AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX)
today reported financial results for the first quarter ended
March 31, 2024.
Chief Executive Officer Kristin
Dolan said: "In the first quarter, we continued to execute
on our strategic priorities, including the ongoing delivery of
healthy free cash flow. As new technologies transform the way media
is consumed, we continue to produce great content and make it
available to viewers whenever and wherever they want to watch. We
recently strengthened our balance sheet by completing a series of
financing transactions that meaningfully extended our debt
maturities. This creates substantial flexibility for us as we
continue to leverage our core strengths and reorient our business
around the consumer-driven changes that are happening across the
industry."
Operational Highlights:
- Debuted hit new series The Walking
Dead: The Ones Who Live on AMC and AMC+ which now ranks as AMC’s
best performing series since the final season of The Walking Dead,
the #1 cable drama in the current broadcast season in key demos and
the #1 season of all time on AMC+ in viewership and
acquisition.
- Executed a multi-year renewal with
Verizon for continued carriage of our linear networks and streaming
services.
- Expanding our ad-supported
distribution ecosystem across our targeted streaming portfolio with
the announcement of plans to roll out standalone ad-supported
versions of Acorn TV, Shudder, ALLBLK and HIDIVE in 2025.
- Launched BBC News, the most trusted
news brand in the U.S., on CTV and FAST platforms.
- Enhanced the value proposition of
certain targeted services with a brand refresh at Acorn TV and a
redesigned user experience at HIDIVE.
- Announced the launch of AMC Stories
and AMC Reality in the U.K. on ad-supported video-on-demand
streaming service ITVX.
- Strengthened our balance sheet
through a series of financing transactions in April. Reduced gross
debt in excess of $500 million since the third quarter of
2023.
Financial Highlights – First Quarter
Ended March 31, 2024:
- Net cash provided by operating
activities of $151 million; Free Cash Flow(1) of $144 million.
- Operating income of $110 million;
Adjusted Operating Income(1) of $149 million, with a margin of
25%.
- Net revenues of $596 million
decreased 17% from the prior year. Excluding nonrecurring revenues
related to Silo and 25/7 Media, net revenues decreased 6%.
- Streaming revenues of $145 million increased 3% from the prior
year.
- Diluted EPS of $1.03; Adjusted
EPS(1) of $1.16.
Dollars in
thousands, except per share amounts |
Three Months Ended March 31, |
|
2024 |
|
|
2023 |
|
|
Change |
Net
Revenues |
$ |
596,461 |
|
$ |
717,447 |
|
|
(16.9)% |
Operating Income |
$ |
110,178 |
|
$ |
173,304 |
|
|
(36.4)% |
Adjusted Operating Income |
$ |
149,124 |
|
$ |
215,763 |
|
|
(30.9)% |
|
|
|
|
|
|
Diluted Earnings Per Share |
$ |
1.03 |
|
$ |
2.36 |
|
|
(56.4)% |
Adjusted Earnings Per Share |
$ |
1.16 |
|
$ |
2.62 |
|
|
(55.7)% |
|
|
|
|
|
|
Net cash provided by (used in) operating activities |
$ |
150,869 |
|
$ |
(132,519 |
) |
|
n/m |
Free Cash Flow |
$ |
144,149 |
|
$ |
(144,017 |
) |
|
n/m |
(1) See page 5 of this earnings release for a discussion of
non-GAAP financial measures used in this release. This discussion
includes the definition of Adjusted Operating Income, Adjusted EPS
and Free Cash Flow. |
Segment Results:(dollars in thousands)
|
Three Months Ended March 31, |
|
2024 |
|
|
|
2023 |
|
|
Change |
Net Revenues: |
|
|
|
|
|
Domestic Operations |
$ |
524,226 |
|
|
$ |
611,854 |
|
|
(14.3)% |
International |
|
75,605 |
|
|
|
108,072 |
|
|
(30.0)% |
Inter-segment Eliminations |
|
(3,370 |
) |
|
|
(2,479 |
) |
|
(35.9)% |
Total Net Revenues |
$ |
596,461 |
|
|
$ |
717,447 |
|
|
(16.9)% |
|
|
|
|
|
|
Operating Income (Loss): |
|
|
|
|
|
Domestic Operations |
$ |
142,017 |
|
|
$ |
199,488 |
|
|
(28.8)% |
International |
|
8,609 |
|
|
|
14,142 |
|
|
(39.1)% |
Corporate / Inter-segment Eliminations |
|
(40,448 |
) |
|
|
(40,326 |
) |
|
(0.3)% |
Total Operating Income |
$ |
110,178 |
|
|
$ |
173,304 |
|
|
(36.4)% |
|
|
|
|
|
|
Adjusted Operating Income (Loss): |
|
|
|
|
|
Domestic Operations |
$ |
162,319 |
|
|
$ |
219,388 |
|
|
(26.0)% |
International |
|
13,400 |
|
|
|
21,137 |
|
|
(36.6)% |
Corporate / Inter-segment Eliminations |
|
(26,595 |
) |
|
|
(24,762 |
) |
|
(7.4)% |
Total Adjusted Operating Income |
$ |
149,124 |
|
|
$ |
215,763 |
|
|
(30.9)% |
Domestic Operations
First Quarter Results:
-
Domestic Operations revenues decreased 14% from the prior year to
$524 million. The prior period included $56 million of content
licensing and other revenues related to Silo. Excluding revenues
related to Silo, Domestic Operations revenues decreased 6%.
-
Distribution and other revenues decreased 15% to $384 million.
-
Subscription revenues decreased 7% to $323 million due to declines
in the linear subscriber universe, partially offset by streaming
revenue growth.
-
Streaming revenues increased 3% to $145 million, primarily driven
by year-over-year subscriber growth and price increases.
-
Streaming subscribers increased 2% to 11.5 million as compared to
11.2 million subscribers as of March 31, 2023.
-
Affiliate revenues decreased 14%, primarily due to basic subscriber
declines.
-
Content licensing revenues decreased 40% to $62 million due to the
availability of deliveries in the period. The prior period included
deliveries of Silo, an AMC Studios produced series for a third
party. Excluding revenues related to Silo, content licensing
revenues increased 31%.
-
Advertising revenues decreased 13% to $140 million due to linear
ratings declines and a challenging ad market, partly offset by
digital and advanced advertising revenue growth.
-
Operating income decreased 29% to $142 million.
-
Adjusted Operating Income decreased 26% to $162 million, with a
margin of 31%. The decrease in Adjusted Operating Income was
primarily driven by a decrease in revenues, partly offset by
continued cost management measures.
International
In 2024, the Company updated the name of its
previously titled "International and Other" operating segment to
"International" due to the divestiture of the 25/7 Media business
on December 29, 2023, which was the sole component of the operating
segment that comprised “Other.” This update does not constitute a
change in segment reporting, but rather an update in name only.
Prior period segment information contained in this release includes
the results of the 25/7 Media business through the date of
divestiture.
First Quarter Results:
-
International revenues decreased 30% from the prior year to $76
million. The prior period included $30 million of content licensing
and other revenues related to 25/7 Media, which we divested on
December 29, 2023. Excluding revenues related to 25/7 Media,
International revenues decreased 3%.
-
Distribution and other revenues decreased 40% to $54 million,
primarily due to the sale of our interest in 25/7 Media in December
2023 and, to a lesser extent, due to the non-renewal of an AMCNI
distribution agreement in the U.K. in the fourth quarter of 2023.
-
Subscription revenues decreased 10% to $51 million, primarily due
to the non-renewal of an AMCNI distribution agreement in the U.K.
that occurred in the fourth quarter of 2023.
-
Content licensing and other revenues decreased 90% to $3 million
due to the sale of our interest in 25/7 Media in December
2023.
-
Advertising revenues increased 16% to $22 million due to increased
ratings and growth across Central and Northern Europe advertising
markets, as well as digital and advanced advertising growth in the
U.K.
-
Operating income decreased 39% to $9 million.
-
Adjusted Operating Income decreased 37% to $13 million, with a
margin of 18%. The decrease in Adjusted Operating Income was
primarily driven by an increase in corporate overhead costs
allocated to AMCNI, the impact of the non-renewal of an AMCNI
distribution agreement in the U.K. that occurred in the fourth
quarter of 2023, and the sale of 25/7 Media in December 2023. 25/7
Media generated $1.8 million of adjusted operating income in the
first quarter of 2023.
2024 Debt Refinancing
Activity
AMC Networks completed a series of refinancing
transactions in April 2024 including the issuance of new Senior
Secured Notes due January 2029, the redemption of all outstanding
Senior Notes due 2025, and an amendment to our Credit Agreement.
These transactions, summarized below, closed subsequent to our
March 31, 2024 balance sheet. Since September 30, 2023 AMC has
reduced gross debt outstanding by $516 million. See page 10 for the
adjusted capitalization taking account of these transactions.
Senior Secured Notes due January 2029 Offering
- The Company issued $875 million
aggregate principal amount of 10.25% Senior Secured Notes due
January 15, 2029. The Notes are guaranteed by AMC Network
Entertainment and AMC Networks' subsidiaries that guarantee the
Credit Agreement.
Tender Offer and Redemption of Senior Notes due
August 2025
- AMC Networks completed a cash
tender offer to purchase outstanding 4.75% Senior Notes due 2025
and subsequently redeemed all Notes that remained outstanding after
completion of the offer. The offer and redemption were funded by
the net proceeds received from the concurrent offering of Senior
Secured Notes and cash on hand.
Credit Agreement Amendment
- The maturity dates of $325 million
principal amount of loans under the term loan A facility as well as
$175 million of commitments under the revolving credit facility
(previously $400 million of commitments) have been extended to
April 2028. The remaining $100 million of principal amount of loans
under the term loan A facility mature in February 2026.
Other Matters
Stock Repurchase Program & Outstanding
Shares
As previously disclosed, the Company's Board of
Directors has authorized a program to repurchase up to $1.5 billion
of the Company’s outstanding shares of common stock. The Stock
Repurchase Program has no pre-established end date and may be
suspended or discontinued at any time. During the quarter ended
March 31, 2024, the Company did not repurchase any shares. As
of March 31, 2024, the Company had $135 million of
authorization remaining for repurchase under the Stock Repurchase
Program.
As of May 3, 2024, the Company had
32,558,862 shares of Class A Common Stock and 11,484,408 shares of
Class B Common Stock outstanding.
Please see the Company’s Quarterly Report on
Form 10-Q for the period ended March 31, 2024, which will be
filed later today, for further details regarding the above
matters.
Description of Non-GAAP
Measures
Internally, the Company uses net revenues,
Adjusted Operating Income (Loss), and Free Cash Flow measures as
the most important indicators of its business performance and
evaluates management’s effectiveness with specific reference to
these indicators.
The Company defines Adjusted Operating Income
(Loss), which is a non-GAAP financial measure, as operating income
(loss) before share-based compensation expense or benefit,
depreciation and amortization, impairment and other charges
(including gains or losses on sales or dispositions of businesses),
restructuring and other related charges, cloud computing
amortization, and including the Company’s proportionate share of
adjusted operating income (loss) from majority-owned equity method
investees. From time to time, we may exclude the impact of certain
events, gains, losses, or other charges (such as significant legal
settlements) from AOI that affect our operating performance.
Because it is based upon operating income (loss), Adjusted
Operating Income (Loss) also excludes interest expense (including
cash interest expense) and other non-operating income and expense
items. The Company believes that the exclusion of share-based
compensation expense or benefit allows investors to better track
the performance of the various operating units of the business
without regard to the effect of the settlement of an obligation
that is not expected to be made in cash.
The Company believes that Adjusted Operating
Income (Loss) is an appropriate measure for evaluating the
operating performance of the business segments and the Company on a
consolidated basis. Adjusted Operating Income (Loss) and similar
measures with similar titles are common performance measures used
by investors, analysts, and peers to compare performance in the
industry. Adjusted Operating Income (Loss) should be viewed as a
supplement to and not a substitute for operating income (loss), net
income (loss), and other measures of performance presented in
accordance with U.S. generally accepted accounting principles
("GAAP"). Since Adjusted Operating Income (Loss) is not a measure
of performance calculated in accordance with GAAP, this measure may
not be comparable to similar measures with similar titles used by
other companies. For a reconciliation of operating income (loss) to
Adjusted Operating Income (Loss), please see page 8 of this
release.
The Company defines Free Cash Flow, which is a
non-GAAP financial measure, as net cash provided by operating
activities less capital expenditures, all of which are reported in
our Consolidated Statement of Cash Flows. The Company believes the
most comparable GAAP financial measure of its liquidity is net cash
provided by operating activities. The Company believes that Free
Cash Flow is useful as an indicator of its overall liquidity, as
the amount of Free Cash Flow generated in any period is
representative of cash that is available for debt repayment,
investment, and other discretionary and non-discretionary cash
uses. The Company also believes that Free Cash Flow is one of
several benchmarks used by analysts and investors who follow the
industry for comparison of its liquidity with other companies in
the industry, although the Company’s measure of Free Cash Flow may
not be directly comparable to similar measures reported by other
companies. For a reconciliation of net cash provided by operating
activities to Free Cash Flow, please see page 11 of this
release.
The Company defines Adjusted Earnings per
Diluted Share (“Adjusted EPS”), which is a non-GAAP financial
measure, as earnings per diluted share excluding the following
items: amortization of acquisition-related intangible assets;
impairment and other charges (including gains or losses on sales or
dispositions of businesses); non-cash impairments of goodwill,
intangible and fixed assets; restructuring and other related
charges; and the impact associated with the modification of debt
arrangements, including gains and losses related to the
extinguishment of debt; as well as the impact of taxes on the
aforementioned items. The Company believes the most comparable GAAP
financial measure is earnings per diluted share. The Company
believes that Adjusted EPS is one of several benchmarks used by
analysts and investors who follow the industry for comparison of
its performance with other companies in the industry, although the
Company’s measure of Adjusted EPS may not be directly comparable to
similar measures reported by other companies. For a reconciliation
of earnings per diluted share to Adjusted EPS, please see page 12
of this release.
Forward-Looking Statements
This earnings release may contain statements
that constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are based on management's current expectations and are
subject to uncertainty and changes in circumstances. Investors are
cautioned that any such forward-looking statements are not
guarantees of future performance or results and involve risks and
uncertainties and that actual results or developments may differ
materially from those in the forward-looking statements as a result
of various factors, including financial community and rating agency
perceptions of the Company and its business, operations, financial
condition and the industries in which it operates and the factors
described in the Company’s filings with the Securities and Exchange
Commission, including the sections entitled "Risk Factors" and
"Management’s Discussion and Analysis of Financial Condition and
Results of Operations" contained therein. The Company disclaims any
obligation to update any forward-looking statements contained
herein.
Conference Call Information
AMC Networks will host a conference call today
at 8:30 a.m. ET to discuss its first quarter 2024 results. To
listen to the call, please visit investors.amcnetworks.com.
About AMC Networks Inc.
AMC Networks (Nasdaq: AMCX) is home to many of
the greatest stories and characters in TV and film and the premier
destination for passionate and engaged fan communities around the
world. The company creates and curates celebrated series and films
across distinct brands and makes them available to audiences
everywhere. Its portfolio includes targeted streaming services
AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and HIDIVE; cable
networks AMC, BBC AMERICA (operated through a joint venture with
BBC Studios, which includes U.S. distribution and sales
responsibilities for BBC News), IFC, SundanceTV and WE tv; and film
distribution labels IFC Films and RLJE Films. The company also
operates AMC Studios, its in-house studio, production and
distribution operation behind acclaimed and fan-favorite original
franchises including The Walking Dead Universe and the Anne Rice
Immortal Universe; and AMC Networks International, its
international programming business.
Contacts
Investor Relations |
|
Corporate Communications |
Nicholas Seibert |
|
Georgia Juvelis |
nicholas.seibert@amcnetworks.com |
|
georgia.juvelis@amcnetworks.com |
AMC NETWORKS
INC.CONSOLIDATED STATEMENTS OF
INCOME (Dollars in thousands, except per
share amounts)(unaudited)
|
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Revenues, net |
$ |
596,461 |
|
|
$ |
717,447 |
|
Operating expenses: |
|
|
|
Technical and operating (excluding depreciation and
amortization) |
|
271,576 |
|
|
|
326,729 |
|
Selling, general and administrative |
|
188,881 |
|
|
|
185,606 |
|
Depreciation and amortization |
|
25,826 |
|
|
|
25,875 |
|
Restructuring and other related charges |
|
— |
|
|
|
5,933 |
|
Total operating expenses |
|
486,283 |
|
|
|
544,143 |
|
Operating income |
|
110,178 |
|
|
|
173,304 |
|
Other income (expense): |
|
|
|
Interest expense |
|
(32,841 |
) |
|
|
(37,617 |
) |
Interest income |
|
8,885 |
|
|
|
7,916 |
|
Miscellaneous, net |
|
(5,190 |
) |
|
|
4,589 |
|
Total other expense |
|
(29,146 |
) |
|
|
(25,112 |
) |
Income from operations before income taxes |
|
81,032 |
|
|
|
148,192 |
|
Income tax expense |
|
(23,649 |
) |
|
|
(36,899 |
) |
Net income including noncontrolling interests |
|
57,383 |
|
|
|
111,293 |
|
Net income attributable to noncontrolling interests |
|
(11,580 |
) |
|
|
(7,683 |
) |
Net income attributable to AMC Networks’ stockholders |
$ |
45,803 |
|
|
$ |
103,610 |
|
|
|
|
|
Net income per share attributable to AMC Networks’
stockholders: |
|
|
|
Basic |
$ |
1.04 |
|
|
$ |
2.37 |
|
Diluted |
$ |
1.03 |
|
|
$ |
2.36 |
|
|
|
|
|
Weighted average common shares: |
|
|
|
Basic |
|
44,068 |
|
|
|
43,628 |
|
Diluted |
|
44,600 |
|
|
|
43,837 |
|
AMC NETWORKS
INC.SUPPLEMENTAL FINANCIAL
DATA (Dollars in
thousands)(Unaudited)
|
Three Months Ended March 31, 2024 |
|
|
Domestic Operations |
|
International |
|
Corporate /Inter-segment Eliminations |
|
Consolidated |
Operating income (loss) |
$ |
142,017 |
|
$ |
8,609 |
|
$ |
(40,448 |
) |
|
$ |
110,178 |
Share-based compensation expenses |
|
3,230 |
|
|
766 |
|
|
2,079 |
|
|
|
6,075 |
Depreciation and amortization |
|
10,027 |
|
|
4,025 |
|
|
11,774 |
|
|
|
25,826 |
Cloud computing amortization |
|
3,548 |
|
|
— |
|
|
— |
|
|
|
3,548 |
Majority owned equity investees AOI |
|
3,497 |
|
|
— |
|
|
— |
|
|
|
3,497 |
Adjusted operating income (loss) |
$ |
162,319 |
|
$ |
13,400 |
|
$ |
(26,595 |
) |
|
$ |
149,124 |
|
|
Three Months Ended March 31, 2023 |
|
|
Domestic Operations |
|
International |
|
Corporate /Inter-segment Eliminations |
|
Consolidated |
Operating income (loss) |
$ |
199,488 |
|
$ |
14,142 |
|
$ |
(40,326 |
) |
|
$ |
173,304 |
Share-based compensation expenses |
|
4,447 |
|
|
839 |
|
|
359 |
|
|
|
5,645 |
Depreciation and amortization |
|
11,854 |
|
|
4,771 |
|
|
9,250 |
|
|
|
25,875 |
Restructuring and other related charges |
|
818 |
|
|
1,385 |
|
|
3,730 |
|
|
|
5,933 |
Cloud computing amortization |
|
5 |
|
|
— |
|
|
2,225 |
|
|
|
2,230 |
Majority owned equity investees AOI |
|
2,776 |
|
|
— |
|
|
— |
|
|
|
2,776 |
Adjusted operating income (loss) |
$ |
219,388 |
|
$ |
21,137 |
|
$ |
(24,762 |
) |
|
$ |
215,763 |
|
|
AMC NETWORKS
INC.SUPPLEMENTAL FINANCIAL
DATA (Dollars in
thousands)(Unaudited)
Capitalization |
March 31, 2024 |
|
Cash and cash equivalents |
$ |
690,522 |
|
|
|
|
Credit facility debt (a) |
$ |
590,625 |
|
Senior notes (a) |
|
1,774,729 |
|
Total debt |
$ |
2,365,354 |
|
|
|
|
Net debt |
$ |
1,674,832 |
|
|
|
|
Finance leases |
|
17,933 |
|
Net debt and finance leases |
$ |
1,692,765 |
|
|
|
|
|
Twelve Months Ended March 31, 2024 |
|
Operating Income (GAAP) |
$ |
325,286 |
|
Share-based compensation expense |
|
26,095 |
|
Depreciation and amortization |
|
107,353 |
|
Restructuring and other related charges |
|
21,854 |
|
Impairment and other charges |
|
96,689 |
|
Cloud computing amortization |
|
11,861 |
|
Majority owned equity investees |
|
14,327 |
|
Adjusted Operating Income (Non-GAAP) |
$ |
603,465 |
|
|
|
|
Leverage ratio (b) |
|
2.8 |
x |
(a) Represents the aggregate principal amount of the debt.(b)
Represents net debt and finance leases divided by Adjusted
Operating Income for the twelve months ended March 31, 2024.
This ratio differs from the calculation contained in the Company's
credit facility. No adjustments have been made for consolidated
entities that are not 100% owned. |
AMC NETWORKS
INC.SUPPLEMENTAL FINANCIAL
DATA (Dollars in
thousands)(Unaudited)
Subsequent to the quarter ended March 31, 2024,
AMC Networks entered into a series of refinancing transactions in
April which are summarized in the table below to present AMC
Networks pro forma capitalization.
Capitalization |
March 31, 2024 |
|
Financing Adjustments(a) |
|
As Adjusted as of March 31, 2024(a) |
|
Cash and cash equivalents |
$ |
690,522 |
|
$ |
(89,354 |
) |
|
$ |
601,168 |
|
|
|
|
|
|
|
|
Credit facility debt (b) |
$ |
590,625 |
|
$ |
(165,625 |
) |
|
$ |
425,000 |
|
|
|
|
|
|
|
|
4.75% Senior Notes due August 2025 |
$ |
774,729 |
|
$ |
(774,729 |
) |
|
$ |
— |
|
4.25% Senior Notes due February 2029 |
|
1,000,000 |
|
|
— |
|
|
|
1,000,000 |
|
10.25% Senior Secured Notes due January 2029 |
|
— |
|
|
875,000 |
|
|
|
875,000 |
|
Senior notes (b) |
$ |
1,774,729 |
|
$ |
100,271 |
|
|
$ |
1,875,000 |
|
Total debt |
$ |
2,365,354 |
|
$ |
(65,354 |
) |
|
$ |
2,300,000 |
|
|
|
|
|
|
|
|
Net debt |
$ |
1,674,832 |
|
$ |
24,000 |
|
|
$ |
1,698,832 |
|
|
|
|
|
|
|
|
Finance leases |
|
17,933 |
|
|
— |
|
|
|
17,933 |
|
Net debt and finance leases |
$ |
1,692,765 |
|
$ |
24,000 |
|
|
$ |
1,716,765 |
|
|
|
|
|
|
|
|
Twelve months ended March 31, 2024 Adjusted Operating Income
(Non-GAAP) |
$ |
603,465 |
|
|
|
$ |
603,465 |
|
|
|
|
|
|
|
|
Leverage ratio (c) |
|
2.8 |
x |
|
|
|
2.8 |
x |
(a) The “Financing Adjustments” and “As Adjusted as of March 31,
2024” columns reflects adjustments for, and the impacts of, the
refinancing transactions undertaken during the first and second
quarters of 2024 described under “Other Matters” in the
accompanying earnings release.(b) Represents the aggregate
principal amount of the debt.(c) Represents net debt and finance
leases divided by Adjusted Operating Income for the twelve months
ended March 31, 2024. This ratio differs from the calculation
contained in the Company's credit facility. No adjustments have
been made for consolidated entities that are not 100% owned.Note:
Includes estimated fees and expenses of $24 million. |
AMC NETWORKS
INC.SUPPLEMENTAL FINANCIAL
DATA (Dollars in thousands)
(Unaudited)
Free Cash
Flow (1) |
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Net cash provided by (used in) operating activities |
$ |
150,869 |
|
|
$ |
(132,519 |
) |
Less: capital expenditures |
|
(6,720 |
) |
|
|
(11,498 |
) |
Free Cash Flow |
$ |
144,149 |
|
|
$ |
(144,017 |
) |
Supplemental Cash Flow
Information |
Three Months Ended March 31, |
|
|
2024 |
|
|
|
2023 |
|
Restructuring initiatives (2) |
$ |
(4,821 |
) |
|
$ |
(56,886 |
) |
Distributions to noncontrolling interests |
|
(1,168 |
) |
|
|
(11,502 |
) |
|
|
|
|
(1) Free Cash Flow includes the impact of certain cash receipts or
payments (such as restructuring initiatives, significant legal
settlements, and programming write-offs) that affect
period-to-period comparability. |
(2) Restructuring initiatives includes cash payments of $1.3
million for content impairments and other exit costs and $3.5
million for severance and employee-related costs for the three
months ended March 31, 2024. Restructuring initiatives includes
cash payments of $41.0 million for content impairments and other
exit costs and $15.9 million for severance and employee-related
costs for the three months ended March 31, 2023. |
AMC NETWORKS
INC.SUPPLEMENTAL FINANCIAL
DATA (Dollars in thousands, except per share
amounts) (Unaudited)
Adjusted
Earnings Per Share |
|
Three Months Ended March 31, 2024 |
|
Income from operations before income taxes |
|
Income tax expense |
|
Net income attributable to noncontrolling interests |
|
Net income attributable to AMC Networks' stockholders |
|
Diluted EPS attributable to AMC Networks' stockholders |
Reported Results (GAAP) |
$ |
81,032 |
|
$ |
(23,649 |
) |
|
$ |
(11,580 |
) |
|
$ |
45,803 |
|
$ |
1.03 |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets |
|
8,556 |
|
|
(1,873 |
) |
|
|
(962 |
) |
|
|
5,721 |
|
|
0.13 |
Restructuring and other related charges |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
Impairment and other charges |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
Impact of debt modification |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
Adjusted Results (Non-GAAP) |
$ |
89,588 |
|
$ |
(25,522 |
) |
|
$ |
(12,542 |
) |
|
$ |
51,524 |
|
$ |
1.16 |
|
Three Months Ended March 31, 2023 |
|
Income from operations before income taxes |
|
Income tax expense |
|
Net income attributable to noncontrolling interests |
|
Net income attributable to AMC Networks' stockholders |
|
Diluted EPS attributable to AMC Networks' stockholders |
Reported Results (GAAP) |
$ |
148,192 |
|
$ |
(36,899 |
) |
|
$ |
(7,683 |
) |
|
$ |
103,610 |
|
$ |
2.36 |
Adjustments: |
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangible assets |
|
10,418 |
|
|
(2,071 |
) |
|
|
(1,705 |
) |
|
|
6,642 |
|
|
0.15 |
Restructuring and other related charges |
|
5,933 |
|
|
(1,344 |
) |
|
|
(114 |
) |
|
|
4,475 |
|
|
0.11 |
Impairment and other charges |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
Impact of debt modification |
|
— |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
— |
Adjusted Results (Non-GAAP) |
$ |
164,543 |
|
$ |
(40,314 |
) |
|
$ |
(9,502 |
) |
|
$ |
114,727 |
|
$ |
2.62 |
AMC Networks (NASDAQ:AMCX)
Gráfica de Acción Histórica
De Abr 2024 a May 2024
AMC Networks (NASDAQ:AMCX)
Gráfica de Acción Histórica
De May 2023 a May 2024