AMC Networks Inc (FRA:9AC)
€ 7.14 0.094 (1.33%) Market Cap: 331.02 Mil Enterprise Value: 1.86 Bil PE Ratio: 6.31 PB Ratio: 0.35 GF Score: 73/100
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Q2 2024 AMC Networks Inc Earnings Call Transcript

Aug 09, 2024 / 12:30PM GMT
Release Date Price: €9.34 (-1.12%)

Key Points

Positve
  • AMC Networks Inc (AMCX) reported strong free cash flow of $239 million halfway through the year, on track to meet full-year guidance.
  • The company entered a new branded distribution partnership with Netflix, featuring prior seasons of 15 AMC shows, expected to boost audience reach.
  • AMC Networks Inc (AMCX) expanded its partnership with Philo, launching the ad-supported version of AMC+ in their core package, resulting in consistent subscriber gains.
  • The company saw significant growth in viewership for its branded channels in the FAST and AVOD categories, with 18 FAST channels live on 11 platforms.
  • AMC Networks Inc (AMCX) reported strong performances from key series like 'The Walking Dead: The Ones Who Live' and 'Anne Rice’s Interview with the Vampire,' driving AMC+ to all-time high viewership.
Negative
  • Consolidated revenue decreased by 8% to $626 million in the quarter, with a 4% decrease excluding certain adjustments.
  • Domestic Operations revenue decreased by 7%, driven by a 12% decline in affiliate revenue due to a decrease in linear subscribers.
  • Advertising revenue declined by 11% year-over-year, primarily due to lower linear ratings.
  • International revenue decreased by 4% on an apples-to-apples basis, despite new streaming offerings.
  • The company anticipates a year-over-year increase in programming amortization expense for 2025, which could impact future financials.
Operator

Good day everyone and thank you for standing by. Welcome to the AMC Networks second quarter 2024 earnings conference call. (Operator Instructions)

Now, I will pass the call over to Nick Seibert, Vice President, Corporate Development and Investor Relations. Please go ahead.

Nicholas Seibert
AMC Networks Inc - Vice President - Corporate Development, Investor Relations

Thank you. Good morning and welcome to the AMC Networks second quarter 2024 earnings conference call. Joining us this morning are Kristin Dolan, Chief Executive Officer; Patrick OâConnell, Chief Financial Officer; Kim Kelleher, Chief Commercial Officer; and Dan McDermott, President of Entertainment and AMC Studios. Todayâs press release is available on our website at amcnetworks.com. We will begin with prepared remarks and then weâll open the call for questions.

Todayâs call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or

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