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þ
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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¨
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Delaware
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27-5403694
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(State or other jurisdiction of
incorporation or organization)
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(I.R.S. Employer
Identification No.)
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11 Penn Plaza,
New York, NY
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10001
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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þ
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Class A Common Stock par value $0.01 per share
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60,904,498
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Class B Common Stock par value $0.01 per share
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11,484,408
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Page
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Item 1.
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Financial Statements.
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September 30, 2015
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December 31, 2014
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||||
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ASSETS
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||||
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Current Assets:
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Cash and cash equivalents
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$
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307,555
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$
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201,367
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Accounts receivable, trade (less allowance for doubtful accounts of
$4,498
and $4,276)
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571,460
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587,193
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Amounts due from related parties, net
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4,033
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4,102
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Current portion of program rights, net
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477,218
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|
437,302
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||
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Prepaid expenses and other current assets
|
83,531
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|
74,294
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Deferred tax asset, net
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37,537
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|
24,822
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|
||
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Total current assets
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1,481,334
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1,329,080
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Property and equipment, net of accumulated depreciation of
$215,324
and $186,242
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145,217
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133,844
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Program rights, net
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996,206
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959,941
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||
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Deferred carriage fees, net
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53,199
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|
|
46,737
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|
||
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Intangible assets, net
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549,599
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|
590,824
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|
||
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Goodwill
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717,057
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734,356
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Other assets
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227,199
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|
181,805
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Total assets
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$
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4,169,811
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$
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3,976,587
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LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
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||||
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Current Liabilities:
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||||
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Accounts payable
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$
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135,788
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$
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101,866
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Accrued liabilities
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184,243
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204,786
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Current portion of program rights obligations
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302,473
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271,199
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Deferred revenue
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52,250
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|
36,888
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|
||
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Promissory note payable
|
—
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40,000
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|
||
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Current portion of long-term debt
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129,500
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|
74,000
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|
||
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Current portion of capital lease obligations
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2,921
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|
|
2,953
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|
||
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Total current liabilities
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807,175
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731,692
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Program rights obligations
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422,930
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465,672
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Long-term debt
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2,576,446
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2,685,566
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Capital lease obligations
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24,815
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27,386
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Deferred tax liability, net
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127,455
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128,066
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Other liabilities
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94,019
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85,503
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Total liabilities
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4,052,840
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4,123,885
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Commitments and contingencies
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Redeemable noncontrolling interests
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210,420
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204,611
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Stockholders’ deficiency:
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||||
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Class A Common Stock, $0.01 par value, 360,000,000 shares authorized, 62,108,853 and 61,762,944 shares issued and 60,898,582 and 60,552,673 shares outstanding, respectively
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621
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|
618
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Class B Common Stock, $0.01 par value, 90,000,000 shares authorized, 11,484,408 shares issued and outstanding, respectively
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115
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115
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Preferred stock, $0.01 par value, 45,000,000 shares authorized; none issued
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—
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—
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Paid-in capital
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115,579
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100,642
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Accumulated deficit
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(65,190
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)
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(341,889
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)
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Treasury stock, at cost (1,210,271 shares Class A Common Stock, respectively)
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(51,993
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)
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(51,993
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)
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Accumulated other comprehensive loss
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(118,010
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)
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(79,248
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)
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Total AMC Networks stockholders’ deficiency
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(118,878
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)
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(371,755
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)
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Non-redeemable noncontrolling interests
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25,429
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19,846
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Total stockholders’ deficiency
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(93,449
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)
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(351,909
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)
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Total liabilities and stockholders’ deficiency
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$
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4,169,811
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$
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3,976,587
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Three Months Ended September 30,
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Nine Months Ended September 30,
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||||||||||||
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2015
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2014
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2015
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2014
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||||||||
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Revenues, net (including revenues, net from related parties of $6,407, $6,475, $19,619 and $21,689, respectively)
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$
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632,165
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$
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519,550
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$
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1,901,985
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$
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1,566,197
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Operating expenses:
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||||||||
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Technical and operating (excluding depreciation and amortization)
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293,096
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252,556
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814,999
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701,771
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||||
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Selling, general and administrative (including charges from related parties of $972, $928, $3,190 and $2,477, respectively)
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156,308
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132,851
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469,767
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420,097
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|
||||
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Restructuring expense
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2,631
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5,619
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5,941
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6,772
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|
||||
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Depreciation and amortization
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20,862
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18,295
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62,429
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|
|
50,220
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|
||||
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Total operating expenses
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472,897
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409,321
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1,353,136
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1,178,860
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|
||||
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Operating income
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159,268
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110,229
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|
548,849
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|
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387,337
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|
||||
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Other income (expense):
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|
||||||||
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Interest expense
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(31,927
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)
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(31,665
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)
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(97,522
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)
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(97,360
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)
|
||||
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Interest income
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557
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|
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349
|
|
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1,786
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|
|
1,008
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|
||||
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Miscellaneous, net
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(7,640
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)
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(11,766
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)
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(6,486
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)
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(16,007
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)
|
||||
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Total other income (expense)
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(39,010
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)
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|
(43,082
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)
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(102,222
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)
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(112,359
|
)
|
||||
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Income from continuing operations before income taxes
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120,258
|
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|
67,147
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|
446,627
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|
|
274,978
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|
||||
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Income tax expense
|
(43,358
|
)
|
|
(13,078
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)
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(155,609
|
)
|
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(88,742
|
)
|
||||
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Net income from continuing operations
|
76,900
|
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|
54,069
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|
291,018
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|
186,236
|
|
||||
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Loss from discontinued operations, net of income taxes
|
—
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|
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(966
|
)
|
|
—
|
|
|
(3,448
|
)
|
||||
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Net income including noncontrolling interests
|
76,900
|
|
|
53,103
|
|
|
291,018
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|
182,788
|
|
||||
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Net (income) loss attributable to noncontrolling interests
|
(4,130
|
)
|
|
57
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|
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(14,319
|
)
|
|
394
|
|
||||
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Net income attributable to AMC Networks’ stockholders
|
$
|
72,770
|
|
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$
|
53,160
|
|
|
$
|
276,699
|
|
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$
|
183,182
|
|
|
|
|
|
|
|
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|
||||||||
|
Basic net income per share attributable to AMC Networks’ stockholders:
|
|
|
|
|
|
|
|||||||||
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Net income from continuing operations
|
$
|
1.00
|
|
|
$
|
0.75
|
|
|
$
|
3.82
|
|
|
$
|
2.59
|
|
|
Loss from discontinued operations
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(0.04
|
)
|
|
Net income
|
$
|
1.00
|
|
|
$
|
0.74
|
|
|
$
|
3.82
|
|
|
$
|
2.55
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Diluted net income per share attributable to AMC Networks’ stockholders:
|
|
|
|
|
|
|
|||||||||
|
Net income from continuing operations
|
$
|
0.99
|
|
|
$
|
0.74
|
|
|
$
|
3.78
|
|
|
$
|
2.57
|
|
|
Loss from discontinued operations
|
$
|
—
|
|
|
$
|
(0.01
|
)
|
|
$
|
—
|
|
|
$
|
(0.05
|
)
|
|
Net income
|
$
|
0.99
|
|
|
$
|
0.73
|
|
|
$
|
3.78
|
|
|
$
|
2.52
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares:
|
|
|
|
|
|
|
|
||||||||
|
Basic weighted average common shares
|
72,503
|
|
|
72,075
|
|
|
72,386
|
|
|
71,966
|
|
||||
|
Diluted weighted average common shares
|
73,222
|
|
|
72,890
|
|
|
73,108
|
|
|
72,604
|
|
||||
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Net income including noncontrolling interests
|
$
|
76,900
|
|
|
$
|
53,103
|
|
|
$
|
291,018
|
|
|
$
|
182,788
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
|
Foreign currency translation adjustment
|
(3,086
|
)
|
|
(52,181
|
)
|
|
(39,792
|
)
|
|
(42,129
|
)
|
||||
|
Unrealized gain on interest rate swaps
|
528
|
|
|
1,571
|
|
|
1,898
|
|
|
3,528
|
|
||||
|
Other comprehensive loss, before income taxes
|
(2,558
|
)
|
|
(50,610
|
)
|
|
(37,894
|
)
|
|
(38,601
|
)
|
||||
|
Income tax expense
|
(4,532
|
)
|
|
(569
|
)
|
|
(868
|
)
|
|
(1,291
|
)
|
||||
|
Other comprehensive loss, net of income taxes
|
(7,090
|
)
|
|
(51,179
|
)
|
|
(38,762
|
)
|
|
(39,892
|
)
|
||||
|
Comprehensive income
|
69,810
|
|
|
1,924
|
|
|
252,256
|
|
|
142,896
|
|
||||
|
Comprehensive (income) loss attributable to noncontrolling interests
|
(4,130
|
)
|
|
2,467
|
|
|
(14,319
|
)
|
|
1,957
|
|
||||
|
Comprehensive income attributable to AMC Networks’ stockholders
|
$
|
65,680
|
|
|
$
|
4,391
|
|
|
$
|
237,937
|
|
|
$
|
144,853
|
|
|
|
Nine Months Ended September 30,
|
||||||
|
|
2015
|
|
2014
|
||||
|
Cash flows from operating activities:
|
|
|
|
||||
|
Net income including noncontrolling interests
|
$
|
291,018
|
|
|
$
|
182,788
|
|
|
Loss from discontinued operations
|
—
|
|
|
3,448
|
|
||
|
Adjustments to reconcile income from continuing operations to net cash from operating activities:
|
|
|
|
||||
|
Depreciation and amortization
|
62,429
|
|
|
50,220
|
|
||
|
Share-based compensation expense related to equity classified awards
|
23,910
|
|
|
21,569
|
|
||
|
Amortization and write-off of program rights
|
525,609
|
|
|
458,176
|
|
||
|
Amortization of deferred carriage fees
|
12,013
|
|
|
8,148
|
|
||
|
Unrealized foreign currency transaction loss
|
5,739
|
|
|
14,997
|
|
||
|
Unrealized loss (gain) on derivative contracts, net
|
1,355
|
|
|
(2,417
|
)
|
||
|
Amortization of deferred financing costs and discounts on indebtedness
|
6,743
|
|
|
6,436
|
|
||
|
Bad debt expense
|
2,151
|
|
|
2,357
|
|
||
|
Deferred income taxes
|
(9,849
|
)
|
|
(23,926
|
)
|
||
|
Excess tax benefits from share-based compensation arrangements
|
(4,297
|
)
|
|
(5,662
|
)
|
||
|
Other, net
|
(2,073
|
)
|
|
(2,113
|
)
|
||
|
Changes in assets and liabilities:
|
|
|
|
||||
|
Accounts receivable, trade
|
6,155
|
|
|
7,712
|
|
||
|
Amounts due from related parties, net
|
69
|
|
|
3,301
|
|
||
|
Prepaid expenses and other assets
|
(43,665
|
)
|
|
600
|
|
||
|
Program rights and obligations, net
|
(616,047
|
)
|
|
(510,384
|
)
|
||
|
Income taxes payable
|
16,107
|
|
|
18,553
|
|
||
|
Deferred revenue
|
15,446
|
|
|
16,219
|
|
||
|
Deferred carriage fees, net
|
(18,825
|
)
|
|
(13,234
|
)
|
||
|
Accounts payable, accrued expenses and other liabilities
|
26,985
|
|
|
25,042
|
|
||
|
Net cash provided by operating activities
|
300,973
|
|
|
261,830
|
|
||
|
Cash flows from investing activities:
|
|
|
|
||||
|
Capital expenditures
|
(48,810
|
)
|
|
(24,340
|
)
|
||
|
Payments for acquisition of a business, net of cash acquired
|
(6,545
|
)
|
|
(1,024,427
|
)
|
||
|
Purchases of investments
|
(24,250
|
)
|
|
(3,984
|
)
|
||
|
Proceeds from insurance settlements
|
—
|
|
|
654
|
|
||
|
Net cash used in investing activities
|
(79,605
|
)
|
|
(1,052,097
|
)
|
||
|
Cash flows from financing activities:
|
|
|
|
||||
|
Proceeds from the issuance of long-term debt
|
—
|
|
|
600,000
|
|
||
|
Principal payments on long-term debt
|
(55,500
|
)
|
|
—
|
|
||
|
Payment of Promissory Note
|
(40,000
|
)
|
|
—
|
|
||
|
Payments for financing costs
|
—
|
|
|
(9,266
|
)
|
||
|
Deemed repurchases of restricted stock/units
|
(14,454
|
)
|
|
(17,804
|
)
|
||
|
Proceeds from stock option exercises
|
1,183
|
|
|
1,070
|
|
||
|
Excess tax benefits from share-based compensation arrangements
|
4,297
|
|
|
5,662
|
|
||
|
Principal payments on capital lease obligations
|
(2,392
|
)
|
|
(2,707
|
)
|
||
|
Distributions to noncontrolling interest
|
(3,154
|
)
|
|
—
|
|
||
|
Contributions from noncontrolling interest
|
1,354
|
|
|
835
|
|
||
|
Net cash (
used in)
provided by financing activities
|
(108,666
|
)
|
|
577,790
|
|
||
|
Net increase (decrease) in cash and cash equivalents from continuing operations
|
112,702
|
|
|
(212,477
|
)
|
||
|
Cash flows from discontinued operations:
|
|
|
|
||||
|
Net cash used in operating activities
|
—
|
|
|
(2,955
|
)
|
||
|
Net decrease in cash and cash equivalents from discontinued operations
|
—
|
|
|
(2,955
|
)
|
||
|
Effect of exchange rate changes on cash and cash equivalents
|
(6,514
|
)
|
|
(9,897
|
)
|
||
|
Cash and cash equivalents at beginning of period
|
201,367
|
|
|
521,951
|
|
||
|
Cash and cash equivalents at end of period
|
$
|
307,555
|
|
|
$
|
296,622
|
|
|
•
|
National Networks:
Principally includes
five
nationally distributed programming networks: AMC, WE tv, BBC AMERICA, IFC and SundanceTV. These programming networks are distributed throughout the United States (“U.S.”) via cable and other multichannel video programming distribution platforms, including direct broadcast satellite (“DBS”) and platforms operated by telecommunications providers (the Company refers collectively to these cable and other multichannel video programming distributors as “multichannel video programming distributors” or “distributors”). AMC, IFC and SundanceTV are also distributed in Canada. The National Networks operating segment also includes AMC Networks Broadcasting & Technology, which primarily services most of the nationally distributed programming networks.
|
|
•
|
International and Other:
Principally includes AMC Networks International, the Company’s international programming businesses consisting of a portfolio of channels in Europe, Latin America, the Middle East and parts of Asia and Africa; IFC Films, the Company’s independent film distribution business; AMC Networks International - DMC, the broadcast solutions unit of certain networks of AMC Networks International and third party networks; and various developing digital content distribution initiatives.
|
|
Cash paid, net of cash acquired
|
$
|
159,889
|
|
|
Promissory note
|
40,000
|
|
|
|
Total consideration transferred
|
199,889
|
|
|
|
Redeemable noncontrolling interest
|
200,000
|
|
|
|
|
$
|
399,889
|
|
|
Preliminary allocation:
|
|
||
|
Prepaid expenses and other current assets
|
621
|
|
|
|
Accounts receivable, trade
|
32,211
|
|
|
|
Program rights
|
73,242
|
|
|
|
Deferred carriage fees
|
567
|
|
|
|
Property and equipment
|
111
|
|
|
|
Intangible assets
|
113,528
|
|
|
|
Other assets
|
46,000
|
|
|
|
Accounts payable and accrued liabilities
|
(5,376
|
)
|
|
|
Program rights obligations
|
(30,645
|
)
|
|
|
Deferred revenue
|
(3,378
|
)
|
|
|
Fair value of net assets acquired
|
226,881
|
|
|
|
Goodwill
|
173,008
|
|
|
|
|
$
|
399,889
|
|
|
|
Pro Forma Financial Information for the
|
||||||
|
|
Three Months Ended September 30, 2014
|
|
Nine Months Ended September 30, 2014
|
||||
|
Revenues, net
|
$
|
560,315
|
|
|
$
|
1,717,917
|
|
|
Income from continuing operations, net of income taxes
|
$
|
57,011
|
|
|
$
|
197,201
|
|
|
Net income per share, basic
|
$
|
0.79
|
|
|
$
|
2.74
|
|
|
Net income per share, diluted
|
$
|
0.78
|
|
|
$
|
2.72
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||
|
Basic weighted average common shares outstanding
|
72,503,000
|
|
|
72,075,000
|
|
|
72,386,000
|
|
|
71,966,000
|
|
|
Effect of dilution:
|
|
|
|
|
|
|
|
||||
|
Stock options
|
117,000
|
|
|
214,000
|
|
|
162,000
|
|
|
174,000
|
|
|
Restricted stock/units
|
602,000
|
|
|
601,000
|
|
|
560,000
|
|
|
464,000
|
|
|
Diluted weighted average common shares outstanding
|
73,222,000
|
|
|
72,890,000
|
|
|
73,108,000
|
|
|
72,604,000
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
National Networks
|
$
|
100
|
|
|
$
|
2,462
|
|
|
$
|
817
|
|
|
$
|
2,462
|
|
|
International & Other
|
2,531
|
|
|
3,157
|
|
|
5,124
|
|
|
4,310
|
|
||||
|
Total restructuring expense
|
$
|
2,631
|
|
|
$
|
5,619
|
|
|
$
|
5,941
|
|
|
$
|
6,772
|
|
|
|
Severance and employee-related costs
|
|
Other exit costs
|
|
Total
|
||||||
|
Balance at December 31, 2014
|
$
|
6,525
|
|
|
$
|
885
|
|
|
$
|
7,410
|
|
|
Charges incurred
|
2,380
|
|
|
3,561
|
|
|
5,941
|
|
|||
|
Cash payments
|
(7,778
|
)
|
|
(342
|
)
|
|
(8,120
|
)
|
|||
|
Non-cash adjustments
|
—
|
|
|
(3,401
|
)
|
|
(3,401
|
)
|
|||
|
Currency translation
|
(35
|
)
|
|
(171
|
)
|
|
(206
|
)
|
|||
|
Balance at September 30, 2015
|
$
|
1,092
|
|
|
$
|
532
|
|
|
$
|
1,624
|
|
|
|
National Networks
|
|
International and Other
|
|
Total
|
||||||
|
December 31, 2014
|
$
|
250,595
|
|
|
$
|
483,761
|
|
|
$
|
734,356
|
|
|
Additions and purchase accounting adjustments
|
(3,363
|
)
|
|
3,796
|
|
|
433
|
|
|||
|
Amortization of "second component" goodwill
|
(1,893
|
)
|
|
—
|
|
|
(1,893
|
)
|
|||
|
Foreign currency translation
|
—
|
|
|
(15,839
|
)
|
|
(15,839
|
)
|
|||
|
September 30, 2015
|
$
|
245,339
|
|
|
$
|
471,718
|
|
|
$
|
717,057
|
|
|
|
September 30, 2015
|
|
|
||||||||||
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
|
Estimated Useful Lives
|
||||||
|
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
|
Affiliate and customer relationships
|
$
|
547,531
|
|
|
$
|
(103,141
|
)
|
|
$
|
444,390
|
|
|
17 to 25 years
|
|
Advertiser relationships
|
46,282
|
|
|
(3,939
|
)
|
|
42,343
|
|
|
11 years
|
|||
|
Trade names
|
46,743
|
|
|
(3,788
|
)
|
|
42,955
|
|
|
20 years
|
|||
|
Other amortizable intangible assets
|
15
|
|
|
(4
|
)
|
|
11
|
|
|
|
|||
|
Total amortizable intangible assets
|
640,571
|
|
|
(110,872
|
)
|
|
529,699
|
|
|
|
|||
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
||||||
|
Trademarks
|
19,900
|
|
|
—
|
|
|
19,900
|
|
|
|
|||
|
Total intangible assets
|
$
|
660,471
|
|
|
$
|
(110,872
|
)
|
|
$
|
549,599
|
|
|
|
|
|
December 31, 2014
|
|
|
||||||||||
|
|
Gross
|
|
Accumulated
Amortization
|
|
Net
|
|
|
||||||
|
Amortizable intangible assets:
|
|
|
|
|
|
|
|
||||||
|
Affiliate and customer relationships
|
$
|
555,742
|
|
|
$
|
(80,351
|
)
|
|
$
|
475,391
|
|
|
|
|
Advertiser relationships
|
45,827
|
|
|
(655
|
)
|
|
45,172
|
|
|
|
|||
|
Trade names
|
52,698
|
|
|
(2,351
|
)
|
|
50,347
|
|
|
|
|||
|
Other amortizable intangible assets
|
16
|
|
|
(2
|
)
|
|
14
|
|
|
|
|||
|
Total amortizable intangible assets
|
654,283
|
|
|
(83,359
|
)
|
|
570,924
|
|
|
|
|||
|
Indefinite-lived intangible assets:
|
|
|
|
|
|
|
|
||||||
|
Trademarks
|
19,900
|
|
|
—
|
|
|
19,900
|
|
|
|
|||
|
Total intangible assets
|
$
|
674,183
|
|
|
$
|
(83,359
|
)
|
|
$
|
590,824
|
|
|
|
|
Years Ending December 31,
|
|
||
|
2015
|
$
|
41,755
|
|
|
2016
|
37,972
|
|
|
|
2017
|
37,972
|
|
|
|
2018
|
37,969
|
|
|
|
2019
|
37,969
|
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
Interest
|
$
|
21,687
|
|
|
$
|
28,685
|
|
|
Employee related costs
|
95,066
|
|
|
102,608
|
|
||
|
Income taxes payable
|
22,917
|
|
|
11,876
|
|
||
|
Other accrued expenses
|
44,573
|
|
|
61,617
|
|
||
|
Total accrued liabilities
|
$
|
184,243
|
|
|
$
|
204,786
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
Senior Secured Credit Facility:
(a)
|
|
|
|
||||
|
Term Loan A Facility
|
$
|
1,424,500
|
|
|
$
|
1,480,000
|
|
|
Senior Notes:
|
|
|
|
||||
|
7.75% Notes due July 2021
|
700,000
|
|
|
700,000
|
|
||
|
4.75% Notes due December 2022
|
600,000
|
|
|
600,000
|
|
||
|
Total long-term debt
|
2,724,500
|
|
|
2,780,000
|
|
||
|
Unamortized discount
|
(18,554
|
)
|
|
(20,434
|
)
|
||
|
Long-term debt, net
|
2,705,946
|
|
|
2,759,566
|
|
||
|
Current portion of long-term debt
|
129,500
|
|
|
74,000
|
|
||
|
Noncurrent portion of long-term debt
|
$
|
2,576,446
|
|
|
$
|
2,685,566
|
|
|
(a)
|
The Company’s
$500,000
revolving credit facility remains undrawn at
September 30, 2015
. Total undrawn revolver commitments are available to be drawn for general corporate purposes of the Company.
|
|
•
|
Level I - Quoted prices for identical instruments in active markets.
|
|
•
|
Level II - Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable.
|
|
•
|
Level III - Instruments whose significant value drivers are unobservable.
|
|
|
|
Level I
|
|
Level II
|
|
Total
|
||||||
|
At September 30, 2015:
|
|
|
|
|
|
|
||||||
|
Assets:
|
|
|
|
|
|
|
||||||
|
Cash equivalents
|
|
$
|
36,112
|
|
|
$
|
—
|
|
|
$
|
36,112
|
|
|
Foreign currency derivatives
|
|
$
|
—
|
|
|
$
|
3,665
|
|
|
$
|
3,665
|
|
|
Liabilities:
|
|
|
|
|
|
|
||||||
|
Interest rate swap contracts
|
|
$
|
—
|
|
|
$
|
3,359
|
|
|
$
|
3,359
|
|
|
Foreign currency derivatives
|
|
$
|
—
|
|
|
$
|
2,853
|
|
|
$
|
2,853
|
|
|
|
|
|
|
|
|
|
||||||
|
At December 31, 2014:
|
|
|
|
|
|
|
||||||
|
Assets:
|
|
|
|
|
|
|
||||||
|
Cash equivalents
|
|
$
|
11,058
|
|
|
$
|
—
|
|
|
$
|
11,058
|
|
|
Foreign currency derivatives
|
|
$
|
—
|
|
|
$
|
3,949
|
|
|
$
|
3,949
|
|
|
Liabilities:
|
|
|
|
|
|
|
||||||
|
Interest rate swap contracts
|
|
$
|
—
|
|
|
$
|
6,613
|
|
|
$
|
6,613
|
|
|
Foreign currency derivatives
|
|
$
|
—
|
|
|
$
|
2,346
|
|
|
$
|
2,346
|
|
|
|
September 30, 2015
|
||||||
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||
|
Debt instruments:
|
|
|
|
||||
|
Term Loan A Facility
|
$
|
1,423,417
|
|
|
$
|
1,410,255
|
|
|
7.75% Notes due July 2021
|
690,594
|
|
|
740,320
|
|
||
|
4.75% Notes due December 2022
|
591,935
|
|
|
573,000
|
|
||
|
|
$
|
2,705,946
|
|
|
$
|
2,723,575
|
|
|
|
|
|
|
||||
|
|
December 31, 2014
|
||||||
|
|
Carrying
Amount
|
|
Estimated
Fair Value
|
||||
|
Debt instruments:
|
|
|
|
||||
|
Term Loan A Facility
|
$
|
1,478,659
|
|
|
$
|
1,465,200
|
|
|
7.75% Notes due July 2021
|
689,659
|
|
|
761,250
|
|
||
|
4.75% Notes due December 2022
|
591,248
|
|
|
585,000
|
|
||
|
|
$
|
2,759,566
|
|
|
$
|
2,811,450
|
|
|
|
Balance Sheet
Location
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
Derivatives designated as hedging instruments:
|
|
|
|
|
|
||||
|
Liabilities:
|
|
|
|
|
|
||||
|
Interest rate swap contracts
|
Accrued liabilities
|
|
$
|
17
|
|
|
$
|
2,388
|
|
|
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
||||
|
Assets:
|
|
|
|
|
|
||||
|
Foreign currency derivatives
|
Prepaid expenses and other current assets
|
|
1,520
|
|
|
1,808
|
|
||
|
Foreign currency derivatives
|
Other assets
|
|
2,145
|
|
|
2,141
|
|
||
|
Liabilities:
|
|
|
|
|
|
||||
|
Interest rate swap contracts
|
Accrued liabilities
|
|
924
|
|
|
—
|
|
||
|
Interest rate swap contracts
|
Other liabilities
|
|
2,418
|
|
|
4,225
|
|
||
|
Foreign currency derivatives
|
Accrued liabilities
|
|
1,292
|
|
|
914
|
|
||
|
Foreign currency derivatives
|
Other liabilities
|
|
1,561
|
|
|
1,432
|
|
||
|
|
Amount of Gain or (Loss) Recognized
in OCI on Derivatives
(Effective Portion)
|
|
Location of Gain or (Loss)
Reclassified from
Accumulated OCI into Earnings (Effective Portion)
|
|
Amount of Gain or (Loss) Reclassified
from Accumulated OCI into Earnings
(Effective Portion)(a)
|
||||||||||||
|
|
Three Months Ended September 30,
|
|
|
|
Three Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swap contracts
|
$
|
(126
|
)
|
|
$
|
185
|
|
|
Interest expense
|
|
$
|
654
|
|
|
$
|
(1,386
|
)
|
|
(a)
|
There were no gains or losses recognized in earnings related to any ineffective portion of hedging relationships or related to any amount excluded from the assessment of hedge effectiveness for the three months ended
September 30, 2015
and
2014
.
|
|
|
Amount of Gain or (Loss) Recognized
in OCI on Derivatives
(Effective Portion)
|
|
Location of Gain or (Loss)
Reclassified from
Accumulated OCI into Earnings (Effective Portion)
|
|
Amount of Gain or (Loss) Reclassified
from Accumulated OCI into Earnings
(Effective Portion)(a)
|
||||||||||||
|
|
Nine Months Ended September 30,
|
|
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
|
|
2015
|
|
2014
|
||||||||
|
Derivatives in cash flow hedging relationships:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swap contracts
|
$
|
(595
|
)
|
|
$
|
(451
|
)
|
|
Interest expense
|
|
$
|
2,493
|
|
|
$
|
3,979
|
|
|
(a)
|
There were no gains or losses recognized in earnings related to any ineffective portion of hedging relationships or related to any amount excluded from the assessment of hedge effectiveness for the
nine
months ended
September 30, 2015
and
2014
.
|
|
|
Location of Gain or (Loss) Recognized in Earnings on Derivatives
|
|
Amount of Gain or (Loss) Recognized in Earnings on Derivatives
|
|
Amount of Gain or (Loss) Recognized in Earnings on Derivatives
|
||||||||||||
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Derivatives not designated as hedging relationships:
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest rate swap contracts
|
Interest expense
|
|
$
|
(89
|
)
|
|
$
|
247
|
|
|
$
|
(584
|
)
|
|
$
|
(777
|
)
|
|
Foreign currency option contracts
|
Miscellaneous, net
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,754
|
)
|
||||
|
Foreign currency derivatives
|
Miscellaneous, net
|
|
1,501
|
|
|
683
|
|
|
—
|
|
|
415
|
|
||||
|
Total
|
|
|
$
|
1,412
|
|
|
$
|
930
|
|
|
$
|
(584
|
)
|
|
$
|
(2,116
|
)
|
|
|
|
Nine Months Ended September 30, 2015
|
||
|
Beginning balance
|
|
$
|
204,611
|
|
|
Net earnings
|
|
8,988
|
|
|
|
Distributions
|
|
(3,154
|
)
|
|
|
Other
|
|
(25
|
)
|
|
|
Ending balance
|
|
$
|
210,420
|
|
|
|
Nine Months Ended September 30,
|
||||
|
|
2015
|
|
2014
|
||
|
Non-Cash Investing and Financing Activities:
|
|
|
|
||
|
Continuing Operations:
|
|
|
|
||
|
Increase in capital lease obligations
|
—
|
|
|
9,599
|
|
|
Capital expenditures incurred but not yet paid
|
1,393
|
|
|
1,461
|
|
|
Supplemental Data:
|
|
|
|
||
|
Cash interest paid — continuing operations
|
98,028
|
|
|
98,592
|
|
|
Income taxes paid, net — continuing operations
|
146,264
|
|
|
75,656
|
|
|
|
Nine Months Ended September 30, 2015
|
|
Nine Months Ended September 30, 2014
|
||||||||||||||||||||
|
|
Currency Translation Adjustment
|
|
Gains (Losses) on Cash Flow Hedges
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Currency Translation Adjustment
|
|
Gains (Losses) on Cash Flow Hedges
|
|
Accumulated Other Comprehensive Income (Loss)
|
||||||||||||
|
Beginning balance
|
$
|
(77,492
|
)
|
|
$
|
(1,756
|
)
|
|
$
|
(79,248
|
)
|
|
$
|
—
|
|
|
$
|
(4,495
|
)
|
|
$
|
(4,495
|
)
|
|
Other comprehensive (loss) income before reclassifications
|
(39,792
|
)
|
|
(595
|
)
|
|
(40,387
|
)
|
|
(42,129
|
)
|
|
(451
|
)
|
|
(42,580
|
)
|
||||||
|
Amounts reclassified from accumulated other comprehensive loss
|
—
|
|
|
2,493
|
|
|
2,493
|
|
|
—
|
|
|
3,979
|
|
|
3,979
|
|
||||||
|
Net current-period other comprehensive (loss) income, before income taxes
|
(39,792
|
)
|
|
1,898
|
|
|
(37,894
|
)
|
|
(42,129
|
)
|
|
3,528
|
|
|
(38,601
|
)
|
||||||
|
Income tax expense
|
(174
|
)
|
|
(694
|
)
|
|
(868
|
)
|
|
—
|
|
|
(1,291
|
)
|
|
(1,291
|
)
|
||||||
|
Net current-period other comprehensive (loss) income, net of income taxes
|
(39,966
|
)
|
|
1,204
|
|
|
(38,762
|
)
|
|
(42,129
|
)
|
|
2,237
|
|
|
(39,892
|
)
|
||||||
|
Ending balance
|
$
|
(117,458
|
)
|
|
$
|
(552
|
)
|
|
$
|
(118,010
|
)
|
|
$
|
(42,129
|
)
|
|
$
|
(2,258
|
)
|
|
$
|
(44,387
|
)
|
|
|
Three Months Ended September 30, 2015
|
||||||||||||||
|
|
National
Networks
|
|
International
and Other
|
|
Inter-segment
eliminations
|
|
Consolidated
|
||||||||
|
Revenues, net
|
|
|
|
|
|
|
|
||||||||
|
Advertising
|
$
|
210,194
|
|
|
$
|
20,645
|
|
|
$
|
—
|
|
|
$
|
230,839
|
|
|
Distribution
|
311,446
|
|
|
93,458
|
|
|
(3,578
|
)
|
|
401,326
|
|
||||
|
Consolidated revenues, net
|
$
|
521,640
|
|
|
$
|
114,103
|
|
|
$
|
(3,578
|
)
|
|
$
|
632,165
|
|
|
Adjusted operating cash flow
|
$
|
186,574
|
|
|
$
|
6,749
|
|
|
$
|
(2,741
|
)
|
|
$
|
190,582
|
|
|
Depreciation and amortization
|
(7,337
|
)
|
|
(13,525
|
)
|
|
—
|
|
|
(20,862
|
)
|
||||
|
Share-based compensation expense
|
(6,039
|
)
|
|
(1,782
|
)
|
|
—
|
|
|
(7,821
|
)
|
||||
|
Restructuring expense
|
(100
|
)
|
|
(2,531
|
)
|
|
—
|
|
|
(2,631
|
)
|
||||
|
Operating income (loss)
|
$
|
173,098
|
|
|
$
|
(11,089
|
)
|
|
$
|
(2,741
|
)
|
|
$
|
159,268
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended September 30, 2014
|
||||||||||||||
|
|
National
Networks
|
|
International
and Other
|
|
Inter-segment
eliminations
|
|
Consolidated
|
||||||||
|
Revenues, net
|
|
|
|
|
|
|
|
||||||||
|
Advertising
|
$
|
137,993
|
|
|
$
|
15,991
|
|
|
$
|
—
|
|
|
$
|
153,984
|
|
|
Distribution
|
259,422
|
|
|
106,721
|
|
|
(577
|
)
|
|
365,566
|
|
||||
|
Consolidated revenues, net
|
$
|
397,415
|
|
|
$
|
122,712
|
|
|
$
|
(577
|
)
|
|
$
|
519,550
|
|
|
Adjusted operating cash flow
|
$
|
128,582
|
|
|
$
|
12,875
|
|
|
$
|
416
|
|
|
$
|
141,873
|
|
|
Depreciation and amortization
|
(5,205
|
)
|
|
(13,090
|
)
|
|
—
|
|
|
(18,295
|
)
|
||||
|
Share-based compensation expense
|
(5,661
|
)
|
|
(2,069
|
)
|
|
—
|
|
|
(7,730
|
)
|
||||
|
Restructuring expense
|
(2,462
|
)
|
|
(3,157
|
)
|
|
—
|
|
|
(5,619
|
)
|
||||
|
Operating income (loss)
|
$
|
115,254
|
|
|
$
|
(5,441
|
)
|
|
$
|
416
|
|
|
$
|
110,229
|
|
|
|
Nine Months Ended September 30, 2015
|
||||||||||||||
|
|
National
Networks
|
|
International
and Other
|
|
Inter-segment
eliminations
|
|
Consolidated
|
||||||||
|
Revenues, net
|
|
|
|
|
|
|
|
||||||||
|
Advertising
|
$
|
656,345
|
|
|
$
|
61,226
|
|
|
$
|
—
|
|
|
$
|
717,571
|
|
|
Distribution
|
916,751
|
|
|
272,115
|
|
|
(4,452
|
)
|
|
1,184,414
|
|
||||
|
Consolidated revenues, net
|
$
|
1,573,096
|
|
|
$
|
333,341
|
|
|
$
|
(4,452
|
)
|
|
$
|
1,901,985
|
|
|
Adjusted operating cash flow
|
$
|
622,385
|
|
|
$
|
21,038
|
|
|
$
|
(2,294
|
)
|
|
$
|
641,129
|
|
|
Depreciation and amortization
|
(21,911
|
)
|
|
(40,518
|
)
|
|
—
|
|
|
(62,429
|
)
|
||||
|
Share-based compensation expense
|
(18,492
|
)
|
|
(5,418
|
)
|
|
—
|
|
|
(23,910
|
)
|
||||
|
Restructuring expense
|
(817
|
)
|
|
(5,124
|
)
|
|
—
|
|
|
(5,941
|
)
|
||||
|
Operating income (loss)
|
$
|
581,165
|
|
|
$
|
(30,022
|
)
|
|
$
|
(2,294
|
)
|
|
$
|
548,849
|
|
|
Capital expenditures
|
$
|
17,095
|
|
|
$
|
31,715
|
|
|
$
|
—
|
|
|
$
|
48,810
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine Months Ended September 30, 2014
|
||||||||||||||
|
|
National
Networks
|
|
International
and Other
|
|
Inter-segment
eliminations
|
|
Consolidated
|
||||||||
|
Revenues, net
|
|
|
|
|
|
|
|
||||||||
|
Advertising
|
$
|
509,733
|
|
|
$
|
40,481
|
|
|
$
|
—
|
|
|
$
|
550,214
|
|
|
Distribution
|
734,366
|
|
|
283,409
|
|
|
(1,792
|
)
|
|
1,015,983
|
|
||||
|
Consolidated revenues, net
|
$
|
1,244,099
|
|
|
$
|
323,890
|
|
|
$
|
(1,792
|
)
|
|
$
|
1,566,197
|
|
|
Adjusted operating cash flow
|
$
|
443,246
|
|
|
$
|
21,363
|
|
|
$
|
1,289
|
|
|
$
|
465,898
|
|
|
Depreciation and amortization
|
(15,158
|
)
|
|
(35,062
|
)
|
|
—
|
|
|
(50,220
|
)
|
||||
|
Share-based compensation expense
|
(16,450
|
)
|
|
(5,119
|
)
|
|
—
|
|
|
(21,569
|
)
|
||||
|
Restructuring expense
|
(2,462
|
)
|
|
(4,310
|
)
|
|
—
|
|
|
(6,772
|
)
|
||||
|
Operating income (loss)
|
$
|
409,176
|
|
|
$
|
(23,128
|
)
|
|
$
|
1,289
|
|
|
$
|
387,337
|
|
|
Capital expenditures
|
$
|
7,744
|
|
|
$
|
16,596
|
|
|
$
|
—
|
|
|
$
|
24,340
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Inter-segment revenues
|
|
|
|
|
|
|
|
||||||||
|
National Networks
|
$
|
(3,563
|
)
|
|
$
|
(407
|
)
|
|
$
|
(4,351
|
)
|
|
$
|
(1,397
|
)
|
|
International and Other
|
(15
|
)
|
|
(170
|
)
|
|
(101
|
)
|
|
(395
|
)
|
||||
|
|
$
|
(3,578
|
)
|
|
$
|
(577
|
)
|
|
$
|
(4,452
|
)
|
|
$
|
(1,792
|
)
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Revenues
|
|
|
|
|
|
|
|
||||||||
|
United States
|
$
|
512,062
|
|
|
$
|
399,597
|
|
|
$
|
1,548,145
|
|
|
$
|
1,232,357
|
|
|
Europe
|
84,415
|
|
|
89,088
|
|
|
238,357
|
|
|
252,724
|
|
||||
|
Other
|
35,688
|
|
|
30,865
|
|
|
115,483
|
|
|
81,116
|
|
||||
|
|
$
|
632,165
|
|
|
$
|
519,550
|
|
|
$
|
1,901,985
|
|
|
$
|
1,566,197
|
|
|
|
September 30, 2015
|
|
December 31, 2014
|
||||
|
Property and equipment, net
|
|
|
|
||||
|
United States
|
$
|
86,024
|
|
|
$
|
79,832
|
|
|
Europe
|
39,130
|
|
|
33,380
|
|
||
|
Other
|
20,063
|
|
|
20,632
|
|
||
|
|
$
|
145,217
|
|
|
$
|
133,844
|
|
|
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
|
September 30, 2015
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
485
|
|
|
$
|
155,366
|
|
|
$
|
151,704
|
|
|
$
|
—
|
|
|
$
|
307,555
|
|
|
Accounts receivable, trade (less allowance for doubtful accounts)
|
—
|
|
|
422,052
|
|
|
149,408
|
|
|
—
|
|
|
571,460
|
|
|||||
|
Amounts due from related parties, net
|
—
|
|
|
3,786
|
|
|
247
|
|
|
—
|
|
|
4,033
|
|
|||||
|
Current portion of program rights, net
|
—
|
|
|
348,128
|
|
|
129,090
|
|
|
—
|
|
|
477,218
|
|
|||||
|
Prepaid expenses, other current assets and intercompany receivable
|
35,425
|
|
|
152,822
|
|
|
17,466
|
|
|
(122,182
|
)
|
|
83,531
|
|
|||||
|
Deferred tax asset, net
|
35,834
|
|
|
—
|
|
|
1,703
|
|
|
—
|
|
|
37,537
|
|
|||||
|
Total current assets
|
71,744
|
|
|
1,082,154
|
|
|
449,618
|
|
|
(122,182
|
)
|
|
1,481,334
|
|
|||||
|
Property and equipment, net of accumulated depreciation
|
—
|
|
|
86,026
|
|
|
59,191
|
|
|
—
|
|
|
145,217
|
|
|||||
|
Investment in affiliates
|
2,064,388
|
|
|
778,605
|
|
|
—
|
|
|
(2,842,993
|
)
|
|
—
|
|
|||||
|
Program rights, net
|
—
|
|
|
890,235
|
|
|
105,971
|
|
|
—
|
|
|
996,206
|
|
|||||
|
Long-term intercompany notes receivable
|
617,567
|
|
|
400,204
|
|
|
(864
|
)
|
|
(1,016,907
|
)
|
|
—
|
|
|||||
|
Deferred carriage fees, net
|
—
|
|
|
50,404
|
|
|
2,795
|
|
|
—
|
|
|
53,199
|
|
|||||
|
Intangible assets, net
|
—
|
|
|
192,477
|
|
|
357,122
|
|
|
—
|
|
|
549,599
|
|
|||||
|
Goodwill
|
—
|
|
|
72,331
|
|
|
644,726
|
|
|
—
|
|
|
717,057
|
|
|||||
|
Other assets
|
21,898
|
|
|
97,428
|
|
|
107,873
|
|
|
—
|
|
|
227,199
|
|
|||||
|
Total assets
|
$
|
2,775,597
|
|
|
$
|
3,649,864
|
|
|
$
|
1,726,432
|
|
|
$
|
(3,982,082
|
)
|
|
$
|
4,169,811
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Accounts payable
|
$
|
6
|
|
|
$
|
97,973
|
|
|
$
|
37,809
|
|
|
$
|
—
|
|
|
$
|
135,788
|
|
|
Accrued liabilities and intercompany payable
|
43,192
|
|
|
134,803
|
|
|
128,430
|
|
|
(122,182
|
)
|
|
184,243
|
|
|||||
|
Current portion of program rights obligations
|
—
|
|
|
222,708
|
|
|
79,765
|
|
|
—
|
|
|
302,473
|
|
|||||
|
Deferred revenue
|
—
|
|
|
42,918
|
|
|
9,332
|
|
|
—
|
|
|
52,250
|
|
|||||
|
Current portion of long-term debt
|
129,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
129,500
|
|
|||||
|
Current portion of capital lease obligations
|
—
|
|
|
2,346
|
|
|
575
|
|
|
—
|
|
|
2,921
|
|
|||||
|
Total current liabilities
|
172,698
|
|
|
500,748
|
|
|
255,911
|
|
|
(122,182
|
)
|
|
807,175
|
|
|||||
|
Program rights obligations
|
—
|
|
|
403,332
|
|
|
19,598
|
|
|
—
|
|
|
422,930
|
|
|||||
|
Long-term debt
|
2,576,446
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,576,446
|
|
|||||
|
Capital lease obligations
|
—
|
|
|
9,918
|
|
|
14,897
|
|
|
—
|
|
|
24,815
|
|
|||||
|
Deferred tax liability, net
|
114,085
|
|
|
—
|
|
|
13,370
|
|
|
—
|
|
|
127,455
|
|
|||||
|
Other liabilities and intercompany notes payable
|
31,246
|
|
|
671,478
|
|
|
408,202
|
|
|
(1,016,907
|
)
|
|
94,019
|
|
|||||
|
Total liabilities
|
2,894,475
|
|
|
1,585,476
|
|
|
711,978
|
|
|
(1,139,089
|
)
|
|
4,052,840
|
|
|||||
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
210,420
|
|
|
—
|
|
|
210,420
|
|
|||||
|
Stockholders’ deficiency:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AMC Networks stockholders’ (deficiency) equity
|
(118,878
|
)
|
|
2,064,388
|
|
|
778,605
|
|
|
(2,842,993
|
)
|
|
(118,878
|
)
|
|||||
|
Total AMC Networks stockholders’ (deficiency) equity
|
(118,878
|
)
|
|
2,064,388
|
|
|
778,605
|
|
|
(2,842,993
|
)
|
|
(118,878
|
)
|
|||||
|
Non-redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
25,429
|
|
|
—
|
|
|
25,429
|
|
|||||
|
Total stockholders' (deficiency) equity
|
(118,878
|
)
|
|
2,064,388
|
|
|
804,034
|
|
|
(2,842,993
|
)
|
|
(93,449
|
)
|
|||||
|
Total liabilities and stockholders’ (deficiency) equity
|
$
|
2,775,597
|
|
|
$
|
3,649,864
|
|
|
$
|
1,726,432
|
|
|
$
|
(3,982,082
|
)
|
|
$
|
4,169,811
|
|
|
Condensed Consolidating Balance Sheet
|
|||||||||||||||||||
|
December 31, 2014
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
ASSETS
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Cash and cash equivalents
|
$
|
1,581
|
|
|
$
|
83,676
|
|
|
$
|
116,110
|
|
|
$
|
—
|
|
|
$
|
201,367
|
|
|
Accounts receivable, trade (less allowance for doubtful accounts)
|
—
|
|
|
443,720
|
|
|
143,473
|
|
|
—
|
|
|
587,193
|
|
|||||
|
Amounts due from related parties, net
|
—
|
|
|
3,846
|
|
|
256
|
|
|
—
|
|
|
4,102
|
|
|||||
|
Current portion of program rights, net
|
—
|
|
|
350,750
|
|
|
86,552
|
|
|
—
|
|
|
437,302
|
|
|||||
|
Prepaid expenses, other current assets and intercompany receivable
|
44,011
|
|
|
75,631
|
|
|
6,702
|
|
|
(52,050
|
)
|
|
74,294
|
|
|||||
|
Deferred tax asset, net
|
22,221
|
|
|
—
|
|
|
2,601
|
|
|
—
|
|
|
24,822
|
|
|||||
|
Total current assets
|
67,813
|
|
|
957,623
|
|
|
355,694
|
|
|
(52,050
|
)
|
|
1,329,080
|
|
|||||
|
Property and equipment, net of accumulated depreciation
|
—
|
|
|
80,064
|
|
|
53,780
|
|
|
—
|
|
|
133,844
|
|
|||||
|
Investment in affiliates
|
1,851,065
|
|
|
1,237,919
|
|
|
—
|
|
|
(3,088,984
|
)
|
|
—
|
|
|||||
|
Program rights, net
|
—
|
|
|
878,294
|
|
|
81,647
|
|
|
—
|
|
|
959,941
|
|
|||||
|
Long-term intercompany notes receivable
|
624,100
|
|
|
111,263
|
|
|
198,304
|
|
|
(933,667
|
)
|
|
—
|
|
|||||
|
Deferred carriage fees, net
|
—
|
|
|
44,644
|
|
|
2,093
|
|
|
—
|
|
|
46,737
|
|
|||||
|
Intangible assets, net
|
—
|
|
|
199,785
|
|
|
391,039
|
|
|
—
|
|
|
590,824
|
|
|||||
|
Goodwill
|
—
|
|
|
74,224
|
|
|
660,132
|
|
|
—
|
|
|
734,356
|
|
|||||
|
Other assets
|
26,760
|
|
|
63,700
|
|
|
91,345
|
|
|
—
|
|
|
181,805
|
|
|||||
|
Total assets
|
$
|
2,569,738
|
|
|
$
|
3,647,516
|
|
|
$
|
1,834,034
|
|
|
$
|
(4,074,701
|
)
|
|
$
|
3,976,587
|
|
|
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Current Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Accounts payable
|
$
|
15
|
|
|
$
|
62,573
|
|
|
$
|
39,278
|
|
|
$
|
—
|
|
|
$
|
101,866
|
|
|
Accrued liabilities and intercompany payable
|
39,566
|
|
|
155,569
|
|
|
61,701
|
|
|
(52,050
|
)
|
|
204,786
|
|
|||||
|
Current portion of program rights obligations
|
—
|
|
|
212,310
|
|
|
58,889
|
|
|
—
|
|
|
271,199
|
|
|||||
|
Deferred revenue
|
—
|
|
|
30,184
|
|
|
6,704
|
|
|
—
|
|
|
36,888
|
|
|||||
|
Promissory note payable
|
—
|
|
|
—
|
|
|
40,000
|
|
|
—
|
|
|
40,000
|
|
|||||
|
Current portion of long-term debt
|
74,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
74,000
|
|
|||||
|
Current portion of capital lease obligations
|
—
|
|
|
2,226
|
|
|
727
|
|
|
—
|
|
|
2,953
|
|
|||||
|
Total current liabilities
|
113,581
|
|
|
462,862
|
|
|
207,299
|
|
|
(52,050
|
)
|
|
731,692
|
|
|||||
|
Program rights obligations
|
—
|
|
|
453,343
|
|
|
12,329
|
|
|
—
|
|
|
465,672
|
|
|||||
|
Long-term debt
|
2,685,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,685,566
|
|
|||||
|
Capital lease obligations
|
—
|
|
|
11,884
|
|
|
15,502
|
|
|
—
|
|
|
27,386
|
|
|||||
|
Deferred tax liability, net
|
113,742
|
|
|
—
|
|
|
14,324
|
|
|
—
|
|
|
128,066
|
|
|||||
|
Other liabilities and intercompany payable
|
28,604
|
|
|
868,362
|
|
|
122,204
|
|
|
(933,667
|
)
|
|
85,503
|
|
|||||
|
Total liabilities
|
2,941,493
|
|
|
1,796,451
|
|
|
371,658
|
|
|
(985,717
|
)
|
|
4,123,885
|
|
|||||
|
Commitments and contingencies
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
204,611
|
|
|
—
|
|
|
204,611
|
|
|||||
|
Stockholders’ deficiency:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
AMC Networks stockholders’ (deficiency) equity
|
(371,755
|
)
|
|
1,851,065
|
|
|
1,237,919
|
|
|
(3,088,984
|
)
|
|
(371,755
|
)
|
|||||
|
Total AMC Networks stockholders’ (deficiency) equity
|
(371,755
|
)
|
|
1,851,065
|
|
|
1,237,919
|
|
|
(3,088,984
|
)
|
|
(371,755
|
)
|
|||||
|
Non-redeemable noncontrolling interests
|
—
|
|
|
—
|
|
|
19,846
|
|
|
—
|
|
|
19,846
|
|
|||||
|
Total stockholders' (deficiency) equity
|
(371,755
|
)
|
|
1,851,065
|
|
|
1,257,765
|
|
|
(3,088,984
|
)
|
|
(351,909
|
)
|
|||||
|
Total liabilities and stockholders’ (deficiency) equity
|
$
|
2,569,738
|
|
|
$
|
3,647,516
|
|
|
$
|
1,834,034
|
|
|
$
|
(4,074,701
|
)
|
|
$
|
3,976,587
|
|
|
Condensed Consolidating Statement of Income
|
|||||||||||||||||||
|
Three Months Ended September 30, 2015
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Revenues, net
|
$
|
—
|
|
|
$
|
494,636
|
|
|
$
|
137,704
|
|
|
$
|
(175
|
)
|
|
$
|
632,165
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Technical and operating (excluding depreciation and amortization)
|
—
|
|
|
220,918
|
|
|
72,366
|
|
|
(188
|
)
|
|
293,096
|
|
|||||
|
Selling, general and administrative
|
—
|
|
|
112,607
|
|
|
43,727
|
|
|
(26
|
)
|
|
156,308
|
|
|||||
|
Restructuring expense
|
—
|
|
|
230
|
|
|
2,401
|
|
|
—
|
|
|
2,631
|
|
|||||
|
Depreciation and amortization
|
—
|
|
|
9,344
|
|
|
11,518
|
|
|
—
|
|
|
20,862
|
|
|||||
|
Total operating expenses
|
—
|
|
|
343,099
|
|
|
130,012
|
|
|
(214
|
)
|
|
472,897
|
|
|||||
|
Operating income
|
—
|
|
|
151,537
|
|
|
7,692
|
|
|
39
|
|
|
159,268
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, net
|
(19,197
|
)
|
|
(2,898
|
)
|
|
(9,275
|
)
|
|
—
|
|
|
(31,370
|
)
|
|||||
|
Share of affiliates' income
|
119,870
|
|
|
(25,028
|
)
|
|
—
|
|
|
(94,842
|
)
|
|
—
|
|
|||||
|
Miscellaneous, net
|
1,707
|
|
|
(1,291
|
)
|
|
(8,017
|
)
|
|
(39
|
)
|
|
(7,640
|
)
|
|||||
|
Total other income (expense)
|
102,380
|
|
|
(29,217
|
)
|
|
(17,292
|
)
|
|
(94,881
|
)
|
|
(39,010
|
)
|
|||||
|
Income from continuing operations before income taxes
|
102,380
|
|
|
122,320
|
|
|
(9,600
|
)
|
|
(94,842
|
)
|
|
120,258
|
|
|||||
|
Income tax expense
|
(29,610
|
)
|
|
(2,450
|
)
|
|
(11,298
|
)
|
|
—
|
|
|
(43,358
|
)
|
|||||
|
Income (loss) from continuing operations
|
72,770
|
|
|
119,870
|
|
|
(20,898
|
)
|
|
(94,842
|
)
|
|
76,900
|
|
|||||
|
Net income (loss) including noncontrolling interest
|
72,770
|
|
|
119,870
|
|
|
(20,898
|
)
|
|
(94,842
|
)
|
|
76,900
|
|
|||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(4,130
|
)
|
|
—
|
|
|
(4,130
|
)
|
|||||
|
Net income (loss) attributable to AMC Networks' stockholders
|
$
|
72,770
|
|
|
$
|
119,870
|
|
|
$
|
(25,028
|
)
|
|
$
|
(94,842
|
)
|
|
$
|
72,770
|
|
|
Condensed Consolidating Statement of Income
|
|||||||||||||||||||
|
Three Months Ended September 30, 2014
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Revenues, net
|
$
|
—
|
|
|
$
|
420,227
|
|
|
$
|
99,323
|
|
|
$
|
—
|
|
|
$
|
519,550
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Technical and operating (excluding depreciation and amortization)
|
—
|
|
|
196,783
|
|
|
55,773
|
|
|
—
|
|
|
252,556
|
|
|||||
|
Selling, general and administrative
|
—
|
|
|
104,176
|
|
|
28,675
|
|
|
—
|
|
|
132,851
|
|
|||||
|
Restructuring expense
|
—
|
|
|
4,746
|
|
|
873
|
|
|
—
|
|
|
5,619
|
|
|||||
|
Depreciation and amortization
|
—
|
|
|
9,045
|
|
|
9,250
|
|
|
—
|
|
|
18,295
|
|
|||||
|
Total operating expenses
|
—
|
|
|
314,750
|
|
|
94,571
|
|
|
—
|
|
|
409,321
|
|
|||||
|
Operating income
|
—
|
|
|
105,477
|
|
|
4,752
|
|
|
—
|
|
|
110,229
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, net
|
(17,512
|
)
|
|
(11,904
|
)
|
|
(1,900
|
)
|
|
—
|
|
|
(31,316
|
)
|
|||||
|
Share of affiliates' income
|
151,603
|
|
|
(1,538
|
)
|
|
—
|
|
|
(150,065
|
)
|
|
—
|
|
|||||
|
Miscellaneous, net
|
(57,230
|
)
|
|
50,264
|
|
|
(4,800
|
)
|
|
—
|
|
|
(11,766
|
)
|
|||||
|
Total other income (expense)
|
76,861
|
|
|
36,822
|
|
|
(6,700
|
)
|
|
(150,065
|
)
|
|
(43,082
|
)
|
|||||
|
Income (loss) from continuing operations before income taxes
|
76,861
|
|
|
142,299
|
|
|
(1,948
|
)
|
|
(150,065
|
)
|
|
67,147
|
|
|||||
|
Income tax (expense) benefit
|
(23,701
|
)
|
|
8,853
|
|
|
1,770
|
|
|
—
|
|
|
(13,078
|
)
|
|||||
|
Income (loss) from continuing operations
|
53,160
|
|
|
151,152
|
|
|
(178
|
)
|
|
(150,065
|
)
|
|
54,069
|
|
|||||
|
Loss from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(966
|
)
|
|
—
|
|
|
(966
|
)
|
|||||
|
Net income (loss) including noncontrolling interest
|
53,160
|
|
|
151,152
|
|
|
(1,144
|
)
|
|
(150,065
|
)
|
|
53,103
|
|
|||||
|
Net (income) loss attributable to noncontrolling interests
|
—
|
|
|
451
|
|
|
(394
|
)
|
|
—
|
|
|
57
|
|
|||||
|
Net income (loss) attributable to AMC Networks' stockholders
|
$
|
53,160
|
|
|
$
|
151,603
|
|
|
$
|
(1,538
|
)
|
|
$
|
(150,065
|
)
|
|
$
|
53,160
|
|
|
Condensed Consolidating Statement of Income
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Revenues, net
|
$
|
—
|
|
|
$
|
1,498,447
|
|
|
$
|
404,116
|
|
|
$
|
(578
|
)
|
|
$
|
1,901,985
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Technical and operating (excluding depreciation and amortization)
|
—
|
|
|
607,176
|
|
|
208,388
|
|
|
(565
|
)
|
|
814,999
|
|
|||||
|
Selling, general and administrative
|
—
|
|
|
345,174
|
|
|
124,637
|
|
|
(44
|
)
|
|
469,767
|
|
|||||
|
Restructuring expense
|
—
|
|
|
902
|
|
|
5,039
|
|
|
—
|
|
|
5,941
|
|
|||||
|
Depreciation and amortization
|
—
|
|
|
27,514
|
|
|
34,915
|
|
|
—
|
|
|
62,429
|
|
|||||
|
Total operating expenses
|
—
|
|
|
980,766
|
|
|
372,979
|
|
|
(609
|
)
|
|
1,353,136
|
|
|||||
|
Operating income
|
—
|
|
|
517,681
|
|
|
31,137
|
|
|
31
|
|
|
548,849
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, net
|
(59,571
|
)
|
|
(15,688
|
)
|
|
(20,477
|
)
|
|
—
|
|
|
(95,736
|
)
|
|||||
|
Share of affiliates' income
|
522,142
|
|
|
(17,272
|
)
|
|
—
|
|
|
(504,870
|
)
|
|
—
|
|
|||||
|
Miscellaneous, net
|
(50,645
|
)
|
|
44,421
|
|
|
(231
|
)
|
|
(31
|
)
|
|
(6,486
|
)
|
|||||
|
Total other income (expense)
|
411,926
|
|
|
11,461
|
|
|
(20,708
|
)
|
|
(504,901
|
)
|
|
(102,222
|
)
|
|||||
|
Income from continuing operations before income taxes
|
411,926
|
|
|
529,142
|
|
|
10,429
|
|
|
(504,870
|
)
|
|
446,627
|
|
|||||
|
Income tax expense
|
(135,227
|
)
|
|
(7,000
|
)
|
|
(13,382
|
)
|
|
—
|
|
|
(155,609
|
)
|
|||||
|
Income (loss) from continuing operations
|
276,699
|
|
|
522,142
|
|
|
(2,953
|
)
|
|
(504,870
|
)
|
|
291,018
|
|
|||||
|
Net income (loss) including noncontrolling interest
|
276,699
|
|
|
522,142
|
|
|
(2,953
|
)
|
|
(504,870
|
)
|
|
291,018
|
|
|||||
|
Net income attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(14,319
|
)
|
|
—
|
|
|
(14,319
|
)
|
|||||
|
Net income (loss) attributable to AMC Networks' stockholders
|
$
|
276,699
|
|
|
$
|
522,142
|
|
|
$
|
(17,272
|
)
|
|
$
|
(504,870
|
)
|
|
$
|
276,699
|
|
|
Condensed Consolidating Statement of Income
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Revenues, net
|
$
|
—
|
|
|
$
|
1,293,088
|
|
|
$
|
273,109
|
|
|
$
|
—
|
|
|
$
|
1,566,197
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Technical and operating (excluding depreciation and amortization)
|
—
|
|
|
553,755
|
|
|
148,016
|
|
|
—
|
|
|
701,771
|
|
|||||
|
Selling, general and administrative
|
—
|
|
|
345,516
|
|
|
74,571
|
|
|
10
|
|
|
420,097
|
|
|||||
|
Restructuring expense
|
—
|
|
|
4,746
|
|
|
2,026
|
|
|
—
|
|
|
6,772
|
|
|||||
|
Depreciation and amortization
|
—
|
|
|
25,765
|
|
|
24,455
|
|
|
—
|
|
|
50,220
|
|
|||||
|
Total operating expenses
|
—
|
|
|
929,782
|
|
|
249,068
|
|
|
10
|
|
|
1,178,860
|
|
|||||
|
Operating income
|
—
|
|
|
363,306
|
|
|
24,041
|
|
|
(10
|
)
|
|
387,337
|
|
|||||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Interest expense, net
|
(59,697
|
)
|
|
(32,489
|
)
|
|
(4,166
|
)
|
|
—
|
|
|
(96,352
|
)
|
|||||
|
Share of affiliates' income
|
390,479
|
|
|
4,532
|
|
|
—
|
|
|
(395,011
|
)
|
|
—
|
|
|||||
|
Miscellaneous, net
|
(55,388
|
)
|
|
49,930
|
|
|
(10,559
|
)
|
|
10
|
|
|
(16,007
|
)
|
|||||
|
Total other income (expense)
|
275,394
|
|
|
21,973
|
|
|
(14,725
|
)
|
|
(395,001
|
)
|
|
(112,359
|
)
|
|||||
|
Income from continuing operations before income taxes
|
275,394
|
|
|
385,279
|
|
|
9,316
|
|
|
(395,011
|
)
|
|
274,978
|
|
|||||
|
Income tax (expense) benefit
|
(92,212
|
)
|
|
3,895
|
|
|
(425
|
)
|
|
—
|
|
|
(88,742
|
)
|
|||||
|
Income from continuing operations
|
183,182
|
|
|
389,174
|
|
|
8,891
|
|
|
(395,011
|
)
|
|
186,236
|
|
|||||
|
Loss from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(3,448
|
)
|
|
—
|
|
|
(3,448
|
)
|
|||||
|
Net income including noncontrolling interest
|
183,182
|
|
|
389,174
|
|
|
5,443
|
|
|
(395,011
|
)
|
|
182,788
|
|
|||||
|
Net (income) loss attributable to noncontrolling interests
|
—
|
|
|
1,305
|
|
|
(911
|
)
|
|
—
|
|
|
394
|
|
|||||
|
Net income attributable to AMC Networks' stockholders
|
$
|
183,182
|
|
|
$
|
390,479
|
|
|
$
|
4,532
|
|
|
$
|
(395,011
|
)
|
|
$
|
183,182
|
|
|
Condensed Consolidating Statement of Comprehensive Income
|
|||||||||||||||||||
|
Three Months Ended September 30, 2015
|
|||||||||||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Net income (loss) including noncontrolling interest
|
$
|
72,770
|
|
|
$
|
119,870
|
|
|
$
|
(20,898
|
)
|
|
$
|
(94,842
|
)
|
|
$
|
76,900
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustment
|
(5,121
|
)
|
|
(5,121
|
)
|
|
2,035
|
|
|
5,121
|
|
|
(3,086
|
)
|
|||||
|
Unrealized gain on interest rate swaps
|
528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
528
|
|
|||||
|
Other comprehensive (loss) income, before income taxes
|
(4,593
|
)
|
|
(5,121
|
)
|
|
2,035
|
|
|
5,121
|
|
|
(2,558
|
)
|
|||||
|
Income tax expense
|
(4,532
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(4,532
|
)
|
|||||
|
Other comprehensive (loss) income, net of income taxes
|
(9,125
|
)
|
|
(5,121
|
)
|
|
2,035
|
|
|
5,121
|
|
|
(7,090
|
)
|
|||||
|
Comprehensive income (loss)
|
63,645
|
|
|
114,749
|
|
|
(18,863
|
)
|
|
(89,721
|
)
|
|
69,810
|
|
|||||
|
Comprehensive (income) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(4,130
|
)
|
|
—
|
|
|
(4,130
|
)
|
|||||
|
Comprehensive income (loss) attributable to AMC Networks' stockholders
|
$
|
63,645
|
|
|
$
|
114,749
|
|
|
$
|
(22,993
|
)
|
|
$
|
(89,721
|
)
|
|
$
|
65,680
|
|
|
Condensed Consolidating Statement of Comprehensive Income
|
|||||||||||||||||||
|
Three Months Ended September 30, 2014
|
|||||||||||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Net income (loss) including noncontrolling interest
|
$
|
53,160
|
|
|
$
|
151,152
|
|
|
$
|
(1,144
|
)
|
|
$
|
(150,065
|
)
|
|
$
|
53,103
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustment
|
(57,503
|
)
|
|
(61,207
|
)
|
|
5,322
|
|
|
61,207
|
|
|
(52,181
|
)
|
|||||
|
Unrealized gain on interest rate swaps
|
1,571
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,571
|
|
|||||
|
Other comprehensive (loss) income, before income taxes
|
(55,932
|
)
|
|
(61,207
|
)
|
|
5,322
|
|
|
61,207
|
|
|
(50,610
|
)
|
|||||
|
Income tax expense
|
(569
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(569
|
)
|
|||||
|
Other comprehensive (loss) income, net of income taxes
|
(56,501
|
)
|
|
(61,207
|
)
|
|
5,322
|
|
|
61,207
|
|
|
(51,179
|
)
|
|||||
|
Comprehensive (loss) income
|
(3,341
|
)
|
|
89,945
|
|
|
4,178
|
|
|
(88,858
|
)
|
|
1,924
|
|
|||||
|
Comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
451
|
|
|
2,016
|
|
|
—
|
|
|
2,467
|
|
|||||
|
Comprehensive (loss) income attributable to AMC Networks' stockholders
|
$
|
(3,341
|
)
|
|
$
|
90,396
|
|
|
$
|
6,194
|
|
|
$
|
(88,858
|
)
|
|
$
|
4,391
|
|
|
Condensed Consolidating Statement of Comprehensive Income
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Net income (loss) including noncontrolling interest
|
$
|
276,699
|
|
|
$
|
522,142
|
|
|
$
|
(2,953
|
)
|
|
$
|
(504,870
|
)
|
|
$
|
291,018
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustment
|
(69,241
|
)
|
|
(69,241
|
)
|
|
29,449
|
|
|
69,241
|
|
|
(39,792
|
)
|
|||||
|
Unrealized gain on interest rate swaps
|
1,898
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,898
|
|
|||||
|
Other comprehensive (loss) income, before income taxes
|
(67,343
|
)
|
|
(69,241
|
)
|
|
29,449
|
|
|
69,241
|
|
|
(37,894
|
)
|
|||||
|
Income tax expense
|
(868
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(868
|
)
|
|||||
|
Other comprehensive (loss) income, net of income taxes
|
(68,211
|
)
|
|
(69,241
|
)
|
|
29,449
|
|
|
69,241
|
|
|
(38,762
|
)
|
|||||
|
Comprehensive income (loss)
|
208,488
|
|
|
452,901
|
|
|
26,496
|
|
|
(435,629
|
)
|
|
252,256
|
|
|||||
|
Comprehensive (income) attributable to noncontrolling interests
|
—
|
|
|
—
|
|
|
(14,319
|
)
|
|
—
|
|
|
(14,319
|
)
|
|||||
|
Comprehensive income attributable to AMC Networks' stockholders
|
$
|
208,488
|
|
|
$
|
452,901
|
|
|
$
|
12,177
|
|
|
$
|
(435,629
|
)
|
|
$
|
237,937
|
|
|
Condensed Consolidating Statement of Comprehensive Income
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Net income including noncontrolling interests
|
$
|
183,182
|
|
|
$
|
389,174
|
|
|
$
|
5,443
|
|
|
$
|
(395,011
|
)
|
|
$
|
182,788
|
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Foreign currency translation adjustment
|
(42,129
|
)
|
|
(45,833
|
)
|
|
—
|
|
|
45,833
|
|
|
(42,129
|
)
|
|||||
|
Unrealized gain on interest rate swaps
|
3,528
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,528
|
|
|||||
|
Other comprehensive loss, before income taxes
|
(38,601
|
)
|
|
(45,833
|
)
|
|
—
|
|
|
45,833
|
|
|
(38,601
|
)
|
|||||
|
Income tax expense
|
(1,291
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,291
|
)
|
|||||
|
Other comprehensive loss, net of income taxes
|
(39,892
|
)
|
|
(45,833
|
)
|
|
—
|
|
|
45,833
|
|
|
(39,892
|
)
|
|||||
|
Comprehensive income
|
143,290
|
|
|
343,341
|
|
|
5,443
|
|
|
(349,178
|
)
|
|
142,896
|
|
|||||
|
Comprehensive loss attributable to noncontrolling interests
|
—
|
|
|
1,305
|
|
|
652
|
|
|
—
|
|
|
1,957
|
|
|||||
|
Comprehensive income attributable to AMC Networks' stockholders
|
$
|
143,290
|
|
|
$
|
344,646
|
|
|
$
|
6,095
|
|
|
$
|
(349,178
|
)
|
|
$
|
144,853
|
|
|
Condensed Consolidating Statement of Cash Flows
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2015
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash provided by operating activities
|
$
|
287,714
|
|
|
$
|
171,707
|
|
|
$
|
344,993
|
|
|
$
|
(503,441
|
)
|
|
$
|
300,973
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Capital expenditures
|
(9
|
)
|
|
(31,276
|
)
|
|
(17,525
|
)
|
|
—
|
|
|
(48,810
|
)
|
|||||
|
Payments for acquisitions, net of cash acquired
|
—
|
|
|
—
|
|
|
(6,545
|
)
|
|
—
|
|
|
(6,545
|
)
|
|||||
|
Acquisition of investments
|
—
|
|
|
—
|
|
|
(24,250
|
)
|
|
—
|
|
|
(24,250
|
)
|
|||||
|
(Increase) decrease to investment in affiliates
|
(152,175
|
)
|
|
2,238
|
|
|
(284,160
|
)
|
|
434,097
|
|
|
—
|
|
|||||
|
Net cash used in investing activities
|
(152,184
|
)
|
|
(29,038
|
)
|
|
(332,480
|
)
|
|
434,097
|
|
|
(79,605
|
)
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Principal payments on long-term debt
|
(55,500
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,500
|
)
|
|||||
|
Payment of Promissory Note
|
—
|
|
|
—
|
|
|
(40,000
|
)
|
|
|
|
|
(40,000
|
)
|
|||||
|
Deemed repurchases of restricted stock/units
|
(14,454
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(14,454
|
)
|
|||||
|
Proceeds from stock option exercises
|
1,183
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,183
|
|
|||||
|
Excess tax benefits from share-based compensation arrangements
|
4,297
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,297
|
|
|||||
|
Principal payments on capital lease obligations
|
—
|
|
|
(1,635
|
)
|
|
(757
|
)
|
|
—
|
|
|
(2,392
|
)
|
|||||
|
Distributions to noncontrolling interest
|
—
|
|
|
—
|
|
|
(3,154
|
)
|
|
—
|
|
|
(3,154
|
)
|
|||||
|
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
1,354
|
|
|
—
|
|
|
1,354
|
|
|||||
|
Net cash used in financing activities
|
(64,474
|
)
|
|
(1,635
|
)
|
|
(42,557
|
)
|
|
—
|
|
|
(108,666
|
)
|
|||||
|
Net increase (decrease) in cash and cash equivalents from continuing operations
|
71,056
|
|
|
141,034
|
|
|
(30,044
|
)
|
|
(69,344
|
)
|
|
112,702
|
|
|||||
|
Cash flows from discontinued operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash used in operating activities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Net decrease in cash and cash equivalents from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(72,152
|
)
|
|
(69,344
|
)
|
|
65,638
|
|
|
69,344
|
|
|
(6,514
|
)
|
|||||
|
Cash and cash equivalents at beginning of period
|
1,581
|
|
|
83,676
|
|
|
116,110
|
|
|
—
|
|
|
201,367
|
|
|||||
|
Cash and cash equivalents at end of period
|
$
|
485
|
|
|
$
|
155,366
|
|
|
$
|
151,704
|
|
|
$
|
—
|
|
|
$
|
307,555
|
|
|
Condensed Consolidated Statement of Cash Flows
|
|||||||||||||||||||
|
Nine Months Ended September 30, 2014
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Parent Company
|
|
Guarantor Subsidiaries
|
|
Non- Guarantor Subsidiaries
|
|
Eliminations
|
|
Consolidated
|
||||||||||
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Net cash provided by operating activities
|
$
|
166,339
|
|
|
$
|
292,623
|
|
|
$
|
25,668
|
|
|
$
|
(222,800
|
)
|
|
$
|
261,830
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Capital expenditures
|
(1,426
|
)
|
|
(16,144
|
)
|
|
(6,770
|
)
|
|
—
|
|
|
(24,340
|
)
|
|||||
|
Payment for acquisition of a business, net of cash acquired
|
—
|
|
|
—
|
|
|
(1,024,427
|
)
|
|
—
|
|
|
(1,024,427
|
)
|
|||||
|
Acquisition of investments
|
—
|
|
|
(3,482
|
)
|
|
(502
|
)
|
|
—
|
|
|
(3,984
|
)
|
|||||
|
Proceeds from insurance settlements
|
—
|
|
|
654
|
|
|
—
|
|
|
—
|
|
|
654
|
|
|||||
|
(Increase) decrease to investment in affiliates
|
(43,581
|
)
|
|
(133,386
|
)
|
|
—
|
|
|
176,967
|
|
|
—
|
|
|||||
|
Net cash used in investing activities
|
(45,007
|
)
|
|
(152,358
|
)
|
|
(1,031,699
|
)
|
|
176,967
|
|
|
(1,052,097
|
)
|
|||||
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Proceeds from the issuance of long-term debt
|
600,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
600,000
|
|
|||||
|
Payments for financing costs
|
(9,266
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9,266
|
)
|
|||||
|
Purchase of treasury stock
|
(17,804
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,804
|
)
|
|||||
|
Proceeds from stock option exercises
|
1,070
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,070
|
|
|||||
|
Excess tax benefits from share-based compensation arrangements
|
5,662
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,662
|
|
|||||
|
Principal payments on capital lease obligations
|
—
|
|
|
(1,382
|
)
|
|
(1,325
|
)
|
|
—
|
|
|
(2,707
|
)
|
|||||
|
Long-term intercompany debt
|
(651,405
|
)
|
|
651,405
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
|
Cash contributions from member
|
—
|
|
|
(1,046,413
|
)
|
|
1,046,413
|
|
|
—
|
|
|
—
|
|
|||||
|
Contributions from noncontrolling interest
|
—
|
|
|
—
|
|
|
835
|
|
|
—
|
|
|
835
|
|
|||||
|
Net cash (used in) provided by financing activities
|
(71,743
|
)
|
|
(396,390
|
)
|
|
1,045,923
|
|
|
—
|
|
|
577,790
|
|
|||||
|
Net increase (decrease) in cash and cash equivalents from continuing operations
|
49,589
|
|
|
(256,125
|
)
|
|
39,892
|
|
|
(45,833
|
)
|
|
(212,477
|
)
|
|||||
|
Cash flows from discontinued operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net cash used in operating activities
|
—
|
|
|
—
|
|
|
(2,955
|
)
|
|
—
|
|
|
(2,955
|
)
|
|||||
|
Net decrease in cash and cash equivalents from discontinued operations
|
—
|
|
|
—
|
|
|
(2,955
|
)
|
|
—
|
|
|
(2,955
|
)
|
|||||
|
Effect of exchange rate changes on cash and cash equivalents
|
(45,833
|
)
|
|
(45,833
|
)
|
|
35,936
|
|
|
45,833
|
|
|
(9,897
|
)
|
|||||
|
Cash and cash equivalents at beginning of period
|
942
|
|
|
519,392
|
|
|
1,617
|
|
|
—
|
|
|
521,951
|
|
|||||
|
Cash and cash equivalents at end of period
|
$
|
4,698
|
|
|
$
|
217,434
|
|
|
$
|
74,490
|
|
|
$
|
—
|
|
|
$
|
296,622
|
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
•
|
our ability to maintain and renew distribution or affiliation agreements with video programming distributors;
|
|
•
|
the cost of, and our ability to obtain or produce, desirable programming content for our networks and independent film distribution businesses;
|
|
•
|
market demand for our independent film distribution business;
|
|
•
|
changes in laws or treaties relating to taxation, or the interpretation thereof, in the U.S. or in the countries in which we operate;
|
|
•
|
our ability to successfully acquire new businesses and, if acquired, to integrate, and implement our plan with respect to businesses we acquire;
|
|
•
|
problems we may discover post-closing with the operations, including the internal controls and financial reporting process, of businesses we acquire;
|
|
•
|
financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate, and the additional factors described herein;
|
|
•
|
events that are outside our control, such as political unrest in international markets, terrorist attacks, natural disasters and other similar events; and
|
|
•
|
the factors described under Item 1A, “Risk Factors” in our
2014
Annual Report on Form 10-K (the "
2014
Form 10-K"), as filed with the Securities and Exchange Commission ("SEC").
|
|
•
|
National Networks:
Principally includes
five
nationally distributed programming networks: AMC, WE tv, BBC AMERICA, IFC and SundanceTV. These programming networks are distributed throughout the United States (“U.S.”) via cable and other multichannel video programming distribution platforms, including direct broadcast satellite (“DBS”) and platforms operated by telecommunications providers (we refer collectively to these cable and other multichannel video programming distributors as “multichannel video programming distributors” or “distributors”). AMC, IFC and SundanceTV are also distributed in Canada. The National Networks operating segment also includes AMC Networks Broadcasting & Technology, the National Networks' technical services business, which primarily services the nationally distributed programming networks of the Company.
|
|
•
|
International and Other:
Principally includes AMC Networks International, the Company’s international programming businesses consisting of a portfolio of programming networks in Europe, Latin America, the Middle East and parts of Asia and Africa; IFC Films, the Company’s independent film distribution business; AMC Networks International - DMC, the broadcast solutions unit of certain networks of AMC Networks International and third party networks; and various developing digital content distribution initiatives.
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Revenues, net
|
|
|
|
|
|
|
|
||||||||
|
National Networks
|
$
|
521,640
|
|
|
$
|
397,415
|
|
|
$
|
1,573,096
|
|
|
$
|
1,244,099
|
|
|
International and Other
|
114,103
|
|
|
122,712
|
|
|
333,341
|
|
|
323,890
|
|
||||
|
Inter-segment eliminations
|
(3,578
|
)
|
|
(577
|
)
|
|
(4,452
|
)
|
|
(1,792
|
)
|
||||
|
Consolidated revenues, net
|
$
|
632,165
|
|
|
$
|
519,550
|
|
|
$
|
1,901,985
|
|
|
$
|
1,566,197
|
|
|
Operating income (loss)
|
|
|
|
|
|
|
|
||||||||
|
National Networks
|
$
|
173,098
|
|
|
$
|
115,254
|
|
|
$
|
581,165
|
|
|
$
|
409,176
|
|
|
International and Other
|
(11,089
|
)
|
|
(5,441
|
)
|
|
(30,022
|
)
|
|
(23,128
|
)
|
||||
|
Inter-segment eliminations
|
(2,741
|
)
|
|
416
|
|
|
(2,294
|
)
|
|
1,289
|
|
||||
|
Consolidated operating income
|
$
|
159,268
|
|
|
$
|
110,229
|
|
|
$
|
548,849
|
|
|
$
|
387,337
|
|
|
AOCF
|
|
|
|
|
|
|
|
||||||||
|
National Networks
|
$
|
186,574
|
|
|
$
|
128,582
|
|
|
$
|
622,385
|
|
|
$
|
443,246
|
|
|
International and Other
|
6,749
|
|
|
12,875
|
|
|
21,038
|
|
|
21,363
|
|
||||
|
Inter-segment eliminations
|
(2,741
|
)
|
|
416
|
|
|
(2,294
|
)
|
|
1,289
|
|
||||
|
Consolidated AOCF
|
$
|
190,582
|
|
|
$
|
141,873
|
|
|
$
|
641,129
|
|
|
$
|
465,898
|
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
|
2015
|
|
2014
|
|
2015
|
|
2014
|
||||||||
|
Operating income
|
$
|
159,268
|
|
|
$
|
110,229
|
|
|
$
|
548,849
|
|
|
$
|
387,337
|
|
|
Share-based compensation expense
|
7,821
|
|
|
7,730
|
|
|
23,910
|
|
|
21,569
|
|
||||
|
Restructuring expense
|
2,631
|
|
|
5,619
|
|
|
5,941
|
|
|
6,772
|
|
||||
|
Depreciation and amortization
|
20,862
|
|
|
18,295
|
|
|
62,429
|
|
|
50,220
|
|
||||
|
AOCF
|
$
|
190,582
|
|
|
$
|
141,873
|
|
|
$
|
641,129
|
|
|
$
|
465,898
|
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
632,165
|
|
|
100.0
|
%
|
|
$
|
519,550
|
|
|
100.0
|
%
|
|
$
|
112,615
|
|
|
21.7
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
293,096
|
|
|
46.4
|
|
|
252,556
|
|
|
48.6
|
|
|
40,540
|
|
|
16.1
|
|
|||
|
Selling, general and administrative
|
156,308
|
|
|
24.7
|
|
|
132,851
|
|
|
25.6
|
|
|
23,457
|
|
|
17.7
|
|
|||
|
Restructuring expense
|
2,631
|
|
|
0.4
|
|
|
5,619
|
|
|
1.1
|
|
|
(2,988
|
)
|
|
(53.2
|
)
|
|||
|
Depreciation and amortization
|
20,862
|
|
|
3.3
|
|
|
18,295
|
|
|
3.5
|
|
|
2,567
|
|
|
14.0
|
|
|||
|
Total operating expenses
|
472,897
|
|
|
74.8
|
|
|
409,321
|
|
|
78.8
|
|
|
63,576
|
|
|
15.5
|
|
|||
|
Operating income
|
159,268
|
|
|
25.2
|
|
|
110,229
|
|
|
21.2
|
|
|
49,039
|
|
|
44.5
|
|
|||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interest expense, net
|
(31,370
|
)
|
|
(5.0
|
)
|
|
(31,316
|
)
|
|
(6.0
|
)
|
|
(54
|
)
|
|
0.2
|
|
|||
|
Miscellaneous, net
|
(7,640
|
)
|
|
(1.2
|
)
|
|
(11,766
|
)
|
|
(2.3
|
)
|
|
4,126
|
|
|
(35.1
|
)%
|
|||
|
Total other income (expense)
|
(39,010
|
)
|
|
(6.2
|
)
|
|
(43,082
|
)
|
|
(8.3
|
)
|
|
4,072
|
|
|
(9.5
|
)
|
|||
|
Net income from continuing operations before income taxes
|
120,258
|
|
|
19.0
|
|
|
67,147
|
|
|
12.9
|
|
|
53,111
|
|
|
79.1
|
|
|||
|
Income tax expense
|
(43,358
|
)
|
|
(6.9
|
)
|
|
(13,078
|
)
|
|
(2.5
|
)
|
|
(30,280
|
)
|
|
231.5
|
|
|||
|
Income from continuing operations
|
76,900
|
|
|
12.2
|
|
|
54,069
|
|
|
10.4
|
|
|
22,831
|
|
|
42.2
|
|
|||
|
Loss from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(966
|
)
|
|
(0.2
|
)
|
|
966
|
|
|
n/m
|
|
|||
|
Net income including noncontrolling interests
|
76,900
|
|
|
12.2
|
|
|
53,103
|
|
|
10.2
|
|
|
23,797
|
|
|
44.8
|
|
|||
|
Net (income) loss attributable to noncontrolling interests
|
(4,130
|
)
|
|
(0.7
|
)
|
|
57
|
|
|
—
|
|
|
(4,187
|
)
|
|
n/m
|
|
|||
|
Net income attributable to AMC Networks’ stockholders
|
$
|
72,770
|
|
|
11.5
|
%
|
|
$
|
53,160
|
|
|
10.2
|
%
|
|
$
|
19,610
|
|
|
36.9
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
Operating income
|
$
|
159,268
|
|
|
$
|
110,229
|
|
|
$
|
49,039
|
|
|
44.5
|
%
|
|
Share-based compensation expense
|
7,821
|
|
|
7,730
|
|
|
91
|
|
|
1.2
|
|
|||
|
Restructuring expense
|
2,631
|
|
|
5,619
|
|
|
(2,988
|
)
|
|
(53.2
|
)
|
|||
|
Depreciation and amortization
|
20,862
|
|
|
18,295
|
|
|
2,567
|
|
|
14.0
|
|
|||
|
Consolidated AOCF
|
$
|
190,582
|
|
|
$
|
141,873
|
|
|
$
|
48,709
|
|
|
34.3
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
521,640
|
|
|
100.0
|
%
|
|
$
|
397,415
|
|
|
100.0
|
%
|
|
$
|
124,225
|
|
|
31.3
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
223,521
|
|
|
42.8
|
|
|
185,122
|
|
|
46.6
|
|
|
38,399
|
|
|
20.7
|
|
|||
|
Selling, general and administrative
|
117,584
|
|
|
22.5
|
|
|
89,372
|
|
|
22.5
|
|
|
28,212
|
|
|
31.6
|
|
|||
|
Restructuring expense
|
100
|
|
|
—
|
|
|
2,462
|
|
|
0.6
|
|
|
(2,362
|
)
|
|
n/m
|
|
|||
|
Depreciation and amortization
|
7,337
|
|
|
1.4
|
|
|
5,205
|
|
|
1.3
|
|
|
2,132
|
|
|
41.0
|
|
|||
|
Operating income
|
$
|
173,098
|
|
|
33.2
|
%
|
|
$
|
115,254
|
|
|
29.0
|
%
|
|
$
|
57,844
|
|
|
50.2
|
%
|
|
Share-based compensation expense
|
6,039
|
|
|
1.2
|
|
|
5,661
|
|
|
1.4
|
|
|
378
|
|
|
6.7
|
|
|||
|
Depreciation and amortization
|
7,337
|
|
|
1.4
|
|
|
5,205
|
|
|
1.3
|
|
|
2,132
|
|
|
41.0
|
|
|||
|
Restructuring expense
|
100
|
|
|
—
|
|
|
2,462
|
|
|
0.6
|
|
|
(2,362
|
)
|
|
n/m
|
|
|||
|
AOCF
|
$
|
186,574
|
|
|
35.8
|
%
|
|
$
|
128,582
|
|
|
32.4
|
%
|
|
$
|
57,992
|
|
|
45.1
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
114,103
|
|
|
100.0
|
%
|
|
$
|
122,712
|
|
|
100.0
|
%
|
|
$
|
(8,609
|
)
|
|
(7.0
|
)%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
70,400
|
|
|
61.7
|
|
|
68,411
|
|
|
55.7
|
|
|
1,989
|
|
|
2.9
|
|
|||
|
Selling, general and administrative
|
38,736
|
|
|
33.9
|
|
|
43,495
|
|
|
35.4
|
|
|
(4,759
|
)
|
|
(10.9
|
)
|
|||
|
Restructuring expense
|
2,531
|
|
|
2.2
|
|
|
3,157
|
|
|
2.6
|
|
|
(626
|
)
|
|
(19.8
|
)
|
|||
|
Depreciation and amortization
|
13,525
|
|
|
11.9
|
|
|
13,090
|
|
|
10.7
|
|
|
435
|
|
|
3.3
|
|
|||
|
Operating loss
|
$
|
(11,089
|
)
|
|
(9.7
|
)%
|
|
$
|
(5,441
|
)
|
|
(4.4
|
)%
|
|
$
|
(5,648
|
)
|
|
103.8
|
%
|
|
Share-based compensation expense
|
1,782
|
|
|
1.6
|
|
|
2,069
|
|
|
1.7
|
|
|
(287
|
)
|
|
(13.9
|
)
|
|||
|
Depreciation and amortization
|
13,525
|
|
|
11.9
|
|
|
13,090
|
|
|
10.7
|
|
|
435
|
|
|
3.3
|
|
|||
|
Restructuring expense
|
2,531
|
|
|
2.2
|
|
|
3,157
|
|
|
2.6
|
|
|
(626
|
)
|
|
(19.8
|
)
|
|||
|
AOCF
|
$
|
6,749
|
|
|
5.9
|
%
|
|
$
|
12,875
|
|
|
10.5
|
%
|
|
$
|
(6,126
|
)
|
|
(47.6
|
)%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
National Networks
|
$
|
521,640
|
|
|
82.5
|
%
|
|
$
|
397,415
|
|
|
76.5
|
%
|
|
$
|
124,225
|
|
|
31.3
|
%
|
|
International and Other
|
114,103
|
|
|
18.0
|
|
|
122,712
|
|
|
23.6
|
|
|
(8,609
|
)
|
|
(7.0
|
)
|
|||
|
Inter-segment eliminations
|
(3,578
|
)
|
|
(0.6
|
)
|
|
(577
|
)
|
|
(0.1
|
)
|
|
(3,001
|
)
|
|
n/m
|
|
|||
|
Consolidated revenues, net
|
$
|
632,165
|
|
|
100.0
|
%
|
|
$
|
519,550
|
|
|
100.0
|
%
|
|
$
|
112,615
|
|
|
21.7
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
Advertising
|
$
|
210,194
|
|
|
40.3
|
%
|
|
$
|
137,993
|
|
|
34.7
|
%
|
|
$
|
72,201
|
|
|
52.3
|
%
|
|
Distribution
|
311,446
|
|
|
59.7
|
|
|
259,422
|
|
|
65.3
|
|
|
52,024
|
|
|
20.1
|
|
|||
|
|
$
|
521,640
|
|
|
100.0
|
%
|
|
$
|
397,415
|
|
|
100.0
|
%
|
|
$
|
124,225
|
|
|
31.3
|
%
|
|
•
|
Advertising revenues increased
$72,201
across all of our networks, with the largest increase at AMC as well as the inclusion of the results of BBC AMERICA. This increase resulted from higher pricing per unit sold due to an increased demand for our programming by advertisers at all of our networks
.
Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen. Due to these factors, we expect advertising revenues to vary from quarter to quarter.
|
|
•
|
Distribution revenues increased
$52,024
due to an increase of $39,088 principally from affiliation fee revenues across all of our networks, with the largest increase at AMC as well as the inclusion of the results of BBC AMERICA. The increase in affiliation fee revenues resulted from an increase in rates, primarily at AMC, from recent renewals. Additionally, digital distribution and licensing revenues derived from our original programming increased. Distribution revenues vary based on the impact of renewals of affiliation agreements and the timing of availability of our programming to distributors. Because of these factors, we expect distribution revenues to vary from quarter to quarter.
|
|
•
|
The increase in total revenues, net of $124,225 includes $37,493 due to the inclusion of the results of BBC AMERICA for the three months ended
September 30, 2015
.
|
|
|
Estimated Domestic Subscribers
(1)
|
||||
|
National Programming Networks:
|
September 30, 2015
|
|
June 30, 2015
|
|
September 30, 2014
|
|
AMC
|
93,800
|
|
94,500
|
|
95,600
|
|
WE tv
|
86,500
|
|
85,400
|
|
85,300
|
|
BBC AMERICA
(2)
|
77,100
|
|
77,800
|
|
78,500
|
|
IFC
|
71,700
|
|
72,900
|
|
73,000
|
|
SundanceTV
|
60,100
|
|
60,800
|
|
56,700
|
|
(1)
|
Estimated U.S. subscribers as measured by Nielsen.
|
|
(2)
|
Acquired in October 2014 (see discussion above).
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
Advertising
|
$
|
20,645
|
|
|
18.1
|
%
|
|
$
|
15,991
|
|
|
13.0
|
%
|
|
$
|
4,654
|
|
|
29.1
|
%
|
|
Distribution
|
93,458
|
|
|
81.9
|
|
|
106,721
|
|
|
87.0
|
|
|
(13,263
|
)
|
|
(12.4
|
)
|
|||
|
|
$
|
114,103
|
|
|
100.0
|
%
|
|
$
|
122,712
|
|
|
100.0
|
%
|
|
$
|
(8,609
|
)
|
|
(7.0
|
)%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
223,521
|
|
|
$
|
185,122
|
|
|
$
|
38,399
|
|
|
20.7
|
%
|
|
International and Other
|
70,400
|
|
|
68,411
|
|
|
1,989
|
|
|
2.9
|
|
|||
|
Inter-segment eliminations
|
(825
|
)
|
|
(977
|
)
|
|
152
|
|
|
(15.6
|
)
|
|||
|
Total
|
$
|
293,096
|
|
|
$
|
252,556
|
|
|
$
|
40,540
|
|
|
16.1
|
%
|
|
Percentage of revenues, net
|
46.4
|
%
|
|
48.6
|
%
|
|
|
|
|
|||||
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
117,584
|
|
|
$
|
89,372
|
|
|
$
|
28,212
|
|
|
31.6
|
%
|
|
International and Other
|
38,736
|
|
|
43,495
|
|
|
(4,759
|
)
|
|
(10.9
|
)
|
|||
|
Inter-segment eliminations
|
(12
|
)
|
|
(16
|
)
|
|
4
|
|
|
(25.0
|
)
|
|||
|
Total
|
$
|
156,308
|
|
|
$
|
132,851
|
|
|
$
|
23,457
|
|
|
17.7
|
%
|
|
Percentage of revenues, net
|
24.7
|
%
|
|
25.6
|
%
|
|
|
|
|
|||||
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
7,337
|
|
|
$
|
5,205
|
|
|
$
|
2,132
|
|
|
41.0
|
%
|
|
International and Other
|
13,525
|
|
|
13,090
|
|
|
435
|
|
|
3.3
|
|
|||
|
|
$
|
20,862
|
|
|
$
|
18,295
|
|
|
$
|
2,567
|
|
|
14.0
|
%
|
|
|
Three Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
186,574
|
|
|
$
|
128,582
|
|
|
$
|
57,992
|
|
|
45.1
|
%
|
|
International and Other
|
6,749
|
|
|
12,875
|
|
|
(6,126
|
)
|
|
(47.6
|
)
|
|||
|
Inter-segment eliminations
|
(2,741
|
)
|
|
416
|
|
|
(3,157
|
)
|
|
n/m
|
|
|||
|
AOCF
|
$
|
190,582
|
|
|
$
|
141,873
|
|
|
$
|
48,709
|
|
|
34.3
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
1,901,985
|
|
|
100.0
|
%
|
|
$
|
1,566,197
|
|
|
100.0
|
%
|
|
$
|
335,788
|
|
|
21.4
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
814,999
|
|
|
42.8
|
|
|
701,771
|
|
|
44.8
|
|
|
113,228
|
|
|
16.1
|
|
|||
|
Selling, general and administrative
|
469,767
|
|
|
24.7
|
|
|
420,097
|
|
|
26.8
|
|
|
49,670
|
|
|
11.8
|
|
|||
|
Restructuring expense
|
5,941
|
|
|
0.3
|
|
|
6,772
|
|
|
0.4
|
|
|
(831
|
)
|
|
(12.3
|
)
|
|||
|
Depreciation and amortization
|
62,429
|
|
|
3.3
|
|
|
50,220
|
|
|
3.2
|
|
|
12,209
|
|
|
24.3
|
|
|||
|
Total operating expenses
|
1,353,136
|
|
|
71.1
|
|
|
1,178,860
|
|
|
75.3
|
|
|
174,276
|
|
|
14.8
|
|
|||
|
Operating income
|
548,849
|
|
|
28.9
|
|
|
387,337
|
|
|
24.7
|
|
|
161,512
|
|
|
41.7
|
|
|||
|
Other income (expense):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Interest expense, net
|
(95,736
|
)
|
|
(5.0
|
)
|
|
(96,352
|
)
|
|
(6.2
|
)
|
|
616
|
|
|
(0.6
|
)
|
|||
|
Miscellaneous, net
|
(6,486
|
)
|
|
(0.3
|
)
|
|
(16,007
|
)
|
|
(1.0
|
)
|
|
9,521
|
|
|
(59.5
|
)
|
|||
|
Total other income (expense)
|
(102,222
|
)
|
|
(5.4
|
)
|
|
(112,359
|
)
|
|
(7.2
|
)
|
|
10,137
|
|
|
(9.0
|
)
|
|||
|
Net income from continuing operations before income taxes
|
446,627
|
|
|
23.5
|
|
|
274,978
|
|
|
17.6
|
|
|
171,649
|
|
|
62.4
|
|
|||
|
Income tax expense
|
(155,609
|
)
|
|
(8.2
|
)
|
|
(88,742
|
)
|
|
(5.7
|
)
|
|
(66,867
|
)
|
|
75.3
|
|
|||
|
Income from continuing operations
|
291,018
|
|
|
15.3
|
|
|
186,236
|
|
|
11.9
|
|
|
104,782
|
|
|
56.3
|
|
|||
|
Loss from discontinued operations, net of income taxes
|
—
|
|
|
—
|
|
|
(3,448
|
)
|
|
(0.2
|
)
|
|
3,448
|
|
|
n/m
|
|
|||
|
Net income including noncontrolling interests
|
291,018
|
|
|
15.3
|
|
|
182,788
|
|
|
11.7
|
|
|
108,230
|
|
|
59.2
|
|
|||
|
Net (income) loss attributable to noncontrolling interests
|
(14,319
|
)
|
|
(0.8
|
)
|
|
394
|
|
|
—
|
|
|
(14,713
|
)
|
|
n/m
|
|
|||
|
Net income attributable to AMC Networks’ stockholders
|
$
|
276,699
|
|
|
14.5
|
%
|
|
$
|
183,182
|
|
|
11.7
|
%
|
|
$
|
93,517
|
|
|
51.1
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
Operating income
|
$
|
548,849
|
|
|
$
|
387,337
|
|
|
$
|
161,512
|
|
|
41.7
|
%
|
|
Share-based compensation expense
|
23,910
|
|
|
21,569
|
|
|
2,341
|
|
|
10.9
|
|
|||
|
Restructuring expense
|
5,941
|
|
|
6,772
|
|
|
(831
|
)
|
|
(12.3
|
)
|
|||
|
Depreciation and amortization
|
62,429
|
|
|
50,220
|
|
|
12,209
|
|
|
24.3
|
|
|||
|
Consolidated AOCF
|
$
|
641,129
|
|
|
$
|
465,898
|
|
|
$
|
175,231
|
|
|
37.6
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
1,573,096
|
|
|
100.0
|
%
|
|
$
|
1,244,099
|
|
|
100.0
|
%
|
|
$
|
328,997
|
|
|
26.4
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
612,633
|
|
|
38.9
|
|
|
516,925
|
|
|
41.6
|
|
|
95,708
|
|
|
18.5
|
|
|||
|
Selling, general and administrative
|
356,570
|
|
|
22.7
|
|
|
300,378
|
|
|
24.1
|
|
|
56,192
|
|
|
18.7
|
|
|||
|
Restructuring expense
|
817
|
|
|
0.1
|
|
|
2,462
|
|
|
0.2
|
|
|
(1,645
|
)
|
|
(66.8
|
)
|
|||
|
Depreciation and amortization
|
21,911
|
|
|
1.4
|
|
|
15,158
|
|
|
1.2
|
|
|
6,753
|
|
|
44.6
|
|
|||
|
Operating income
|
$
|
581,165
|
|
|
36.9
|
%
|
|
$
|
409,176
|
|
|
32.9
|
%
|
|
$
|
171,989
|
|
|
42.0
|
%
|
|
Share-based compensation expense
|
18,492
|
|
|
1.2
|
|
|
16,450
|
|
|
1.3
|
|
|
2,042
|
|
|
12.4
|
|
|||
|
Depreciation and amortization
|
21,911
|
|
|
1.4
|
|
|
15,158
|
|
|
1.2
|
|
|
6,753
|
|
|
44.6
|
|
|||
|
Restructuring expense
|
817
|
|
|
0.1
|
|
|
2,462
|
|
|
0.2
|
|
|
(1,645
|
)
|
|
(66.8
|
)
|
|||
|
AOCF
|
$
|
622,385
|
|
|
39.6
|
%
|
|
$
|
443,246
|
|
|
35.6
|
%
|
|
$
|
179,139
|
|
|
40.4
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
2014
|
|
|
|
|
|||||||||||||
|
|
Amount
|
|
% of
Revenues,
net
|
|
Amount
|
|
% of
Revenues,
net
|
|
$ change
|
|
% change
|
|||||||||
|
Revenues, net
|
$
|
333,341
|
|
|
100.0
|
%
|
|
$
|
323,890
|
|
|
100.0
|
%
|
|
$
|
9,451
|
|
|
2.9
|
%
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Technical and operating (excluding depreciation and amortization)
|
204,495
|
|
|
61.3
|
|
|
187,882
|
|
|
58.0
|
|
|
16,613
|
|
|
8.8
|
|
|||
|
Selling, general and administrative
|
113,226
|
|
|
34.0
|
|
|
119,764
|
|
|
37.0
|
|
|
(6,538
|
)
|
|
(5.5
|
)
|
|||
|
Restructuring expense
|
5,124
|
|
|
1.5
|
|
|
4,310
|
|
|
1.3
|
|
|
814
|
|
|
18.9
|
|
|||
|
Depreciation and amortization
|
40,518
|
|
|
12.2
|
|
|
35,062
|
|
|
10.8
|
|
|
5,456
|
|
|
15.6
|
|
|||
|
Operating loss
|
$
|
(30,022
|
)
|
|
(9.0
|
)%
|
|
$
|
(23,128
|
)
|
|
(7.1
|
)%
|
|
$
|
(6,894
|
)
|
|
29.8
|
%
|
|
Share-based compensation expense
|
5,418
|
|
|
1.6
|
|
|
5,119
|
|
|
1.6
|
|
|
299
|
|
|
5.8
|
|
|||
|
Depreciation and amortization
|
40,518
|
|
|
12.2
|
|
|
35,062
|
|
|
10.8
|
|
|
5,456
|
|
|
15.6
|
|
|||
|
Restructuring expense
|
5,124
|
|
|
1.5
|
|
|
4,310
|
|
|
1.3
|
|
|
814
|
|
|
18.9
|
|
|||
|
AOCF
|
$
|
21,038
|
|
|
6.3
|
%
|
|
$
|
21,363
|
|
|
6.6
|
%
|
|
$
|
(325
|
)
|
|
(1.5
|
)%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
National Networks
|
$
|
1,573,096
|
|
|
82.7
|
%
|
|
$
|
1,244,099
|
|
|
79.4
|
%
|
|
$
|
328,997
|
|
|
26.4
|
%
|
|
International and Other
|
333,341
|
|
|
17.5
|
|
|
323,890
|
|
|
20.7
|
|
|
9,451
|
|
|
2.9
|
|
|||
|
Inter-segment eliminations
|
(4,452
|
)
|
|
(0.2
|
)
|
|
(1,792
|
)
|
|
(0.1
|
)
|
|
(2,660
|
)
|
|
148.4
|
|
|||
|
Consolidated revenues, net
|
$
|
1,901,985
|
|
|
100.0
|
%
|
|
$
|
1,566,197
|
|
|
100.0
|
%
|
|
$
|
335,788
|
|
|
21.4
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
Advertising
|
$
|
656,345
|
|
|
41.7
|
%
|
|
$
|
509,733
|
|
|
41.0
|
%
|
|
$
|
146,612
|
|
|
28.8
|
%
|
|
Distribution
|
916,751
|
|
|
58.3
|
|
|
734,366
|
|
|
59.0
|
|
|
182,385
|
|
|
24.8
|
|
|||
|
|
$
|
1,573,096
|
|
|
100.0
|
%
|
|
$
|
1,244,099
|
|
|
100.0
|
%
|
|
$
|
328,997
|
|
|
26.4
|
%
|
|
•
|
Advertising revenues increased
$146,612
across all of our networks, with the largest increase at AMC as well as the inclusion of the results of BBC AMERICA. This increase resulted from higher pricing per unit sold due to an increased demand for our programming by advertisers at all of our networks, led by
The Walking Dead.
Most of our advertising revenues vary based on the timing of our original programming series and the popularity of our programming as measured by Nielsen. Due to these factors, we expect advertising revenues to vary from quarter to quarter.
|
|
•
|
Distribution revenues increased
$182,385
due to an increase of $53,906 principally from digital distribution and licensing revenues derived from our original programming, primarily at AMC and SundanceTV, as well as the inclusion of the results of BBC AMERICA. In addition, affiliation fee revenues increased across all networks due to an increase in rates during the nine months ended September 30, 2015 as compared to the same period in 2014. Distribution revenues vary based on the impact of renewals of affiliation agreements and the timing of availability of our programming to distributors. Because of these factors, we expect distribution revenues to vary from quarter to quarter.
|
|
•
|
The increase in total revenues, net of $328,997 includes $115,042 due to the inclusion of the results of BBC AMERICA for the
nine
months ended
September 30, 2015
.
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||||||||
|
|
2015
|
|
% of
total
|
|
2014
|
|
% of
total
|
|
$ change
|
|
% change
|
|||||||||
|
Advertising
|
$
|
61,226
|
|
|
18.4
|
%
|
|
$
|
40,481
|
|
|
12.5
|
%
|
|
$
|
20,745
|
|
|
51.2
|
%
|
|
Distribution
|
272,115
|
|
|
81.6
|
|
|
283,409
|
|
|
87.5
|
|
|
(11,294
|
)
|
|
(4.0
|
)
|
|||
|
|
$
|
333,341
|
|
|
100.0
|
%
|
|
$
|
323,890
|
|
|
100.0
|
%
|
|
$
|
9,451
|
|
|
2.9
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
612,633
|
|
|
$
|
516,925
|
|
|
$
|
95,708
|
|
|
18.5
|
%
|
|
International and Other
|
204,495
|
|
|
187,882
|
|
|
16,613
|
|
|
8.8
|
|
|||
|
Inter-segment eliminations
|
(2,129
|
)
|
|
(3,036
|
)
|
|
907
|
|
|
(29.9
|
)
|
|||
|
Total
|
$
|
814,999
|
|
|
$
|
701,771
|
|
|
$
|
113,228
|
|
|
16.1
|
%
|
|
Percentage of revenues, net
|
42.8
|
%
|
|
44.8
|
%
|
|
|
|
|
|||||
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
356,570
|
|
|
$
|
300,378
|
|
|
$
|
56,192
|
|
|
18.7
|
%
|
|
International and Other
|
113,226
|
|
|
119,764
|
|
|
(6,538
|
)
|
|
(5.5
|
)
|
|||
|
Inter-segment eliminations
|
(29
|
)
|
|
(45
|
)
|
|
16
|
|
|
(35.6
|
)
|
|||
|
Total
|
$
|
469,767
|
|
|
$
|
420,097
|
|
|
$
|
49,670
|
|
|
11.8
|
%
|
|
Percentage of revenues, net
|
24.7
|
%
|
|
26.8
|
%
|
|
|
|
|
|||||
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
21,911
|
|
|
$
|
15,158
|
|
|
$
|
6,753
|
|
|
44.6
|
%
|
|
International and Other
|
40,518
|
|
|
35,062
|
|
|
5,456
|
|
|
15.6
|
|
|||
|
|
$
|
62,429
|
|
|
$
|
50,220
|
|
|
$
|
12,209
|
|
|
24.3
|
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
|||||||||
|
|
2015
|
|
2014
|
|
$ change
|
|
% change
|
|||||||
|
National Networks
|
$
|
622,385
|
|
|
$
|
443,246
|
|
|
$
|
179,139
|
|
|
40.4
|
%
|
|
International and Other
|
21,038
|
|
|
21,363
|
|
|
(325
|
)
|
|
(1.5
|
)
|
|||
|
Inter-segment eliminations
|
(2,294
|
)
|
|
1,289
|
|
|
(3,583
|
)
|
|
n/m
|
|
|||
|
AOCF
|
$
|
641,129
|
|
|
$
|
465,898
|
|
|
$
|
175,231
|
|
|
37.6
|
%
|
|
|
2015
|
|
2014
|
||||
|
Continuing operations:
|
|
|
|
||||
|
Cash provided by operating activities
|
$
|
300,973
|
|
|
$
|
261,830
|
|
|
Cash used in investing activities
|
(79,605
|
)
|
|
(1,052,097
|
)
|
||
|
Cash (used in) provided by financing activities
|
(108,666
|
)
|
|
577,790
|
|
||
|
Net increase (decrease) in cash from continuing operations
|
112,702
|
|
|
(212,477
|
)
|
||
|
Discontinued operations:
|
|
|
|
||||
|
Net decrease in cash from discontinued operations
|
$
|
—
|
|
|
$
|
(2,955
|
)
|
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
|
Item 4.
|
Controls and Procedures.
|
|
Item 1.
|
Legal Proceedings.
|
|
Item 6.
|
Exhibits.
|
|
(a)
|
Index to Exhibits.
|
|
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
31.2
|
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
|
|
|
32
|
Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, 18 U.S.C. Section 1350.
|
|
|
|
|
101.INS
|
XBRL Instance Document.
|
|
|
|
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
|
|
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
|
|
|
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase.
|
|
|
|
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
|
|
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
|
|
|
|
|
AMC Networks Inc.
|
|
|
|
|
|
|
|
Date:
|
November 5, 2015
|
|
By:
|
/s/ Sean S. Sullivan
|
|
|
|
|
|
Sean S. Sullivan
|
|
|
|
|
|
Executive Vice President and Chief Financial Officer
|
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|