Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 74

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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 non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company’s business and its enterprise value against historical data and competitors’ data, although historical results, including Adjusted 

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EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

Adjusted EBITDA is 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 six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023:

 For the three months ended December 31,For the six months ended December 31, 2024202320242023 (in millions) Net income$388 $115 $1,220 $530 AddAmortization of cable distribution investments4 4 8 8 Depreciation and amortization97 97 188 193 Restructuring, impairment and other corporate matters170 18 196 9 Equity earnings of affiliates(4)(1)(7)(2)Interest expense, net80 72 130 114 Non-operating other, net(81)29 (314)205 Income tax expense127 16 408 162 Adjusted EBITDA$781 $350 $1,829 $1,219 

The following table sets forth the computation of Adjusted EBITDA for the three and six months ended December 31, 2024, as compared to the three and six months ended December 31, 2023.

 For the three months ended December 31,For the six months ended December 31, 2024202320242023 (in millions) Revenues$5,078 $4,234 $8,642 $