AMC Networks (AMCX) 7 May 212021 Q1 Earnings call transcript

Good day and thank you for standing by. Welcome to the AMC Networks First Quarter 2021 Earnings Call. At this time, all participant lines are in a listen-only mode. After the presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference maybe recorded. like Mr. the now your over I'd today, host Instructions] to conference hand to [Operator Head Investor Seibert, Nick of Relations.

Thank you. quarter call. first the AMC Good morning, and XXXX welcome earnings to Networks conference

Executive Josh Chris call and Chief for open remarks, Financial will President are and Operating we Spade, morning Today questions. with this Carroll, Chief us and Joining the Chief begin Officer; Officer. then Ed Officer; will Sapan, prepared we

at on amcnetworks.com. a copy of release, our If Web do available site not have you it today's is

call. Before would certain that statements Act refer for actual SEC cause the and I future such we call within this differ. or to to update of Litigation AMC results Network's guarantees Any the Securities performance of risks discuss everyone today. to uncertainties obligation begin, call statements definitions forward-looking results, I remind that to a the made over company that, disclaims The at measures. can discussion like any not filings and involve press Please statements meaning to release may this could earnings like Reform Josh. today's forward-looking include of XXXX. Private are With and would The required reconciliations of of the and turn be any forward-looking uncertainties. now non-GAAP financial On found to end the call, risks on issued certain we'll

ownership we several including we earlier and will in this that With about me, from approach multiplatform we we've approach our operating approach. as Ed compelling the platforms, talking call order discussion and you our our made as selective our thank review before and I'll the value transformation. a linear multiplatform and our briefly spend the release questions. best fundamental international vibrant we This our maximizing reflect monetizing business the a COO, our for best operating new say joining ongoing remarks well more morning. issued which distribution to discuss we of in to operational us. this our particularly our morning highlights, we performance, retain make operational Chris that taking to in rights segmentation few from hear today our and Good press segments, Chris up content you'll to across our regard Today, segments, content, with continue change streaming includes our as content Carroll, of new think channels, growing pivot open And Spade, to represents earnings financial noted CFO, licensing. this minutes new content. business. I'll prepared Ed our through to will includes This

The release Our first to quarter due Dead. episode revenue Dead, noted earnings and of Walking Walking for one primarily to less the content Fear timing the related impacts licensing

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$X.X over several the to billion almost returned have past We shareholders years.

flow. continued outstanding of has we program healthy retired almost with shares buyback our And Our expect of XX% levels the investments since inception. streaming cash even free

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Thanks, Josh.

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over to for highlights. Chief Now like call Spade Christina Officer, the to financial I'd turn some our Financial

and Ed you, morning and Thank Josh, everyone. good

the will and Beginning Today's to presentation streaming segments Networks other review international services in selective AMC to and the segments. international named performance quarter Media. services of known distribution and our to this known the international linear, business approach the QX best operating expenses discuss AMC production revenue best new and will refer AMC investments for to and XX/X our multi-platform and focused new streaming resided formerly reporting now and operations. what structure, new results operation across Domestic I services provides including Levity operating of monetization the other. streaming our monetize Before segments, how this will AMC+ content segmenting, other which and Networks' also operating as International with segment Networks domestic of includes businesses we review businesses. network structure, first business includes under platforms. film financial as It and national the formerly XXXX, discussion financial segment, operating operations, distribution I and our in the and XXXX. two was career structure of licensing our changes our segments. reflects Prior alignment relation content our new includes to new

now including improve corporate segments. Additionally, treasury, reporting management, corporate separately technology. tax, margin reporting operating component, and by This facilities, will allocations expenses the HR we operating as corporate accounting, are expense from disclosures excluding distinct a legal segments

full-year the for and plan year of as supplemental revenue which information to include did and performance operational the end at for Going XXXX, and year, subscribers the XXXX, end will in XXXX. and provide revenue year-end forward streaming we streaming full-year of we

turn summarize would a XXXX. quarter results. items first we quarterly singular associated talent business first the non-core few lease let's in first retaining the I prize is like divested to include commitments of This performance Now statement live $XX.X with charges. divested the production March loss the other the Levity now from the to our These Media. XX/X of for while consolidated XX/X Comedy operations, recorded and within management and the XXXX, which Media reflected Having million a our in Club strategy. services of now aligned more and core generated components, named business in non-cash is business, transaction impairment of income

approximately million had our business. $X.X restructuring related with associated international to our plan including costs severance million expenses, $X $X.X and of with we Second, million restructuring associated XXXX

had related extinguishment had we debt Lastly, that refinancing we loss $XX of to previously million the on disclosed. as

million the timing representing XXXX the X% earnings were revenue overall $XXX $X.XX. decrease million, financial the from company revenue In contributed licensing of our prior to to per year. X% of prior decrease content $XXX growth share Adjusted X%. year. Adjusted from first income representing consolidated quarter was operating a performance, QX, an Moving revenues total was

low first of We is previously strong growth. consolidated revenue impact QX, content for XXXX. with full-year firmly AMC+ by from Excluding digits. and growth mid revenue targeted track growth services. driven to on grew the remain This licensing the saw total both in to quarter largely disclosed We the timing streaming targets the revenue single in streaming

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and last Regarding segments, of million from prior the $XXX a from is our Adjusted digital and original as X% was due representing timing the experienced growth noted. offset X% operations We compared key income the robust programming Domestic from quarter, decrease $XXX the million to This advertising of few drivers. and growth. a The year. as $XXX pricing revenues to million prior operating direct year. related domestic strong performance decrease decreased of previously response by of was operations a for the advertising year. for partly revenue delays some X% scatter COVID performance operating decreased

manage to and across advertising our linear continue digital. inventory strategically We

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which licensing and streaming The performance the substantial revenue year, subscription, content delayed quarter was by our which to growth. scripted revenue the of seeing management, Domestic investments availability continued the income home strategic and home driven revenues operating by to XX% renovation the licensing compared The operations of revenue, content affiliate decrease categories, due of impact $XXX content continued includes household the offset X% demand including delayed was strong fitness, decreased multiple at result and pet, of entertainment, adjusted stay of decreased prior revenue, programming. in licensing operations distribution and furnishing. timing million. growth. for reflects are streaming home revenues to primarily apparel, discipline reallocation growth XX% the marketing particular, emphasize to subscription expense Domestic streaming We

to quarter the and other favorable the International and some debt. increased Moving XX% to by revenue international first continued rates million, international to decreased XX/X bad reflecting million million, other revenues demonstrate of recovery the income segments, trends $X Networks Adjusted and $XXX and impact operating at recovery Media. at of $XX exchange the AMC

cash cash to reflecting COVID sheet, to Turning investment first of XXXX XXXX. programming production was the the welcome return from related free the balance primarily had the to QX in we increased and $XX quarter for delays million, in due flow XXXX flow free the

billion the the leases end approximately the Our first year billion net as in to quarter were $X.X finance $X.X of as prior of compared and debt period.

X.X until Our maturities consolidated we of no AMC fixed series maturity secured and transactions. There with were significant of XXXX. quarter stock a year no was We previously repurchases in the a We common Networks net rate leverage to completed lengthened financing ratio. view as current of quarter. times now neutral remain our as leverage our lower profile, quarter X.X leverage In at compared comfortable ago. with the end first the disclosed, the times ratio

buybacks an opportunistic basis. to continue on share will evaluate We

remains allocation capital unchanged. policy Our

services. organically our the and to look this includes invest projects provide investment streaming shareholders will to in we attractive our that First, of growth return-based returns

Second, that we maintain a outlook. for will appropriate leverage is business

shareholders. and our of strategic to Third, return opportunistic disciplined opportunistic and fourth capital M&A

strategic on monthly to the the momentum our our subscriber growth to aggregate least and our supported trends in XXXX, be by As by It remain slate We in subscriber important XXXX. subscribers see we that our programming reminder streaming investments. services. of at to-date, will of by growth the of end ongoing confident XXXX to note look driven X based growth for million in plan strong marketing ahead current XXXX, we growth is streaming streaming

and dynamics. revenue streaming outlook marketing our growth the market we the and To growth low and drive targeted enhancements will streaming XXXX, are revenue of programming, linear in in to driven by We reiterating full-year our company platform of for continue the streaming by single-digits total platform, for invest AMC+ services. offset growth

to XXXX. digits expect adjusted to by We in decrease operating income continue mid-single

cash flow remains expectation same. free the Our

We of cash expect flow $XXX free generate in million XXXX. approximately to

Ed are productions now growth in of will strategically XXXX in streaming and from the As swing, noted, invest in full continue XXXX, delayed services. we to our

final a and resilient note be after the pandemic to XXXX, strong it financial this is As a quarter encouraging first in of year position on the began.

by As distribution to With are we for Operator, we driven that, and open investments differentiated will continue extremely traditional targeted please from platforms. monetize line that growing business, strategy our to global the long-term content our impacts growth turn our the to be pandemic-related the for corner streaming well-positioned across questions. growth; and ongoing ability

Our comes Maral first Kutgun Markets. Instructions] from question [Operator Capital RBC with

morning, for I if and questions. thanks taking topics, could. Good Two the

I growth how provide or are then accretive expect to AMC+, assume retail for first QX. I from since subscribers any And follow-up, your a please. missed outpace you that trends if out other existing would be point. the about ARPU And that subscribers apologize have been streaming I understand I'm just SVOD I million or into it's more so rolled months six you SVOD, it, color on on First, seeing maybe quarter but now its growth you've the it's since nine higher much services? AMC+ a of mix continued might represent price to given year-end shift trying you can

the on to say your both on and question, and we're most SVOD, AMC+ directly growth steady I throughout, a So, seeing would SVODs. is targeted this Ed, and strong on

for us give expectations. particularly say, series. around The with streams the to content. a be all-time other would SAC. original destination, I not are our The terms initial we're targeted they're seeing services only helping of our model high, healthy And is that, a is very I efficient both scale. but completion number exceeding we at are the proving as you that's rate The would engagement, an even forming SVODs color of representing in community and churn more And

those front as increases. so And communities power the in believe build, of pricing us only we

we're I up the SVODs. we gaining saying the AMC+ sum we're would And targeted and feel on proceeding model. by along both good about momentum, So, We're the feeling results.

And maybe AVOD more the becoming Got thanks, contributor to channel a it, Ed. advertising. is meaningful then vast across just space. Digital especially and and

Some disclosure. ad or BTC digital of revenue streaming in peers include sales their your

chance help them, could and compare growth So, maybe we its you're I'm make magnitude in just sure advertising us your digital appropriately with growth that or think generating the outlook? about there you of trying is any the to vein

digital advertising in It's advertising is advertising. numbers. growing fastest included the well, segment the the of Yes, our

to major AVOD just to strategy, really is be of all platforms. Our back up, on the

So able the have we a on the own doing based we by a adjust being library of visibility so impressions. in the all channels FAST to part our market with virtue we platforms. over feel, large quickly of number that, we're of content, And program upon relatively

it continue the rate. The us. to continues sales in grow included impressions It's the at ad at a that steady grow is to and fastest number. So, growing for pace, total

you. thank it, Got

Macquarie. next from Nollen with question Our comes Tim

the times is on broadband questions And it kind I'm the between direct-to-consumer of or breakout growth interest, how apps, with your or Ed, that for if Acorn, subscriber subscriber, versus Couple topic mentioned, a familiar content your of possible popular internationally. the just I'm great streaming, internationally. about of detail. just of like the curious, not streaming firstly, you numbers you care thanks. AMC+, well to some known that of please, Great, is secondly, to obviously that's services Shudder, then provide whatever,

i.e., is could streaming the not it's U.S. or there growth even profile what you because than help very it Thanks. your international If internationally? a is better demand, hill services, understand well for and the it is growth climb us to potentially maybe just is penetrated, tougher

Right.

partners is So, Comcast, question you offered Amazon, cetera. on first Tim, that Roku, DISH, through I et the through the starting now remind with the right DTC, through only through Apple, AMC+

point, don't the mean market in does will not this for be that at the we a DTC that So, case. AMC+ always have

Acorn a up marketplace, and have U.S. bit about a the subscriber just the Australia. of DTC the year. Sundance U.K., a the significant mainly expand international, SVODs, Canada, and Shudder we starting the very we're part make and a internationally. longer, to For outside been total have targeted available distribution. and in now for in On they do

subscribers. a leg MVPD strategically, relationships across think and represents And to we'll content track see able the of has And with for upside you with record the we roughly is would have platforms, the synergies gives in linear nets and the strong what we similar platform the world. as we of enjoy world. XX% up lot think us our AMC's our imagine another across appeal making our we've advantage that certainly a do the to we're be targeted SVODs U.S. We So, broad that due the that to done

from comes question Michael next with Our Nathanson MoffettNathanson.

have I a of U.S. morning. volatility revenues, Good Thanks. the which they around. in been couple. my just affiliate set has recent bounce This is questions,

severely? So, on affiliate of to way think we think another to posted Then [indiscernible] So, way level Chris, could the about the think the think the right and the bouncing years number? next pretty how me the one. help guys of feed me inputs like help that set, number you somebody couple been have right get about about long-term just to do I Josh

eight Sure, over I we Michael. years. agreements the No, Josh. renewed we two past I affiliate It's -- think think mentioned renewed

working increases universe is we're since against affiliate we U.S. a that a is by a Now actually to there the And year in the ninth X% of linear that it that last those call agreements. X% in rates quarter. on are getting decline course, The occurred rate

position the it's In value things of price sports as broadcast putting But services. I'd on What's I I channels. we is and AMC Networks They're we're period, us channels, selling remind moving value that. are streaming services collection I fees. XX is to that really that around. are in relationships guess our number retailing different attractive. the a XX, go in get you, you networks different of limited And stable, do the contractual them they're are some place for closely put seeing that carrying of that pretty the what first think occurring forward now linear. MVPDs XX-day value think than That's have very important strong, a that any we're high note given So, to we

And getting that. so, they're margin on

ourselves we with MVPDs. new actually So, of harmony find in position a our nicer

for for sensitive, as with view, horizon on point price services a premium of one; from them better, for say harmony gets think price value would I Michael, and number situation are the have I better So, us linear. we an this the MVPDs sensitive, of and attractive opportunity margin

you jump of of that a in. the there into opportunity bought really roll business forward? SI what other a see be Josh, your able international channel does are channels, overtop Ed but move I next to do was to fit AMC that the wants going and strategy? and remember next you AMC+ the business you you the know and maybe, maybe out a I guys how backseat about at as And I taking hope stepping potentially think as out? guys you'd back, that products, So fit international where's markets want make into wonder to And those big into? when you would lot talked to for cash international. time

sure. Sure,

becoming XX.X% a all you So, BBC answer, I'll thought which I for The past we delivered question deal and now At opportune called And was the most The company can that internationally, a about was around of produced content Acorn if company, will RLJE, several years. America. manner. four that black. few be linear, our and might, it's interest specific the the International acquisitions the be a appeal I controlling plus if your this in us over to now the was material and the We was to that if global did in channels expand streaming. was time brought did get to global things what's that world. an AMC

for become the Eastern are emphasize with the Spain Michael and just are plus beginning our as streaming overseas. to And Europe going Latin America streaming targeted and we in and the to your happy I next. just have we've deploy news if they're that AMC So services services, there to said, partners distribution that definitely what partners, The services. mentioned, Ed retailers is we we see not as begun already the

worldwide AMC I market proven I opportunity, In say the want to that don't get ahead but terms linear appeal. the channel would of have of shows on myself,

is Dead, Just for the whole have planet. planet, Fear on we appetite. already in Dead, we're biggest deploy franchise around what we've streaming When And Walking in going seen historically shows in instance, streaming, will The accelerator then a that's have frankly we'll that going of Walking to the our come channel are to our the begin to services market which among in streaming done we're do infrastructure linear our partners. linear it we've our interest and harmony an the on the And been on of what that content to channels with part channels. the

and to XX time So would X, I say, next beyond. most in XX, XX, going exciting I the is for months this think be and coming company the

Okay. Thanks, Josh.

Yeh question Morgan next with Our comes from Thomas Stanley.

taking Hi, thanks my for questions.

of the more content then into how give with on on path relative Given comment tradeoffs? a the content Ed appetite the beyond accounting, elimination plus some I these exclusively could segment I mentioned landing you follow licensing I the an push think the findings services? reporting, your And which update in reduces particular strong returns have assess you Can on to up. hoping monetization, to increase world us And early do AMC also you new was engagement your there.

is our our have streaming dial. In general, is we on that Sure. platforms nice as world described hands news we changing grow. the The our as

long internationally, material it. mentioning - produce we it worth well perhaps own, one choose one for for whether you or market. to as a for new time, of our the us or domestically domestically or and streaming sell So or license international can internationally license license can it whether up to can one it's we in a to that do keep it, or to time, platforms of that It's period license short period if of subsets

for won't I in on keep streaming to accelerate depending it's services. that. of case that streaming create not deployment, But the we ourselves upon we growth the if time a of make we development say think international order of there's that will our return bias that decision material limited have to the to in period smart a a geographies, our a for certain license think to a it's

it services geographies and taking want it. for strategic account an want our involves we'll what long of assessment and that selective own on make into So, parties against momentum do and licensing economic do we putting judging in to benefit the third how we might to

talked general the tactics that Josh, we I thinking less And you original of mean makes then about expect for top is Ed services. event Does And services? should the growth timing performance path high-profile driven of about tied Thank about as marketing marketing entertainment content of a brand It sense. of funnel less versus acquisitions we talked releases? differently you. to growth Or some the think performance should OTT well. than be

answer the I yes. is think

it in people what I we've It came is against years Acorn, Sundance that services, in we've are acquisition. it years as to immersive liked or and seeing we've proceeded Sundance of house before or Now. content and and where Now, and now for on we have seen suspense or to dramas identify as think we which the and is what's seen operated for which show we've through all whole horror week, a and British on of documentaries month, are the stream what's sensitive less black this moment. somewhat with steady on operated They deep this

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they of And the where a a steady that month show in so, is we this is less come this and they have week to are sensitive content, for is depth absolutely nature our the subscribers headlines. the of content, or stream of

Thank so much. Okay. you

Our Michael Morris next comes Guggenheim. from question with

the linear ultimate that I what guys. contribution morning, question the and on questions, one streaming is is have Good incremental opportunity And on two sort you. and around My there is campaigns question profitability. on that of addressable that the Thank referenced. you one the approach. of first advertising national

over streaming second for potential the incremental had there and value is as your services, be as that a how can margin content how you whether linear spend streaming success big time. at strong the to streaming on question mentioned businesses inventory? contraction there of margin on it's site their work you Most profitability, peers continues So of in those if sort marketing. you look much My that that two, of this Josh, or result

a more you. as frame side what of strong enjoy strong? Or put context Thank able the historically? can constitutes So, what's you to the the for reference there? strength Is linear little as you've been on around what it

Great.

So, this is Ed, on question. advertising your Michael,

is certainly this potential there great think certainly a of addressability upfront. for centerpiece I has the increased been the And ramp-up. conversations been have

We now. have conversations fun that having we're

is able when what can to we're plain and of spot demographic it and or speak, the level. down the with Cox, a device household the for that consortium we're we and that us do target serving put Charter it help Just Comcast, do allows to to that example, in specific at Vizio, includes work to one

again. and spot another spot might So, see household another another household might see another

way So, higher a increase in pricing and each enjoy in inventory is these it from our the process. advertisers effect us of to for

cooperation on which to this. deploy now I work upfront, with you advertisers at reasons ours, Now, conversations with but to up manner a question answer of and we a speed take is the part it we're your the the are as this this which significant think the MVPD see see want does prioritize in our And more based this having. us take active does strength will biggest that It work in of for really to partners, obvious. scale

on about mistaken subject almost margin structural genetic investment, think difference. just talking think, streaming, and a Michael, you're the services fundamental and not here's what's I'm of, true I I our and if what of on it's

for on not shots looking moon are these streaming We services.

both services looking have mentioned, the as years. growth we and between And million As period on be seen we mentioned a million year during and we end. AMC+. We're million our reaffirmed services. targeted few and We've Ed AMC+, the $XX $X last to targeted in $XX the

billion have we're And operate a different in different of running for home ambition systems, some different they companies, are the all God characteristics. is in sell shopping playbook by have than the health who, infrastructure, pretty services, other subscribers have share. bless and quarter owned So, them global some a more frankly, many some

that under it's content million characteristics, less. fans, our the of need something cost seven have objectives Ed frankly We air subscribers, is a provide vast the what XX services members to to will you and on recently, constituents, do We're had that tell we to That's shows our our number, achieve like. under like figures. that XX the of so. we've or

are So stratosphere, that we're nature We're it's then a performance marketing. the earlier deeply question doing And metric means different people what engaged was in of marketing, based service as course about of there other we performance bps. very an the those basis. subscriber in different

opportunity So when of margin with different a period that. on there's very a of years hit necessity to the which economics. end a very lowered in up monster or frankly, well Acorn has our a doing sort with seven set you And for of been inherently combine healthy that services

through that, consistent perspective, of from the the profitability or changed picture the referenced. streaming business time, just you kind compared big we your legacy if could. and that I a will on go saying, the And business, this understand business? so, about we as your margin the If don't mean I the I'm of I evolution think becoming sort and that Is but next it quarter-to-quarter of that generation Josh, part largest performance, source to revenue over of like, business view with

want promise I as wouldn't go to a we forward. number

it's, you with and to think it, evolving as or new we're know, I some it's speed.

mindful of I costs. very mentioned are services. the nature We of the And

a Chris she ask I Spade bit. So elaborate moment, for think to I'm a comment may able going be to to little just

for where were our focused the we but the given Thanks, It's strength quarter-by-quarter, and evolution just I back great the what Mike. streaming. given the guidance all to actually the pivot. question, would in a not seeing we're Josh. we're on Thanks where of From of I sit, landscape the point question. for Thanks, very laser full-year,

we're to relative projecting So, for P&L. what the

to going the stream top-line, by which to be driven going are growth on We have growth. is

from going that So be low we're standpoint, single-digits. up we said to

growth, or if we basis. content do. programming it's percentage and this to down be single-digits On spent. deliberate We're that's in And because really at to we're not choice making year, marketing, look the going reinvest just AOI a we best on mid could the increase conscious

cash seeing that. On the we're flow,

away. is So that our spend what not goal you just I is can to tell

have the content. Our standpoint, from in going type really then look marketing to what's of to and at we drive a goal all of from performance tactic the is expenses what total, optimize

we're up seeing Our research continue us, put so to the streaming need for very far. we're And we tells happy to with what services.

are reiterate And that just guidance. I we for to So not going it's to question be ongoing honestly, our us, industry. think the the but confident for

for question. you So thank the

Thank you. I it. Appreciate

Our Instructions] next [Operator question comes Cahill with from Fargo. Steven Wells

Thanks.

your think are I streaming So numbers. of giving peers subscriber now all quarterly

second-half end year. with year expect said just to you $X by might you're of this reporting sounds streaming forward were thinking the being wondering at if the $X over the like just of something we It commentary, going pretty the weighted the the kind and end. million pretty million slate kind But year. confident of is above of I ads about net that's think new Just segmentation or sorry, that - sub the

it the medium streaming the that profitability like you're streaming just into case should this is we updates sounds term? subscriber leaning how And So the business you. Thank any growth? on think about of just for the year? of then last acquisition of So kind one, the subscriber

that did, Yes, to is year. don't if the -- we thing we'd ago, be peers do are identified the us important exactly for but thought to done so I end what don't was we know months they've our what where know of I full-year I several a we've most look. that. we think provide at the done

that you you where way appraised our just X what business key would key the frankly, thought keep the as subscribers. the and metrics reiterated million critical achievement much that was with on of give the the points are of to of minds we transparency. we And performance we So best associated are. thought And Chris that financial

So we understanding were with number you, and we think absolutely most popping here would less that to where opposed that to opportunistically frankly and that's helpful frankly up a as there, that sensible, headed. be

it think subject. that So, has I'm actually of little because over -- she I'll bit to turn I on application Chris, a

thanks key when COVID. a at the Yes, which year. I corner is look few performance we the think for on our things, from we're question. for turning year And the how over you know hit plays content do the the as we out

going We our strength that. drive feel where production get going in fairly good we streaming QX, year for going the in think, at strong our did to the a year, X slate, are. we So slate million I But growth. as what looked we're We're QX, least QX, to timing about it's invest and this and on And are focused QX we at weaken. to growing we not definitely XXXX, look we for all But laser you at to track whole as on to subs. know, really to in the was only significantly. relative to do improve, of have we is marketing

monetizing is the international Josh and selective future, AMC had of in of it terms ways to licensing. become to all terms to as in streaming So it the flywheel to linear, significant. streaming going an We in As said, look inclusive different And be of our we been segment moved then other. more and over and revenue AMC+ even

think will the segment reporting the terms where in we very evolve. we XXXX, of made why is in sets So it I our changes. But nicely, which table are

I'm queue at in this no sure questions time. further the there are

you today's Ladies Thank call. conference the gentleman, for concludes participating. this

now disconnect. may You