AMC execs pleased with leverage, balance sheet after record revenue

By Devika Patel

Knoxville, Tenn., Feb. 16 – AMC Networks, Inc. management reported it is pleased with the balance sheet and 2.5x leverage ratio after delivering record-high revenue of $3.1 billion for 2021.

The company's leverage ratio is defined as net debt and finance leases divided by adjusted operating income for the last 12 months.

“We remain very comfortable with our balance sheet and our current leverage ratio,” chief operating officer and chief financial officer Christina Spade said on the company’s fourth quarter and year ended Dec. 31, 2021 earnings conference call on Wednesday.

The company delivered the highest revenue in its history, generating $3.1 billion for 2021, a 9% increase year-over-year.

“2021 was a strong and pivotal year for AMC Networks,” interim chief executive officer Matt Blank said on the call.

“We met or exceeded all of our guidance metrics and delivered a full year of outstanding results.

“We had revenue of $3.1 billion, representing a 9% increase and the highest revenue year in our company’s history and a significant milestone,” he said.

Consolidated free cash flow for the full year of 2021 was $71 million.

“For the full year 2022, we expect free cash flow of approximately $100 million,” Spade said.

Cash and cash equivalents were $892,221,000 as of Dec. 31, 2021.

Total debt was $2,875,000,000 as of Dec. 31, 2021.

Net debt and finance leases were $2,009,966,000 as of Dec. 31, 2021.

AMC Networks is a New York-based entertainment company.

© 2015 Prospect News.
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