Stock Analysis on Net

Twenty-First Century Fox Inc. (NASDAQ:FOX)

This company has been moved to the archive! The financial data has not been updated since February 6, 2019.

Analysis of Operating Leases

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Present Value of Future Operating Lease Payments (before Adoption of FASB Topic 842)

Twenty-First Century Fox Inc., future operating lease payments (before adoption of FASB Topic 842)

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Total undiscounted future operating lease payments 1,932 2,149 1,849 1,976 4,723 4,461
Discount rate1 6.01% 6.03% 6.17% 6.30% 6.40% 6.51%
 
Total present value of future operating lease payments 1,553 1,729 1,506 1,570 3,690 3,454

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

1 Weighted-average interest rate for Twenty-First Century Fox Inc. debt

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.01%
2019 400 2019 400 377
2020 310 2020 310 276
2021 309 2021 309 259
2022 174 2022 174 138
2023 173 2023 173 129
2024 and thereafter 566 2024 173 122
2025 173 115
2026 173 108
2027 47 28
Total: 1,932 1,932 1,553

Based on: 10-K (reporting date: 2018-06-30).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.03%
2018 437 2018 437 412
2019 335 2019 335 298
2020 335 2020 335 281
2021 214 2021 214 169
2022 214 2022 214 160
2023 and thereafter 614 2023 214 151
2024 214 142
2025 186 116
Total: 2,149 2,149 1,729

Based on: 10-K (reporting date: 2017-06-30).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.17%
2017 384 2017 384 362
2018 315 2018 315 279
2019 315 2019 315 263
2020 209 2020 209 164
2021 208 2021 208 154
2022 and thereafter 418 2022 208 145
2023 208 137
2024 2 1
Total: 1,849 1,849 1,506

Based on: 10-K (reporting date: 2016-06-30).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.30%
2016 339 2016 339 319
2017 300 2017 300 265
2018 299 2018 299 249
2019 243 2019 243 190
2020 242 2020 242 178
2021 and thereafter 553 2021 242 168
2022 242 158
2023 69 42
Total: 1,976 1,976 1,570

Based on: 10-K (reporting date: 2015-06-30).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.40%
2015 776 2015 776 729
2016 679 2016 679 600
2017 679 2017 679 564
2018 531 2018 531 414
2019 531 2019 531 389
2020 and thereafter 1,527 2020 531 366
2021 531 344
2022 465 283
Total: 4,723 4,723 3,690

Based on: 10-K (reporting date: 2014-06-30).

Year Future operating lease payments (as reported) Year Future operating lease payments (estimated) Present value at 6.51%
2014 709 2014 709 666
2015 623 2015 623 549
2016 623 2016 623 516
2017 502 2017 502 390
2018 502 2018 502 366
2019 and thereafter 1,502 2019 502 344
2020 502 323
2021 498 301
Total: 4,461 4,461 3,454

Based on: 10-K (reporting date: 2013-06-30).


Adjustments to Financial Statements for Operating Leases

Twenty-First Century Fox Inc., adjustments to financial statements

US$ in millions

Microsoft Excel
Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Adjustment to Total Assets
Total assets (as reported) 53,831 50,724 48,365 50,051 54,793 50,944
Add: Operating lease right-of-use asset (before adoption of FASB Topic 842)1 1,553 1,729 1,506 1,570 3,690 3,454
Total assets (adjusted) 55,384 52,453 49,871 51,621 58,483 54,398
Adjustment to Total Debt
Total debt (as reported) 19,523 19,913 19,725 19,039 19,058 16,458
Add: Operating lease liability (before adoption of FASB Topic 842)2 1,553 1,729 1,506 1,570 3,690 3,454
Total debt (adjusted) 21,076 21,642 21,231 20,609 22,748 19,912

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

1, 2 Equal to total present value of future operating lease payments.


Twenty-First Century Fox Inc., Financial Data: Reported vs. Adjusted


Adjusted Financial Ratios for Operating Leases (Summary)

Twenty-First Century Fox Inc., adjusted financial ratios

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Total Asset Turnover1
Reported total asset turnover 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted total asset turnover 0.55 0.54 0.55 0.56 0.54 0.51
Debt to Equity2
Reported debt to equity 1.00 1.27 1.44 1.11 1.09 0.97
Adjusted debt to equity 1.08 1.38 1.55 1.20 1.31 1.17
Return on Assets3 (ROA)
Reported ROA 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted ROA 8.06% 5.63% 5.52% 16.09% 7.72% 13.05%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.
Adjusted debt to equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Twenty-First Century Fox Inc. adjusted debt to equity ratio improved from 2016 to 2017 and from 2017 to 2018.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.

Twenty-First Century Fox Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Activity Ratio
Total asset turnover1 0.56 0.56 0.56 0.58 0.58 0.54
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Revenues 30,400 28,500 27,326 28,987 31,867 27,675
Adjusted total assets 55,384 52,453 49,871 51,621 58,483 54,398
Activity Ratio
Adjusted total asset turnover2 0.55 0.54 0.55 0.56 0.54 0.51

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 30,400 ÷ 53,831 = 0.56

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 30,400 ÷ 55,384 = 0.55

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted total asset turnover ratio deteriorated from 2016 to 2017 but then improved from 2017 to 2018 exceeding 2016 level.

Adjusted Debt to Equity

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Total debt 19,523 19,913 19,725 19,039 19,058 16,458
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Solvency Ratio
Debt to equity1 1.00 1.27 1.44 1.11 1.09 0.97
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Adjusted total debt 21,076 21,642 21,231 20,609 22,748 19,912
Total Twenty-First Century Fox, Inc. stockholders’ equity 19,564 15,722 13,661 17,220 17,418 16,998
Solvency Ratio
Adjusted debt to equity2 1.08 1.38 1.55 1.20 1.31 1.17

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 Debt to equity = Total debt ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 19,523 ÷ 19,564 = 1.00

2 Adjusted debt to equity = Adjusted total debt ÷ Total Twenty-First Century Fox, Inc. stockholders’ equity
= 21,076 ÷ 19,564 = 1.08

Solvency ratio Description The company
Adjusted debt-to-equity A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. Twenty-First Century Fox Inc. adjusted debt-to-equity ratio improved from 2016 to 2017 and from 2017 to 2018.

Adjusted Return on Assets (ROA)

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Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Total assets 53,831 50,724 48,365 50,051 54,793 50,944
Profitability Ratio
ROA1 8.29% 5.82% 5.70% 16.60% 8.24% 13.93%
Adjusted for Operating Leases
Selected Financial Data (US$ in millions)
Net income attributable to Twenty-First Century Fox, Inc. stockholders 4,464 2,952 2,755 8,306 4,514 7,097
Adjusted total assets 55,384 52,453 49,871 51,621 58,483 54,398
Profitability Ratio
Adjusted ROA2 8.06% 5.63% 5.52% 16.09% 7.72% 13.05%

Based on: 10-K (reporting date: 2018-06-30), 10-K (reporting date: 2017-06-30), 10-K (reporting date: 2016-06-30), 10-K (reporting date: 2015-06-30), 10-K (reporting date: 2014-06-30), 10-K (reporting date: 2013-06-30).

2018 Calculations

1 ROA = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Total assets
= 100 × 4,464 ÷ 53,831 = 8.29%

2 Adjusted ROA = 100 × Net income attributable to Twenty-First Century Fox, Inc. stockholders ÷ Adjusted total assets
= 100 × 4,464 ÷ 55,384 = 8.06%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Twenty-First Century Fox Inc. adjusted ROA improved from 2016 to 2017 and from 2017 to 2018.