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AMC Networks Shares Plunge On Q2 Miss; Picks New CEO

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  • AMC Networks Inc (NASDAQ: AMCX) reported a second-quarter FY22 sales decline of 4.3% year-on-year to $738.02 million, missing the consensus of $774.35 million.

  • Streaming subscribers grew 46% Y/Y to 10.8 million as of June 30, 2022, and streaming revenue climbed 20%.

  • Domestic revenues decreased 3% Y/Y to $621 million, and International fell 9% to $126 million.

  • Operating margin was 20.7%, and operating income for the quarter rose 125% to $153 million.

  • The company held $817.3 million in cash and equivalents as of June 30, 2022. Cash provided by operating activities totaled $41 million with a free cash flow of $7 million.

  • Adjusted EPS of $2.06 missed the analyst consensus of $2.31.

  • Outlook: AMC reaffirmed the FY22 revenue growth outlook of low-single-digit.

  • The company expects FY22 free cash flow of $100 million.

  • Executive Appointment: AMC Networks has named Christina Spade, who currently serves as its COO and CFO, to the role of CEO, effective September 9, 2022.

  • Spade will succeed Matt Blank, who has been serving in a year-long role as Interim CEO since last September.

  • The company has named Patrick O'Connell as EVP & CFO and will report to Spade.

  • Price Action: AMCX shares are trading lower by 11.98% at $29.18 on the last check Friday.

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