AMC Global Media Inc. (AMCX) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the AMC Networks fourth quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

各位好，感謝您耐心等候。歡迎參加 AMC Networks 2025 年第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand it over to your first speaker, Nick Seibert, Senior Vice President, Corporate Development and Investor Relations. Please go ahead.

現在我想把時間交給我們的第一位講者：企業發展與投資人關係資深副總裁 Nick Seibert。請開始。

Thank you. Good afternoon, and welcome to the AMC Networks fourth quarter and full year 2025 earnings conference call. Joining us today are Kristin Dolan, Chief Executive Officer; Patrick O'Connell, Chief Financial Officer; Kim Kelleher, Chief Commercial Officer; and Dan McDermott, Chief Content Officer and President of AMC Studios. We'll begin with prepared remarks, and then we'll open the call for questions.

謝謝。各位午安，歡迎參加 AMC Networks 2025 年第四季暨全年財報電話會議。今天與會的有：執行長 Kristin Dolan；財務長 Patrick O'Connell；商務長 Kim Kelleher；以及內容長兼 AMC Studios 總裁 Dan McDermott。我們將先進行事先準備的發言，接著開放提問。

Today's call may include certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ. Please refer to AMC Networks' SEC filings for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements. On this call, we will discuss certain non-GAAP financial measures. The required definitions and reconciliations can be found in today's press release available on our website at amcnetworks.com.

今天的電話會議可能包含《1995 年私人證券訴訟改革法》所界定的某些前瞻性陳述。任何此類前瞻性陳述均不保證未來的表現或結果，且涉及風險與不確定性，可能導致實際結果有所差異。有關風險與不確定性的討論，請參閱 AMC Networks 向 SEC 提交的文件。本公司不承擔更新任何前瞻性陳述的義務。在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。所需的定義與調節表可在今日新聞稿中找到，新聞稿已發布於我們的網站 amcnetworks.com。

And with that, I'd like to turn the call over to Kristin.

接下來，我想把電話會議交給 Kristin。

Thanks, Nick, and thanks, everyone, for joining us. AMC Networks had a successful 2025. We used our unique strengths and advantages to drive the company forward in a time of change. This year, we strengthened our balance sheet and achieved a meaningful inflection point in our business. Streaming is now our largest single source of domestic revenue. This is a validation of our strategy and an important milestone in our business transformation. We generated $272 million in free cash flow, a key priority for us, well ahead of our previously increased forecast.

謝謝你，Nick，也謝謝各位加入我們。AMC Networks 在 2025 年表現成功。我們運用自身獨特的優勢與長處，在變動的時期推動公司向前。今年，我們強化了資產負債表，並在業務上達成一個重要的拐點。串流現在已成為我們在美國本土收入的最大單一來源。這驗證了我們的策略，也是我們業務轉型的重要里程碑。我們創造了 2.72 億美元的自由現金流——這是我們的關鍵優先事項——且明顯優於我們先前上調後的預測。

We expect that 2026 will represent another solid year on this front and anticipate free cash flow of at least $200 million for the full year. Our streaming strategy is simple and distinct. We offer fans of specific genres, unmatched curation and depth through our targeted services. We window content efficiently, keep prices low and deliver clear value to our subscribers and wholesale partners through which we reach the vast majority of our viewers. We also operate all our services through unified technology that delivers an excellent viewing experience efficiently and with predictable costs.

我們預期 2026 年在這方面仍將是另一個穩健的年度，並預估全年自由現金流至少 2 億美元。我們的串流策略簡單且差異化明確。我們透過聚焦型服務，為特定類型內容的粉絲提供無可比擬的策展能力與內容深度。我們有效率地安排內容上架窗口、維持低價格，並透過批發合作夥伴（我們藉此觸及絕大多數觀眾）向訂戶與合作夥伴提供清晰的價值。我們也以統一的技術平台營運所有服務，以可預期的成本高效率地提供優異的觀影體驗。

In November, we launched our newest targeted streaming service called All Reality, bringing viewers the best in unscripted content, including our most popular reality franchises. It's currently available through Amazon Prime Video and Roku with more platforms coming soon. At last month's Sundance Film Festival, we relaunched Sundance Now as the definitive streaming home for independent film.

11 月，我們推出最新的聚焦型串流服務 All Reality，為觀眾帶來最佳的非劇本內容，包括我們最受歡迎的實境節目系列。目前可透過 Amazon Prime Video 與 Roku 觀看，未來不久也將登上更多平台。在上個月的日舞影展，我們重新推出 Sundance Now，將其打造為獨立電影的權威串流平台。

The service features more than 1,000 hours of distinguished programming sourced from our independent film company, RLJE Films and Shudder. Building on decades of expertise and credibility, Sundance now gives fans the window into the world's most important film festivals and access to the most acclaimed titles.

該服務提供超過 1,000 小時的優質節目內容，來源包括我們的獨立電影公司 RLJE Films 與 Shudder。憑藉數十年的專業與公信力，Sundance Now 讓影迷得以一窺全球最重要的影展，並取得最受好評的片名內容。

Our anime service, HIDIVE, has achieved strong growth since we acquired it four years ago, the result of the increasing popularity of the genre and our team's expert curation. Acorn TV had a very active and successful 2025. We will continue the momentum with returning favorites and new originals, including your You're Killing Me, starring and executive produced by Brooke Shields. We will also bring fans second installments of two popular programming events, An Autumn to Die For and Murder Mystery May, which drove record viewership last year.

自我們於四年前收購以來，我們的動漫服務 HIDIVE 已實現強勁成長，這得益於該類型日益走紅以及團隊的專業策展。Acorn TV 在 2025 年也非常活躍且成果斐然。我們將以回歸的人氣作品與全新原創內容延續動能，包括《You're Killing Me》，由 Brooke Shields 主演並擔任執行製作。我們也將為粉絲帶來兩個受歡迎節目活動的第二季：《An Autumn to Die For》與《Murder Mystery May》，這兩檔在去年創下收視紀錄。

We have significantly reoriented our advertising business, embracing viewership changes and opportunities that have come with streaming, FAST and AVOD. In 2025, we saw growth in each of these areas. This is so important as the market shifts away from traditional reporting metrics and age-based demos to driving business outcomes. We'll be showcasing our advanced advertising capabilities and the unique value we deliver at a series of partner events in the coming months.

我們已大幅調整廣告業務方向，擁抱串流、FAST 與 AVOD 所帶來的收視變化與機會。在 2025 年，我們在上述各領域皆見到成長。這點至關重要，因為市場正從傳統的報告指標與以年齡為基礎的受眾分群，轉向以推動商業成果為核心。未來幾個月，我們將在一系列合作夥伴活動中展示我們的先進廣告能力，以及我們所提供的獨特價值。

In the fourth quarter, we completed a transaction that gives us full ownership of RLJ Entertainment. This includes Acorn TV, ALLBLK, RLJE Films and a substantial investment in Agatha Christie Limited, which manages and monetizes Agatha Christie's valuable IP worldwide.

在第四季，我們完成一筆交易，使我們取得 RLJ Entertainment 的完全所有權。其中包括 Acorn TV、ALLBLK、RLJE Films，以及對 Agatha Christie Limited 的一項重大投資；該公司負責在全球管理並變現阿嘉莎・克莉絲蒂（Agatha Christie）極具價值的智慧財產權（IP）。

Content remains at the center of everything we do, and we're excited to bring a dynamic slate of strong programming to AMC and AMC+ this year. Our critically acclaimed sports docu-series, Rise of the 49ers was the most watched new AMC original since The Walking Dead: The Ones Who Live. It also drove the biggest day of sign-ups to AMC+ direct-to-consumer platform since the season two premiere of The Walking Dead: Dead City last spring. Dark Winds returns for its fourth season next week and was just renewed for Season 5. This remarkable series has established itself as one of the best neo-noir crime dramas in the history of television. It is also one of the most watched shows on AMC+.

內容始終是我們一切工作的核心，我們很期待今年為 AMC 與 AMC+ 帶來一系列充滿活力、實力堅強的節目陣容。我們備受好評的體育紀錄片影集《Rise of the 49ers》是自《The Walking Dead: The Ones Who Live》以來收視最高的全新 AMC 原創作品。它也帶動 AMC+ 直面消費者平台自去年春季《The Walking Dead: Dead City》第二季首播以來，單日新增註冊數最高的一天。《Dark Winds》將於下週回歸第四季，並剛剛續訂第五季。這部非凡的作品已確立其作為電視史上最優秀的新黑色犯罪劇之一的地位。它同時也是 AMC+ 上收視最高的節目之一。

We're very excited about a new prestige drama set in the world of Silicon Valley called The Audacity. It has all the elements of a classic AMC series, great story, unforgettable characters, a talented cast and something to say. We can't wait to preview it at South by Southwest next month and bring it to viewers on AMC and AMC+ on April 12. And we just kicked off a new partnership with TNA Wrestling, bringing a 2-hour block of live TV to our schedule every week. We have significantly expanded TNA's television audience. The Thursday Night show is also attracting younger viewers to AMC, who have a clear affinity for Walking Dead, Anne Rice and Shudder content, a connection we will leverage in the months ahead.

我們對一部以矽谷世界為背景、名為《The Audacity》的全新高端劇集感到非常興奮。它具備經典 AMC 劇集的所有要素：精彩故事、令人難忘的角色、才華洋溢的卡司，以及想要傳達的觀點。我們迫不及待想在下個月的 South by Southwest 先行亮相，並於 4 月 12 日在 AMC 與 AMC+ 上線與觀眾見面。此外，我們剛與 TNA Wrestling 展開新的合作夥伴關係，每週在我們的節目表中帶來 2 小時的現場直播。我們已大幅擴大 TNA 的電視觀眾群。週四晚間節目也正吸引更年輕的觀眾收看 AMC；他們對《Walking Dead》、Anne Rice 與 Shudder 內容有明顯偏好，這種連結將在未來幾個月成為我們可加以運用的優勢。

Industry consolidation is highlighting the value of studio assets and powerful IP. Our dynamic mix of content across a wide range of platforms underscores our strength as a studio-based programmer able to build franchises and engage fans. It's worth noting that the streaming rights to all 177 episodes of The Walking Dead, the biggest franchise in the history of cable television, returned to AMC Networks in less than a year. Still beloved, the original series generated nearly 0.5 billion hours of viewership on Netflix over the last six months of 2025.

產業整併正凸顯製片廠資產與強勢 IP 的價值。我們在多元平台上所呈現的動態內容組合，凸顯我們作為以製片廠為基礎的節目製作與發行者之實力，能夠打造系列品牌並與粉絲互動。值得一提的是，有線電視史上最大的系列品牌《The Walking Dead》全 177 集的串流權利，在不到一年內便回到 AMC Networks 手中。原作依然深受喜愛，於 2025 年最後六個月在 Netflix 上累計產生近 5 億小時的觀看時數。

Over the course of 2025, we successfully renewed more than on-third of our affiliate footprint in the US and Canada on favorable terms, including long-term agreements with DIRECTV, NCTC, Philo and EastLink, among others. Many of these larger agreements include bringing video customers access to the ad-supported version of AMC+ at no additional cost. More than 1.1 million Spectrum TV customers have activated the ad-supported version of AMC+ that is now bundled into their video service.

在 2025 年期間，我們成功以有利條款續約美國與加拿大超過三分之一的聯盟覆蓋版圖，其中包括與 DIRECTV、NCTC、Philo、EastLink 等簽訂的長期協議。這些較大型的協議中，許多都包含讓影音客戶在不增加額外費用的情況下，取得 AMC+ 含廣告版本的使用權。已有超過 110 萬名 Spectrum TV 客戶啟用目前已綁定於其影音服務中的 AMC+ 含廣告版本。

Charter's recent results included video subscriber growth for the first time in almost six years, which management directly connected to their strategy of bundling streaming value into their video product. We see this as a hopeful sign for the industry and the entire pay-TV ecosystem.

Charter 近期的業績包含近六年來首次出現的影像（video）訂戶成長，管理層並將此直接歸因於其策略：把串流的價值以綑綁方式納入其影像產品。我們將此視為對產業及整個付費電視生態系而言的一個令人振奮的正面訊號。

Three years into this role leading AMC Networks, I can say without reservation that I believe in our strategy, our people and the opportunities we see for this company. Our independence is a source of strength in a changing time. Our studio engages viewers by populating our platforms with high-quality and efficiently produced IP that we own. We have the strongest and most mutually beneficial partner relationships in the industry and advanced technology powers everything that we do. It's clear to me that we're only scratching the surface of what this company can achieve.

在擔任 AMC Networks 領導職務的第三年，我可以毫無保留地說，我相信我們的策略、我們的人才，以及我們為這家公司所看到的機會。在變動的時代中，我們的獨立性是一項力量來源。我們的製片工作室透過以我們自有、具高品質且高效率製作的智慧財產（IP）充實各平台內容，來吸引觀眾。我們擁有業界最強且最互利的合作夥伴關係，而先進科技驅動我們所做的一切。對我而言很清楚，我們目前僅僅觸及這家公司所能達成成就的表面而已。

I'd like to take a moment to thank our CFO, Patrick O'Connell, who has been a great partner and colleague and will be stepping down next month to take on a new role outside our industry. We appreciate his contributions and we'll be cheering him on in his new endeavor.

我想花點時間感謝我們的財務長 Patrick O'Connell，他一直是很棒的合作夥伴與同事，並將於下個月卸任，前往本產業之外擔任新職務。我們感謝他的貢獻，也會在他的新旅程中為他加油。

And now I'd like to turn the call over to Patrick.

接下來我想把電話會議交給 Patrick。

Thank you for the kind words, Kristin. It's been a pleasure to work with you and the entire team at AMC Networks. We've accomplished a lot over the past few years, and I'd like to thank the Dolan family and the Board of Directors for the opportunity. 2025 was a productive year for AMC Networks. We're proud of the progress we've made, including reconstituting our revenue mix towards streaming, investing in valuable IP, reorienting the business around free cash flow and the actions we've taken to strengthen our balance sheet.

謝謝你溫暖的話語，Kristin。能與你以及 AMC Networks 的整個團隊共事是我的榮幸。過去幾年我們完成了許多成果，我也要感謝 Dolan 家族與董事會給我這個機會。2025 年對 AMC Networks 而言是富有成效的一年。我們為所取得的進展感到自豪，包括將營收組合重新調整為更偏向串流、投資具價值的 IP、以自由現金流為核心重新定位業務，以及我們為強化資產負債表所採取的行動。

We generated healthy free cash flow, exceeding our increased outlook, and we once again delivered on our financial guidance. We believe our strong free cash flow outperformance in 2025 sets the stage for another year of robust cash generation. And for 2026, we expect to generate free cash flow of at least $200 million.

我們產生了健康的自由現金流，超越我們上調後的展望，並再次達成我們的財務指引。我們相信 2025 年強勁的自由現金流超預期表現，為下一年度持續強健的現金創造奠定基礎。而在 2026 年，我們預期至少可產生 2 億美元的自由現金流。

Moving on to our full year results. Consolidated revenue was $2.3 billion. Consolidated adjusted operating income was $412 million with a margin of 18%. We converted approximately two-third of our AOI to cash and delivered full year free cash flow of $272 million. On to our segment results. Domestic operations revenues decreased 5% to $2 billion for the full year and decreased 1% to $515 million for the fourth quarter. Subscription revenue meaningfully stabilized in 2025 with a decrease of less than 1% for the full year and flat in the fourth quarter.

接著說明我們的全年業績。合併營收為 23 億美元。合併調整後營業利益（AOI）為 4.12 億美元，利潤率為 18%。我們將約三分之二的 AOI 轉換為現金，全年自由現金流達 2.72 億美元。接著看各事業部門表現。國內營運營收全年下降 5% 至 20 億美元，第四季下降 1% 至 5.15 億美元。2025 年訂閱收入明顯趨於穩定，全年降幅不到 1%，第四季則持平。

In a first for AMC Networks, full year streaming revenue represented the largest single source of revenue in the segment. While affiliate revenue declined 13% for both the year and the fourth quarter, we are encouraged by the improvement in video results that we've seen so far from the major cable operators in this earnings cycle. For the full year, linear affiliate revenue headwinds were almost entirely offset by streaming growth of 12%. And in the fourth quarter, streaming growth of 14% more than fully offset linear declines.

這是 AMC Networks 首次出現：串流營收在該事業部門的全年營收中成為最大的單一來源。雖然聯盟分潤（affiliate）收入在全年與第四季皆下滑 13%，但我們對本次財報季迄今從主要有線電視營運商所看到的影像業務改善感到鼓舞。就全年而言，線性（linear）聯盟分潤收入的逆風幾乎完全被串流 12% 的成長所抵銷。而在第四季，串流 14% 的成長更是完全且超額抵銷線性下滑。

We ended the year with 10.4 million streaming subs. Subscribers were flat as compared to the prior quarter and prior year period. In 2025, we repriced the entire subscriber base, and we are pleased with what we are seeing in terms of engagement and retention. 2025 represented the most watched year ever across our portfolio of streaming services in terms of total viewing hours. And in the fourth quarter, we also saw sequential improvement in retention. Content licensing revenue was $272 million for the full year and $75 million for the fourth quarter. Licensing revenue reflected the availability of deliveries.

我們在年底的串流訂戶數為 1,040 萬。訂戶數相較前一季及去年同期持平。2025 年我們對整體訂戶基礎進行了全面調價，而就互動度與留存而言，我們對目前所見的表現感到滿意。以總觀看時數衡量，2025 年是我們串流服務組合史上觀看最多的一年。第四季我們也看到留存率較前一季改善。內容授權收入全年為 2.72 億美元，第四季為 7,500 萬美元。授權收入反映了交付檔期的可供性。

Looking ahead, we see continued demand for our high-quality content. Domestic operations advertising revenue decreased 15% for the year and 10% for the fourth quarter, primarily due to linear ratings declines and lower marketplace pricing. Domestic Operations AOI of $490 million for the full year and $128 million for the quarter reflected continued linear revenue headwinds.

展望未來，我們看到市場對我們高品質內容的需求仍將持續。國內營運廣告收入全年下降 15%，第四季下降 10%，主要因線性收視率下滑以及市場定價走低。國內營運全年 AOI 為 4.90 億美元、單季為 1.28 億美元，反映線性營收逆風仍在延續。

Moving to our International segment. Recall that in 2024, international revenue included advertising revenue related to retroactive adjustments reported by a third party of $21 million for the full year and $7 million for the fourth quarter. Excluding retroactive adjustments in the prior period and favorable FX in the current period, international revenue decreased 4% for both the year and the quarter.

接著看國際事業部門。請回想 2024 年，國際營收包含第三方所報告之追溯調整相關的廣告收入：全年 2,100 萬美元、第四季 700 萬美元。排除前期的追溯調整，以及本期有利匯率（FX）因素後，國際營收在全年與單季皆下降 4%。

On an apples-to-apples basis, advertising revenues grew 6% for the full year and 4% for the fourth quarter, primarily driven by strong advertising performance in the UK and Ireland. Subscription revenues, excluding FX, declined 8% for the full year and 6% for the quarter. The decrease in subscription revenue was related to a nonrenewal that occurred in the fourth quarter of last year. International AOI for the full year was $43 million and fourth quarter AOI was $7 million.

在可比口徑（apples-to-apples）下，廣告收入全年成長 6%，第四季成長 4%，主要由英國與愛爾蘭強勁的廣告表現所帶動。訂閱收入（排除匯率影響）全年下降 8%，單季下降 6%。訂閱收入下滑與去年第四季發生的一項未續約事件有關。國際事業部門全年 AOI 為 4,300 萬美元，第四季 AOI 為 700 萬美元。

We remain focused on our balance sheet, and we're pleased with the results of our efforts over the last year. To recap, in 2025, we executed a series of transactions that reduced gross debt by almost $600 million, captured approximately $140 million of discount, extended the majority of our revolving credit facility in 2030 and opened a 2032 maturity window through the issuance of new longer-dated senior secured notes.

我們仍專注於資產負債表，並對過去一年努力所帶來的成果感到滿意。總結而言，2025 年我們執行了一系列交易，使總負債（gross debt）減少近 6 億美元，取得約 1.40 億美元的折價收益，將循環信用額度（revolving credit facility）的大部分到期日延長至 2030 年，並透過發行新的較長天期優先擔保票據（senior secured notes）開啟 2032 年的到期窗口。

Overall, we've meaningfully extended our maturity profile now with only $83 million of remaining term loan due by April 2028 and no bond maturities until 2029. We ended 2025 with net debt of approximately $1.3 billion and a consolidated net leverage ratio of 3.1 times. Despite lower AOI in 2025, our net leverage ratio remained relatively stable, increasing by less than one-third of a turn from the 2.8 times we reported at the end of 2024.

整體而言，我們已大幅延長到期結構，目前僅剩 8,300 萬美元的定期貸款需於 2028 年 4 月前到期，且在 2029 年之前沒有任何債券到期。我們在 2025 年底的淨負債約為 13 億美元，合併淨槓桿比率為 3.1 倍。儘管 2025 年 AOI 較低，我們的淨槓桿比率仍相對穩定，較 2024 年底所報告的 2.8 倍僅增加不到三分之一圈（turn）。

As we look forward, our focus remains on further reducing gross debt and extending maturities. We've maintained a healthy cash position and ended the year with approximately $675 million of total liquidity. This includes approximately $500 million of cash on the balance sheet as well as our undrawn $175 million revolver. As a reminder, we believe it's prudent to capitalize the business with a minimum cash balance of approximately $200 million to $250 million.

展望未來，我們的重點仍是進一步降低總負債並延長到期。我們維持健康的現金水位，年底總流動性約為 6.75 億美元。其中包括資產負債表上約 5 億美元現金，以及我們尚未動用的 1.75 億美元循環額度。提醒一下，我們認為以約 2 億至 2.5 億美元的最低現金餘額來資本化（capitalize）本業務是審慎之舉。

In the fourth quarter, we repurchased approximately 850,000 shares of our Class A common stock for approximately $7.5 million. As of December 31, we had $117 million remaining on our share repurchase authorization. Additionally, as Kristin mentioned, in the fourth quarter, we acquired Bob Johnson's 17% stake in RLJ Entertainment for $75 million in cash. This transaction provides us with increased operating clarity and simplifies our business structure.

第四季我們以約 750 萬美元回購約 85 萬股 A 類普通股。截至 12 月 31 日，我們的股份回購授權尚餘 1.17 億美元。此外，如 Kristin 所提及，第四季我們以 7,500 萬美元現金收購 Bob Johnson 持有的 RLJ Entertainment 17% 股權。此交易讓我們在營運上更為清晰，並簡化我們的業務架構。

Moving on to capital allocation. Our philosophy remains consistent. First, we look to support the business by creating and acquiring compelling programming that resonates with our audiences while maintaining healthy levels of free cash flow generation. Second, we remain focused on reducing gross debt and extending debt maturities.

接下來談資本配置。我們的理念仍然一致。第一，我們會在維持健康的自由現金流產生水準的同時，透過打造並收購能與觀眾產生共鳴的優質節目內容來支持業務。第二，我們仍專注於降低總負債並延長債務到期年限。

And lastly, acquisitions and share repurchases will be opportunistic and measured. Moving on to our outlook. We expect consolidated revenue for 2026 to be approximately $2.25 billion. As it is still early in the year, the geography of certain items may shift as the year unfolds. Notwithstanding that, I'll now unpack the current assumptions that underpin our revenue outlook.

最後，併購與股票回購將採取機會性且審慎的方式進行。接下來談我們的展望。我們預期2026年合併營收約為22.5億美元。由於目前仍在年初，某些項目的地理分布可能會隨著年度進展而有所變動。儘管如此，我現在將拆解支撐我們營收展望的當前假設。

We anticipate that streaming revenue growth and linear subscription revenue headwinds will result in stable domestic operations subscription revenue as compared to 2025. We continue to be innovative, aggressive and strategic with regard to content licensing and anticipate approximately $260 million of domestic operations content licensing revenue for 2026, reflecting our current rate of production and market dynamics.

我們預期串流營收成長與線性訂閱營收逆風將使國內營運的訂閱營收相較於2025年維持穩定。我們在內容授權方面持續創新、積極且具策略性，並預期2026年國內營運內容授權營收約為2.6億美元，反映我們目前的製作速度與市場動態。

We continue to make great strides in the evolution of our advertising business. That said, we anticipate that linear revenue declines will outpace digital growth in 2026 and expect that domestic advertising revenue would decrease in the low double-digit percent area as compared to 2025.

我們在廣告業務的演進上持續取得重大進展。儘管如此，我們預期2026年線性營收下滑將超過數位成長，並預期國內廣告營收相較於2025年將下降低雙位數百分比的幅度。

We anticipate that the underlying dynamics in the many international markets that we operate in will remain relatively consistent year-over-year and expect total international segment revenue for 2026 to be between $290 million and $300 million. Linear revenue headwinds continue to impact AOI. Therefore, for the full year 2026, we anticipate that consolidated AOI will be approximately $350 million. AOI will also be weighted towards the back half of the year due to the cadence of series deliveries, streaming rate events and the timing of expenses, including programming amortization.

我們預期我們所營運的多個國際市場之基本動態將在年度間大致維持一致，並預期2026年國際事業部總營收介於2.9億至3.0億美元之間。線性營收逆風持續影響AOI。因此，對於2026年全年，我們預期合併AOI約為3.5億美元。AOI也將因影集交付節奏、串流費率事件以及費用（包括節目攤銷）發生時點而偏重於下半年。

Moving on to our most important financial metric, free cash flow. We continue to convert the majority of our AOI to free cash flow. And for 2026, we expect to generate free cash flow of at least $200 million. In closing, as an independent, nimble and innovative premium programmer, our commitment to creating high-quality content remains at the center of everything we do.

接下來談我們最重要的財務指標：自由現金流。我們持續將大部分AOI轉化為自由現金流。而在2026年，我們預期將產生至少2.0億美元的自由現金流。最後，作為一家獨立、靈活且具創新力的高端內容製作商，我們對創作高品質內容的承諾仍是我們一切工作的核心。

We approach the marketplace a bit differently than others, including building out our library of powerful franchises and monetizing our content across an evolving distribution ecosystem. We'll continue to preserve capital with a focus on cash flow generation and the health of our balance sheet, and we'll balance appropriate levels of programming investment against the available monetization opportunities.

我們切入市場的方式與其他公司略有不同，包括建立我們強大的系列IP內容庫，並在不斷演進的發行生態系中將內容變現。我們將持續以現金流產生與資產負債表健康為重點來保全資本，並在適當的節目投資水準與可得的變現機會之間取得平衡。

With that, I'll hand the call back to Nick.

接下來我把電話交回給Nick。

Thanks, Patrick. Operator, let's open the session for Q&A, please.

謝謝，Patrick。接線員，請開放問答環節。

(Operator Instructions)

(接線員指示)

Steven Caha, Wells Fargo.

Steven Caha，富國銀行。

Yeah, thanks. Good evening and Patrick, we'll certainly miss having you on these calls. I wanted to kick off with an advertising question. It was a little worse in 2025 than it was in 2024. I think it came in a little below your expectations. So can you just help us think a little more about what's within the low double-digit guidance for 2026, the puts and takes? I know you've done a lot of work on the dynamic side of things.

好的，謝謝。晚安，Patrick，我們肯定會想念你參與這些電話會議。我想先從一個廣告問題開始。2025年的表現比2024年稍微更差一些。我認為結果略低於你們的預期。所以你能否協助我們更深入理解一下2026年「低雙位數」指引中包含哪些因素、有哪些拉抬與拖累？我知道你們在動態（dynamic）方面做了很多工作。

So I would love to frame your confidence in that outlook. And then The Walking Dead rights coming back is pretty exciting for the company. Just wondering when you start to think about having conversations in the market about what that could be worth and kind of what those bids look like. When we look at this, it could be $150 million opportunity. It could be 2 times that or even bigger. So just trying to sort of frame expectations for what can happen to those rights as we get towards the end of the year.

我很希望你能說明你們對該展望的信心基礎。另外，《陰屍路》（The Walking Dead）權利回歸對公司而言相當令人振奮。想請教你們何時會開始思考與市場展開對話，討論這些權利可能值多少，以及投標大概會是什麼樣子。從我們的角度看，這可能是1.5億美元的機會。也可能是其兩倍甚至更大。所以只是想在接近年底時，為這些權利可能發生的情況建立一些預期框架。

Hi, Steven, it's Kristin. We'll miss Patrick, too. We've had -- I'm going to answer The Walking Dead question, then I'll let Kim speak to advertising. We've had a great relationship with Netflix for well over a decade since 2011 in carriage of The Walking Dead. The rights come back to us. As we said, it's a consistent top performer on streaming.

嗨，Steven，我是Kristin。我們也會想念Patrick。我們之前已經——我先回答《陰屍路》的問題，然後再讓Kim談廣告。自2011年起，我們與Netflix在《陰屍路》的播映合作上已維持超過十年的良好關係。相關權利將回到我們手上。如我們所說，它在串流平台上一向是表現最好的內容之一。

And as you noted, the rights are very valuable. I can't say a lot right now, but we are in conversations now preparing for the rights coming back and for finding a home for them in the future. So there's more to report. We're just not ready to speak about it now, but we are in conversations, and we're very optimistic about the value of the content and our opportunity to monetize it going forward.

而且如你所提到，這些權利非常有價值。我現在不能透露太多，但我們已在進行對話，為權利回歸以及未來為其尋找落腳平台做準備。後續會有更多可報告的內容。我們目前還沒準備好對外說明，但我們確實正在洽談中，且對內容價值以及未來的變現機會非常樂觀。

Hi, Steve, it's Kim. On your advertising question, I think the whole industry saw what we -- at the top half of '25, we saw a huge influx of digital inventory hit the marketplace driven by the shifting viewership. And I think that it drove down pricing, and we saw a lot of impact across the board for that.

嗨，Steve，我是Kim。關於你的廣告問題，我認為整個產業都看到了我們——在2025年上半年，我們看到大量數位庫存湧入市場，這是由收視轉移所驅動的。我認為這壓低了價格，我們也看到這對各方都造成了相當大的影響。

We reacted as quickly as we could and went into the upfront with a very streaming-first approach that I think we started seeing the impact from with the tides turning for us in Q3 and then continued momentum into Q4 with improvements. It really reflected the team's successful upfront strategy that we look to take into '26. We're growing in all the most important areas, streaming, FAST, AVOD and really looking to mitigate losses on the linear side.

我們以最快速度做出反應，並以「串流優先」的方式進入預售（upfront），我認為我們從第三季開始看到情勢對我們轉好所帶來的影響，並在第四季持續改善、動能延續。這確實反映了團隊成功的預售策略，而我們也希望把這套策略帶進2026年。我們在所有最重要的領域都在成長：串流、FAST、AVOD，並且真正致力於減緩線性端的下滑。

Thanks for the question, Steve. Operator, we'll go to the next question.

謝謝你的提問，Steve。接線員，我們進入下一個問題。

David Joyce, Seaport Research Partners.

David Joyce，Seaport Research Partners。

Thank you. Another kind of advertising question. Granted you still have the linear challenges there, but how should we think about the ad contribution from the streaming side and from FAST channels? Just wondering, are advertisers buying across all those platforms? Or are they kind of picking and choosing?

謝謝。也是另一個廣告相關問題。當然你們在線性端仍面臨挑戰，但我們應該如何看待串流端以及FAST頻道帶來的廣告貢獻？想請教，廣告主是否會跨這些平台一起購買？還是他們會有所取捨、挑選特定平台？

Hey, David, it's Patrick. I'll take a first crack at it, and Kim can add some color commentary. Listen, digital advertising is a meaningful portion of our business. It was a big part of the strength in the fourth quarter. Obviously, we're subject to some of the vicissitudes in the marketplace, which we saw at the top half of 2025. But as Kim mentioned, tactically, we're able to move quickly. Scatter was pretty strong in Q4.

嗨，David，我是Patrick。我先嘗試回答，Kim也可以補充一些說明。聽著，數位廣告在我們業務中占有相當重要的比重。它是第四季強勁表現的重要部分。顯然，我們也會受到市場起伏的影響，我們在2025年上半年就看到了。但如Kim所提到，在戰術層面我們能夠快速調整。第四季的零售（scatter）市場相當強勁。

We demonstrated that we could sort of build brand sponsorships around certain events, including Best Christmas Ever, et cetera. So we're really nimble, we're really fast. The digital business was -- frankly, the industry broadly was challenged in the first half of 2025. That's now reversed field. That's a nice kind of growth area for us. It's not a majority of the revenue, but it's a substantial portion of our revenue. And so we feel good about continuing to grow that to offset the obvious linear headwinds.

我們證明了我們可以圍繞某些活動打造某種品牌贊助合作，包括 Best Christmas Ever 等等。所以我們真的很靈活、反應很快。數位業務——坦白說，整個產業在 2025 年上半年都面臨挑戰。但現在情勢已經逆轉。這對我們來說是一個不錯的成長領域。它不是營收的大宗，但占我們營收相當可觀的一部分。因此我們對持續擴大這塊業務以抵消傳統線性業務的明顯逆風感到樂觀。

The only thing I would add, David, is I would say we are seeing the industry embrace cross-platform buying more and more, and we are well set up to meet that need. We continue to grow our viewership across our digital distribution and have activated DAI across all of that. So it's a very seamless transaction for the advertiser, and that's been well met in the marketplace.

David，我唯一想補充的是，我會說我們看到產業越來越擁抱跨平台採購，而我們也已經做好充分準備來滿足這項需求。我們持續透過數位發行擴大收視規模，並已在所有這些平台上啟用 DAI。因此對廣告主而言，這是一個非常無縫的交易流程，而市場反應也相當正面。

(Operator Instructions)

(接線員指示)

Thomas Yeh, Morgan Stanley.

Thomas Yeh，摩根士丹利。

Thanks so much. Patrick, you mentioned subscriber universe decline seeing an encouraging trend. I think there's also a slew of new skinny bundles that are getting launched that might possibly cause some fragmentation as well in terms of which networks get carried or not.

非常感謝。Patrick，你提到訂戶基盤下滑出現令人鼓舞的趨勢。我想也有一波新的「瘦身套餐」（skinny bundles）正在推出，這可能也會在各網路是否被納入承載方面造成一些碎片化。

Can you maybe just talk about your positioning there and how you see that shaking out relative to your view about the broader affiliate revenue outlook that you laid out? And then on cash spend on content, I noticed it declined a decent amount this year, possibly due to timing. Within the framework of your guide for EBITDA and free cash flow for next year, can you maybe just help us think through what you're thinking there from a cash spend perspective?

你能否談談你們在這方面的定位，以及你如何看待這對你先前提出的整體聯盟分潤（affiliate）營收展望會帶來什麼影響？另外在內容現金支出方面，我注意到今年下降了不少，可能是時點因素。在你們對明年 EBITDA 與自由現金流的指引架構下，你能否協助我們從現金支出的角度理解你們的想法？

Hey, Thomas, so on the first, in terms of affiliate revenue, obviously, we're encouraged by some of the green shoots that we see across the broader landscape. It plays very well into AMC's partner-centric model, whereby we're cutting deals with Charter and frankly, others on innovative ways to avail a broader universe of broadband subscribers to either pay-TV in the traditional format or via apps of our ad-supported AMC+. So -- and it's nice to see sort of other large MSOs, PTV providers seemingly following in Charter's footstep. So we think that's an encouraging sign.

嗨，Thomas，先談第一點，關於聯盟分潤營收，我們顯然對在更廣泛的市場環境中看到的一些回溫跡象感到鼓舞。這也非常契合 AMC 以合作夥伴為核心的模式：我們正與 Charter，以及坦白說也與其他業者，透過創新方式簽訂合作，讓更廣大的寬頻訂戶族群能以傳統形式的付費電視，或透過我們廣告支持版 AMC+ 的 App 來取得服務。而且很高興看到其他大型 MSO、付費電視供應商似乎也在跟進 Charter 的做法。所以我們認為這是一個令人鼓舞的訊號。

As it relates to sort of skinny bundles and whatnot, we have been extraordinarily successful in continuing to renew our affiliate agreements with full carriage across all of our channels. We continue to represent an incredibly strong value proposition for those distributors. And by extension, their viewers as well. So I think in that regard, the proof is in the pudding. And obviously, we're hopeful that these trends will continue. And so we feel very good about those affiliate relationships.

至於瘦身套餐等議題，我們在續約聯盟分潤協議方面一直非常成功，並且在我們所有頻道上都維持完整承載。我們持續為這些發行商提供極具吸引力的價值主張。延伸來說，對他們的觀眾也是如此。所以在這方面，成果已經說明一切。當然，我們也希望這些趨勢能持續下去。因此我們對這些聯盟分潤關係感到非常有信心。

Secondly, in terms of cash content spend, it was down kind of slightly from 2024 levels. But we continue to invest extraordinarily heavily in premium programming. That is our signature. That is our focus, and that is the mandate that we have kind of from the Board and our Chairman to continue to invest in that manner and at those levels and at the same time, produce healthy levels of free cash flow.

第二點，關於內容現金支出，它相較 2024 年水準略有下降。但我們仍然在高品質節目上投入非常大量的資源。這是我們的招牌。這是我們的重點，也是董事會與我們的董事長所賦予的任務：持續以這樣的方式、在這樣的水準上投資，同時產生健康水準的自由現金流。

So we think we're doing both of those things at the same time. As we roll forward into 2026, I would expect that from both a P&L perspective and a cash perspective, those levels are going to remain fairly constant, meaning we're going to continue to invest heavily in that programming. I don't know, Dan, do you want to comment any further?

所以我們認為我們正在同時做到這兩件事。展望 2026 年，無論從損益表角度或現金角度，我預期這些水準都會維持相對穩定，也就是說我們會持續在這些節目上大力投資。我不知道，Dan，你要不要再補充一下？

No, I think that's right. I think it's the most important and meaningful thing that we do. The one thing I would say is we have an extremely strong production team that takes advantage of tax incentives around the world and shooting in locations that get us the real bang for our buck, if you will. I mean we're very savvy about how we deliver the tent-pole series that we deliver on the cash that we have. And so that's been a real great situation in 2025, and we expect to continue that in 2026.

不，我覺得說得沒錯。我認為這是我們所做最重要、也最有意義的事情。我想補充的一點是，我們有一支非常強的製作團隊，善用全球各地的稅務優惠，並在能讓我們「花得更值得」的拍攝地取景。也就是說，我們很精明地運用手上的現金，去交付我們所推出的那些旗艦（tent-pole）影集。因此這在 2025 年是一個非常好的狀況，我們也預期在 2026 年會持續如此。

And I'll just finish up by saying that the caliber of the slate in 2025 and what we have planned for 2026 continues to either meet or outperform our expectations. So series like the 49ers, The Audacity that we spoke about. We had a Dark Winds premiere here in L.A. last night. It was amazing. So we're putting a really good slate out on AMC, but also on our streaming services as well. So we're not just being efficient. We're still producing the content that built the reputation that we have to this day. So we're psyched about what we have.

最後我想說，2025 年片單的水準，以及我們為 2026 年所規劃的內容，持續達到或超越我們的預期。例如我們提到的 49ers、The Audacity 等影集。我們昨晚在洛杉磯舉辦了《Dark Winds》的首映。非常精彩。所以我們不僅在 AMC，也在我們的串流服務上推出非常強的片單。因此我們不只是提高效率。我們仍在製作那些建立起我們至今聲譽的內容。所以我們對手上的規劃感到非常振奮。

Gotcha. Thanks so much for the color.

了解。非常感謝你提供的補充說明。

Thank you. And with that, this concludes the question-and-answer session. I will now turn it back over to Nick for closing remarks.

謝謝。那麼，問答環節到此結束。我現在把時間交回給 Nick 作結語。

Thank you for joining us today. We look forward to having a dialogue, and thank you for your interest in AMC Networks.

感謝各位今天加入我們。我們期待能持續交流，也感謝各位對 AMC Networks 的關注。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.

感謝各位參與今天的會議。本次議程到此結束。您現在可以斷線。祝各位有美好的一天。