Loading...
01/11 03:35
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reflects a mixed but generally positive sentiment. While total revenue declined due to lack of marquee events, adjusted EBITDA and net income showed resilience. The launch of new products like Venue and strategic partnerships highlight growth potential. Shareholder returns remain strong, with significant buybacks and dividends. Despite some uncertainties in the Q&A, notably around Venue's financial impact, the overall guidance and market strategy suggest a positive outlook. The stock price is likely to see a positive movement given these factors, especially with the strong political advertising forecast.
Total Revenue $14 billion, down from prior year due to comparison with marquee events like Super Bowl 57 and FIFA Men's World Cup.
Adjusted EBITDA $2.88 billion, reflecting strong performance despite the absence of major events compared to the previous year.
Total Company Advertising Revenues 18% decline year-over-year, attributed to the absence of major events like Super Bowl and FIFA Men's World Cup.
Total Company Other Revenues 4% decline year-over-year, impacted by lower content revenues due to SAG and WGA labor disputes.
Total Company Expenses Decreased by 5% year-over-year, largely due to the absence of costs associated with the Super Bowl and Men's World Cup.
Net Income Attributable to Stockholders $1.5 billion or $3.13 per share, up from $1.24 billion or $2.33 per share in fiscal 2023.
Adjusted Net Income $1.65 billion, with adjusted EPS at $3.43 per share.
Quarterly Total Revenues $3.09 billion, up 2% from the prior year quarter.
Quarterly Adjusted EBITDA $773 million, up 5% from the prior year quarter.
Quarterly Net Income Attributable to Stockholders $319 million or $0.68 per share, down from $375 million or $0.74 per share in the prior year quarter.
Quarterly Adjusted Net Income $423 million, with adjusted EPS growing 2% to $0.90 a share.
Cable Networks Revenue Growth 2% year-over-year, with cable affiliate fee revenues increasing 2%.
Television Segment Revenue Growth 2% growth in quarterly revenues, led by 9% growth in television affiliate fee revenues.
Free Cash Flow $1.5 billion, defined as net cash provided by operating activities less CapEx.
Capital Returned to Shareholders $1 billion through share repurchases and dividends, with a cumulative return of over $7.25 billion since the spin in 2019.
Cash and Debt Position $4.3 billion in cash and approximately $7.2 billion in debt.
Tubi Viewership: Tubi viewing time grew 57% in fiscal '24, reaching an all-time high of 81 million monthly active users.
New Show Lineup: Fox Entertainment will debut new dramas like Hi-Surf and Murder in a Small Town this fall.
Venue Sports Launch: Expected launch of Venue Sports streaming service in the fall.
Affiliate Revenue Growth: Total company affiliate fee revenues grew 5% over the prior year, supported by recent affiliate renewals.
Political Advertising: Expecting strong political advertising in the first half of fiscal 2025 from the election cycle.
Summer of Soccer Viewership: The UEFA European Championship averaged 1.7 million viewers, a 34% gain over the 2021 tournament.
Cost Management: Total company expenses decreased 5%, largely due to the absence of costs associated with the Super Bowl and Men's World Cup.
Digital Investment: Continued investment in Tubi, with a focus on digital-led growth initiatives.
Shareholder Returns: Returned $1 billion of capital through share repurchases and dividends, with an increase in semiannual dividend to $0.27 per share.
Market Positioning: Fox News remains the most watched network in cable news, with significant audience growth.
Advertising Revenue Decline: Total company advertising revenues experienced an 18% decline year-over-year, attributed to the absence of marquee events such as the Super Bowl and FIFA Men's World Cup.
Labor Disputes Impact: Lower content revenues were impacted by the SAG and WGA labor disputes, contributing to a 4% year-over-year decline in total company other revenues.
Subscriber Declines: Industry subscriber declines running in the mid-8% range are affecting affiliate fee revenues, despite growth from recent renewals.
Increased Costs from NFL Rights Agreement: The first-year step-up under the new NFL rights agreement is contributing to increased expenses.
Economic Factors: The complex digital advertising marketplace and tough year-on-year comparisons are challenging Tubi's revenue growth.
Political Advertising Cycle: While strong political advertising is expected, it is contingent on the election cycle, which may introduce volatility.
New Digital Investments: Continued investment in digital-led growth initiatives, particularly Tubi, may require significant capital allocation.
Debt Levels: The company ended the quarter with approximately $7.2 billion in debt, which could pose a risk if not managed effectively.
Revenue Growth: Fox Corporation delivered nearly $14 billion of revenue in fiscal 2024, with a focus on affiliate revenue growth and Tubi's performance.
Tubi Performance: Tubi's viewing time grew 57% in fiscal 2024, reaching 81 million monthly active users and achieving 7% revenue growth in the fourth quarter.
Sports Programming: Fox Sports' 'Summer of Soccer' exceeded expectations, with significant viewership increases for UEFA European Championship and Copa America.
Political Advertising: Expecting a robust election advertising cycle in the second quarter of fiscal 2025.
Digital Initiatives: Continued investment in Tubi and the launch of Venue Sports streaming service in fall 2024.
Fiscal 2025 Revenue Expectations: Expect significant growth in advertising revenues and free cash flow driven by Super Bowl 59 and political advertising.
Affiliate Revenue Renewals: Approximately 1/4 of total company distribution revenues are up for renewal in fiscal 2025.
Capital Allocation: Returned $1 billion of capital through share repurchases and dividends, with an increase in semiannual dividend to $0.27 per share.
Free Cash Flow: Generated free cash flow of $1.5 billion in fiscal 2024, with expectations for continued strong performance.
Debt and Cash Position: Ended the quarter with $4.3 billion in cash and approximately $7.2 billion in debt.
Semiannual Dividend: Increased to $0.27 per share.
Share Repurchase: Returned $1 billion of capital through the repurchase of $40 million Class A shares and a further $250 million in dividend payments.
Cumulative Shareholder Returns: Cumulatively returned over $7.25 billion of capital to shareholders since the spin in 2019, including $5.65 billion of share repurchases, representing over 27% of total shares outstanding since the buyback program launched in November 2019.
Fox's earnings call reflects strong financial performance with a 27% revenue increase and record free cash flow. The share buyback program and dividend announcement further bolster shareholder confidence. Although there are competitive pressures and regulatory risks, the optimistic guidance for Tubi and expected strong advertising growth mitigate these concerns. The Q&A section highlighted continued advertiser engagement and strategic partnerships, enhancing future growth prospects. Despite some unclear responses, the overall sentiment remains positive, likely resulting in a stock price increase of 2% to 8%.
The earnings call highlights strong financial performance with significant year-over-year growth in revenue, EBITDA, and net income, alongside a robust share buyback program and increased dividend payout. Despite some uncertainties around regulatory challenges and economic factors, optimistic guidance on Tubi's profitability and Fox's competitive positioning in sports rights are positive indicators. The Q&A revealed some concerns about management's transparency, but overall sentiment remains positive due to strong financial metrics and shareholder returns.
The earnings call reflects a mixed but generally positive sentiment. While total revenue declined due to lack of marquee events, adjusted EBITDA and net income showed resilience. The launch of new products like Venue and strategic partnerships highlight growth potential. Shareholder returns remain strong, with significant buybacks and dividends. Despite some uncertainties in the Q&A, notably around Venue's financial impact, the overall guidance and market strategy suggest a positive outlook. The stock price is likely to see a positive movement given these factors, especially with the strong political advertising forecast.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
