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EARNINGS RELEASE FOR THE QUARTER AND FISCAL YEAR ENDED JUNE 30, 2019
FOX REPORTS FOURTH QUARTER INCOME BEFORE INCOME TAX EXPENSE
OF $656 MILLION, AND TOTAL SEGMENT OPERATING INCOME
BEFORE DEPRECIATION AND AMORTIZATION OF $709 MILLION,
AN INCREASE OF 11% FROM THE PRIOR YEAR QUARTER ON
REVENUE GROWTH OF 5%
FOX REPORTS FULL YEAR INCOME BEFORE INCOME TAX EXPENSE
OF $2.22 BILLION, AND TOTAL SEGMENT OPERATING INCOME
BEFORE DEPRECIATION AND AMORTIZATION OF $2.68 BILLION,
AN INCREASE OF 8% FROM THE PRIOR YEAR ON
REVENUE GROWTH OF 12%
NEW YORK, NY, August 7, 2019 Fox Corporation (Nasdaq: FOXA, FOX; FOX or the Company) today reported financial results for the three months and twelve months ended June 30, 2019.
Commenting on the results, Executive Chairman and Chief Executive Officer Lachlan Murdoch said:
The strategic rationale for the formation of Fox Corporation, with our unique set of assets, is underscored by our strong Fiscal 2019 operational and financial results that include top line growth across our operating segments and key revenue categories. We are strongly positioned as we enter our first full fiscal year, during which we will broadcast Super Bowl LIV, become the home of WWEs Smackdown LIVE, and further our digital growth, all while continuing to deliver the compelling news, sports and entertainment content that our audiences have come to expect from FOX.
FOURTH QUARTER COMPANY RESULTS
The Company reported total quarterly revenues of $2.51 billion, a 5% increase from the $2.39 billion of revenues in the prior year quarter. The increase in revenues was primarily attributable to affiliate revenue growth of 7%, driven by an 18% increase at the Television segment and a 78% increase in other revenues, primarily due to higher digital content licensing revenues at the Television segment. This revenue growth was partially offset by a 6% decline in advertising revenues as there were fewer FIFA World Cup matches and lower cyclical political revenues at the Television segment in the current quarter as compared with the prior year quarter.
Quarterly income before income tax expense increased to $656 million from the $593 million in the prior year quarter, primarily due to the revenue increases noted above, partially offset by an increase in selling, general and administrative expenses. The increase in selling, general and administrative expenses primarily reflects higher costs related to FOX operating as a standalone public company following the Distribution1 (the FOX standalone costs), whereas the prior year quarter included an allocation of 21CF overhead and shared services costs in accordance with SEC rules (the 21CF cost allocations). Quarterly total segment operating income before depreciation and amortization (EBITDA)2 of $709 million was 11% higher than the prior year quarter as higher contributions at the Television and Cable Network Programming segments were partially offset by lower contributions from Other, Corporate and Eliminations, primarily due to the impact of the FOX standalone costs as compared to the 21CF cost allocations in the prior year quarter.
1 On March 19, 2019, the Company became a standalone publicly traded company through the pro rata distribution by Twenty-First Century Fox, Inc. (now known as TFCF Corporation) (21CF) of all of the issued and outstanding common stock of FOX to 21CF stockholders (other than holders that were subsidiaries of 21CF) (the Distribution). See page 6 for additional detail.
2 Total segment EBITDA may be considered a non-GAAP financial measure. See Note 1 on page 11 for a description of total segment EBITDA and a reconciliation of income before income tax (expense) benefit to total segment EBITDA.
The following information was filed by Fox Corp (FOX) on Wednesday, August 7, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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