AMC Networks Inc. Reports Third Quarter 2021 Results
AMC Networks reported strong third quarter results for 2021, with a 24% increase in net revenues to $811 million, driven by content licensing, streaming, and advertising growth. Operating income rose 35% to $188 million, while diluted EPS increased 118% to $2.55. The Company anticipates achieving 9 million paid subscribers by year-end and has raised its full-year guidance for revenue and adjusted operating income. Despite a 139.8% decline in net cash from operating activities, AMC is focused on sustainable streaming growth and expanding its content portfolio.
- 24% increase in net revenues to $811 million.
- 35% increase in operating income to $188 million.
- 118% increase in diluted EPS to $2.55.
- Full-year financial guidance raised for revenue and AOI.
- On track to achieve 9 million paid subscribers by year-end.
- Net cash used in operating activities decreased by 139.8% to $(87.2 million).
- Free Cash Flow declined by 149.9% to $(101.3 million).
NEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2021.
Interim Chief Executive Officer Matt Blank said: "AMC Networks is in a very strong position, underscored by its third quarter revenue and AOI growth of
Third Quarter Financial Highlights:
- Net revenues increased
24% to$811 million as compared to the prior year quarter, driven by growth in content licensing, streaming and advertising revenues - Operating income increased
35% to$188 million ; Adjusted Operating Income(1) increased21% to$225 million as compared to the prior year quarter - Diluted EPS of
$2.55 ; Adjusted Diluted EPS(1) of$2.68
| Dollars in thousands, except per share amounts | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
| 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||
| Net Revenues | $ | 810,766 | $ | 654,015 | 24.0 | % | $ | 2,273,899 | $ | 2,034,681 | 11.8 | % | |||||||||||||
| Operating Income | $ | 188,326 | $ | 139,477 | 35.0 | % | $ | 426,290 | $ | 361,249 | 18.0 | % | |||||||||||||
| Adjusted Operating Income | $ | 224,691 | $ | 185,491 | 21.1 | % | $ | 713,307 | $ | 633,223 | 12.6 | % | |||||||||||||
| Diluted Earnings Per Share | $ | 2.55 | $ | 1.17 | 117.9 | % | $ | 5.39 | $ | 2.69 | 100.4 | % | |||||||||||||
| Adjusted Diluted Earnings Per Share | $ | 2.68 | $ | 1.32 | 103.0 | % | $ | 9.11 | $ | 5.17 | 76.2 | % | |||||||||||||
| Net cash (used in) provided by operating activities | $ | (87,183 | ) | $ | 219,175 | (139.8 | ) | % | $ | 43,984 | $ | 644,087 | (93.2 | ) | % | ||||||||||
| Free Cash Flow(1) | $ | (101,297 | ) | $ | 203,009 | (149.9 | ) | % | $ | (891 | ) | $ | 595,142 | (100.1 | ) | % | |||||||||
Operational Highlights:
- On track to achieve 2021 year-end streaming subscriber target
- Increasing full year 2021 financial outlook for total company revenue and adjusted operating income growth
- Premiered season 11 of The Walking Dead, which was a top driver of subscriber acquisition and viewership, on AMC+
- Greenlit new AMC+ and AMC series Interview With the Vampire, Tales of the Walking Dead, Dark Winds, and Moonhaven
- Opened writers rooms for development of potential new original series including Anne Rice’s Lives of the Mayfair Witches, Demascus and Invitation to a Bonfire
- Kicked off Shudder’s 61 Days of Halloween annual event
- Launched innovative AMC+ promotional partnership with Verizon Wireless and Verizon Fios
Segment Results
(dollars in thousands)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||
| 2021 | 2020 | Change | 2021 | 2020 | Change | ||||||||||||||||||||||
| Net Revenues: | |||||||||||||||||||||||||||
| Domestic Operations | $ | 682,746 | $ | 546,865 | 24.8 | % | $ | 1,895,730 | $ | 1,721,690 | 10.1 | % | |||||||||||||||
| International and Other | 129,940 | 111,398 | 16.6 | % | 389,384 | 326,908 | 19.1 | % | |||||||||||||||||||
| Corporate / Inter-segment Eliminations | (1,920 | ) | (4,248 | ) | 54.8 | % | (11,215 | ) | (13,917 | ) | 19.4 | % | |||||||||||||||
| Total Net Revenues | $ | 810,766 | $ | 654,015 | 24.0 | % | $ | 2,273,899 | $ | 2,034,681 | 11.8 | % | |||||||||||||||
| Operating Income: | |||||||||||||||||||||||||||
| Domestic Operations | $ | 213,299 | $ | 179,259 | 19.0 | % | $ | 517,874 | $ | 621,446 | (16.7 | ) | % | ||||||||||||||
| International and Other | 15,564 | 3,061 | 408.5 | % | 32,365 | (118,140 | ) | 127.4 | % | ||||||||||||||||||
| Corporate / Inter-segment Eliminations | (40,537 | ) | (42,843 | ) | 5.4 | % | (123,949 | ) | (142,057 | ) | 12.7 | % | |||||||||||||||
| Total Operating Income | $ | 188,326 | $ | 139,477 | 35.0 | % | $ | 426,290 | $ | 361,249 | 18.0 | % | |||||||||||||||
| Adjusted Operating Income: | |||||||||||||||||||||||||||
| Domestic Operations | $ | 231,076 | $ | 205,614 | 12.4 | % | $ | 723,749 | $ | 683,000 | 6.0 | % | |||||||||||||||
| International and Other | 22,109 | 8,917 | 147.9 | % | 70,777 | 42,343 | 67.2 | % | |||||||||||||||||||
| Corporate / Inter-segment Eliminations | (28,494 | ) | (29,040 | ) | 1.9 | % | (81,219 | ) | (92,120 | ) | 11.8 | % | |||||||||||||||
| Total Adjusted Operating Income | $ | 224,691 | $ | 185,491 | 21.1 | % | $ | 713,307 | $ | 633,223 | 12.6 | % | |||||||||||||||
Domestic Operations
- Domestic Operations revenues for the third quarter increased
25% to$683 million compared to the prior year quarter- Distribution and Other revenues increased
26% to$483 million - Content licensing revenues increased
60% , driven by a higher number of distributed original programs as compared to the prior comparable period as a result of earlier COVID-19 pandemic production delays - Subscription revenues increased
14% due to increased streaming revenues driven by increased subscribers to our streaming services, partially offset by a low-single digit decrease in linear affiliate revenues, attributable to declines in the linear subscriber universe
- Content licensing revenues increased
- Advertising revenues increased
22% to$200 million due to higher pricing and ad-supported streaming growth, and an increase in the number of episodes of our original programming, partially offset by lower linear ratings
- Distribution and Other revenues increased
- Operating Income increased
19% to$213 million in the quarter - Adjusted Operating Income increased
12% to$231 million , reflecting increased advertising and distribution revenues, partially offset by increased programming and subscriber acquisition and retention marketing investments to support the continued growth of streaming revenue
International and Other
- International and Other revenues for the third quarter of 2021 increased
17% to$130 million compared to the prior year quarter- Distribution and Other revenues increased
13% to$105 million primarily due to increased production revenues at 25/7 Media and increased distribution revenues at AMCNI, as well as the favorable impact of foreign currency translation - Advertising revenues increased
34% to$25 million largely related to higher pricing, better ratings and the favorable impact of foreign currency translation at AMCNI
- Distribution and Other revenues increased
- Operating Income increased
409% to$16 million in the quarter - Adjusted Operating Income increased
148% to$22 million in the quarter- Operating Income and Adjusted Operating Income reflected the increase in Advertising and Distribution and Other revenues, partially offset by an increase in selling, general and administrative expense
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 October 29, 2021 the Company had 30,767,784 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Please see the Company’s Form 10-Q for the period ended September 30, 2021 for further details regarding the above matters.
Description of Non-GAAP Measures
The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before depreciation and amortization, cloud computing amortization, share-based compensation expense or benefit, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, 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.
Internally, the Company uses net revenues and Adjusted Operating Income (Loss) measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators. 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 pages 7-8 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 and cash distributions to noncontrolling interests, 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 9 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 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 pages 10-11 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 third quarter 2021 results. To listen to the call, visit http://www.amcnetworks.com or dial 833-714-3268, using the following conference ID: 1525219.
About AMC Networks Inc.
AMC Networks is a global entertainment company known for its popular and critically-acclaimed content. Its portfolio of brands includes AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films, and a number of fast-growing streaming services, including the AMC+ premium streaming bundle, Acorn TV, Shudder, Sundance Now and ALLBLK. AMC Studios, the Company’s in-house studio, production and distribution operation, is behind award-winning owned series and franchises, including The Walking Dead, the highest-rated series in cable history. The Company also operates AMC Networks International, its international programming business, and 25/7 Media, its production services business.
Contacts
| Investor Relations | Corporate Communications | |
| Nicholas Seibert (646) 740-5749 | Georgia Juvelis (917) 542-6390 | |
| nicholas.seibert@amcnetworks.com | georgia.juvelis@amcnetworks.com |
AMC NETWORKS INC.
CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Revenues, net | $ | 810,766 | $ | 654,015 | $ | 2,273,899 | $ | 2,034,681 | |||||||||||
| Operating expenses: | |||||||||||||||||||
| Technical and operating (excluding depreciation and amortization) | 378,264 | 333,816 | 997,677 | 960,379 | |||||||||||||||
| Selling, general and administrative | 220,011 | 148,769 | 610,164 | 488,581 | |||||||||||||||
| Depreciation and amortization | 23,411 | 27,547 | 71,261 | 80,182 | |||||||||||||||
| Impairment and other charges | — | — | 158,973 | 130,411 | |||||||||||||||
| Restructuring and other related charges | 754 | 4,406 | 9,534 | 13,879 | |||||||||||||||
| 622,440 | 514,538 | 1,847,609 | 1,673,432 | ||||||||||||||||
| Operating income | 188,326 | 139,477 | 426,290 | 361,249 | |||||||||||||||
| Other income (expense): | |||||||||||||||||||
| Interest expense | (31,413 | ) | (33,418 | ) | (97,674 | ) | (105,283 | ) | |||||||||||
| Interest income | 2,264 | 2,994 | 7,614 | 11,276 | |||||||||||||||
| Loss on extinguishment of debt | — | — | (22,074 | ) | (2,908 | ) | |||||||||||||
| Miscellaneous, net | 54 | 11,138 | 19,634 | (10,088 | ) | ||||||||||||||
| (29,095 | ) | (19,286 | ) | (92,500 | ) | (107,003 | ) | ||||||||||||
| Income from operations before income taxes | 159,231 | 120,191 | 333,790 | 254,246 | |||||||||||||||
| Income tax expense | (40,744 | ) | (52,195 | ) | (77,980 | ) | (95,490 | ) | |||||||||||
| Net income including noncontrolling interests | 118,487 | 67,996 | 255,810 | 158,756 | |||||||||||||||
| Net income attributable to noncontrolling interests | (7,836 | ) | (6,356 | ) | (22,253 | ) | (13,488 | ) | |||||||||||
| Net income attributable to AMC Networks’ stockholders | $ | 110,651 | $ | 61,640 | $ | 233,557 | $ | 145,268 | |||||||||||
| Net income per share attributable to AMC Networks’ stockholders: | |||||||||||||||||||
| Basic | $ | 2.60 | $ | 1.18 | $ | 5.52 | $ | 2.72 | |||||||||||
| Diluted | $ | 2.55 | $ | 1.17 | $ | 5.39 | $ | 2.69 | |||||||||||
| Weighted average common shares: | |||||||||||||||||||
| Basic | 42,506 | 52,346 | 42,308 | 53,374 | |||||||||||||||
| Diluted | 43,440 | 52,904 | 43,332 | 53,917 | |||||||||||||||
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
| Three Months Ended September 30, 2021 | ||||||||||||||||
| Domestic Operations | International and Other | Corporate / Inter-segment Eliminations | Consolidated | |||||||||||||
| Operating income (loss) | $ | 213,299 | $ | 15,564 | $ | (40,537 | ) | $ | 188,326 | |||||||
| Share-based compensation expense | 4,174 | 545 | 4,736 | 9,455 | ||||||||||||
| Depreciation and amortization | 11,589 | 5,200 | 6,622 | 23,411 | ||||||||||||
| Impairment and other charges | — | — | — | — | ||||||||||||
| Restructuring and other related charges | (135 | ) | 800 | 89 | 754 | |||||||||||
| Cloud computing amortization | — | — | 596 | 596 | ||||||||||||
| Majority owned equity investees AOI | 2,149 | — | — | 2,149 | ||||||||||||
| Adjusted operating income (loss) | $ | 231,076 | $ | 22,109 | $ | (28,494 | ) | $ | 224,691 | |||||||
| Three Months Ended September 30, 2020 | ||||||||||||||||
| Domestic Operations | International and Other | Corporate / Inter-segment Eliminations | Consolidated | |||||||||||||
| Operating income (loss) | $ | 179,259 | $ | 3,061 | $ | (42,843 | ) | $ | 139,477 | |||||||
| Share-based compensation expense | 4,437 | 919 | 7,038 | 12,394 | ||||||||||||
| Depreciation and amortization | 15,799 | 4,937 | 6,811 | 27,547 | ||||||||||||
| Impairment and other charges | — | — | — | — | ||||||||||||
| Restructuring and other related charges | 4,452 | — | (46 | ) | 4,406 | |||||||||||
| Majority owned equity investees AOI | 1,667 | — | — | 1,667 | ||||||||||||
| Adjusted operating income (loss) | $ | 205,614 | $ | 8,917 | $ | (29,040 | ) | $ | 185,491 | |||||||
| Nine Months Ended September 30, 2021 | ||||||||||||||||
| Domestic Operations | International and Other | Corporate / Inter-segment Eliminations | Consolidated | |||||||||||||
| Operating income (loss) | $ | 517,874 | $ | 32,365 | $ | (123,949 | ) | $ | 426,290 | |||||||
| Share-based compensation expense | 17,105 | 2,689 | 19,369 | 39,163 | ||||||||||||
| Depreciation and amortization | 36,678 | 14,477 | 20,106 | 71,261 | ||||||||||||
| Impairment and other charges | 143,000 | 15,973 | — | 158,973 | ||||||||||||
| Restructuring and other related charges | 2,508 | 5,273 | 1,753 | 9,534 | ||||||||||||
| Cloud computing amortization | — | — | 1,502 | 1,502 | ||||||||||||
| Majority owned equity investees AOI | 6,584 | — | — | 6,584 | ||||||||||||
| Adjusted operating income (loss) | $ | 723,749 | $ | 70,777 | $ | (81,219 | ) | $ | 713,307 | |||||||
| Nine Months Ended September 30, 2020 | |||||||||||||||||
| Domestic Operations | International and Other | Corporate / Inter-segment Eliminations | Consolidated | ||||||||||||||
| Operating income (loss) | $ | 621,446 | $ | (118,140 | ) | $ | (142,057 | ) | $ | 361,249 | |||||||
| Share-based compensation expense | 12,005 | 2,437 | 28,699 | 43,141 | |||||||||||||
| Depreciation and amortization | 38,050 | 21,396 | 20,736 | 80,182 | |||||||||||||
| Impairment and other charges | — | 130,411 | — | 130,411 | |||||||||||||
| Restructuring and other related charges | 7,138 | 6,239 | 502 | 13,879 | |||||||||||||
| Majority owned equity investees AOI | 4,361 | — | — | 4,361 | |||||||||||||
| Adjusted operating income (loss) | $ | 683,000 | $ | 42,343 | $ | (92,120 | ) | $ | 633,223 | ||||||||
AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(In thousands)
(Unaudited)
| Capitalization | September 30, 2021 | |||
| Cash and cash equivalents | $ | 870,967 | ||
| Credit facility debt (a) | $ | 675,000 | ||
| Senior notes (a) | 2,200,000 | |||
| Other debt | 1,500 | |||
| Total debt | $ | 2,876,500 | ||
| Net debt | $ | 2,005,533 | ||
| Finance leases | 28,229 | |||
| Net debt and finance leases | $ | 2,033,762 | ||
| Twelve Months Ended September 30, 2021 | ||||
| Operating Income (GAAP) | $ | 507,685 | ||
| Share-based compensation expense | 48,930 | |||
| Depreciation and amortization | 95,685 | |||
| Impairment and other charges | 150,789 | |||
| Restructuring and other related charges | 30,723 | |||
| Cloud computing amortization | 1,702 | |||
| Majority owned equity investees | 11,181 | |||
| Adjusted Operating Income (Non-GAAP) | $ | 846,695 | ||
| Leverage ratio (b) | 2.4 | x | ||
- Represents the aggregate principal amount of the debt.
- Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended September 30, 2021. 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.
| Free Cash Flow | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||
| 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| Net cash (used in) provided by operating activities | $ | (87,183 | ) | $ | 219,175 | $ | 43,984 | $ | 644,087 | ||||||||||
| Less: capital expenditures | (11,120 | ) | (12,818 | ) | (29,969 | ) | (34,990 | ) | |||||||||||
| Less: distributions to noncontrolling interests | (2,994 | ) | (3,348 | ) | (14,906 | ) | (13,955 | ) | |||||||||||
| Free cash flow | $ | (101,297 | ) | $ | 203,009 | $ | (891 | ) | $ | 595,142 | |||||||||
| Adjusted Earnings Per Diluted Share | |||||||||||||||||||||
| Three Months Ended September 30, 2021 | |||||||||||||||||||||
| 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) | $ | 159,231 | $ | (40,744 | ) | $ | (7,836 | ) | $ | 110,651 | $ | 2.55 | |||||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 10,214 | (1,691 | ) | (2,951 | ) | 5,572 | 0.12 | ||||||||||||||
| Impairment and other charges | — | — | — | — | — | ||||||||||||||||
| Restructuring and other related charges | 754 | (387 | ) | 25 | 392 | 0.01 | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | ||||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 170,199 | $ | (42,822 | ) | $ | (10,762 | ) | $ | 116,615 | $ | 2.68 | |||||||||
| Three Months Ended September 30, 2020 | |||||||||||||||||||||
| 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) | $ | 120,191 | $ | (52,195 | ) | $ | (6,356 | ) | $ | 61,640 | $ | 1.17 | |||||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 9,548 | (1,464 | ) | (3,027 | ) | 5,057 | 0.09 | ||||||||||||||
| Impairment charges | — | — | — | — | — | ||||||||||||||||
| Restructuring and other related charges | 4,406 | (1,051 | ) | — | 3,355 | 0.06 | |||||||||||||||
| Loss on extinguishment of debt | — | — | — | — | — | ||||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 134,145 | $ | (54,710 | ) | $ | (9,383 | ) | $ | 70,052 | $ | 1.32 | |||||||||
| Nine Months Ended September 30, 2021 | |||||||||||||||||||||
| 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) | $ | 333,790 | $ | (77,980 | ) | $ | (22,253 | ) | $ | 233,557 | $ | 5.39 | |||||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 29,077 | (4,661 | ) | (8,928 | ) | 15,488 | 0.35 | ||||||||||||||
| Impairment charges | 158,973 | (38,078 | ) | — | 120,895 | 2.79 | |||||||||||||||
| Restructuring and other related charges | 9,534 | (1,419 | ) | 12 | 8,127 | 0.19 | |||||||||||||||
| Loss on extinguishment of debt | 22,074 | (5,257 | ) | — | 16,817 | 0.39 | |||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 553,448 | $ | (127,395 | ) | $ | (31,169 | ) | $ | 394,884 | $ | 9.11 | |||||||||
| Nine Months Ended September 30, 2020 | |||||||||||||||||||||
| 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) | $ | 254,246 | $ | (95,490 | ) | $ | (13,488 | ) | $ | 145,268 | $ | 2.69 | |||||||||
| Adjustments: | |||||||||||||||||||||
| Amortization of acquisition-related intangible assets | 32,642 | (5,413 | ) | (9,081 | ) | 18,148 | 0.34 | ||||||||||||||
| Impairment charges | 130,411 | (27,984 | ) | — | 102,427 | 1.90 | |||||||||||||||
| Restructuring and other related charges | 13,879 | (3,349 | ) | 13 | 10,543 | 0.20 | |||||||||||||||
| Loss on extinguishment of debt | 2,908 | (733 | ) | — | 2,175 | 0.04 | |||||||||||||||
| Adjusted Results (Non-GAAP) | $ | 434,086 | $ | (132,969 | ) | $ | (22,556 | ) | $ | 278,561 | $ | 5.17 | |||||||||
FAQ
What were AMC Networks' financial results for Q3 2021?
How much did AMC Networks' diluted EPS increase in Q3 2021?
What is AMC Networks' subscriber target for the end of 2021?
What is the significance of AMC Networks raising its full-year guidance?
What challenges did AMC Networks face according to its Q3 2021 results?
