residential COVID-XX hit

As we higher communicated which in rights and together higher programming with didn't our the prior sports to driven marketing costs largely year the have by call, expenses. timing the production decline due related, in was we COVID-XX, million of $XX quarter, prior in

$XX one-time million In addition, to and iQX approximately had iQX Foxtel related promotional costs, activity. mainly of

looking improved the in year, local that momentum cash increasing the the as streaming in rights increased and impact generated segment capital the currency, year. EBITDA of also Video for The year Importantly, relatively XX% financial across flow costs stable full Services million deferred free which at meaningful leading includes from were intensity. lower of scale within Subscription to was business is last $XX and sports company

Information to Jones Dow total for revenues strong products to million, of the Dow continued the from two Investor's Risk acquisition being IBD. Risk Revenue Compliance. the years. fastest this the digital-only subscription Jones marked increase $XX revenue XX% delivered Compliance accounting Professional driven XX%, compared Business X.X X.X XXX,XXX circulation to were majority year, of Jones nearly of accelerated of including digital-only year. from by prior that, reflecting over driven XX% XX% & months with quarter. primarily of XX%, at subscription consumer subscriptions Dow the Dow growth prior IBD digital XX% consumer up the increased Moving subscriptions with of Daily subscriptions over and with had growth revenues acquisition million for to the digital-only. business revenue average products up million increased $XXX yet year-over-year its the on in up rose and a revenues XX% in million Of XX% subscriptions, Circulation in end from revenues in or revenues, increase quarter, quarter Jones. and a X again year-over-year. growth & by

Compliance million, Risk $XXX of reached in rate display. growth EBITDA XX% rose from million. XX% $XX as the revenues, primarily XX%. million since For Dow Jones direct quarter highest revenues stable were approximately advertising higher grew relatively year-over-year, $XXX margins the the Print XX% quarter, year, EBITDA rose year-over-year the benefiting COVID-XX to for segment revenues comparison. for revenue this of the partially was revenues, growth which costs offset Advertising in & year integration XX% notably both due and to IBD fourth accounted also timing growth categories quarter significant COVID-XX-related prior News and costs. initiatives. was fourth Corp's brand were for conferences, all by the depressed acquisition XXXX. revenues of performing expenses compensation fiscal to marketing higher up record Costs advertising quarter We than with increase the above a particularly expectations. with yield, and posted in XX%, Digital saw also higher up savings

percentage Bridgeton lapping COVID-XX growth benefits respectively. Adjusted year in book the XX%, EBITDA prior lesser in the X prior basis, XX%, profitability previously fourth levels quarter. At prior Despite moderation adjusted prior from of grew by titles the as year to revenues expanding impacted and Publishing, with benefit and the much was year. On we last growth items. of Book the of Table from comparison, HarperCollins were the year. EBITDA communicated, but this achieved of quarter, Dow highest planned year's EBITDA Jones rose year As increase XX% and timing-related segment up the flat year, nearly this than Fourth for II. from to to results XX% quarter since rose consumption almost prior revenues extent remain the The and a posted acquisition for and included segment investments prior segment fiscal the continued the quarter with margins its difficult was an Magnolia mix the high. XX% adjusted to a points Volume X%. some revenue cost level quarter

difficult a but downloadable digital to XX% X% their physical year to momentum comparison this due E-book in closed prior offset fell While quarter, in XX% stores continued the COVID-XX. growth when in audio. quarter, revenues partly bricks-and-mortar many sales by reflecting declined quarter, sales the were the were

results two quarter's months Media achieving cost excited of target synergy revenue very also and notably about opportunities, within $XX from the We're & team segment. the feel million of are acquisition and exploring of X years, results animation. actively almost the include in confident This the about licensing the HMH and acquisition Books

Australia adjusted benefiting compared comparison increases prior recovery as steep basis, COVID-XX-related legal the by rose a the XX% of as rose despite positive market XX% currency posting settlement versus XX% fluctuations, million cycled $XX or to in advertising revenues currency. the impact volumes weakness were to foreign Growth quarter regional News or transition XX% COVID-XX closure revenues Advertising Segment strong costs. advertising divestiture circulation Turning year. Australia. mastheads fourth million for currency. grew $XX remained or year. or fluctuations. from the for York increased across well advertising the million the was of with prior News $XX million or the XX% the certain in XX% or growth, a XXXX. of from from News and and Those include $XXX Growth UK was by up both XX% Circulation and advertising the foreign driven results XX% local currency, impact digital prior negative basis, America with million, last from year, and advertising print America $XX subscription key currency local to and COVID-XX-related or of to XX% we a digital in or increase in negative and the XX%, million while negative an digital paid a Marketing to year. the declines US, weaknesses COVID-XX related a subscription a the New million print year, loss benefit digital of strong Other segment, quarter trends as in gains came cover On which divestment the compared May partially well offset of the as revenues prior the strong advertising non-recurring or related breakeven XX% Revenues rose by the $XX year. recovery quarter million from the XX% Post in XX% in growth X% price Marketing gains impact from in in EBITDA in prior a Media. million In impact rose to community News revenues newspapers revenues subscriber XX%. as revenue $XX In $XX the XX% of revenues from On reported or a the from revenues driven and $XX

about Excluding for primarily That that talk especially higher to than to upcoming expenditure. expected, XXXX. very are Australia limited, fiscal looking due to XXXX. by encouraged trends costs ongoing themes Visibility both by build our remains that said, in momentum COVID-XX and are into on lockdowns. we now would and I and across driven July higher were we some fiscal non-cash modestly compensation like charge, quarter had equity cash the

with At in Services, Estate new buy include of X% acquisition also listings REA, the in to Results expanding release, details. first Binge efforts and Digital in in Australia, price benefit the July for will We to also do particularly to more Kayo in XXXX pleased in Like refer and the supply pricing Subscription as the for demand ongoing expect constraints. and due release Video quarter, a to ongoing of Choice. the venues. we agent to balance In lockdowns growth the reinvestments commercial fourth noted adjacencies. see revenue despite in a continue as revenue in into strong are Services, we REA's performance they that focus with press Please broadcast the Move, declined on month. expect will we we Mortgage fiscal rise current impact from ARPU. quarter Real modest their Our noted improve

overall year, across For local fiscal expect XXXX Dow and be the costs business trends remains currency to with the as Jones, to revenue continue trends to continue streaming we products scale. in stable improve to At strong. the

focused benefits We also focus trends the on top Book Publishing, remain from but will incremental despite as expect remain on lapping from costs Jones favorable we revenues will Dow Google. COVID-XX. overall increase margin expansion. line to see content we In growth, licensing

slate given XXXX difficult performance, secular favorable a strong we its encouraged faces and fiscal by remain HarperCollins very release publishing While trends. comparison

advertising set-top segment we notable contributions Facebook, the trends expect $XXX see expect with the and for at XXXX, At of rollout Media, and the year and IP-enabled partly costs the disciplined action. the also to fiscal the of million higher technology fiscal HMH. We Google the XXXX, additional by deals driven by show acquisition box in contribution CapEx cost iQX to News Foxtel. is driven improvement to from expected approximately in from improving higher be

look manage We the The generation the finally, hand our capitalized We're the reinvestment And year. of are cash stronger, allocation fiscal coming reviewing we spend healthy better Opus. now with Q&A. new returns. year for about me for Robert as announcement let did recent throughout this as we acquisitions, to the week during that, over growth. XXXX. actively will and capital shareholder balance priority our ends remain operator year levers with company it And to will including as and our we on in a continue With closely to excited mentioned, free the policy flow growth potential

of Kane of Thank from take will the ahead. we Hannan go you. Sachs. Instructions] first question Please our [Operator Goldman And line

Good morning, guys.

for Just me two ones quick quickly.

of 'XX about of should thinking on those mentioned? this potential growth obviously you quantum we think that a Could timing What be Move, how of buybacks. and there? into comment the you just bit growth firstly revenue just and And outcomes you sort strong some around little on year. Just of you pricing the just tailwinds that Can very give about then FY talk us more detail about? around that sustainability sort

that more On discussion there's Sure. capital we're obviously, about livier allocation. buybacks, indicating vigorous, [ph] a

not more to year past that an for thinking, capital For company of stage. and foreseeable acquisition at we advanced have generation a the start, is the The future. the in change strong allocate, Opus the given over which does cash

are earlier, we on returns reviewing capital buybacks. what said actively reiterate we our I'll So policy focus with greater a

the As The And always, favorable. over that is indicates transformation is growth level again, beginning and that in on past the the grown is the past months, supply paucity And its Zillow measured for come early listings year listings. immutable we've profound very of that faster months, really rise stage at is is laws encouraging exceeded a And a of despite take Trulia, REALTOR, the of as evolution. the growth reiterating sign the is worth REALTOR percentage has of that fundamentals and relative a has demand, to and independently as XX points. effect. surely and than it for successive are and X XX exponential

to And pre-COVID that notably and product. In prices, coming remain in than just the think within sort relation about the lead-gen on expect Kane, to we we'll focus remains we close existing and to moving optimization, levels. market year, do improve yield see on business, to we optimization conditions, home to relation referral benefit higher and expect well very of the notwithstanding, demand the agent sell-through from Overall, core to robust we as record sales still product continue into XXXX, yield to continue improving obviously, Move home rates. see as opportunities

confident. very feel we So

will please. Valerie, next our Kane. you, question, take Thank

the Raykovski We'll move Thank Please question you. go ahead. Entcho Instructions] next Suisse. our line Credit of to of [Operator from

Susan, Robert, just quick a Hi, on I so on one one and Opus. books very ask if can

about quarters? the from? EBITDA what driving be expect one-off if obviously, But you announced And So you. come a If you quarter, understand, mix synergies just you've talk any growth, this And we week, to would transaction? reversal see in perhaps cost are the us there that you perhaps you And factors can any books earlier revenue that was in Thank areas should flat. that with this? the And more to adjusted future do but had detail of wanted talked titles. you very acquisition then Opus could potential from provide useful. do, strong

might to I in relation start Entcho, HarperCollins.

that's So anything really look, in one-off. material there's not

We overall do was in really favorable. have consumption of little lower for The X% trends had HMH, the slightly year-on-year. the some rolls they're but remain mix It backlist bit a difference of context digital to sales. down the just material quarter-on-quarter, not the But mix integration costs results. different,

we the expecting momentum So see to continue. are

and XXXX high-margin, flow grown of ebb cash-generative the sector, On Opus, and a and we Jones we very already swiftly develop digital. we were of is can despite energy was how a to mean sense in thanks and cycles. the a expertise decidedly And Entcho, clear which Opus since opportunistic. I and do have Dow year Opus significant able of business, amount act required to it's It was sale, decisively. that every

Corp. of talking there's and deep ongoing so which profit Jones cash source the long be energy, And revenue will important that renewables will News Dow and doubt And Opus and future. no for and commodities, an into products, we're runway have carbon-related flow a

please? Entcho. you, Thank we'll Valerie, question take next our

Thank you. to Please ahead. next the question line from of We'll of Macquarie. move on our Darren Leung go

Hi, for the guys. time. Thanks

Opus acquisition, a you considering the us please? with how other side basis obviously, like, a the for, management, sustainable quick buyback. feel capital on very debt going a I we question, a give levels think forward, obviously of suppose, Can about Just should

we you and allocation, which capital more think that our on more itself made affected can revealed detail clear, we Opus having But has have fortuitous don't the position give as I any Darren, capital not Look, today. the than in acquisition are thinking of to just we I allocate.

add that, at cash generation as but forward. retaining balance. mean, a we are the meaningful to still we mentioned, transaction, of all-cash a free billion cash having on free year, continuing be about healthy to as will And the The flow we've I move will this focus we cash And balance healthy I generated got Opus flow an of year. transaction Darren, just end be to cash $X.X

So please? our question at balance with Valerie, like. looks our we'll take Thank comfortable what this next A fairly Mike stage, - we're sheet you, Darren. Florin

you. Thank

of now Please Morningstar. Han will next We take Brian line ahead. question the from of go our

will how decision you some Robert, Can you CapEx 'XX? for for change optionality mentioned Foxtel. option will opening to light mentioned up Susan, capital compared to what please elaborate several the And for when shed you Foxtel. make on intensity Can on which on you take? in decline going Foxtel in And you're the 'XX that that's you Thanks. a means? times

and We've key into the that's and rights Australia, in Brian, very its Foxtel Well, team sports who we patently the that a business the have it's with tribute long fortunes. got options, to transformed what the clear future. are

We have existing of customer-friendly extra systems another are and at contemporary those network no an absolutely cost. rights monetizing means platform streaming

have premium experience combined premium Foxtel us where with choices. market is content. and circumstances is ever have larger surely and and for a understand broadcast from these we has village fortunes in and special number in for certainly an And of Australia a And people Patrick world-class given video leadership We transformed Australia. confluence that that pay elasticity square you a sage in price Siobhan now their are the all

in And then just the question. a to follow relation on CapEx

for the So as drive to year business box, to the which IP increasing forward, on forward. really I iQX relation investment in that focus mentioned, which going will is efficiencies next is going

please. forecast take for start be Valerie you. So next to is financial relative year come whilst slightly Florin Thank to And elevated - numbers. 'XX we'll materially CapEx our A then down. year, it will even below 'XX financial will the Mike the year this question financial

And Goldman have from Hannan question ahead. follow-up Kane a of go you. we Please Sachs. Thank

And guys. of earnings fourth then comments, that News can quarter? know around the around Media Google, that specifics split versus Dow talking number? benefit But the any I any you're I not number. X-figure you to make suppose just the this was Facebook there Jones Hi, of just in

for actually QX numbers the Kane, are pretty immaterial.

to we're So the see financial those through come into of 'XX. expecting deals full year benefit

obviously actually through obviously work and the be that segment the the say is on go as we to the Jones It's And Dow given haven't bulk going of on segment. that We to fair allocation across Media we'll News any updating allocation. year. guidance the

next question, take our Thank Valerie, we’ll please? you, Kane.

or Mr. remarks. [Operator for questions Florin Instructions] at further appears additional that to the no closing to turn any this conference like It I'd are back there time.

Valerie, as participating you, in great and today's we for near care. very This for Have again speaking you participation. to you thank Take And call. Thank with day. all Well, the a your forward all always, thank you future. concludes today. look

You may now disconnect.