Earnings release
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New York , NY - May 7 , 2021 : AMC Networks Inc. ( " AMC Networks " or the “ Company ” " ) ( NASDAQ : AMCX ) today reported financial results for the first quarter ended March 31 , 2021 . President and Chief Executive Officer Josh Sapan said : " AMC Networks had solid performance in the first quarter and we are on course to meet our 2021 financial and streaming targets , including reaching at least 9 million paid subscribers by year end . The transition of the company to be the worldwide leader in targeted streaming on the strength of our focused , strong content continues on track . The support of our distribution partners for our streaming efforts and our advanced advertising strides are providing us with both stability and momentum . We believe the high viewer engagement , efficient economic model , and pricing power of our streaming offerings provide us with important strategic advantages which , when coupled with our valuable linear channel offerings , will fuel our growth and continue to position us very well over the near and long term . " ● AMC NETWORKS AMC NETWORKS INC . REPORTS FIRST QUARTER 2021 RESULTS First Quarter Financial Highlights : New segment reporting structure Net revenues of $ 692 million ● Operating income of $ 170 million ; Adjusted Operating Income ( ¹ ) of $ 238 million Diluted EPS of $ 2.02 ; Adjusted EPS ( ¹ ) of $ 2.98 Net cash provided by operating activities of $ 108 million ; Free Cash Flow ( ¹ ) of $ 97 million Dollars in thousands , except per share amounts Net Revenues Operating Income Total Adjusted Operating Income Diluted Earnings Per Share Adjusted Diluted Earnings Per Share ( 1 ) Net cash provided by operating activities Free Cash Flow 1 Three Months Ended March 31 , 2021 2020 Change 691,741 $ 734,375 $ 172,970 $ $ 169,708 $ 237,979 $ $ 2.02 $ 2.98 $ $ 222,454 $ 107,563 S 96,562 1.22 1.47 $ 198,408 $ 182,411 ( 5.8 ) % ( 1.9 ) % 7.0 % 65.6 % 102.6 % ( 45.8 ) % ( 47.1 ) % See page 6 of this earnings release for a discussion of non - GAAP financial measures used in this release . This discussion includes the definition of Adjusted Operating Income ( Loss ) , Adjusted EPS and Free Cash Flow .