Company: FOX
Filing Date: 2025-02-04
Form Type: 10-Q
Source: 0001628280-25-003592
Chunk: 93

Company: Fox Corp
Filing Date: 2025-02-04
Form: 10-Q
Item: Part I, Item 2
Chunk 93
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, 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 $7,441 Operating expenses(3,776)(3,393)(5,794)(5,255)Selling, general and administrative(525)(495)(1,027)(975)Amortization of cable distribution investments4 4 8 8 Adjusted EBITDA$781 $350 $1,829 $1,219 

LIQUIDITY AND CAPITAL RESOURCES

Current Financial Condition

The Company has approximately $3.3 billion of cash and cash equivalents as of December 31, 2024 and an unused five-year $1.0 billion unsecured