Company Quick10K Filing
AMC Networks
Price48.14 EPS8
Shares57 P/E6
MCap2,754 P/FCF7
Net Debt2,368 EBIT657
TEV5,123 TEV/EBIT8
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-08-05
10-Q 2020-03-31 Filed 2020-05-05
10-K 2019-12-31 Filed 2020-02-27
10-Q 2019-09-30 Filed 2019-10-31
10-Q 2019-06-30 Filed 2019-07-31
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-03-01
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-02
10-Q 2018-03-31 Filed 2018-05-10
10-K 2017-12-31 Filed 2018-03-01
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-04
10-K 2016-12-31 Filed 2017-02-24
10-Q 2016-09-30 Filed 2016-11-03
10-Q 2016-06-30 Filed 2016-08-04
10-Q 2016-03-31 Filed 2016-05-05
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-11-05
10-Q 2015-06-30 Filed 2015-08-06
10-Q 2015-03-31 Filed 2015-05-04
10-K 2014-12-31 Filed 2015-02-26
10-Q 2014-09-30 Filed 2014-11-06
10-Q 2014-06-30 Filed 2014-08-07
10-Q 2014-03-31 Filed 2014-05-08
10-K 2013-12-31 Filed 2014-02-27
10-Q 2013-09-30 Filed 2013-11-07
10-Q 2013-06-30 Filed 2013-08-08
10-Q 2013-03-31 Filed 2013-05-09
10-Q 2012-09-30 Filed 2012-11-08
10-Q 2012-06-30 Filed 2012-08-09
10-Q 2012-03-31 Filed 2012-05-10
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-10
10-Q 2011-06-30 Filed 2011-08-11
8-K 2020-08-04 Earnings, Exhibits
8-K 2020-07-02 Officers
8-K 2020-06-17
8-K 2020-05-05
8-K 2020-03-27
8-K 2020-02-26
8-K 2019-10-31
8-K 2019-07-31
8-K 2019-06-14
8-K 2019-05-01
8-K 2019-02-28
8-K 2018-11-01
8-K 2018-10-12
8-K 2018-08-02
8-K 2018-07-29
8-K 2018-06-14
8-K 2018-06-13
8-K 2018-05-10
8-K 2018-03-01
8-K 2018-02-26

AMCX 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements.
Note 1. Description of Business and Basis of Presentation
Note 2. Revenue Recognition
Note 3. Net Income per Share
Note 4. Restructuring and Other Related Charges
Note 5. Program Rights
Note 6. Investments
Note 7. Goodwill and Other Intangible Assets
Note 8. Accrued Liabilities
Note 9. Long - Term Debt
Note 10. Leases
Note 11. Fair Value Measurement
Note 12. Derivative Financial Instruments
Note 13. Income Taxes
Note 14. Commitments and Contingencies
Note 15. Equity Plans
Note 16. Redeemable Noncontrolling Interests
Note 17. Related Party Transactions
Note 18. Cash Flows
Note 19. Segment Information
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.
Item 3. Quantitative and Qualitative Disclosures About Market Risk.
Item 4. Controls and Procedures.
Part II. Other Information
Item 1. Legal Proceedings.
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits.
EX-10.1 amcx-6302020xex101.htm
EX-10.2 amcx-6302020xex102.htm
EX-22 amcx-6302020xex22.htm
EX-31.1 amcx-6302020xex311.htm
EX-31.2 amcx-6302020xex312.htm
EX-32 amcx-6302020xex32.htm

AMC Networks Earnings 2020-06-30

Balance SheetIncome StatementCash Flow
10.07.85.63.51.3-0.92012201420172020
Assets, Equity
0.80.60.50.30.20.02012201420172020
Rev, G Profit, Net Income
0.80.60.40.1-0.1-0.32012201420172020
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the quarterly period ended June 30, 2020
or
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
For the transition period from   to
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,NY10001
(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

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  þ    No  ¨
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  þ    No  ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company (as defined in Exchange Act Rule 12b-2).
Large accelerated filerþAccelerated filer¨
Non-accelerated filer¨Smaller reporting company
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. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  þ
The number of shares of common stock outstanding as of July 24, 2020:
Class A Common Stock par value $0.01 per share40,557,330
Class B Common Stock par value $0.01 per share11,484,408




AMC NETWORKS INC. AND SUBSIDIARIES
FORM 10-Q
TABLE OF CONTENTS
 
Page




PART I. FINANCIAL INFORMATION
Item 1. Financial Statements.
AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share amounts)
(unaudited)

June 30, 2020December 31, 2019
ASSETS
Current Assets:
Cash and cash equivalents$889,887  $816,170  
Accounts receivable, trade (less allowance for doubtful accounts of $9,440 and $5,733)
796,834  857,143  
Current portion of program rights, net17,354  426,624  
Prepaid expenses and other current assets189,683  230,360  
Total current assets1,893,758  2,330,297  
Property and equipment, net of accumulated depreciation of $235,687 and $347,302
259,783  283,752  
Program rights, net1,370,500  1,038,060  
Intangible assets, net425,233  524,531  
Goodwill665,890  701,980  
Deferred tax asset, net55,792  51,545  
Operating lease right-of-use asset154,676  170,056  
Other assets480,324  496,465  
Total assets$5,305,956  $5,596,686  
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable$89,971  $94,306  
Accrued liabilities245,281  251,214  
Current portion of program rights obligations286,143  304,692  
Deferred revenue58,871  63,921  
Current portion of long-term debt81,000  56,250  
Current portion of lease obligations 33,179  33,959  
Total current liabilities794,445  804,342  
Program rights obligations222,631  239,813  
Long-term debt2,807,890  3,039,979  
Lease obligations214,334  211,047  
Deferred tax liability, net150,046  136,911  
Other liabilities133,933  163,638  
Total liabilities4,323,279  4,595,730  
Commitments and contingencies
Redeemable noncontrolling interests307,532  309,451  
Stockholders' equity:
Class A Common Stock, $0.01 par value, 360,000 shares authorized, 64,348 and 63,886 shares issued and 40,557 and 44,078 shares outstanding, respectively
643  639  
Class B Common Stock, $0.01 par value, 90,000 shares authorized, 11,484 shares issued and outstanding
115  115  
Preferred stock, $0.01 par value, 45,000 shares authorized; none issued
    
Paid-in capital308,288  286,491  
Accumulated earnings1,691,100  1,609,428  
Treasury stock, at cost (23,790 and 19,808 shares Class A Common Stock, respectively)
(1,166,119) (1,063,181) 
Accumulated other comprehensive loss(182,111) (167,711) 
Total AMC Networks stockholders' equity651,916  665,781  
Non-redeemable noncontrolling interests23,229  25,724  
Total stockholders' equity675,145  691,505  
Total liabilities and stockholders' equity$5,305,956  $5,596,686  
See accompanying notes to condensed consolidated financial statements.
1


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share amounts)
(unaudited)

Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Revenues, net
$646,291  $772,299  $1,380,666  $1,556,520  
Operating expenses:
Technical and operating (excluding depreciation and amortization)
282,503  385,623  626,563  725,771  
Selling, general and administrative
155,163  173,364  339,812  345,876  
Depreciation and amortization25,905  25,893  52,635  49,949  
Impairment charges130,411    130,411    
Restructuring and other related charges3,507  17,162  9,473  19,804  
Total operating expenses597,489  602,042  1,158,894  1,141,400  
Operating income48,802  170,257  221,772  415,120  
Other income (expense):
Interest expense(34,301) (39,716) (71,865) (79,361) 
Interest income3,727  4,745  8,282  8,945  
Loss on extinguishment of debt    (2,908)   
Miscellaneous, net8,713  (2,697) (21,226) (15,482) 
Total other (expense) income(21,861) (37,668) (87,717) (85,898) 
Income from operations before income taxes26,941  132,589  134,055  329,222  
Income tax (expense) benefit(9,707) 1,396  (43,295) (45,080) 
Net income including noncontrolling interests17,234  133,985  90,760  284,142  
Net income attributable to noncontrolling interests(2,273) (5,242) (7,132) (12,002) 
Net income attributable to AMC Networks' stockholders$14,961  $128,743  $83,628  $272,140  
Net income per share attributable to AMC Networks' stockholders:
Basic$0.29  $2.28  $1.55  $4.81  
Diluted$0.28  $2.25  $1.54  $4.73  
Weighted average common shares:
Basic52,311  56,590  53,894  56,589  
Diluted52,797  57,335  54,429  57,529  
See accompanying notes to condensed consolidated financial statements.
2


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(in thousands)
(unaudited)
 
Three Months Ended June 30,Six Months Ended June 30,
 2020201920202019
Net income including noncontrolling interests$17,234  $133,985  $90,760  $284,142  
Other comprehensive income (loss):
Foreign currency translation adjustment14,190  553  (14,092) (5,210) 
Unrealized gain (loss) on interest rate swaps341  (1,625) (1,656) (2,263) 
Other comprehensive income (loss), before income taxes14,531  (1,072) (15,748) (7,473) 
Income tax (expense) benefit(79) 374  386  523  
Other comprehensive income (loss), net of income taxes14,452  (698) (15,362) (6,950) 
Comprehensive income31,686  133,287  75,398  277,192  
Comprehensive income attributable to noncontrolling interests
(2,472) (5,033) (6,170) (11,831) 
Comprehensive income attributable to AMC Networks' stockholders
$29,214  $128,254  $69,228  $265,361  
See accompanying notes to condensed consolidated financial statements.
3


AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)
Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2020$643  $115  $282,153  $1,676,139  $(1,149,138) $(196,364) $613,548  $23,848  $637,396  
Net income attributable to AMC Networks’ stockholders—  —  —  14,961  —  —  14,961  —  14,961  
Net loss attributable to non-redeemable noncontrolling interests—  —  —  —  —  —  —  (818) (818) 
Settlement of treasury stock—  —  10,988  —  —  —  10,988  —  10,988  
Other comprehensive income—  —  —  —  —  14,253  14,253  199  14,452  
Share-based compensation expense—  —  15,235  —  —  —  15,235  —  15,235  
Treasury stock acquired—  —  —  —  (16,981) —  (16,981) —  (16,981) 
Restricted stock units converted to shares  —  (88) —  —  —  (88) —  (88) 
Balance, June 30, 2020$643  $115  $308,288  $1,691,100  $(1,166,119) $(182,111) $651,916  $23,229  $675,145  


Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, December 31, 2019$639  $115  $286,491  $1,609,428  $(1,063,181) $(167,711) $665,781  $25,724  $691,505  
Net income attributable to AMC Networks’ stockholders—  —  —  83,628  —  —  83,628  —  83,628  
Net loss attributable to non-redeemable noncontrolling interests—  —  —  —  —  —  —  (1,085) (1,085) 
Adoption of ASU 2016-13, credit losses
—  —  —  (1,956) —  —  (1,956) —  (1,956) 
Distributions to noncontrolling member—  —  —  —  —  —  —  (448) (448) 
Other comprehensive loss—  —  —  —  —  (14,400) (14,400) (962) (15,362) 
Share-based compensation expense—  —  30,747  —  —  —  30,747  —  30,747  
Treasury stock acquired—  —  —  —  (102,938) —  (102,938) —  (102,938) 
Restricted stock units converted to shares4  —  (8,950) —  —  —  (8,946) —  (8,946) 
Balance, June 30, 2020$643  $115  $308,288  $1,691,100  $(1,166,119) $(182,111) $651,916  $23,229  $675,145  









See accompanying notes to consolidated financial statements.
4



AMC NETWORKS INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(in thousands)
(unaudited)
Class A
Common
Stock
Class B
Common
Stock
Paid-in
Capital
Accumulated EarningsTreasury
Stock
Accumulated
Other
Comprehensive
Loss
AMC Networks Stockholders’
Equity
Noncontrolling InterestsTotal Stockholders' Equity
Balance, March 31, 2019$634  $115  $242,322  $1,372,339  $(993,574) $(166,446) $455,390  $29,147  $484,537  
Net income attributable to AMC Networks’ stockholders—  —  —  128,743  —  —  128,743  —  128,743  
Net income attributable to non-redeemable noncontrolling interests—  —  —  —  —  —  —  128  128  
Distributions to noncontrolling member—  —  —  —  —  —  —  (2,374) (2,374) 
Treasury stock not yet settled—  —  (832) —  —  —  (832) —  (832) 
Other comprehensive loss—  —  —  —  —  (698) (698) (208) (906) 
Share-based compensation expense—  —  16,725  —  —  —  16,725  —  16,725  
Treasury stock acquired—  —  —  —  (57,448) —  (57,448) —  (57,448) 
Restricted stock units converted to shares5  —  (65) —  —  —  (60) —  (60) 
Balance, June 30, 2019$639  $115  $258,150  $1,501,082  $(1,051,022) $(167,144)