News Corp Reports Fourth Quarter and Full Year Results for Fiscal 2022Fiscal 2022 Full Year and Fourth Quarter Key Financial
Fiscal 2022 full year revenues and net income were records at $10.39 billion and $760 million, respectively. Revenues grew 11% compared to $9.36 billion in the prior year and net income increased 95% compared to $389 million in the prior year
Full year Total Segment EBITDA was $1.67 billion, also a record and a 31% increase compared to $1.27 billion in the prior year. Reported EPS were $1.05 for the full year compared to $0.56 in the prior year - Adjusted EPS were $1.20 compared to $0.67 in the prior year
Fourth quarter revenues were $2.67 billion, a 7% increase compared to $2.49 billion in the prior year, while net income was $127 million, a substantial improvement from a net loss of $(15) million in the prior year
Fourth quarter Total Segment EBITDA was $315 million, a 50% increase compared to $210 million in the prior year. Reported EPS were $0.19 for the fourth quarter compared to $(0.02) in the prior year - Adjusted EPS were $0.37 compared to $0.16 in the prior year
Digital Real Estate Services revenues for the fiscal year grew 25% despite facing tough prior year comparisons, with 37% and 11% revenue growth at REA Group and Move, respectively
Dow Jones achieved its highest full year revenues and Segment EBITDA since its acquisition, driven by strategic acquisitions, continued growth in digital-only subscriptions, record advertising revenues and robust growth in Risk & Compliance products
News Media's Segment EBITDA improved to $217 million from $52 million in the prior year, helped by growth in digital advertising revenues, and was the biggest contributor to Total Segment EBITDA growth for the fiscal year
At the Subscription Video Services segment, Foxtel saw its streaming revenues from Kayo and BINGE offset broadcast declines during the year, while achieving over 2.8 million total streaming subscribers as of year-end
Book Publishing revenues grew 10% in the fiscal year, driven by the acquisition of the HMH Books and Media segment and continued strong consumer spending, which remains above pre-pandemic levels
Continued strong cash generation funding the execution of the $1 billion share repurchase program
New York, NY - August 8, 2022 - 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, 2022.
Commenting on the results, Chief Executive Robert Thomson said:
News Corp set significant records in Fiscal 2022, including in revenue and profitability, which surged 31 percent to $1.7 billion, and that came after a resounding 26 percent increase in the previous year. Revenues rose a robust 11 percent, reaching a record $10.4 billion, with increases in each and every segment on an adjusted basis.
Dow Jones profitability soared 54 percent in the quarter to $106 million, while for the year, it rose 30 percent to $433 million. OPIS and Chemical Market Analytics are already contributing to profitability, and they have added meaningful depth to our fast-growing Professional Information Business which targets a premium audience with premium products providing premium value.
Our Digital Real Estate Services segment reported 25 percent revenue growth for the year and a healthy 12 percent improvement in profitability, as we continued to build brands and products for future success across Realtor.com and REA Group.
The News Media segment was the single largest contributor to the enhanced profit picture this fiscal year with profitability expanding to $217 million from $52 million, bolstered by growth in digital advertising revenues and record digital subscriber numbers.
Foxtel's renaissance continued, as streaming revenues from Kayo and BINGE offset broadcast declines during the year. While down slightly for the year due to currency fluctuations, both revenue and profitability were markedly higher on an adjusted basis.
Our provenance and principles endure at News Corporation but the business has been fundamentally transformed we are vastly more profitable and have created a potent platform for even greater growth, to the benefit of all our investors and other stakeholders.
Full Year Results
The Company reported fiscal 2022 full year total revenues of $10.39 billion, an 11% increase compared to $9.36 billion in the prior year, reflecting growth in all revenue lines, including the contributions from recent acquisitions, a strong increase in digital subscriptions, growth in digital advertising revenues and a $110 million benefit from the additional week in fiscal 2022 (see Segment Review below for details). The growth was partially offset by a $161 million, or 2%, negative impact from foreign currency fluctuations. Adjusted Revenues (which excludes the foreign currency impact, acquisitions and divestitures as defined in Note 2) increased 8%. Adjusted Revenues does not exclude the impact from the additional week.
Net income for the full year was $760 million, a 95% increase compared to $389 million in the prior year. The improvement reflects higher Total Segment EBITDA, as discussed below, lower impairment and restructuring charges and lower equity losses of affiliates, partially offset by lower Other, net and higher interest expense.
Total Segment EBITDA for the full year was $1.67 billion, a 31% increase compared to $1.27 billion in the prior year, reflecting improved performance across segments, most notably in the News Media and Dow Jones segments. The growth was driven by higher revenues, as discussed above, and lower costs in the Other segment due to lower employee costs driven by stock price performance and lower non-recurring legal settlement costs. The growth was partially offset by higher expenses, primarily at the Digita
