AMC Networks Inc. (NASDAQ:AMCX) Q2 2020 Earnings Conference Call - Final Transcript

Aug 04, 2020 • 08:30 am ET

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AMC Networks Inc. (NASDAQ:AMCX) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Ladies and gentlemen, thank you for standing by, and welcome to the AMC Networks Second Quarter 2020 Earnings Conference Call. [Operator Instructions] With that, I would now like to hand the conference over to your first speaker, Seth Zaslow. Thank you, and please go ahead.

Executive
Seth Zaslow

Thank you. Good morning, and welcome to the AMC Networks Second Quarter 2020 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 2020 results, we will open the call for questions. If you don't have a copy of today's earnings release, it is available on our website at amcnetworks.com.

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 results 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'll refer to on this call.

With that, I would now like to turn the call over to Josh.

Executive
Josh Sapan

Good morning, everyone. Thank you for joining us. This is obviously a time of great transition for our company, for our country, as well as for our industry. I'll spend a few minutes talking about the industry landscape and how we are viewing our place in it, and touch on several of our operational highlights before I turn the call over to our CFO, Sean Sullivan, for detail on our financial results.

Amidst a continuing challenged and uncertain environment, we delivered solid results in the second quarter, exceeding our financial expectations for the quarter, as well as our expectations on several key metrics, which I'll expand on in a moment. We continue to maintain a strong financial profile, a solid balance sheet and very good liquidity. We continue to generate healthy levels of free cash flow and to manage our costs carefully during this time. Overall, we remain focused on our strategic priorities and are making progress on our major initiatives, which include making great content and monetizing that content across an expanding array of platforms.

I'll talk about subscription video on demand for a moment first. These platforms include our targeted subscription video on demand services, which are an increasing area of focus for our company.