[Financial Highlights](index=1&type=section&id=Financial%20Highlights) [Fourth Quarter Fiscal 2024 Performance](index=1&type=section&id=Fourth%20Quarter%20Fiscal%202024%20Performance) For the fourth quarter of fiscal 2024, Fox Corporation reported a 2% year-over-year revenue increase to $3.09 billion, driven by 5% growth in affiliate fees. Advertising revenue remained flat as growth at Tubi and soccer broadcasts were offset by lower performance at the FOX Network. Adjusted EBITDA grew 5% to $773 million, benefiting from revenue growth and lower entertainment programming costs, despite higher sports rights and Tubi investment expenses | Financial Metric | Q4 FY2024 | Q4 FY2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $3.09 Billion | $3.03 Billion | +2% | | **Net Income** | $320 Million | $369 Million | -13.3% | | **Adjusted EBITDA** | $773 Million | $735 Million | +5% | | **Adjusted EPS** | $0.90 | $0.88 | +2.3% | - Quarterly revenue growth was primarily driven by a **5% increase in affiliate fee revenues**, stemming from **9% growth in the Television segment** and **2% in the Cable Network Programming segment**[4](index=4&type=chunk) - Advertising revenues were flat, as contributions from the UEFA European Championship, CONMEBOL Copa América, and continued growth at Tubi were offset by lower ratings and pricing at the FOX Network[4](index=4&type=chunk) [Full Year Fiscal 2024 Performance](index=1&type=section&id=Full%20Year%20Fiscal%202024%20Performance) For the full fiscal year 2024, revenues decreased to $13.98 billion from $14.91 billion in the prior year. This was mainly due to a significant drop in advertising revenue from the absence of Super Bowl LVII, the FIFA Men's World Cup, and midterm election political ads, which were present in fiscal 2023. Net income increased to $1.55 billion, largely due to the absence of prior-year legal settlement costs. Adjusted EBITDA declined to $2.88 billion | Financial Metric | FY 2024 | FY 2023 | Change | | :--- | :--- | :--- | :--- | | **Revenues** | $13.98 Billion | $14.91 Billion | -6.2% | | **Net Income** | $1.55 Billion | $1.25 Billion | +24.0% | | **Adjusted EBITDA** | $2.88 Billion | $3.19 Billion | -9.7% | | **Adjusted EPS** | $3.43 | $3.51 | -2.3% | - The decline in full-year advertising revenue to **$5.44 billion from $6.61 billion** was primarily due to the absence of Super Bowl LVII, the Men's World Cup, and lower political advertising revenues compared to the prior year's midterm elections[6](index=6&type=chunk) - Full-year net income rose to **$1.55 billion**, reflecting the absence of prior year charges related to legal settlement costs at FOX News Media[7](index=7&type=chunk) [Management Commentary](index=1&type=section&id=Management%20Commentary) CEO Lachlan Murdoch highlighted fiscal 2024 as a successful year, emphasizing strong affiliate revenue growth, Tubi's establishment as the leading free streaming service in the U.S., and revitalized ratings at FOX News. He expressed confidence for fiscal 2025, which will feature a major event cycle including the Presidential Election and the Super Bowl, underscoring the company's sound strategy and financial strength - Key achievements in fiscal 2024 include strong quarterly affiliate revenue growth, cementing Tubi's position as the most-watched free TV and movie streaming service in the U.S., and reinvigorated ratings and share growth at FOX News[3](index=3&type=chunk) - The company anticipates carrying its momentum into fiscal 2025, which will feature major events like the Presidential Election and Super Bowl, underpinning confidence in future shareholder value delivery[3](index=3&type=chunk) [Review of Operating Results](index=3&type=section&id=REVIEW%20OF%20OPERATING%20RESULTS) [Consolidated Financial Performance](index=3&type=section&id=Consolidated%20Financial%20Performance) This section provides a detailed breakdown of the company's revenues and Adjusted EBITDA by segment for both the fourth quarter and the full fiscal year. For the full year, the Television segment saw a significant drop in advertising revenue and Adjusted EBITDA, while the Cable Network Programming segment's Adjusted EBITDA grew despite a slight revenue decline | (in $ Millions) | Q4 FY2024 | Q4 FY2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenues** | **$3,092** | **$3,032** | **$13,980** | **$14,913** | | - Affiliate fee | $1,859 | $1,771 | $7,324 | $7,051 | | - Advertising | $1,007 | $1,008 | $5,444 | $6,606 | | **Total Adjusted EBITDA** | **$773** | **$735** | **$2,883** | **$3,191** | | - Cable Network Programming | $703 | $585 | $2,693 | $2,472 | | - Television | $148 | $227 | $506 | $1,009 | [Cable Network Programming Segment](index=4&type=section&id=CABLE%20NETWORK%20PROGRAMMING) The Cable Network Programming segment reported a 20% increase in Q4 EBITDA to $703 million, driven by a 2% revenue increase and lower expenses. For the full year, EBITDA grew 9% to $2.69 billion, as lower programming and legal costs, particularly from the absence of the Men's World Cup, more than compensated for a slight revenue decrease - Q4 affiliate fee revenue grew **2%** due to contractual price increases, partially offset by net subscriber declines. Advertising revenue rose **3%** from soccer broadcasts and improved pricing/ratings at FOX News Media[12](index=12&type=chunk) - The **20% increase in Q4 segment EBITDA** was due to revenue growth and lower expenses, driven by the deconsolidation of the USFL and reduced programming costs at FOX News Media[13](index=13&type=chunk) - Full-year segment EBITDA increased **9% to $2.69 billion**. The improvement was primarily due to lower expenses, including the absence of the prior year's Men's World Cup broadcast and reduced legal costs at FOX News Media[15](index=15&type=chunk) [Television Segment](index=5&type=section&id=TELEVISION) The Television segment's Q4 EBITDA declined to $148 million from $227 million year-over-year, as a 2% revenue increase was outweighed by higher expenses for sports programming and Tubi investments. For the full year, EBITDA was nearly halved to $506 million, primarily due to a significant drop in advertising revenue from the absence of major events like Super Bowl LVII and the midterm elections - Q4 affiliate fee revenue grew **9%** from higher fees from third-party affiliates and owned stations. Advertising revenue was slightly down as Tubi's growth and soccer broadcasts were offset by lower ratings and pricing at the FOX Network[17](index=17&type=chunk) - The decline in Q4 segment EBITDA was driven by higher costs for the UEFA European Championship and CONMEBOL Copa América, along with increased digital investment at Tubi[18](index=18&type=chunk) - Full-year advertising revenue fell from **$5.20 billion to $4.18 billion**, driven by the absence of Super Bowl LVII, the Men's World Cup, and lower political advertising. This was the primary cause for the segment's EBITDA dropping from **$1.01 billion to $506 million**[19](index=19&type=chunk)[20](index=20&type=chunk) [Shareholder Returns](index=6&type=section&id=Shareholder%20Returns) [Dividends](index=6&type=section&id=DIVIDEND) The Company's Board of Directors has approved an increase to the semi-annual dividend, signaling confidence in its financial health and commitment to returning capital to shareholders - The Board declared an increased semi-annual dividend of **$0.27 per Class A and Class B share**[21](index=21&type=chunk) - The dividend is payable on September 25, 2024, with a record date of September 4, 2024[21](index=21&type=chunk) [Share Repurchase Program](index=6&type=section&id=SHARE%20REPURCHASE%20PROGRAM) Fox continued its share repurchase program, buying back $250 million of its Class A common stock during the quarter. The company has $1.4 billion remaining under its current repurchase authorization - The Company repurchased approximately **$250 million** of its Class A common stock during the fourth quarter[22](index=22&type=chunk) - As of June 30, 2024, a total of **$5.6 billion** in stock has been repurchased under the program, with a remaining authorization of **$1.4 billion**[22](index=22&type=chunk) [Consolidated Financial Statements](index=7&type=section&id=Consolidated%20Financial%20Statements) [Consolidated Statements of Operations](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20OPERATIONS) The consolidated income statement shows a full-year revenue of $13.98 billion and net income attributable to stockholders of $1.50 billion, or $3.13 per share. This compares to revenue of $14.91 billion and net income of $1.24 billion, or $2.33 per share, in the prior fiscal year. The increase in net income was primarily due to lower restructuring and legal costs compared to the prior year | (in $ Millions) | Twelve Months Ended June 30, 2024 | Twelve Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Revenues** | $13,980 | $14,913 | | **Operating expenses** | ($9,089) | ($9,689) | | **Restructuring, impairment and other** | ($67) | ($1,182) | | **Income before income tax expense** | $2,104 | $1,736 | | **Net income attributable to Fox Corp. stockholders** | $1,501 | $1,239 | | **Net income per share** | $3.13 | $2.33 | [Consolidated Balance Sheets](index=8&type=section&id=CONSOLIDATED%20BALANCE%20SHEETS) As of June 30, 2024, Fox Corporation's balance sheet remained stable with total assets of $21.97 billion. Cash and cash equivalents stood at $4.32 billion. Total liabilities decreased to $11.16 billion from $11.42 billion in the prior year, primarily due to a reduction in current borrowings. Total stockholders' equity increased to $10.71 billion | (in $ Millions) | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $4,319 | $4,272 | | **Total current assets** | $7,501 | $7,257 | | **Total assets** | $21,972 | $21,866 | | **Total current liabilities** | $2,952 | $3,763 | | **Total liabilities** | $11,158 | $11,421 | | **Total Fox Corporation stockholders' equity** | $10,714 | $10,378 | [Consolidated Statements of Cash Flows](index=10&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20CASH%20FLOWS) For the twelve months ended June 30, 2024, the company generated $1.84 billion in net cash from operating activities, a slight increase from the prior year. Net cash used in investing activities was $452 million. Financing activities used $1.34 billion, primarily for $1.0 billion in share repurchases and $281 million in dividend payments. The company ended the year with a net increase in cash of $47 million | (in $ Millions) | Twelve Months Ended June 30, 2024 | | :--- | :--- | | **Net cash provided by operating activities** | $1,840 | | **Net cash used in investing activities** | ($452) | | **Net cash used in financing activities** | ($1,341) | | *Repurchase of shares* | *($1,000)* | | *Dividends paid and distributions* | *($281)* | | **Net increase in cash and cash equivalents** | $47 | | **Cash and cash equivalents, end of year** | $4,319 | [Notes to Financials (Non-GAAP Reconciliations)](index=11&type=section&id=Notes%20to%20Financials%20(Non-GAAP%20Reconciliations)) [Note 1 – Adjusted Net Income and Adjusted EPS](index=11&type=section&id=NOTE%201%20%E2%80%93%20ADJUSTED%20NET%20INCOME%20AND%20ADJUSTED%20EPS) This note provides a reconciliation from GAAP Net Income to the non-GAAP measure of Adjusted Net Income. For the full fiscal year 2024, Adjusted Net Income was $1.65 billion ($3.43 per share), compared to $1.87 billion ($3.51 per share) in the prior year. The adjustments primarily remove the effects of restructuring charges and non-operating items to better reflect core operational performance | (in $ Millions, except per share) | Twelve Months Ended June 30, 2024 | Twelve Months Ended June 30, 2023 | | :--- | :--- | :--- | | **Net income attributable to Fox Corp. stockholders (GAAP)** | $1,501 | $1,239 | | **EPS (GAAP)** | $3.13 | $2.33 | | **Adjusted Net Income (Non-GAAP)** | $1,645 | $1,866 | | **Adjusted EPS (Non-GAAP)** | $3.43 | $3.51 | [Note 2 – Adjusted EBITDA](index=13&type=section&id=NOTE%202%20%E2%80%93%20ADJUSTED%20EBITDA) This note defines Adjusted EBITDA and reconciles it from GAAP Net Income. For the full fiscal year 2024, Adjusted EBITDA was $2.88 billion, down from $3.19 billion in the prior year. For the fourth quarter, Adjusted EBITDA was $773 million, an increase from $735 million year-over-year. Management uses this metric to evaluate the operating performance of its business portfolio - Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. It excludes items like depreciation, amortization, restructuring, and interest to provide insight into operational performance[36](index=36&type=chunk) | (in $ Millions) | Q4 FY2024 | Q4 FY2023 | FY 2024 | FY 2023 | | :--- | :--- | :--- | :--- | :--- | | **Net Income (GAAP)** | $320 | $369 | $1,554 | $1,253 | | **Adjusted EBITDA (Non-GAAP)** | $773 | $735 | $2,883 | $3,191 |

FOX REPORTS FULL YEAR FISCAL 2024 REVENUES OF $13.98 BILLION, NET INCOME OF $1.55 BILLION, AND ADJUSTED EBITDA OF $2.88 BILLION NEW YORK, Aug. 6, 2024 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; "FOX" or the "Company") today reported financial results for the three and twelve months ended June 30, 2024. Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: "Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, includ ...

Fox (FOXA) is set to report fourth-quarter fiscal 2024 results on Aug 6.For the quarter, the Zacks Consensus Estimate for earnings is pegged at 83 cents per share, down 2 cents in the past 30 days. The figure indicates a 5.68% decline from the year-ago reported figure.The consensus mark for revenues is pegged at $3.1 billion, implying 2.28% growth from the year-ago quarter’s reported figure.The company’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise b ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Of these, value investing is easily one of the most popular ways to find great stocks in any market environment. Value investors use a variety of methods, including tried-and-true valuation metrics, to find these ...

The upcoming report from Fox (FOXA) is expected to reveal quarterly earnings of $0.83 per share, indicating a decline of 5.7% compared to the year-ago period. Analysts forecast revenues of $3.1 billion, representing an increase of 2.3% year over year.The consensus EPS estimate for the quarter has undergone an upward revision of 8.8% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial estimates during this timeframe.Ahead ...

Calgary, Alberta--(Newsfile Corp. - July 31, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) ("Copper Fox" or the "Company") is pleased to announce that it has closed its previously announced non-brokered private placement for a total of 5,116,000 units (each a "Unit") at a price of $0.22 per Unit for aggregate gross proceeds of $1,125,520 (the "Offering"). Each Unit consisted of one common share in the capital of the Company (a "Common Share") and one-half (1/2) common share purchase warrant (a ...

SALT LAKE CITY, July 31, 2024 (GLOBE NEWSWIRE) -- Myriad Genetics, Inc. (NASDAQ: MYGN), a leader in genetic testing and precision medicine, today announced the appointment of Jennifer Fox as Chief Legal Officer, effective September 3, 2024. Fox brings nearly two decades of legal experience in the life sciences sector. Her expertise spans intellectual property, litigation, and regulatory matters, gained through roles in both in-house and private practice settings at industry-leading companies. As Chief Legal ...

The market expects Fox (FOXA) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended June 2024. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on August ...

Group 1 - Fox Corporation will discuss its fourth quarter and full year financial results for the 2024 fiscal year on August 6, 2024, at 8:00 a.m. ET [1] - The financial results will be released at approximately 7:30 a.m. ET on the same day [1] - A live audio webcast of the presentation will be available, along with an archived version [1] Group 2 - Fox Corporation produces and distributes news, sports, and entertainment content through brands like FOX News Media, FOX Sports, and Tubi Media Group [2] - The company holds cultural significance with consumers and commercial importance for distributors and advertisers [2] - Fox Corporation aims to capitalize on existing strengths and invest in new initiatives to enhance its offerings [2]

Calgary, Alberta--(Newsfile Corp. - July 17, 2024) - Copper Fox Metals Inc. (TSXV: CUU) (OTCQX: CPFXF) (FSE: HPU) ("Copper Fox" or the "Company") and its wholly owned subsidiary, Desert Fox Mineral Mountain Co. ("Desert Fox"), are pleased to provide results of a recently completed sampling program and an update on the permitting process related to obtaining a drilling permit on its 100% owned Mineral Mountain porphyry copper property (2,692.4 ha) located within the Mineral Mountain Mining District, Arizona ...