Fox Corporation (FOXA)

Industry: Entertainment Sector: Communication Services Currency Used: US Live Price: $71.99

Enterprise Value

Metric	MRQ	MRQ-1	2025	2024	2023	2022	2021	2020	2019	2018	2017
Stock Price	63.06	56.04	58.57	39.10	32.23	33.17	37.56	26.85	35.35	50.86	50.86
Market Capitalization	28,187.82M	25,610.28M	26,479.30M	18,221.11M	16,164.45M	18,356.91M	21,706.60M	16,188.67M	21,920.06M	31,540.77M	31,533.20M
(-) Cash & Equivalents	4,368.00M	5,351.00M	4,844.67M	3,871.00M	4,092.25M	4,710.50M	5,329.25M	4,351.00M	2,845.75M	1,801.75M	-9.50M
(+) Total Debt	7,452.00M	7,465.00M	7,674.67M	8,137.25M	8,505.75M	7,832.50M	8,460.25M	8,194.00M	7,045.50M	0.00M	0.00M
Enterprise Value	31,271.82M	27,724.28M	29,309.30M	22,487.36M	20,577.95M	21,478.91M	24,837.60M	20,031.67M	26,119.81M	29,739.02M	31,542.70M

Income Statement

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30
Revenue	16,474M	14,337M	16,300M	13,980M	14,913M	13,974M	12,909M	12,303M	11,389M	10,153M	9,921M	8,894M
Cost of Revenue	9,671M	2,109M	10,903M	0M	0M	0M	0M	0M	0M	0M	0M	0M
Gross Profit	6,803M	12,228M	5,397M	13,980M	14,913M	13,974M	12,909M	12,303M	11,389M	10,153M	9,921M	8,894M
Gross Profit Margin	41.3%	85.3%	33.1%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
R&D Expenses	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M	0M
SG&A Expenses	2,255M	2,046M	2,168M	2,024M	2,049M	1,920M	1,807M	1,741M	1,419M	1,262M	1,117M	1,191M
Operating Expenses	3,853M	9,566M	2,168M	11,502M	12,149M	11,400M	10,144M	9,806M	8,958M	7,938M	7,386M	6,920M
Operating Income (EBIT)	2,950M	2,662M	3,229M	2,478M	2,764M	2,574M	2,765M	2,497M	2,431M	2,215M	2,535M	1,974M
Operating Income Margin	17.9%	18.6%	19.8%	17.7%	18.5%	18.4%	21.4%	20.3%	21.3%	21.8%	25.6%	22.2%
Interest Income	124M	192M	176M	189M	131M	6M	4M	35M	41M	0M	0M	0M
Interest Expense	351M	416M	403M	405M	349M	377M	395M	369M	203M	43M	23M	18M
Net Interest Income	-227M	-224M	-227M	-216M	-218M	-371M	-391M	-334M	-162M	-43M	-23M	-18M
Unusual Items	24M	218M	59M	-158M	-810M	-509M	544M	-699M	-45M	-2M	-271M	-113M
EBT Excluding Unusual Items	2,723M	2,438M	3,002M	2,262M	2,546M	2,203M	2,374M	2,163M	2,269M	2,172M	2,512M	1,956M
Pre-Tax Income	2,747M	2,656M	3,061M	2,104M	1,736M	1,694M	2,918M	1,464M	2,224M	2,170M	2,241M	1,843M
Pre-Tax Margin	16.7%	18.5%	18.8%	15.1%	11.6%	12.1%	22.6%	11.9%	19.5%	21.4%	22.6%	20.7%
Income Tax Expense	677M	685M	768M	550M	483M	461M	717M	402M	581M	-58M	832M	736M
Net Income	2,035M	1,921M	2,263M	1,501M	1,239M	1,205M	2,150M	999M	1,595M	2,187M	1,372M	1,072M
Net Income Margin	12.4%	13.4%	13.9%	10.7%	8.3%	8.6%	16.7%	8.1%	14.0%	21.5%	13.8%	12.1%
Depreciation & Amortization	392M	384M	385M	389M	411M	363M	300M	258M	212M	171M	169M	170M
EBITDA	3,342M	3,046M	3,614M	2,867M	3,175M	2,937M	3,065M	2,755M	2,643M	2,386M	2,704M	2,144M
EBITDA Margin	20.3%	21.2%	22.2%	20.5%	21.3%	21.0%	23.7%	22.4%	23.2%	23.5%	27.3%	24.1%
NOPAT	2,223M	1,975M	2,419M	1,830M	1,995M	1,874M	2,086M	1,811M	1,796M	2,274M	1,594M	1,186M
NOPAT Margin	13.5%	13.8%	14.8%	13.1%	13.4%	13.4%	16.2%	14.7%	15.8%	22.4%	16.1%	13.3%
Owner's Earnings	2,056M	1,967M	2,317M	1,545M	1,293M	1,261M	1,966M	898M	1,572M	2,143M	1,350M	1,135M
Owner's Earnings Margin	12.5%	13.7%	14.2%	11.1%	8.7%	9.0%	15.2%	7.3%	13.8%	21.1%	13.6%	12.8%
EPS (Basic)	4.49	4.11	4.97	3.14	2.34	2.13	3.64	1.63	2.57	3.53	2.21	1.73
EPS (Diluted)	4.44	4.04	4.91	3.13	2.33	2.11	3.61	1.62	2.57	3.53	2.21	1.73
Shares (Basic)	454M	474M	461M	478M	529M	566M	591M	613M	621M	620M	620M	620M
Shares (Diluted)	459M	475M	461M	480M	531M	570M	595M	616M	621M	620M	620M	620M

Product Segments

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30
Cable Network Programming Segment	6,930.00M	5,955.00M	6,930.00M	5,955.00M	6,043.00M	6,097.00M	5,683.00M	5,492.00M	5,381.00M	17,946.00M	16,130.00M
Direct Broadcast Satellite Television Segment	—	—	—	—	—	—	—	—	—	—	0.00M
Filmed Entertainment Segment	—	—	—	—	—	—	—	—	—	8,747.00M	8,235.00M
Television Segment	9,325.00M	7,875.00M	9,325.00M	7,875.00M	8,710.00M	7,685.00M	7,048.00M	6,661.00M	5,979.00M	5,162.00M	5,649.00M

Geographic Segments

Metric	TTM	TTM-1	2018-06-30	2017-06-30
Asia	9,600.00M	—	3,200.00M	2,800.00M
Europe	26,510.00M	—	3,360.00M	3,122.00M
Other Countries	9,314.00M	—	5,400.00M	4,735.00M
UNITED STATES	37,300.00M	—	21,400.00M	20,400.00M
United States And Canada	55,793.00M	—	21,640.00M	20,643.00M

Balance Sheet

Metric	MRQ	MRQ-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30
Cash & Cash Equivalents	4,368.00M	5,351.00M	5,351.00M	4,319.00M	4,272.00M	5,200.00M	5,886.00M	4,645.00M	3,234.00M	2,500.00M	19.00M
Short-Term Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Cash & Short-Term Investments	4,368.00M	5,351.00M	5,351.00M	4,319.00M	4,272.00M	5,200.00M	5,886.00M	4,645.00M	3,234.00M	2,500.00M	19.00M
Net Receivables	2,810.00M	2,472.00M	2,472.00M	2,364.00M	2,177.00M	2,128.00M	2,029.00M	1,888.00M	1,967.00M	1,833.00M	1,693.00M
Inventory	509.00M	432.00M	432.00M	626.00M	543.00M	791.00M	729.00M	856.00M	1,129.00M	1,180.00M	1,052.00M
Other Current Assets	282.00M	174.00M	174.00M	192.00M	265.00M	162.00M	105.00M	97.00M	148.00M	67.00M	43.00M
Total Current Assets	7,969.00M	8,429.00M	8,429.00M	7,501.00M	7,257.00M	8,281.00M	8,749.00M	7,486.00M	6,478.00M	5,580.00M	2,807.00M
Property, Plant & Equipment	1,705.00M	2,519.00M	2,519.00M	2,600.00M	2,655.00M	2,159.00M	2,177.00M	2,037.00M	1,313.00M	1,169.00M	1,123.00M
Goodwill	3,637.00M	3,639.00M	3,639.00M	3,544.00M	3,559.00M	3,554.00M	3,435.00M	3,409.00M	2,691.00M	2,747.00M	2,750.00M
Intangible Assets	2,960.00M	2,969.00M	2,969.00M	3,038.00M	3,084.00M	3,157.00M	3,154.00M	3,198.00M	2,851.00M	2,866.00M	3,121.00M
Long-Term Investments	1,635.00M	1,621.00M	1,621.00M	1,129.00M	1,034.00M	578.00M	899.00M	618.00M	1,114.00M	275.00M	54.00M
Tax Assets	2,631.00M	2,721.00M	2,721.00M	2,878.00M	3,090.00M	3,440.00M	3,822.00M	4,358.00M	4,651.00M	0.00M	0.00M
Other Non-Current Assets	2,229.00M	1,297.00M	1,297.00M	1,282.00M	1,187.00M	1,016.00M	690.00M	644.00M	411.00M	484.00M	493.00M
Other Assets	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Total Non-Current Assets	14,797.00M	14,766.00M	14,766.00M	14,471.00M	14,609.00M	13,904.00M	14,177.00M	14,264.00M	13,031.00M	7,541.00M	7,541.00M
Total Assets	22,766.00M	23,195.00M	23,195.00M	21,972.00M	21,866.00M	22,185.00M	22,926.00M	21,750.00M	19,509.00M	13,121.00M	10,348.00M
Accounts Payable	768.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Short-Term Debt	41.00M	41.00M	41.00M	675.00M	1,321.00M	107.00M	841.00M	122.00M	0.00M	0.00M	0.00M
Tax Payables	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	6.00M	553.00M	722.00M
Deferred Revenue	378.00M	299.00M	299.00M	180.00M	160.00M	209.00M	196.00M	152.00M	169.00M	147.00M	128.00M
Other Current Liabilities	1,274.00M	2,557.00M	2,557.00M	2,097.00M	2,282.00M	1,980.00M	1,965.00M	1,632.00M	1,543.00M	1,059.00M	1,192.00M
Total Current Liabilities	2,461.00M	2,897.00M	2,897.00M	2,952.00M	3,763.00M	2,296.00M	3,002.00M	1,906.00M	1,718.00M	1,759.00M	2,042.00M
Long-Term Debt	7,411.00M	7,424.00M	7,424.00M	7,477.00M	6,886.00M	7,611.00M	7,611.00M	8,398.00M	6,751.00M	0.00M	0.00M
Capital Lease Obligations	808.00M	822.00M	863.00M	955.00M	997.00M	512.00M	501.00M	574.00M	0.00M	0.00M	0.00M
Deferred Tax Liabilities	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	1,071.00M	1,554.00M
Other Non-Current Liabilities	502.00M	519.00M	519.00M	487.00M	559.00M	715.00M	927.00M	1,030.00M	899.00M	422.00M	505.00M
Total Non-Current Liabilities	8,721.00M	8,765.00M	8,806.00M	8,919.00M	8,442.00M	8,838.00M	9,039.00M	10,002.00M	7,650.00M	1,493.00M	2,059.00M
Total Liabilities	11,182.00M	11,662.00M	11,703.00M	11,871.00M	12,205.00M	11,134.00M	12,041.00M	11,908.00M	9,368.00M	3,252.00M	4,101.00M
Preferred Stock	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock	4.00M	4.00M	4.00M	4.00M	5.00M	6.00M	6.00M	6.00M	7.00M	9,513.00M	6,152.00M
Retained Earnings	4,771.00M	4,479.00M	4,479.00M	3,139.00M	2,269.00M	2,461.00M	1,982.00M	674.00M	357.00M	0.00M	0.00M
Accumulated OCI	-124.00M	-124.00M	-124.00M	-107.00M	-149.00M	-226.00M	-318.00M	-417.00M	-308.00M	81.00M	-59.00M
Minority Interest	184.00M	393.00M	393.00M	342.00M	280.00M	224.00M	263.00M	322.00M	200.00M	275.00M	154.00M
Total Shareholders’ Equity	4,651.00M	4,359.00M	4,359.00M	3,036.00M	2,125.00M	2,241.00M	1,670.00M	263.00M	56.00M	9,594.00M	6,093.00M
Total Equity	4,835.00M	4,752.00M	4,752.00M	3,378.00M	2,405.00M	2,465.00M	1,933.00M	585.00M	256.00M	9,869.00M	6,247.00M
Total Liabilities & Equity	16,017.00M	16,414.00M	16,455.00M	15,249.00M	14,610.00M	13,599.00M	13,974.00M	12,493.00M	9,624.00M	13,121.00M	10,348.00M
Tangible Assets	16,169.00M	16,587.00M	16,587.00M	15,390.00M	15,223.00M	15,474.00M	16,337.00M	15,143.00M	13,967.00M	7,508.00M	4,477.00M
Tangible Equity	-1,762.00M	-1,856.00M	-1,856.00M	-3,204.00M	-4,238.00M	-4,246.00M	-4,656.00M	-6,022.00M	-5,286.00M	4,256.00M	376.00M
Tangible Book Value	-1,762.00M	-1,856.00M	-1,856.00M	-3,204.00M	-4,238.00M	-4,246.00M	-4,656.00M	-6,022.00M	-5,286.00M	4,256.00M	376.00M
Total Investments	1,635.00M	1,621.00M	1,621.00M	1,129.00M	1,034.00M	578.00M	899.00M	618.00M	1,114.00M	275.00M	54.00M
Net Debt	3,084.00M	2,114.00M	2,114.00M	3,833.00M	3,935.00M	2,518.00M	2,566.00M	3,875.00M	3,517.00M	-2,500.00M	-19.00M

Capital Metrics

Metric	MRQ	MRQ-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30
Working Capital	5,508.0M	5,532.0M	5,532.0M	4,549.0M	3,494.0M	5,985.0M	5,747.0M	5,580.0M	4,766.0M	3,821.0M	765.0M
Total Capital	19,660.0M	19,427.0M	19,427.0M	18,866.0M	18,585.0M	19,057.0M	19,575.0M	18,614.0M	16,698.0M	9,594.0M	6,093.0M
Capital Employed	20,305.0M	20,298.0M	20,298.0M	19,020.0M	18,103.0M	19,889.0M	19,924.0M	19,844.0M	17,797.0M	11,362.0M	8,306.0M
Invested Capital	15,292.0M	14,076.0M	14,076.0M	14,547.0M	14,313.0M	13,857.0M	13,689.0M	13,969.0M	13,464.0M	7,094.0M	6,074.0M

Cash Flow Statement

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30
Net Income	2,060.00M	1,971.00M	2,293.00M	1,554.00M	1,253.00M	1,233.00M	2,201.00M	1,062.00M	1,643.00M	2,228.00M	1,409.00M	1,107.00M
Depreciation & Amortization	392.00M	384.00M	385.00M	389.00M	411.00M	363.00M	300.00M	258.00M	212.00M	171.00M	169.00M	170.00M
Deferred Income Tax	151.00M	259.00M	164.00M	203.00M	321.00M	342.00M	534.00M	283.00M	386.00M	-603.00M	92.00M	139.00M
Stock-Based Compensation	129.00M	100.00M	135.00M	90.00M	74.00M	102.00M	147.00M	137.00M	36.00M	100.00M	57.00M	89.00M
Change in Working Capital	89.00M	-515.00M	466.00M	-570.00M	-270.00M	-683.00M	-21.00M	220.00M	164.00M	-587.00M	-368.00M	-536.00M
Accounts Receivable	302.00M	-285.00M	-95.00M	-172.00M	68.00M	-79.00M	-282.00M	224.00M	-166.00M	-3,987.00M	-172.00M	-218.00M
Inventory	299.00M	-353.00M	521.00M	-303.00M	145.00M	-301.00M	190.00M	181.00M	197.00M	-228.00M	21.00M	-252.00M
Accounts Payable	67.00M	76.00M	89.00M	0.00M	-68.00M	-54.00M	282.00M	-306.00M	133.00M	-193.00M	-217.00M	-66.00M
Other Working Capital	-579.00M	47.00M	-49.00M	-95.00M	-415.00M	-249.00M	-211.00M	121.00M	0.00M	3,821.00M	-172.00M	-218.00M
Other Non-Cash Items	215.00M	-202.00M	-119.00M	174.00M	11.00M	527.00M	-522.00M	405.00M	83.00M	39.00M	131.00M	100.00M
Net Cash from Operating Activities	3,036.00M	1,997.00M	3,324.00M	1,840.00M	1,800.00M	1,884.00M	2,639.00M	2,365.00M	2,524.00M	1,317.00M	1,655.00M	1,097.00M
Capital Expenditures (PPE)	-267.00M	-338.00M	-331.00M	-345.00M	-357.00M	-307.00M	-484.00M	-359.00M	-235.00M	-215.00M	-191.00M	-107.00M
Acquisitions (Net)	-97.00M	0.00M	-97.00M	0.00M	0.00M	-160.00M	42.00M	-1,061.00M	0.00M	354.00M	0.00M	0.00M
Purchases of Investments	-214.00M	-103.00M	-79.00M	-103.00M	-54.00M	-28.00M	-86.00M	-103.00M	-338.00M	0.00M	-13.00M	0.00M
Sales / Maturities of Investments	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	391.00M	349.00M	0.00M	0.00M	0.00M	0.00M
Other Investing Activities	-136.00M	-31.00M	-30.00M	-4.00M	-27.00M	-18.00M	-391.00M	74.00M	-64.00M	-11.00M	-38.00M	-61.00M
Net Cash from Investing Activities	-714.00M	-472.00M	-537.00M	-452.00M	-438.00M	-513.00M	-528.00M	-1,100.00M	-637.00M	128.00M	-242.00M	-168.00M
Net Debt Issuance	-600.00M	-18.00M	-600.00M	-18.00M	0.00M	-750.00M	0.00M	1,191.00M	6,750.00M	0.00M	0.00M	0.00M
Long-Term Debt Issuance	-600.00M	-18.00M	-600.00M	-18.00M	0.00M	-750.00M	0.00M	1,191.00M	6,750.00M	0.00M	0.00M	0.00M
Short-Term Debt Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Stock Issuance	-1,000.00M	-1,000.00M	-1,000.00M	-1,000.00M	-2,000.00M	-1,000.00M	-1,001.00M	-600.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Common Stock Repurchased	-1,000.00M	-1,000.00M	-1,000.00M	-1,000.00M	-2,000.00M	-1,000.00M	-1,001.00M	-600.00M	0.00M	0.00M	0.00M	0.00M
Preferred Stock Issuance	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Dividends Paid	-284.00M	-277.00M	-277.00M	-281.00M	-299.00M	-307.00M	-330.00M	-335.00M	-6,688.00M	-77.00M	-35.00M	-36.00M
Common Dividends Paid	-284.00M	-277.00M	-277.00M	-281.00M	-299.00M	-307.00M	-330.00M	-335.00M	-6,688.00M	-77.00M	-35.00M	-36.00M
Preferred Dividends Paid	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	36.00M	0.00M	0.00M
Other Financing Activities	-122.00M	-7.00M	122.00M	-42.00M	9.00M	0.00M	461.00M	-110.00M	-1,215.00M	1,077.00M	-1,396.00M	-877.00M
Net Cash from Financing Activities	-2,006.00M	-1,302.00M	-1,755.00M	-1,341.00M	-2,290.00M	-2,057.00M	-870.00M	146.00M	-1,153.00M	1,036.00M	-1,431.00M	-913.00M
Effect of FX on Cash	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M	0.00M
Net Change in Cash	316.00M	223.00M	1,032.00M	47.00M	-928.00M	-686.00M	1,241.00M	1,411.00M	734.00M	2,481.00M	-18.00M	16.00M
Cash at Beginning of Period	17,540.00M	16,061.00M	4,319.00M	4,272.00M	5,200.00M	5,886.00M	4,645.00M	3,234.00M	2,500.00M	19.00M	37.00M	21.00M
Cash at End of Period	17,856.00M	16,284.00M	5,351.00M	4,319.00M	4,272.00M	5,200.00M	5,886.00M	4,645.00M	3,234.00M	2,500.00M	19.00M	37.00M
Operating Cash Flow	3,036.00M	1,997.00M	3,324.00M	1,840.00M	1,800.00M	1,884.00M	2,639.00M	2,365.00M	2,524.00M	1,317.00M	1,655.00M	1,097.00M
Capital Expenditure	-371.00M	-338.00M	-331.00M	-345.00M	-357.00M	-307.00M	-484.00M	-359.00M	-235.00M	-215.00M	-191.00M	-107.00M
Free Cash Flow	2,665.00M	1,659.00M	2,993.00M	1,495.00M	1,443.00M	1,577.00M	2,155.00M	2,006.00M	2,289.00M	1,102.00M	1,464.00M	990.00M

Free Cash Flow

Metric	TTM	TTM-1	2025-06-30	2024-06-30	2023-06-30	2022-06-30	2021-06-30	2020-06-30	2019-06-30	2018-06-30	2017-06-30	2016-06-30
EBITDA	4,940.00M	10,566.00M	3,614.00M	12,345.00M	13,275.00M	12,417.00M	11,402.00M	10,820.00M	10,182.00M	9,062.00M	8,973.00M	7,873.00M
(-) Tax Adjustment	1,217.47M	2,725.04M	906.75M	3,227.07M	3,693.45M	3,379.12M	2,801.66M	2,971.07M	2,659.96M	0.00M	3,140.55M	2,755.55M
(-) Change In Working Capital	89.00M	-515.00M	466.00M	-570.00M	-270.00M	-683.00M	-21.00M	220.00M	164.00M	-587.00M	-368.00M	-536.00M
(-) Capital Expenditure	-371.00M	-338.00M	-331.00M	-345.00M	-357.00M	-307.00M	-484.00M	-359.00M	-235.00M	-215.00M	-191.00M	-107.00M
Unlevered Free Cash Flow	3,262.53M	8,017.96M	1,910.25M	9,342.93M	9,494.55M	9,413.88M	8,137.34M	7,269.93M	7,123.04M	9,434.00M	6,009.45M	5,546.45M
(-) Net Interest Income After Taxes	-171.06M	-166.23M	-170.05M	-159.54M	-157.35M	-270.04M	-294.92M	-242.29M	-119.68M	-43.00M	-14.95M	-11.70M
Net Debt Issuance	-600.00M	-18.00M	-600.00M	-18.00M	0.00M	-750.00M	0.00M	1,191.00M	6,750.00M	0.00M	0.00M	0.00M
Levered Free Cash Flow	2,833.59M	8,166.19M	1,480.30M	9,484.47M	9,651.90M	8,933.91M	8,432.27M	8,703.22M	13,992.72M	9,477.00M	6,024.40M	5,558.15M