AMC Networks' stock jumps more than 10 percent in early trading after earnings beat Wall Street estimates, analyst credits higher-than-expected content licensing
She added: “These efforts contributed to a first quarter with strong margins and increased streaming revenue as we prioritized higher-value subscribers for our streaming portfolio. We remain focused on the overall profitability of the company as we continue to maintain a strong balance sheet, drive free cash flow and maximize shareholder value.”
She also predicted a “forthcoming shift to streaming bundles,” for which Dolan sees AMC well positioned. “These bundles are beginning to gain traction as the marketplace evolves and consumers seek a more simplified and integrated experience when it comes to managing their various services. With our high-quality content and distinct brands, AMC Networks occupies a prime position for this inevitable shift.
CFO Patrick O’Connell said the company continues to expect to generate free cash flow of $70 million-$90 million for the full year 2023, including a one-time negative impact of approximately $115 million associated with the firm’s restructuring plan. “We are past peak content investment, and we continue to expect cash content investment to be approximately $1.1 billion for 2023,” he said.
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