FALSE000151499100015149912023-08-042023-08-04

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): August 4, 2023
Commission File Number: 1-35106


AMC Networks Inc.
(Exact name of registrant as specified in its charter)
 
Delaware27-5403694
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
11 Penn Plaza,
New York,
NY
10001
(Address of principal executive offices)(Zip Code)

(212) 324-8500
(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, par value $0.01 per shareAMCXTheNASDAQStock Market LLC
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Item 2.02    Results of Operations and Financial Condition.
On August 4, 2023, AMC Networks Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter ended June 30, 2023. A copy of the Registrant’s press release is being furnished herewith as Exhibit 99.1 and is incorporated herein by reference in its entirety.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Registrant under the Securities Act of 1933 or the Exchange Act.

Item 9.01     Financial Statements and Exhibits.
(d) Exhibits. The following Exhibit is furnished as part of this Report on Form 8-K:
Exhibit Number  Item
99.1  



SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 AMC Networks Inc.
Date:August 4, 2023 By:/s/ Patrick O'Connell
 Patrick O'Connell
 Executive Vice President and Chief Financial Officer



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AMC NETWORKS INC. REPORTS SECOND QUARTER 2023 RESULTS
New York, NY – August 4, 2023: AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported financial results for the second quarter ended June 30, 2023.
Chief Executive Officer Kristin Dolan said: "Six months into my tenure as CEO, I am impressed with our team’s ability to do what this company has always done best: produce high-quality content and make it available to viewers across an expanding array of platforms. We accomplish this through a measured, opportunistic and disciplined strategy that drives free cash flow. Even during a period of industry-wide uncertainty and change, we are seeing the benefits of our strategy play out in our financial results, which for the second quarter include year-over-year increases in free cash, streaming subscribers, and streaming revenue, as well as healthy margins. It’s clear we have the programming, the platforms and the partners necessary to continue to operate a very profitable business that delivers long-term shareholder value."
Operational Highlights:
•Premiered The Walking Dead: Dead City, the #1 season premiere in the history of AMC+ in terms of viewership across all new and returning series. Linear viewership for the first episode attracted a total premiere audience of 2 million viewers.
•Announced upcoming September 10 premiere of The Walking Dead: Daryl Dixon, which is set in France.
•Completed production of The Walking Dead: The Ones Who Live, which is focused on the iconic Rick and Michonne characters, and is slated to premiere in 2024.
•AMC, BBC AMERICA, IFC, Sundance TV, and WE tv launched on Comcast's NOW TV, a new and innovative streaming offering that includes 40+ live channels and 20+ integrated FAST channels.
•Launched AMC+ on Charter, making our streaming service available to Spectrum TV customers through the set-top box.
•Negotiated the early return of rights for acclaimed and popular AMC Networks library titles including Fear the Walking Dead, Killing Eve, Brockmire, The Terror, The Son, Preacher, Lodge 49 and others. Began exclusively streaming the first seven seasons of Fear the Walking Dead on AMC+ in July.
Financial Highlights – Second Quarter Ended June 30, 2023:
•Net revenues decreased 8% from the prior year to $679 million, largely driven by lower advertising revenues, domestic affiliate revenues and 25/7 Media production services revenues, partly offset by streaming revenue growth of 13%.
•Operating income decreased 31% from the prior year to $106 million; Adjusted Operating Income(1) decreased 10% to $177 million, representing a margin of 26% consistent with the prior year period. Adjusted Operating Income benefited from continued cost management measures, including marketing efficiencies.
•Diluted EPS of $1.60; Adjusted EPS(1) of $2.02.
•Net cash provided by operating activities of $158 million; Free Cash Flow(1) of $148 million reflected the benefit of the acceleration of certain cash payments associated with a legacy content licensing agreement.

Dollars in thousands, except per share amountsThree Months Ended June 30,Six Months Ended June 30,
20232022Change20232022Change
Net Revenues$678,628 $738,025 (8.0)%$1,396,075 $1,450,182 (3.7)%
Operating Income$105,701 $153,203 (31.0)%$279,005 $327,880 (14.9)%
Adjusted Operating Income$176,777 $195,542 (9.6)%$392,540 $406,726 (3.5)%
Diluted Earnings Per Share$1.60 $1.91 (16.2)%$3.97 $4.29 (7.5)%
Adjusted Earnings Per Share$2.02 $2.06 (1.9)%$4.64 $4.60 0.9 %
Net cash provided by operating activities$157,566 $40,729 286.9 %$25,047 $17,174 45.8 %
Free Cash Flow$147,614 $30,703 380.8 %$3,597 $(4,380)182.1 %
(1) See page 5 of this earnings release for a discussion of non-GAAP financial measures used in this release. This discussion includes the definition of Adjusted Operating Income, Adjusted EPS and Free Cash Flow.
1


Segment Results:
(dollars in thousands)

Three Months Ended June 30,Six Months Ended June 30,
20232022Change20232022Change
Net Revenues:
Domestic Operations$581,819 $621,102 (6.3)%$1,193,673 $1,226,645 (2.7)%
International and Other99,304 125,771 (21.0)%207,376 235,622 (12.0)%
Inter-segment Eliminations(2,495)(8,848)71.8 %(4,974)(12,085)58.8 %
Total Net Revenues$678,628 $738,025 (8.0)%$1,396,075 $1,450,182 (3.7)%
Operating Income (Loss):
Domestic Operations$162,530 $188,812 (13.9)%$362,018 $387,334 (6.5)%
International and Other(11,705)14,087 (183.1)%2,437 31,442 (92.2)%
Corporate / Inter-segment Eliminations(45,124)(49,696)9.2 %(85,450)(90,896)6.0 %
Total Operating Income$105,701 $153,203 (31.0)%$279,005 $327,880 (14.9)%
Adjusted Operating Income (Loss):
Domestic Operations$184,806 $209,489 (11.8)%$404,194 $428,708 (5.7)%
International and Other19,186 19,187 0.0 %40,323 42,199 (4.4)%
Corporate / Inter-segment Eliminations(27,215)(33,134)17.9 %(51,977)(64,181)19.0 %
Total Adjusted Operating Income$176,777 $195,542 (9.6)%$392,540 $406,726 (3.5)%

2



Domestic Operations
Second Quarter Results:
•Domestic Operations revenues decreased 6% from the prior year to $582 million.
◦Distribution and other revenues decreased 1% to $415 million.
▪Content licensing revenues increased 12% to $81 million due to the timing and availability of deliveries in the period, including the acceleration of revenue associated with a legacy content licensing agreement.
▪Subscription revenues decreased 4% to $334 million due to declines in the linear subscriber universe, partially offset by streaming revenue growth.
•Streaming revenues increased 13% to $137 million, primarily driven by year-over-year streaming subscriber growth and 2022 price increases.
◦Streaming subscribers increased 6% to 11.0 million as compared to 10.3 million subscribers in the prior year period. As compared to 1Q'23 subscribers of 11.2 million, second quarter subscribers sequentially decreased 2%, reflecting our continued focus on higher value subscribers and promotional roll-off.
◦In the second quarter, we updated our subscriber definition to no longer include estimated subscriber conversions. This definitional change resulted in the removal of approximately 300 thousand subscribers from our quarter end subscriber count. Subscribers and growth rates mentioned in this release reflect our updated definition.
•Affiliate revenue decreased 12.7% due to basic subscriber declines and a 3% impact of a strategic non-renewal that occurred at the end of 2022, partially offset by contractual rate increases.
◦Advertising revenues decreased 17% to $167 million due to anticipated linear ratings declines, softness in the ad market and fewer original programming episodes within the quarter, partly offset by digital and advanced advertising revenue growth.
•Operating income decreased 14% to $163 million.
•Adjusted Operating Income decreased 12% to $185 million, with a margin of 32%. The decrease in Adjusted Operating Income was primarily attributable to a decrease in advertising and affiliate revenues, partly offset by increased streaming revenues and continued cost management measures, including marketing efficiencies.

International and Other
Second Quarter Results:
•International and Other revenues decreased 21% from the prior year to $99 million.
◦Distribution and other revenues decreased 24% to $79 million, primarily due to decreased production volume at 25/7 Media.
◦Subscription revenues increased 1% to $57 million, primarily due to the favorable impact of foreign currency translation at AMCNI.
◦Content licensing and other revenues decreased 54% to $22 million due to a reduction in the volume of productions at 25/7 Media driven by reduced demand for new content and series cancellations from third parties.
◦Advertising revenues decreased 6% to $20 million, primarily due to the wind-down of two channels in 2022 and marketplace declines in the U.K.
•Operating loss of $12 million was largely attributable to a $25 million impairment charge related to 25/7 Media.
•Adjusted Operating Income of $19 million was consistent with the prior year as decreased revenues were offset by decreased technical and operating expenses.


3


Other Matters

Impairment and other charges
During the second quarter of 2023, given the impact of market challenges at 25/7 Media, specifically as it relates to reduced demand for new content and series cancellations from third parties, the Company revised its outlook for the 25/7 Media business, resulting in lower expected future cash flows. As a result, the Company determined that sufficient indicators of potential impairment of long-lived assets and goodwill existed at 25/7 Media and an impairment charge of $24.9 million was recorded.

Stock Repurchase Program & Outstanding Shares
As previously disclosed, the Company's Board of Directors has authorized a program to repurchase up to $1.5 billion of the Company’s outstanding shares of common stock. The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. During the quarter ended June 30, 2023, the Company did not repurchase any shares. As of June 30, 2023, the Company had $135 million of authorization remaining for repurchase under the Stock Repurchase Program.
As of July 28, 2023, the Company had 32,020,270 shares of Class A Common Stock and 11,484,408 shares of Class B Common Stock outstanding.
Please see the Company’s Form 10-Q for the period ended June 30, 2023, which will be filed later today, for further details regarding the above matters.
4


Description of Non-GAAP Measures

The Company defines Adjusted Operating Income (Loss), which is a non-GAAP financial measure, as operating income (loss) before share-based compensation expense or benefit, depreciation and amortization, impairment and other charges (including gains or losses on sales or dispositions of businesses), restructuring and other related charges, cloud computing amortization, and including the Company’s proportionate share of adjusted operating income (loss) from majority-owned equity method investees. From time to time, we may exclude the impact of certain events, gains, losses, or other charges (such as significant legal settlements) from AOI that affect our operating performance. Because it is based upon operating income (loss), Adjusted Operating Income (Loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of the business without regard to the effect of the settlement of an obligation that is not expected to be made in cash.

The Company believes that Adjusted Operating Income (Loss) is an appropriate measure for evaluating the operating performance of the business segments and the Company on a consolidated basis. Adjusted Operating Income (Loss) and similar measures with similar titles are common performance measures used by investors, analysts, and peers to compare performance in the industry.

Internally, the Company uses net revenues and Adjusted Operating Income (Loss) measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators. Adjusted Operating Income (Loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), and other measures of performance presented in accordance with U.S. generally accepted accounting principles ("GAAP"). Since Adjusted Operating Income (Loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to Adjusted Operating Income (Loss), please see page 8-9 of this release.

The Company defines Free Cash Flow, which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, all of which are reported in our Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure of its liquidity is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is available for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors who follow the industry for comparison of its liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of net cash provided by operating activities to Free Cash Flow, please see page 11 of this release.

The Company defines Adjusted Earnings per Diluted Share (“Adjusted EPS”), which is a non-GAAP financial measure, as earnings per diluted share excluding the following items: amortization of acquisition-related intangible assets; impairment and other charges (including gains or losses on sales or dispositions of businesses); non-cash impairments of goodwill, intangible and fixed assets; restructuring and other related charges; and the impact associated with the modification of debt arrangements, including gains and losses related to the extinguishment of debt; as well as the impact of taxes on the aforementioned items. The Company believes the most comparable GAAP financial measure is earnings per diluted share. The Company believes that Adjusted EPS is one of several benchmarks used by analysts and investors who follow the industry for comparison of its performance with other companies in the industry, although the Company’s measure of Adjusted EPS may not be directly comparable to similar measures reported by other companies. For a reconciliation of earnings per diluted share to Adjusted EPS, please see page 12-13 of this release.
5


Forward-Looking Statements

This earnings release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties and that actual results or developments may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections entitled "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Conference Call Information

AMC Networks will host a conference call today at 8:30 a.m. ET to discuss its second quarter 2023 results. To listen to the call, please visit investors.amcnetworks.com.

About AMC Networks Inc.

AMC Networks (Nasdaq: AMCX) is a global entertainment company known for its popular and critically acclaimed content. Its brands include targeted streaming services AMC+, Acorn TV, Shudder, Sundance Now, ALLBLK and the anime-focused HIDIVE streaming service, in addition to AMC, BBC AMERICA (operated through a joint venture with BBC Studios), IFC, SundanceTV, WE tv, IFC Films and RLJE Films. AMC Studios, the Company’s in-house studio, production and distribution operation, is behind some of the biggest titles and brands known to a global audience, including The Walking Dead, the Anne Rice catalog and the Agatha Christie library. The Company also operates AMC Networks International, its international programming business, and 25/7 Media, its production services business.

Contacts
Investor RelationsCorporate Communications
Nicholas SeibertGeorgia Juvelis
nicholas.seibert@amcnetworks.comgeorgia.juvelis@amcnetworks.com

6


AMC NETWORKS INC.
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in thousands, except per share amounts)
(unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Revenues, net
$678,628 $738,025 $1,396,075 $1,450,182 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
321,961 325,772 648,690 610,009 
Selling, general and administrative
194,298 231,819 379,904 462,472 
Depreciation and amortization25,745 27,231 51,620 49,821 
Impairment and other charges24,882 — 24,882 — 
Restructuring and other related charges6,041 — 11,974 — 
Total operating expenses572,927 584,822 1,117,070 1,122,302 
Operating income105,701 153,203 279,005 327,880 
Other income (expense):
Interest expense(38,930)(31,980)(76,547)(62,777)
Interest income7,342 2,467 15,258 4,927 
Miscellaneous, net10,140 (742)14,729 5,086 
Total other expense(21,448)(30,255)(46,560)(52,764)
Income from operations before income taxes84,253 122,948 232,445 275,116 
Income tax expense(22,155)(33,028)(59,054)(74,662)
Net income including noncontrolling interests62,098 89,920 173,391 200,454 
Net (income) loss attributable to noncontrolling interests8,141 (6,491)458 (12,837)
Net income attributable to AMC Networks’ stockholders$70,239 $83,429 $173,849 $187,617 
Net income per share attributable to AMC Networks’ stockholders:
Basic$1.60 $1.93 $3.98 $4.36 
Diluted$1.60 $1.91 $3.97 $4.29 
Weighted average common shares:
Basic43,842 43,192 43,702 42,987 
Diluted43,900 43,679 43,835 43,697 
7



AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)


Three Months Ended June 30, 2023
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)
$162,530 $(11,705)$(45,124)$105,701 
Share-based compensation expenses
2,192 846 4,610 7,648 
Depreciation and amortization11,663 4,902 9,180 25,745 
Restructuring and other related charges3,905 261 1,875 6,041 
Impairment and other charges— 24,882 — 24,882 
Cloud computing amortization
5 — 2,244 2,249 
Majority owned equity investees AOI4,511 — — 4,511 
Adjusted operating income (loss)
$184,806 $19,186 $(27,215)$176,777 




Three Months Ended June 30, 2022
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)$188,812 $14,087 $(49,696)$153,203 
Share-based compensation expenses3,172 467 5,044 8,683 
Depreciation and amortization13,439 4,633 9,159 27,231 
Cloud computing amortization5 — 2,359 2,364 
Majority owned equity investees AOI4,061 — — 4,061 
Adjusted operating income (loss)$209,489 $19,187 $(33,134)$195,542 
8


AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)

Six Months Ended June 30, 2023
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)
$362,018 $2,437 $(85,450)$279,005 
Share-based compensation expenses
6,639 1,685 4,969 13,293 
Depreciation and amortization23,517 9,673 18,430 51,620 
Restructuring and other related charges4,723 1,646 5,605 11,974 
Impairment and other charges— 24,882 — 24,882 
Cloud computing amortization
10 — 4,469 4,479 
Majority owned equity investees AOI7,287 — — 7,287 
Adjusted operating income (loss)
$404,194 $40,323 $(51,977)$392,540 




Six Months Ended June 30, 2022
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)$387,334 $31,442 $(90,896)$327,880 
Share-based compensation expenses6,845 1,221 8,746 16,812 
Depreciation and amortization25,575 9,536 14,710 49,821 
Cloud computing amortization12 — 3,259 3,271 
Majority owned equity investees AOI8,942 — — 8,942 
Adjusted operating income (loss)$428,708 $42,199 $(64,181)$406,726 
9


AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)

CapitalizationJune 30, 2023
Cash and cash equivalents
$893,370 
Credit facility debt (a)
$624,375 
Senior notes (a)
2,200,000 
Total debt$2,824,375 
Net debt
$1,931,005 
Finance leases21,256 
Net debt and finance leases$1,952,261 
Twelve Months Ended June 30, 2023
Operating Income (GAAP)$38,041 
Share-based compensation expense26,467 
Depreciation and amortization109,026 
Restructuring and other related charges460,940 
Impairment and other charges65,599 
Cloud computing amortization8,550 
Majority owned equity investees15,593 
Adjusted Operating Income (Non-GAAP)$724,216 
Leverage ratio (b)
2.7 x

(a)Represents the aggregate principal amount of the debt.
(b)Represents net debt and finance leases divided by Adjusted Operating Income for the twelve months ended June 30, 2023. This ratio differs from the calculation contained in the Company's credit facility. No adjustments have been made for consolidated entities that are not 100% owned.

10


AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands)
(Unaudited)


Free Cash Flow (1) (2)
Three Months Ended June 30,Six Months Ended June 30,
2023202220232022
Net cash provided by operating activities
$157,566 $40,729 $25,047 $17,174 
Less: capital expenditures
(9,952)(10,026)(21,450)(21,554)
Free Cash Flow
$147,614 $30,703 $3,597 $(4,380)


Supplemental Cash Flow InformationThree Months Ended June 30,Six Months Ended June 30,
2023202220232022
Restructuring initiatives (3)
$(31,620)$— $(88,506)$— 
Distributions to noncontrolling interests
(15,585)(23,574)(27,087)(25,139)
(1) Beginning with the first quarter of 2023, we adjusted our free cash flow definition to exclude distributions to non-controlling interests which are discretionary in nature. Prior period amounts have been adjusted to conform to the current period presentation.
(2) Free Cash Flow includes the impact of certain cash receipts or payments (such as restructuring initiatives, significant legal settlements, and programming write-offs) that affect period-to-period comparability.
(3) Restructuring initiatives includes cash payments of $11.2 million and $52.2 million for content impairments and other exit costs for the three and six months ended June 30, 2023, respectively, and $20.4 million and $36.3 million for severance and employee-related costs, for the three and six months ended June 30, 2023, respectively.


11


AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands, except per share amounts)
(Unaudited)

Adjusted Earnings Per Share
Three Months Ended June 30, 2023
Income from operations before income taxesIncome tax expenseNet (income) loss attributable to noncontrolling interestsNet income attributable to AMC Networks' stockholdersDiluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)
$84,253 $(22,155)$8,141 $70,239 $1.60 
Adjustments:
Amortization of acquisition-related intangible assets10,469 (2,104)(1,704)6,661 0.15 
Restructuring and other related charges6,041 (1,433)(90)4,518 0.11 
Impairment and other charges24,882 (2,175)(15,949)6,758 0.15 
Impact of debt modification605 (147)— 458 0.01 
Adjusted Results (Non-GAAP)$126,250 $(28,014)$(9,602)$88,634 $2.02 


Three Months Ended June 30, 2022
Income from operations before income taxesIncome tax expenseNet (income) loss attributable to noncontrolling interestsNet income attributable to AMC Networks' stockholdersDiluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)
$122,948 $(33,028)$(6,491)$83,429 $1.91 
Adjustments:
Amortization of acquisition-related intangible assets10,396 (2,059)(1,680)6,657 0.15 
Restructuring and other related charges— — — — — 
Impairment and other charges— — — — — 
Impact of debt modification— — — — — 
Adjusted Results (Non-GAAP)$133,344 $(35,087)$(8,171)$90,086 $2.06 






12


AMC NETWORKS INC.
SUPPLEMENTAL FINANCIAL DATA
(Dollars in thousands, except per share amounts)
(Unaudited)

Adjusted Earnings Per Share
Six Months Ended June 30, 2023
Income from operations before income taxesIncome tax expenseNet (income) loss attributable to noncontrolling interestsNet income attributable to AMC Networks' stockholdersDiluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)
$232,445 $(59,054)$458 $173,849 $3.97 
Adjustments:
Amortization of acquisition-related intangible assets20,887 (4,175)(3,409)13,303 0.30 
Restructuring and other related charges11,974 (2,777)(204)8,993 0.21 
Impairment and other charges24,882 (2,175)(15,949)6,758 0.15 
Impact of debt modification605 (147)— 458 0.01 
Adjusted Results (Non-GAAP)$290,793 $(68,328)$(19,104)$203,361 $4.64 


Six Months Ended June 30, 2022
Income from operations before income taxesIncome tax expenseNet (income) loss attributable to noncontrolling interestsNet income attributable to AMC Networks' stockholdersDiluted EPS attributable to AMC Networks' stockholders
Reported Results (GAAP)
$275,116 $(74,662)$(12,837)$187,617 $4.29 
Adjustments:
Amortization of acquisition-related intangible assets20,960 (4,146)(3,360)13,454 0.31 
Restructuring and other related charges— — — — — 
Impairment and other charges— — — — — 
Impact of debt modification— — — — — 
Adjusted Results (Non-GAAP)$296,076 $(78,808)$(16,197)$201,071 $4.60 

13

v3.23.2
Cover
Aug. 04, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Aug. 04, 2023
Entity Registrant Name AMC Networks Inc.
Entity Central Index Key 0001514991
Amendment Flag false
Entity Incorporation, State or Country Code DE
Entity File Number 1-35106
Entity Tax Identification Number 27-5403694
Entity Address, Address Line One 11 Penn Plaza
Entity Address, City or Town New York
Entity Address, State or Province NY
Entity Address, Postal Zip Code 10001
City Area Code 212
Local Phone Number 324-8500
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Class A Common Stock, par value $0.01 per share
Trading Symbol AMCX
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
AMC Networks (NASDAQ:AMCX)
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