AMC Networks Inc. Reports First Quarter 2024 Results
AMC Networks Inc. reported financial results for Q1 2024, highlighting operational successes like hit series debuts and content expansions. The company strengthened its balance sheet through financing transactions, extended debt maturities, and showcased positive cash flow performance. However, net revenues decreased by 17% and diluted EPS by 56.4% compared to the prior year.
Successful debut of hit series The Walking Dead: The Ones Who Live and strategic content expansions.
Strengthened balance sheet through financing transactions and extended debt maturities.
Positive net cash flow performance with $151 million provided by operating activities and $144 million in Free Cash Flow.
Announced plans to roll out standalone ad-supported versions of Acorn TV, Shudder, ALLBLK, and HIDIVE in 2025.
Net revenues decreased by 17% to $596 million compared to the prior year.
Diluted EPS decreased by 56.4% to $1.03 in Q1 2024.
Operating income decreased by 36.4% to $110 million in Q1 2024.
International revenues decreased by 30% to $76 million in Q1 2024.
Insights
NEW YORK, May 10, 2024 (GLOBE NEWSWIRE) -- 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 of25% . - Net revenues of
$596 million decreased17% from the prior year. Excluding nonrecurring revenues related to Silo and 25/7 Media, net revenues decreased6% .- Streaming revenues of
$145 million increased3% from the prior year.
- Streaming revenues of
- 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 decreased6% .- 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.
- Streaming subscribers increased
- Affiliate revenues decreased
14% , primarily due to basic subscriber declines.
- Streaming revenues increased
- 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 increased31% .
- Subscription revenues decreased
- 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.
- Distribution and other revenues decreased
- Operating income decreased
29% to$142 million . - Adjusted Operating Income decreased
26% to$162 million , with a margin of31% . 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 decreased3% .- 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.
- Subscription revenues decreased
- 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.
- Distribution and other revenues decreased
- Operating income decreased
39% to$9 million . - Adjusted Operating Income decreased
37% to$13 million , with a margin of18% . 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
Senior Secured Notes due January 2029 Offering
- The Company issued
$875 million aggregate principal amount of10.25% 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
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 |
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 | |||
| $ | 774,729 | $ | (774,729 | ) | $ | — | ||||
| 1,000,000 | — | 1,000,000 | ||||||||
| — | 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 Note: Includes estimated fees and expenses of |
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 | |||||||
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 | ||||
FAQ
What were AMC Networks' net revenues for the first quarter ended March 31, 2024?
What was the diluted EPS for AMC Networks in the first quarter of 2024?
What operational highlights did AMC Networks report for Q1 2024?
How did AMC Networks strengthen its balance sheet in Q1 2024?
What was the Free Cash Flow reported by AMC Networks for the first quarter of 2024?
