Company: FOX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001628280-25-024466
Chunk: 93

Company: Fox Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 93
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 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 U.S. generally accepted accounting principles (“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 and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024:

 For the three months ended March 31,For the nine months ended March 31, 2025202420252024 (in millions) Net income$354 $704 $1,574 $1,234 AddAmortization of cable distribution investments1 4 9 12 Depreciation and amortization95 98 283 291 Restructuring, impairment and other corporate matters55 15 251 24 Equity losses of affiliates18 2 11 — Interest expense, net55 55 185 169 Non-operating other, net158 (244)(156)(39)Income tax expense120 257 528 419 Adjusted EBITDA$856 $891 $2,685 $2,110 

The following table sets forth the computation of Adjusted EBITDA for the three and nine months ended March 31, 2025, as compared to the three and nine months ended March 31, 2024.

 For the three months ended March 31,For the nine months ended March 31, 2025202420252024 (in millions) Revenues$4,371 $3,447 $13,013 $10,888 Operating expenses(2,965)(2,050)(8,759)(7,305)Selling, general and administrative(551)(510)(1,578)(1,485)Amortization of cable distribution investments1 4 9 12 Adjusted EBITDA$856 $891 $2,685 $2,110 

27

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $4.8 b