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    FOX REPORTS FOURTH QUARTER FISCAL 2024 REVENUES OF $3.09 BILLION, NET INCOME OF $320 MILLION, AND ADJUSTED EBITDA OF $773 MILLION

    8/6/24 7:30:00 AM ET
    $FOX
    $FOXA
    Broadcasting
    Industrials
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    Get the next $FOX alert in real time by email

    FOX REPORTS FULL YEAR FISCAL 2024

    REVENUES OF $13.98 BILLION,

     NET INCOME OF $1.55 BILLION, AND

    ADJUSTED EBITDA OF $2.88 BILLION

    NEW YORK, Aug. 6, 2024 /PRNewswire/ -- Fox Corporation (NASDAQ:FOXA, FOX, ", FOX", or the ", Company", ))) today reported financial results for the three and twelve months ended June 30, 2024.

    Commenting on the results, Executive Chair and Chief Executive Officer Lachlan Murdoch said:

    "Fiscal 2024 was another successful year for FOX with very clear achievements across our portfolio, including delivering strong total company affiliate revenue growth each quarter from our ongoing renewals, cementing Tubi's position as the most watched free TV and movie streaming service in the United States, and generating reinvigorated ratings and share growth at FOX News. We now carry this momentum into another major event cycle with fiscal 2025 featuring the Presidential Election and Super Bowl. The soundness of our strategy, the consistency of our delivery and the strength of our financial position have never distinguished us more and underpin our confidence in the future at FOX and in delivering shareholder value."

    FOURTH QUARTER COMPANY RESULTS

    The Company reported total quarterly revenues of $3.09 billion, an increase of $60 million or 2% from the amount reported in the prior year quarter. Affiliate fee revenues increased 5%, driven by 9% growth at the Television segment and 2% growth at the Cable Network Programming segment. Advertising revenues were consistent with the prior year quarter, as FOX Sports' "Summer of Soccer", including the broadcasts of the UEFA European Championship and CONMEBOL Copa América, along with continued growth at Tubi were offset by lower ratings and pricing at the FOX Network. Other revenues were $226 million as compared to the $253 million reported in the prior year quarter, primarily due to a lower volume of third-party content sales in the current year quarter.

    The Company reported quarterly net income of $320 million as compared to the $369 million reported in the prior year quarter. The variance includes the change in fair value of the Company's investments recognized in Non-operating other, net. Net income attributable to Fox Corporation stockholders was $319 million ($0.68 per share) as compared to the $375 million ($0.74 per share) reported in the prior year quarter. Adjusted net income attributable to Fox Corporation stockholders1 was $423 million ($0.90 per share) as compared to the $443 million ($0.88 per share) reported in the prior year quarter.

    Quarterly Adjusted EBITDA2 was $773 million, an increase of $38 million or 5% from the prior year quarter, primarily due to the revenue increases noted above, partially offset by higher expenses. The increase in expenses was driven by the broadcasts of the UEFA European Championship and CONMEBOL Copa América along with increased digital investment at Tubi, partially offset by the deconsolidation of the USFL and lower entertainment programming costs.

    FULL YEAR COMPANY RESULTS

    The Company reported total full year revenues of $13.98 billion as compared to the $14.91 billion reported in the prior year. Affiliate fee revenues increased 4%, led by 9% growth at the Television segment. Advertising revenues were $5.44 billion as compared to the $6.61 billion reported in the prior year, primarily due to the absence of the prior year broadcasts of Super Bowl LVII and the FIFA Men's World Cup ("Men's World Cup") at FOX Sports and lower political advertising revenues at the FOX Television Stations due to the absence of the prior year midterm elections, partially offset by continued growth at Tubi. Other revenues were $1.21 billion as compared to the $1.26 billion reported in the prior year, primarily due to lower content revenues at FOX Entertainment studios as a result of the 2023 industry guild labor disputes, partially offset by higher sports sublicensing revenues.

    The Company reported full year net income of $1.55 billion as compared to the $1.25 billion reported in the prior year. The variance primarily reflects the absence of prior year charges associated with legal settlement costs at FOX News Media recognized in Restructuring, impairment and other corporate matters and a gain on USFL assets contributed to the United Football League joint venture recognized in Non-operating other, net in the current year, partially offset by the change in fair value of the Company's investments recognized in Non-operating other, net. Net Income attributable to Fox Corporation stockholders was $1.50 billion ($3.13 per share) as compared to the $1.24 billion ($2.33 per share) reported in the prior year. Adjusted net income attributable to Fox Corporation stockholders was $1.65 billion ($3.43 per share) as compared to the $1.87 billion ($3.51 per share) reported in the prior year.

    Full year Adjusted EBITDA was $2.88 billion as compared to the $3.19 billion reported in the prior year, primarily due to the revenue decreases noted above, partially offset by lower expenses. The decrease in expenses was driven by the absence of the prior year broadcasts of Super Bowl LVII and the Men's World Cup and lower entertainment programming costs, partially offset by the impact of the renewed NFL contract.

    REVIEW OF OPERATING RESULTS





    Three Months Ended

    June 30,



    Twelve Months Ended

    June 30,



    2024



    2023



    2024



    2023



    $ Millions

    Revenues by Component:































    Affiliate fee

    $     1,859



    $     1,771



    $     7,324



    $     7,051

    Advertising

    1,007



    1,008



    5,444



    6,606

    Other

    226



    253



    1,212



    1,256

    Total revenues

    $     3,092



    $     3,032



    $   13,980



    $   14,913

















    Segment Revenues:































    Cable Network Programming

    $     1,438



    $     1,410



    $     5,955



    $     6,043

    Television

    1,615



    1,587



    7,875



    8,710

    Corporate and Other

    53



    50



    209



    217

    Eliminations

    (14)



    (15)



    (59)



    (57)

    Total revenues

    $     3,092



    $     3,032



    $   13,980



    $   14,913

















    Adjusted EBITDA:































    Cable Network Programming

    $         703



    $         585



    $     2,693



    $     2,472

    Television

    148



    227



    506



    1,009

    Corporate and Other

    (78)



    (77)



    (316)



    (290)

    Adjusted EBITDA[3]

    $         773



    $         735



    $     2,883



    $     3,191

















    Depreciation and amortization:































    Cable Network Programming

    $           20



    $           19



    $           77



    $           71

    Television

    31



    29



    117



    126

    Corporate and Other

    47



    55



    195



    214

    Total depreciation and amortization

    $           98



    $         103



    $         389



    $         411

     

    CABLE NETWORK PROGRAMMING





    Three Months Ended

    June 30,



    Twelve Months Ended

    June 30,



    2024



    2023



    2024



    2023







    $ Millions





    Revenues















    Affiliate fee

    $     1,048



    $     1,027



    $     4,188



    $     4,175

    Advertising

    328



    320



    1,262



    1,403

    Other

    62



    63



    505



    465

    Total revenues

    1,438



    1,410



    5,955



    6,043

    Operating expenses

    (578)



    (656)



    (2,668)



    (2,927)

    Selling, general and administrative

    (161)



    (173)



    (610)



    (660)

    Amortization of cable distribution investments

    4



    4



    16



    16

    Segment EBITDA

    $         703



    $         585



    $     2,693



    $     2,472

    Three Months Ended June 30, 2024

    Cable Network Programming reported quarterly segment revenues of $1.44 billion, an increase of $28 million or 2% from the amount reported in the prior year quarter. Affiliate fee revenues increased $21 million or 2% as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues increased $8 million or 3%, primarily due to the broadcasts of the CONMEBOL Copa América and UEFA European Championship at the national sports networks and growth in pricing, higher ratings and lower preemptions, partially offset by lower political advertising revenues at FOX News Media. Other revenues were essentially unchanged from the prior year quarter.

    Cable Network Programming reported quarterly segment EBITDA of $703 million, an increase of $118 million or 20% from the amount reported in the prior year quarter, primarily due to the revenue increases noted above and lower expenses. The decrease in expenses was driven by the deconsolidation of the USFL and lower programming costs at FOX News Media, partially offset by costs associated with the UEFA European Championship and CONMEBOL Copa América.

    Twelve Months Ended June 30, 2024

    Cable Network Programming reported full year segment revenues of $5.96 billion as compared to the $6.04 billion reported in the prior year. Affiliate fee revenues increased $13 million from the prior year, as contractual price increases were partially offset by the impact of net subscriber declines. Advertising revenues were $1.26 billion as compared to the $1.40 billion reported in the prior year, primarily due to the impact of lower ratings and elevated supply in the direct response marketplace, partially offset by higher national pricing at FOX News Media, as well as the absence of the prior year broadcast of the Men's World Cup at the national sports networks. Other revenues increased $40 million or 9%, led by higher sports sublicensing revenues.

    Cable Network Programming reported full year segment EBITDA of $2.69 billion, an increase of $221 million or 9% from the prior year, as the revenue decreases noted above were more than offset by lower expenses. The decrease in expenses was primarily due to lower programming rights amortization and production costs at the national sports networks, led by the absence of the prior year broadcast of the Men's World Cup, lower programming and legal costs at FOX News Media and the deconsolidation of the USFL.

    TELEVISION





    Three Months Ended

    June 30,



    Twelve Months Ended

    June 30,



    2024



    2023



    2024



    2023







    $ Millions





    Revenues















    Advertising

    $          679



    $          688



    $      4,182



    $      5,204

    Affiliate fee

    811



    744



    3,136



    2,876

    Other

    125



    155



    557



    630

    Total revenues

    1,615



    1,587



    7,875



    8,710

    Operating expenses

    (1,194)



    (1,112)



    (6,372)



    (6,704)

    Selling, general and administrative

    (273)



    (248)



    (997)



    (997)

    Segment EBITDA

    $          148



    $          227



    $          506



    $      1,009

    Three Months Ended June 30, 2024

    Television reported quarterly segment revenues of $1.62 billion, an increase of $28 million or 2% from the amount reported in the prior year quarter. Advertising revenues were $679 million as compared to the $688 million reported in the prior year quarter as lower ratings and pricing at the FOX Network were offset by the broadcasts of the UEFA European Championship and CONMEBOL Copa América at FOX Sports and continued growth at Tubi. Affiliate fee revenues increased $67 million or 9%, driven by increases in fees from third-party FOX affiliates and higher average rates at the Company's owned and operated television stations. Other revenues were $125 million as compared to the $155 million reported in the prior year quarter, primarily due to a lower volume of third-party content sales.

    Television reported quarterly segment EBITDA of $148 million as compared to the $227 million reported in the prior year quarter, as the revenue increases noted above were more than offset by higher expenses. The increase in expenses was primarily due to costs associated with the UEFA European Championship and CONMEBOL Copa América, along with increased digital investment at Tubi, partially offset by lower programming costs at FOX Entertainment.

    Twelve Months Ended June 30, 2024

    Television reported full year segment revenues of $7.88 billion as compared to the $8.71 billion reported in the prior year. Advertising revenues were $4.18 billion as compared to the $5.20 billion reported in the prior year, driven by the absence of the prior year broadcasts of Super Bowl LVII and the Men's World Cup at FOX Sports, lower political advertising revenues at the FOX Television Stations due to the absence of the prior year midterm elections and lower ratings at the FOX Network. These were partially offset by continued growth at Tubi. Affiliate fee revenues increased $260 million or 9%, driven by increases in fees from third-party FOX affiliates and higher average rates at the Company's owned and operated television stations. Other revenues were $557 million as compared to the $630 million reported in the prior year, primarily due to lower content revenues at FOX Entertainment studios as a result of the 2023 industry guild labor disputes.

    Television reported full year segment EBITDA of $506 million as compared to the $1.01 billion reported in the prior year, primarily due to the revenue decreases noted above, partially offset by lower expenses. The decrease in expenses was driven by lower sports and entertainment programming rights amortization and production costs, including the absence of the prior year broadcasts of Super Bowl LVII and the Men's World Cup and fewer hours of original scripted programming due to the impact of the 2023 industry guild labor disputes, partially offset by the impact of the renewed NFL contract.

    DIVIDEND

    The Company's Board of Directors has authorized an increase in the Company's semi-annual dividend and has declared a dividend of $0.27 per Class A and Class B share. This dividend is payable on September 25, 2024 with a record date for determining dividend entitlements of September 4, 2024.

    SHARE REPURCHASE PROGRAM

    As of June 30, 2024, the Company has repurchased approximately $4.6 billion of its Class A common stock and approximately $1 billion of its Class B common stock, with a remaining authorization of $1.4 billion. During the quarter, the Company repurchased approximately $250 million of its Class A common stock.

    CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING STATEMENTS

    This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "should," "likely," "anticipates," "expects," "intends," "plans," "projects," "believes," "estimates," "outlook" and similar expressions are used to identify these forward-looking statements. These statements are based on management's current expectations and beliefs and are subject to uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements in this press release due to changes in economic, business, competitive, technological, strategic and/or regulatory factors and other factors affecting the operation of the Company's businesses. More detailed information about these factors is contained in the documents the Company has filed with or furnished to the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.

    Statements in this press release speak only as of the date they were made, and the Company undertakes no duty to update or release any revisions to any forward-looking statement made in this press release or to report any events or circumstances after the date of this press release or to reflect the occurrence of unanticipated events or to conform such statements to actual results or changes in the Company's expectations, except as required by law.

    To access a copy of this press release through the Internet, access Fox Corporation's corporate website located at http://www.foxcorporation.com. 

    CONSOLIDATED STATEMENTS OF OPERATIONS





    Three Months Ended

    June 30,



    Twelve Months Ended

    June 30,



    2024



    2023



    2024



    2023



    $ Millions, except per share amounts

















    Revenues

    $     3,092



    $     3,032



    $   13,980



    $   14,913

















    Operating expenses

    (1,784)



    (1,778)



    (9,089)



    (9,689)

    Selling, general and administrative

    (539)



    (523)



    (2,024)



    (2,049)

    Depreciation and amortization

    (98)



    (103)



    (389)



    (411)

    Restructuring, impairment and other corporate matters

    (43)



    (167)



    (67)



    (1,182)

    Equity (losses) earnings of affiliates

    (44)



    1



    (44)



    4

    Interest expense, net

    (47)



    (35)



    (216)



    (218)

    Non-operating other, net

    (86)



    78



    (47)



    368

    Income before income tax expense

    451



    505



    2,104



    1,736

    Income tax expense

    (131)



    (136)



    (550)



    (483)

    Net income

    320



    369



    1,554



    1,253

    Less: Net (income) loss attributable to noncontrolling interests

    (1)



    6



    (53)



    (14)

    Net income attributable to Fox Corporation stockholders

    $         319



    $         375



    $     1,501



    $     1,239

































    Weighted average shares:

    468



    506



    480



    531

















    Net income attributable to Fox Corporation stockholders per share:

    $       0.68



    $       0.74



    $       3.13



    $       2.33

     

    CONSOLIDATED BALANCE SHEETS





    June 30,

    2024



    June 30,

    2023



    $ Millions

    Assets:







    Current assets:







    Cash and cash equivalents

    $         4,319



    $         4,272

    Receivables, net

    2,364



    2,177

    Inventories, net

    626



    543

    Other

    192



    265

    Total current assets

    7,501



    7,257









    Non-current assets:







    Property, plant and equipment, net

    1,696



    1,708

    Intangible assets, net

    3,038



    3,084

    Goodwill

    3,544



    3,559

    Deferred tax assets

    2,878



    3,090

    Other non-current assets

    3,315



    3,168

    Total assets

    $       21,972



    $       21,866









    Liabilities and Equity:







    Current Liabilities:







    Borrowings

    $            599



    $         1,249

    Accounts payable, accrued expenses and other current liabilities

    2,353



    2,514

    Total current liabilities

    2,952



    3,763









    Non-current liabilities:







    Borrowings

    6,598



    5,961

    Other liabilities

    1,366



    1,484

    Redeemable noncontrolling interests

    242



    213

    Commitments and contingencies















    Equity:







    Class A common stock, $0.01 par value

    2



    3

    Class B common stock, $0.01 par value

    2



    2

    Additional paid-in capital

    7,678



    8,253

    Retained earnings

    3,139



    2,269

    Accumulated other comprehensive loss

    (107)



    (149)

    Total Fox Corporation stockholders' equity

    10,714



    10,378

    Noncontrolling interests

    100



    67

    Total equity

    10,814



    10,445

    Total liabilities and equity

    $       21,972



    $       21,866

     

    CONSOLIDATED STATEMENTS OF CASH FLOWS 





    Twelve Months Ended

    June 30,



    2024



    2023



    $ Millions

    OPERATING ACTIVITIES







    Net income

    $         1,554



    $         1,253

    Adjustments to reconcile net income to cash provided by operating activities







    Depreciation and amortization

    389



    411

    Amortization of cable distribution investments

    16



    16

    Restructuring, impairment and other corporate matters

    67



    367

    Equity-based compensation

    90



    74

    Equity losses (earnings) of affiliates

    44



    (4)

    Non-operating other, net

    47



    (368)

    Deferred income taxes

    203



    321

    Change in operating assets and liabilities, net of acquisitions and dispositions







    Receivables and other assets

    (172)



    (104)

    Inventories net of programming payable

    (303)



    145

    Accounts payable and accrued expenses

    (1)



    (68)

    Other changes, net

    (94)



    (243)

    Net cash provided by operating activities

    1,840



    1,800









    INVESTING ACTIVITIES







    Property, plant and equipment

    (345)



    (357)

    Purchase of investments

    (103)



    (54)

    Other investing activities, net

    (4)



    (27)

    Net cash used in investing activities

    (452)



    (438)









    FINANCING ACTIVITIES







    Repayment of borrowings

    (1,250)



    —

    Borrowings

    1,232



    —

    Repurchase of shares

    (1,000)



    (2,000)

    Dividends paid and distributions

    (281)



    (299)

    Sale of subsidiary noncontrolling interest

    —



    35

    Other financing activities, net

    (42)



    (26)

    Net cash used in financing activities

    (1,341)



    (2,290)









    Net increase (decrease) in cash and cash equivalents

    47



    (928)

    Cash and cash equivalents, beginning of year

    4,272



    5,200

    Cash and cash equivalents, end of year

    $         4,319



    $         4,272

    NOTE 1 – ADJUSTED NET INCOME AND ADJUSTED EPS

    The Company uses net income attributable to Fox Corporation stockholders and earnings per share ("EPS") attributable to Fox Corporation stockholders excluding net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provisions and Noncontrolling interest adjustments ("Adjusted Net Income" and "Adjusted EPS" respectively) to evaluate the performance of the Company's operations exclusive of certain items that impact the comparability of results from period to period.

    Adjusted Net Income and Adjusted EPS may not be comparable to similarly titled measures reported by other companies. Adjusted Net Income and Adjusted EPS are not measures of performance under GAAP and should be considered in addition to, and not as substitutes for, net income attributable to Fox Corporation stockholders and EPS as reported in accordance with GAAP. However, management uses these measures in comparing the Company's historical performance and believes that they provide meaningful and comparable information to management, investors and equity analysts to assist in their analysis of the Company's performance relative to prior periods and the Company's competitors.

    The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the three months ended June 30, 2024 and 2023:



    Three Months Ended



    June 30, 2024



    June 30, 2023



    Income



    EPS



    Income



    EPS



    $ Millions, except per share data

    Net income attributable to Fox Corporation stockholders

    $         319



    $       0.68



    $         375



    $       0.74

















    Restructuring, impairment and other corporate matters

    43



    0.09



    167



    0.33

















    Non-operating other, net

    86



    0.18



    (78)



    (0.15)

















    Tax provision

    (25)



    (0.05)



    (21)



    (0.04)

















    As adjusted

    $         423



    $       0.90



    $         443



    $       0.88

    The following table reconciles net income attributable to Fox Corporation stockholders and EPS attributable to Fox Corporation stockholders to Adjusted Net Income and Adjusted EPS for the twelve months ended June 30, 2024 and 2023:



    Twelve Months Ended



    June 30, 2024



    June 30, 2023



    Income



    EPS



    Income



    EPS



    $ Millions, except per share data

    Net income attributable to Fox Corporation stockholders

    $     1,501



    $       3.13



    $     1,239



    $       2.33

















    Restructuring, impairment and other corporate matters

    67



    0.14



    1,182



    2.23

















    Non-operating other, net

    47



    0.10



    (368)



    (0.69)

















    Tax provision

    (1)



    —



    (187)



    (0.35)

















    Noncontrolling interest adjustment

    31



    0.06



    —



    —

















    Rounding

    —



    —



    —



    (0.01)

















    As adjusted

    $     1,645



    $       3.43



    $     1,866



    $       3.51

    NOTE 2 – ADJUSTED EBITDA

    Adjusted EBITDA is defined as Revenues less Operating expenses and Selling, general and administrative expenses. Adjusted EBITDA does not include: Amortization of cable distribution investments, Depreciation and amortization, Restructuring, impairment and other corporate matters, Equity earnings (losses) of affiliates, Interest expense, net, Non-operating other, net and Income tax expense.

    Management believes that information about Adjusted EBITDA assists all users of the Company's Unaudited Consolidated Financial Statements by allowing them to evaluate changes in the operating results of the Company's portfolio of businesses separate from non-operational factors that affect Net income, thus providing insight into both operations and the other factors that affect reported results. Adjusted EBITDA provides management, investors and equity analysts a measure to analyze the operating performance of the Company's business and its enterprise value against historical data and competitors' data, although historical results, including Adjusted EBITDA, may not be indicative of future results (as operating performance is highly contingent on many factors, including customer tastes and preferences).

    Adjusted EBITDA is considered a non-GAAP financial measure and should be considered in addition to, not as a substitute for, net income, cash flow and other measures of financial performance reported in accordance with 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 twelve months ended June 30, 2024:



    Three Months Ended

    June 30,



    Twelve Months Ended

    June 30,



    2024



    2023



    2024



    2023



    $ Millions

    Net Income

    $         320



    $         369



    $     1,554



    $     1,253

    Add:















    Amortization of cable distribution investments

    4



    4



    16



    16

    Depreciation and amortization

    98



    103



    389



    411

    Restructuring, impairment and other corporate matters

    43



    167



    67



    1,182

    Equity losses (earnings) of affiliates

    44



    (1)



    44



    (4)

    Interest expense, net

    47



    35



    216



    218

    Non-operating other, net

    86



    (78)



    47



    (368)

    Income tax expense

    131



    136



    550



    483

    Adjusted EBITDA

    $         773



    $         735



    $     2,883



    $     3,191

     

    1

    Excludes net income effects of Restructuring, impairment and other corporate matters, adjustments to Equity earnings (losses) of affiliates, Non-operating other, net, Tax provision and Noncontrolling interest adjustments. See Note 1 for a description of adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders, which are considered non-GAAP financial measures, and a reconciliation of reported net income attributable to Fox Corporation stockholders and earnings per share attributable to Fox Corporation stockholders to adjusted net income attributable to Fox Corporation stockholders and adjusted earnings per share attributable to Fox Corporation stockholders.

    2

    Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

    3

    Adjusted EBITDA is considered a non-GAAP financial measure. See Note 2 for a description of Adjusted EBITDA and a reconciliation of net income to Adjusted EBITDA.

     

    (PRNewsfoto/Twenty-First Century Fox, Inc.) (PRNewsfoto/Twenty-First Century Fox, Inc.)

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/fox-reports-fourth-quarter-fiscal-2024-revenues-of-3-09-billion-net-income-of-320-million-and-adjusted-ebitda-of-773-million-302215444.html

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