Company: FOX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001628280-25-024466
Chunk: 74

Company: Fox Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 8
Chunk 74
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ortization of cable distribution investments, 

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Depreciation and amortization, Restructuring, impairment and other corporate matters, Interest expense, net, Non-operating other, net and Income tax expense.

Management believes that information about Adjusted EBITDA assists all users of the Company’s Financial Statements by allowing them to evaluate changes in the operating results of the Company’s portfolio of businesses separate from 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 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 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