AMC Networks Inc. (NASDAQ:AMCX) shares raced ahead Friday, on reporting financial results for the fourth quarter and full year ended December 31, 2022.
In the fourth-quarter, net revenues increased 20% from the prior year to $965 million. The company sustained an operating loss of $392 million; Adjusted Operating Income increased 34% to $137 million.
Diluted EPS were $(6.11); Adjusted EPS of $2.52. Net cash provided by operating activities totaled $145 million with free cash flow of $128 million
For the full year, net revenues increased 1% from the prior year to $3,097 million. Streaming revenues increased 35% to $502 million; 11.8 million subscribers as of December 31, 2022.
Operating income was $87 million; Adjusted Operating Income proved to be $738 million
Diluted EPS of $0.17; Adjusted EPS of $9.21. Net cash provided by operating activities were $182 million; Free cash flow was $103 million.
AMC Interim Executive Chairman James L. Dolan said, "AMC Networks is focused on maximizing the value of our high-quality, popular content through optimized content monetization as we reduce costs and drive cash flow. We believe this approach will position the company well to navigate current industry dynamics and enable us to generate long-term shareholder value."
During the year, AMC launched new Anne Rice Universe franchise with Anne Rice’s Interview with the Vampire, which became the #1 new series launch in AMC+ history and the #2 new basic cable drama in 2022.
AMCX shares hiked $4.04, or 19.7%, early Friday to $24.54.
