AMC Networks Inc. Reports Fourth Quarter and Full Year 2024 Results

Core Insights - AMC Networks reported financial results for Q4 and the full year ended December 31, 2024, achieving full-year guidance across key financial metrics, including a free cash flow of $331 million and an expectation of approximately $550 million of cumulative free cash flow over the 2024-2025 period [2][4]. Operational Highlights - The company completed significant affiliate renewal activity in 2024, covering almost half of its domestic affiliate subscriber base, including agreements with Charter, Cox, Verizon, and Cable One [7]. - AMC Networks signed a multi-year renewal with Amazon Prime Video Channels for global distribution of its streaming services [7]. - The FAST channels business expanded to 19 live FAST channel brands on 12 platforms, totaling 136 active channel feeds [7]. - The launch of AMCN Outcomes, a new performance product integrated into the Audience+ platform, allows advertisers to optimize campaign delivery in real time [7]. - A robust slate of original programming is set for 2025, including series like "Anne Rice's Mayfair Witches" and "The Walking Dead: Daryl Dixon" [7]. Full Year Financial Highlights - Net revenues for the full year were $2,421 million, a decrease of 10.7% from $2,711 million in 2023 [8]. - Operating loss for the year was $39.6 million, compared to an operating income of $388.4 million in 2023 [8]. - Adjusted Operating Income for the year was $562.6 million, down 16% from $670.1 million in 2023 [8]. Fourth Quarter Financial Highlights - Q4 net revenues were $599.3 million, down 11.7% from $678.8 million in Q4 2023 [8]. - The operating loss for Q4 was $254.2 million, compared to a loss of $11.4 million in the same quarter of the previous year [8]. - Adjusted Operating Income for Q4 was $129.2 million, an increase of 28.8% from $100.3 million in Q4 2023 [8]. - Diluted EPS for Q4 was $(6.38), compared to $(0.50) in Q4 2023, while Adjusted EPS was $0.64, down 11.1% from $0.72 [8]. Segment Results - Domestic Operations saw revenues decrease by 10.6% in Q4 to $520.2 million, with subscription revenues down 4% to $314 million [9]. - International segment revenues decreased by 13.9% in Q4 to $85.6 million, with subscription revenues down 11% to $197 million [9]. - Advertising revenues in the domestic segment decreased by 12% to $139 million, while international advertising revenues increased by 41% to $115 million, driven by one-time adjustments [9]. Cash Flow and Liquidity - Net cash provided by operating activities for the full year was $375.6 million, an increase of 84.2% from $203.9 million in 2023 [8]. - Free Cash Flow for the year was $330.8 million, up 96.1% from $168.7 million in 2023 [8].