FOX REPORTS FIRST QUARTER FISCAL 2024 REVENUES OF $3.21 BILLION, NET INCOME OF $415 MILLION, AND ADJUSTED EBITDA OF $869 MILLION

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PR Newswire

NEW YORK, Nov. 2, 2023

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three months ended September 30, 2023.

The Company reported total quarterly revenues of $3.21 billion as compared to the $3.19 billion reported in the prior year quarter. Affiliate fee revenues increased 2%, driven by 8% growth at the Television segment. Advertising revenues decreased 2% as the broadcast of the FIFA Women's World Cup ("Women's World Cup") at FOX Sports and continued growth at Tubi were 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 increased 2%.

The Company reported quarterly net income of $415 million as compared to the $613 million reported in the prior year quarter. The variance includes the change in fair value of the Company's investments recognized in Other, net. Net Income attributable to Fox Corporation stockholders was $407 million ($0.82 per share) as compared to the $605 million ($1.10 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders¹ was $537 million ($1.09 per share) as compared to the $670 million ($1.21 per share) reported in the prior year quarter.

Quarterly Adjusted EBITDA² was $869 million as compared to the $1.09 billion reported in the prior year quarter. Expenses increased in the quarter, primarily due to higher sports programming rights amortization and production costs, including the broadcast of the Women's World Cup and the renewed NFL contract, as well as higher expenses associated with digital investments.

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

"Our Fiscal 2024 is off to a solid start against a backdrop of an active news cycle and robust sports schedule. Live content matters and nobody does live better than FOX. In the first quarter, we saw increased engagement at FOX Sports, driven by our broadcast of the FIFA Women's World Cup and the start of college football, and at Tubi, which continues to drive impressive growth in viewing in an increasingly crowded marketplace. Taken as a whole, FOX continues to leverage the strength of its leadership brands while driving meaningful growth across our digital assets."

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REVIEW OF OPERATING RESULTS

	Three Months Ended September 30,
	2023	2022
	$ Millions
Revenues by Component:

Affiliate fee	$ 1,740	$ 1,711
Advertising	1,200	1,220
Other	267	261
Total revenues	$ 3,207	$ 3,192

Segment Revenues:

Cable Network Programming	$ 1,387	$ 1,431
Television	1,780	1,714
Other, Corporate and Eliminations	40	47
Total revenues	$ 3,207	$ 3,192

Adjusted EBITDA:

Cable Network Programming	$ 607	$ 742
Television	351	409
Other, Corporate and Eliminations	(89)	(59)
Adjusted EBITDA³	$ 869	$ 1,092

Depreciation and amortization:

Cable Network Programming	$ 18	$ 17
Television	29	29
Other, Corporate and Eliminations	49	53
Total depreciation and amortization	$ 96	$ 99

CABLE NETWORK PROGRAMMING

	Three Months Ended September 30,
	2023	2022
	$ Millions
Revenues
Affiliate fee	$ 1,005	$ 1,029
Advertising	290	316
Other	92	86
Total revenues	1,387	1,431
Operating expenses	(649)	(564)
Selling, general and administrative	(135)	(129)
Amortization of cable distribution investments	4	4
Segment EBITDA	$ 607	$ 742

Cable Network Programming reported quarterly segment revenues of $1.39 billion as compared to the $1.43 billion reported in the prior year quarter. Affiliate fee revenues were $1.01 billion as compared to the $1.03 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 $290 million as compared to the $316 million reported in the prior year quarter, as the continued impact of elevated supply in the direct response marketplace and lower ratings were partially offset by higher national pricing at FOX News Media and the broadcast of the Women's World Cup at the national sports networks. Other revenues increased $6 million or 7%, primarily due to the timing of sports sublicensing revenues at the national sports networks.

Cable Network Programming reported quarterly segment EBITDA of $607 million as compared to the $742 million reported in the prior year quarter. Expenses increased in the quarter, primarily due to higher sports programming rights amortization and production costs driven by the broadcast of the Women's World Cup.

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