Fox(FOXA) - 2025 Q2 - Quarterly Report

Revenue Growth - For the three months ended December 31, 2024, total revenues increased by $844 million or 20$1.2 billion or 16% compared to the same period in 2023, with significant contributions from political advertising revenue [102]. - Total revenues increased by $844 million or 20$5,078 million for the three months ended December 31, 2024, compared to $4,234 million in 2023 [110]. - Total revenues for the six months ended December 31, 2024, increased by$1,201 million or 16% to $8,642 million compared to$7,441 million in 2023 [110]. Advertising Revenue - Advertising revenue rose by $420 million or 21$419 million or 16% for the three months ended December 31, 2024, primarily due to higher advertising revenue from political advertising and sports programming [117]. Net Income - Net income for the three months ended December 31, 2024, increased by $273 million, reaching$388 million, compared to $115 million in the same period of 2023 [107]. - The increase in net income for the six months ended December 31, 2024, was$690 million, totaling $1.22 billion, compared to$530 million in the same period of 2023 [107]. - The company reported a net income of $388 million for the three months ended December 31, 2024, compared to$115 million in the same period of 2023, marking a year-over-year increase of 237.4% [128]. Operating Expenses - Operating expenses increased by $383 million or 11$30 million or 6% for the three months ended December 31, 2024, attributed to higher employee and marketing costs [101]. - Operating expenses in the Cable Network Programming segment rose by $412 million or 44$431 million or 123% to $781 million for the three months ended December 31, 2024, compared to$350 million in 2023 [111]. - Adjusted EBITDA for the six months ended December 31, 2024, was $1,829 million, up from$1,219 million in the same period of 2023, reflecting a growth of 50.1% [128]. - Cable Network Programming segment EBITDA increased by $93 million or 16$343 million for the three months ended December 31, 2024, reflecting revenue increases offset by higher expenses [118]. Cash Flow and Investments - As of December 31, 2024, the company had approximately $3.3 billion in cash and cash equivalents, along with an unused$1.0 billion revolving credit facility [130]. - Net cash used in operating activities decreased to $204 million for the six months ended December 31, 2024, from$535 million in the same period of 2023, indicating improved operational efficiency [134]. - Net cash used in investing activities increased to $240 million for the six months ended December 31, 2024, compared to$143 million in the same period of 2023, primarily due to increased investments [135]. - The company experienced a net cash outflow of $553 million from financing activities for the six months ended December 31, 2024, compared to a net inflow of$528 million in the same period of 2023, largely due to the issuance of $1.25 billion in senior notes [136]. Dividends and Acquisitions - The company declared a semi-annual dividend of$0.27 per share, payable on March 26, 2025, with a record date of March 5, 2025 [137]. - The company is actively evaluating potential acquisitions and dispositions of certain businesses and assets, which may involve significant cash or securities [133].