Twenty-First Century Fox Inc (NASDAQ:FOX) Q4 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 05:30 pm ET


Twenty-First Century Fox Inc (NASDAQ:FOX) Q4 2020 Earnings Conference Call - Final Transcript


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Ladies and gentlemen, thank you for standing by. Welcome to the Fox Corporation Fourth Quarter 2020 Earnings Conference Call. [Operator Instructions].

I'll now turn the conference over to Chief Investor Relations Officer and Executive Vice President of Corporate Initiatives, Mr. Joe Dorrego. Please go ahead, sir.

Joseph Dorrego

Thank you, Noah. Hello, and welcome to our fiscal 2020 year-end earnings call. Joining me on the call today are Lachlan Murdoch, Executive Chairman and Chief Executive Officer; John Nallen, Chief Operating Officer; and Steve Tomsic, our Chief Financial Officer. First, Lachlan and Steve will give some prepared remarks on the fiscal year and most recent quarter, and then we'll take a couple of questions from the investment community. Please note that this call may include forward-looking statements regarding Fox's financial performance and operating results. These statements are based on management's current expectations, and actual results could differ from what is stated as a result of certain factors identified on today's call and in the company's SEC filings. Additionally, this call will include certain non-GAAP financial measures, including adjusted EBITDA or EBITDA, as we refer to it on this call. Reconciliations of non-GAAP financial measures are included in our earnings release and our SEC filings, which are both available in the Investor Relations section of the website.

And with that, I'm pleased to turn the call over to Lachlan.

Lachlan Murdoch

Thanks, Joe. Good afternoon, and thanks, everyone, for joining us today to discuss our fourth quarter results and to reflect on our first full fiscal year as new Fox. I know a lot of you on the phone have had a long day and have just come from another earnings call, so we will try to keep this as tight and as brief as possible. I doubt any of us consider 2020 a great calendar year. It's been extraordinarily difficult on our businesses, on our health and on our families. I'm sure it's a year we would all like to be through and done with, and we will be soon. But looking back on Fox's 2020 fiscal year is another story. Our fiscal year has been extraordinary, not because of COVID-19, but in spite of it, our 2020 fiscal year has shown off the strength of Fox, the logic of our strategy and the resilience of our business model and of our teams.

To that last point, I would like to acknowledge the outstanding work and dedication of my Fox colleagues across the country. They too are extraordinary. Without them, there would be no sport, no news and no entertainment on our platforms and stations. What together we achieved last year was remarkable. I'd like to first give FOX Sports a shout out for an incredible year, which saw the brilliant broadcast of both the historic 7-game World Series and an exciting Super Bowl LIV, watched by over 100 million people. Of course, not long after the Super Bowl in Miami, sport was shut down. But the team at FOX Sports never stopped working to bring