Core Insights - AMC Networks reported revenue of $596.46 million for Q1 2024, a year-over-year decline of 16.9% and an EPS of $1.16 compared to $2.62 a year ago [1] - The revenue fell short of the Zacks Consensus Estimate of $603.82 million, resulting in a surprise of -1.22%, while the EPS surprise was -35.20% against a consensus estimate of $1.79 [1] Revenue Performance - Domestic Operations revenue was $524.23 million, below the three-analyst average estimate of $527.54 million, reflecting a year-over-year decline of 14.3% [2] - Inter-segment eliminations reported revenue of -$3.37 million, worse than the -$2.50 million average estimate, but showed a year-over-year increase of 35.9% [2] - International and Other revenues were $75.61 million, compared to the $78.12 million average estimate, marking a year-over-year decline of 30% [2] Adjusted Operating Income - Adjusted Operating Income for Domestic Operations was $162.32 million, lower than the estimated $175.57 million [2] - Adjusted Operating Income for Inter-segment eliminations was -$26.60 million, worse than the -$23.26 million estimate [2] - Adjusted Operating Income for International and Other was $13.40 million, below the three-analyst average estimate of $16.92 million [2] Stock Performance - AMC Networks shares have returned +25.3% over the past month, outperforming the Zacks S&P 500 composite's +0.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

[Q1 2024 Results Overview](index=1&type=section&id=AMC%20NETWORKS%20INC.%20REPORTS%20FIRST%20QUARTER%202024%20RESULTS) AMC Networks reported a 17% revenue decrease in Q1 2024, offset by strong free cash flow and strategic operational achievements [Financial and Operational Highlights](index=1&type=section&id=Financial%20and%20Operational%20Highlights) AMC Networks reported a 17% revenue decrease to $596 million in Q1 2024, with strong free cash flow and strategic operational gains Q1 2024 Financial Highlights (vs. Q1 2023) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | Change | | :--- | :--- | :--- | :--- | | Net Revenues | $596.5M | $717.4M | (16.9)% | | Operating Income | $110.2M | $173.3M | (36.4)% | | Adjusted Operating Income | $149.1M | $215.8M | (30.9)% | | Diluted EPS | $1.03 | $2.36 | (56.4)% | | Adjusted EPS | $1.16 | $2.62 | (55.7)% | | Free Cash Flow | $144.1M | ($144.0M) | n/m | - The new series "The Walking Dead: The Ones Who Live" became AMC's best-performing series since the original's final season and the 1 season of all time on AMC+ in viewership and acquisition[2](index=2&type=chunk) - The company executed a multi-year renewal with Verizon for continued carriage of its linear networks and streaming services[2](index=2&type=chunk) - Announced plans to roll out standalone ad-supported versions of Acorn TV, Shudder, ALLBLK, and HIDIVE in 2025, expanding the ad-supported distribution ecosystem[2](index=2&type=chunk) - Strengthened the balance sheet through financing transactions in April, reducing gross debt by over **$500 million** since Q3 2023[2](index=2&type=chunk) [Segment Results](index=2&type=section&id=Segment%20Results) The company's Q1 2024 segment results show domestic revenue declines offset by streaming growth, while international revenue was impacted by divestitures [Domestic Operations](index=3&type=section&id=Domestic%20Operations) Domestic Operations revenue decreased 14% to $524 million, primarily due to content licensing, while streaming revenue grew 3% with 11.5 million subscribers Q1 2024 Domestic Operations Performance (vs. Q1 2023) | Metric | Q1 2024 (in millions) | YoY Change | Note | | :--- | :--- | :--- | :--- | | Total Revenues | $524M | (14)% | Down 6% excluding prior-year *Silo* deal | | Subscription Revenues | $323M | (7)% | Driven by linear subscriber declines | | Streaming Revenues | $145M | +3% | Driven by subscriber growth and price increases | | Advertising Revenues | $140M | (13)% | Due to linear ratings declines | | Adjusted Operating Income | $162M | (26)% | Margin of 31% | - Streaming subscribers increased **2%** year-over-year to **11.5 million** as of March 31, 2024[9](index=9&type=chunk) - Content licensing revenues decreased **40%**, but increased **31%** when excluding the prior-year delivery of the *Silo* series to a third party[9](index=9&type=chunk) [International Operations](index=3&type=section&id=International) International revenues decreased 30% to $76 million, mainly due to divestitures, though advertising revenues grew 16% Q1 2024 International Performance (vs. Q1 2023) | Metric | Q1 2024 (in millions) | YoY Change | Note | | :--- | :--- | :--- | :--- | | Total Revenues | $76M | (30)% | Down 3% excluding divested 25/7 Media | | Subscription Revenues | $51M | (10)% | Due to non-renewal of a U.K. distribution deal | | Advertising Revenues | $22M | +16% | Due to increased ratings and market growth | | Adjusted Operating Income | $13M | (37)% | Margin of 18% | - The significant revenue decline was primarily due to the sale of the 25/7 Media business on December 29, 2023, which contributed **$30 million** in revenue in Q1 2023[11](index=11&type=chunk) - Advertising revenue growth was attributed to increased ratings, growth across Central and Northern Europe, and digital advertising growth in the U.K.[11](index=11&type=chunk) [Financial Condition and Other Matters](index=4&type=section&id=Financial%20Condition%20and%20Other%20Matters) This section details AMC Networks' debt refinancing, capitalization, and stock repurchase activities, highlighting balance sheet management [Debt Refinancing Activity](index=4&type=section&id=2024%20Debt%20Refinancing%20Activity) In April 2024, AMC Networks refinanced debt by issuing new notes, redeeming existing ones, and extending credit facility maturities to strengthen its balance sheet - Issued **$875 million** of **10.25%** Senior Secured Notes due January 15, 2029[13](index=13&type=chunk) - Completed a cash tender offer and redemption of all outstanding **4.75%** Senior Notes due 2025[14](index=14&type=chunk) - Extended the maturity dates of **$325 million** in term loans and **$175 million** in revolving credit commitments to April 2028[15](index=15&type=chunk) [Capitalization](index=9&type=section&id=Capitalization) As of March 31, 2024, AMC Networks reported **$1.67 billion** net debt and a **2.8x** leverage ratio, which remained stable post-refinancing Capitalization as of March 31, 2024 | Metric | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $690.5M | | Total debt | $2,365.4M | | Net debt | $1,674.8M | | Leverage ratio | 2.8x | Pro Forma Capitalization (As Adjusted for April Refinancing) | Metric | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $601.2M | | Total debt | $2,300.0M | | Net debt | $1,698.8M | | Leverage ratio | 2.8x | [Stock Repurchase Program](index=4&type=section&id=Stock%20Repurchase%20Program%20%26%20Outstanding%20Shares) AMC Networks did not repurchase shares in Q1 2024, with **$135 million** remaining under its authorized repurchase program - No shares were repurchased during the quarter ended March 31, 2024[16](index=16&type=chunk) - As of March 31, 2024, the Company had **$135 million** of authorization remaining for repurchase under the Stock Repurchase Program[16](index=16&type=chunk) [Financial Statements and Reconciliations](index=5&type=section&id=Financial%20Statements%20and%20Reconciliations) This section presents AMC Networks' consolidated income statements and reconciliations of GAAP to non-GAAP financial measures for Q1 2024 [Consolidated Statements of Income](index=7&type=section&id=CONSOLIDATED%20STATEMENTS%20OF%20INCOME) For Q1 2024, AMC Networks reported **$596.5 million** in net revenues, a **16.9%** decrease, with diluted EPS falling to **$1.03** Q1 2024 Consolidated Income Statement (vs. Q1 2023) | Metric | Q1 2024 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | | Revenues, net | $596,461K | $717,447K | | Operating income | $110,178K | $173,304K | | Net income attributable to AMC Networks' stockholders | $45,803K | $103,610K | | Diluted EPS | $1.03 | $2.36 | [Description of Non-GAAP Measures](index=5&type=section&id=Description%20of%20Non-GAAP%20Measures) The company defines key non-GAAP measures like Adjusted Operating Income, Free Cash Flow, and Adjusted EPS to provide supplemental performance insights - Adjusted Operating Income (AOI) is defined as operating income before share-based compensation, depreciation and amortization, impairment charges, and restructuring charges[19](index=19&type=chunk) - Free Cash Flow is defined as net cash provided by operating activities less capital expenditures, serving as an indicator of liquidity[21](index=21&type=chunk) - Adjusted EPS is defined as earnings per diluted share excluding amortization of acquisition-related intangible assets, impairment charges, and restructuring charges[22](index=22&type=chunk) [Reconciliation of Non-GAAP Measures](index=8&type=section&id=Reconciliation%20of%20Non-GAAP%20Measures) This section reconciles GAAP results to non-GAAP metrics, showing how operating income, cash flow, and EPS are adjusted for Q1 2024 Q1 2024 Reconciliation of Operating Income to AOI | Metric | Amount (in thousands) | | :--- | :--- | | Operating income (GAAP) | $110,178 | | Share-based compensation | $6,075 | | Depreciation and amortization | $25,826 | | Cloud computing amortization | $3,548 | | Majority owned equity investees AOI | $3,497 | | **Adjusted operating income (Non-GAAP)** | **$149,124** | Q1 2024 Reconciliation to Free Cash Flow | Metric | Amount (in thousands) | | :--- | :--- | | Net cash provided by operating activities (GAAP) | $150,869 | | Less: capital expenditures | ($6,720) | | **Free Cash Flow (Non-GAAP)** | **$144,149** | Q1 2024 Reconciliation of GAAP EPS to Adjusted EPS | Metric | Per Share Amount | | :--- | :--- | | Diluted EPS (GAAP) | $1.03 | | Amortization of acquisition-related intangible assets | $0.13 | | **Adjusted EPS (Non-GAAP)** | **$1.16** |

Investors are always looking for stocks that are poised to beat at earnings season and AMC Networks Inc. (AMCX) may be one such company. The firm has earnings coming up pretty soon, and events are shaping up quite nicely for their report.That is because AMC Networks is seeing favorable earnings estimate revision activity as of late, which is generally a precursor to an earnings beat. After all, analysts raising estimates right before earnings — with the most up-to-date information possible — is a pretty goo ...

The upcoming report from AMC Networks (AMCX) is expected to reveal quarterly earnings of $1.79 per share, indicating a decline of 31.7% compared to the year-ago period. Analysts forecast revenues of $603.82 million, representing a decrease of 15.8% year over year.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 2.7% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior to a c ...

Have you been searching for a stock that might be well-positioned to maintain its earnings-beat streak in its upcoming report? It is worth considering AMC Networks (AMCX) , which belongs to the Zacks Broadcast Radio and Television industry.This owner of cable channels including AMC and IFC has seen a nice streak of beating earnings estimates, especially when looking at the previous two reports. The average surprise for the last two quarters was 26.86%.For the most recent quarter, AMC Networks was expected t ...

Comcast said chairman and chief executive Brian Roberts‘ pay package for 2023 totaled $35.47 million, up from $32 million the year before. It included a $2.5 million base salary, stock awards valued at about $15 million, $9.2 million in option awards and $8.55 million in what’s called non-equity incentive plan compensation – like a cash bonus. Proxies list the salaries of a company’s top five highest paid executives. They generally come out in the spring ahead of annual shareholder meetings. Mike Cavanagh, ...

GREENWICH, Conn., April 22, 2024 (GLOBE NEWSWIRE) -- Gabelli Funds will host its 16th Annual Media & Entertainment Symposium at the Harvard Club in New York City on Thursday, June 6, 2024. The symposium will feature discussions with leading companies and organizations across the media ecosystem, with an emphasis on industry dynamics, current trends, and business fundamentals, as well as Sports Investing and Advertising Panels. Attendees will also have the opportunity to meet with management in a one-on-one ...

Core Viewpoint - AMC Networks Inc. has announced the early results of its cash tender offer to purchase its outstanding 4.75% Senior Notes due 2025, with a significant amount tendered by the early tender date [1][2]. Group 1: Tender Offer Details - The total principal amount of the 4.75% Senior Notes outstanding is $774.729 million, with $624.346 million tendered by the early tender date [1]. - The tender offer consideration is set at $970 per $1,000 principal amount of notes, with an early tender premium of $30, leading to a total consideration of $1,000 [1][2]. - The offer will expire on April 22, 2024, unless extended or terminated earlier by the company [3]. Group 2: Redemption and Settlement - A conditional notice of redemption has been issued for any notes remaining outstanding after the completion of the offer, at a price of 100% of their principal amount plus accrued interest [2]. - Payment for notes tendered by the early tender date is expected to occur on April 9, 2024, while payment for notes tendered after this date will occur on the business day following the expiration date [4][5]. - The offer is not conditioned on a minimum amount of notes being tendered but is subject to certain conditions, including the company raising sufficient net proceeds from a concurrent offering of senior secured notes due 2029 [5]. Group 3: Company Overview - AMC Networks Inc. operates various streaming services and cable networks, including AMC+, Acorn TV, and BBC AMERICA, and is known for its original franchises like The Walking Dead Universe [7].

Jeff Kravitz/FilmMagic, Inc via Getty Images Investment Thesis AMC Networks (NASDAQ:AMCX) has been facing secular headwinds as cable cord-cutting continues to pressure top-line growth. However, despite the continuing trend away from cable, AMC Networks continues to show strong free cash flow as they streamline operations and focus on niche quality content for select demographics. I believe the stock is undervalued as earnings and free cash are likely to continue as AMC Networks can leverage spin-off shows f ...

AMC Networks (AMCX) has been on a downward spiral lately with significant selling pressure. After declining 21% over the past four weeks, the stock looks well positioned for a trend reversal as it is now in oversold territory and there is strong agreement among Wall Street analysts that the company will report better earnings than they predicted earlier.Guide to Identifying Oversold StocksWe use Relative Strength Index (RSI), one of the most commonly used technical indicators, for spotting whether a stock i ...