FOX - Earnings call transcript Q2 2022

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Operator

Ladies and gentlemen, thank you for standing by, and welcome to the Fox Corporation Second Quarter 2022 Earnings Conference Call. [Operator Instructions] And as a reminder, this conference is being recorded. I would now like to turn the conference over to Chief Investor Relations Officer, Mr. Joe Dorrego. Please go ahead, sir.

Joe Dorrego

Operator. you, Thank welcome call. and fiscal second XXXX Good to earnings quarter morning our

Joining Lachlan Officer; today and call me the on are our Financial Officer; Nallen, Tomsic, Chief John Murdoch, Chief Steve Operating and Chief Officer. Executive Chair Executive

current some that will recent then include Fox statements this questions call and take on factors investment These the expectations from in results. and today's statements filings. Corporation's and could as on remarks management's regarding call, SEC actual are give may differ and Lachlan the prepared operating financial what First, community. we'll a based from Steve most results quarter, result identified Please and stated is performance Company's of note the certain on forward-looking

will EBITDA our certain which including non-GAAP to the section turn site. And include in we referred with financial measures, financial our our the or Web and call Lachlan. Investor SEC in on included as I'm to earnings call to this Reconciliations pleased adjusted it that, over non-GAAP release measures filings, Additionally, call. of available of EBITDA this are Relations are

Lachlan Murdoch

Thanks, Joe. good afternoon, Good everyone. and morning,

to pleased delivering overall be not into really, disciplined, remarkable our our you These while deviate even for in our digital expand and leader. been we businesses, today be for to invest results our truly revenue focusing our growth to where cannot In we to discuss ability on This digital initiatives. areas fiscal convinced demonstrate have been X% strategy Fox another Corporation. emerging shareholders. we delivered and unwavering quarter, a has while growth, EBITDA with quarter second X% are and We growth continuing to

robust what quarter affiliate marketplace. benefited advertising for results continues a from FOX, financial and healthy Our be, at to least growth, in revenue the

clear national From even the Championship and grew of the our us, ago consider prior into net $XXX game CPM NFC last robust only in million. advertising demand where is advertising scale political evidence double-digit in broad-based and deliver have the we is leadership XX reach of you quarter achieved revenue recovered growth portfolio advertising look political advertising peak, had sports our across Our also sales impact This understand which that the X% market nearly overall index we U.S., when continues live to now note, perspective, a scale local a advertising our for brands, The that that fully year seen positive To seek. the news levels. of to partners week you have excluding included viewers to versus and we a base the categories. at revenue. growth which across trends million most audiences when remain notable to at quarter, pre-pandemic the advertising our need year record our tuned game. revenue advertiser revenue are and advertising up from over COVID as Perhaps more local of important revenues over

this delays, in see the other chain by in all While than growth the we by nearly caused local led category ongoing been betting. has to by softness automotive supply sports more continue offset categories,

all We revenue of than have 'XX. betting point the over sports at XX% fiscal did this local already at we written year across more fiscal

are local position. and quarter. performing third We our strategy far differentiated into well, have Overall, same the unique thus underscoring seen continuing our the trends businesses operating

exceptional of ratings on by FOX leadership. reinforcing celebrated the Let past its some News XXth me touch Channel this anniversary The its October highlights.

we year, questions last call about had News whether same were the fielding peaked. FOX On

this News's news FOX of second a at cable quarter. highest basic year to viewers by XX FOX marked competitors. and tuning younger past 'XX share the News's primetime. on leads of with higher is Xth also of FOX more day the both most and board our wide marking total margin, the Calendar the commanding share XX demo News cable quarterly For in of day demographic total also Independents the network FOX share audience in XX%, record. XX% XXth cable the News the and and politically all primetime total across viewership. in consecutive year, leader for consecutive the to into its viewership was was the demographic total day News FOX even Democrats diverse younger than led news

Our roster these advertisers unmatched and ratings results great programming extensions. to to of bring a channel its digital drive lineup blue-chip the continues and

news, Meanwhile, FOX subscribers which continued quarter, year. simply help fresh net past mid-term Nation, could over the look the momentum the very XX increased content this election News the quarter the by XX subscriber low numbers XX% of at supported churn. and higher be not strong the to in in later across all its this September by For delivered better drive top versus quarter forward to of cycle FOX aggregate placed we cable We example, programs. as

Weather, had live and multiple by growth our in College FOX of a And incumbents expand continue and news, quarter which Football the strong Weather streams great Amazon video breaking platforms, across including Roku Fubo. At the a Sports, current through to we NFL its quarter will crowded FOX start. TV, YouTube the coverage. also FOX field led established Additionally, a distribution off of is we is as

importance top year's were a XX season the and that division. minutes NFL this in measure, we of Championship NFL. on season, any us and advertisers demand, which FOX. series from window with the season NFC games College viewership the of total by results. and was just viewership full season, last and that Audiences underscore Today, us one of I will great X%. moment a results setting FOX's during Ten revenue months, were a share value FOX for equally for year. partnership alone and of this let game for present in at grew order programs other the the any Football on all growth continue has at FOX's the rights, for Football, Sports a threefold years. NOON BIG XX million grown this any in non-Superbowl had Football become And To Big by College XX% long-term postseason, XX more ago. last College network average postseason the and and to SATURDAY an share. year XXXX XXXX it next strategy [ph] other advertisers FOX that and of the NFL, watch commented have ago, a in network, that X.X of third to the embrace viewed Demonstrating impressive success record a our telecasts regular of Over over a had XXX about a than of XX% the sports placed the College kept having least The not the an Americans with proper over number XXXX we across our put context, prior Football. the our the season, to was College Football window an

year which progress over opportunities million leading than FOX up We X, X continue our adjacent to Super with XX% Sports franchises and at the more users, year. more than with are pleased the prior leverage ended sports into

to a us innovative our our launch loyal growth and the nowhere and apparent In invest football and our will Tubi. has FOX USFL, enabled control. new to And serve is which brands exciting league, April, opportunities, this at spring in will audiences we addition, new strategy realize this flagship coming digital more again, than

and measured ever, single at TVT the continued with top large releases month quarter in search a and be a revenue winning XXX and no competing return streaming achieved Tubi hours be its high of revenue Tubi and licensed its to unrelenting on in than momentum it's all XX quickly While world-class performing view increase incremental transfer best December AVOD. investments advertising in expanding prior in investment technology. marking truly is due are XXXX, There of quarter days, say, offering operate be time, content now XXX linear subscription approach. goal growth, We a TVT investment its Viewer Tubi the chose year, with on of has in are more and focused top total to from assets and than alone exceeded across to strategic titles, content demand is breadth the XX% to library, XXX channels, its more represented news approach our XX and X.X acquire in and calendar performance to of its performing internally, part of top now QX companies best and some no or yielded of to sports its billion its portfolio. original over That key on us. in other in revenue XX,XXX priorities streamed days. video This on XXX revenue XX days, the multibillion indicators. a dollar focus to solid with

Steve will in portfolio As consistent is moment, digital a delivering disciplined a growth thoughtful our businesses of leadership and assets in and discuss focus manner. emerging

With in network the to franchise, X and active portfolio to And platform in of for not be more in a within to this the the strategic XXXX we strong have sports sports years have business ecosystem. rapidly news take an and in country, of valuable what I digital extensions a be feel excited could prepare fiscal local franchise leading as the we Taken should and to businesses. develop growing are Fox turn broadcast we the their whole, exceptional position more used the months a Corporation, which Steve streaming all since and it live the top for we have if world, optionality will a betting most Eva that, reinforced not a by stations, collective formed detail. you we quarter through create over for FOX. as ahead the We

Steve Tomsic

losses rate the below against declines the morning, highlighted against quarter, Total revenue Thanks, X%. year-over-year, the tough of another healthy company industry delivered all X%. held X% steady Lachlan, prior Networks total our segments. once with growing comparison and operating with quarter Notwithstanding segments. to affiliate Television of revenues the record grew Cable run total revenues the by subscriber in quarter again XX% XX-month across political good our trailing advertising prior grew everyone. in increases growth revenues The company and advertising with strong reflecting revenues sub We FOX quarter, by company continuing our

able caused which of revenues, fiscal into This the marketplace, is Tubi total the $X.XX stockholders pricing which or total are the challenges disruptions contribution at from revenues. revenues benefited we disruptions fiscal growth attributable the the normalized comparability brands season by another that or advertising to Taking COVID XX% higher the company sports in College EBITDA on our value revenues the versus Tubi share 'XX, to stockholders News million, FOX by year. net premium per year step operating and in revenue back College by healthy now loss X% higher per the ahead from investments expenses 'XX, share FOX's the attributable in current from of Flutter, day the Cable varies taking Tubi. of we the a entertainment we've fair increased full net mentioned, and quote partially running Football escalators, due and continued the year. a were advertising income growth by was following of net. of were $XXX The before at our programming extract rights at to Lachlan political caused core prior sports the by to of COVID digital as sports schedules, advertising other As supported Meanwhile, healthy with following which the offset last company's take a $X.XX change a $XXX drove in million QX unaffected recognize XX%. quarter, full and pre-COVID sublicensing million primarily investments account reported to up Media segment, XX% Football revenues calls to rate season $XX prior to Adjusted from previous increases out contractual and increased associated

facility when year non-core depreciation quarter of late of impact current prior coming down due the in fiscal modestly online and EPS this broadcast the in compared quarter, and reported was the to adjusted last $X.XX the from our $X.XX year. other to amortization, Excluding items, resulting primarily the new high

XX% revenues Now XX% let's year-over-year Networks. our Cable business turn beginning results, revenues. with with affiliate cable in increased to Cable growth segment

result COVID. XX% reported to of distribution Football accrued impact the includes reminder, of last a the we games as As a credits for College growth cancelled year due

of Media at leadership actually expanded prior higher partially reflecting subscription schedules offset revenues quarter, increased XX% Networks. year, and FOX by of any the single position gains networks, sports the a programming credits, without benefit the even testament Sports quarter, increased Cable continued channel. affiliate million contractual portfolio the advertising to of advertising Excluding revenues, the impact Nation. of the COVID meaningful underlying distribution cable revenues reflecting digits associated low our in year. with linear across the $XX contractual revenue impacted renewals sublicensing National News December EBITDA over momentum primarily pricing playoff portfolio, led escalators as Despite continued FOX to games News election FOX X%, strength increased in last growth, the Media its year, well which cycle, difficult revenues by additional were as National as normalized of healthy the by higher Networks. led costs comparison across at last by other grew the revenues rights a Cable and result year's MLB pricing Sports the by at clear this the Cable

at and and marketing X% This At stations, expanded Television station was for led quarter. our in revenues by a We FOX in and revenue Media, direct both FOX our owned non-owned and at operated growth launch retransmission from also digital increases rate increased affiliate programming Nation television of our programming reflecting investment fees including revenues, we the at affiliates. the News FOX Weather. delivered XX% double-digit increase

Series We and absence year. we advertising generated political at QX FOX the NFL, pricing record the Network, World growth network advertising of for Sports the FOX where record by also X% prior the Football College our advertising business. our revenue delivered the the revenues This in led continued sports despite revenues reflects lineup growth strength delivered of

strong FOX market Television up by quarter, base see the at to continue XX% over a at meaningful stations. also with momentum We in Tubi revenues in and the the rebound

acquisitions FOX our categories, revenues primarily Lachlan period, reflecting Entertainment more with had the ramp and associated sports against demand, as on portfolio, Network, programming segment softness impact of sports at [indiscernible] mentioned, as $XX higher with price well revenues As in increased the chain entertainment Television a primarily other MarVista by normalized supply of other higher escalators FOX million the betting. no offset growth the content at at planned of constraints million, Television and including and up result EBITDA Tubi. TMZ. the down local was our as a costs real than observable digital in investment $XX schedule, prior the of

reflects of for deficit Turning with now rights, to cycle fiscal free half $XXX of the in normal our of the cash related flow, first where the we the working capital sports the quarter recorded which million, receivables in buildup a year. advertising the business concentration of payments of and

be November of buyback with of $X.XX respect We the buybacks utilizing further over which repurchased million XXXX. debt. cumulatively and quarter. full to buyback with million our the finished quarter with our total $XXX committed XX% billion remain we of program $X.XX to hand December shareholders, quarter cash use Subsequent to in billion, $X the start on since we From continue billion end, the additional capital cash $X.XX sheet perspective, $XXX launch active we to repay We bond our January authorization in billion, to now representing in a a to a shares of of have maturity. since of to the returns outstanding balance

the against gives of uncertainty difficult remainder another successful 'XX. Our deliver to fiscal despite continued in comparisons the prior COVID and of confidence us cycle, political quarter the ability year our

company year. As back revenue moderate expect revenues of X% our affiliate only in up fiscal growth of will the for previously half renewal this year, the with discussed, approximately total affiliate we

-- portfolio 'XX across where well and total in approximately our 'XX for our have which cycle, of However, 'XX. of begins to major focus invest renewal revenues XX% strength fiscal plan for next us our assets success invest given digital company We our we in due renewal the positions affiliate demonstrated our and fiscal today. to continue

end the total we the land Now the are fiscal $XXX expected anticipate impact year, inaugural along the that net we investment that these our to and the outlined. that we've $XXX initiatives, previously to in with million EBITDA lower our of season of the of range towards midpoint million USFL digital of at

from a we Football, Lachlan early elections and the renewal hand with XX, As Bowl fiscal tailwinds exit of start back major Joe. November's midterm 'XX And Super mentioned, distribution anticipate to Night of cycle. strong the our Thursday financial the with I'll that, next it

Joe Dorrego

you, Thank we'd be now take Steve. And investment community. from the to happy questions

Operator

MoffettNathanson. comes Fishman first ahead. question [Operator Robert Instructions] with line go of our And the Please from

Robert Fishman

Good Hi. one if two betting, I've morning. can. quick I ones or sports on

legalized just balancing more thinking FanDuel sports across Bet you're while And As you from if about be just FOX continues the advertising any relationship? you. Flutter legalized, January how states New states, That'd about growing discuss Thank comments can can be in expand and be after maybe you benefits launch then betting to the early on helpful. as here, your maybe to local prepared including continue the data these York. very

Lachlan Murdoch

Robert. Thanks,

around of FanDuel. -- obviously our we're the structure engagements into -- our arbitration with really still of based option So,

-- Super and continue middle Bet a sort really Bet, FOX as much can't sort I FOX to my in prepared through little about on it incredibly viewers that calendar sort X year, But, where into drive strategy. ultimately that operational, X, FOX it's then our engagement with pleased sports as we our comments, Bet to been execute our we've of proven Super that to the starting summer. Bet FOX the that, with into Sports, overall, been So bit with ability FOX has the -- the of with more arbitration talked operations we we conclude starting summer, say of of about late of And in that. in expect

FOX or as see increase we'd we in said other the on been Bet. FOX we've side states, four Having only the traditional other our in is like is significantly roll station leading driving in that of that growth, is the legal. business wagering and where Our Sports four on significantly launched ledger, out obviously, wagering markets frustration -- betting side category only the that to the television stations, increases our revenue of across the group, is revenue local really and

I -- today. sports the over we're think category in pacing the up wagering XXX% for

Bet on advertising have on we very operating both side FOX but betting So, the we're also the businesses, revenue side. pleased where

Joe Dorrego

Thank next to the can go we you. Operator, question.

Operator

have We Please question UBS. go from John with a Hodulik ahead.

John Hodulik

ones. Two you. thank Great, quick Great.

of you year? in sense to could be -- in I XXX where it the dilution the for of digital XXX would are the us more you a the on million had First think give in end year. million we the guys back said

[XXXX] you any give with then financials, far could that to did the If recent us be or magnitude where impact us sense any Hulu, from thus color we give the on there from is or would extension [indiscernible] a for you you can to either And great. expect? guys are -- come on licensing more

Lachlan Murdoch

of the answer at I'm We're in lower million, the to million going end the that. to XXX XXX range Steve let

Steve Tomsic

Yes.

So, investment. that said halfway nine John, on approaching so of we digits far sort this

of that from in X weeks. most investments. the half perspective So, million a be around full of investment But XXX Probably for XXX of on sort half. to we'd those back out pointed to of as sort year the think, the digital I likely million I've bit back in year prepared and a second to pricing more the little the be expect generally will focus closer have waded the in remarks, the

that it's Output FOX the unscripted second out in Hulu animated Hulu and terms It's but Output segment see stream good that's it's in of you deal, episodes TV of one, to series. deal expect half. small. should the then for what an season relatively in And a So of to

I animated HouseBroken. Can in Your So, Masked See Singer, missed The and Box case Bento Dancer, it's Masked like, comedy that, from Voice, The you things

positive So, really I very something to and with happy think happy relationship Hulu. it's with we're continue our

Joe Dorrego

Operator, we the to can go next question.

Operator

you. Thank

with Our go next ahead. Doug Credit question Mitchelson Please comes from Suisse.

Doug Mitchelson

first circumstances ask investing I cash in the of optionality your Under this a sports so in I'm remarks. it's mean, its in healthy started with what increase billion by and talking quarter. Lachlan I sports follow-up Thanks right, betting? since your prepared going If you in $X.X to investment you FOX would question, sports the Pretty could on increasing billions. sheet, much. balance years betting about X wagering in results mentioned investment

that just is going your one, as the said the know thoughts first then strong. follow-up I into you is just upfront regarding to So market question ad upfront, and just on my the a curious,

be So, the into And I'm think curious, up bit Others had. sure ratings you relative advertising? you're ad might than so FOX? NFL I feeling everybody. growth have good season had I'm on do to better NFL, like be how a formerly good. relative helpful. was to to it impact Is Thanks integrated a to that is little sales anything it for the So, comes when much. -- you would share going front on

Lachlan Murdoch

very Doug. much, Thanks

investment we with about on wagering have less question, first the sports to business, leading existing this right. sports about monetization in is And next XX-year less think in at So, you engagement the way look and the agreement and guaranteed that when of our always and fans. value XX we viewers and with years. sort our in what investing those the our starts from look expect at sports what's broadcasting, betting. to sports that engage which be a and business the about fans future more NFL betting know, of the of with of the When we broadcasting deal for really sports sort about is a country, viewership We the new, place you

screens? a teams, What we be more sports states Sports. leading big their What into a more have be up begin. make embark we weekend? Clearly wagering, we engagement of a wagering and them engaged, a will sports will with multibillion-dollar be is part us fans. want watch fans want sports with to investment major be second to will as We already in their that And win-win, we doing doing doing engaged FOX with they journey. they more sports time? that them, a ultimately part So favorite with with going with What it's open where it's it'll to -- think of journey, to because a that's

So, it win-win. as we see a

in So, with When when option what sports wagering at Flutter. ownership, our stakes in look ecosystem, the into FOX Bet, and our the have joint top with FanDuel Bet the and to space. and we very funnel, of to small Super about those sort successful the up and critically, we we at we ourselves the and some also but venture operate we improve in and our ownership when look when strategy X, continuing think that the of FOX see already our invest emerge to come valuable right continue opportunities

Steve, On that add -- anything to you speakers]? to do the [multiple want

Steve Tomsic

of terms develops in capital. that have option develop structures gives markets to with the before we actually deploy capital how think see optionality need relationship their the us the to time Flutter we with I deploying that

Lachlan Murdoch

licensed, the I in of Yes. we rules. can operate said to we're call, that licensing a structure sort And but capture value to limited think exploring, Yes. because in actually getting And to of potentially maximize the I space. some we extent in this the last not actively are book,

So, it's something continue we explore. that to

major but of in to, they moving not for and their for flowing us, you're you're scripted to live -- an and that look extraordinarily we're focus well. a to I think and places, entertainment seeing they're dollars what start where where softness comment, strongly utilizing news is ratings, be other where marketplace marketers the across consumers And seeing -- advertisers in overall can terms as -- seeing, live is broadcasters. large all softness, is as their of extent at the and quite upfront, a capture which the to digital, towards, just the In a you're and entertainment sport, and to marketing due

selling and we it's about others majority now when leave we will of think -- of be our think upfront. sort think our about asset. May, season, early that I entire we're partners will then selling the with of a the But and our we So, conversations having when portfolio as [indiscernible], between

fashion, So, a efficient I we'll entertainment news, new digital most our of partner network, the be and capture leadership and And the selling dollars way. advertising really sports uniquely integrated to positioned in across Tubi the money marketing our are and designed with because sports serve we think in Tubi. very

Joe Dorrego

Operator, the question. next we can go to

Operator

Our Ehrlich Please comes Securities. Jessica ahead. go from next question Reif BofA with

Jessica Reif Ehrlich

two everybody. I Hi, have questions.

partners us was, look First what some the even I as your the the got of over And as color cost, growing. it you've you 'XX rollout better. your Bowl advertising next clearly on the second second like will great give on mean, or question USFL. is looks like Can is fiscal couple is years? political, Super quarter with the strong Tubi

You to coming next beginning affiliate there'll states year, hopefully cycle growing is renew said you're and going more on. betting be sports

things be thinking about? So, as we just offset peak the other there investment like digital this or Thanks. year peak Are next year? should

Lachlan Murdoch

can I second as -- well if I don't can the answer in hi, I did in you your the as question. know don't know question if Jessica. I --

me let start So, that. with

I fiscal to think forward we 'XX. looking are

our we next the -- this coming affiliate year years, couple we've the over lesser or benchmark setting the over tremendous X with think smaller had a renewals expect renewables what for of I we up have, obviously We of renewals the have are years. in two-thirds

the cycle, So, we expect advertising new revenue with hit records. political we to

I think political ago $XXX did advertising. million worth of we X years

it easily will exceed -- think this I number would guess, we that think it, I can't I be mid-term in on but we'll break a think records new election. and easily we but

can't don't us a for there's remember think you Football I us it. well-positioned Thursday But with mentioned also investment obviously Amazon, victory. for Football. it Thursday they'll releasing -- if -- question, having do great but with I a I tremendous not think are we Night obviously an Thursday for job savings and significant for savings there Night a a Night in -- your So, Football a was

year -- great are year. we we this quarter, So, had great a

I year think will next better. even be

of is the very play helping the we as for close where to changed partners The we Football the us really Television, for rules compliment much actually through for the the I've possible. rules think USFL, are College exciting got how the for great NFL the structure and On game being matches the and forward NFL looking new slightly, been league. so the it closer and to and as to make than -- we've as USFL.

bringing the We at It's excited control I effectively will league, best for in very the With the viewers control the it think X a at we're by we that of the So, as and in X we something broad investment game. the underwritten has we USFL. opportunity investors control. the for a of part most launch. NBC the think every we've us We've -- digital for always rights, launching broadcasters, the platform least. years next and outside or into USFL league

risk done I I in from we've perspective, So, a ambitious, a but it way. think disciplined know

So, anything else?

Steve Tomsic

as to in part that this $XXX I've the of of mentioned and $XXX be tens be million year. to of EBITDA us remarks, called million mid Jessica, that within we it'll the the out year, So, for millions negative low will sort a USFL dollars of

Lachlan Murdoch

you. Thank

Joe Dorrego

Operator, question. we one have more time for

Operator

the Morris That come will question from line with ahead. Guggenheim. of Michael you. go Thank Please

Michael Morris

Good morning. for questions me. Two you. Thank

savings in to sort segment, thoughts that believe TV the How Plus, a is bit to spring, second my something picture, on I ESPN your that would do overdeveloped, sports that redeployed may drag And that? the of that updated an falling business I near-term? Curious another you or million. to at to like line cycle any the First, to coming. you streaming an also Night EBITDA already a path And feel from bit games? similar you perhaps a I that approach versus tactical, you Football the have bigger the of a you of the consider contract features that go more reup estimate? with Thursday million size the Marquee do more the into you Maybe could guess in guys reason complement see question, that something last Sunday Do range $XXX forward. $XXX be looking ESPN maybe bottom have not know linear Or service strategic, that will sort then superfan Lachlan. But renewal going taking? it's

do expect how to you that long-term, So, impact I business? savings guess maybe the just Thanks. thinking

Lachlan Murdoch

Thank you, Michael.

first Steve savings. on and is So, I'll satellite with to sports investment But our in as much our and our local and we operators, the morning affiliates. are really this fundamentally today, answer television, sports partnerships on question partnerships, TV monetize very we second let cable through focused operators, how question, broadcast our regards the

through And sort partnerships see to so, of our broadcasting from sports and our perspective, way shoulder continue perspective, our distributors. -- is [ph] clearly affiliates with we we with programming, from a a live and live obviously, sports monetize but it's in to the and some different our investment see best sports pinion

let Steve savings that's focus the answer our So I'll today. question.

Steve Tomsic

terms Yes, million $XXX in net Mike, Thursday the of includes number so the impact $XXX for slot. to good still EBITA a that Football, in next the reinvestment of year for us million Night losing

to decide put schedule million. we to whatever So, million in $XXX time into slot $XXX the time, in that that is

year that with the So, absorbed us, being gets bottom-line that net good But $XXX to NFL should million a the to Obviously, flow [indiscernible], year. following all new next to the million year. it's $XXX part equal, the next see contract. you things increased a us net other to of guide

Joe Dorrego

call. At we're or questions, for this of you any a call. Dan joining again once you But Carey if give me further today's out point, time. please Thank have

Lachlan Murdoch

everyone. Thanks,

Steve Tomsic

Thank you.

Lachlan Murdoch

Bye. care. Take

Operator

conclude and for Ladies and your Executive for gentlemen, thank that for Teleconference. AT&T using does participation We conference today. our you

disconnect. now may You

Fox (FOX) 9 Feb 222022 Q2 Earnings call transcript