Attached files
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| 8-K - 8-K - AMC Networks Inc. | amcx-6x17x2014x8k.htm |
Exhibit 99.1
Unaudited Supplemental Financial Information
The following tables summarize the unaudited supplemental financial information of AMC Networks Inc. and subsidiaries (the "Company") for each of the quarters of 2013, and the years ended December 31, 2013 and 2012, to reflect the results of its operating segment reorganization that became effective in the first quarter of 2014. All dollar amounts are in thousands.
Revenues, net:
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 1,297,151 | $ | 371,670 | $ | 365,995 | $ | 381,147 | $ | 417,475 | $ | 1,536,287 | |||||||||||
International and Other | 57,612 | 10,422 | 13,389 | 14,183 | 17,893 | 55,887 | |||||||||||||||||
Inter-segment eliminations | (2,186 | ) | (131 | ) | (62 | ) | (2 | ) | (121 | ) | (316 | ) | |||||||||||
Total | $ | 1,352,577 | $ | 381,961 | $ | 379,322 | $ | 395,328 | $ | 435,247 | $ | 1,591,858 | |||||||||||
Technical and operating expense (excluding depreciation and amortization):
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 466,735 | $ | 123,947 | $ | 123,071 | $ | 143,117 | $ | 218,521 | $ | 608,656 | |||||||||||
International and Other | 46,748 | 13,824 | 15,720 | 14,989 | 13,249 | 57,782 | |||||||||||||||||
Inter-segment eliminations | (6,047 | ) | (1,092 | ) | (1,135 | ) | (1,052 | ) | (926 | ) | (4,205 | ) | |||||||||||
Total | $ | 507,436 | $ | 136,679 | $ | 137,656 | $ | 157,054 | $ | 230,844 | $ | 662,233 | |||||||||||
Selling, general and administrative expense:
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 341,404 | $ | 86,913 | $ | 96,680 | $ | 92,106 | $ | 92,943 | $ | 368,642 | |||||||||||
International and Other | 55,522 | 12,545 | 12,298 | 13,845 | 18,409 | 57,097 | |||||||||||||||||
Inter-segment eliminations | — | (5 | ) | — | 1 | — | (4 | ) | |||||||||||||||
Total | $ | 396,926 | $ | 99,453 | $ | 108,978 | $ | 105,952 | $ | 111,352 | $ | 425,735 | |||||||||||
Share-based compensation expense:
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 14,939 | $ | 3,784 | $ | 4,951 | $ | 4,463 | $ | 4,585 | $ | 17,783 | |||||||||||
International and Other | 2,263 | 553 | 653 | 645 | 665 | 2,516 | |||||||||||||||||
Total | $ | 17,202 | $ | 4,337 | $ | 5,604 | $ | 5,108 | $ | 5,250 | $ | 20,299 | |||||||||||
Depreciation and amortization:
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 75,099 | $ | 15,299 | $ | 15,177 | $ | 6,635 | $ | 4,925 | $ | 42,036 | |||||||||||
International and Other | 10,281 | 3,046 | 3,131 | 3,300 | 3,154 | 12,631 | |||||||||||||||||
Total | $ | 85,380 | $ | 18,345 | $ | 18,308 | $ | 9,935 | $ | 8,079 | $ | 54,667 | |||||||||||
Operating income (loss):
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 413,913 | $ | 145,511 | $ | 131,067 | $ | 139,289 | $ | 101,086 | $ | 516,953 | |||||||||||
International and Other (a) | (54,936 | ) | (18,993 | ) | 115,184 | (17,951 | ) | (16,919 | ) | 61,321 | |||||||||||||
Inter-segment eliminations | 3,861 | 966 | 1,073 | 1,049 | 805 | 3,893 | |||||||||||||||||
Total | $ | 362,838 | $ | 127,484 | $ | 247,324 | $ | 122,387 | $ | 84,972 | $ | 582,167 | |||||||||||
(a) | Amounts for the three months ended June 30, 2013 and for the year ended December 31, 2013 include the litigation settlement gain of $132,944 recorded in connection with the settlement with DISH Network. |
Adjusted Operating Cash Flow(1):
For the three months ended, | |||||||||||||||||||||||
2012 | March 31, 2013 | June 30, 2013 | September 30, 2013 | December 31, 2013 | 2013 | ||||||||||||||||||
National Networks | $ | 503,951 | $ | 164,594 | $ | 151,195 | $ | 150,387 | $ | 110,596 | $ | 576,772 | |||||||||||
International and Other | (42,395 | ) | (15,394 | ) | (13,976 | ) | (14,006 | ) | (13,100 | ) | (56,476 | ) | |||||||||||
Inter-segment eliminations | 3,861 | 966 | 1,073 | 1,049 | 805 | 3,893 | |||||||||||||||||
Total | $ | 465,417 | $ | 150,166 | $ | 138,292 | $ | 137,430 | $ | 98,301 | $ | 524,189 | |||||||||||
(1) The Company evaluates segment performance based on several factors, of which the primary financial measure is operating segment Adjusted Operating Cash Flow ("AOCF"). The Company defines AOCF, which is a financial measure that is not calculated in accordance with generally accepted accounting principles (“GAAP”), as operating income (loss) before depreciation and amortization, share-based compensation expense or benefit, restructuring expense or credit and the litigation settlement gain recorded in the second quarter of 2013 in connection with DISH Network.
The Company believes that AOCF is an appropriate measure for evaluating the operating performance on both an operating segment and consolidated basis. AOCF and similar measures with similar titles are common performance measures used by investors, analysts and peers to compare performance in the industry.
Internally, the Company uses revenues, net and AOCF measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators. AOCF should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities and other measures of performance and/or liquidity presented in accordance with GAAP. Since AOCF is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies.