Fox(FOX) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for the quarter ended March 31, 2024, were $3.45 billion, a decrease of 15.6% from $4.08 billion in the prior year quarter[3] - Net income for the quarter was $704 million, compared to a net loss of $50 million in the prior year quarter, reflecting a significant turnaround[4] - Adjusted EBITDA for the quarter was $891 million, an increase of $58 million or 7% from the prior year quarter[4] - Revenues for the quarter ended March 31, 2024, were $3,447 million, a decrease of 15.6% compared to $4,084 million in the same quarter of 2023[20] - Net income attributable to Fox Corporation stockholders for the quarter was $666 million, compared to a net loss of $54 million in the same quarter of 2023[20] - Adjusted EBITDA for the quarter was $891 million, an increase of 6.9% from $833 million in the same quarter of 2023[33] - Adjusted EPS for the quarter was $1.09, compared to $0.94 in the same quarter of 2023[28] Revenue Breakdown - Affiliate fee revenues increased by 4% to $1.94 billion, driven by a 9% growth in the Television segment[3] - Advertising revenues decreased to $1.24 billion, down 34.3% from $1.88 billion in the prior year quarter, primarily due to the absence of Super Bowl LVII[3] - Cable Network Programming reported quarterly revenues of $1.47 billion, a decrease of 6.2% from $1.57 billion in the prior year quarter[6] - Television segment revenues were $1.94 billion, down 21.6% from $2.48 billion in the prior year quarter, with advertising revenues of $939 million[10] Capital Allocation and Shareholder Value - The company has repurchased approximately $4.35 billion of Class A common stock and $1 billion of Class B common stock, with a remaining authorization of up to $1.65 billion[14] - The company’s balanced capital allocation approach supports long-term value creation for shareholders, as stated by Executive Chair and CEO Lachlan Murdoch[4] Operating Expenses and Cash Flow - Operating expenses decreased to $2,050 million from $2,727 million year-over-year, reflecting a reduction of 24.8%[20] - Cash and cash equivalents at the end of the period were $3,791 million, down from $4,272 million at the beginning of the year[24] - The company reported a net cash provided by operating activities of $941 million for the nine months ended March 31, 2024, compared to $1,307 million in the same period of 2023[24] Assets and Borrowings - Total assets decreased to $21,717 million from $21,866 million as of June 30, 2023[22] - The company repaid $1,250 million in borrowings during the nine months ended March 31, 2024[24] Share Count - The weighted average shares outstanding decreased to 475 million from 521 million year-over-year[20]