News (NWS) 7 Feb 242024 Q2 Earnings call transcript

Welcome to News Corp's Second Quarter Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis.

At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. ahead. go Please

it's much, Corp's very issued everyone, welcome ago, and earnings at our Thank newscorp.com. Second operator. Quarter News and minutes XX Fiscal release We posted XXXX to on press website you about Hello, now Earnings our Call.

the are questions we'll then Chief be to take Robert On the Executive; Chief investment Panuccio, and Susan call prepared We'll Officer. remarks, today from community. Financial open Thomson, and with some happy

information said. with strategy. forward-looking to call News differ and certain This may business respect Actual materially Corp's include from could results what is

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

segment definitions Additionally, adjusted can on EBITDA releases this the call GAAP include and be non-GAAP earnings for will of periods total adjusted applicable EPS. found EBITDA, and certain such The financial non-GAAP as to posted reconciliations segment the measures website. in such our measurements

pass With Thomson it for that, comments. over I'll opening some Robert to

pillars after residential where almost in there of are U.S. signs sluggish Digital there our early decades. in the the News and company: particularly of the revenue in in ease most Services, Dow sector prospects core inauspicious some achieved conditions further believe We And QX. we markets. growth Jones, has recovery market was Estate succession, across are X for improvement there Real macroeconomic Corp quarter profitability. And Book both as Publishing Australia a resounding and in in the robust of difficult, growth results conditions our saw in For second X strong

world-leading our continues investors. as creating review the diligent, our part of of structure we brands, potential on for commitment, remain And company's long-term concerted of our apace. value the intent Given

at top results. the line Looking

to profit and quarter X% economic billion, News surged in the marking consecutive growth rose $X.X profitability of third XX%, quarter testing revenues Corp's second times.

quarter last $XX million year. EPS reported year, for income was same in rose while $X.XX to last $X.XX million the the quarter Our period $XXX against our for from net same the

progress XXXX, digital now an are complacent, that more digital we evident. is from That of company's of every Halfway transformed is and element increasingly completion. than touched every The has are prowess one from e-revolution, and comprises an XX% revenues. all e-evolution. satisfied, business, far approximately through far and from It fiscal far

and collective benefit shift the seeing half XXXX, away revenues our has advertising nearly fiscal advertising, with In revenues are fundamental strategic XX% from News and volatile of We from circulation circulation a subscriptions. from were conscious subscription of to growth There potentially revenues. in Corp metamorphosis. been

news our average In which figures additional Wall have we professional XX%, our Times, And the the And is growing where The at information loyal of with don't million Australian advertising comfortably including Australia, Kayo half to News subscriptions an retention number over services Corp surging include Binge. as year, at subscribers and X The XX%. other at Jones, our in includes popular and had Street million to and the preceded subscriptions of Journal, Barron's, had to Overall, of QX fiscal publications. circulation of The Times first brands, Foxtel rate above those subscribers business Dow XX%. paid the streaming X.X Sunday

important and at role intelligence, increasingly Artificial will an its businesses. with permutations all play most perturbations,

gold advanced highest picks at the negotiations nuggets crucial shovels selling for callow ensure AI cliche the content those provider We selectively expect quality, need stage. to relevance gold companies The to and are be generative a the is companies of and are corny, their products. an are timely the we AI seeming rush. during that who core Well, content reselling

we while digital Courtship that It certain courtrooms. for consultation prefer and the And preferable integrity, as rush of is a merely gold prefer creativity. lawyers. the litigation, creating value certain quality is to former companies appreciate companies reassuring other is media

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would I Davos, importance visit his Sam OpenAI, journalism. emerged there shown at who altitude. always appears compliment where to also He like of a understanding unscathed the Altman from clear has have social of attitude is first of to to

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professional quarterly track Corp's its That solid performance News thanks is notably year. to this Dow highest yet since successful fiscal result which acquisition. on most across to be to the business, in information Jones profitability the revenues increasingly now contributor Turning Jones, level of the achieved which remains largest at Dow profitability and business, again to

particular, CMA, critical Business to burgeoning Finance Corp of masterminding complete. deals, team which been robust and in like completed and seeing delivering schedule, so The the the Opus I was is near executing Dow Information News is the of for Jones due Chemicals Base integration would which growth which Professional and to to growth. compliment, have Opus, ahead

Jones are far building of Dow a and bevy are products. compelling at from and smug Executives new

Opus' assess example, compile help Pro track utilizes visits pricing and loyalty rates strategies more and demographics, customer their as other customers XXX,XXX to database Analytics trends stations well points. of than our among data fuel For market and valuable, actionable as

[ of financial in and R&C-sanctioned Meanwhile, insight Check, compliance individuals. potentially instruments, AI-driven with which ], provides generative And DJ instruments Risk product & a world. relevant mapped with in into regulated commonly crucial BigTXN profiles used Integrity a heavily to our provides Compliance's companies fleet is financial partnership problematic cartography Sapient partnership

digital double QX the And X.X 'XX. to including subscriptions Street than Subscriptions are news reached represents January, average business subscriptions Journal, which X.X to fiscal MarketWatch and million Barron's, grow. of Dow over million, The more the month Investor's portfolio, of Daily, Jones level at the Wall average continuing Business daily in pre-COVID during digital

subscription The been which is team's has by acceleration churn. digital engagement driven increase reduce the part in designed long-term bundling and reader growth of to of products,

the in since most shifted has the by and print quarter positive year-over-year sectors time revenues that although challenges we to been driven purposely and report happy advertising, have faced in recurring Jones, the for we we fiscal result some first growth of tech first at to primarily at Dow notably advertising XXXX. While automotive emphasis digital are wsj.com. grew This

and with Services Digital activity world's where India increase average in REA political economic by to a most Real for Sydney REA, the populous further higher platform country, in over X% largely unique of strong there revenue thanks expansion. an rapidly growth expand the and growth pricing. heightened its million a and Estate the XX fueled as reported had have listings monthly in lead was quarter, to prospering core strong XX% December, in housing digital stability and the Melbourne foremost created continues visitors where platform solidifying year-over-year, markets

been continued of Move, are that At in affected signs to undermined realtor.com, leads. the the important increase high weeks, market. there have activity have in in early by mortgage be And But interest an U.S. moderate. rates recent beginning to all rates

pending year, the versus in third Association compared National realtor.com's that to inventory sale the homes since June of growth, revealed XXXX. comScore XXXX. January data year-over-year to in newly home month with for Realtors REALTOR increased that users over consecutive The listed prior a increase have signaling return at report growth. index December X.X% January marked for largest with X% Unique housing increase sales of December the the a latest stabilized, also announced just

in poised the During customers to incipient user the advantage housing and improving for technology, assiduously market. so the recovery of been the take of we the back-end bolstering the full realtor.com has experience, are our products broadening downturn, portfolio team U.S. the

Ek, Spotify strength I our the blossoming partner, This HarperCollins category a XX% to commitment the up front category. in both expanding in demand second the commend quarter, his with in the the creativity. to a partnership audiobooks fueled Spotify. increase and Daniel had and was successive to stellar list appears for due to consumers. audiobooks market the notably thoughtful digital flourishing results opening sales back XX% for by quarter. list, thanks new revenue be and saw to for growth We our new would to audiobooks like

Patchett's Pioneer The by bestsellers Little by Woman Copperhead. we Ready! In Albom; The Ann Barbara QX, Liar Drummond; Tom Lake; and saw like Mitch success Demon Kingsolver's with Cooks—, Ree Dinner's

Jeremiah, The We rapture also ready, by sales including David is The books, saw Great strong Bible itself. Disappearance Dr. who for Christian and

QX, Am A.J. by Than for, I to we Story LeBron ahead More End have others, among expectations of Looking and great Finn's James.

and winter sports. League, X forward while and growth at Binge, believe been consecutive story. astutely sports aggregation ad-free and our season the to search constant dominant Services, a acutely for streaming. Video Hubbl achieved entertainment We our next Subscription consumer revenue advertising At and and while content the early sports. experience launch In to expected Foxtel looking basic and premium volatile football upcoming service month seeking will world, effective for cost Hubbl, are add with the has between we in customers. quarters at transition has Kayo, conduit customers product, continuing And there Australian cherished of being be conscious the in At tier for to currency, success Foxtel new managing X is Rugby most the to the success improve the streaming rules

digital our continuing subscriptions, up growth, ad at XX% Times, which XX% currency. record for over have The at basis in new News in overseen quarter half, the a the Media, News Gratifyingly, significant XXX,XXX, at on progress the we where experienced seen algorithmic in and improvement convulsions and team and after local her digital quarter. have a saw were recent set aberrations. news U.K., Times digital during Sunday there and In Brooks turnaround traffic weeks, in a growth in Rebekah subscription first brands reported

We imminent expect continue of The in with the the borders Times digital the launch success The to Times beyond Britain's U.S. of

objective that coverage with market narrative it readers We non-journalism. news discerning will are confident hungry saturated resonate in with for a

XX was influence in to according At December in profitable News vexed these again news.com.au and has country's vexing Corp is metrics from times. York course The web again and leading expanded million New Australia, its to Post monthly uniques news on And be political with the nearly Ipsos. positive

potential With in in are brands News most to to which QX value We the beginning X that sense our start the for XXXX, are fiscal appreciate our a and QX, keenly strong of the new off profitable and the investors follows portfolio. results years can sterling Corp. of the we year

bolstered our balance initiated continuing On all behalf are flow a buyback $X and have billion generation, transformed our of we plan. free cash dividend sheet, investors, our

and our like around to to Rupert Murdoch, world. For pay would and tribute that of commitment to highly and the Lachlan to our employees strategic the transformative I engaged success, of directors the support

on now talented to colleague, results. elaborate Panuccio, to Susan am who pleased turn I bouyant will my these

Robert, everyone. and afternoon to good you, Thank

Robert a revenues. we resulting profitability in first strong both second improvements had mentioned, As half and in year-over-year quarter,

reductions. We transform discipline the together reinvestment ongoing higher and continue with allocation recurring exercising across the to with revenues, balancing fixed strong company capital and portfolio digital towards and cost move

segment compared were delivered the growth revenues the year, EBITDA to grew from compared total up quarter $X.X prior the X% an increase to X% billion, second growth $XXX X across Services quarter, XX% Dow million quarter. Adjusted Our the Total X% and prior year. to revenues all the first Digital performances posted Jones, key Estate the Publishing, which for profit gains. Book driven double-digit strong year, compared up was our Real by pillars: prior in

segments XX% the quarter. fact, In growth this profitability in aggregate, those delivered key

Our segment versus EBITDA highest second quarter year. was Adjusted the total years. in EBITDA total also grew prior X the XX% segment

year. prior of share per earnings in earnings $X.XX Adjusted in to $X.XX reported $X.XX to the quarter we year. $X.XX in quarter, the compared prior the per For the were share compared

Digital the Estate the Moving segments, individual reporting results Services. for Real on starting to with

$XXX quarter basis, for Adjusted $XXX for financial XX%. contribution headwinds revenues time to a segment healthy the return revenue On to notable improvement revenues segment XX% Segment EBITDA million of adjusted and X%, due growth quarter first were offset the Group, a from million, rate from fourth by an the year first rose XXXX. X%. up since REA higher an Segment at Move. impressive to rose revenue a partially a rose EBITDA the

release a had revenues growth million driven impact very Growth record was up rose again national refer another with directly after which of rising earnings on basis with Sydney XX%. residential REA approximately a favorable $XXX their details. in exchange. primarily and conference contract commence quarterly with yield up geographic and strong upgrades. listings to ours more quarter improved year-on-year mix Please listings new buy increases, REA's from XX% by XX% minimal Melbourne reported and call, foreign for to will X%, customer Overall,

revenues declines were recent moderating compared Move's from XX% of with year, $XXX to quarters. the million prior down

users For lead transaction lower year, benefiting in declines the by and just improving quarter, comparisons real combination at the flat year-over-year, X% Lead with XX%, of mortgage recent quarter broader well prior down volumes XX monthly fell as for rates. December revenues of from trends. reflective unique industry Average a as to the driven X%, compared the were fell easier million. estate to volumes,

lows, existing determined market positioned rates. for although half realtor.com's housing second and irrespective any market best mortgage improvement declines are hopeful environment success given XX-year home hitting the with in to tough, the U.S. housing are said, to offering market remains show the we so when sales start will strengthen in improves. The recent product considerations, it's content of we That

content all priorities, key in the share; with and capturing and the the unique customer the is strategic proprietary several diversification revenues AI News network and with scaled assist data to greater focus initiatives focused that for to realtor.com platforms; include team sell-side which experience To personalization; a on platform end, on increased modernizing Corp's offering. technology executing leveraging across unifying to relation with accelerating help the creating of audience

the On sports up prior over environment conditions were circulation Streaming revenues across rose versus Services to prior million with XX% the X.X prior Turning an adjusted for Subscription million, Total for XX% basis, in a revenues year. subscribers the sequentially a year. compared paid Revenues the quarter of Foxtel seasonality versus were revenues increasing and the the quarter X% weaker the Group prior at Video declining inflationary tougher were although caused to for year. the year, million, X% segment. year. Total due the $XXX streaming flat subscription closing to prior accounted Kayo, financial consumers versus X.X paid and cycle. and X% subscribers by

was churn X% broadcast migration Broadcast in cable year-over-year. the October. of at Foxtel residential ended down X.X million quarter flat, despite with final the subscribers, XX.X%,

X% XX, approximately in helped subscribers price non-platinum AUD rose a rise July. part ARPU implemented to by for in broadcast While

declined the year, segment lower sports by in XX%. marketing partially EBITDA launch Adjusted was the contractual of $XX Segment and costs. agreements down versus quarter revenues escalators and rights EBITDA $XX higher related million Foxtel prior Hubbl, technology million in driven to price by offset of upcoming and the XX%

Moving on to Dow Jones.

resegmented. up and first years results segment Dow since the acquisition the million, which Dow segment Dow As for contributor Jones highest of delivered Robert revenue over second quarter EBITDA year-over-year, mentioned, Jones it the the revenues Jones the delivered of quarterly was made X% quarter the for ago. time since revenue performance $XXX highest XX

grew of points X for subscription-based revenues the this On accounted percentage year, revenues prior X%. from stability year. up of total represented revenues adjusted from last an quarter, percentage almost XX% revenues reinforcing points nature recurring basis, of X and and approximately XX% revenue total the Circulation up the Digital revenues, base.

posted benefiting XX% XX% new $XX growth at remain at million Compliance rates XX% Risk & strong PIB We XX%. growth strong rising Dow a saw with very Factiva at at over from to year-over-year, and Jones again deal. retention $XX Total very growth, licensing revenues million. to PIB, Energy growth including

disclosures We Jones. value on help with focus appropriately the market are continuing increasing Dow to review transparency primary the our to

revenues both we To XX-Q. the are & Dow in that and Energy end, Jones now for Risk providing Compliance

to Within increased look Dow the on digital-only better the focus in products flat Dow offer with revenues as Jones of quarter greater drive incremental XX% volume consumer over were between business, subscription prior an digital-only engagement. multiple bundling products, by Jones they minimal costs leverage circulation the X. XX% and driven acquisition by versus accounted subscriptions year, across growing the Bundling sequentially, or overlap XXX,XXX on growth for year-over-year capitalize

declined the driven first million, Advertising year-over-year digital first up to XX% financial although X% advertising categories. with revenue to first in growth auto weaknesses Print strength XX% rate, X%, year returned of quarter by declined due for Digital last in of year. the the stable revenues to the $XXX technology rising 'XX, relatively revenues, and services. XX% since financial time quarter represented

X%, to driven Dow of phasing EBITDA addition segment XX.X%, in and Jones $XXX be was driven with for by largest largest distribution on which reductions and expenditure. XXXX. newsprint declined track fiscal quarter Dow contributor to by and points remains to improving in XX% and the head profitability Cost sales XXX about EBITDA Jones the the segment grew the costs, to production performance, lower marketing count BXB million strong contributor, margins basis to

improvement to The from the strong points in meaningfully better as by some performance, network. to basis to exceeded sales, XXX segment increase improved prior quarter expectations, key improved this year, almost including distribution normalized particularly backlist appear to titles, XX.X%. benefited profitability. increased due have EBITDA performance of our saw year. Revenues $XX in to Margins compared million, compared Robert $XXX Book from while inventory Return up while levels X%, were At Publishing. and financial sell-through the Publishing, XX% to rates again last mentioned, million a again, Christian frontlist notable materially our across success

with Inflationary costs of The last by and moderated with contributed for this revenues, accounted rose lower Spotify, manufacturing and XX% of revenues costs for while of from up digital consumer helped XX% from and record this freight digital sales. generated incremental which lower our high, a with signs and costs, year, sales pleased quarter. quarter Downloadable digital EBITDA partnership and XX% accounted XX% audio early backlist this nearly XX% are mix positive we sales, the quarter. distribution product

way X% background, gained On Spotify of adjusted XX%. not As usage-based is model. and rose a an a model, segment EBITDA revenues basis, pooled

Turning challenged, segment subscription Advertising to the mastheads in Robert down as down cover platforms. X% constant traffic trends while and weeks, changes The adjusted News increases. digital Media. That algorithms year, lower the Revenues this impacted million, currency, in circulation with encouragingly, in price declined currency, X% up several Advertising again $XXX challenged. large are at declined in related particularly rose revenues constant Performance the more the while noted at versus and benefiting said, by remained recent particularly was U.S. were X%. from and X% recovery Sun advertising prior was some seeing XX% X% at in was to in negatively we

Adjusted offset newsprint declined lower and XX%. to spend and segment declined print at EBITDA the lower was partly million, Segment $XX which revenue, volume expense by EBITDA due of $X talkTV. million, lower

in outlook, to for As it markets. economic forecast albeit comments last across our vary similar conditions is to quarter, short the term, the challenging

of each segments. at Looking our

Estate Services, Real XX%. new commentary. a to grew residential specific outlook REA refer more buy Please for Australian for January listings At Digital

up off improvements recent hope in declines we given volumes, borrowing lead albeit continued comparisons. Move, with year-over-year, January low At costs, prior-year to X% in see

we in elsewhere. second quarter, offset the we be reductions are product levels from As half, cost expecting last will increasing marketing reinvestment by depressed year, some and which mentioned in development last partially

weaker modestly softness which releases quarter, new pressures, for expenses has in the fewer strike may to continue last Services, a higher streaming schedule entertainment actors' to expect impact the profitability In writers Subscription ongoing and sports year due full revenues, Video in summer we year, currency. across and some full mentioned local created as inflationary

for Jones, our mentioned Dow by underpinned profitability At transformation we overall the previously, modestly offerings, of strong as BXB expect the performance, expenses higher expect continue to full and revenue year. and

industry the encouraged At by Book trends downloadable strength remain and revenue audio. in are Publishing, overall stable, the relatively we

margins prior expect versus to the continue improve year. We to

remain News challenging, on At in will to trends efficiencies. revenue Media, Australia, we continue particularly advertising focus and ongoing cost

for dollar, rate spot versus in the current expect translation the do quarter. the we the negative third given some dollar Australian Finally, U.S.

With me Q&A. to for hand it the that, over let operator

Our question JPMorgan. from comes Karnovsky first [Operator Instructions] from David

the content what firstly, Maybe bit guess, the Robert, are be red noted as AI companies. provider AI expect to sticking to on you News the can points, for I engage current topic. core speak lines key gen a even or key in you you priorities you, for for negotiations, the release you a Corp this.

debate vulnerable Yes, much David. Obviously, discussions. Valley, but experiences. it's the say detail. engineers ] compulsive-addictive XX prestige-craving negotiations, AI. into I valuable years were on and we Providence intellectual leading I ago, that leading on media it when probably to also the among about there's mean Silicon I to young on smartest doubts the fair can't media executives about And raising people, sashaying we've so [ go commercial companies we're the the that creating too is confidential been say impact were planet also with mean, fair

and relevance percentage candidly, and jobs certain the not U.S. audience impacts AI of on a well journalism, unfortunately, Anyway, journalistic the XX%-or-so potentially we're had consciousness. pomposity creativity, about content. And decades not price distribution, negative journalists our creation down of certainly that is X dominating our almost as almost lost We've have and consciousness, positive of our to consciousness and naive in

hypereffective form It's understand of is AI thoughtful companies prospective. AI But retrospective, a gen And hypereffective AI the or form not fact. distribution. is a that of derivative --

not counterfeiting like have to in exceedingly creating. era, this do Sam And so not deep erratic highlight that's would the that I fakes. deep people is we facts, why And of occasion, understand Altman. this Thoughtful on crucially, thoughtfulness

[ from Our comes ] Rakowski next from & Evans question Partners. Anjo

Maybe generative well. platforms? appreciate say, the as the pick digital so content on if value potential could come think I how you you're what for I of can much from about to do your but payments currently the relative you quantum? similar even the AI a can to only least be question up time? those receiving interested which of quantum it do longer thinking it. sort be And you're a digital greater on Could basis, it Is expect payments over I'd you At how the relative through? in from come that about a term, continue platforms will there's

I ], with Anjo sorry the an advanced I [ but can't and we to they're partners. stage I'm on dealing evasive, at negotiations. content and be simply the say comment willing can are But

Next question from Sachs. Goldman from Kane Hannan comes

Maybe just Jones. Dow

follow-on disclosure. Services Jones. think overall, Can see in more Did Or extra costs cost more the going Jones Information Dow other out a the about to margin of maybe base, talk business the whether the you in expansion, is strong million quarter. a I we were that I the a Professional margin quarter? the businesses? Dow as of performance that, about within And the just $X extrapolate appreciate Dow obviously, mean, Jones the cost down the forward? that and just bit mix can sort in expansion

like our all pretty costs, in we focused. first they for to Dow are back. businesses, I welcome a the think cost good see relation the Jones. Look, just pretty Kane, did half And performance cost Hi, of

reduction they the participated constantly and at in of certainly have X% opportunities within So head they're a getting transformation and look business, they the the benefit count that. do

like But them. to like invest in businesses, all we the do

So we do going as scales. variable revenue see costs the up

growth first to in inflationary and second relation had see head to that do adds count we'll would the marketing. net invest of half In expect to the business. we to some have we head through higher given We half the the the in additional continue half. seasonally tend in have year, than phasing do count, second coming costs costs and from They in in

marketing additional that some And typically warrants so costs.

the in base. of to cost relation that's So sort

the And then did the the to was give to for they the which we really as And business. year, in that know. PIB, the for expect out to you see in we're continue scale margins, the relation don't from margins remarks, pleasing as as PIB profit of segment. to PIB prepared full the we continuing But majority improve our to come see said quarter,

Dow are I Jones to Jones supplement Corp. we margin Dow the Susan's and ago risen providing And for you just PIB overall is has overall, for because at more XX.X%. a And from Dow see, a the story. visibility such more obviously, News Jones like. answer, And you the it's priority about mean Yes. frankly, a to more year positive XX.X%

rose Jones And now Opus services clear high-margin and of XX%. lapping providing Dow where grouped CMA, that revenues we're & segment the Compliance these are recurring In essential result the have by Energy, which are rates And renewal rates growth and strong have Risk also, well the into companies, worth we purchases thus of expanded XX%. these short, the burgeoning of at noting where revenues XX%. though, always it is north businesses,

Our Huber from Craig Research. from next question Huber comes

call. that portfolio ask to first on of X just further within a timing investors expect lot give simplification touched it even didn't I side, mean the briefly ago conference months. and about months to sense assume I today. going a wanted forward. the the I X give you it Can this. you announced stage you But on mentioned it the of and you expect -- major review you I'm your Can guys the I timing little did from months just announcement before won't X update? Great. the a us I another just take talked in on a of personally scenes there? mean curious this you I flip just months ago X-plus behind don't work also

some these sure You've last some certainly in months. of -- done I'm X

sense little announcement timing of Just get an the bit us when might a we give please? here,

the presumption not the subtleties your rather And can which not and about it's Craig, much this significant, words emotional. nuances I statement the ill a about audience, peripheral, take of purposefully conceived, one clearly preparation in not introspection, but as sophisticated SEC, is There of phrases is casual, the delivered. my used introspection not functional, structure. but understands being you serious

truth support leadership have the around created at efforts with the is options that News and shareholders, employees a of world. the prevailing our And to Board tribute from Rupert and of enlightened Lachlan we and all and for active our the Corp, an that's

discussion Let fully us that value downbeat an decidedly indeed how is that is from, were obvious And the a evolution, but has portfolio a trajectory. now, misguided the precious, to full monetize prestigious That a to time forget of bankers not at split however, ago. decade an revolution. not investment the growth how get

Our from Lucy UBS. question from comes next Huang

My well. on question PIB as is

the Opus with we're to other Given would CMA, the the time? kind the intentions of growth about business? Like maybe end build over there getting just like are data wondering be looking PIB? capabilities any of are guess, thinking to And through in strategically and you you're or out plug you'll acquire integration there how sets I or, of that

to is you details I margin a more Jones, it's at PIB large businesses. with the core is PIB we're the about Corp. any plans Dow the of say, to News overall success of our PIB can't said, as but progress business. the can to see and to are, Dow needless into to the And obviously, Lucy, what get core Jones due pleased I and in extent that increase

have, the data newsletters that's thing products so PIB have. new of the existing the lot sets I the is off core analytics great and we about data draw energy that the we pricing, reporting Lucy, the they is say that leverage and can and And that businesses what a can that

think Robert's mentioned are really fantastic. And in like we've in that opportunity we think think provide that previous got exciting areas So that's I renewables coming quarters, that for I could us. an

comes next from Our Morningstar. question Brian from Han

Susan, contracted I some there growth. exactly the quarter X/X think, up just same coincidence? quarter sort the Or Book's Books? in pure Is noticed PCP first in EBITDA that second period. growth for is a Both prior I step-up on as the exactly, PCP earnings is of

we it's as has our -- the I No, of the And be Publishing a we to we've I'd in like that expectations. Book because to stability look, they to had said return the post-COVID. Look, sort revenue exceed more just continued partly think in remarks, would but segment level, at coincidence. it's a no. think

down the partly great And and little done also of that team returns has a because cost market down relation the has to So bit. the HarperCollins it's the work have settled settled in base. their

last some I they And books. conditions mean also on push faced challenging the year. price they opportunity pretty to through rises took some

not across the that the year, has of all we're that levels I margins still first first really of the the for low the sort but in with from the good half. combination half. a a double probably results helped be in full year, think putting to to in good So expecting prior of the Look, we've digits, improvement seen

Leung Darren from comes from question next Our Macquarie.

should it just $XXX a ask to the be much from, Or just divisions a -- million number? to cost-out come do so of bit or question Can what lot expect program. completed cost-out another see this And for year how quarter? to more been of us I wanted quarter give fourth to you we as to feel third previous a weighted answer has about a you the maybe of the in feel fiscal far is this way expect please?

I that Yes. going a we Look, pretty $XXX we relation cost-out that say pleasing actually, to And rate perspective, in to are and program, there that it's number. we're run to already. much from exceed million actually, quoted, think, number

And cost the though, gross in can Foxtel REA. launch. have We in We're that's Hubbl businesses, Dow reinvestments within have our investing do Jones, said within you with the Move, as in our previous we see across statements, savings.

cost is savings. so gross that the And

at that across savings say looking would always are businesses. notwithstanding is cost I our we What

We're so continue head reinvest pertaining was which savings greater constantly to at in base helps and count just that looking and reductions. workflows And to that, we do cost on our and these efficiencies, businesses. us our our drive

Darren, Susan's And I'd like supplement just point. to

company. cultivation We of teams already any All conscious. the costs reduce of cost related code, to not are are extremely AI results going the in seeing excellent the in the technology of trends in let the complacency interesting creation code. ability to way spend, very And to we're to these to induce

be looking and going And trying pursuing but of are we're to our costs, only so new ahead the not developments. conventional make most to we

have we closing time, Michael I'll this Florin remarks. further hand At Instructions] no now [Operator for questions. over to

for and you you all will soon. thank Well, to Take wonderful we you, and Leila, participating. a Have day, talk care. thank