TWENTY-FIRST CENTURY FOX, INC.

CIK:0001308161|SEC Filings

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Millions, $ in Millions

3 Months Ended

6 Months Ended

Dec. 31, 2018

Dec. 31, 2017

Dec. 31, 2018

Dec. 31, 2017

Income Statement [Abstract]

Revenues

$ 8,499

$ 8,037

$ 15,676

$ 15,039

Operating expenses

(6,005)

(5,760)

(10,429)

(10,141)

Selling, general and administrative

(939)

(864)

(1,829)

(1,712)

Depreciation and amortization

(159)

(142)

(317)

(284)

Impairment and restructuring charges

(3)

(16)

(24)

Equity (losses) earnings of affiliates

(109)

(33)

(74)

Interest expense, net

(294)

(312)

(594)

(625)

Interest income

Other, net

10,475

(229)

10,527

(301)

Income from continuing operations before income tax (expense) benefit

11,554

703

13,038

1,998

Income tax (expense) benefit

(630)

1,218

(756)

827

Income from continuing operations

10,924

1,921

12,282

2,825

(Loss) income from discontinued operations, net of tax

(17)

(5)

(24)

Net income

10,907

1,916

12,258

2,836

Less: Net income attributable to noncontrolling interests

^[1]

(92)

(85)

(158)

(150)

Net income attributable to Twenty-First Century Fox, Inc. stockholders

10,815

1,831

12,100

2,686

EARNINGS PER SHARE DATA

Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders - basic and diluted

$ 10,832

$ 1,836

$ 12,124

$ 2,675

Weighted average shares

Basic

1,856

1,853

1,855

1,852

Diluted

1,864

1,855

1,864

1,854

Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share - basic

$ 5.84

$ 0.99

$ 6.54

$ 1.44

Income from continuing operations attributable to Twenty-First Century Fox, Inc. stockholders per share - diluted

5.81

0.99

6.50

1.44

Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - basic

5.83

0.99

6.52

1.45

Net income attributable to Twenty-First Century Fox, Inc. stockholders per share - diluted

$ 5.80

$ 0.99

$ 6.49

$ 1.45

[1]

Net income attributable to noncontrolling interests includes $36 million and $48 million for the three months ended December 31, 2018 and 2017, respectively, and $60 million and $77 million for the six months ended December 31, 2018 and 2017, respectively, relating to redeemable noncontrolling interests.

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
OPERATING ACTIVITIES
Net income	$ 12,258	$ 2,836
Less: (Loss) income from discontinued operations, net of tax	(24)	11
Income from continuing operations	12,282	2,825
Adjustments to reconcile income from continuing operations to cash provided by operating activities
Depreciation and amortization	317	284
Amortization of cable distribution investments	20	43
Impairment and restructuring charges	16	24
Equity-based compensation	70	66
Equity losses (earnings) of affiliates	74	(27)
Cash distributions received from affiliates	10	11
Other, net	(10,527)	301
Deferred income taxes	(155)	(1,300)
Change in operating assets and liabilities, net of acquisitions and dispositions
Receivables	(693)	(1,267)
Inventories net of program rights payable	(1,300)	(417)
Accounts payable and accrued expenses	(145)	388
Other changes, net	588	(427)
Net cash provided by operating activities from continuing operations	557	504
INVESTING ACTIVITIES
Property, plant and equipment	(219)	(238)
Investments in equity affiliates	(266)	(209)
Proceeds from dispositions, net	15,020	362
Other investing activities, net	(206)	(84)
Net cash provided by (used in) investing activities from continuing operations	14,329	(169)
FINANCING ACTIVITIES
Borrowings	90	1,282
Repayment of borrowings	(412)	(1,411)
Dividends paid and distributions	(517)	(512)
Employee taxes paid for share-based payment arrangements	(162)	(32)
Other financing activities, net	(89)	(18)
Net cash used in financing activities from continuing operations	(1,090)	(691)
Net decrease in cash and cash equivalents from discontinued operations	(32)	(26)
Net increase (decrease) in cash and cash equivalents	13,764	(382)
Cash and cash equivalents, beginning of year	7,622	6,163
Exchange movement on cash balances	(105)	28
Cash and cash equivalents, end of period	$ 21,281	$ 5,809

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions

Dec. 31, 2018

Jun. 30, 2018

Current assets

Cash and cash equivalents

$ 21,281

$ 7,622

Receivables, net

8,083

7,120

Inventories, net

^[1]

3,934

3,669

Other

719

922

Total current assets

34,017

19,333

Non-current assets

Receivables, net

859

724

Investments

833

4,112

Inventories, net

8,133

7,518

Property, plant and equipment, net

1,971

1,956

Intangible assets, net

5,970

6,101

Goodwill

12,758

12,768

Other non-current assets

1,345

1,319

Total assets

65,886

53,831

Current liabilities

Borrowings

887

1,054

Accounts payable, accrued expenses and other current liabilities

3,236

3,248

Participations, residuals and royalties payable

1,822

1,748

Program rights payable

1,135

1,368

Deferred revenue

855

826

Total current liabilities

7,935

8,244

Non-current liabilities

Borrowings

18,321

18,469

Other liabilities

3,848

3,664

Deferred income taxes

1,971

1,892

Redeemable noncontrolling interests

576

764

Commitments and contingencies

Equity

Additional paid-in capital

12,573

12,612

Retained earnings

21,292

8,934

Accumulated other comprehensive loss

(1,879)

(2,001)

Total Twenty-First Century Fox, Inc. stockholders' equity

32,005

19,564

Noncontrolling interests

1,230

1,234

Total equity

33,235

20,798

Total liabilities and equity

65,886

53,831

Equity

^[2]

Equity

^[3]

$ 8

[1]	Current portion of inventories, net as of December 31, 2018 and June 30, 2018 was comprised of programming rights ($3,886 million and $3,625 million, respectively), DVDs, Blu-rays and other merchandise.
[2]	Class A common stock, $0.01 par value per share, 6,000,000,000 shares authorized, 1,058,408,500 shares and 1,054,032,541 shares issued and outstanding, net of 123,687,371 treasury shares at par as of December 31, 2018 and June 30, 2018, respectively.
[3]	Class B common stock, $0.01 par value per share, 3,000,000,000 shares authorized, 798,520,953 shares issued and outstanding, net of 356,993,807 treasury shares at par as of December 31, 2018 and June 30, 2018.