- Earnings call transcript Q1 2023

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Operator

Welcome to News Corp First Quarter Fiscal 2023 Earnings Conference Call. Today's conference is being recorded. Media will be allowed on a listen-only basis.

At this time, I would like to turn the conference over to Mike Florin, Senior Vice President and Head of Investor Relations. Please go ahead.

Mike Florin

operator. much, very you Thank Hello everyone XXXX fiscal quarter News welcome call. to earnings Corp's first and We press newscorp.com. our now issued earnings posted and minutes on it's ago our website release about XX

Chief On today community. Financial We'll take we'll with the open questions then Susan prepared and happy are Thomson, Officer. remarks, call some be Panuccio, Executive; Robert from Chief and to investment the

is differ business certain what call with Corp's Actual information include said. News forward-looking and may materially results could This to respect strategy. from

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

reconciliations Additionally, this be found such our Total and as segment website. measures earnings call such in EBITDA applicable the release our include non-GAAP will adjusted on EPS. financial and periods of measurements EBITDA, definitions posted adjusted non-GAAP can Segment The for certain to GAAP

comments. some With Robert Thomson that, for it to I'll over opening pass

Robert Thomson

Thank you, Mike.

the patently sustained While of growth is for this is the profitability. News macro and platform the evident environment we increased more revenue That resilient give a quarter. performance our reincarnated clearly foundations Corp us in believe volatile,

While revenues decline foreign obviously that fluctuations. $X.X were to of consequence down billion, currency a was X%

a grew $XXX robust for X%, the On million basis, our quarter down last year. an adjusted revenues building the was from on healthy results Profitability XX%.

reflective its Although term that factors reflects business of levels core inventory book, of warehouse reset headwinds and We potential. and Amazon the our neither of ForEx conditions by footprint. view a long or

mind, be we what results News success to profits that Corp. as at two It encounter of in important years to keep ephemeral record expect Our is unprecedented we challenges. follow successive especially

We current be revenues complicated and terms across the and perplexing a of changed segments we world. geographies and transitory. expect has of situation the positive trade obviously is in mix our all company advantageous prospects our digital to see Our

Jones the which margin, revenue, to was record Dow wisdom the out QX X%, for first and grew number competitors. quarter compares which acquisition Revenues acquisition advertising have and a and Information of XX% favorably first to rather profitably OPIS of the since business. affirming CMA, on Professional Dow Turning of up resounding was our Jones. best bolstered

rose digital complex in achievement advertising environment. at In noteworthy Dow Jones particular, XX%, a a this

fact, ninth quarter growth at Dow Jones. Jones year-over-year of In added digital digital-only year, of subscriptions, QX subscriptions the of the the QX, and Dow of represents consecutive digital-only. past as ad XXX,XXX Dow In XX% Jones end were at

tough Journal, Wall paid the XXX,XXX digital subscriptions over market, the year-over-year. Street At despite increased by

Daily options to Business and paid a attract that options potentially commissioned MarketDiem but trading, new will analytics investors Investors a quarter launched newsletter for the complex sector. younger an During information lucrative app present

and focus With exceeded Journal, of renewed already out to These Watch, its a roll bundle premium our subscriptions XXX,XXX Wall bundling products, Barron's. has on Dow Market have WSJ, the Street IBD. including content, panoply Barron's we and combinations valuable and premium Jones begun featuring have

Revenues at year-over-year. rose business XX% Professional the Information

joined and in maximize continue revenues integration benefit combined scrutiny successfully this million OPIS and intensifying $XX We materially risk companies to in clearly impressive who QX Jones an Star contributing intelligence proceeding profitability a by providing they an are on compliance environment that been compliance. has CMA risk and see to of the regulators [ph] and in burgeoning and business Dow quarter. minimize insisting of The of

low of an are Overall, clients. with and including is increasing of for indices churn tangible business, the continue data yield, high and analytics carbon are digital CMA making the our offerings offsets. their with leverage we new assisting carbon progress which dynamic information sense companies in and in delighted OPIS market to proprietary providing flow professional

Group in enhancement more lead traffic volatile, premier its pricing, strong achieved we increased market substantial plus on over conditions US. At growth REA of constant higher its have revenue quarter, though even in resiliency than new this real become saw penetration and the in of digital threefold estate value, competition. patently the listing housing the currency services more maintaining back especially while

were product unique also India, which quarter REA first thanks X% relatively audience risen enhancements notable reflecting growing further revenues number for as Realtor's and in and that market. 'XX, Move, have portal position revenue growth since in consolidated the quarter. increased down financial property to the was realtor.com At There operator massive at a similar fourth trends of marketing. its users one XX%

offerings to our taking To market, and expect and streamline we far expertise, in capitalizing opportunities. the business drive Realtor while the advantage will developing decisive steps and long-term in business growth equip in upswing inevitable future. optimize also the sell we profits position enhancing full into rentals and reinvestment are side is to on take the the expanding capacity of which

Up integrated the been agents has leads, focus proposals providing Up of are more Nest. offering most consumers our across significantly the get Our on experience building is which into the seller seller placements the acquired Nest site, multiple source on from Australian and sellers in The to recently market, key ability revenue choice.

improved long-term in market. environment quarter the an and to estimated what prior remains Realtor rates, tight XX% mortgage a higher housing inflation, challenging billion home opportunities year we in elevated that prices is the the listings on at remained in inventory active period. Meanwhile, with note by $XXX and compared focused realtor have even addressable

revenue levels majority including Collins. decision quarter. the earlier, relates profit the affected decline reset Amazon's entirety publishers and QX the to its Harper Amazon inventory and mentioned accounted reduce for Harbor This this As almost shutter of reset warehouses to vast in and many Collins contraction of

conditions. Unknown by included Key Kushner. to quarter Silva, Harbor an by Jared which Breaking continued focused confidence list front of absolutely increasing improve imperative us and History forward, during by to in Kelly Daniel we the and at the Notably, in Live are robust with these titles margins Portrait pandemic going consumer challenging Woman the Wire Ripper cost be and and on control appetite expanded provides Collins

global to the and of trilogy, the the series to prospering stories of Rings Colin Amazon we rights Lord Hoover's are tell the release from are ownership given Work. Joan Next of by Gains the popularity We looking the we and our forward

Finally, Cider Collins' source Mill we books. ongoing Cider an publisher specialize cooking, last Publishers and and spirits gift independent provide acquired Harper incremental should Mill deep Book Press, Source children's humor wine Its Press note brand. list back revenue. in includes that quality month of Apple of focus and an books a

video or services; WWE the signed had Universal. including IFL, recently have expand NBC long-term to quarter. and strong renewed valuable penetration continues Foxtel agreements conduct Streaming costs another subscription has At thoughtfully and sports controlled. and subscriber to Foxtel been rights

at capital We is optionality we where conversation to the for about Foxtel invest, longer have the no capital obvious return. how potential plan much but

subscribers Kayo nearly million X.X searching versus alone expanding of million and potential as of the of added Foxtel the obtained past total XX% a services the paying end of year, BINGE subscribers and prior subscriber the in September, still a underscoring of streaming Foxtel three XX% base. year accounting paying Australian paying for the quarters in market.

and season, audiences as other Cup League Foxtel record though World subscription growth Group Rugby X%, fluctuations we are World IFL The subscriber X% in saw delivered a Cricket T-XX revenue the items. spring an constant near the loyalty of circulation finals. Meanwhile, Motorsport, selling when and and basis revenues. the account NRO Media into healthy bolstering Cup News for decline segment we adjusted healthy In taking advertising, on rose it a and currency, experienced ForEx recent

year-over-year. Australia, XX% one for million Corp, the up in News digital mark At subscriptions circulation revenues first currency time constant and improved exceeded the

September. its asserted XX revenues. to a in month Post of leadership News.com.au media continued of the with environment York digital an free a strong in profitability, to in improve Meanwhile, audience New in increase thanks the million advertising part

muscles success also its digital September. in XX% Digital growth. saw digital audience, reaching of an we're and average which And increase uniques ever reaching sun.com, already per in accelerated subscriptions also it quarter flexed best At News in a States. million second the the to United of and growth increase average time week marking of consecutive continued its the a by in advertising with and its print XX% the Times Sunday increase XXX,XXX sizeable UK, the particularly page the paid monthly delighted digital fourth network quarter in XXX The XXX exceeded for QX million Suns post views

News Broadcasting, than and of of and and the to brands hours listening be report. and the latest News reach new expect advertising. hours Cup we to both who XX% in audiences radio more source Talk quarter-on-quarter, listeners television up name according X.X radars the imminent in increase million UK for XX million for of a reached reported the World an Sport tuned

digital is News Corp grown stronger, more building recent base a global, in that years. on and more is

progress years. our streaming, tech for value providence. and thoughtfully substantial subscriptions big we Digital honoring that has and compensate the better been uncertainty, the platforms and to generate journalism, in of our the the each in macro key we profitability future record growth on seen streamlined measures, Despite return capital businesses resounding to last By increasing with are position proud to surging means premium to fiscal strong many our have shareholders our digitized and agreements our advertising have having equipped cash rise, our us investors while two soaring. and economic able invest reached We continued.

time, will Fox company of this of Family One following directors that at to of the engage Corp formed letters this be News from do we we a special will not the Trust, to in not committee and Rupert comment no month taking receipt a exploring independent can board such last the There with that begin potential members Murdoch questions as announced today. last board for and reason, intend a on has Corporation. point; the combination We topic certainty be further transaction.

answer to our as We business, quarter your course particularly for are year. relates first the about of the prospects of to of this questions fiscal and it happy performance

and thank faith we their all for As confidence readers audiences enduring our advertisers, and always, for their our contributions and investors us employees, in valuable support. and

Now I turn Susan and expound to on expand results. these to

Susan Panuccio

Thank you, Robert.

macro and to with and guided from investment we currency our balanced be to successfully XXXX our headline XXXX, drive by expansion. environment, strength, cost impacting in with of fiscal a position UK innovation Throughout Australian businesses. we results in have the different entered have We fiscal volatility work, foreign company including which navigated a transformation digital our ongoing

the and of performed Collins, most some currency our diversification that the balance The challenges, sheet, of first base. and mix, to constant quarter presented of Harper of strength well in revenue healthy XXXX suffice positioned well remains continued News businesses Corp at asset the particularly given but say fiscal our

down First were which quarter a impact approximately million or $X.X from headwinds. X% foreign included total negative X%, currency billion revenues $XXX

acquisitions to the currency compared X% revenues fluctuations, the divestitures, year. of Excluding impact prior quarter grew and adjusted foreign first

XX% growth. $XXX segment prior was being year, changes XXXX, EBITDA segment up saw Total over still said, in record recent compared with total That was XX% the quarter years. XX% to material million profit this which the a EBITDA fiscal underscoring down

the decline as foreign levels reflective fluctuations, Also year from noteworthy of to sizing XX% sales profit of warehouse driven of versus that as its we was performance. right the lower period. majority EBITDA declined well quarter Adjusted this by the the believe prior is are footprint, its infantry Amazon which of reset of due currency neither underlying and the

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

activities an prior marketing for revenues currency the a the segment Move fluctuations. year. were increased and XX% both to and of million revenues include digital $XX declined estate EBITDA foreign segment impact headwinds. or from REA of $XXX costs starting with by the segments, driven impact million million services, to to On Segment employee X% reporting higher real basis, negative results negative with by X%. results The impacted investment increased down compared on strategic costs related currency X% adjusted Moving to individual together $XXX

prior revenues segment we The costs including declined into term X%, was the Move's to million, period. Move increasing on year opportunity. due and at seller new following $XXX were XX% X%. the investment EBITDA homes in leads, Adjusted rentals adjacencies growth down focus expansion as longer the

real although revenues transaction lead industry driven the a and estate quarter, For reflective improvement rate. volumes, Consumer affordability of declined volumes, lower from impacted which uniquely fourth broader the slight XX% quarter trends. constraints fell was that quarter, by the X% the in

offering, optimization gen gains. traditional price offset appreciation partially our price business, and were the trends hybrid higher home continued within of Both lead sell-through market VIP, advertising by

adjacencies, development. streams including Up our revenue We also are had growth revenue from in acquisition Nest, of the still early the stages these albeit of

Based volumes, in year, lower Referral unique our first partially on XX quarter. offset transaction home average XX% from offerings monthly users of revenues, the by by accounted higher million for were total prices. down XX% Foxtel's internal approximately last impacted metrics,

to a strong by or penetration a another quarter, listings, foreign favorable up decline by financial REA's was buy revenues which from X% exchange. increases, refer reported and Please conference in rising to $XXX this and contribution lower growth on their price X% offset modest negative respectively. year-on-year and details. Plus Growth and Premier REA Melbourne from million basis national million, Sydney settlement with activity. rose to with impact listings more earnings new included revenues Overall, X% $XX a partially had due call for services X% driven debt call following in release XX%,

currency to quarter million, the Subscription Revenues year for Turning were basis X% to headwinds. compared reported foreign Video prior Services segment. a the approximately the to on $XXX down due

accelerating prior of and subscription XX% in and more grew the declines. basis, adjusted revenues XX% than year prior year, revenues from versus an offset growth. circulation on X% X% accounted Streaming the prior for versus rate the revenue quarter broadcast of Importantly, again, revenue

the and subscribers quarter. subscriber paid with trial X.X over million subscribers total reached rate points X the base. the closing Foxtel growth streaming representing XX% from versus Total percentage fourth paid paid million, Foxtel's improving year X.X Group Total including up XX% of with XX% reached subscribers, quarter across increasing subscribers million. year-over-year stream end, has XXX,XXX almost over at reached now sequentially prior [indiscernible] adding X.X

to the a quarter end from from Dragon up Origin due AFL benefiting over seasonal million subscribers year-over-year year-over-year, House September. and grew typical subscribers, the broadcast subscribers subscribers Foxtel million similar of XX% and at down the million, series, XX. in Foxtel XX% X.X rate. quarter the reached Paying to XX% with of the release the the fourth $X.X over paying the patterns robust fourth seasons ended year-over-year, slightly Kayo of almost to nearly popularity down NRL the The residential quarter of the levels X.X

compared year, to ARPU XX.X% approximately X%. X% impacted versus to Broadcast migrating churn XX. the Broadcast EBITDA significantly the reflecting the of acceleration was with fell million in the quarter adjusted by $XXX increasing partly over X% cable. prior of prior year, XX% segment subscribers of currency, AUD in rose Segment EBITDA

last Moving compared on with with Dow Dow up XX% performance a the to basis, X%. Opus the quarter to up year. included Jones. prior year, both full of market quarter, Chemical to quarter X continued this revenues total in revenues post million, the acquisitions. digital strong from percentage points XX% revenues an accounting analytics and from Results On approximately of adjusted Jones first revenues $XXX rose

Dow and revenue driven digital-only XX%. up $X.X of digital-only revenues Street by the for Circulation and up Opus of volume subscriptions, total rose approximately and X%, XX% with to grew Journal by over driven information Wall year-over-year gains revenues Jones also Professional million CMA. XX% accounted business subscriptions segment acquisitions the strong XX%

Compliance demand metals, given continue and carbon, and across Revenues yields sustainability, strong. from currency impact strong percentage are had biofuels from and rise while although the Europe as remains our industries, with numerous retention business' plastics, in benefited to the businesses and line higher renewables grew on acquisitions revenues expectations progressing to the XX APAC. exposure revenue and X%, negative point a growth Risk including

as quarter Advertising advertising revenues prior XX% a to saw improved of all accounted last the categories, XX% advertising $XX quarter. XX% revenues, advertising for and see in very rose this points million year. in improvement which Digital in to growth X we healthy in X% yield year. the approximately Digital especially strong from revenues lapping total BXB despite growth percentage grew continue

margins to by million down EBITDA rose quarter Dow inclusion basis the XX% for were XX higher with employee Opus X%. reflecting the $XXX helped for costs. segment X%, expansion to improve CMA. XX%, as down Jones of quarter and Adjusted to points nearly advertising was Print year-over-year continued segment revenues EBITDA of the

but inventory Amazon's of continue its higher levels Publishing, hampered orders pressures signs Book in Supply reset At freight lower quarters. are by and to recent of showing chain warehouse fared impact of significantly manufacturing footprint returns. and materially from results were during easing some the as costs we resulting and rightsizing quarter,

seen to other from have consumer and data it consumer as not Amazon, Robert remained And with prior noted, level or healthy, demand As inventory retailers. similar remained quarters. consistent relates we sales distributors adjustments has book

For to and the revenues million XX% $XX $XXX XX% declined to quarter, EBITDA segment declined million.

We the estimate entire of and almost segment shortfall. EBITDA the for Amazon year-over-year decline year-over-year accounted revenue the majority

demand sales Digital accounted of year, On fell revenues segment from and of by titles XX% Power last Our X% consumer from helped basis, adjusted and the this EBITDA an Amazon. on up token revenues, the declined Rings XX% quarter rose benefiting of backlist contributed premier for the X% of sales. of slightly XX%.

News Turning Media. to

to $XXX the which X% negative $XX versus strong trends, continue due currency, We million, Australia. impact to were Revenues advertising XX% at revenue. a relatively year, see largely prior down particularly or News had on million

uncertainty, Importantly, constant and strength adjusted prior the in revenues advertising compared subscription healthy due X% a currency. year segment despite circulation the and macro to in to increased for revenues

Circulation and gains Time negative Australia U.K. in increases and Growth across and a content currency subscriber Australia included $XX subscription but double-digit by revenues licensing revenues and the from News million that currency XX% and The and fluctuations. increase declined price or in impact in Sunday the was X%, Times. cover driven constant

while a in the to impacted was Advertising preperformance recovery lockdowns digital and were again in the retail by where print year. the strong yet equals revenue travel, prior in the by which Australia of currency revenue, led revenues sun a constant digital by impact benefited from revenues, year, advertising from currency or X% in Growth declined increase negative $XX which prior X% compared primarily driven included fluctuations. million an

XX%, other being costs TV of to chain million over also New games. are segment Talk and digital posted higher distribution of and and supply across production by investments, current together digital $XX costs Segment related challenges. York driven Adjusted impacted which the $XX by Post declined the with XX%. fell EBITDA strong news million The inflationary businesses, EBITDA higher

we at free quarter, on cash outlook the look touch would Before the to I flow. for like next

the due the free quarter First free strong and generation lower of flow driving on to timing cash and positive focused capital year. cash typically flow for is working remain payments, we

quarter. upcoming the to Turning

We the continue mix conditions across limited to supply due and to pressures. expect and inflationary Advertising higher and remains visibility chain businesses. costs

Australian compared We also sterling dollar given for the pound the current ongoing foreign the expect prior and exchange rate year. headwinds, spot to

each listings Australian for Estate At prior XX% of tougher declined buy October segments. we Services, residential at comparisons. Digital our new year Real Looking as lapped

with to Please we refer short At transaction will and expect volumes term, challenged and continue cable Services, ongoing and continue we migrate ongoing in focus of specific products while discipline. with the Move, to commentary. performance ARPU mitigate REA for customers streaming we more to Subscription of take steps the outlook to investments pressures broadcast Video churn In balancing cost from as the the and those will lead streaming. pleased we remain to be

remain we term. Advertising Jones, on remains short CMA. the and Dow focused visibility integration Opus At of

expecting are we a second quarter. more However, challenging

also rate of prior our to to offerings. the quarter higher be driving and on enhancing consumer second PIB the in year We as the subscription than expect investment focus we continue

and like price costs initiatives, including across to Media, from in expect second easing. issues Input although expect persist, ongoing together inflationary top including any pressures chain We first quarter, incremental pressures, strong albeit quarter, other News by the expect publishing continue prices. At to short businesses, and headwinds showing relation we we signs investments to newsprint supply digital TV be of with nature. demand, inflationary in term with Amazon customer in the still the

a FOX that, Robert we for everyone open we related committee stated to not the combination potential questions with any for to Q&A. it as be I special like Corporation, Before remind to operator let addressing would hand and/or With me the over earlier. questions, that will

Operator

from Instructions] Hannan The Sachs. from [Operator Kane first question Goldman comes

Kane Hannan

comments Maybe end on and inflationary there Perfect. the of Helpful the around book the pressures. just publishing things. side Amazon border at

side decline to of to I attribute what first is continue quarter, the suppose, what you'd sense a inflationary the that impact I of, us you'd rest suppose, attribute some the things basis for and in of the give XX Amazon's margin the going to, probably year? Just points

second And quick a then just as of sort follow-on.

acquisition? would talk pushback about thinking Just been whether how the space their that had you're you in think about M&A publishing proposed with Penguin House regulatory Random have ARPU the

Robert Thomson

But closures created say, Ken, books clearly some Amazon chain we for the which the is fair and it's quarter. Amazon, trust in [indiscernible], combination but China and have meaningful soon. luring undiminished, look, adjustment logistic the both warehouse clearly, eternal, first But as the a inventory factor. not Colin titles supply Gains issues, is of a for it's will to including demand looming certainly relatively Hoover. we resolve and

the control his and So in on cost improving focused are team meantime, and resolutely margins. Brian necessarily Murray -- and

look, work As for companies. is volumes documents ahead already into the for many run lawyers must at Schuster, Simon the more and both themselves. clearly, legal there much

is it will proposed Leviathan, times the appropriate But the a would of titan industry. the literally disproportionate create a weight merger judge in that that that rule book behemoth,

of For building the absolutely the ourselves, focused business integration we're continuing and resolutely on Midland. Horton HarperCollins

Susan Panuccio

And just frame majority was EBITDA are The We hopes be coming QX, been the the of coming inflationary Amazon. down to impacts Ken, all we the back And due but had to into up. while impacts the some will to being we see expect pick decrease expecting that impact. has actually. second second limited quarter. things to Amazon half the But maybe to

seeing bit are volume, half. offset again, to a the a expect those We see in slightly can second but hopefully we little by subside

Operator

JPMorgan. Karnovsky from David from comes question Next

David Karnovsky

Can to like you macro? would [indiscernible] disposed mentioned to in Is the you see how trends I new economy? sort view demand impact of the market. grew the Or Robert, a on Jones then eventually? expect some quarter. there cycle digital you or And X Dow talk factors, tough utilizes to that wanted strongly the the quarters? I the prior subscribers. you for think to

Robert Thomson

the part were Jones little subs, on that Wall the Street of Journal. they was a digital question and Second Dow up XX% unclear both for

million. as audience, up then Dow X.X that's able of opportunity premium taken monthly a uniques realized. X.X were is What we're million premium for take generally with price. XXX ability Our X% seeing is up massive And Jones at people hierarchy total products of and clearly, and take advantage we're we've professional advantage more which the the push information the to content, that gradually Dow of is on million at a to that WSJ, Jones, subs

And believe secondly, bundling. vertical in we

for MarketWatch and and the marketing. which So virtue over might and not example, there's WSJ, Belgium. Jones no X see, that Barron's next WSJ IBD has bundling companies doubt that other months, horizontal call Dow begun IBD, you'll the And in you what of those bundles just

able update you in we'll strategy be no that a succeeding have we the quarters, one. So is doubt to wise but

Susan Panuccio

And really David, doing. for We been growing quarter-on-quarter with few been the we which how been catch of performance advertising was, Dow advertising think didn't advertising. question quite look, have now, a they've I as has in but expectations the actually and surpassed been quarters really pleasing what well Jones to on quite our pleased the have actually

more it's come were in did early it biggest and we comments quarters QX my of our advertising is challenged little see that but the bit that days, markets, out. pans say to we'll still I pretty how QX. expecting a be across one

be the second in So expect we tougher a comps. more little bit against it challenged do quarter to

Operator

Darren from is Macquarie. Leung Next question from

Darren Leung

Just about the growth. a quick subscriber one Bing

from much cost that of agonist trend quarter-on-quarter on. up maybe time that by consumers of to as for how know it's focus is increase sort So that

Robert Thomson

seeing subscription fact, that subscription we're Kayo the very now. has the streaming at what both is million Bing. up increased in with though even uplifting pleased subscribers XX%. X.X in had around And And performance at the have notably, are sense frankly, We very

While broadcast higher. is ARPU actually

So we're not seeing the fear cannibalization.

and and relentlessly only performance and watch customer customer have the experience. been they but And the us with not what the it's secured tribute which on a Australia, given team has of sports to that's why rights, improve watches, has Australia, it we've in and watched focus Patrick in toil churn long-term how the Savona what good. the And most done to so is Foxtel, optionality, the been working the entertainment they

Operator

And next Brian from question Han is from Morningstar.

Brian Han

cutting in is the one. estate, you News a the digital confirm is for still please quick those In and in cost Just Corp thing main businesses real Or now investing that division? cellulite adjacencies U.S. can the

Robert Thomson

much why it's investing very But future that's Realtor. the as we Brian, side in invest long-term there opportunity presents indeed in we're real no it's absolutely are doubt rightly digital because about long-term we're the is to a continuing the United as States. cost-conscious. we sell the products so because And whether rentals, that buyer bright for side, see well whether estate

Susan Panuccio

expenses increase that And add to the in just in Brian, are Realtor and actual costs to our to business year-on-year the core actually, seen that, operating mode. the due flat core those in at adjacencies investment we've year-on-year X

Operator

is Hein question [ph] Jonny from Next Edelson Partners. from

Unidentified Analyst

from ad Binge to Can wanted and the well? then just demand advertisers the I on about ARPU you again specifically ask about pack. as talk expectations on and also then

Robert Thomson

quarters layer performance bringing you team the be that does market. potential us to revenue to very update as of have the modeling in Well, advertising we're and another doubt the able binge that of gives I potential pleased unfilled generally, no coming it's that we'll with its in

Susan Panuccio

just that. Johnny, add to And to

of couple customers in just the how put Binge with and there's price-rise to questions We've So through. been really pricing. been a I actually the pleased for retained that's been been relation think have

we've So has Binge the with and performance pleased down with work been that. Robert as expecting got strong very, very we're we've that that, content doing that been said, there. the And across business

Operator

are There line. further the from no questions

Mike Florin

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

News (NWS) 8 Nov 222023 Q1 Earnings call transcript