News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2023
Fiscal 2023 Fourth Quarter and Full Year Key Financial Highlights
Fourth quarter revenues were $2.43 billion, compared to $2.67 billion in the prior year, reflecting the absence of the extra week in the prior year and the negative impact from foreign currency fluctuations
Net loss in the quarter was $(32) million, inclusive of $166 million related to higher non-cash write- downs and restructuring charges, compared to net income of $127 million in the prior year, which included a $149 million tax benefit
Fourth quarter Total Segment EBITDA was $341 million, compared to $315 million in the prior year
Digital revenues accounted for over 50% of total revenues for the full year, marking a key inflection point in the transformation of the Company
The success of the Professional Information Business has transformed Dow Jones. Segment EBITDA rose 25% for the fourth quarter and 14% for the full year, bolstered by the addition of CMA and OPIS and robust growth in Risk & Compliance revenues
At the Subscription Video Services Segment, Foxtel Group saw streaming revenue growth more than offset broadcast declines for the fourth quarter and full year, as total paid streaming subscribers reached nearly 3.1 million
Foxtel Group is nearing completion of its external debt refinancing which is expected to provide a pathway for repayment of News Corp's shareholder loans
New York, NY - August 10, 2023 - News Corporation ( News Corp or the Company ) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2023 (includes 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the three months and fiscal year ended June 30, 2022, respectively).
Commenting on the results, Chief Executive Robert Thomson said:
News Corp's Fiscal 2023 results highlighted the durability and depth of our revenue streams and the impact of stringent cost controls as we navigated challenging macro conditions, supply chain pressures and currency headwinds. We achieved full year Fiscal 2023 revenues of $9.9 billion and profits of over $1.4 billion the second highest profitability ever recorded by the Company. Our results showed marked improvement in the second half, so with inflation abating, interest rates plateauing and incipient signs of stability in the housing market, we have sound reasons for optimism about the coming quarters.
For the first time, digital accounted for over 50% of News Corp's revenues for the full year, marking a profound transformation during the past decade. That momentum is surely gathering pace in the age of generative AI, which we believe presents a remarkable opportunity to create a new stream of revenues, while allowing us to reduce costs across the business. We are already in active negotiations to establish a value for our unique content sets and IP that will play a crucial role in the future of AI.
Dow Jones posted its highest profitability for both the quarter and the full year since we acquired the company helped, in particular, by impressive results in the burgeoning professional information business. Not only has Dow Jones doubled its profitability over the past four years but it is also nearing a landmark moment with our lucrative B2B offerings expected to be the largest contributor to profitability in Fiscal 2024 and a key driver of future growth.
At Subscription Video Services, while revenues and profit were impacted by foreign currency headwinds, we achieved growth for the fourth quarter and full year on an adjusted basis - a remarkable turnaround from the recent past and a tribute to the team in Australia. And that turnaround is underscored by Foxtel's imminent completion of a refinancing, which is expected to facilitate repayments of our outstanding shareholder loans beginning in fiscal 2024.
Fourth Quarter Results
The Company reported fiscal 2023 fourth quarter total revenues of $2.43 billion, a 9% decrease compared to $2.67 billion in the prior year period, including the absence of the $110 million, or 4%, benefit from the additional week in the prior year quarter and the $72 million, or 3%, negative impact from foreign currency fluctuations. The decline was largely driven by lower revenues at the Book Publishing segment primarily due to lower book sales and lower revenues at the Digital Real Estate Services segment driven by continued challenging housing market conditions in the U.S. and Australia. The decline was partially offset by higher revenues at the Subscription Video Services segment on a constant currency basis. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) were down 7% compared to the prior year. Adjusted Revenues does not exclude the impact from the additional week in the prior year.
Net loss for the quarter was $(32) million compared to net income of $127 million in the prior year, primarily due to higher income tax expense driven by the absence of a $149 million tax benefit from an adjustment to valuation allowances in the prior year, higher losses from equity affiliates as a result of a non-cash write-down of REA Group's investment in PropertyGuru of approximately $81 million and higher impairment and restructuring charges, partially offset by higher Other, net and higher Total Segment EBITDA, as discussed below.
The Company reported fourth quarter Total Segment EBITDA of $341 million, an 8% increase compared to $315 million in the prior year primarily due to cost savings across the businesses related to the previously announced headcount and other cost reductions and lower costs at the Other segment due in part to the absence of one-time legal settlement costs of $20 million recognized in the prior year. The increase was partiall
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News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2023
