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Amc Networks Inc. (AMCX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, March 31, 2020

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AMCX Quarterly Reports

Amc Networks Inc.

CIK: 1514991 Ticker: AMCX


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AMC NETWORKS INC. REPORTS FIRST QUARTER 2020 RESULTS

New York, NY – May 5, 2020
: AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2020.

President and Chief Executive Officer Josh Sapan said: “In what has been a unique operating environment, AMC Networks continues to generate significant levels of free cash flow and remains well capitalized with a strong balance sheet and strong liquidity. We continue to make significant progress on our digital initiatives, including strong subscriber growth across our Acorn TV, Shudder, Sundance Now and UMC (Urban Movie Channel) SVOD services, as well as Acorn TV launching in the UK. Our portfolio of networks is delivering increased viewership in recent weeks, including a strong debut of the third season of Killing Eve and strong performance for the most recent and exceptional season of Better Call Saul. Our continued investment in key areas – creating strong content and valuable IP; growing our targeted SVOD services; and maximizing the value of our linear channels – is enabling us to navigate this challenging time and will continue to serve us well when this environment stabilizes and as we look beyond this immediate period to the remainder of 2020 and ahead to 2021.”

Liquidity Highlights:
Access to $1.2 billion of cash and cash equivalents
$704 million of cash and cash equivalents as of March 31, 2020
$500 million undrawn revolving credit facility
Strong cash flow
Cash Provided by Operating Activities of $198 million
Free Cash Flow1 of $182 million
No significant debt maturities in 2020 or 2021
Term Loan A Facility payments of $56 million and $75 million in 2020 and 2021, respectively
Opportunistic allocation of capital
4.0 million shares repurchased for $103 million year-to-date 2020
$200 million partial redemption of $600 million 4.75% notes due December 2022 completed on March 4, 2020
Financial Highlights:
Revenues of $734 million
Operating income of $173 million; Adjusted Operating Income1 of $222 million
Diluted EPS of $1.22; Adjusted EPS1 of $1.47
Operational Highlights:
The Company continued to make significant progress on its digital initiatives
The Company now expects 3.5 million to 4.0 million paid subscribers in aggregate for its four SVOD services: Acorn TV, Shudder, Sundance Now and UMC (Urban Movie Channel) by year-end 2020. A full two years ahead of the Company’s original target of year-end 2022.
Acorn TV launched in the United Kingdom
Furthers AVOD strategy with launch on Pluto TV
The Company continues to experiment with new original programming genres and formats with the greenlighting of National Anthem and Pantheon
The Company’s portfolio of networks saw a significant increase in viewership as of mid-March in connection with national social distancing measures put in place in response to COVID-19




1

The following information was filed by Amc Networks Inc. (AMCX) on Tuesday, May 5, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Amc Networks Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover Page
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Income
Condensed Consolidated Statements Of Stockholders' Equity
Accrued Liabilities
Accrued Liabilities (Details)
Accrued Liabilities (Tables)
Cash Flows
Cash Flows (Summary Of Non-Cash Activities And Other Supplemental Data) (Details)
Cash Flows (Tables)
Commitments And Contingencies
Commitments And Contingencies (Narrative) (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Fair Value Of Derivative Instruments Included In Balance Sheets) (Details)
Derivative Financial Instruments (Narrative) (Details)
Derivative Financial Instruments (Schedule Of Gains And Losses Related To Derivative Instruments) (Details)
Derivative Financial Instruments (Schedule Of Other Derivatives Not Designated As Hedging Instruments) (Details)
Derivative Financial Instruments (Tables)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Narrative) (Details)
Description Of Business And Basis Of Presentation (Policies)
Equity Plans
Equity Plans (Narrative) (Details)
Fair Value Measurement
Fair Value Measurement (Carrying Values And Fair Values Of The Company's Financial Instruments) (Details)
Fair Value Measurement (Financial Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details)
Fair Value Measurement (Narrative) (Details)
Fair Value Measurement (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Narrative) (Details)
Goodwill And Other Intangible Assets (Schedule Of Estimated Amortization Expense) (Details)
Goodwill And Other Intangible Assets (Schedule Of Finite And Indefinite-Lived Intangible Assets) (Details)
Goodwill And Other Intangible Assets (Schedule Of Goodwill) (Details)
Goodwill And Other Intangible Assets (Tables)
Income Taxes
Income Taxes (Narrative) (Details)
Investments
Investments (Narrative) (Details)
Leases
Leases (Summary Of Lease Assets And Liabilities) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Narrative) (Details)
Long-Term Debt (Summary Of Long-Term Debt) (Details)
Long-Term Debt (Tables)
Net Income Per Share
Net Income Per Share (Narrative) (Details)
Net Income Per Share (Reconciliation Between Basic And Diluted Weighted Average Shares Outstanding) (Details)
Net Income Per Share (Tables)
Program Rights
Program Rights (Amortization Of Owned And Licensed Program Rights) (Details)
Program Rights (Narrative) (Details)
Program Rights (Program Rights By Predominant Monetization Strategy) (Details)
Program Rights (Tables)
Redeemable Noncontrolling Interests
Redeemable Noncontrolling Interests (Tables)
Redeemable Noncontrolling Interests Activity (Details)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Restructuring And Other Related Charges
Restructuring And Other Related Charges (Narrative) (Details)
Restructuring And Other Related Charges (Summary Of Accrued Restructuring Costs) (Details)
Restructuring And Other Related Charges (Summary Of Restructuring And Other Related Charges By Segment) (Details)
Restructuring And Other Related Charges (Tables)
Revenue Recognition
Revenue Recognition (Contract With Customer, Asset And Liability) (Details)
Revenue Recognition (Narrative) (Details)
Revenue Recognition (Tables)
Segment Information
Segment Information (Long-Lived Assets By Geographic Location) (Details)
Segment Information (Narrative) (Details)
Segment Information (Revenues By Geographic Region) (Details)
Segment Information (Summary Of Continuing Operations By Reportable Segment) (Details)
Segment Information (Summary Of Inter-Segment Eliminations) (Details)
Segment Information (Tables)
Ticker: AMCX
CIK: 1514991
Form Type: 10-Q Quarterly Report
Accession Number: 0001514991-20-000018
Submitted to the SEC: Tue May 05 2020 4:44:42 PM EST
Accepted by the SEC: Tue May 05 2020
Period: Tuesday, March 31, 2020
Industry: Cable And Other Pay Television Services

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