FOX - Earnings call transcript Q3 2021

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Third Quarter 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. I would like to emphasize the functionality for the question-and-answer queue will be given at that time. reminder, is a recorded. As Instructions] this being conference [Operator over turn Investor I'd to conference to now like the Chief Mr. Relations Officer, Joe Dorrego. ahead, sir. go Please

Joe Dorrego

XXXX Thank to morning, Good third fiscal you, call. quarter and earnings operator. our welcome

on Chief Officer; Steve and Tomsic, me Executive Officer; Financial Chief Chief Executive the Lachlan John are Joining Murdoch, today Officer. Chairman our Operating Nallen, and call

These current today's result on results. from of call results questions operating what First, may note statements and differ quarter, filings. identified factors and recent call on and the are Lachlan and most Please regarding statements based management's and could a Steve forward-looking community. certain expectations, we'll include will in from take on is Fox give that the performance as stated investment some this SEC actual prepared remarks company's financial the then Corporation's

are financial of Additionally, including non-GAAP to on certain And the this measures, call. to we section are turn Investor release available filings, over adjusted with in which website. EBITDA, measures in Lachlan. this include the of refer call pleased EBITDA, as and to our I'm it included call Relations will Reconciliations that, SEC our our earnings non-GAAP or financial

Lachlan Murdoch

past on all highlighting essential Thanks, on yields our our quarter benefit did operating our we consistent once strategy Joe. have Bowl longer breaking of increased company when our to as year had with focused of as approximately execute afternoon. on of quarter, the growth brands underscoring our ability $XXX progress for that quarter, again, term affiliate total Super we we And a double-digits, generated nearly delivered revenues exceptional prior results. record results. of the plan Once our industry-leading by much set coupled joining EBITDA, you Fox. This making Good us in a we discuss a quarter initiatives. to thank million third again, financial Financially, great results, while

will demand only notable, broader local year, your the comparisons national to not for despite in recent a commentary digital of equally performance advertising advertiser our a tough assets, NFL. as News trends outcome the market further at Tubi these the has highlights Bowl Over portfolio focus moment. Steve prior give and continue and and details on our and in quarters, on financial we with robust as indicated was Our other for renewal well. Super but ratings on FOX negotiations in see the

positive consistent you. are that Our to achievements the we with these in areas expectations communicating entirely long been have

the NFL to leadership news foundation long-term with the Our company strong renewal provides our clear of coupled years and a grow to come. for

each me address one them of individually. Let

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network that channel that finished most the News quarter reflects in March rated grow. FOX not to watched and as top cable to but the as year-to-date, fact, expect we the last FOX the to return maintain, again the the News a primetime cable cable position leadership network and channel network news In achievement finished overall. watched Calendar most is this news just

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to us that increase in FOX and subscribers Given current the with new invest new with programming in engagement we our further continue to should this quarters content, customers. success have to for the attract you seen ahead, to Nation anticipate

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not were while could discuss we we in negotiations. While this

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at the are sales across are up FOX last the the we seeing year. core achievement third to XX% Stations. quarter compared digital ad company Digital Another at nearly growth is our stations Television

the capabilities yielding are and results. the great in further third build billion Our company, we at product the Across teams digital advertising entire and multi-year digital strategic digital stations investment $X surpassed year-to-date. our revenues enhance to for our quarter

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growth the launch quarter FOX Weather that season, look midterm the Tubi forward sports and We XXXX current investments in milestones optimistic about our and the return the are entertainment the fourth beginning lineups, Outkick. and integration full election to include in and of fiscal the the FOX of of of Nation, of

with capitalize to our ongoing continue of as us capturing And on initiatives will through this the take We the brands, core I've the discussed as quarter. momentum Steve the well now of impressive added growth from that, today. details

Steve Tomsic

that trajectory good our highlighted delivered underlying the are advertising are expectations Lachlan, we robust Having and revenues. exceeding another by And strong encouraged afternoon. strategic by our Thanks trends underpin of quarter, Tubi. the investments distribution

prior LIV across Before accounted third is Super that for our broadcast in approximately at reviewing million results both the million our performance advertising are Super performance the I comparing underlying company approximately the against EBITDA LIV. net revenue it and to our our Where financial last impact of Bowl the the excluding quarter, corresponding will outset share reported Bowl of quarter, the quarter appropriate, for year. $XXX worth noting which of results $XXX and when

Now the for our to current results turning quarter.

in double-digit affiliate revenues. and company assets leadership underlying revenues and delivered mid-single growth portfolio focused brands Our growth advertising company digit in total of total

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of this the mentioned. I've reflecting impact in $X.XX from comparative last was $X.XX, Excluding other up just that EPS items, items non-core adjusted year's primarily slightly

performance the operating segments of to quarter. the our Turning for

decreased reported News by revenues. X%, in gains X%. moderation a essentially Cable erosion. the of affiliate FOX in pricing led X% once revenues Networks rate at industry stable revenues continued increase Cable Cable increased and double-digit on Our EBITDA advertising again, subscriber

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fleet flow. cash fiscal XX from to cash the million Class collecting quarter, repurchases of being of programming representing concentrated of half on Against our buyback year. billion $XXX and our revenues shares, our deployed of $X.XX Year-to-date, quarter have share since November we fiscal that shares we $X.XX million free sheet buyback over and our $X and XXXX. $X.XX first we with the our seasonal authorization we ended billion perspective, $X X% Class cash total call. approximately capital billion repurchased rights in sports to our A approximately of track cycle to billion, on complete million and payments in billion, are result of announced last in have the billion, with normal this cumulative of launch X we the of the flow nearly strong in $X.XX In shares B net reflecting a the debt. repurchase feet outstanding our the program generated From fall now Turning balance year advertising

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Joe Dorrego

Thank community. you, investment from to questions And happy be take Steve. I’d the

Operator

Quadrani J.P. ahead. with a question the Please of Alexia [Operator line go We Morgan. from Instructions] have

Alexia Quadrani

would back curious sense kind you earlier. portfolio? Thursday programming of Football with? Night to to make you to potentially circling I'm speaking, more for decision out what Really adding other the replace Yes. of guys sports a terms get plan then of in rights And to it generally what year that

Lachlan Murdoch

Alexia. you're well. Hope doing Thanks,

for home and of for I and But was it having expensive if was couple increasing it remember, of are think ratings to back we agreement all it different Football, really you we quality, that home, football achieved one those entered the were bring and we of its when its Thursday is the that and NFL afternoon split a for building that, production America ago, So Sunday really years some into – brand focused Fox. on and goals. we Night sort amongst frankly networks, football

for was that Football having a going package – – price an at in it right We're million million roughly which focus. was Night the By the releasing to. early is securing proud And the a So the then positive have $XXX and to absolute we've EBITDA appropriate achieve impact Night few year, our think are we forward, Thursday NFC the to us year of we rights $XXX in Football decision, absolutely NFL important. that years. going of last we're financially, fiscal been so custodians Thursday over invest early how

Alexia Quadrani

And look for other of terms the in other you you with and you else? happy and sports and is rights, already guys you sense very NFL might nothing make NTL are sports or to at the there have,

Lachlan Murdoch

that No. on and open keeping sports become rights available. an rights always Look, eye sports we're

come I think they're believe our – going platforms and paying but we disciplined view. everything, drive continue are whether with retransmission of at of But worth look financially an on of rights sort to we certainly appropriate available. on very advertising or we subscription view prices either any point our it's significant point we're that that growth, look or at what from a sports our to

Alexia Quadrani

Thank you.

Joe Dorrego

next please? can we to the go Operator, question,

Operator

Morgan of question go We line Please a from have ahead. Swinburne the Ben with Stanley.

Ben Swinburne

little year, Good the of longer-term couple on questions of know wanted you Tubi it, have guys about owned I a ask I a think maybe a I Thanks. for sort to less. strategy. afternoon.

build sort over to can produces using versus trying are years way you've the side, On that just broadcast as owns about content. thinking network and the of a the run big programming through content it Tubi the Lachlan, third-party relates and advertising monetize programming you audience you that Fox to how

guidance company you that think we the in even and the coming view broadcast into on it'd upfront little If is? revenue incremental some about or that about think given, is so? interested you just driving Can over market maybe without yet, other guess to just that pocket do in your there In Tubi how you one in. have then a the I talk a course into that about go be of an million the year of of out $XXX bit incremental the as a the words, And other. money is conviction from how argument next Fox you've

Lachlan Murdoch

Sure.

So thanks, Ben. Thanks for question. the

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Joe Dorrego

can Operator, next please. question, the to go you

Operator

question of line comes Jessica with from Please Our next ahead. go the BofA Reif Ehrlich Securities.

Jessica Reif Ehrlich

small Thank betting, but just from on previous but question questions. you. a the have it's I two follow-ups, sports

on ratings say you in talk in my If next will be are on Can the retrans, ripple benefiting years? or legal for investment and you're betting? any Football, acquisition you the investment, I outset, Are effects Tubi are And incremental coming There how seeing it? the that it's effect new you impact owners where big is the guess it's do said direct you'll over the markets now paying include about you it if down what what you and Night from can what could but on so expectations is betting. on, of integrate And think the like are advertising. of the sports the your your then sports road? you a what couple and will of year impact on haven't Thursday Thanks. question,

Lachlan Murdoch

questions I Jessica. lost Thanks, it track of many was. how

me, your remind could good you So any, hear to it's voice. please – I if if forget

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and marketing our that. we've strategy around our programming think strategy designed I

capital be that. what some assign of you of and revenue profitability to would into of have business see sort addition modest growing So will the a continuing adding for the been and back accommodation in Tubi to of the lot investment will

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unique one a that well. Fox think with really the aligns incredibly special and audience it's voice. And the You should, I

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Joe Dorrego

please. question, Next

Operator

ahead. from with go Robert Please Fishman question is MoffettNathanson. next The

Robert Fishman

Hi, I also follow-up NFL good have afternoon. an question. related

in next their locked games So actually to your position especially rights on if your NFL Sunday relative negotiating you with some streaming available distributors peers your station their live with your expect both deals platforms? make and TV of the NFL set improve affiliates, of up, do

Steve Tomsic

of that that so broadcast all NFL also mindful And value we're mindful to are highly and very both valued exclusive Yes, live to we value our very the attributes our the of affiliates. television. of on of O&Os,

So no do currently we where And we of paywall behind so. plans service currently we cast a similar NFL have our streaming a a games. put – would to on don't a have

Joe Dorrego

next please. to Go the question,

Operator

the have Credit We line Doug question ahead. of Suisse. from a Mitchelson with go Please

Doug Mitchelson

much. so Thanks

So already question. for it lot I been will the have indicated you impact And just simulcast a new digital NFL these that more games the be vein, concerns NFL wanted rights pay-TV to you more a Comcast rights about Thank result its your might you night NFL being of in Do any Peacock. by business of the flexibility, subscriber the competitors not you on There's ability the Lachlan. and on continue have NFL streamed, broadcast NFL the taking noted Sunday under given your levels model, football earned contracts. the flexible holders have. you if games have regarding streaming by discussion as on

So more much. what's contract? liked so that subscriber in be pay-TV to a do earn Thank to the might've Fox helpful. does see return That'd start you you the you fail-safe rights if than erosion base. What monetize on those and

Lachlan Murdoch

going I this deal particular, can't NFL of making to Yes, sure negotiations with think or for enough years in a ways. six years it's in monetize a us, than out. part for else, Doug. different five And the years huge rights of or rather speak out such is forward but years was look, or had flexibility the and our these XX sort anyone to XX because we hard predict Thanks, to long-term

rights best had rights we be package is. monetize owners broadcast today our and through so both flexibility our affiliates. focus our the really are our made said where monetization, that, ounce every and our to best to clearly evolve And going to television, of rights opportunity that's sure able business these we And within with the monetize model the forward. Having

Joe Dorrego

Operator, question. more time one we for have

Operator

with Barclays. We have of from Please go the Kannan line question a Venkat ahead.

Kannan Venkat

you. Thank

is how at betting. guess, areas, in in So you in going sports we guys you Lachlan, investment Broadly, you in in with is I past role And areas course different then pay-TV And reach pivot new you mid-XXs recently, does the the have and broadcast in forward, the the with legacy priorities but what to investing your and it slice it mean, it the the decline broadly, almost the respect I become Tubi Thursday loss were football about television is some it ecosystem? is guys structurally bigger important, for that respect broader made investment. look it to and model football football where a of should just decisions model. the to have a subscribers to is versus think think business, role pivot about which like priorities football night business source of back in is one which of step potentially plays play what and from broadly very in investing becomes today. away used other and kind if seems business strategic leaders the of walking and cash

on on So what the across television could strategic portfolio? portfolio your if you expand the Thanks. the side and priorities legacy are just

Lachlan Murdoch

to used significantly. – all healthy and I Look, going look of think when expect at very legacy them model pivot, you word grow view you But our much. the businesses a we our so-called you very how it business we are we think how from television of Thank terms grow point I them in and forward.

in at existing content, content. with look have monetize opportunities to genre can and existing they You to their offer broader what – of broader their right,

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Joe Dorrego

please questions, today's At any Thank we give if this out joining or a further call. once again you point, of have you for But call. time. are me Carey Dan

Operator

AT&T our conference Teleconference. you today. that call gentlemen, for conclude Thank Executive and does Ladies using for

disconnect. now may You

Fox (FOX) 6 May 212021 Q3 Earnings call transcript