Name: Twenty-First Century Fox Inc. (NASDAQ:FOX) | Cash Flow Statement
Creator: Stock Analysis on Net

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

Twenty-First Century Fox Inc., consolidated cash flow statement

US$ in millions

12 months ended:	Jun 30, 2018	Jun 30, 2017	Jun 30, 2016	Jun 30, 2015	Jun 30, 2014	Jun 30, 2013
Net income	4,762)	3,226)	3,016)	8,537)	4,646)	7,323)
(Income) loss from discontinued operations, net of tax	12)	44)	8)	67)	(729)	(277)
Income from continuing operations	4,774)	3,270)	3,024)	8,604)	3,917)	7,046)
Depreciation and amortization	584)	553)	530)	736)	1,142)	797)
Amortization of cable distribution investments	69)	65)	75)	80)	85)	89)
Impairment and restructuring charges	72)	315)	323)	502)	—)	—)
Equity-based compensation	204)	126)	196)	83)	129)	192)
Equity (earnings) losses of affiliates	138)	41)	34)	(904)	(622)	(655)
Cash distributions received from affiliates	235)	186)	351)	352)	358)	324)
Other, net	550)	327)	335)	(4,698)	(174)	(3,712)
CLT20 contract termination costs	—)	—)	(420)	—)	—)	—)
Deferred income taxes and other taxes	(903)	89)	466)	171)	(39)	480)
Receivables	(801)	(401)	(323)	(61)	(846)	(127)
Inventories net of program rights payable	(422)	(991)	(721)	(789)	(905)	(1,154)
Accounts payable and accrued expenses	401)	152)	(45)	279)	(81)	(278)
Other changes, net	(674)	53)	(777)	(738)	—)	—)
Change in operating assets and liabilities, net of acquisitions and dispositions	(1,496)	(1,187)	(1,866)	(1,309)	(1,832)	(1,559)
Adjustments to reconcile income from continuing operations to cash provided by operating activities	(547)	515)	24)	(4,987)	(953)	(4,044)
Net cash provided by operating activities	4,227)	3,785)	3,048)	3,617)	2,964)	3,002)
Property, plant and equipment	(551)	(377)	(263)	(424)	(678)	(622)
Acquisitions, net of cash acquired	(7)	(75)	(916)	(142)	(692)	(606)
Investments in equity affiliates	(444)	(128)	(182)	(1,249)	(19)	(502)
Proceeds from dispositions, net	365)	—)	—)	8,627)	518)	1,968)
Other investing activities, net	(540)	(172)	(277)	(76)	(64)	(152)
Net cash (used in) provided by investing activities	(1,177)	(752)	(1,638)	6,736)	(935)	86)
Borrowings	1,469)	918)	1,360)	3,161)	1,155)	1,277)
Repayment of borrowings	(1,872)	(573)	(687)	(2,845)	(296)	(754)
Repurchase of shares	—)	(619)	(4,904)	(5,939)	(3,772)	(2,026)
Dividends paid and distributions	(993)	(943)	(821)	(878)	(792)	(613)
Purchase of subsidiary shares from noncontrolling interests	—)	(1)	(290)	(652)	(127)	(163)
Sale of subsidiary shares to noncontrolling interests	—)	—)	—)	—)	—)	93)
Distribution to News Corporation	—)	—)	—)	—)	(10)	(2,588)
Other financing activities, net	(68)	(63)	12)	51)	66)	203)
Net cash used in financing activities	(1,464)	(1,281)	(5,330)	(7,102)	(3,776)	(4,571)
Net increase (decrease) in cash and cash equivalents from discontinued operations	(61)	(28)	(20)	(49)	571)	(1,431)
Exchange movement on cash balances	(66)	15)	(64)	(189)	(68)	(53)
Net increase (decrease) in cash and cash equivalents	1,459)	1,739)	(4,004)	3,013)	(1,244)	(2,967)
Cash and cash equivalents, beginning of year	6,163)	4,424)	8,428)	5,415)	6,659)	9,626)
Cash and cash equivalents, end of year	7,622)	6,163)	4,424)	8,428)	5,415)	6,659)

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 cash flow profile between 2013 and 2018 is characterized by stable operating cash generation contrasted with significant volatility in investing and financing activities. While net income exhibited substantial fluctuations, ranging from a low of 3,016 million USD in 2016 to a peak of 8,537 million USD in 2015, net cash provided by operating activities remained more consistent, trending upward from 3,002 million USD in 2013 to 4,227 million USD by 2018.

Operating Activities: Cash flow from operations was consistently positive, although it was frequently tempered by negative changes in operating assets and liabilities. A recurring annual cash outflow between 1,187 million USD and 1,866 million USD was observed in working capital, primarily driven by increases in receivables and inventories. Depreciation and amortization remained a significant non-cash add-back, although these values trended downward from a peak of 1,142 million USD in 2014 to 584 million USD in 2018.
Investing Activities: Investing activities were characterized by periodic large-scale movements. A notable anomaly occurred in 2015, where net cash provided by investing activities reached 6,736 million USD, driven by proceeds from dispositions totaling 8,627 million USD. Outside of this event, the period was marked by consistent capital expenditures in property, plant, and equipment, typically ranging between 263 million USD and 678 million USD annually. Strategic acquisitions were most prominent in 2016, with a net cash outflow of 916 million USD.
Financing Activities: Financing activities resulted in consistent net cash outflows throughout the analyzed period. A dominant trend was the aggressive repurchase of shares, which peaked at 5,939 million USD in 2015 and continued strongly through 2017 before ceasing entirely in 2018. Dividend payments and distributions showed a steady upward trajectory, increasing from 613 million USD in 2013 to 993 million USD in 2018. Borrowing activities were utilized periodically to manage liquidity, with the largest new borrowing of 3,161 million USD occurring in 2015.
Liquidity and Cash Position: The ending cash and cash equivalents balance experienced significant swings, reflecting the impact of large asset dispositions and aggressive shareholder returns. The cash balance dipped to a low of 4,424 million USD in 2016 before recovering to 7,622 million USD by June 30, 2018. This recovery was supported by the cessation of share repurchases and continued growth in operating cash flow.

In summary, the financial trajectory indicates a company capable of generating steady operating cash, which was utilized primarily for shareholder distributions and strategic investments. The transition in 2018 toward eliminating share repurchases contributed to a strengthened year-end cash position.

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