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FOX REPORTS FOURTH QUARTER FISCAL 2023 REVENUES OF $3.03 BILLION, NET INCOME OF $369 MILLION, AND ADJUSTED EBITDA OF $735 MILLION
FOX REPORTS FULL YEAR FISCAL 2023 REVENUES OF $14.91 BILLIONNET INCOME OF $1.25 BILLION, ANDADJUSTED EBITDA OF $3.19 BILLION NEW YORK, Aug. 8, 2023
About this update from Fox Corporation
[{"type":"text","content":"FOX REPORTS FULL YEAR FISCAL 2023 REVENUES OF $14.91 BILLIONNET INCOME OF $1.25 BILLION, ANDADJUSTED EBITDA OF $3.19 BILLION\nNEW YORK, Aug. 8, 2023 /PRNewswire/ -- Fox Corporation (Nasdaq: FOXA, FOX; \"FOX\" or the \"Company\") today reported financial results for the three months and twelve months ended June 30, 2023. \nCommenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said: \n\"Fiscal 2023 showcased the very best of FOX's portfolio while achieving record annual revenue and EBITDA. From the exceptional sports calendar that included Super Bowl LVII and the FIFA Men's World Cup, to the record-breaking political midterm cycle and the impressive growth seen at Tubi, the power of the FOX platform was on full display. We enter Fiscal 2024 with a focused strategy and best-in-class balance sheet as we continue to drive shareholder value.\" \nFOURTH QUARTER COMPANY RESULTS\nThe Company reported total quarterly revenues of $3.03 billion, consistent with the prior year quarter. Affiliate fee revenues increased 3%, driven by 9% growth at the Television segment. Advertising revenues decreased 4% as continued growth at Tubi was more than offset by comparably lower political advertising revenues at the FOX Television Stations and the impact of elevated supply in the direct response marketplace at FOX News Media. Other revenues were essentially unchanged from the prior year quarter. \nThe Company reported quarterly net income of $369 million as compared to the $308 million reported in the prior year quarter. The variance includes restructuring charges and the change in fair value of the Company's investments recognized in Other, net. Net income attributable to Fox Corporation stockholders was $375 million ($0.74 per share) as compared to the $306 million ($0.55 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $443 million ($0.88 per share) as compared to the $413 million ($0.74 per share) reported in the prior year quarter. \nQuarterly Adjusted EBITDA2 was $735 million as compared to the $770 million reported in the prior year quarter, primarily due to higher expenses. The increase in expenses includes increased digital investment at Tubi and higher programming rights amortization and production costs at FOX Sports.\nFULL YEAR COMPANY RESU...