Summary
Fox Corporation's (FOXA) quarterly report for the period ending September 30, 2021, indicates a 12% increase in total revenues to $3.045 billion compared to the prior year's quarter, driven by robust performance in affiliate fees, advertising, and other revenue streams. Despite top-line growth, net income attributable to stockholders saw a significant decline of 37% to $701 million, primarily due to a substantial one-time settlement benefit received in the prior year's comparable quarter related to the Disney divestiture. The company's operational performance, measured by Adjusted EBITDA, decreased by 9% to $1.064 billion, reflecting increased operating expenses related to programming rights, sports production, and digital investments. Segment-wise, Cable Network Programming saw a modest 1% decrease in Segment EBITDA, with revenue growth offset by higher expenses, particularly in sports programming due to the return of a full college football schedule. The Television segment experienced a more pronounced 21% decline in Segment EBITDA, as revenue increases were outpaced by significant rises in operating expenses, including higher programming rights amortization and increased digital investment in Tubi. The company maintains a strong liquidity position with approximately $5.4 billion in cash and cash equivalents and an undrawn $1 billion revolving credit facility.
Financial Highlights
49 data points| Revenue | $3.04B |
| SG&A Expenses | $415.00M |
| Interest Expense | $97.00M |
| Net Income | $701.00M |
| EPS (Basic) | $1.22 |
| EPS (Diluted) | $1.21 |
| Shares Outstanding (Basic) | 575.00M |
| Shares Outstanding (Diluted) | 578.00M |
Key Highlights
- 1Total revenues increased by 12% to $3.045 billion for the quarter ended September 30, 2021, compared to the prior year period.
- 2Net income attributable to Fox Corporation stockholders decreased by 37% to $701 million, largely due to a significant non-recurring settlement benefit in the prior year's quarter.
- 3Adjusted EBITDA declined by 9% to $1.064 billion, reflecting increased operating expenses across segments.
- 4Cable Network Programming segment revenues grew 7%, but Segment EBITDA remained flat year-over-year due to higher programming and digital investment costs.
- 5Television segment revenues increased by 17%, but Segment EBITDA decreased by 21% due to higher operating expenses, particularly in programming and digital investments (Tubi).
- 6The company maintained a strong liquidity position with $5.4 billion in cash and cash equivalents and an undrawn $1.0 billion revolving credit facility as of September 30, 2021.
- 7Fox Corporation repurchased approximately $250 million of its common stock during the quarter under its $4 billion repurchase program.