NWSA - Earnings call transcript Q4 2018

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Operator

Good day and welcome to News Corp 4Q FY 2018 Conference Call. Today’s call is being recorded. And as a reminder, all media is invited on a listen-only basis. At this time, I would like to turn today’s conference call over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead sir.

Mike Florin

Carrie. much, very you Thank Hello, everyone XXXX fiscal quarter News welcome call. to earnings Corp’s fourth and We press at our now issued earnings posted and hour on it’s ago our website newscorp.com. release about an

Robert On the Chief Officer. Chief and Susan Financial Thomson, call Panuccio, Executive are today

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

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

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

Robert Thomson

uncertain for media Thanks Mike. times some social These companies, media companies. certainly are including

it between toil to our was faithful and head, News is total need much to partners. that Corp during and from the that ago, was companies be realize reform the ardently grew fiscal while our that but principles reason helping believe in remain change. than that in the for sound promised is among new the integration also evolving, was When Corp launched XXXX, a potential. an X become and us remains confident and are crucial and EBITDA there that and And sector is segment It that would of our founding of revenues we closer quite sum News we global So, voice values more influential company. of we significant and we inherited years digital relentlessly the is we shareholders

journalism and crossed with constructive the recognize to distinctly the EBITDA creative piracy $X the Global. are editorial and Google, is digital community. and threshold the by our generated data exponential while both underway drive traffic piracy, of burgeoning that our were ecosystem compared IP while fourth crucial to contrived quality Storyful are and these revenues is of of evidence just anathema successful and valuable pedantry and companies And and performances a and that and conversations concepts, full continue for the to work. are YouTube to Fox Facebook a real combination year, to to evolution. of transformative Foxtel news outcomes and These digital Our Mansion measurable our of numbers are not property the our high Meanwhile, was book provide permission Australia growth and but share Corp. of priority, conscious, audience higher the mastheads is as sense that sites the year. journalism billion and News work services, and closely previous of a expansion This in the changing and contract, healthy muscular estate but to profitability. Sports the publishing, company’s year We quarter, result the past hard harmonious provenance, new

more Amazon, algorithmic We into of horizontal expands dominant in closely the verticals, are bringing possibility a watching platform, abuse. as

half. and less Corp. development algorithms with quarter from the succeeded by almost dominant from increasingly the than enhanced of of internationally. recent sedulous. of our is year combined new most accounted in for the company been structure that Thankfully, the At scrutiny Sports Fox half advertising We and reassured now the place, are leadership reflected advertising. News revenues. came the revenues have the in control revenues of Foxtel We a the of time our combination and combined business important obviously increases for credulous team are subscription under share the the strategy. the separation, close a the One third Today,

quarter, age, important a in revenues revenues for become also more and customers. subscription there will XX% non-advertising foundation this recent much deeper which in we expect which closely is at customer and creativity our a mastheads, an is In work with for consciousness fact, for patent now subscription other relationship for and and was Australia new exceeded vigor, important giving in company. increasingly that in renewed subscribers. marketing Corp, with The growth platform Foxtel the News a to days an I its healthy

Australia first the channel We time a have mean offering years Cricket and seasonal we the and year-round rights churn have traditionally for securing the suffered from from summer launch will that sports decline. but believe will that X of customer offerings, of cricket for a positive a dedicated

will pursuit complementing certainly mastheads play crucial role cricket the broadcast Our our in victories. a in of platform

using and to more this sports. that confident able access such continues our investments. declines when improving the we you Fox be subscriptions advertising to Sports should the are current phase premium rights value print later and our of give IPO user expanding offset through innovate for and an as Australians and that aware acutely team services, We announced new need are importance combining customer the we an plans for For introduction The information digital of service in the Foxtel, goal. is the streaming drive easier of increased our interface to Australia to and indicated of In year our of Foxtel to the investment and revenues. technology service over-the-top

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of that potential to base the purpose the that platform Fairfax savings we role changed vigilance enter landscape strengthen EBITDA as future into traditional commercial in reflected world positive in never stabilize Cost possible the their and cost character growth. results the UK segment essential undermine dramatically, addresses for team as such were year around partnerships and become a our with media in for rivals the agreements and of social the contribution plethora of business, will of have publishers Australia While the and a but the publications. has a and

the million campaigns authors at benefit book manuscripts their backlist. of year. success expert publishing, of revenues from and in the of JRR ensured of and As sublicensing its a its titles fourth frontlist quarter Tolkien’s the empathetic that for was of popularity for and reflected leveraging the discovery involving in the coming deals $XX our in was works. marketing curating That substantial results backlist great effective One full and HarperCollins, clever in team strong through

what we is to to As Chief see time will its Subtle ‘XX of Magnolia children’s later rising success In history. Gandalf with The audio to all and and Executives observed, books, digital a the us. sales of Expletive do and Gaines’ the the in The the the decide mind, with continued as the Art of in Table, in saw is had that downloadable cookbook Fox. growth Giving to is film with we investors HarperCollins Hate substantial revenues, given from which Joanne BookScan, which strong we from success perhaps XXth popularity had also in in have almost thanks U.S. according with fastest U Give, best-selling, year Not you theaters this an Century selling particular financial

Now, growing we the the year. estate particular new news. services, fastest and has priority XX% for rose come revenues real since segment, digital the a formation segment segment Overall, rose XX% of services digital to been real estate our which EBITDA

still estate At become certainly higher healthy the for X.Xx gains realtors revenues Move, engagement becoming realtor.com, fiscal and we year. Realtor.com of have to to global up a trot to most revenues without We total nearest maintained its by with XX%, core continued audience alienating the growth for the competitor. for strong real compared its house-livers. hot ‘XX potential digital tangibly rapid lead company. And show property have home grew with XX%

lucrative continuously is are passionate for XXX,XXX and by years leaders revenue with promise noting is robust since to largest its XX. business, worth the of and profiles strong, to are We have realtor.com since site customers. so the gained which certain close much companies. are all realtors enhance remain X the important profit. financial to to over prosperous value for the At has mortgage will self in believe broker the unlike significant has their impressive Panuccio. laid microphone Behind making other in that digital proud as results expansion, doubled no who for serve peers its the be our audience, X acquisition improve an future traction of this a News have that that Meanwhile, readers, holds that, of purposeful into the investors. a years continued Corp, transforming News as investment and users the been in increase so to Street Susan and leader which We experience for undervalued sector. our Wall to have particularly creators and quickly advertisers, of audiences over revenue in realtor.com audience contributed since years success and whom estate quite and growth fiscal of people usurping the rebirth an adjacencies a has working evidently turn year this We and for fecund the self year, With we a revenue for past our realtors future and completed families Corp audience, members, REA by I committed intention our we who given have company, and June foundations our than expanding X industry to impressive less of and It investment split, the are returns real like nearly ago. both and innovation Australia, and in the and numbers

Susan Panuccio

you, Robert. Thank

review this past progress. themes highlight and quarter, I made financial we wanted the I the have from results, five year where Before to significant

stabilize taken and showed and Services digital steps this investments. a combination initiatives tangible through have and We year to Information News the of cost improvement segment

our segment the quarter trends. improvement declines, digital are paid the print. strong material across seeing the moderation We fiscal subscribers for properties, Revenues key subscriber stable in exceed and now were year where many a recent from growth of digital EBITDA reflected and

continued in include we which focus with In potential to addition, agreement announced industry printing our on solutions, recently Australia. Fairfax

and investing and focused non-core our year and to I the growing and now EBITDA the The since content separated. provides completed to several with our look control Asia News evaluate We and actively that, and continue stake of and have was reshapes at to contributor Fox platform gives more Corp digital separation. new the our expanding businesses including and discuss magazines portfolio. newspapers. operational have to Australia billion regional core services News annual we underscores well scale Australia on revenues and sold real premium for biggest adjacencies, Corp, have flexibility relevant strengthening by at our year, revenues year, forward more exceed record this value Sports we and global estate which company $X in publishing audiences. over segment than products tripled performance in our This our segment book we into this our now options our Foxtel combination, would done We moving our SEEK our to investments, respect in community This financial which in results. like base revenue continue With pasting

$X compared which the the a divestments the the For to excludes revenues the year segment This X%. release, EBITDA over total and was period. XX% full release, XX% consolidation prior as year, the fourth as in year an Reported in an the for fiscal acquisitions the billion $XXX fluctuations $X.X X%. adjusted the total increase press and which rose Foxtel in impact On in and increase other year, Adjusted disclosed quarter. press rose to the the for were basis, excludes of items prior year impact XXXX, prior disclosed year. revenues billion, currency includes EBITDA the compared nearly over million from Foxtel

adjustments and the full a third and marketing, had impacting items non-cash Fox reported write-downs During of Foxtel related charge items which Tax the billion Sports one-time $X.X non-recurring and quarter we included as American the Australia certain in consequence primarily EPS. several million year, we Those reflecting of Act. use U.S. to pre-tax $XXX a

of negative $X.XX million resulting $X.XX On which of the the from in prior we transaction, write-off the fact operations $XXX the XX% compared transaction, revenues the Adjusted which our a channel Fox primarily a the basis EBITDA to Sports to other total versus year. Australia now XXXX Foxtel to EPS from reflected EPS which up consolidation was Reported million Finally, data, as excludes under excludes from adjusted in the of continuing agreement of prior the the the $XXX Foxtel in included prior the quarter continuing segment net. of related in rose to is the million $XXX disclosed year. year. fourth $X.XX result loss the distribution Adjusted total were the operations fourth versus revenues were quarterly financial other reported $X.XX negative Reported prior compared Foxtel year. billion, XX%. X%. items and impact fiscal release, in $X.X quarter rose segment an EBITDA, And

versus Adjusted For compared in the year continuing a quarter, ago. $X.XX reported negative operations EPS $X.XX were EPS our $X.XX were prior negative the year. to $X.XX from

Turning In and Within revenues advertising X% were currency revenues the revenues X% quarter now circulation year. X% versus and and down segment subscription X% subscription revenues by by the increased advertising services, news billion and and individual to circulation and were prior the benefiting X%. foreign $X.X for information rose operating revenues, segments. with

X%, revenues News and the Dow rose at X%, Within segment reported rose X% fell News Jones declined News American UK X%. marketing Australia

XX% across subscriber Wall information subscribers, Jones, quarter X% on a year, our few Journal I to from would and in grew in segment third Dow services strong revenues businesses. X% we growth mention the prior quarter. the which news was again digital-only the X% the EBITDA versus improvement versus our News There Street grew benefiting third Journal, the which declines Street $XX and saw Wall year-over-year million, XX% notable is segment. at from down like a fiscal growth highlights, this and which At strong are experienced We quarter. circulation were they up up digital

Dow Jones Times the at XX% The XX%. saw this Sunday PIB, million total up posted Business, Professional expected year. In growth, Australia, in the of trajectory at up X% healthy year-over-year and grew revenue encouraged very addition, by growth. year prior by again again Times exceeded News risk We at we The also which in and growth subscription compliance, and the and sales digital XX% remain as versus and or The quarter Information led pipeline $XXX

at PIB the our rate, fiscal frame our in Dow was the again year-on-year local a from in portfolio advertising UK and Sun versus XX% solid and the performer, Jones size, products third digital revenues. or the improved up modestly with of trends Times. to quarter The growth by Just year flat performances news currency higher led across XXXX Fourth quarter advertising generated X% advertising The fiscal prior both

the Wall QX further of half down reported showing the improvement and closure revenues prior declines advertising advertising advertising declined Dow declines by Street of accounting in an the Dow also this at reflecting XX%, moderation for News X% was Street initiatives, international in year Australia very print impacted focused Australia. News editions in Jones currency declined. advertising Journal advertising versus quarter. as The We local print Journal. Wall the remain print cost particularly nearly on $X Jones million at

profitability, While is also and expectations showed which cost initial News pleasingly by work helped our be much and digital some higher done, ongoing to due stability initiatives, have Australia exceeded revenues.

quarter, last key further and across to printing potentially mentioned have or sharing efficiencies about operating our drive been participants markets. we distribution we shaping working industry As with facilities

a entered in printing to News Corp Queensland. printing into arrangement commercial Wales Australia services and with Fairfax provide South New Media

continue realize to of approximately savings other opportunities to basis this agreement and an expect annualized cost to We on from efficiencies. increase AUDXX explore million

marketing products. management. due stable Profit single-digit advertising as Finally, effective in-store were growth offset revenues in to relatively contribution mid inset improved weakness in products were cost News mostly by America

to revenues to strong increased and XX% million. Tolkien book or value the combined of the highlights announced performances, frontlist million quarter by we agreement Rings of contribution $XX XX% solid our Amazon. property Revenues approximately the intellectual the driven of Trilogy quarter million impacted and backlist previously Lord the The which posted for EBITDA to with X%. $XX segment from publishing Turning agreement, by $XXX sublicensing with segments, Tolkien’s very increased

titles approximately continued Table also Gaines, contributed XX% the Your such Subtle Magnolia backlist revenues and last as The as This Michelle Art successful from Be quarter the new Rachel of the down of Wash in backlist the Manson. Hollis, year. Face by consumer benefited by strength by as Dark Mark Girl XX% quarter, I’ll Gone several well Overall, releases, including Joanna by in McNamara

this revenue growth frontlist, up grew acquisition in XX% the real estate increased listing revenues the While segment, in represented from success basis. an for line a for absolute quarter revenue revenues to REA Total at Australia, to of XX%, the revenues $XXX was Premier the growth Revenue growth million. by grew due very books yield, grew including the In depth with strong XX% was driven higher quarter the penetration in and to of highest rate of XX% revenue revenues Reported $XX digital and benefit the recent million. the of Oil backlist prior still periods digital downloadable due strength by services currency. was Smartline year. consumer offset increased healthy audio to volume. XX% segment and Group residential lower the integration the EBITDA partially on

refer details. to shortly please call additional REA’s call for always, As commence earnings this their release which conference in after will

its News by from success customer Connections which XX%. for the Connections product. benefited Buyers as revenues products, prior estate lead of volume and includes pace rose slower Buyers revenues, grew year as increased Core in and lead-based continued flow yield real at prior $XXX listing higher the a well XX% albeit year. for to versus million driven

million been As the to rising signs. select engagement I Average the early part site for have unique at approximately redesign, XX were year. quarter the with market encouraging advertising quarter, volume prior non-listing our versus initially realtor.com X% reducing of monthly mentioned lead we last and modes improve within as users

expenses revenue expected, to acquisition were marketing and planned growth traction to City. Move’s our York increase drive partly in quarter brand due As New to higher cost and traffic this

and commercial tools coming in the of months. services are launch of We core ahead re-branding our suite also professional the

$XX you statements have video years. see the subscription and newly Revenues revenues quarter last in reflecting Fox Sky $XX forma attached were we Segment few combined the will Sports press year. EBITDA that million year a include News, businesses the $XXX forma and versus Foxtel million transaction basis services, which the pro versus year’s the pro $XXX was prior to a the the million Foxtel Turning $XXX on in for Australia release, were million. ago past

and As last of forma lower a advertising resulting of XX% segment revenues due of accounting primarily ARPU down on over on churn the from subscribers. $XXX quarter, the one-time segment was were the segment from million the a million EBITDA accounting quarter, revenues was impact I the totaled satellite $XX million On just FSA quarter rights revenue the the for down noted, costs, XX% to totaled Advertising cost million over per year-on-year from total revenues lower for includes of reported box million TV year, as prior reflect Foxtel cable residential the subscribers transition Foxtel’s subscription down in cost termination as quarter, alluded XX% were X% of $XXX of to X% down higher increased the up pro and prior to the a NRL by pro cost. XX.X%, revenues. forma forma fourth primarily $XX for for $XXX In cable declined In the X.X well basis operating I at of million. and year-on-year results nearly by AUDXX to revenues. XX, segment versus the and metrics, as programming to June subscribers over closing On million which offset due prior subscriptions X% for driven channels. year satellite the and Foxtel transaction Advertising quarter pro XX.X% basis, Now basis and the wind segment, Network $XX mix. was down Subscription subscriber month.

mentioned are. the I I reinvestment will Foxtel quarter, be drive required at some short-term what subscriber trajectory. briefly will As and describe last to improve these there volume

XXXX, Firstly, cost Australia the the fiscal associated we Cricket in quarter to beginning with second the acquired start rights. incur recently will of

million. full likely costs $XX faced to region also contract up We from AUDXX year related new in be will of rights of which million the step the NRL the or

demographics. the Secondly, IP-only in we IP-only at products non-sports quarter of also other targeted launch sports second actively anticipate specific and are considering offering the an

and as the the depreciation approximately the incremental Thirdly, a $XX consequence was million of amortization quarter. consolidation in

million to Finally, the of fourth our related include of $XX full results the year in approximately Foxtel consolidation quarter. CapEx

of million. penetration CapEx fiscal next-generation related For and to increase set-top $XX million includes least project installation approximately spend important will including expect CapEx At IP be amount $XXX which a of we Foxtel’s and XXXX sales CapEx set-top-boxes is is by fiscal XXXX, improving expenditures to to to relating subscriber additional boxes, some point, driven was and Foxtel’s related, Foxtel capitalized note by high cost this its It to that XK reflect significant platform. upgrade at volume.

As continues to be improving growth subscription be an be base and to subscriber initiative that maintain manage driving our and will IPO the towards believe goal long-term Robert and mentioned, will a our be key key to broadcast volumes creation. our churn value Over-the-top will goal effectively.

trends been fiscal remains Finally, but and information limited. news a I have they would relatively services, visibility XXXX. into like pre-advertising downwards, enter while to continue mention few we other as At themes stable,

on rolling News and with the I Australia delivering trends our as In penetration. expanding focusing HarperCollins. year base. managing mentioned IQ products, pleased on new consequence, launching this on advertising improvement. the The broadcast expect very are stable stability achieved overall, of year are we next ongoing OTT language on a of book and higher cost solutions some focused publishing, segment valuable focused very foreign relatively subscription digital continued XK, at services, in this remain performance our we paid UK. focused of and seem out Box new subscription video driving remain we digital generation particularly At the reinvestment As penetration we and Underlying initiatives, we and

we segment release for Daniel Joanne recent With Q&A. Woman revenue continue of the the over estate role release in both EBITDA and coming the to continued REA Move and some important new are comparisons expect November our play an me challenging by operator our of services, revenue mix. and including excited we Home year will Body At Gaines. for it We to digital The at and the let growth to that, hand cycle real that about releases, Other in Silva’s, the

Operator

Instructions] first [Operator Hannan from question Sachs. Kane Our you. with will Thank Goldman come

Kane Hannan

and Robert morning, Good Susan.

what could willing is to on you Foxtel the key say are subscriber mentioning would go that the adjusted end? that business on at to ahead such hurdles on you you growth before suppose mentioned, be transaction achieve I is just comment would need you the Just you and with a this

Robert Thomson

you I but the IPO, a say just that here. for that to be momentum. new a that generally. have health from success Delaney new new subscriptions Robert for And of an not Australia it’s a just with will the in for fair mood, team, crucial returned it’s and business speaking Kane, Patrick are the have generally

We as There no will enhanced rights far the has portfolio cricket the be to Australian a the prepared Foxtel as pay greater benchmark. the than is all there letter and no sports programming that being for doubt previously absolutely audience that best is And and rights. programs doubt well presumed. using by

give circumstances both to So, ground of the say fair it’s the and the on future confidence market in us context Australian the of the Foxtel.

Susan Panuccio

now a important start we that out by and to and new those I it cricket sports and launched. broadcast Kane these probably business we looked subscriber in we just as well that propositions and push that stands the growth as lot know a have of a for time and it of we the other think rights that have be I significant obviously investment of anyway done contracts we have will is add monetize period that combination got and you OTT

reductions on also there well. focused are of are focused and we out as both those cost on we So,

and alluded have job transformation on that a business. great so to And hit doing down is that going the across there major management ground Robert as the running far. there team a So,

Mike Florin

we will next question Kane. Thanks, please. our Carrie, take

Operator

you. Thank

with from JPMorgan. Eric will Our next Pan be question

Eric Pan

guys. taking question. Thanks afternoon, Good for my

So Australia, come to sort Fairfax say consolidation media with allow which assets with of in that of would a competitor you change your you rules are the or the in in together acquirer Nine, market? seller

Robert Thomson

consolidation our say would of combination tandem mentioned of sum we make than a are Fox in given operator. control Sports, us with more to and focus. the just partner, we want I Their will company Susan the and absolute Telstra that in that the be our has focused Foxtel parts.

Mike Florin

question next please. our Thank you. Carrie, we will take

Operator

you. Thank

question with will be from Brian next Morningstar. Our Han

Brian Han

Hi.

increase we Just Rings, foreseeable very XXX% those for future? Lord the earnings a margin of question, almost quick in and is revenue that baking from the the be sublicensing should revenue

Susan Panuccio

XXX% No, that’s margin. not

$XX million million. So, I netted think $XX have and the revenue increase said was about we we

Robert Thomson

into is an be led backlists healthy team has that by deft Murray team most and Brian at baking the have What available. HarperCollins future that of you the one we very at monetizing should excellent become

Mike Florin

you. our Carrie, please. Thank question will we next take

Operator

Tong Evans Next question and Raymond comes Partners. and from

Raymond Tong

Susan. Robert morning, Good and

Just couple questions. a of

some EBITDA of thinking key revenue, can in areas Move of and has the sort coming growth the think in that going And the about are you talk on video quarter, forward? – just a medium-term have revenue you just terms services, how outlined just Firstly, you the a to subscription growth there moderated investment of how the investments that bit up trajectory the just wanted of into is business? on you bit of and wondering for

Robert Thomson

core at potential revenues Raymond, realtor. we continued are for optimistic about growth of very the

define the you main was Connection but within what actually product Buyers core as for mentioned, up XX%. rose XX% that As Susan year-on-year,

a So, growth that’s rate. still healthy

has and economy slight a not picks housing you level, trend the or coming U.S. soothsayer are revenues. health there home I but not also existing But in if down the over complacent. slowing in would see sales pickup not that U.S., of been a given that’s We that given macro the a realtor UK am you in core quarters expect up market the will on

Susan Panuccio

EBITDA we that I obviously think associated there we and have we coming on that, come planning activities we to I have our platforms the are second got guidance that that. the into that start to will do come will And new fair obviously push rights grow clearly around are just in cost be out give the relation to with relation Foxtel cricket marketplace for but say in some about the would which expectations be with and year, reinvestment talked products launching have and think to to We to Raymond, through. question it your in that subscribers our the and don’t going

will investment would growth through years to of be obviously pickup. that So, be and a we with then expecting forward going are expecting there coming balance lesser we

Mike Florin

we next Carrie, question Raymond. will you, please. Thank our take

Operator

Thank you.

Research from question Craig will Huber Partners. from Huber Our be next

Craig Huber

by about flat X% costs is the here there forward? room closer large or another you. plan much but questions it please. minds Thank and guys’ to want currency cost chunk going was was it also got What information, change with region and year-over-year. currency, Yes, I two take without hi. was assume and I for for just about looked revenue in your the news here like the up circulation of to ask then quick it percent to out

Susan Panuccio

Maybe handle will. if I Craig might I those

X% revenues question. revenues revenues UK flat, Dow well, circulation So, circulation and local to in first relation News in in Jones, currency circulation X% up relation Australia, growth News down in were that but to as were were

then fair and going if more at have flat The we we of year, parts They growth I revenue cost growth obviously in cycle, and continue push invest are the than probably I right, acquisition got adjust growth but and as subscribers. services this to it’s rates and news were to are question to forward. expecting you revenue Dow those costs an matters, see Jones the different of investment will probably marketing they have to second had M&A have businesses digital got continue across different for other information think you say

there. UK, in fair I over indeed be continue We focused think their and products the very we cost digital at say on that opportunities with would they there is and that cost Australia to Australia team be probably that. the believe is it to there as see than ones balancing And in expect lesser we reinvest there. reinvestments would out out gunned around down do there still News is would News can be those that were cost work to

across of a I us. certainly group So more that see it’s opportunities mixed front we in think bag the

Robert Thomson

Thanks, Craig. specialist premium you XX% at Journal. potential the content tremendous of for And was was subscription up-selling just And that premium to Street at there mentioned base supplement up X%, what Dow Jones a as Susan, Craig, the Wall is actually have you revenue prices.

So, one price nearest is competitor, and our different subscription with with a base, while growing composition real elasticity. based faster the also than

Mike Florin

Carrie, take Craig. please. next we Thanks, question our will

Operator

Securities. next Macquarie be Instructions] you. from Thank with [Operator Our Levy Andy will question

Andy Levy

Thanks. guys. Hi,

would its Just was the which looking at be can license the the Foxtel holding wanting just to talk me wondering of your Corp the process? their and Thanks. you I IPO, Foxtel through IPO, terms track you for it in reduce on looking through do one that partner to down what if be News exiting would prices,

Robert Thomson

All it go ability to the our would but is own extra can’t in revenues, the base grow years. articulate our extra our mean we per That particular, value grow the will into confidence grow company, to se. at over in for company to subscriber the Look, and future absolute combined means about for details I profitability coming value business.

Mike Florin

will we Andrew. Carrie, next our Thanks, question. take

Operator

am I further questions turn like I time, to queue. this would At Mike in Florin. the showing over to it no back

Mike Florin

you Great. you participating Have will Carrie thank soon. thank you talk to Well, for today. we care. and great day a and Take all

Operator

and you. teleconference. Ladies Thank today’s gentlemen, this concludes

You now may disconnect.

News (NWS) 9 Aug 182018 Q4 Earnings call transcript