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AMC Networks Inc. (AMCX+0.44%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $599.6 million from $637 million in the same quarter the previous year. This decline is attributed to lower subscription and advertising revenues.
Operating income for the quarter was $93.7 million, down from $120.9 million in the previous year. This decrease is due to lower revenues and increased operating expenses.
Net income attributable to AMC Networks' stockholders was $41.4 million, compared to $63.4 million in the previous year. The decline is primarily due to lower operating income.
Cash provided by operating activities was $317.5 million for the nine months ended September 30, 2024, compared to $131.1 million in the previous year. This increase is due to improved working capital management.
AMC Networks reported a decrease in subscription revenues by 6.1% and advertising revenues by 6.5% for the quarter. Content licensing and other revenues also saw a decline of 3.3%.
The company recorded restructuring and other related charges of $3.5 million for the quarter, primarily due to severance and employee-related costs.
Interest expense increased to $45.1 million from $38.8 million in the previous year, due to higher average interest rates on outstanding debt.
AMC Networks' cash and cash equivalents at the end of the period were $816.4 million, an increase from $570.6 million at the beginning of the year.
The company continues to focus on its streaming services, reporting a 5.4% increase in aggregate paid subscribers to 11.8 million as of September 30, 2024.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the AMC Networks Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.