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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
Quarterly Data

Twenty-First Century Fox Inc., common-size consolidated income statement (quarterly data)

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3 months ended: Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012
Revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Operating expenses -70.66 -61.64 -63.56 -61.74 -71.67 -62.57 -62.02 -62.97 -63.94 -60.18 -63.60 -61.87 -64.50 -60.44 -61.02 -63.70 -66.62 -64.05 -66.89 -66.61 -68.00 -62.98 -64.30 -65.63 -63.57 -58.55
Gross profit 29.34% 38.36% 36.44% 38.26% 28.33% 37.43% 37.98% 37.03% 36.06% 39.82% 36.40% 38.13% 35.50% 39.56% 38.98% 36.30% 33.38% 35.95% 33.11% 33.39% 32.00% 37.02% 35.70% 34.37% 36.43% 41.45%
Selling, general and administrative -11.05 -12.40 -12.56 -12.92 -10.75 -12.11 -16.78 -11.61 -10.31 -12.53 -14.90 -12.35 -12.24 -14.63 -14.41 -12.03 -12.27 -13.68 -12.43 -11.90 -13.30 -14.42 -15.38 -13.33 -14.04 -15.33
Depreciation and amortization -1.87 -2.20 -1.95 -1.95 -1.77 -2.03 -2.12 -1.85 -1.76 -2.08 -2.09 -1.84 -1.76 -2.11 -2.18 -1.81 -2.50 -3.50 -3.58 -3.25 -3.19 -4.43 -3.16 -2.91 -2.55 -2.90
Impairment and restructuring charges 0.00 -0.22 -0.18 -0.46 -0.04 -0.30 -1.51 -0.49 -0.51 -2.11 -4.63 -0.21 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -0.18 0.00 0.00 -0.58
Operating income 16.43% 23.53% 21.76% 22.92% 15.78% 22.99% 17.58% 23.08% 23.48% 23.12% 14.78% 23.73% 21.49% 22.82% 22.40% 22.46% 18.62% 18.77% 17.09% 18.24% 15.51% 18.17% 16.99% 18.13% 19.84% 22.64%
Equity earnings (losses) of affiliates -1.28 0.49 -0.99 -1.16 -0.41 0.86 0.24 -0.67 -0.53 0.54 -1.08 -0.12 0.16 0.58 -0.89 4.82 3.10 4.81 2.28 2.07 2.06 1.30 3.09 1.80 2.41 2.15
Interest expense, net -3.46 -4.18 -3.93 -4.19 -3.88 -4.47 -4.59 -4.10 -3.89 -4.61 -4.45 -4.08 -4.04 -4.85 -4.69 -4.27 -3.85 -3.87 -3.45 -3.46 -3.36 -3.85 -3.62 -3.77 -3.71 -4.35
Interest income 1.01 0.11 0.13 0.13 0.11 0.14 0.13 0.12 0.12 0.14 0.15 0.17 0.09 0.15 0.13 0.12 0.11 0.18 0.06 0.07 0.09 0.11 0.25 0.11 0.23 0.25
Other, net 123.25 0.72 -3.35 0.23 -2.85 -1.03 -1.27 -1.88 -1.15 -0.17 -1.17 -0.44 -1.93 -1.37 -13.09 -0.98 62.57 0.44 0.61 -0.40 2.34 -0.50 1.22 28.68 2.73 22.81
Income from continuing operations before income tax (expense) benefit 135.95% 20.68% 13.61% 17.94% 8.75% 18.49% 12.08% 16.55% 18.03% 19.01% 8.22% 19.24% 15.78% 17.33% 3.87% 22.15% 80.56% 20.32% 16.58% 16.52% 16.64% 15.24% 17.93% 44.95% 21.49% 43.49%
Income tax (expense) benefit -7.41 -1.76 -1.17 -4.99 15.15 -5.58 -3.82 -4.89 -5.83 -5.27 0.90 -6.41 -5.61 -5.15 -1.50 -6.70 -2.35 -6.38 -4.07 -3.27 -4.41 -4.25 -3.51 -9.90 -5.70 -5.06
Income from continuing operations 128.53% 18.92% 12.44% 12.95% 23.90% 12.91% 8.25% 11.66% 12.20% 13.74% 9.12% 12.84% 10.17% 12.18% 2.37% 15.45% 78.21% 13.95% 12.51% 13.25% 12.23% 10.99% 14.42% 35.05% 15.79% 38.43%
Income (loss) from discontinued operations, net of tax -0.20 -0.10 -0.06 -0.24 -0.06 0.23 -0.37 -0.16 -0.01 -0.09 0.00 -0.04 -0.03 -0.05 -0.47 -0.22 -0.20 -0.09 0.39 -0.19 2.76 6.90 -18.69 4.37 18.63 -0.33
Net income 128.33% 18.82% 12.38% 12.71% 23.84% 13.14% 7.88% 11.50% 12.18% 13.65% 9.12% 12.80% 10.14% 12.13% 1.90% 15.23% 78.01% 13.86% 12.90% 13.06% 14.98% 17.89% -4.27% 39.41% 34.42% 38.10%
Net income attributable to noncontrolling interests -1.08 -0.92 -0.79 -1.15 -1.06 -0.93 -0.83 -0.94 -1.04 -1.03 -0.59 -1.16 -1.03 -1.02 -0.50 -0.98 -0.96 -0.71 -1.04 -0.24 -0.20 -0.11 -0.87 -0.60 -0.91 -0.90
Net income attributable to Twenty-First Century Fox, Inc. stockholders 127.25% 17.90% 11.59% 11.56% 22.78% 12.21% 7.05% 10.56% 11.14% 12.62% 8.53% 11.64% 9.11% 11.11% 1.40% 14.25% 77.06% 13.15% 11.86% 12.81% 14.79% 17.77% -5.14% 38.81% 33.50% 37.20%

Based on: 10-Q (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-K (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-K (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-K (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-K (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-K (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-Q (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-K (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-Q (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30).

Operational performance exhibits cyclical volatility in gross margins, with operating expenses generally fluctuating between 58% and 72% of revenues. A recurring pattern of margin compression is observable in the December quarters of 2017 and 2018, where gross profit dropped to 28.33% and 29.34% respectively, indicating seasonal increases in production or distribution costs.

Operating Efficiency and Expense Trends
Operating income remains consistently positive throughout the analyzed period, typically ranging between 14% and 23% of revenues. Selling, general, and administrative expenses demonstrate relative stability, generally oscillating between 10% and 16%, which suggests a disciplined approach to overhead management regardless of revenue fluctuations. Depreciation and amortization costs have trended slightly downward, moving from approximately 3% of revenues in 2012 to under 2% in later periods.
Non-Operating Volatility
The most significant variance in the financial statements is found in the "Other, net" category. Extreme outliers are present in December 2014 (62.57%) and December 2018 (123.25%), which disproportionately inflate the income from continuing operations and final net income. These spikes indicate the realization of significant non-recurring gains or one-time financial events rather than core operational growth.
Net Profitability and Bottom-Line Impact
Excluding the aforementioned non-recurring spikes, net income attributable to stockholders typically settles between 7% and 18% of revenues. Equity earnings from affiliates shifted from a positive contribution in the 2012-2014 period to a neutral or negative impact from 2015 onward, suggesting a change in the performance or valuation of affiliated investments.
Interest and Tax Obligations
Net interest expense is remarkably consistent, consistently consuming between 3.4% and 4.8% of revenues. Income tax expenses as a percentage of revenue fluctuate significantly, ranging from modest expenses to a substantial tax benefit of 15.15% in December 2017, which contributed to a temporary increase in net income during that period.

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