NEW YORK--(BUSINESS WIRE)--
FISCAL 2019 THIRD QUARTER KEY FINANCIAL HIGHLIGHTS
- Revenues were $2.46 billion, a 17% increase compared to $2.09 billion in the prior year, reflecting the consolidation of Foxtel and continued strength at the Book Publishing segment
- Net income was $23 million compared to a net loss of ($1.1) billion, which included non-cash impairment charges and write-downs of $1.2 billion in the prior year
- Total Segment EBITDA was $247 million compared to $181 million in the prior year
- Reported EPS were $0.02 compared to ($1.94) in the prior year – Adjusted EPS were $0.04 compared to $0.06 in the prior year
- Digital-only subscribers for The Wall Street Journal grew 19% in the quarter to a new record of approximately 1.8 million
- HarperCollins demonstrated another robust financial performance with 29% Segment EBITDA growth, driven by impressive new releases and strong backlist sales
- New Foxtel expanded its over-the-top services with 714,000 total paying OTT subscribers, which includes Kayo Sports and Foxtel Now, growing over 80% since the beginning of the calendar year
- Digital Real Estate Services segment posted healthy growth in its Real estate revenues despite the volatility in the U.S. and Australian property markets and foreign currency headwinds
Commenting on the results, Chief Executive Robert Thomson said:
“News Corp reaped rewards from our digital strategy this quarter, underscored by a robust rise in digital subscriptions across our media properties, a sharp increase in digital audio book sales and continued expansion at our digital real estate businesses despite volatile conditions in property markets.
For the third quarter, the Company saw 17% revenue growth and a 36% increase in profitability, reflecting the consolidation of Foxtel and the sterling performance overall at HarperCollins. And for the nine months, our revenues were 20% higher and profitability was 29% higher compared to the prior year.
At the News and Information Services segment, digital paid subscriptions continued their ebullient expansion, with growth of over 19% to nearly 1.8 million at The Wall Street Journal. Dow Jones has also been bolstered by its Professional Information Business, particularly in Risk and Compliance, where we have had nine straight quarters of revenue growth above 20%.
At Move, revenues increased in a challenging housing market earlier this year, and we are confident that there are signs of improvement in U.S. economic activity that should surely bode well for the market. Encouragingly, realtor.com® achieved record audience in April of 69.4 million uniques, and 209 million visits, and audience numbers have accelerated recently.
HarperCollins delivered a particularly strong result, with profitability increasing 29%, highlighted by 30% revenue growth in digital audio books and increased revenue from its comprehensive backlist and a strong suite of new releases, which are generating much momentum.
Within our Subscription Video Services segment, the recently launched over-the-top subscription service, Kayo Sports, showed much promise, gathering 239,000 subscribers since its launch late last year, 209,000 of which were paying, as of May 8. Since the beginning of this calendar year, the number of our total paying OTT subscribers has increased more than 80% to 714,000.”
THIRD QUARTER RESULTS
The Company reported fiscal 2019 third quarter total revenues of $2.46 billion, a 17% increase compared to $2.09 billion in the prior year period. The growth reflects the impact from the consolidation of Foxtel’s results following the combination of Foxtel and FOX SPORTS Australia (the “Transaction”) into a new company (“new Foxtel”) and continued strong performance at the Book Publishing segment, partially offset by a $90 million negative impact from foreign currency fluctuations and lower print advertising revenues at the News and Information Services segment. The results also include $17 million of lower revenues as a result of the adoption of the new revenue recognition standard. Adjusted Revenues (which exclude the foreign currency impact, acquisitions and divestitures as defined in Note 1) increased 2%.
Net income for the quarter was $23 million compared to a net loss of ($1.1) billion in the prior year, reflecting the absence of the non-cash impairment charges and write-downs of $1.2 billion recognized in the third quarter of fiscal 2018, and higher Total Segment EBITDA, as discussed below, partially offset by higher depreciation and amortization expense.
The Company reported third quarter Total Segment EBITDA of $247 million, a 36% increase compared to $181 million in the prior year, also reflecting the Transaction and continued strength in the Book Publishing segment. The growth was partially offset by lower contribution from the News and Information Services segment and higher costs associated with the Opcity acquisition in the Digital Real Estate Services segment. Adjusted Total Segment EBITDA (as defined in Note 1) decreased 4%.
Net income per share available to News Corporation stockholders was $0.02 as compared to a net loss per share of ($1.94) in the prior year.
Adjusted EPS (as defined in Note 3) were $0.04 compared to $0.06 in the prior year.
|For the three months ended||For the nine months ended|
|March 31,||March 31,|
|2019||2018||% Change||2019||2018||% Change|
|(in millions)|| |
|(in millions)|| |
|News and Information Services||$||1,224||$||1,286||(5||)||%||$||3,729||$||3,825||(3||)||%|
|Subscription Video Services||539||129||**||1,666||394||**|
|Digital Real Estate Services||272||279||(3||)||%||876||842||4||%|
|News and Information Services||$||73||$||87||(16||)||%||$||309||$||302||2||%|
|Subscription Video Services||98||16||**||295||76||**|
|Digital Real Estate Services||74||88||(16||)||%||300||302||(1||)||%|
|Total Segment EBITDA||$||247||$||181||36||%||$||975||$||757||29||%|
|** - Not meaningful|
|Other Segment EBITDA for the nine months ended March 31, 2018 included a $46 million benefit from the reversal of certain previously accrued net liabilities for the U.K. Newspaper Matters as a result of an agreement reached with the relevant tax authority related to certain employment taxes.|
News and Information Services
Revenues in the quarter decreased $62 million, or 5%, as compared to the prior year, reflecting a $52 million, or 4%, negative impact from foreign currency fluctuations. Within the segment, Dow Jones revenues grew 1%, while revenues at News UK and News America Marketing each declined 8% and News Corp Australia revenues declined 7%. Adjusted Revenues for the segment decreased 1% compared to the prior year.
Advertising revenues declined 9% compared to the prior year, of which $23 million, or 4%, was related to the negative impact from foreign currency fluctuations. The remainder of the decline was driven by weakness in the print advertising market and lower home delivered revenues, which include free-standing insert products, at News America Marketing. Advertising revenues at Dow Jones declined 8% in the quarter.
Circulation and subscription revenues were relatively flat, including a $22 million, or 4%, negative impact from foreign currency fluctuations. Circulation and subscription revenues again benefited from a healthy contribution from Dow Jones, which saw a 7% increase in its circulation revenues, reflecting 19% digital paid subscriber growth and subscription price increases at The Wall Street Journal, as well as the continued growth in its Risk & Compliance products. Dow Jones’ consumer products reached approximately 3.3 million total subscribers, reflecting a 12% increase compared to the prior year. Cover price increases at other mastheads also contributed to the revenue improvement. These increases were partially offset by lower print volume in Australia and the U.K.
Segment EBITDA decreased $14 million in the quarter, or 16%, as compared to the prior year, primarily due to lower contribution from News America Marketing. Adjusted Segment EBITDA (as defined in Note 1) decreased 15%.
Digital revenues represented 31% of News and Information Services segment revenues in the quarter, compared to 29% in the prior year. For the quarter, digital revenues for Dow Jones and the newspaper mastheads represented 36% of their combined revenues, and at Dow Jones, digital accounted for 55% of its circulation revenues. Digital subscribers and users across key properties within the News and Information Services segment are summarized below:
- The Wall Street Journal average daily digital subscribers in the three months ended March 31, 2019 were 1,775,000, compared to 1,490,000 in the prior year (Source:Internal data)
- Closing digital subscribers at News Corp Australia’s mastheads as of March 31, 2019 were 493,200, compared to 409,000 in the prior year (Source:Internal data)
- The Times and Sunday Times closing digital subscribers as of March 31, 2019 were 286,000, compared to 230,000 in the prior year (Source:Internal data)
- The Sun’s digital offering reached more than 84 million global monthly unique users in March 2019, compared to 84 million in the prior year, based on ABCe (Source:Omniture)
Subscription Video Services
Revenues and Segment EBITDA in the quarter increased $410 million and $82 million, respectively, compared to the prior year, primarily due to the inclusion of Foxtel. Adjusted Revenues and Adjusted Segment EBITDA, which exclude the impact of foreign currency fluctuations, acquisitions and divestitures, increased 4% and declined 88%, respectively.
On a pro forma basis, reflecting the Transaction, segment revenues in the quarter decreased $84 million, or 13%, compared with the prior year, of which $53 million, or 9%, was due to the negative impact from foreign currency fluctuations. The remainder of the revenue decline was driven by the impact from lower broadcast subscribers and the changes in the subscriber package mix, partially offset by higher revenues from Foxtel Now and Kayo Sports.
As of March 31, 2019, new Foxtel’s total closing subscribers were 2.896 million, which was higher than the prior year, primarily due to the launch of Kayo Sports, subscriber growth at Foxtel Now and the inclusion of commercial subscribers of FOX SPORTS Australia beginning in the first quarter of fiscal 2019, partially offset by lower broadcast subscribers. 2.4 million of the total closing subscribers were broadcast and commercial subscribers, and the remainder consisted of Foxtel Now and Kayo Sports subscribers. As of May 8, 2019, there were 239,000 Kayo Sports subscribers, of which 209,000 were paying subscribers. For the same period, there were 567,000 Foxtel Now subscribers, of which 505,000 were paying subscribers. Broadcast subscriber churn in the quarter was 17.7% compared to 15.3% in the prior year, reflecting the impact of the price increase implemented in October. Broadcast churn improved to 16.2% in March and 15.1% in April. Broadcast ARPU for the quarter declined 1% compared to the prior year to over A$79 (US$57), as the impact from the price increase was more than offset by a negative impact related to the adoption of the new revenue recognition standard.
Pro forma Segment EBITDA in the quarter decreased $29 million, or 23%, compared with the prior year, primarily due to lower revenues as discussed above, $25 million of higher sports programming and production costs related to Cricket Australia and higher marketing costs related to Kayo Sports, partially offset by the $45 million positive impact on expenses from foreign currency fluctuations and lower non-programming costs.
Revenues in the quarter increased $23 million, or 6%, compared to the prior year, of which foreign currency fluctuations had a negative impact of $9 million, or 2%. The revenue growth was primarily due to higher sales in Christian publishing, driven by the success of new titles such as Girl, Stop Apologizing by Rachel Hollis and We are the Gardeners by Joanna Gaines, as well as the continued success of backlist titles such as Girl, Wash Your Face by Rachel Hollis. HarperCollins’ U.K. business also contributed to the revenue growth with its successful release of Fing by David Walliams. Revenue growth was partially offset by $17 million of lower revenues as a result of the adoption of the new revenue recognition standard. Digital sales increased 5% compared to the prior year and represented 21% of Consumer revenues for the quarter, driven by the growth in downloadable audiobook sales. Segment EBITDA for the quarter increased $12 million, or 29%, from the prior year, primarily due to the higher revenues noted above.
Digital Real Estate Services
Revenues in the quarter declined $7 million, or 3%, compared to the prior year, of which foreign currency fluctuations had a negative impact of $16 million, or 6%. Segment EBITDA in the quarter declined $14 million, or 16%, compared to the prior year, primarily due to higher costs associated with further investment in Opcity following the acquisition and the $9 million negative impact from foreign currency fluctuations. Adjusted Revenues and Adjusted Segment EBITDA increased 3% and 9%, respectively.
In the quarter, revenues at REA Group decreased 4% to $151 million from $158 million in the prior year, as an increase in Australian residential depth revenue, driven by pricing increases, improved penetration and favorable product mix, was more than offset by the negative impact from foreign currency fluctuations, as mentioned above, and softness in listing volumes.
Move’s revenues in the quarter increased 5% to $121 million from $115 million in the prior year, primarily due to 14% growth in its real estate revenues, partially offset by planned declines in advertising revenues. The increase in real estate revenues, which represent 79% of total Move revenues, reflect higher yield per lead and the acquisition of Opcity. Realtor.com® continued to migrate leads from its ConnectionsSM Plus product to its performance-based Opcity product, as it further evolves and scales its platform. Based on Move’s internal data, average monthly unique users of realtor.com®’s web and mobile sites for the fiscal third quarter grew 7% year-over-year to approximately 65 million, with mobile representing more than half of all unique users.
REVIEW OF EQUITY LOSSES OF AFFILIATES
|For the three months ended||For the nine months ended|
|March 31,||March 31,|
|Other equity affiliates, net||(4||)||(4||)||(13||)||(28||)|
|Total equity losses of affiliates||$||(4||)||$||(974||)||$||(13||)||$||(1,002||)|
|The Company amortized $17 million and $49 million related to excess cost over the Company’s proportionate share of its investment’s underlying net assets allocated to finite-lived intangible assets during the three and nine months ended March 31, 2018, respectively. Such amortization is reflected in Equity losses of affiliates in the Statement of Operations.|
Equity losses of affiliates for the third quarter was ($4) million compared to ($974) million in the prior year. The improvement was primarily due to the absence of the $957 million non-cash write-down of the carrying value of the Company’s investment in Foxtel in the third quarter of fiscal 2018. The Company began consolidating the results of Foxtel in the fourth quarter of fiscal 2018 as a result of the Transaction.
The following table presents a reconciliation of net cash provided by operating activities to free cash flow available to News Corporation:
For the nine months ended
|Net cash provided by operating activities||$||661||$||465|
|Less: Capital expenditures||(417||)||(200||)|
|Less: REA Group free cash flow||(164||)||(144||)|
|Plus: Cash dividends received from REA Group||69||63|
|Free cash flow available to News Corporation||$||149||$||184|
Net cash provided by operating activities improved $196 million for the nine months ended March 31, 2019 as compared to the prior year period, primarily due to higher Total Segment EBITDA as noted above, partially offset by $59 million in higher cash paid for interest.
Free cash flow available to News Corporation in the nine months ended March 31, 2019 was $149 million compared to $184 million in the prior year period. The decline was primarily due to higher capital expenditures, of which $223 million was related to new Foxtel, partially offset by higher cash provided by operating activities. New Foxtel’s total capital expenditures in fiscal 2019 are now expected to be higher than fiscal 2018 by approximately $25 million compared to the prior guidance of more than $50 million.
Free cash flow available to News Corporation is a non-GAAP financial measure defined as net cash provided by operating activities, less capital expenditures (“free cash flow”), less REA Group free cash flow, plus cash dividends received from REA Group.
The Company considers free cash flow available to News Corporation to provide useful information to management and investors about the amount of cash that is available to be used to strengthen the Company’s balance sheet and for strategic opportunities including, among others, investing in the Company’s business, strategic acquisitions, dividend payouts and repurchasing stock. The Company believes excluding REA Group’s free cash flow and including dividends received from REA Group provides users of its consolidated financial statements with a measure of the amount of cash flow that is readily available to the Company, as REA Group is a separately listed public company in Australia and must declare a dividend in order for the Company to have access to its share of REA Group’s cash balance. The Company believes free cash flow available to News Corporation provides a more conservative view of the Company’s free cash flow because this presentation includes only that amount of cash the Company actually receives from REA Group, which has generally been lower than the Company’s unadjusted free cash flow. A limitation of free cash flow available to News Corporation is that it does not represent the total increase or decrease in the cash balance for the period. Management compensates for the limitation of free cash flow available to News Corporation by also relying on the net change in cash and cash equivalents as presented in the Company’s consolidated statements of cash flows prepared in accordance with GAAP which incorporates all cash movements during the period.
COMPARISON OF NON-GAAP TO U.S. GAAP INFORMATION
Adjusted Revenues, Total Segment EBITDA, Adjusted Total Segment EBITDA, Adjusted Segment EBITDA, adjusted net income available to News Corporation stockholders, Adjusted EPS and free cash flow available to News Corporation are non-GAAP financial measures contained in this earnings release. The Company believes these measures are important tools for investors and analysts to use in assessing the Company’s underlying business performance and to provide for more meaningful comparisons of the Company’s operating performance between periods. These measures also allow investors and analysts to view the Company’s business from the same perspective as Company management. These non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, measures of financial performance calculated in accordance with GAAP. Reconciliations for the differences between non-GAAP measures used in this earnings release and comparable financial measures calculated in accordance with U.S. GAAP are included in Notes 1, 2 and 3 and the reconciliation of net cash provided by operating activities to free cash flow available to News Corporation is included above.
News Corporation’s earnings conference call can be heard live at 5:00pm EDT on May 9, 2019. To listen to the call, please visit http://investors.newscorp.com.
Cautionary Statement Concerning Forward-Looking Statements
This document contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s views and assumptions regarding future events and business performance as of the time the statements are made. Actual results may differ materially from these expectations due to changes in global economic, business, competitive market and regulatory factors. More detailed information about these and other factors that could affect future results is contained in our filings with the Securities and Exchange Commission. The “forward-looking statements” included in this document are made only as of the date of this document and we do not have any obligation to publicly update any “forward-looking statements” to reflect subsequent events or circumstances, except as required by law.
About News Corporation
News Corp (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content. The company comprises businesses across a range of media, including: news and information services, subscription video services in Australia, book publishing and digital real estate services. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content is distributed and consumed worldwide. More information is available at: www.newscorp.com.
|CONSOLIDATED STATEMENTS OF OPERATIONS|
|(Unaudited; in millions, except per share amounts)|
For the three months
For the nine months
|March 31,||March 31,|
|Circulation and subscription||$||1,025||$||659||$||3,088||$||1,947|
|Selling, general and administrative||(810||)||(761||)||(2,409||)||(2,135||)|
|Depreciation and amortization||(168||)||(100||)||(494||)||(297||)|
|Impairment and restructuring charges||(34||)||(246||)||(71||)||(273||)|
|Equity losses of affiliates||(4||)||(974||)||(13||)||(1,002||)|
|Interest (expense) income, net||(14||)||2||(45||)||9|
|Income (loss) before income tax expense||30||(1,107||)||382||(797||)|
|Income tax expense||(7||)||(3||)||(112||)||(292||)|
|Net income (loss)||23||(1,110||)||270||(1,089||)|
|Less: Net income attributable to noncontrolling interests||(13||)||(18||)||(64||)||(54||)|
|Net income (loss) attributable to News Corporation stockholders||$||10||$||(1,128||)||$||206||$||(1,143||)|
|Less: Adjustments to Net income (loss) attributable to News Corporation stockholders – Redeemable preferred stock dividends||-||-||-||(1||)|
|Net income (loss) available to News Corporation stockholders||$||10||$||(1,128||)||$||206||$||(1,144||)|
|Weighted average shares outstanding:|
|Net income (loss) available to News Corporation stockholders per share - basic||$||0.02||$||(1.94||)||$||0.35||$||(1.96||)|
|Net income (loss) available to News Corporation stockholders per share - diluted||$||0.02||$||(1.94||)||$||0.35||$||(1.96||)|
|CONSOLIDATED BALANCE SHEETS|
As of March 31,
As of June 30,
|Cash and cash equivalents||$||1,648||$||2,034|
|Other current assets||564||372|
|Total current assets||4,247||4,394|
|Property, plant and equipment, net||2,557||2,560|
|Intangible assets, net||2,514||2,671|
|Deferred income tax assets||257||279|
|Other non-current assets||913||831|
|LIABILITIES AND EQUITY|
|Other current liabilities||745||372|
|Total current liabilities||3,679||3,295|
|Retirement benefit obligations||237||245|
|Deferred income tax liabilities||321||389|
|Other non-current liabilities||495||430|
|Commitments and contingencies|
|Redeemable preferred stock||-||20|
|Class A common stock||4||4|
|Class B common stock||2||2|
|Additional paid-in capital||12,229||12,322|
|Accumulated other comprehensive loss||(1,019||)||(874||)|
|Total News Corporation stockholders' equity||9,289||9,291|
|Total liabilities and equity||$||16,058||$||16,346|
|CONSOLIDATED STATEMENTS OF CASH FLOWS|
|(Unaudited; in millions)|
|For the nine months ended|
|Net income (loss)||$||270||$||(1,089||)|
|Adjustments to reconcile net income (loss) to cash provided by operating activities:|
|Depreciation and amortization||494||297|
|Equity losses of affiliates||13||1,002|
|Cash distributions received from affiliates||30||2|
|Deferred income taxes and taxes payable||22||182|
|Change in operating assets and liabilities, net of acquisitions:|
|Receivables and other assets||37||(86||)|
|Accounts payable and other liabilities||(110||)||(45||)|
|Net cash provided by operating activities||661||465|
|Acquisitions, net of cash acquired||(187||)||(62||)|
|Investments in equity affiliates and other||(36||)||(42||)|
|Proceeds from property, plant and equipment and other asset dispositions||99||137|
|Net cash used in investing activities||(523||)||(144||)|
|Repayment of borrowings||(801||)||(93||)|
|Net cash used in financing activities||(501||)||(234||)|
|Net change in cash and cash equivalents||(363||)||87|
|Cash and cash equivalents, beginning of period||2,034||2,016|
|Exchange movement on opening cash balance||(23||)||9|
|Cash and cash equivalents, end of period||$||1,648||$||2,112|
NOTE 1 – ADJUSTED REVENUES, ADJUSTED TOTAL SEGMENT EBITDA AND ADJUSTED SEGMENT EBITDA
The Company uses revenues, Total Segment EBITDA and Segment EBITDA excluding the impact of acquisitions, divestitures, fees and costs, net of indemnification, related to the claims and investigations arising out of certain conduct at The News of the World (the “U.K. Newspaper Matters”) and foreign currency fluctuations (“Adjusted Revenues,” “Adjusted Total Segment EBITDA” and “Adjusted Segment EBITDA,” respectively) to evaluate the performance of the Company’s core business operations exclusive of certain items that impact the comparability of results from period to period such as the unpredictability and volatility of currency fluctuations. The Company calculates the impact of foreign currency fluctuations for businesses reporting in currencies other than the U.S. dollar by multiplying the results for each quarter in the current period by the difference between the average exchange rate for that quarter and the average exchange rate in effect during the corresponding quarter of the prior year and totaling the impact for all quarters in the current period.
The calculation of Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA may not be comparable to similarly titled measures reported by other companies, since companies and investors may differ as to what type of events warrant adjustment. Adjusted Revenues, Adjusted Total Segment EBITDA and Adjusted Segment EBITDA are not measures of performance under generally accepted accounting principles and should not be construed as substitutes for amounts determined under GAAP as measures of performance. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to investors to assist in their analysis of our performance relative to prior periods and our competitors.
The following tables reconcile reported revenues and reported Total Segment EBITDA to Adjusted Revenues and Adjusted Total Segment EBITDA for the three and nine months ended March 31, 2019 and 2018.
|Revenues||Total Segment EBITDA|
|For the three months ended||For the three months ended|
|March 31,||March 31,|
|(in millions)||(in millions)|
|Impact of acquisitions||(432||)||-||(432||)||(81||)||-||(81||)|
|Impact of divestitures||(2||)||(12||)||10||1||2||(1||)|
|Impact of foreign currency fluctuations||90||-||90||9||-||9|
|Net impact of U.K. Newspaper Matters||-||-||-||2||2||-|
|Revenues||Total Segment EBITDA|
|For the nine months ended||For the nine months ended|
|March 31,||March 31,|
|(in millions)||(in millions)|
|Impact of acquisitions||(1,323||)||-||(1,323||)||(218||)||-||(218||)|
|Impact of divestitures||(14||)||(38||)||24||-||3||(3||)|
|Impact of foreign currency fluctuations||206||-||206||33||-||33|
|Net impact of U.K. Newspaper Matters||-||-||-||8||(38||)||46|
Adjusted Revenues and Adjusted Segment EBITDA by segment for the three and nine months ended March 31, 2019 and 2018 are as follows:
|For the three months ended March 31,|
|News and Information Services||$||1,265||$||1,279||(1||)||%|
|Subscription Video Services||134||129||4||%|
|Digital Real Estate Services||283||274||3||%|
|Adjusted Total Revenues||$||2,113||$||2,081||2||%|
|Adjusted Segment EBITDA:|
|News and Information Services||$||74||$||87||(15||)||%|
|Subscription Video Services||2||16||(88||)||%|
|Digital Real Estate Services||98||90||9||%|
|Adjusted Total Segment EBITDA||$||178||$||185||(4||)||%|
|For the nine months ended March 31,|
|News and Information Services||$||3,817||$||3,803||-|
|Subscription Video Services||407||394||3||%|
|Digital Real Estate Services||897||826||9||%|
|Adjusted Total Revenues||$||6,477||$||6,293||3||%|
|Adjusted Segment EBITDA:|
|News and Information Services||$||314||$||301||4||%|
|Subscription Video Services||62||76||(18||)||%|
|Digital Real Estate Services||343||306||12||%|
|Adjusted Total Segment EBITDA||$||798||$||722||11||%|
The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the three months ended March 31, 2019 and 2018.
|For the three months ended March 31, 2019|
|As Reported|| |
|News and Information Services||$||1,224||$||(9||)||$||(2||)||$||52||$||-||$||1,265|
|Subscription Video Services||539||(418||)||-||13||-||134|
|Digital Real Estate Services||272||(5||)||-||16||-||283|
|News and Information Services||$||73||$||-||$||1||$||-||$||-||$||74|
|Subscription Video Services||98||(96||)||-||-||-||2|
|Digital Real Estate Services||74||15||-||9||-||98|
|Total Segment EBITDA||$||247||$||(81||)||$||1||$||9||$||2||$||178|
|For the three months ended March 31, 2018|
|As Reported|| |
|News and Information Services||$||1,286||$||-||$||(7||)||$||-||$||-||$||1,279|
|Subscription Video Services||129||-||-||-||-||129|
|Digital Real Estate Services||279||-||(5||)||-||-||274|
|News and Information Services||$||87||$||-||$||-||$||-||$||-||$||87|
|Subscription Video Services||16||-||-||-||-||16|
|Digital Real Estate Services||88||-||2||-||-||90|
|Total Segment EBITDA||$||181||$||-||$||2||$||-||$||2||$||185|
The following tables reconcile reported revenues and Segment EBITDA by segment to Adjusted Revenues and Adjusted Segment EBITDA by segment for the nine months ended March 31, 2019 and 2018.
|For the nine months ended March 31, 2019|
|As Reported|| |
|News and Information Services||$||3,729||$||(14||)||$||(12||)||$||114||$||-||$||3,817|
|Subscription Video Services||1,666||(1,289||)||-||30||-||407|
|Digital Real Estate Services||876||(20||)||(2||)||43||-||897|