AMC Networks Inc Reports Q2 2024 Financial Results

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AMC Networks Inc. Reports Q2 2024 Financial Results

Overview
NEW YORK, Aug. 09, 2024 (GLOBE NEWSWIRE) – AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported its financial results for the second quarter ended June 30, 2024.

Key Financial Metrics

Metric Q2 2024 Q2 2023 YoY Change Q1 2024 QoQ Change Consensus Estimates
Total Revenue $626M $681.52M -8% $601.34M +4% $601.34M
Diluted EPS $(0.66) N/A N/A N/A N/A $1.52
Adjusted EPS $1.24 N/A N/A N/A N/A N/A

AMC Networks reported a total revenue of $626 million, down 8% year-over-year but exceeding the consensus estimate of $601.34 million. The company posted a diluted EPS of $(0.66) and an adjusted EPS of $1.24, undershooting the consensus estimate of $1.52. The negative EPS is partly due to impairment and other charges amounting to $97 million.

Segment Revenue Performance

Segment Q2 2024 Q2 2023 YoY Change Adjusted Comments
Domestic Operations Total Revenue $538M $578.49M -7% Decrease driven by declines in the linear subscriber universe and content licensing revenue
Subscription Revenue $323M N/A -3% Offset by a 9% increase in streaming revenues to $150M
Affiliate Revenue $172M N/A -12% Decline due to basic subscriber losses
Content Licensing Revenue $67M $81.71M -18% Excluding prior period Hulu rights revenue, a 10% increase was noted
Advertising Revenue $149M $167.42M -11% Linear ratings declines and a challenging ad market impacted results
International Total Revenue $90M $98.9M -9% Excluding the impact of divestitures and one-time payments, a 4% decrease was observed
Subscription Revenue $50M N/A -13% Due to the non-renewal of an AMCNI distribution agreement in the UK
Content Licensing and Other Revenue $3M $21.43M -86% Due to sale of stake in 25/7 Media
Advertising Revenue $38M $20.65M +84% Boosted by a $13M one-time adjustment payment; otherwise up 18%

Domestic operations saw a 7% revenue decrease to $538 million, driven by declines in both linear subscription and content licensing revenues. International revenues saw a 9% drop to $90 million, influenced by 25/7 Media divestiture and adjustments.

Operational Data

Operational Metric Q2 2024
Streaming Subscribers 11.6 million

AMC Networks reported operational highlights, including a subscriber base increase of 5% to 11.6 million streaming subscribers.

Comments from Company Officers
CEO Kristin Dolan commented, "AMC Networks continues to find opportunities in a strategic plan built around programming, partnerships and profitability."

Dividends or Share Repurchase Program
During the second quarter, the company did not repurchase any shares. As of June 30, 2024, AMC Networks had $135 million of authorization remaining under its $1.5 billion repurchase program.

Forward Guidance
No specific forward guidance was provided in this earnings release.

Stock Price Movement
After the earnings release, the company's stock price showed no change at 0.0%.

Summary of Financial Performance
AMC Networks performed below expectations for the second quarter of 2024, impacted by an 8% year-over-year revenue decline and significant impairment charges. However, the company demonstrated growth in its streaming services and made strategic content licensing agreements to bolster future revenue streams.

The report has been organized into a more readable format with markdown tables and unnecessary columns removed.

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