AMC Networks Inc. reported financial results for the third quarter ended September 30, 2022.
Financial Highlights – Third Quarter Ended September 30, 2022:
- Streaming subscribers grew 44% from the prior year to 11.1 million subscribers as of September 30, 2022
- Net revenues decreased 16% from the prior year to $682 million, largely driven by the timing of content licensing revenues, lower affiliate and advertising revenues, and unfavorable foreign currency translation, partly offset by streaming revenue growth of 41%
- Operating income decreased 20% from the prior year to $151 million; Adjusted Operating Income decreased 14% to $194 million, due to lower revenues, partly offset by lower content and marketing investments and strategic cost discipline, with a margin of 28%
- Diluted EPS of $1.94; Adjusted EPS of $2.09
- Net cash provided by operating activities of $19 million; Free Cash Flow of $4 million