Business
AMC Networks Inc. Reports First Quarter 2020 Results
NEW YORK, May 05, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the first
About this update from Amc Global Media Inc.
[{"type":"text","content":"NEW YORK, May 05, 2020 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the first quarter ended March 31, 2020.\n 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 equivalentsº $704 million of cash and cash equivalents as of March 31, 2020º $500 million undrawn revolving credit facilityStrong cash flowº Cash Provided by Operating Activities of $198 millionº Free Cash Flow1 of $182 millionNo significant debt maturities in 2020 or 2021º Term Loan A Facility payments of $56 million and $75 million in 2020 and 2021, respectivelyOpportunistic allocation of capitalº 4.0 million shares repurchased for $103 million year-to-date 2020º $200 million partial redemption of $600 million 4.75% notes due December 2022 completed on March 4, 2020 Financial Highlights: Revenues of $734 millionOperating income of $173 million; Adjusted Operating Income1 of $222 millionDiluted EPS of $1.22; Adjusted EPS1 of $1.47 Operational Highlights: The Company continued to make significant progress on its digital initiativesº 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...