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

Current Assets

The current assets displayed a fluctuating trend over the six-year period. Starting from 15,567 million USD in 2013, the value slightly declined to 15,376 million USD in 2014. There was a noticeable increase in 2015, reaching 17,376 million USD, followed by a decline in 2016 to 14,949 million USD. From 2016 onwards, the current assets steadily increased, amounting to 16,286 million USD in 2017 and peaking at 19,333 million USD in 2018.

Adjusted Current Assets

The adjusted current assets values followed a pattern similar to the current assets with marginally higher amounts each year. Starting at 16,457 million USD in 2013, they experienced a slight decrease to 16,191 million USD in 2014. Growth was observed in 2015 with a value of 17,854 million USD, followed by a decrease to 15,525 million USD in 2016. From 2016, these values increased consistently, reaching 16,823 million USD in 2017 and finally 19,721 million USD in 2018.

Overall Trend

Both current assets and adjusted current assets exhibited cyclical patterns with dips occurring in 2014 and more significantly in 2016. However, the overall trajectory across the period is upward, culminating in the highest recorded values in 2018. The adjusted current assets are consistently higher than the reported current assets, suggesting adjustments that could represent revaluations or the exclusion/inclusion of specific asset categories for a more precise representation of liquidity or short-term financial position.

The analysis of the asset figures over the six-year period reveals several key observations about the company's financial position and trends.

Total Assets

Total assets demonstrated variability throughout the assessed period. There was an initial increase from 50,944 million USD in mid-2013 to 54,793 million USD in mid-2014. This was followed by a decline over the subsequent two years, reaching a low of 48,365 million USD by mid-2016. Afterward, total assets recovered somewhat, increasing to 50,724 million USD in mid-2017 and further to 53,831 million USD in mid-2018.

The overall trend suggests a period of contraction in assets between 2014 and 2016, succeeded by a phase of growth returning to levels near the earlier peak by 2018. This fluctuation could reflect strategic asset reallocation, divestitures, or investments impacting the asset base.

Adjusted Total Assets

Adjusted total assets followed a similar pattern to total assets but consistently reported higher values each year. Beginning at 55,240 million USD in mid-2013, the figure rose to a peak of 59,237 million USD in 2014 before declining to 50,169 million USD in 2016. Subsequently, this metric increased to 52,793 million USD and then to 55,696 million USD by 2018.

The adjusted metric's consistent premium over total assets suggests inclusion of additional asset valuations or reclassifications enhancing the asset base measure. Its trend aligns closely with total assets, indicating that the adjustments did not alter the temporal asset fluctuations but elevated their numeric values consistently.

In summary, both total and adjusted asset bases experienced a peak around 2014, a decline until 2016, and a gradual recovery by 2018. The patterns highlight cyclical asset management activities affecting the company's resource base during the examined timeframe.

Current Liabilities

The current liabilities exhibit some fluctuations over the six-year period. Starting at $8,435 million in 2013, there is a gradual increase to $8,856 million in 2014. This is followed by a decline to $7,262 million in 2015 and a further slight decrease to $7,068 million in 2016. After 2016, current liabilities show a modest rising trend, increasing to $7,238 million in 2017 and reaching $8,244 million in 2018. Overall, the figure remains relatively stable with variations but ends slightly below the 2014 peak.

Adjusted Current Liabilities

Adjusted current liabilities follow a similar pattern to current liabilities but with consistently lower values. The amount decreases steadily from $7,725 million in 2013 to its lowest point of $6,124 million in 2015. After this, there is a gradual increase over the next three years, rising to $7,361 million by 2018. This suggests that adjustments to current liabilities reduce the absolute figures and highlight a more conservative short-term obligation trend, although the overall pattern remains consistent with the headline current liabilities.

Total liabilities

The total liabilities show a fluctuating pattern over the six-year period. Starting at $30,300 million in 2013, the figure increased to a peak of $33,351 million in 2014. Following this peak, there was a decline to $31,244 million in 2015, followed by a rise again to $32,932 million in 2016. The liabilities remained relatively stable around the $33,000 million mark in 2017 at $33,092 million, before decreasing slightly to $32,269 million in 2018. Overall, total liabilities exhibit moderate volatility with a general upward trend from 2013 to 2018, though ending slightly lower than the peak year of 2014.

Adjusted total liabilities

The adjusted total liabilities present a somewhat similar but distinct trend compared to the total liabilities. They start at $30,635 million in 2013, slightly higher than the unadjusted figure. The values increase to $33,485 million in 2014 and then demonstrate a more pronounced decline to $29,535 million in 2015. This is followed by a gradual increase from 2016 to 2017, reaching $31,282 million, and a minor decrease to $31,016 million in 2018. The adjusted total liabilities show a clearer peak in 2014, a notable dip in 2015, and less volatility in the later years, ending marginally below the 2013 level. This adjusted measure suggests some refinement or reclassification of liabilities that smooth out fluctuations observed in the total liabilities.

The analysis of the available financial data reveals several notable trends regarding the equity position of the company over the six-year period ending in 2018.

Total Twenty-First Century Fox, Inc. stockholders’ equity (in US$ millions)

This metric shows a fluctuating pattern. It started at 16,998 million in June 2013 and increased slightly to 17,418 million in June 2014. There was a small decline to 17,220 million in June 2015, followed by a more significant drop to 13,661 million in June 2016. After this low point, equity rebounded to 15,722 million in June 2017 and further rose to 19,564 million by June 2018. Despite the mid-period dip, the ending value in 2018 represents an overall increase compared to the initial figure in 2013.

Adjusted total equity (in US$ millions)

The adjusted total equity also exhibits variation but follows a somewhat different trajectory. It began at 24,605 million in June 2013, rising steadily to a peak of 25,752 million in June 2014. Subsequently, it declined more sharply to 22,263 million in June 2015 and continued to decrease to 19,260 million by June 2016. After reaching this low, adjusted total equity recovered to 21,511 million in June 2017 and further increased to 24,680 million in June 2018. Similar to the total stockholders’ equity, this metric shows a U-shaped trend with a trough around 2016 and a regained upward trend towards 2018, nearly returning to the starting level.

In summary, both total stockholders' equity and adjusted total equity experienced a peak in the early years (2013-2014), followed by a substantial contraction, bottoming in 2016, and subsequently recovering well by 2018. The adjusted total equity remains consistently higher than the reported stockholders’ equity, suggesting adjustments for additional factors or contingencies not included in the basic equity figure. The recovery in both metrics post-2016 indicates improved financial stability or operational performance driving equity restoration during the latter years.

The financial data reveals several important trends in the company's capital structure and debt levels over the six-year period ending in mid-2018.

Total Reported Debt

The reported total debt increased steadily from $16,458 million in 2013 to a peak of $19,913 million in 2017. However, there was a slight decline to $19,523 million in 2018, indicating a modest reduction in nominal debt after several years of growth.

Total Stockholders’ Equity

Stockholders’ equity exhibited moderate growth from $16,998 million in 2013 to $17,418 million in 2014, but then showed a downward trend reaching a low of $13,661 million in 2016. From 2016 to 2018, equity rebounded significantly to $19,564 million. This fluctuation suggests periods of dilution or losses, followed by recovery and possibly retained earnings or other equity injections.

Total Reported Capital

Total reported capital, the sum of debt and equity, increased from $33,456 million in 2013 to a maximum of $36,476 million in 2014. It then dipped to $33,386 million in 2016 before climbing again to $39,087 million in 2018. This reflects the combined variability in both debt and equity components over time.

Adjusted Total Debt

The adjusted total debt started at $19,912 million in 2013, experienced a sharp increase to $22,748 million in 2014, and then declined gradually to $21,076 million by 2018. The adjusted figures remain consistently higher than reported debt, indicating additional liabilities or adjustments considered in this measure.

Adjusted Total Equity

Adjusted equity rose from $24,605 million in 2013 to $25,752 million in 2014 but fell to $19,260 million in 2016. Subsequently, it increased to $24,680 million in 2018. The trend mirrors that of reported equity but on a higher scale, likely due to different valuation methods or inclusion of other equity-related items.

Adjusted Total Capital

This metric followed a similar pattern, rising from $44,517 million in 2013 to $48,500 million in 2014, then falling to $40,491 million by 2016, before recovering to $45,756 million in 2018. The fluctuations correspond with the changes in both adjusted debt and equity levels.

Overall, the data indicates that the company experienced variability in its capital structure, with a notable dip around 2016 in both equity and total capital measures, followed by recovery in subsequent years. Debt levels increased initially, plateaued, and then slightly decreased. The adjusted figures suggest a consistently larger capital base compared to reported numbers, highlighting the impact of balance sheet adjustments. The trends underline a dynamic financial position with periods of deleveraging and recapitalization between 2013 and 2018.

Revenue Trends

The reported revenues exhibit fluctuations over the examined period. Starting at $27,675 million in mid-2013, revenues increased notably to a peak of $31,867 million by mid-2014. This was followed by a decline through mid-2016, reaching $27,326 million, before recovering to $30,400 million by mid-2018.

Adjusted Revenue Patterns

Adjusted revenues demonstrate a similar trajectory, albeit with slightly different numerical values. Beginning at $27,472 million in mid-2013, adjusted revenues rose steadily to $31,880 million in mid-2014, then decreased to $27,383 million by mid-2016. Subsequently, adjusted revenues increased again to $30,498 million by mid-2018.

Comparative Analysis of Revenue Measures

The adjusted revenue figures closely parallel the reported revenues throughout the timeframe, suggesting consistency in underlying operations when excluding certain adjustments. The differences between the two measures remain relatively minor across all periods.

Overall Insights

The data indicates an initial growth phase followed by a contraction and a subsequent recovery in both reported and adjusted revenues. These fluctuations may reflect varying market conditions, business cycles, or operational factors affecting the company's financial performance during the six-year span.

Net Income Attributable to Stockholders

The net income attributable to stockholders experienced significant fluctuations over the six-year period. Beginning at 7,097 million USD in mid-2013, there was a notable decrease to 4,514 million USD in mid-2014. This was followed by a recovery peak of 8,306 million USD in mid-2015, representing a substantial increase. However, after 2015, net income declined sharply to 2,755 million USD in mid-2016 and remained relatively subdued in the subsequent years, rising modestly to 2,952 million USD in mid-2017 and to 4,464 million USD in mid-2018. Overall, the data reveals an unstable income pattern with a significant high in 2015 followed by lower and more volatile earnings.

Adjusted Net Income

Adjusted net income displayed a trend similar to net income but with somewhat less volatility. It started at 6,548 million USD in mid-2013, then decreased to 4,311 million USD in mid-2014. Thereafter, it increased to 6,652 million USD in mid-2015, mirroring the peak seen in net income. From mid-2015 onwards, adjusted net income dropped significantly to 2,634 million USD in mid-2016 but showed a gradual increase in the following two years, reaching 3,574 million USD in mid-2017 and 3,754 million USD in mid-2018. The adjusted figures suggest that while underlying profitability was affected by extraordinary items, the overall profitability trend follows the net income fluctuations, albeit with a slightly smoother progression.

Overall Analysis

The financial results indicate considerable earnings volatility during the reviewed timeframe. The peak in 2015 followed by a pronounced decline could be indicative of one-time gains or significant operational and market challenges thereafter. The adjusted net income provides a clearer view of sustainable earnings performance, showing recovery attempts post-2016 but still below earlier peak levels. These trends suggest a need for further investigation into the drivers of income variability, including operational efficiency, market conditions, and extraordinary items impacting net results.