Company: FOX
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001628280-25-024466
Chunk: 94

Company: Fox Corp
Filing Date: 2025-05-12
Form: 10-Q
Item: Part I, Item 2
Chunk 94
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illion of cash and cash equivalents as of March 31, 2025 and an unused five-year $1.0 billion unsecured revolving credit facility (See Note 5—Borrowings to the accompanying Financial Statements). The Company also has access to the worldwide capital markets, subject to market conditions. As of March 31, 2025, the Company was in compliance with all of the covenants under the revolving credit facility, and it does not anticipate any noncompliance with such covenants.

The principal uses of cash that affect the Company’s liquidity position include the following: the acquisition of rights and related payments for entertainment and sports programming; operational expenditures including production costs; marketing and promotional expenses; expenses related to broadcasting the Company’s programming; employee and facility costs; capital expenditures; acquisitions, including redeemable noncontrolling interests; income taxes, interest and dividend payments; debt repayments; legal settlements; and stock repurchases.

The Company has evaluated, and expects to continue to evaluate, possible acquisitions and dispositions of certain businesses and assets. Such transactions may be material and may involve cash, the Company’s securities or the assumption of additional indebtedness.

Sources and Uses of Cash

Net cash provided by operating activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

For the nine months ended March 31,20252024Net cash provided by operating activities$1,811 $941 

The increase in net cash provided by operating activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to higher Segment EBITDA, principally due to higher political advertising receipts from the 2024 presidential and congressional elections, and lower restructuring payments, partially offset by higher sports and entertainment programming costs and higher tax and legal settlement payments (See Note 14—Commitments and Contingencies to the accompanying Financial Statements).

Net cash used in investing activities for the nine months ended March 31, 2025 and 2024 was as follows (in millions):

For the nine months ended March 31,20252024Net cash used in investing activities$(407)$(324)

The increase in net cash used in investing activities during the nine months ended March 31, 2025, as compared to the corresponding period of fiscal 2024, was primarily due to the fiscal 2025 acquisition (See Note 2—Acquisitions, Disposals, and Other Transactions to