News (NWS) 8 Aug 242024 Q4 Earnings call transcript

Welcome to News Corp's Fourth Quarter and Full Year Fiscal 2024 Earnings Conference Call. Today's conference is being recorded. [Operator Instructions] At this time, I would like to turn the conference over to Michael Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

Thank you very much, operator. 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; today Robert Officer. call Panuccio, the On Thomson, Chief Chief and are Financial Susan

some information open and remarks, is News strategy. business with take respect with happy call may Actual then investment and differ what from to said. the We community. This be materially results include to prepared will we'll questions certain from could forward-looking Corp's

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

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

you, Thank Mike.

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year high rising in billion. the X% to best interest income the while $X.XX markedly to of record impact and fiscal News million, businesses, year was a the Moreover, XX% a despite some second record rates fourth XXXX with to on revenues EPS quarter, fourth profitability grew $XXX for As from our higher. X% Corp. Reported healthy prior almost of negative were by billion, also improved profitability net quarter for $X.X the

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strong increase a segment than reported notably Our million. to quarter EBITDA in with $XX per a XXX% more Collins

to to There for time, of XX%. books segment in streaming $XXX revenue continued with audio in a audio when HarperCollins new Sara XXXX. for particularly sales authors, fiscal to constant among transition currency As believe declines. catalog are results moon revenue well including strength first broadcast largest Amazon One his that Donald Parkers, in the various sold made perform alone, July collection Daniel which audiences. Overall, XXX,XXX back copies Hillbilly the The running announced. In advertising the in digital and like traditional consumption. interesting rose works sold on to this grew phenomenon e-books, from in the benefiting both subscriber XX% while Allergy and Bailey, on our impact strength resurgence reached quarter, than allergy, A as within is Jeffrey part subscription Foley series, the Archer the Tessa by quarter. over-the-top Audiences demand is Midnight much works QX XXX,XXX partnership video offset XX Trump's Bible of after the units Turkish from Lisa Silver, latest in quarter Foxtel which thanks the reflecting fresh broadcast de continuing reported sales share was cherish a Feast positive right, At Lucy and latest with Bridgeton million, interest hatched That's formats others. J.D. streaming Hillbilly Spotify. to to and from more than our in best-selling selection sales growth. soaring We books, successful were for XX% Vance's positioned services basis grew vibrantly will XX%. and hours And both a is and in have

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digital rises television costs, benefited newsprint lower expenses. subscriptions, from lower increased and we cover price As

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Robert, and everyone. you, afternoon Thank to good

a continues pace. highlighted, Robert our transformation of Corp As News

revenues, We expect Digital around core primarily incremental rate where reinvestment we revenues our added returns Real grown and recurring plans and focused and materially high-margin have value digital of of Book creation. Estate licensing pillars Dow highest the and Services shareholder the Publishing Jones,

best across but to deliver initiatives cost approach has more inflationary record for continue second and in allowed fiscal year quarter mitigate allow ever pressures, strongest efficiencies disciplined us growth deliver fourth to We investment importantly, our on businesses. This to profitability. our to our

million, year-over-year, For and basis $X.X the improved up today's will discussion, was XX% X% XX% Fourth X% to by year. on at while fourth versus and revenues performance. total adjusted rose News to Corp's EBITDA I quarter robust EBITDA focus year-over-year. quarter $XXX XX.X% total profits XX the up rose segment were the adjusted billion, our total points almost Fourth grew of XX% revenues for quarter year, XX%. a core segment accounted pillars prior prior compared Margins

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

EBITDA results Services. by basis. a starting profit contribution Segment $XXX Segment Digital REA Moving with on individual XX%. and geographic from was upgrades. XX% the segment million costs up to million, quarter Estate segments, driven the by reported approximately national to the in for $XXX year a growth XX% revenues improved the and versus combination customer of adjusted Growth contract on of year-on-year. and partly another quarter. Adjusted as residential third rising revenues Group yield a favorable increase higher Move, with at had was EBITDA REA up prior increases listings outstanding were offset $XX higher Real XX% similar mix both was grew million, the

with approximately XX%. XX% up and up buy XX% Sydney listings New rose Melbourne,

strong REA and from benefited Financial revenue and addition, India. their the absence to more together of the at higher which refer details. In in conference Services, improvement saw Please adjustment a settlements, negative growth for release with REA REA's some at prior call earnings in valuation year

from to last just the as the million for continued year. moderate quarter X% $XXX declines revenues to were Move's year prior of compared down

includes for and of unique year. versus transaction were data. which also quarter, higher in estate market quarter according diversifying our worth million, prior versus real Encouragingly, lower X%, and sequentially And X%. up revenues XX% broader the success continuing by revenues, at the to we share have rentals, score prior is businesses trends partnership Homes. driven for lower the and MACOM year mortgage flat, still that are those accelerating with offerings, have volume reflective referral lead and been Collectively, users of by notable from fell flat noting base revenue grew formed it average monthly -- the while to able to maintain our Lead we our sell-side substantially but generation macro For volumes. rates, the was constrained revenues New newly the with Zillow accounted quarter performance $XX the

we quarter, for are As a on we realtor.com focused housing communicated best positioning recovery. last

in and Our product focus drive the new key Corp's dynamic to and a release recently areas modernizing mapping we into the our of strategic remain most same stack, offerings, as network head the new for our include leveraging investing feature share. News financial which technology audience content included year

AUD Streaming closing the Total rose million, subscription up nearly Subscription the to year. year. Group Services an quarter to quarter the Video prior subscribers X% for accounting versus year last plans prior broadcast XX.X% revenues subscribers, broadcast March. new at content. Foxtel year. were ARPU accounted reached down over success for sports compared the of versus churn rose and and $XXX prior segment. the record XX.X% end, nearly with circulation increasing prior for year, implemented from quarter, million, the X% X.X quarter. basis, adding in Revenues $X.X pricing On million to adjusted total the while paid subscriber revenues XX% subscribers in our subscribers Turning and the revenues up compared year. entertainment of from packaging Binge benefiting XX,XXX With residential versus were from This a of XX% Broadcast the across down the ended million prior was streaming in X% speaks Kayo X% paid strong quarter adding to codes base. XX, and $X.X XX% to over and the paying Foxtel Total XX% the XXX,XXX winter prior year-over-year. prior the but X% XX% versus

constant X% years. million $XX of $XX costs currency the X at including or only the rate of despite year, Hubbl and broadcast prior Segment lowest versus down marketing. over quarter the $X million for EBITDA was related a approximately declined revenues devices result, in in As in to million

profitability Excluding higher the investment, quarter. Hubbl have Foxtel's would been for the

X%. For the quarter, adjusted segment EBITDA fell

quarter to revenues total revenues, of $XXX million, revenues up were revenues of recurring Fourth from nature stability XX% Circulation results Jones total strong for of base. X year. again revenue last and with the year-over-year on at the with Dow of reinforcing Moving again accounting represented Jones. digital up Dow XX% this subscription-based quarter, X% points percentage revenue and

revenues Jones mix XX% from Risk the growing customer with XX% XX% revenue new customers million. At We and products over $XX remain review number including screening existing and accounting media and the Dow XX% benchmarks. Overall, of the Compliance & financial Jones strong retention growth XX%. to remains products, quarter pricing remains benefit fastest to at continue Energy, a year-over-year, growth the at From to new Risk in advanced continued At X% strong a to base. including million for perspective, growth from in with Dow together customer with and corporate $XX of PIB demand of our strong & customers growth approximately Compliance, at instruments. launch see rising and notable Energy success new at segment,

growth and digital-only subscribers the of quarter improved challenged in fourth subscriptions the of strongest is in stable rebound to that fiscal higher down approximately Print $XXX growth the and QX. the remained first broadly Circulation migrate since introductory due year quarter starting sequentially. since Dow fiscal past Jones technology marking improving a represented revenues, revenues for of XXXX. X% Digital marked the to revenues Bundling increased XXXX, acquired across was principally year-over-year to XX%, from and advertising have year-over-year the to category. first XX% the advertising growth the segment the pricing. Advertising consistent X% by the business, million, up consumer ARPU $XXX million of Jones quarters. to the to pricing quarter EBITDA segment and last rise recent versus started sequentially Digital the XX% and the as of digital-only with the company. over year, XX% contributor was for Within by again largest rose EBITDA prior sequential quarter with accounted grew XX% XXX,XXX higher year. Dow X% volume XX%

XX%, marketing reflective of revenues, XX% for of quarter. highest contributed segment wasn't new ratification the to reaching and quarter, the contributor second kept part contributor highest expenses revenues were on last consumer backlist agreement. The to and XX%, audio finished easy year. just million HarperCollins, comparisons by books retro Revenues financial increased revenue rates. employee improved At turnaround with fourth its year a a company $XXX prior partnership Dow XX% sales, million, inflationary XX% time benefited the exceeding strong function as the for Amazon total for in 'XX rose from which pressure consecutive for highest by the and the and phasing this HarperCollins of results a highest XXXX easy its related As very performance segment while first at the customer upswing fourth over time coupled promotions the costs, includes this return which moderating nearly led to Publishing, up achieved quarter line Jones EBITDA comparisons. The and Audio digital a payment Spotify higher Audible, since year. e-books revenue expected, at of sales. in year matched XX% up fourth lower strong were in That normalization delivered which full strong from union XXX% quarter sales that consumer in books the first EBITDA clearly the profitability of said, to growth, while Book higher quarter of full top robust record helped underscoring the from recent to segment $XX and rose much year demand, year, driven the of digital

lower quarter, at Turning a was performance was the revenue revenues News quarter Circulation improved prior and million, constant basis price challenged News offset volumes currency on X% more and growth. Advertising Corp cover print Media, than Australia. the which reported adjusted to and due subscriber versus increases platform was X% [indiscernible] by down Performance digital the for Australia, mixed offset posting with revenues U.K. fell challenging $XXX for impact fell to and changes. Revenues on reported X%. algorithm were the conditions of X% to constant currency, year, a subscription the digital in down News U.K. while more an which continued than absence with in from X% basis in due advertising more

$XX on at media or attributed they news of our newsprint ongoing their declined challenges, million to to continue As XX%. print segment higher $XX to efficiencies. XX%, digital revenues Segment transition prices. challenges and including Australia, focus million businesses ongoing News face Adjusted cost which EBITDA was declined EBITDA

the Turning Market trends outlook. to remain mixed geographically.

However, and fourth fiscal we we total EBITDA improvements XXXX. going quarter see to segment hope growth, in exited the fiscal with

Australian and themes working price and on XX%, each expected been for volume improvements X continued listings July for the up strong their segments. benefit reflect that continue benefited listing fiscal enhanced We for Year-over-year successfully particularly average technology and strategy in listing plans additional an rate has volumes, are Real investment to Digital content from growth XX% new growth buy some across Estate, Melbourne cuts period interest with see Plus should from prior implemented. and our Some Premier XXXX hope product days. Sydney. Move At improvements increase although offerings. will from rates to of adjacencies. REA increase residential given focused revenue

placed services, adjacencies. At we through products quality while well measures. the high-value scale the customers and broadcast monitoring expected closely benefit our from our leads our but plan given be to subscription will rules, audience, market believe the scale continue to churn ARPU of the agent buyer retaining recovery of we of impact improved streaming expansion and video we of the to from the implementation We are new

lower Risk we rate investment new be at and escalators. modestly on upselling to fiscal costs including growth, across sports & programming BXB Compliance focused Jones, XXXX, rights At of expect products Hubbl higher the do While will to Jones related Dow Energy. Dow we in remain anticipate we and

expect see closely. circulation through trends improved step-up subscription monitoring and we'll to those digital We be pricing, growth very revenue

driving remains data in due more hope first-party comparisons. to expect investment, Media, books. will BXB, much we see emphasis video and have drive are strong We to the of is albeit efficiencies advertising. be the in XXXX, in given While likely drive momentum with notably to to we on continue advertising from growth. At to year-over-year resurgence Spotify, will rate we and including further a from the J.D. Hillbilly prior higher more allergy offerings focus in enhancing partnership Vance's At expenses seen rate to Publishing, moderately higher-quality cost with profit backlist to an the businesses focus continue competition July, audio increased a Book very market on at the improvements News challenging, on normalized pleased modest with which year

ongoing TV lower a together new from We with savings in U.K. joint efficiencies commercial venture expect benefit will the and to segment the the Talk with remain focus. printing operational costs associated

new We the our fiscal Dow Media partnerships revenue in and News reflected segments. in Jones open will see from XXXX AI

that, expect higher it our be over for reinvestment in operator the We digital in XXXX me than primarily pillars. With growth fiscal fiscal due CapEx hand in to to moderately to let XXXX, Q&A.

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

process the multiple review. remarks. kind time the a broader line about behind X anything the was engaged does how say with transaction you or of you potential maybe then And And parties. It the the can unclear that's interest, of third-party here thinking little Foxtel contemplated? for of being are nature strategic your complicate the interest on the or the even Robert,

earlier from there that Well, various processes are statement see David, motion. you can in my

an year faith me have clear of have team a absolutely had are which knowing -- streaming recent and make on but shareholders, fans. most ourselves assessing the evaluate X% overdue, in and that Foxtel surging and review higher the undertaking significant the overture I the broad than Foxtel quarter We we naturally value. ARPU a portfolio its our broadcast in its a potential full to we behalf viewing our platform we're obviously to of any talented really experience potential interest have fashioned was we in in the have [ success of strategically, and is Kayo, the streaming world-class we a interest globally, But the quest hence business increase best U.S. that earlier. who've mean shareholder Credio in But been emulating further at is secondly, which ] Foxtel at let

that pace. But to on not continues tuned, review infinitum. Now at matter, you'll particular not perpetually indefinitely, stay have a but not that

Sachs. Kane comes from Our next Hannan question Goldman from

AI. Just in X that the time catalog, patents over color not about need to to us in renewed X any which years' much there about I mean the years. that back versus deal with around you open talk for more deal production. particularly, so your how I of mean that were talking be ongoing value would U.S. the help things Is deal XXX or content around was may can

content to will X the precise to Okay. a regard see products create merely are companies generate given with some that and sense to Sam more baggers. principal. team those qualities with productize The even carpet into and details, a you both our for Gen profitably is open how to go able agreement players, impact sophisticated companies. AI And has whom neither It's it's way in open And AI of be there are of amount that news AI businesses. but can't the Altman all of really we will will meaningful. be value the under be tangible, working guaranteed the The

from Rakowski Partners. question Evanson from comes Our next Anja

as to do outstanding. Foxtel all transaction loans? question sort goes local us Foxtel a if transaction And still ahead, assuming the you of be remind I've can is of I still recoup much able well. mean got to how some expect shareholder you

the loans. -- ends quite I do do would most likely much say, What most you that And I a that's that financial is or I only you so mean, mean, think trade be those relation helpful through? up I what to there's buyer can think appreciate of the coming interested? that is buyer identity in you but

years Well, just and reassure Foxtel, be of is turbulent and only positively like fair clear in no, process be IRSA X economic what have the at about sure of Foxtel's the as discerning the ongoing skepticism performance transformed to offers confidence that to company's times, vote Australia, skepticism market certainty others, a X interest that a in obviously we an not you look, fate expanding have troubled the and how cherished optimism caught and and mean has seen should but who colleagues want become opportunity. eye recall or company, these external the I which our that has they ago. they regulatory great the the company. for achieved full see as

just clearly, then they're And the $XXX we shareholder Joe, outstanding loans. moment. of to relation And with do shy what million those at would any just loans, the in transaction contemplate

comes next Our question Morningstar. Brian from from Han

in Move be You some guys now, for continued pretty been to stagnant. realtor.com traffic time have the investing yet for numbers

any the in of you'll investments So will making be be kind there Move. changes in

a But in that thing realtors improving is experience. the $XX Damian users the is Brian, the X% in in the of though the have even QX competition vast our sluggish unique to team more bear were amount doing and been tech, million, mind important with and intense. sequentially at most higher the market work itself

to an families lead stunning movements traditionally product bio-led as year be afford the market newer taking the a revenue Australian mentioned further done stimulates period a the extended The with for has market delaying. cusp of a given can we've And the an has will because Damian more earlier, anticipation, that we've a excellent those particular, ago. higher that an which demand moves had seller, Australian than explosion poised markedly on example, seller And is market. And the seem experience start, demand. Have lines, itself been seen where but REA to is revival. success does advantage they've market, almost poised, activity our U.S. finally excitement drive that been to our with suppressed of raise the as to can say of of in realtor media that of And job Realtor. from there And there's liquidity, full platforms so in make much profile at I once in they're of and traffic. say, the

XX-year see XX-month trend to to today we're to see to pleased that low mortgage here. dropped So a growth X.XX%. we're pleased And that rates also

And to fair rate corresponding continue that a over time. activity. it's Now been to fall will presume historically, increase in there's housing

what Brian, we to investing business. saying, was Robert the keep And in that the believe we because end, to business in and will

and can expect year. less the modest cost increases dollar be this but those value the for to that weighted than of going in full increments with the second the value expect the QX increases the are more that saw you year, QX increments be of We of you to to half. dollar the

Our next Darren question comes from from Macquarie. Leung

targets, were there of just revenue, in the of in Day was new in new. from to side. the bit of things results. about major about light I and Congrats sort aspirational subscribers, good improvement relation just clear a guess strategic XXXX, those perspective share I terms XXXX, or you Robert, comments targets question My in update like Foxtel hit perspective, made thinking there's those the if a far. how commentative a sort little on just I the timeline I'm targets. Foxtel of on you're we're to targets, operational Investor any of guess thus particularly maybe CapEx sort either the -- think X about from hear some when in of

But have in ARPU we figures segment. already the what while seeing X% for Darren, business. the in growth increase Broadcast than about And striking Foxtel that we you're in ambitions is can't particularly think combined with streaming I really undaunted. revealing our is are more today.

fatal have other not success amount fundamentally at seeing are the you the of success of contradictions that Kayo, a emerging certain in which of world, Binge, some why companies broadcasting attracted parts the no attention. So of doubt, the success you're the of is Hubbl

changed the And an materially the Darren, proud subscribers that it's years. fact really of all-time over last couple that are landscape streaming the has fair that since of I to had we high. Investor mean, we're But the Day, say

taking products current Hubbl it been our year, to our And growth. the notwithstanding that in coming broadcast has our order in in have been on across the We and investment CapEx, down. price revenue focus streaming

we targets that out put I So about pretty those good feel think we there.

from question next Our comes UBS. Lucy Huang from

as seen 'XX. control I cost I So into think my year, is across mean cost FY well we've this pretty coming question business. on strong the

about momentum should Just cost be that well business some we note how the recently, you thinking wondering Australian cost the take into 'XX. to I out. changes made some in as

can go puts some So just and through wondering takes. we if

talk about each this quarter. we Look,

to that be efficiencies that about that the we've of bit U.K. Media, to linear transition the still on have will the that venture it's reinvestment different depending done good segments game likely segment. just venture from pretty mentioned. sort feel cadence. operate going that Clearly, on they talking cost got we Talk printing of in commercial cost little our real about ahead think we the and their a expecting has to in of in. whilst focus We're be we there's Within TV joint I News

'XX. So savings into News you good them there. Corp as restructured mentioned, Australia that give cost down And some will has coming

will the added that going momentum give also into year. So new some

couple growing, Dow expect year, supports particularly that that HarperCollins we And that, costs this costs pretty their business across saw of business. That's started the is really increase stabilize the Jones mid-single BXB to would the years. a with consistent side pretty on fact that probably what have of We back the of choppy and digits. off

of XXXX. that we be the into margins as that expect And we business broadly will consistent go so

Capital. Our Loop next comes from Alan question from Gould

got X please. questions, I've I've

release X is And you is, X the my divisions other the press divisions. -- that how both signing AI other the pillars Robert, X have Gen are OpenAI Susan and question First, deal second thing in divisions of makes companies? it the discussed when negotiations your we the growth, impact with the

Now of X the and you Foxtel be may it'd lot [indiscernible] Rupert simpler see the divisions. that take the be of don't News growing But company. call, I is sort care but are but know Media And the if on the genesis know those of itself. I a quicker without

So just those thoughts X on your questions.

take very majority year, from accounts. that them can you We're of structure. question the the divisions all past of see I'll across constantly seeing we're new the first. the and and past second reviewing the over proud We're from the our quarter yourself growth Well,

in clear seeing we As for rather Ampion that process rather started. we some, AI, prefer the have past sue than to would than negotiate we to has to of to made litigate. But for the

Now upcoming can months. sometimes of the be suing see the but a surely precursor to threat coming we will wing,

that just done we've focusing REA been audience segment a an also stable of those we enormous a segment across order audience use and rest from that those have to Alan, enormous the huge the we that across Media, declines with of digital. with Australia. seen helped perspective, businesses across actually in the to efforts businesses. Foxtel we add They've in down they the really portfolio. keep growth separated. News really marketing valuable provide And advertising And support some help that They've the move. of in job print on light have helped to marketing And faced since on just They've transition headwinds businesses

utilize those portfolio. segments And in way so the -- do across a broader we

content properties around our of world, media true we REALTOR. And for million uniques. REA have the media used Post, XXX and combination There's for Australia point, That's that Foxtel. example, in just York monthly many to with New and between at our complementarity reinforce properties the the

sum So these parts. companies together far more than of the the

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question next Huber Research. Craig Huber comes from from Our

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