News Corp (NWSA) official guidance

While third quarter cash flows were impacted by the timing of working capital, we expect strong free cash flow growth for the fiscal year despite moderately higher capital expenditures as we had communicated earlier this year.

As we shared during our Investor Day in March, we see a clear path for Dow Jones to reach $1 billion in annual segment EBITDA within the next 5 years.

While third quarter cash flows were impacted by the timing of working capital, we expect strong free cash flow growth for the fiscal year despite moderately higher capital expenditures as we had communicated earlier this year.

At News Media, we expect to incur some incremental costs compared to the prior year related to the rollout of the California Post, but should also see some benefits from new content licensing revenues.

Please refer to REA for more detailed outlook commentary, which now assumes lower operating cost growth.

At Dow Jones, we expect continued strong revenue performance and improved margins.

At Dow Jones, we expect continued strong revenue performance and improved margins.

At News Media, we expect to incur some incremental costs compared to the prior year related to the rollout of the California Post, but should also see some benefits from new content licensing revenues.

At Realtor, we hope to see continued revenue improvement, albeit the overall housing recovery could be impacted in the shorter term by rising mortgage rates.

We anticipate that net additions will be notably higher in the fourth quarter, driven by growth in enterprise partnerships.

Having said that, Dow Jones CapEx specifically within that is going to be modestly down this year.

At the current stock price, we expect the rate of purchases will be higher in the second half and the total dollars repurchased will be meaningfully more in the second half than in the first half.

We expect strong free cash flow in the current fiscal year despite anticipating capital spending to be up moderately from the prior year.

At Dow Jones, overall trends remain healthy, and we expect continued strong revenue growth in B2B, we also expect cost growth to be slightly higher in quarter 2, primarily due to the prior year comparisons.

And as I mentioned at the start of my remarks, we expect to repurchase shares at an elevated rate reflecting our confidence in the company's growth potential, and we continue to believe the stock is trading at a significant discount to net asset value.