AMC Networks Inc. (NASDAQ:AMCX) Q1 2024 Earnings Call Transcript May 10, 2024 8:30 AM ET Company Participants Nicholas Seibert - VP, Corporate Development and IR Kristin Dolan - Chief Executive Officer Patrick O'Connell - Chief Financial Officer Dan McDermott - President Entertainment and AMC Studios Kimberly Kelleher - Chief Commercial Officer Conference Call Participants David Joyce - Seaport Research Partners Thomas Yeh - Morgan Stanley Robert Fishman - MoffettNathanson Charles Wilber - Guggenheim Securi ...

[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** |

Financial Data and Key Metrics Changes - For 2023, consolidated revenue was $2.7 billion, with adjusted operating income of $670 million and free cash flow of $169 million, excluding one-time restructuring payments [18][19] - In Q4, consolidated revenue was $679 million, adjusted operating income was $100 million, and free cash flow was $66 million [19] - The company achieved a consolidated adjusted operating income margin of 25%, marking the first year-over-year increase since 2017 [30] Business Line Data and Key Metrics Changes - Domestic operations revenue decreased 13% to $2.3 billion for the full year and decreased 32% to $582 million for Q4, attributed to lower advertising and content licensing revenues [20][21] - Streaming revenue increased 13% to $566 million for the full year and 4% for Q4, reflecting disciplined marketing efforts [20][21] - Advertising revenues declined 20% for the full year and 23% in Q4, impacted by lower linear ratings and the finale of The Walking Dead in Q4 2022 [20][21] Market Data and Key Metrics Changes - The company ended the year with net debt of approximately $1.8 billion and a consolidated net leverage ratio of 2.7x, with about $1 billion of available liquidity [23] - Domestic affiliate revenue is expected to decline approximately 10% in 2024 compared to 2023, reflecting ongoing challenges in the traditional video ecosystem [27] Company Strategy and Development Direction - The company emphasizes a nimble and independent approach, leveraging its structural advantages to better serve viewers and commercial partners [6][7] - The introduction of an ad-supported version of AMC+ aims to enhance distribution and revenue potential, with plans for further growth in partnerships and bundling opportunities [8][9] - The focus remains on programming, partnerships, and profitability as key drivers for future success [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential for free cash flow growth in 2024, projecting cumulative free cash flow of approximately $0.5 billion over the next two years [25] - The company anticipates a decline in consolidated revenue of approximately 6% in 2024, with streaming revenue expected to grow in the high single-digit to low double-digit range [26][27] - Management acknowledged the challenging advertising environment but remains focused on innovative advertising solutions and technology advancements [11][12] Other Important Information - The company sold its interest in 25/7 Media, which generated $91 million in revenue in 2023, and will now focus solely on AMC Networks International [19] - The fourth quarter of 2023 was the most watched quarter ever across the streaming portfolio, with significant viewership increases for key shows [14] Q&A Session Summary Question: Can you differentiate your programmatic approach from other linear networks? - The company has developed the first biddable programmatic buying capabilities within its linear inventory, allowing traditional digital advertisers to purchase national linear inventory programmatically, which is seen as a significant opportunity [34][38] Question: Can you walk through the assumptions around free cash flow for the upcoming year? - Management highlighted the successful right-sizing of the expense base in 2022, which has led to improved cash flow generation and confidence in future programming plans [40][42] Question: What are the expectations for domestic linear affiliate revenue trends? - Management noted that Q4 revenue decline was somewhat anomalous, and they expect a more stable trend going forward, with a focus on renewing affiliate relationships [51][53] Question: How do you see the future of the international business after the sale of 25/7 Media? - The company remains optimistic about its international footprint and plans to leverage strong market positions in Europe while exploring selective OTT launches [54][56]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-35106 AMC Networks Inc. (Exact name of registrant as specified in its charter) (212) 324-8500 (Registrant's telephone number, including area code ...

AMC Networks Inc. (NASDAQ:AMCX) Q3 2023 Earnings Conference Call November 3, 2023 8:30 AM ET Company Participants Nick Seibert - VP, Corporate Development and IR Kristin Dolan - CEO Patrick O'Connell - CFO Kim Kelleher - CCO Dan McDermott - President Entertainment and AMC Studios Conference Call Participants Michael Morris - Guggenheim Securities David Joyce - Seaport Research Partners Luke Landis - MoffettNathanson Brett Feldman - Goldman Sachs Thomas Yeh - Morgan Stanley Steve Cahall - Wells Fargo Operato ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-35106 | --- | --- | --- | --- | |----------------------------------------------------------------------------|-------------------------- ...

AMC Networks Inc. (NASDAQ:AMCX) Q2 2023 Results Conference Call August 4, 2023 8:30 AM ET Company Participants Nick Seibert - VP, Corporate Development & IR Kristin Dolan - CEO Patrick O’Connell - CFO Kim Kelleher - CCO Dan McDermott - President Entertainment & AMC Studios Conference Call Participants Michael Morris - Guggenheim Securities Luke Landis - MoffettNathanson Doug Creutz - Cowen Thomas Yeh - Morgan Stanley Operator Thank you for standing by, and welcome to the AMC Networks Second Quarter 2023 Ea ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐ Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from to Commission File Number: 1-35106 | --- | --- | --- | --- | |---------------------------------------------------------------------------------------|-------------------- ...

AMC Networks Inc. (NASDAQ:AMCX) Q1 2023 Earnings Conference Call May 9, 2023 8:30 AM ET Company Participants Kristin Dolan - Chief Executive Officer Kim Kelleher - Chief Commercial Officer Patrick O'Connell - Executive Vice President, Chief Financial Officer Nick Seibert - Vice President, Corporate Development and Investor Relations Conference Call Participants Ross Compton - Macquarie Brett Feldman - Goldman Sachs Douglas Creutz - TD Cowen Robert Fishman - MoffettNathanson David Karnovsky - JPMorgan Ryan G ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements for Q1 2023, including balance sheets, income statements, and cash flows, highlighting stable revenues and increased cash usage from operations [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet shows a decrease in total assets and liabilities, primarily driven by changes in cash and current liabilities, while stockholders' equity increased Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$5,463,238** | **$5,633,836** | | Cash and cash equivalents | $763,932 | $930,002 | | Program rights, net | $1,869,182 | $1,762,939 | | **Total Liabilities** | **$4,244,277** | **$4,526,354** | | Long-term debt, net | $2,763,767 | $2,778,703 | | **Total Stockholders' Equity** | **$969,042** | **$853,813** | [Condensed Consolidated Statements of Income](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income) For Q1 2023, total revenues remained stable, while operating income and net income slightly decreased, with diluted EPS also seeing a minor reduction Q1 2023 vs Q1 2022 Income Statement (in thousands, except per share) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenues, net | $717,447 | $712,157 | | Operating income | $173,304 | $174,677 | | Net income attributable to stockholders | $103,610 | $104,188 | | Diluted EPS | $2.36 | $2.38 | - The company recorded restructuring and other related charges of **$5.9 million** in Q1 2023, which were not present in the same period of 2022[7](index=7&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash used in operating activities significantly increased in Q1 2023, primarily due to higher payments for program rights, while investing and financing cash flows remained stable Q1 2023 vs Q1 2022 Cash Flows (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | $(132,519) | $(23,555) | | Net cash used in investing activities | $(7,005) | $(9,757) | | Net cash used in financing activities | $(28,310) | $(31,011) | | **Net decrease in cash** | **$(167,834)** | **$(64,323)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes detail the company's business segments, restructuring charges, program rights, debt, legal proceedings, and segment performance, including ongoing litigation and a 2022 restructuring plan - The company operates through two segments: Domestic Operations (including national networks like AMC, streaming services, and AMC Studios) and International and Other (including international channels and production services)[18](index=18&type=chunk) - A restructuring plan initiated in November 2022 resulted in charges of **$5.9 million** for Q1 2023, primarily for severance costs. The accrued liability for this plan was **$61.5 million** as of March 31, 2023[26](index=26&type=chunk)[29](index=29&type=chunk)[30](index=30&type=chunk) - The company is involved in ongoing litigation with producers of 'The Walking Dead' regarding profit participation and a separate complaint related to a settlement with Frank Darabont, with plaintiffs seeking damages in excess of **$200 million** in the latter case[72](index=72&type=chunk)[73](index=73&type=chunk) Segment Revenues, Net (in thousands) | Segment | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Domestic Operations | $611,854 | $605,543 | | International and Other | $108,072 | $109,851 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=24&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial results, highlighting flat consolidated revenues, segment performance, the restructuring plan, liquidity, and compliance with debt covenants [Consolidated Results of Operations](index=29&type=section&id=Consolidated%20Results%20of%20Operations) Consolidated revenues for Q1 2023 increased slightly, driven by content licensing growth offsetting advertising declines, while operating income saw a minor decrease due to expenses and restructuring charges Consolidated Revenue Breakdown (in thousands) | Revenue Stream | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Subscription | $404,220 | $404,160 | 0.0% | | Content licensing and other | $133,644 | $85,071 | 57.1% | | Advertising | $179,583 | $222,926 | -19.4% | | **Total revenues, net** | **$717,447** | **$712,157** | **0.7%** | - The increase in Content licensing revenue was primarily due to the timing of deliveries, including **$56.1 million** for the remaining episodes of an AMC Studios series to a third party[111](index=111&type=chunk) - The decrease in Advertising revenue was driven by linear ratings declines, softness in the advertising market, and fewer original programming episodes[111](index=111&type=chunk) - Selling, general and administrative (SG&A) expenses decreased by **19.5%**, primarily due to lower marketing and subscriber acquisition costs for streaming services[110](index=110&type=chunk)[114](index=114&type=chunk) [Segment Results of Operations](index=31&type=section&id=Segment%20Results%20of%20Operations) Domestic Operations saw a slight increase in adjusted operating income due to lower SG&A, despite declining affiliate revenue, while International and Other segment's AOI decreased due to unfavorable foreign currency rates - In Domestic Operations, streaming revenues grew to **$140.9 million**, a **28.6%** increase YoY, driven by subscriber growth to **11.5 million**[89](index=89&type=chunk)[121](index=121&type=chunk) - Domestic affiliate revenue declined **11.7%** due to basic subscriber declines and a strategic non-renewal of a distribution agreement[121](index=121&type=chunk) Segment Adjusted Operating Income (AOI) (in thousands) | Segment | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Domestic Operations | $219,388 | $219,219 | 0.1% | | International and Other | $21,137 | $23,012 | -8.1% | | **Consolidated AOI** | **$215,763** | **$211,184** | **2.2%** | [Liquidity and Capital Resources](index=34&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity position as of March 31, 2023, includes **$763.9 million** in cash and an undrawn revolving credit facility, with no stock repurchases in Q1 2023 and a recent amendment to its credit agreement - As of March 31, 2023, the company held **$763.9 million** in cash and cash equivalents, with **$344.5 million** held by foreign subsidiaries[139](index=139&type=chunk) - The company did not repurchase any shares in Q1 2023. The remaining authorization under the Stock Repurchase Program is **$135.3 million**[139](index=139&type=chunk) - In April 2023, the company amended its credit agreement, reducing the revolving loan commitment from **$500 million** to **$400 million** and replacing LIBOR with SOFR as the benchmark interest rate[140](index=140&type=chunk) - The company was in compliance with all debt covenants as of March 31, 2023[140](index=140&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=37&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company faces market risks from interest rate fluctuations, with **78%** of debt fixed-rate, and foreign currency exchange rate exposures from international operations - As of March 31, 2023, **78%** of the company's debt is fixed-rate. A hypothetical **100 basis point** increase in interest rates would increase annual interest expense by approximately **$6.3 million** on the variable-rate portion[156](index=156&type=chunk) - The company is exposed to foreign currency risk from translating the financial statements of its international subsidiaries into U.S. dollars and from transactions denominated in foreign currencies[157](index=157&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were effective as of the end of the period[158](index=158&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that have materially affected, or are reasonably likely to materially affect, the company's internal controls[159](index=159&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) This section details ongoing legal proceedings, including disputes with 'The Walking Dead' producers over profit participation and a separate lawsuit seeking over **$200 million** in damages - The company is engaged in confidential binding arbitration for remaining claims in the 'Walking Dead Litigation' concerning profit participation[72](index=72&type=chunk) - A separate 'MFN Litigation' was filed by 'The Walking Dead' producers, alleging they are owed over **$200 million** as a result of the company's 2021 settlement with Frank Darabont. The company believes the claims are without merit[73](index=73&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not repurchase any Class A common stock in Q1 2023, with **$135.3 million** remaining under its stock repurchase authorization - No shares of Class A common stock were repurchased in the three months ended March 31, 2023[162](index=162&type=chunk) - As of March 31, 2023, the company had **$135.3 million** of authorization remaining under its Stock Repurchase Program[162](index=162&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including the CEO's employment agreement and required Sarbanes-Oxley certifications - The exhibits include the employment agreement for CEO Kristin Dolan, dated February 15, 2023, and required Sarbanes-Oxley certifications[163](index=163&type=chunk)