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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.

Common-Size Income Statement

Twenty-First Century Fox Inc., common-size consolidated income statement

Microsoft Excel
12 months ended: Jun 30, 2018 Jun 30, 2017 Jun 30, 2016 Jun 30, 2015 Jun 30, 2014 Jun 30, 2013
Revenues 100.00 100.00 100.00 100.00 100.00 100.00
Operating expenses -65.03 -62.37 -62.68 -64.03 -66.24 -63.22
Gross profit 34.97% 37.63% 37.32% 35.97% 33.76% 36.78%
Selling, general and administrative -12.07 -12.69 -13.45 -13.05 -12.96 -14.48
Depreciation and amortization -1.92 -1.94 -1.94 -2.54 -3.58 -2.88
Impairment and restructuring charges -0.24 -1.11 -1.18 0.00 0.00 0.00
Operating income 20.75% 21.89% 20.75% 20.37% 17.22% 19.42%
Equity earnings (losses) of affiliates -0.45 -0.14 -0.12 3.12 1.95 2.37
Interest expense, net -4.11 -4.28 -4.33 -4.13 -3.52 -3.84
Interest income 0.13 0.13 0.14 0.13 0.08 0.21
Other, net -1.81 -1.15 -1.23 14.48 0.55 13.41
Income from continuing operations before income tax (expense) benefit 14.51% 16.45% 15.20% 33.97% 16.28% 31.57%
Income tax (expense) benefit 1.20 -4.98 -4.14 -4.29 -3.99 -6.11
Income from continuing operations 15.70% 11.47% 11.07% 29.68% 12.29% 25.46%
Income (loss) from discontinued operations, net of tax -0.04 -0.15 -0.03 -0.23 2.29 1.00
Net income 15.66% 11.32% 11.04% 29.45% 14.58% 26.46%
Net income attributable to noncontrolling interests -0.98 -0.96 -0.96 -0.80 -0.41 -0.82
Net income attributable to Twenty-First Century Fox, Inc. stockholders 14.68% 10.36% 10.08% 28.65% 14.17% 25.64%

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).

The financial performance between 2013 and 2018 is characterized by stable core operating margins contrasted with significant volatility in non-operating items, which drove substantial fluctuations in net profitability.

Operational Efficiency and Margins
Gross profit margins remained relatively stable, fluctuating between a low of 33.76% in 2014 and a peak of 37.63% in 2017. Operating income demonstrated consistent performance, maintaining a range between 17.22% and 21.89% of revenues throughout the period. A gradual improvement in operational efficiency is evident in the selling, general and administrative (SG&A) expenses, which declined from 14.48% of revenues in 2013 to 12.07% in 2018. Similarly, depreciation and amortization as a percentage of revenues trended downward from 2.88% in 2013 to 1.92% in 2018.
Non-Operating Volatility
Significant variance is observed in the "Other, net" category, which acted as a primary driver of bottom-line instability. This item contributed substantially to revenues in 2013 (13.41%) and 2015 (14.48%), but transitioned to negative contributions from 2016 through 2018, reaching -1.81% in the final year. Furthermore, equity earnings from affiliates shifted from a positive contribution, peaking at 3.12% in 2015, to consistent losses between 2016 and 2018, ending at -0.45%.
Financial Costs and Tax Impacts
Net interest expenses remained relatively constant, averaging approximately 4% of revenues over the six-year period. The income tax profile remained a consistent expense until 2018, when the company recorded a tax benefit of 1.20% of revenues, contributing to a recovery in net income for that period.
Net Profitability Trends
Net income attributable to stockholders experienced high volatility, detached from the stability of operating income. Profitability peaked in 2013 (25.64%) and 2015 (28.65%), largely due to the aforementioned gains in "Other, net." A sharp decline occurred in 2016 and 2017, with margins dropping to 10.08% and 10.36% respectively. By 2018, net income attributable to stockholders recovered to 14.68%, supported by stable operating income and a favorable tax position.

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