Revenue Performance - Domestic Operations revenue for Q3 2024 was $530.2 million, a decrease of 2.0% from $541.2 million in Q3 2023[96]. - International revenue for Q3 2024 was $73.7 million, down 24.4% from $97.6 million in Q3 2023[96]. - Total consolidated revenue for the nine months ended September 30, 2024, was $1.82 billion, a decline of 10.4% compared to $2.03 billion for the same period in 2023[96]. - Total revenues for the three months ended September 30, 2024 were $530.2 million, down 2.0% from $541.2 million in the same period of 2023[129]. - Total net revenues decreased by 24.5% to $73.7 million for Q3 2024 and by 21.5% to $239.4 million for the nine months ended September 30, 2024[137]. Operating Income - Operating income for Domestic Operations in Q3 2024 was $130.0 million, a decrease of 19.5% from $161.6 million in Q3 2023[96]. - The company reported a total operating income of $93.7 million for Q3 2024, compared to $120.9 million in Q3 2023, reflecting a decrease of 22.5%[96]. - Operating income for the nine months ended September 30, 2024, decreased by 46.3% to $214,619,000 from $399,855,000 in the same period of 2023[109]. - Segment adjusted operating income for the three months ended September 30, 2024 was $150.2 million, down 18.8% from $185.0 million in the same period of 2023[129]. - Adjusted operating income for the nine months ended September 30, 2024, was $433,407,000, down from $569,808,000 in 2023, indicating a decline of about 24%[170]. Subscription and Advertising Revenue - Subscription revenue remains the largest component of distribution revenue, primarily based on affiliation agreements with distributors[100]. - For the nine months ended September 30, 2024, subscription revenues decreased by 6.2% to $1,110,099,000 compared to $1,183,562,000 in the same period of 2023[109]. - Subscription revenues decreased by 4.9% to $316.0 million for the three months ended September 30, 2024, primarily due to a 13.5% decline in affiliate revenues[130]. - Subscription revenues decreased by 13.6% to $48.5 million for Q3 2024 compared to Q3 2023, and by 12.4% to $149.0 million for the nine months ended September 30, 2024[137]. - Advertising revenues decreased by 11.2% in the Domestic Operations business for the nine months ended September 30, 2024, primarily due to linear ratings declines[111]. - Advertising revenues increased by 16.5% to $22.5 million for Q3 2024 and by 40.1% to $81.5 million for the nine months ended September 30, 2024, driven by digital advertising growth in the U.K. and improved ratings in Central and Northern Europe[137]. Expenses - Technical and operating expenses (excluding depreciation and amortization) decreased by 10.0% to $840,049,000 for the nine months ended September 30, 2024, compared to $933,590,000 in 2023[109]. - Selling, general and administrative expenses increased by 3.8% to $588,679,000 for the nine months ended September 30, 2024, compared to $567,136,000 in 2023[109]. - Technical and operating expenses (excluding depreciation and amortization) increased by 7.3% to $254.0 million for the three months ended September 30, 2024[132]. - Selling, general and administrative expenses increased by 4.0% to $128.3 million for the three months ended September 30, 2024, primarily due to higher employee-related costs[134]. - Selling, general and administrative expenses decreased by 18.3% to $26.5 million for Q3 2024 and by 6.9% to $82.8 million for the nine months ended September 30, 2024[140]. Net Income - Net income attributable to AMC Networks' stockholders decreased by 75.6% to $57,951,000 for the nine months ended September 30, 2024, down from $237,273,000 in 2023[109]. - The company’s net income for the nine months ended September 30, 2024, was $57.9 million, down from $237.3 million in 2023[162]. Cash Flow and Debt - Net cash provided by operating activities for the nine months ended September 30, 2024, was $317.5 million, a significant increase from $131.1 million in 2023, reflecting a growth of 142.2%[150]. - Free cash flow for the nine months ended September 30, 2024, was $293.3 million, up from $102.7 million in 2023, indicating an increase of 185.5%[155]. - Net cash used in financing activities decreased to $52.7 million in 2024 from $84.9 million in 2023, a reduction of 38%[152]. - As of September 30, 2024, the company had $2.4 billion in outstanding debt, with approximately 84% of it being fixed-rate debt[173]. - The carrying value of the company's fixed-rate debt was $1.98 billion, exceeding its fair value of $1.74 billion by $236.5 million as of September 30, 2024[172]. Impairments and Charges - An impairment charge of $68.0 million was recognized in the second quarter of 2024 due to a decline in the fair value of the AMCNI reporting unit[116]. - Impairment and other charges for the nine months ended September 30, 2024, amounted to $96,819,000, significantly higher than $30,282,000 in 2023, reflecting an increase of about 220%[170]. Acquisitions and Divestitures - The company divested its 25/7 Media business on December 29, 2023, leading to a reclassification of its operating segments[99]. - AMC Networks acquired the remaining 50.1% of BBC America for $42 million, now owning 100% of the business[148].

Core Insights - AMC Networks' shares increased by 3% after reporting third-quarter results that exceeded Wall Street expectations despite a 50% decline in 2024 to date [1][2] - Revenue for the quarter ending September 30 was $599.6 million, a 6% decrease compared to the previous year, while adjusted earnings per share fell to 91 cents from $1.85 [1][3] Revenue Breakdown - Streaming subscriber growth was a positive highlight, with a 5% increase resulting in a total of 11.8 million subscribers across services like AcornTV, Shudder, and AMC+ [3] - Streaming revenue rose by 5% to $152 million, although overall subscription revenue declined by 5% due to losses in linear subscriptions [3] Advertising and Affiliate Revenue - Both affiliate and advertising revenues experienced double-digit declines, with affiliate revenue down 13% to $164 million and advertising revenue falling 10% to $133 million [4] - The decline in advertising revenue was attributed to lower linear ratings and a challenging advertising market, although growth in digital and advanced advertising revenue was noted as a positive offset [4] Strategic Focus and Cash Flow - CEO Kristen Dolan emphasized the company's focus on programming, partnerships, and profitability, stating significant advancements in these areas during the quarter [5] - AMC Networks generated $293 million in free cash flow in 2024 and is on track to achieve a goal of approximately $500 million in cumulative free cash flow over two years [5]

Core Insights - AMC Networks reported revenue of $599.61 million for Q3 2024, a year-over-year decline of 5.9%, with EPS of $0.91 compared to $1.85 a year ago [1] - The revenue exceeded the Zacks Consensus Estimate of $597.9 million by 0.29%, while the EPS surprised by 5.81% against the consensus estimate of $0.86 [1] Revenue Performance - Domestic Operations revenue was $530.24 million, slightly above the average estimate of $526.20 million, reflecting a year-over-year decline of 2% [3] - Inter-segment eliminations reported revenue of -$4.34 million, worse than the average estimate of -$2.50 million, marking a year-over-year increase of 135.3% [3] - International and Other revenue was $73.71 million, slightly below the average estimate of $74.20 million, showing a significant year-over-year decline of 24.5% [3] Adjusted Operating Income - Adjusted Operating Income for Domestic Operations was $129.98 million, compared to the average estimate of $132.01 million [3] - Adjusted Operating Income for Inter-segment eliminations was -$45.03 million, worse than the average estimate of -$23.23 million [3] - Adjusted Operating Income for International and Other was $8.70 million, below the average estimate of $10.63 million [3] Stock Performance - AMC Networks shares have returned +5% over the past month, slightly outperforming the Zacks S&P 500 composite's +4.9% change [4] - The stock currently holds a Zacks Rank 5 (Strong Sell), indicating potential underperformance relative to the broader market in the near term [4]

分组1 - AMC Networks reported quarterly earnings of $0.91 per share, exceeding the Zacks Consensus Estimate of $0.86 per share, but down from $1.85 per share a year ago, representing an earnings surprise of 5.81% [1] - The company posted revenues of $599.61 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 0.29%, but down from $636.95 million year-over-year [2] - AMC Networks has surpassed consensus EPS estimates two times and revenue estimates three times over the last four quarters [2] 分组2 - The stock has underperformed significantly, losing about 55.6% since the beginning of the year compared to the S&P 500's gain of 25.2% [3] - The current consensus EPS estimate for the coming quarter is $1.28 on revenues of $617.49 million, and for the current fiscal year, it is $4.50 on revenues of $2.44 billion [7] - The Zacks Industry Rank for Broadcast Radio and Television is in the bottom 37% of over 250 Zacks industries, indicating potential challenges for the sector [8]

Financial Performance - Net revenues for Q3 2024 were $600 million, a decrease of 6% year-over-year; excluding $20 million from divested 25/7 Media, the decrease was 3%[5] - Revenues for Q3 2024 were $599.6 million, a decrease of 5.9% from $637.0 million in Q3 2023[32] - Operating income for Q3 2024 was $94 million, with adjusted operating income of $131 million, reflecting a margin of 22%[4][8] - Operating income for Q3 2024 was $93.7 million, down 22.5% from $120.9 million in Q3 2023[32] - Net income attributable to AMC Networks' stockholders for Q3 2024 was $41.4 million, a decline of 34.7% compared to $63.4 million in Q3 2023[32] - Adjusted EPS for Q3 2024 was $0.91, a decrease of 50.8% compared to the prior year[5] - Adjusted Earnings per Diluted Share (Adjusted EPS) for Q3 2024 was $0.76, compared to $1.44 in Q3 2023[32] Revenue Breakdown - Streaming revenues increased by 7% to $152 million, driven by year-over-year subscriber growth and price increases; streaming subscribers rose by 5% to 11.8 million[10][11] - Domestic operations revenues decreased by 2% to $530 million, with subscription revenues down 5% to $316 million[10] - International revenues fell by 24% to $74 million; excluding 25/7 Media revenues, the decrease was 6%[13] - Advertising revenues decreased by 10% to $133 million due to linear ratings declines, partially offset by growth in digital and advanced advertising[12] Cash Flow and Expenses - Free cash flow for the year to date reached $293 million, with Q3 free cash flow at $54 million[4][5] - Free cash flow for the three months ended September 30, 2024, is $53,941, a decrease of 45.5% compared to $99,150 in the same period of 2023[42] - Total operating expenses for Q3 2024 were $506.0 million, a slight decrease from $516.1 million in Q3 2023[32] - Interest expense increased to $45.1 million in Q3 2024 from $38.8 million in Q3 2023[32] - Capital expenditures for the nine months ended September 30, 2024, amount to $24,252, compared to $28,392 in the same period of 2023[42] Debt and Financial Position - Total debt for AMC Networks Inc. as of September 30, 2024, is $2,377,510, with net debt at $1,561,133[40] - The leverage ratio stands at 3.0x, calculated as net debt and finance leases divided by adjusted operating income[40] - The company reported a total of $2,003,760 in senior notes, which includes various maturities due between 2026 and 2029[40] Acquisitions and Strategic Moves - The company completed the acquisition of the remaining 50.1% of BBC America for $42 million, achieving 100% ownership and operational control[16] - AMC Networks operates multiple streaming services and cable networks, focusing on expanding its content offerings and audience engagement[30] Impairment and Charges - The company reported impairment and other charges of $96.8 million for the nine months ended September 30, 2024, compared to $30.3 million for the same period in 2023[32] - The company incurred impairment and other charges of $163,226 for the twelve months ended September 30, 2024[40] - Restructuring and other related charges for the three months ended September 30, 2024, total $3,496[45] Future Outlook - The company expects continued challenges in revenue growth due to market conditions and competition, impacting future performance[28]

NEW YORK, Nov. 08, 2024 (GLOBE NEWSWIRE) -- AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2024. Chief Executive Officer Kristin Dolan said: "As we manage this business within a complex and changing environment, we remain focused on our key strategic pillars - programming, partnerships and profitability. During the quarter, we made significant advancements across all three areas. We have generated $293 million of ...

AMC Networks (AMCX) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended September 2024. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.The earnings report, which is expected to be released on November 8, 2024, might help the stock move higher if these key numbers are better tha ...

NEW YORK, Oct. 24, 2024 (GLOBE NEWSWIRE) -- AMC Networks Inc. (NASDAQ: AMCX) will host a conference call to discuss results for the third quarter 2024 on Friday, November 8, 2024 at 10:00 a.m. Eastern Time. AMC Networks will issue a press release reporting its results before the market opening. The conference call will be webcast live via the company’s website at investors.amcnetworks.com. To access the conference call via telephone, please pre-register for the call to obtain the dial-in number and a passco ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of AMCX either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. We also hold a significant position in AMCX' public bond. This article is purely educational. Do your own research. Any communication from thi ...

Group 1 - The article introduces Eli Gooch as a new contributing analyst for Seeking Alpha, encouraging others to share their investment ideas for publication and potential earnings [1] - The focus is on identifying value in the market, particularly in small-cap stocks that offer asymmetric upside and sustainable high dividend yields [2] - The analyst emphasizes the importance of insider buying, high insider ownership, and a history of free cash flow growth as key factors in evaluating businesses [2] Group 2 - The analyst expresses a preference for long-term investments, aiming for superior returns during market downturns while being comfortable with matching market returns in bull runs [2] - The article highlights the analyst's educational background in Economics and Finance, which supports their investment strategy [2] - There is a disclosure of a beneficial long position in AMCX shares, indicating a personal investment interest in the company [3]