Business
AMC Networks Inc. Reports Third Quarter 2021 Results
NEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third
About this update from Amc Global Media Inc.
[{"type":"text","content":"NEW YORK, Nov. 05, 2021 (GLOBE NEWSWIRE) -- AMC Networks Inc. (“AMC Networks” or the “Company”) (NASDAQ: AMCX) today reported financial results for the third quarter ended September 30, 2021. Interim Chief Executive Officer Matt Blank said: \"AMC Networks is in a very strong position, underscored by its third quarter revenue and AOI growth of 24% and 21%, respectively. In anticipation of having a strong finish to the year, we are increasing our full year financial guidance for total company revenue and AOI. We continue to see subscriber acquisition momentum and high engagement across our targeted streaming portfolio of AMC+, Acorn TV, Shudder, Sundance Now and ALLBLK, and are on track to deliver our year-end streaming target to achieve 9 million paid subscribers. We are building a streaming business that is sustainable and will be profitable over the long term, and with our owned IP, our library of high-quality content, and our strong legacy channels business, we have the right assets to drive growth and increase shareholder value.\" Third Quarter Financial Highlights: Net revenues increased 24% to $811 million as compared to the prior year quarter, driven by growth in content licensing, streaming and advertising revenuesOperating income increased 35% to $188 million; Adjusted Operating Income(1) increased 21% to $225 million as compared to the prior year quarterDiluted EPS of $2.55; Adjusted Diluted EPS(1) of $2.68 Dollars in thousands, except per share amountsThree Months Ended September 30, Nine Months Ended September 30,2021 2020 Change 2021 2020 ChangeNet Revenues$810,766 $654,015 24.0 % $2,273,899 $2,034,681 11.8 %Operating Income$188,326 $139,477 35.0 % $426,290 $361,249 18.0 %Adjusted Operating Income$224,691 $185,491 21.1 % $713,307 $633,223 12.6 % Diluted Earnings Per Share$2.55 $1.17 117.9 % $5.39 $2.69 100.4 %Adjusted Diluted Earnings Per Share$2.68 $1.32 103.0 % $9.11 $5.17 76.2 % Net cash (used in) provided by operating activities$(87,183) $219,175 (139.8)% $43,984 $644,087 (93.2)%Free Cash Flow(1)$(101,297) $203,009 (149.9)% $(891) $595,142 (100.1)% Operational Highlights: On track to achieve 2021 year-end streaming subscriber targetIncreasing full year 2021 financial outlook for total company revenue and adjusted operating income growthPremiered season 11 of The Walking Dead, which was a top driver of subscriber ...