David, I think we've made very clear that we see three core drivers of the business, and that is Dow Jones Digital Real Estate and HarperCollins. And those businesses are traveling very well at the moment, and we will allocate cash accordingly.

Feb 5, 2026 / receipt, needs a key / Robert, CEO | earnings call 2026-02-05 | transcript a39ba75b-c3e8-4e13-8d29-95f049501147 | chars 28154-28398 | segment 28

That's a tribute to the diligence of our teams undertaking difficult work. And to emphasise, that's just one element of the cost cutting that's underway at the company as we severely scrutinise everything from tech spend to travel expenses.

May 12, 2023 / receipt, needs a key / Susan, other | earnings call 2023-05-12 | transcript 2231d072-c9cc-4683-ad2d-28e33ecc1fc4 | chars 30181-30421 | segment 30

We're looking at discretionary spend, as you'd expect, office expenses, T&E.

May 12, 2023 / receipt, needs a key / Susan, other | earnings call 2023-05-12 | transcript 2231d072-c9cc-4683-ad2d-28e33ecc1fc4 | chars 31666-31742 | segment 31

Impairment and restructuring charges (113) (132) 19 14 % Equity losses of affiliates (8) (15) 7 47 % Interest income, net 29 3 26 867 % Other, net (4) 111 (115) ** Income before income tax expense from continuing operations 1,046 923 123 13 % Income tax expense from continuing operations (303) (275) (28) (10) % Net income from continuing operations 743 648 95 15 % Net income from discontinued operations

filing / Aug 7, 2026 / receipt

Impairment and restructuring charges -During the fiscal years ended June 30, 2026 and 2025, the Company recorded impairment and restructuring charges of $113 million and $132 million, including restructuring charges of $86 million and $120 million, respectively.

filing / Aug 7, 2026 / receipt

affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

filing / Aug 7, 2026 / receipt

The Company’s operating leases primarily consist of real estate, including office space, warehouse space and printing facilities, and generally include options to extend the lease term or terminate the lease.

filing / Aug 7, 2026 / receipt

Impairment and restructuring charges - During the three and nine months ended March 31, 2026, the Company recorded impairment and restructuring charges of $18 million and $67 million, including restructuring charges of $14 million and $50 million, respectively.

filing / May 8, 2026 / receipt

During the three and nine months ended March 31, 2025, the Company recorded impairment and restructuring charges of $13 million and $51 million, including restructuring charges of $11 million and $49 million, respectively.

filing / May 8, 2026 / receipt

affecting the Company’s business, financial condition or results of operations, the Company’s strategy and strategic initiatives, including potential acquisitions, investments and dispositions, the Company’s cost savings initiatives and the outcome of contingencies such as litigation and investigations.

filing / May 8, 2026 / receipt