AMC Global Media (AMCX) Q4 2024 earnings summary

Executive summary

• Achieved full-year 2024 guidance with $2.42B consolidated revenue, $563M adjusted operating income (AOI), and $331M free cash flow.

• Streaming revenues rose 7% year-over-year to $603M, with subscribers up 8% to 12.4M.

• Leveraged innovative content licensing deals with Netflix and Max, and expanded partnerships including Amazon Prime Video Channels, boosting brand visibility and streaming engagement.

• Renewed major U.S. and Canadian distribution agreements, enhancing AMC+ access and reach.

• Launched new advertising products and expanded FAST channel offerings to 19 brands on 12 platforms.

Financial highlights

• 2024 consolidated revenue: $2.42B; adjusted AOI: $563M (23% margin); free cash flow: $331M, up 96% year-over-year.

• Q4 revenue: $599M; Q4 adjusted AOI: $129M (22% margin); Q4 free cash flow: $38M.

• Domestic operations revenue down 9% year-over-year; streaming revenue up 7% for the year.

• Digital ad revenue grew double digits, now ~25% of domestic ad revenue.

• Diluted EPS for 2024 was $(5.10); Adjusted EPS was $3.86.

Outlook and guidance

• Cumulative free cash flow guidance increased to $550M for 2024-2025; 2025 free cash flow projected at $220M.

• 2025 consolidated revenue expected to decline ~5% to $2.3B.

• Domestic subscription revenue expected flat; streaming revenue growth in low to mid-teens percent.

• Domestic advertising revenue expected to decline ~10% in 2025.

• 2025 AOI expected between $400M-$420M.