FALSE000151499100015149912023-11-032023-11-03

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): November 3, 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 November 3, 2023, AMC Networks Inc. (the “Registrant”) issued a press release announcing its financial results for the quarter ended September 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:November 3, 2023 By:/s/ Michael J. Sherin III
 Michael J. Sherin III
 Executive Vice President and Chief Accounting Officer



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AMC NETWORKS INC. REPORTS THIRD QUARTER 2023 RESULTS
New York, NY – November 3, 2023: AMC Networks Inc. ("AMC Networks" or the "Company") (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2023.
Chief Executive Officer Kristin Dolan said: “During this period of experimentation and change in our industry, we continue to execute on our plan and effectively manage the business with a focus on high-quality programming, strong partnerships and profitability. In addition to introducing an ad-supported version of AMC+, we extended our leadership in TV advertising through the launch of programmatic buying on our linear networks, an industry first. Partnership examples included a promotional pop-up on Max and strong presence on the new Xumo offering from Comcast and Charter. The Walking Dead: Daryl Dixon was the biggest ever debut for AMC+, one of many programming highlights in the quarter. We are well-positioned to achieve our free cash flow goals for the year and remain focused on responsible content investment and monetization across a wide array of distribution platforms and licensing opportunities.”
Operational Highlights:
•Launched ad-supported version of AMC+, bringing ads to the Company’s entire distribution ecosystem and enhancing future bundling opportunities.
•Enabled programmatic ad buying on linear networks, a major industry first that boosts the value and relevance of linear advertising and follows the company’s pioneering work in addressable advertising.
•Worked with Warner Bros. Discovery to add seven of AMC Networks’ high-quality series to the Max platform as a limited promotional pop-up at no additional cost to Max subscribers.
◦Increased exposure drove viewership increases on AMC+ across important franchises including Fear the Walking Dead, Anne Rice's Interview with the Vampire and Anne Rice's Mayfair Witches.
•Completed a multi-year renewal with recently-merged Rogers-Shaw, the largest cable provider in Canada, for continued carriage of AMC.
•Renewed acclaimed drama Dark Winds, which achieved 100-point scores on Rotten Tomatoes for its first two seasons on AMC and AMC+.
•Premiered The Walking Dead: Daryl Dixon, the #1 most viewed premiere in the history of AMC+ and the most watched season of any new show ever on the platform.
•WE tv successfully launched new series Toya & Reginae, which gained viewers week to week and continues to perform remarkably well across sister-streamer ALLBLK.
•Hit series Harry Wild, starring Jane Seymour, recently returned for a second season on Acorn TV.
Financial Highlights – Third Quarter Ended September 30, 2023:
•Net cash provided by operating activities of $106 million; Free Cash Flow(1) of $99 million, reflecting expense savings and improved working capital management.
•Operating income of $121 million; Adjusted Operating Income(1) of $177 million decreased 9% from the prior year. Adjusted Operating Income margin of 28% was consistent with the prior year period. Adjusted Operating Income benefited from continued cost management measures.
•Net revenues of $637 million decreased 7% from the prior year, largely driven by lower domestic advertising revenues and affiliate revenues, partly offset by streaming revenue growth.
•Streaming revenues of $142 million increased 9% from the prior year, primarily driven by year-over-year streaming subscriber growth and our continued focus on higher value subscribers.
•Diluted EPS of $1.44; Adjusted EPS(1) of $1.85.
Dollars in thousands, except per share amountsThree Months Ended September 30,Nine Months Ended September 30,
20232022Change20232022Change
Net Revenues$636,954 $681,843 (6.6)%$2,033,029 $2,132,025 (4.6)%
Operating Income$120,850 $150,677 (19.8)%$399,855 $478,557 (16.4)%
Adjusted Operating Income$177,268 $194,305 (8.8)%$569,808 $601,031 (5.2)%
Diluted Earnings Per Share$1.44 $1.94 (25.8)%$5.40 $6.23 (13.3)%
Adjusted Earnings Per Share$1.85 $2.09 (11.5)%$6.49 $6.69 (3.0)%
Net cash provided by operating activities$106,092 $19,417 n/m$131,139 $36,591 n/m
Free Cash Flow$99,150 $7,461 n/m$102,747 $3,081 n/m
(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 September 30,Nine Months Ended September 30,
20232022Change20232022Change
Net Revenues:
Domestic Operations$541,198 $587,389 (7.9)%$1,734,871 $1,814,034 (4.4)%
International and Other97,598 99,270 (1.7)%304,974 334,892 (8.9)%
Inter-segment Eliminations(1,842)(4,816)61.8 %(6,816)(16,901)59.7 %
Total Net Revenues$636,954 $681,843 (6.6)%$2,033,029 $2,132,025 (4.6)%
Operating Income (Loss):
Domestic Operations$161,627 $186,609 (13.4)%$523,645 $573,943 (8.8)%
International and Other7,985 8,291 (3.7)%10,422 39,733 (73.8)%
Corporate / Inter-segment Eliminations(48,762)(44,223)(10.3)%(134,212)(135,119)0.7 %
Total Operating Income$120,850 $150,677 (19.8)%$399,855 $478,557 (16.4)%
Adjusted Operating Income (Loss):
Domestic Operations$185,011 $206,701 (10.5)%$589,205 $635,409 (7.3)%
International and Other13,067 13,310 (1.8)%53,390 55,509 (3.8)%
Corporate / Inter-segment Eliminations(20,810)(25,706)19.0 %(72,787)(89,887)19.0 %
Total Adjusted Operating Income$177,268 $194,305 (8.8)%$569,808 $601,031 (5.2)%

2


Domestic Operations
Third Quarter Results:
•Domestic Operations revenues decreased 8% from the prior year to $541 million.
◦Distribution and other revenues decreased 3% to $394 million.
▪Content licensing revenues increased 7% to $62 million due to the timing and availability of deliveries in the period.
▪Subscription revenues decreased 5% to $332 million due to declines in the linear subscriber universe, partially offset by streaming revenue growth.
•Streaming revenues increased 9% to $142 million, primarily driven by year-over-year streaming subscriber growth and our continued focus on higher value subscribers.
◦Streaming subscribers increased 4% to 11.1 million as compared to 10.7 million subscribers in the prior year period. As compared to 2Q'23 subscribers of 11.0 million, third quarter subscribers sequentially increased 1%.
•Affiliate revenue decreased 13% due to basic subscriber declines including the 3% revenue impact of a strategic non-renewal that occurred at the end of 2022.
◦Advertising revenues decreased 18% to $147 million due to anticipated linear ratings declines, a challenging ad market and fewer original programming episodes within the quarter, partly offset by digital and advanced advertising revenue growth.
•Operating income decreased 13% to $162 million.
•Adjusted Operating Income decreased 10% to $185 million, with a margin of 34%. 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.

International and Other
Third Quarter Results:
•International and Other revenues decreased 2% from the prior year to $98 million.
◦Distribution and other revenues decreased 4% to $78 million, primarily due to lower production volumes at 25/7 Media, partially offset by higher subscription revenues at AMCNI.
▪Subscription revenues increased 6% to $56 million, primarily due to the favorable impact of foreign currency translation at AMCNI.
▪Content licensing and other revenues decreased 24% to $22 million due to a reduction in the volume of productions at 25/7 Media.
◦Advertising revenues increased 11% to $19 million, primarily due to the favorable impact of foreign currency translation and digital and advanced advertising growth in the U.K.
•Operating income decreased 4% to $8 million.
•Adjusted Operating Income decreased 2% to $13 million, with a margin of 13%. The decrease in Adjusted Operating Income was primarily attributable to an increase in SG&A expense, partially offset by an increase in subscription revenue at AMCNI.
3


Other Matters
Full Redemption of 5.00% Senior Notes due 2024
The Company announced today that it has given notice of its intention to redeem the remaining $400 million outstanding principal amount of its 5.00% Senior Notes due 2024 (CUSIP Number 00164V AD5) (the “Notes”) on December 12, 2023 (the “Redemption Date”). The Notes will be redeemed at a redemption price of 100.000% of the principal amount of the Notes plus accrued and unpaid interest to, but excluding, the Redemption Date.
AMC Networks has instructed U.S. Bank National Association, as the trustee for the Notes (the “Trustee”), to distribute a notice of redemption to all registered holders of the Notes on November 3, 2023.
Restructuring and Other Related Charges
On November 28, 2022, the Company commenced a restructuring plan designed to achieve significant cost reductions in light of “cord cutting” and the related impacts being felt across the media industry as well as the broader economic outlook. During the third quarter of 2023, the Company substantially completed the plan and exited a portion of its office space in its corporate headquarters in New York and office space in Silver Spring, Maryland and Woodland Hills, California. In connection with exiting a portion of the New York office, the Company recorded impairment charges of $11.6 million, consisting of $9.1 million for operating lease right-of use assets and $2.5 million for leasehold improvements.
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 September 30, 2023, the Company did not repurchase any shares. As of September 30, 2023, the Company had $135 million of authorization remaining for repurchase under the Stock Repurchase Program.
As of October 27, 2023, the Company had 32,073,020 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 September 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 third 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 September 30,Nine Months Ended September 30,
2023202220232022
Revenues, net
$636,954 $681,843 $2,033,029 $2,132,025 
Operating expenses:
Technical and operating (excluding depreciation and amortization)
284,900 293,459 933,590 903,468 
Selling, general and administrative
187,232 207,972 567,136 670,444 
Depreciation and amortization28,009 29,735 79,629 79,556 
Impairment and other charges5,400 — 30,282 — 
Restructuring and other related charges10,563 — 22,537 — 
Total operating expenses516,104 531,166 1,633,174 1,653,468 
Operating income120,850 150,677 399,855 478,557 
Other income (expense):
Interest expense(38,757)(34,308)(115,304)(97,085)
Interest income11,686 3,625 26,944 8,552 
Miscellaneous, net(2,211)(1,546)12,518 3,540 
Total other expense(29,282)(32,229)(75,842)(84,993)
Income from operations before income taxes91,568 118,448 324,013 393,564 
Income tax expense(23,671)(28,456)(82,725)(103,118)
Net income including noncontrolling interests67,897 89,992 241,288 290,446 
Net income attributable to noncontrolling interests(4,473)(5,326)(4,015)(18,163)
Net income attributable to AMC Networks’ stockholders$63,424 $84,666 $237,273 $272,283 
Net income per share attributable to AMC Networks’ stockholders:
Basic$1.44 $1.96 $5.42 $6.32 
Diluted$1.44 $1.94 $5.40 $6.23 
Weighted average common shares:
Basic43,951 43,238 43,786 43,070 
Diluted44,041 43,732 43,905 43,707 
7



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


Three Months Ended September 30, 2023
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)
$161,627 $7,985 $(48,762)$120,850 
Share-based compensation expenses
3,494 815 2,069 6,378 
Depreciation and amortization11,536 4,271 12,202 28,009 
Restructuring and other related charges (credits)(783)(4)11,350 10,563 
Impairment and other charges5,400 — — 5,400 
Cloud computing amortization
5 — 2,331 2,336 
Majority owned equity investees AOI3,732 — — 3,732 
Adjusted operating income (loss)
$185,011 $13,067 $(20,810)$177,268 




Three Months Ended September 30, 2022
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)$186,609 $8,291 $(44,223)$150,677 
Share-based compensation expenses3,155 537 3,358 7,050 
Depreciation and amortization12,141 4,482 13,112 29,735 
Cloud computing amortization5 — 2,047 2,052 
Majority owned equity investees AOI4,791 — — 4,791 
Adjusted operating income (loss)$206,701 $13,310 $(25,706)$194,305 
8


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

Nine Months Ended September 30, 2023
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)
$523,645 $10,422 $(134,212)$399,855 
Share-based compensation expenses
10,133 2,500 7,038 19,671 
Depreciation and amortization35,053 13,944 30,632 79,629 
Restructuring and other related charges3,940 1,642 16,955 22,537 
Impairment and other charges5,400 24,882 — 30,282 
Cloud computing amortization
15 — 6,800 6,815 
Majority owned equity investees AOI11,019 — — 11,019 
Adjusted operating income (loss)
$589,205 $53,390 $(72,787)$569,808 




Nine Months Ended September 30, 2022
Domestic OperationsInternational and OtherCorporate / Inter-segment EliminationsConsolidated
Operating income (loss)$573,943 $39,733 $(135,119)$478,557 
Share-based compensation expenses10,000 1,758 12,104 23,862 
Depreciation and amortization37,716 14,018 27,822 79,556 
Cloud computing amortization17 — 5,306 5,323 
Majority owned equity investees AOI13,733 — — 13,733 
Adjusted operating income (loss)$635,409 $55,509 $(89,887)$601,031 
9


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

CapitalizationSeptember 30, 2023
Cash and cash equivalents
$955,187 
Credit facility debt (a)
$615,938 
Senior notes (a)
2,200,000 
Total debt$2,815,938 
Net debt
$1,860,751 
Finance leases20,074 
Net debt and finance leases$1,880,825 
Twelve Months Ended September 30, 2023
Operating Income (GAAP)$8,214 
Share-based compensation expense25,795 
Depreciation and amortization107,300 
Restructuring and other related charges471,503 
Impairment and other charges70,999 
Cloud computing amortization8,834 
Majority owned equity investees14,534 
Adjusted Operating Income (Non-GAAP)$707,179 
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 September 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 September 30,Nine Months Ended September 30,
2023202220232022
Net cash provided by operating activities
$106,092 $19,417 $131,139 $36,591 
Less: capital expenditures
(6,942)(11,956)(28,392)(33,510)
Free Cash Flow
$99,150 $7,461 $102,747 $3,081 


Supplemental Cash Flow InformationThree Months Ended September 30,Nine Months Ended September 30,
2023202220232022
Restructuring initiatives (3)
$(13,084)$— $(101,590)$— 
Distributions to noncontrolling interests
(20,459)(3,093)(47,546)(28,232)
(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 $9.1 million and $61.3 million for content impairments and other exit costs for the three and nine months ended September 30, 2023, respectively, and $4.0 million and $40.3 million for severance and employee-related costs, for the three and nine months ended September 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 September 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)
$91,568 $(23,671)$(4,473)$63,424 $1.44 
Adjustments:
Amortization of acquisition-related intangible assets9,839 (2,291)(1,329)6,219 0.14 
Restructuring and other related charges10,563 (2,618)— 7,945 0.18 
Impairment and other charges5,400 (1,343)— 4,057 0.09 
Impact of debt modification— — — — — 
Adjusted Results (Non-GAAP)$117,370 $(29,923)$(5,802)$81,645 $1.85 


Three Months Ended September 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)
$118,448 $(28,456)$(5,326)$84,666 $1.94 
Adjustments:
Amortization of acquisition-related intangible assets10,235 (2,016)(1,680)6,539 0.15 
Restructuring and other related charges— — — — — 
Impairment and other charges— — — — — 
Impact of debt modification— — — — — 
Adjusted Results (Non-GAAP)$128,683 $(30,472)$(7,006)$91,205 $2.09 






12


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

Adjusted Earnings Per Share
Nine Months Ended September 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)
$324,013 $(82,725)$(4,015)$237,273 $5.40 
Adjustments:
Amortization of acquisition-related intangible assets30,726 (6,466)(4,738)19,522 0.44 
Restructuring and other related charges22,537 (5,395)(204)16,938 0.39 
Impairment and other charges30,282 (3,518)(15,949)10,815 0.25 
Impact of debt modification605 (147)— 458 0.01 
Adjusted Results (Non-GAAP)$408,163 $(98,251)$(24,906)$285,006 $6.49 


Nine Months Ended September 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)
$393,564 $(103,118)$(18,163)$272,283 $6.23 
Adjustments:
Amortization of acquisition-related intangible assets31,195 (6,162)(5,040)19,993 0.46 
Restructuring and other related charges— — — — — 
Impairment and other charges— — — — — 
Impact of debt modification— — — — — 
Adjusted Results (Non-GAAP)$424,759 $(109,280)$(23,203)$292,276 $6.69 

13

v3.23.3
Cover
Nov. 03, 2023
Cover [Abstract]  
Document Type 8-K
Document Period End Date Nov. 03, 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
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