AMC Networks(AMCX) - 2024 Q4 - Annual Results

Financial Performance - For Q4 2024, net revenues decreased by 11.7% to $599 million, while full-year net revenues decreased by 10.7% to $2,421 million[7]. - The company experienced an operating loss of $254 million in Q4 2024, compared to an operating income of $388 million in the same quarter of the previous year[7]. - The Company reported net revenues of $599.3 million for Q4 2024, a decrease of 11.7% compared to $678.8 million in Q4 2023[33]. - Total operating expenses for Q4 2024 were $853.5 million, up 23.6% from $690.3 million in Q4 2023[33]. - The Company incurred a net loss attributable to stockholders of $284.5 million in Q4 2024, compared to a loss of $21.8 million in Q4 2023[33]. - Adjusted Operating Income (Loss) for the year ended December 31, 2024, was $(39.6) million, a significant decline from $388.4 million in 2023[33]. - Free Cash Flow for the year ended December 31, 2024, was $375.6 million, compared to $203.9 million in 2023, indicating improved liquidity[35]. - The Company reported a significant increase in impairment and other charges, totaling $302.7 million in Q4 2024, compared to $66.4 million in Q4 2023[33]. - For the three months ended December 31, 2024, AMC Networks reported a net loss of $300.464 million, resulting in a diluted EPS of $(6.38)[53]. - For the twelve months ended December 31, 2024, the reported net loss was $174.497 million, leading to a diluted EPS of $(5.10)[56]. Cash Flow and Liquidity - AMC Networks reported a full-year free cash flow of $331 million, with expectations to increase to approximately $550 million over the 2024/2025 period[2]. - The Company’s cash and cash equivalents at the end of 2024 were $784.6 million, up from $570.6 million at the beginning of the year[35]. - Net cash provided by operating activities for the three months ended December 31, 2024, was $58,108, down from $72,780 in 2023, a decrease of about 20.1%[49]. - Free cash flow for the twelve months ended December 31, 2024, was $330,840, an increase of 96.1% compared to $168,712 in 2023[49]. Revenue Streams - Streaming revenues increased by 7% to $603 million in Q4 2024, with streaming subscribers rising by 8% to 12.4 million compared to 11.4 million in Q4 2023[6]. - Domestic Operations' revenues decreased by 10.6% to $520 million in Q4 2024, while International revenues decreased by 13.9% to $85.6 million[8]. - The company signed multi-year agreements with major affiliates, including Charter and Amazon Prime Video Channels, for the distribution of its streaming services[6]. Impairment and Charges - Impairment and other charges totaled $399.5 million for the year, primarily due to goodwill impairment in Domestic Operations[16]. - Impairment and other charges for the twelve months ended December 31, 2024, amounted to $399,513, significantly higher than $96,689 in 2023[42]. - Restructuring and related charges amounted to $49.464 million for the twelve months ended December 31, 2024, contributing to the adjusted results[56]. Future Outlook and Strategy - AMC Networks plans to kick off 2025 with a robust slate of original programming, including several highly anticipated series[6]. - The Company plans to continue evaluating its operational strategies and may adjust its future outlook based on market conditions and performance metrics[28]. Shareholder Information - As of December 31, 2024, the Company had $135 million remaining under its Stock Repurchase Program, which authorizes up to $1.5 billion in share repurchases[19]. - The Company had 32,651,186 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding as of February 7, 2025[20]. Debt and Financial Ratios - Total debt as of December 31, 2024, was $2,369,385, with net debt at $1,584,736[45]. - The leverage ratio as of December 31, 2024, was 2.8x, indicating a stable financial position[45]. - Total assets decreased from $4,969,787 in 2023 to $4,362,221 in 2024, a decline of approximately 12.2%[37]. - Total liabilities decreased from $3,710,544 in 2023 to $3,422,080 in 2024, a reduction of about 7.8%[37].