0001193125-23-205604.txt : 20230808 0001193125-23-205604.hdr.sgml : 20230808 20230808080601 ACCESSION NUMBER: 0001193125-23-205604 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20230808 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230808 DATE AS OF CHANGE: 20230808 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fox Corp CENTRAL INDEX KEY: 0001754301 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-38776 FILM NUMBER: 231149423 BUSINESS ADDRESS: STREET 1: 1211 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 BUSINESS PHONE: 212.852.7000 MAIL ADDRESS: STREET 1: 1211 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10036 FORMER COMPANY: FORMER CONFORMED NAME: FOX Corp DATE OF NAME CHANGE: 20181206 FORMER COMPANY: FORMER CONFORMED NAME: NEW FOX, INC. DATE OF NAME CHANGE: 20180926 8-K 1 d497361d8k.htm 8-K 8-K
Fox Corp false 0001754301 0001754301 2023-08-08 2023-08-08 0001754301 us-gaap:CommonStockMember 2023-08-08 2023-08-08 0001754301 us-gaap:CommonClassBMember 2023-08-08 2023-08-08

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

DATE OF REPORT

(DATE OF EARLIEST EVENT REPORTED)

August 8, 2023

 

 

Fox Corporation

(EXACT NAME OF REGISTRANT AS SPECIFIED IN ITS CHARTER)

 

 

 

Delaware   001-38776   83-1825597

(STATE OR OTHER JURISDICTION

OF INCORPORATION)

  

(COMMISSION

FILE NO.)

  

(IRS EMPLOYER

IDENTIFICATION NO.)

1211 Avenue of the Americas, New York, New York 10036

(ADDRESS OF PRINCIPAL EXECUTIVE OFFICES, INCLUDING ZIP CODE)

(212) 852-7000

(REGISTRANT’S TELEPHONE NUMBER, INCLUDING AREA CODE)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class

  

Trading

Symbols

  

Name of Each Exchange

on Which Registered

Class A Common Stock, par value $0.01 per share   FOXA   The Nasdaq Global Select Market
Class B Common Stock, par value $0.01 per share   FOX   The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

 

 

 

Item 2.02.

Results of Operations and Financial Condition.

On August 8, 2023, Fox Corporation (the “Company”) released its financial results for the quarter and fiscal year ended June 30, 2023. A copy of the Company’s press release is attached as Exhibit 99.1 to this Form 8-K and incorporated herein by reference.

The information in this report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01.

Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit
Number

   

Description

99.1    Press release issued by Fox Corporation, dated August 8, 2023, announcing Fox Corporation’s financial results for the quarter and fiscal year ended June 30, 2023.
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

FOX CORPORATION
By:   /s/ Viet D. Dinh
Name:   Viet D. Dinh
Title:   Chief Legal and Policy Officer

August 8, 2023

EX-99.1 2 d497361dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

FOX REPORTS FOURTH QUARTER FISCAL 2023

REVENUES OF $3.03 BILLION

NET INCOME OF $369 MILLION, AND

ADJUSTED EBITDA OF $735 MILLION

FOX REPORTS FULL YEAR FISCAL 2023

REVENUES OF $14.91 BILLION

NET INCOME OF $1.25 BILLION, AND

ADJUSTED EBITDA OF $3.19 BILLION

NEW YORK, NY, August 8, 2023 – Fox Corporation (Nasdaq: FOXA, FOX; “FOX” or the “Company”) today reported financial results for the three months and twelve months ended June 30, 2023.

Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

“Fiscal 2023 showcased the very best of FOX’s portfolio while achieving record annual revenue and EBITDA. From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men’s World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the FOX platform was on full display. We enter Fiscal 2024 with a focused strategy and best-in-class balance sheet as we continue to drive shareholder value.”

FOURTH QUARTER COMPANY RESULTS

The Company reported total quarterly revenues of $3.03 billion, consistent with the prior year quarter. Affiliate fee revenues increased 3%, driven by 9% growth at the Television segment. Advertising revenues decreased 4% as continued growth at Tubi was more than offset by comparably lower political advertising revenues at the FOX Television Stations and the impact of elevated supply in the direct response marketplace at FOX News Media. Other revenues were essentially unchanged from the prior year quarter.

The Company reported quarterly net income of $369 million as compared to the $308 million reported in the prior year quarter. The variance includes restructuring charges and the change in fair value of the Company’s investments recognized in Other, net. Net income attributable to Fox Corporation stockholders was $375 million ($0.74 per share) as compared to the $306 million ($0.55 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $443 million ($0.88 per share) as compared to the $413 million ($0.74 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA2 was $735 million as compared to the $770 million reported in the prior year quarter, primarily due to higher expenses. The increase in expenses includes increased digital investment at Tubi and higher programming rights amortization and production costs at FOX Sports.

 

1 

Excludes net income effects of Impairment and restructuring charges, adjustments to Equity (losses) earnings of affiliates, Other, net and tax provision adjustments. See Note 1 for a description of adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income and earnings per share attributable to Fox Corporation stockholders to adjusted net income and adjusted earnings per share attributable to Fox Corporation stockholders.

2 

Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

 

Page 1

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

FULL YEAR COMPANY RESULTS

The Company reported total full year revenues of $14.91 billion, a 7% increase from the $13.97 billion reported in the prior year. Affiliate fee revenues increased 3%, led by 8% growth at the Television segment. Advertising revenues increased 12%, primarily reflecting the broadcasts of Super Bowl LVII and the FIFA Men’s World Cup (“World Cup”) at FOX Sports, continued growth at Tubi, and higher political advertising revenues at the FOX Television Stations, partially offset by the absence of Thursday Night Football. Other revenues increased 5%, driven by the full year impact of the prior year consolidation of entertainment production companies and higher FOX Nation subscription revenues.

The Company reported full year net income of $1.25 billion as compared to the $1.23 billion reported in the prior year. The variance includes charges associated with legal settlement costs at FOX News Media and the change in fair value of the Company’s investments recognized in Other, net. Net Income attributable to Fox Corporation stockholders was $1.24 billion ($2.33 per share) as compared to the $1.21 billion ($2.11 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $1.87 billion ($3.51 per share) as compared to the $1.59 billion ($2.79 per share) reported in the prior year.

Full year Adjusted EBITDA was $3.19 billion, an 8% increase from the $2.96 billion reported in the prior year, primarily due to the revenue increases noted above, partially offset by higher expenses. The increase in expenses primarily reflects higher programming rights amortization and production costs at FOX Sports driven by the broadcasts of Super Bowl LVII and the World Cup, as well as increased digital investment at Tubi, partially offset by the absence of Thursday Night Football.

 

Page 2

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

REVIEW OF OPERATING RESULTS

 

     Three Months Ended
June 30,		     Twelve Months Ended
June 30,		  
     2023     2022     2023     2022  
                          
     $ Millions  

Revenues by Component:

         

Affiliate fee

    $ 1,771     $ 1,726     $ 7,051     $ 6,878  

Advertising

      1,008       1,055       6,606       5,900  

Other

      253       252       1,256       1,196  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

    $ 3,032     $ 3,033     $ 14,913     $ 13,974  
  

 

 

    

 

 

    

 

 

    

 

 

  

Segment Revenues:

         

Cable Network Programming

    $ 1,410     $ 1,460     $ 6,043     $ 6,097  

Television

      1,587       1,525       8,710       7,685  

Other, Corporate and Eliminations

      35       48       160       192  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total revenues

    $ 3,032     $ 3,033     $ 14,913     $ 13,974  
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA:

         

Cable Network Programming

    $ 585     $ 628     $ 2,472     $ 2,934  

Television

      227       226       1,009       347  

Other, Corporate and Eliminations

      (77 )      (84 )      (290 )      (326 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Adjusted EBITDA3

    $ 735     $ 770     $ 3,191     $ 2,955  
  

 

 

    

 

 

    

 

 

    

 

 

  

Depreciation and amortization:

         

Cable Network Programming

    $ 19     $ 17     $ 71     $ 60  

Television

      29       30       126       112  

Other, Corporate and Eliminations

      55       52       214       191  
  

 

 

    

 

 

    

 

 

    

 

 

  

Total depreciation and amortization

    $ 103     $ 99     $ 411     $ 363  
  

 

 

    

 

 

    

 

 

    

 

 

  

 

3 

Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

 

Page 3

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

CABLE NETWORK PROGRAMMING

 

     Three Months Ended
June 30,		      Twelve Months Ended
June 30,		  
     2023      2022      2023      2022  
                             
            $ Millions         

Revenues

            

Affiliate fee

    $ 1,027      $ 1,043      $ 4,175      $ 4,205  

Advertising

      320        358        1,403        1,462  

Other

      63        59        465        430  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total revenues

      1,410        1,460        6,043        6,097  

Operating expenses

      (656 )       (655 )       (2,927 )       (2,595 ) 

Selling, general and administrative

      (173 )       (181 )       (660 )       (586 ) 

Amortization of cable distribution investments

      4        4        16        18  
  

 

 

     

 

 

     

 

 

     

 

 

  

Segment EBITDA

    $ 585      $ 628      $ 2,472      $ 2,934  
  

 

 

     

 

 

     

 

 

     

 

 

  

Three Months Ended June 30, 2023

Cable Network Programming reported quarterly segment revenues of $1.41 billion as compared to the $1.46 billion reported in the prior year quarter. Affiliate fee revenues were $1.03 billion as compared to the $1.04 billion reported in the prior year quarter, as contractual price increases were more than offset by the impact of net subscriber declines. Advertising revenues were $320 million as compared to the $358 million reported in the prior year quarter, primarily due to the continued impact of elevated supply in the direct response marketplace at FOX News Media. Other revenues increased $4 million or 7%, primarily led by higher revenues associated with the second season of the USFL.

Cable Network Programming reported quarterly segment EBITDA of $585 million as compared to the $628 million reported in the prior year quarter, primarily from the decline in total revenues. Expenses decreased in the quarter, largely due to lower digital investment and newsgathering costs at FOX News Media, partially offset by higher costs associated with the second season of the USFL.

Twelve Months Ended June 30, 2023

Cable Network Programming reported full year segment revenues of $6.04 billion as compared to the $6.10 billion reported in the prior year. Affiliate fee revenues were $4.18 billion as compared to the $4.21 billion reported in the prior year, as contractual price increases were more than offset by the impact of net subscriber declines. Advertising revenues were $1.40 billion as compared to the $1.46 billion reported in the prior year, primarily due to the impact of elevated supply in the direct response marketplace at FOX News Media, partially offset by the broadcast of the World Cup at the national sports networks. Other revenues increased $35 million or 8%, led by higher FOX Nation subscription revenues and higher sports sublicensing revenues.

Cable Network Programming reported full year segment EBITDA of $2.47 billion as compared to the $2.93 billion reported in the prior year, primarily due to higher programming rights amortization at the national sports networks, including the broadcast of the World Cup, as well as higher legal costs at FOX News Media.

 

Page 4

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

TELEVISION

 

     Three Months Ended
June 30,		      Twelve Months Ended
June 30,		  
     2023      2022      2023      2022  
                             
            $ Millions         

Revenues

            

Advertising

    $ 688      $ 698      $ 5,204      $ 4,440  

Affiliate fee

      744        683        2,876        2,673  

Other

      155        144        630        572  
  

 

 

     

 

 

     

 

 

     

 

 

  

Total revenues

      1,587        1,525        8,710        7,685  

Operating expenses

      (1,112 )       (1,039 )       (6,704 )       (6,431 ) 

Selling, general and administrative

      (248 )       (260 )       (997 )       (907 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

Segment EBITDA

    $ 227      $ 226      $ 1,009      $ 347  
  

 

 

     

 

 

     

 

 

     

 

 

  

Three Months Ended June 30, 2023

Television reported quarterly segment revenues of $1.59 billion, an increase of $62 million or 4% from the amount reported in the prior year quarter. Advertising revenues were $688 million as compared to the $698 million reported in the prior year quarter, as continued growth at Tubi was offset by comparably lower political advertising revenues at the FOX Television Stations and lower ratings at FOX Entertainment. Affiliate fee revenues increased $61 million or 9%, driven by increases in fees from third-party FOX affiliates and higher average rates at the Company’s owned and operated television stations. Other revenues increased $11 million or 8%, primarily due to higher deliveries from our entertainment production companies.

Television reported quarterly segment EBITDA of $227 million, essentially unchanged from the prior year quarter. Expenses increased in the quarter, primarily due to increased digital investment at Tubi and higher programming rights amortization and production costs at FOX Sports.

Twelve Months Ended June 30, 2023

Television reported full year segment revenues of $8.71 billion, an increase of $1.03 billion or 13% from the amount reported in the prior year. Advertising revenues increased $764 million or 17%, driven by the broadcasts of Super Bowl LVII and the World Cup at FOX Sports, continued growth at Tubi and higher political advertising revenues at the FOX Television Stations, partially offset by the absence of Thursday Night Football. Affiliate fee revenues increased $203 million or 8%, driven by increases in fees from third-party FOX affiliates and higher average rates at the Company’s owned and operated television stations. Other revenues increased $58 million or 10%, primarily due to the full year impact of the prior year consolidation of entertainment production companies.

Television reported full year segment EBITDA of $1.01 billion, an increase of $662 million from the amount reported in the prior year, primarily due to the revenue increases noted above, partially offset by higher expenses. The increase in expenses primarily reflects higher programming rights amortization and production costs at FOX Sports, including those associated with the broadcasts of Super Bowl LVII and the World Cup, and increased digital investment at Tubi, partially offset by the absence of Thursday Night Football and lower entertainment marketing and production costs.

 

Page 5

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

DIVIDEND

The Company’s Board of Directors has authorized an increase in the Company’s semi-annual dividend and has declared a dividend of $0.26 per Class A and Class B share. This dividend is payable on September 27, 2023 with a record date for determining dividend entitlements of August 30, 2023.

SHARE REPURCHASE PROGRAM

The Company has authorized a $7 billion stock repurchase program. To date, the Company has repurchased approximately $3.7 billion of its Class A common stock and approximately $1 billion of its Class B common stock.

CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “should,” “likely,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “believes,” “estimates,” “outlook” and similar expressions are used to identify these forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company’s businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission (the “SEC”), including the Company’s Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company’s expectations, except as required by law.

To access a copy of this press release through the Internet, access Fox Corporation’s corporate website located at http://www.foxcorporation.com.

CONTACTS

 

Gabrielle Brown, Investor Relations    Brian Nick, Press Inquiries
212-852-7720    310-369-3545
Dan Carey, Investor Relations    Lauren Townsend, Press Inquiries
212-852-7955    310-369-2729

 

Page 6

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

 

     Three Months Ended
June 30,		     Twelve Months Ended
June 30,		  
     2023     2022     2023     2022  
                          
     $ Millions, except per share amounts  

Revenues

    $ 3,032     $ 3,033     $ 14,913     $ 13,974  

Operating expenses

      (1,778 )      (1,715 )      (9,689 )      (9,117 ) 

Selling, general and administrative

      (523 )      (552 )      (2,049 )      (1,920 ) 

Depreciation and amortization

      (103 )      (99 )      (411 )      (363 ) 

Impairment and restructuring charges

      (99 )      —         (111 )      —    

Interest expense, net

      (35 )      (86 )      (218 )      (371 ) 

Other, net4

      11       (134 )      (699 )      (509 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income before income tax expense

      505       447       1,736       1,694  

Income tax expense

      (136 )      (139 )      (483 )      (461 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

      369       308       1,253       1,233  
  

 

 

    

 

 

    

 

 

    

 

 

  

Less: Net loss (income) attributable to noncontrolling interests

      6       (2 )      (14 )      (28 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income attributable to Fox Corporation stockholders

    $ 375     $ 306     $ 1,239     $ 1,205  
  

 

 

    

 

 

    

 

 

    

 

 

  

Weighted average shares:

      506       560       531       570  

Net income attributable to Fox Corporation stockholders per share:

    $ 0.74     $ 0.55     $ 2.33     $ 2.11  

 

4 

Other, net presented above includes Equity earnings (losses) of affiliates, as well as legal settlement costs at FOX News Media and the change in fair value of the Company’s investments.

 

Page 7

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

CONSOLIDATED BALANCE SHEETS

 

     June 30,
2023		     June 30,
2022		  
              
     $ Millions  

Assets:

     

Current assets:

     

Cash and cash equivalents

    $ 4,272     $ 5,200  

Receivables, net

      2,177       2,128  

Inventories, net

      543       791  

Other

      265       162  
  

 

 

    

 

 

  

Total current assets

      7,257       8,281  
  

 

 

    

 

 

  

Non-current assets:

     

Property, plant and equipment, net

      1,708       1,682  

Intangible assets, net

      3,084       3,157  

Goodwill

      3,559       3,554  

Deferred tax assets

      3,090       3,440  

Other non-current assets

      3,168       2,071  
  

 

 

    

 

 

  

Total assets

    $ 21,866     $ 22,185  
  

 

 

    

 

 

  

Liabilities and Equity:

     

Current Liabilities:

     

Borrowings

    $ 1,249     $ —    

Accounts payable, accrued expenses and other current liabilities

      2,514       2,296  
  

 

 

    

 

 

  

Total current liabilities

      3,763       2,296  
  

 

 

    

 

 

  

Non-current liabilities:

     

Borrowings

      5,961       7,206  

Other liabilities

      1,484       1,120  

Redeemable noncontrolling interests

      213       188  

Commitments and contingencies

     

Equity:

     

Class A common stock, $0.01 par value

      3       3  

Class B common stock, $0.01 par value

      2       3  

Additional paid-in capital

      8,253       9,098  

Retained earnings

      2,269       2,461  

Accumulated other comprehensive loss

      (149 )      (226 ) 
  

 

 

    

 

 

  

Total Fox Corporation stockholders’ equity

      10,378       11,339  

Noncontrolling interests

      67       36  
  

 

 

    

 

 

  

Total equity

      10,445       11,375  
  

 

 

    

 

 

  

Total liabilities and equity

    $ 21,866     $ 22,185  
  

 

 

    

 

 

  

 

Page 8

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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

CONSOLIDATED STATEMENTS OF CASH FLOWS

 

     Twelve Months Ended
June 30,		  
     2023     2022  
              
     $ Millions  

OPERATING ACTIVITIES

     

Net income

    $ 1,253     $ 1,233  

Adjustments to reconcile net income to cash provided by operating activities

     

Depreciation and amortization

      411       363  

Amortization of cable distribution investments

      16       18  

Impairment and restructuring charges

      111       —    

Equity-based compensation

      74       102  

Other, net

      (116 )      509  

Deferred income taxes

      321       342  

Change in operating assets and liabilities, net of acquisitions and dispositions

     

Receivables and other assets

      (104 )      (79 ) 

Inventories net of programming payable

      145       (301 ) 

Accounts payable and accrued expenses

      (68 )      (54 ) 

Other changes, net

      (243 )      (249 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      1,800       1,884  
  

 

 

    

 

 

  

INVESTING ACTIVITIES

     

Property, plant and equipment

      (357 )      (307 ) 

Acquisitions, net of cash acquired

      —         (243 ) 

Proceeds from dispositions, net

      —         83  

Purchase of investments

      (54 )      (28 ) 

Other investing activities, net

      (27 )      (18 ) 
  

 

 

    

 

 

  

Net cash used in investing activities

      (438 )      (513 ) 
  

 

 

    

 

 

  

FINANCING ACTIVITIES

     

Repayment of borrowings

      —         (750 ) 

Repurchase of shares

      (2,000 )      (1,000 ) 

Non-operating cash flows from The Walt Disney Company

      —         —    

Settlement of Divestiture Tax Prepayment

      —         —    

Dividends paid and distributions

      (299 )      (307 ) 

Purchase of subsidiary noncontrolling interest

      —         —    

Sale of subsidiary noncontrolling interest

      35       25  

Other financing activities, net

      (26 )      (25 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (2,290 )      (2,057 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (928 )      (686 ) 

Cash and cash equivalents, beginning of year

      5,200       5,886  
  

 

 

    

 

 

  

Cash and cash equivalents, end of year

    $ 4,272     $ 5,200  
  

 

 

    

 

 

  

 

Page 9

LOGO

EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

The Company uses net income and earnings per share (“EPS”) attributable to Fox Corporation stockholders excluding net income effects of Impairment and restructuring charges, adjustments to Equity (losses) earnings of affiliates, Other, net, and tax provision adjustments (“Adjusted Net Income” and “Adjusted EPS” respectively) to evaluate the performance of the Company’s operations exclusive of certain items that impact the comparability of results from period to period.

Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company’s historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company’s performance relative to prior periods and the Company’s competitors.

The following table reconciles net income and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended June 30, 2023 and 2022:

 

     Three Months Ended  
     June 30, 2023      June 30, 2022  
     Income      EPS      Income      EPS  
                             
     $ Millions, except per share data  

Net income

    $ 369         $ 308     

Less: Net loss (income) attributable to noncontrolling interests

      6           (2 )    
  

 

 

        

 

 

     

Net income attributable to Fox Corporation stockholders

    $ 375      $ 0.74      $ 306      $ 0.55  

Impairment and restructuring charges

      99        0.20        —          —    

Other, net5

      (10 )       (0.02 )       135        0.24  

Tax provision

      (21 )       (0.04 )       (28 )       (0.05 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

As adjusted

    $ 443      $ 0.88      $ 413      $ 0.74  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

5 

Other, net presented above excludes Equity earnings (losses) of affiliates

 

Page 10

LOGO

EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

The following table reconciles net income and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the twelve months ended June 30, 2023 and 2022:

 

     Twelve Months Ended  
     June 30, 2023      June 30, 2022  
     Income      EPS      Income      EPS  
                             
     $ Millions, except per share data  

Net income

    $ 1,253         $ 1,233     

Less: Net income attributable to noncontrolling interests

      (14 )          (28 )    
  

 

 

        

 

 

     

Net income attributable to Fox Corporation stockholders

    $ 1,239      $ 2.33      $ 1,205      $ 2.11  

Impairment and restructuring charges

      111        0.21        —          —    

Other, net6

      703        1.32        513        0.90  

Tax provision

      (187 )       (0.35 )       (127 )       (0.22 ) 
  

 

 

     

 

 

     

 

 

     

 

 

  

As adjusted

    $ 1,866      $ 3.51      $ 1,591      $ 2.79  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

6 

Other, net presented above excludes Equity earnings (losses) of affiliates.

 

Page 11

LOGO

EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2023

 

 

 

NOTE 2 – ADJUSTED EBITDA

Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Impairment and restructuring charges, Interest expense, net, Other, net and Income tax expense.

Management believes that information about Adjusted EBITDA assists all users of the Company’s Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from non-operational factors that affect net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with GAAP. In addition, this measure does not reflect cash available to fund requirements and excludes items, such as depreciation and amortization and impairment charges, which are significant components in assessing the Company’s financial performance. Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies.

The following table reconciles net income to Adjusted EBITDA for the three months and twelve months ended June 30, 2023:

 

     Three Months Ended
June 30,		      Twelve Months Ended
June 30,		  
         2023              2022              2023              2022      
                             
     $ Millions  

Net Income

    $ 369      $ 308      $ 1,253      $ 1,233  

Add:

            

Amortization of cable distribution investments

      4        4        16        18  

Depreciation and amortization

      103        99        411        363  

Impairment and restructuring charges

      99        —          111        —    

Interest expense, net

      35        86        218        371  

Other, net7

      (11 )       134        699        509  

Income tax expense

      136        139        483        461  
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted EBITDA

    $ 735      $ 770      $ 3,191      $ 2,955  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

7 

Other, net presented above includes Equity earnings (losses) of affiliates.

 

Page 12

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Document and Entity Information
Aug. 08, 2023
Document And Entity Information [Line Items]  
Entity Registrant Name Fox Corp
Amendment Flag false
Entity Central Index Key 0001754301
Document Type 8-K
Document Period End Date Aug. 08, 2023
Entity Incorporation State Country Code DE
Entity File Number 001-38776
Entity Tax Identification Number 83-1825597
Entity Address, Address Line One 1211 Avenue of the Americas
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10036
City Area Code (212)
Local Phone Number 852-7000
Written Communications false
Soliciting Material false
Pre Commencement Tender Offer false
Pre Commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Common Stock [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Class A Common Stock, par value $0.01 per share
Trading Symbol FOXA
Security Exchange Name NASDAQ
Common Class B [Member]  
Document And Entity Information [Line Items]  
Security 12b Title Class B Common Stock, par value $0.01 per share
Trading Symbol FOX
Security Exchange Name NASDAQ
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