AMC Networks Inc. (NASDAQ:AMCX) Q2 2019 Earnings Conference Call - Final Transcript

Jul 31, 2019 • 08:30 am ET


AMC Networks Inc. (NASDAQ:AMCX) Q2 2019 Earnings Conference Call - Final Transcript


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Ed Carroll

Good morning. My name is Jacob, and I'll be your conference facilitator today. At this time, I would like to welcome everyone to the AMC Networks Second Quarter '19 Earnings Release Conference Call. [Operator Instructions]. Thank you. I will now turn the call over to our host, Seth Zaslow, Senior Vice President of Investor Relations. Sir, the floor is yours.

Seth Zaslow

Thank you. Good morning and welcome to the AMC Networks' Second Quarter 2019 earnings conference call. Joining us this morning are members of our Executive Team, Josh Sapan President and Chief Executive officer; Ed Carroll, Chief Operating Officer; and Sean Sullivan, Chief Financial Officer. Following a discussion of the company's second quarter 2019 results, we'll open the call for questions. If you don't have a copy of today's earnings release, it is available on our website at This call can also be accessed via our Website. Please take note of the following.

Today's discussion may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of the future performance or result and involve risks and uncertainties that could cause actual results to differ. Please refer to the company's filings with the Securities and Exchange Commission for a discussion of risks and uncertainties. The company disclaims any obligation to update the forward looking statements that may be discussed during this call. Further, we will discuss non-GAAP financial information. We believe the presentation of non-GAAP results provides you with useful supplemental information concerning the company's ongoing operations and is appropriate in your evaluation of the company's performance.

For further details, please refer to the press release and related footnotes for GAAP information and a reconciliation of GAAP to non-GAAP information, which we will refer to on this call. With that, I would now like to turn the call over to Josh.

Josh Sapan

Good morning and thank you for joining us. We delivered solid results in the second quarter and I'm pleased to say we remain on track to meet our financial targets for the full year. We continue to deliver on our key financial objectives, including growing adjusted operating income, generating strong free cash flow and using our capital to position the business for the long term.

As we've discussed on prior calls, AMC Networks' strategic priorities have been and continue to be creating great content, maximizing the long term value of our traditional linear business, and diversifying our revenue by developing new avenues of content monetization, through our expanding studio as well as our growing direct-to-consumer interests.

Later on in the call, I'll take the opportunity to provide more dimension on our direct-to-consumer reference, including details around both our evolution and overall strategy in this area. I'm pleased to say we continue to make significant progress on these goals in 2019. Our content highlights include our recently announced landmark partnership with Universal Studios for the first-ever theatrical movie set in The Walking Dead