Sean S. Sullivan
and Thanks morning. good
company. highlighted, successful year Josh was productive a As for and XXXX the
per cash XX%, generating company year. a of For its EPS. free flow. $X.XX, the EPS the of million. of $XXX share full was over flow cash $X.XX million, company revenue, year, or was In $XXX increase strong Total adjusted trend free AOI we revenue delivered grew an an billion, record increase the and and X%, AOI, $X.X prior adjusted prior versus over continued was to year. X% The increase XXXX,
years, Over forward, going as that, changes free laws. on in later will the our past significantly recent aggregate profile cash. cash outlook I'll for in tax XXXX as generated flow billion $X three we've free benefit from And our touch well in detail more the on.
for XX%. of the $XXX million. revenues For expanded year $XXX quarter, the period. company decrease full in $XXX fourth the million, main to our quarter, National National year, of in National Distribution $XXX Networks million. million. fourth points prior were the Networks XX AOI driver total revenues revenue fourth by year period. X% and full a AOI quarter of of a AOI as to to the the X% basis segments, X% million to performance was $X.X year total In $XXX each revenues respect billion. growth the to increased Networks for the With the and increased increasing decreased X% compared to Margins X% was was full operating revenue both
expansion to of licensing control ownership year. content both we that increase, operations of double-digit and expected, full and of revenues quarter As increased ongoing This is this our for significantly reflection have the and with content. growth the our a contributed performance studio the in
revenue stream in both mid-single attractive with and continues quarter full-year in represents and was provide to Growth to expect area or, of this we into a revenue as we growth. affiliate As beyond, what be look Seth mentioned, XXXX referred us the continue the the digits. revenue, stream Subscription to the revenue, our as and we and to of growth. majority distribution steady leading formerly a
Walking MVPDs. price/value offer as we our as Josh to traditional discussed, well virtual as of the the trajectory anticipated. that Dead. did delivery partners, The our Talking distribution the respect of both to the related MVPDs, slightly This we continue the than growth more of from moderated predictably Dead trajectory the quarter, we advertising, newer in affected As programming, With anticipated, to strong relationship as benefit rate
decreased result, a advertising As revenues XX%.
across notably total Technical $XX variance investment of operating to charges across and most increased the fourth cost to a $X the This of $XXX XXXX. versus related expenses write-off in various continued recorded In quarter the assets expenses the to quarter, versus due and our all quarter, the marketing to networks, year. in to quarter, period. X% to decrease a related BBC fourth amount XX% in the original on networks. in Wheels America $XXX of at fourth programming Hell SG&A our timing year X% we notably on compares portfolio expenses of in Moving The million the write-offs AMC. were prior to principally SundanceTV. decrease decision million million originals, prior programming expenses, in The our primarily variance increased to of our million. related of most
Moving the year. Other middle main decreased million, to segment, the facility our the absence of we $X International X%, was for to full-year revenues in DMC, driver $XXX of the sold or and the technical of decrease the that The operations million.
the related well networks, DMC, Other million. AOI from networks. and offset AOI in more Other $XX expenses, International principally which digits increase $XXX decrease $X at increase primarily offset prior The International partially to an in This and the million and the revenue, services, investment of of in increase Shudder. in Excluding DMC. our than an year revenues increase decrease were continued was prior primarily million, fourth in our reflected X% the the quarter, XXXX. $X versus reflected streaming AOI Full increase to our a the DMC, mid-single year. growth Now was subscription international by absence In owned international as in as The $XX million, revenues year. Sundance was million grew of an up
allocation, Before let capital a I tax cover spend minute on and EPS its impact. and me reform
in in the This fourth from $XX related mid-XX% GAAP of to favorable the related million mid-XX% our of the to a range partially associated book our the onetime the of million the tax tax adjustment $XX deferred terms a charge this range, down net of million the we benefit rate XXXX laws. foreign in In expect recorded prior In benefit enactment liabilities, an was consisted reform. new deemed our of earnings. tax provision quarter, amount tax to repatriation be re-measurement $XX tax we of with our to tax offsetting rate,
a the significant As taxes, $XX in benefit cash to a incremental reduction the of benefit certain expect we mainly in be production of will annually. we of the to costs. a our higher range $XX million million $XX $XX savings be XXXX, on an savings due expect even projections, as to anticipate in for latest cash rate. to the timing our estimate Based result the corporate treatment this to million million benefit, the of In add We XXXX. tax to we tax
reflected primarily to to from to and a year variance the related a also miscellaneous for to AOI, EPS a and stock charges. both EPS change and impairment favorable basis, just FX, benefited favorable on that the in prior in reduction the year. repurchase $X.XX the The EPS, reported full $X.XX a $X.XX RLJ basis in in reform in result well well Reported income was and related of our GAAP as Moving was I XXXX. EPS the impact adjusted our EPS investment reduction as discussed, program. adjusted as as a of in outstanding compared tax Entertainment, shares increase an $X.XX compared to in related On as expense, year-over-year
in adjusted For included $X.XX a a share, GAAP a million laws, in recorded absence primarily was or to the reduction compared the an prior $X.XX the reported basis, to in of the tax related shares. $XX year. per favorable year the the reflected to as related a to benefit On $X.XX change EPS per $X.XX the to adjusted as and period. well variance of share expense, miscellaneous a DMC. GAAP EPS The prior $X.XX that of was fourth prior well on FX, year-over-year EPS change year in charge, in compared $X.XX as both the we related outstanding quarter, also as EPS basis in
cash. free In healthy to We flow, terms for full the free $XXX in of deliver generated million cash of amounts cash the flow continues company year.
XX interest million, interests were were cash tax million, $XX distributions payments and capital million. was $XX months, the were expenditures non-controlling For $XXX million, $XXX to
our mentioned, XXXX As million. we of in than resulting for I significantly payments payments program was million prior cash we amortization and period year to of be paid tax Program the expect already $XXX in lower programming rights were what XX-month use of XXXX. use compares million the for a This million, $XXX in rights $XX cash $XXX for of to period.
Turning balance net and $X.X sheet, to leases debt Networks capital of the as billion. of XX, AMC December had
of on based ratio X.X was times. million leverage Our LTM AOI $XXX
terms capital as in allow our a allocation, will sustainable primary to our this basis. continue we to core In grow believe remains focus AOI business, on of us investing
to We worth during share opportunistic million million non-organic will continue With the capital This to of be stock. quarter, $XX in fourth both company repurchases respect repurchases, and represents shares. investments. of the disciplined and X.X for use repurchased approximately our
For year million, shares. repurchased $XXX approximately XXXX, the repurchased full or an the million. the end quarter, for to approximately company shares additional $XX million Subsequent X.X we XXX,XXX the has of
shares. of Friday, approximately its last to-date, available authorization $XXX repurchased XX% of million existing the As program. had outstanding our company Program under we've
view of continue repurchase We and of the expect stock depend will other one of including level activity that our capital. quarter potential on in uses variables, any price continue to our several to
continue vary we our pace from to of the repurchases result, to a expect quarter-to-quarter. As
new grow Premiere as AMC Networks, and With ahead well distribution of subscription from the such expect respect to company the by be growth. stream services. year single This main continued of significant XXXX expect more will the businesses, driver adjusted be again licensing our content growth we National to both Looking core growth. in in revenue will income contributor revenues, to a operating to as revenue be to distribution full to led mix our we XXXX, digits. low growth we and our initiatives, growth where revenues the as expect total investment developing reflect
to In new about terms growth mid-single of remain expect which the line-up, excited digits. of mix an and the includes shows subscription of of rate returning XXXX revenue, programming we in our networks. our We're expanded across all in
will content content continued programming to to Networks, mainly while of of We At the on focused with growth in base. for the marketing, advertising in progress digital revenues. advantage demand and to and of to form remainder maximize we continue we take strong initiatives continue in our expense look invest remain our our limiting National the
As DMC business, Other modest the the to XXXX. International higher the and half than some sale for deliver growth our headwinds what to the reported year first of expect in segment, points hundred revenue of related that several despite be basis we we healthy in should
growth at XXXX. the international and return adjusted XXXX. is to our The was International anticipated our Other the for expect in As segment, in half the business, drag a for first in networks on income reflect operating we at dollars DMC to absence to which growth terms of increase of absolute AOI of
variability of similar Networks' due decline our National timing to expect we the the quarter airing rate of at content the our Dead. shift performance Walking year, the our for during In programming, advertising to continued notably cadence in to of in and shows. two-week of revenue the of of a fourth XXXX, quarter XXXX first specific most timing the as the As investments a of The a anticipate consequence the our timing of we
middle into turn the However, those year. to we're favorable the comps move as we more of expecting
windows. be we quarter availability timing similar be driver revenue expect growth ancillary first marketing Within the at expect expenses, content come of the we Due what first revenue, most Networks, comps our our of to licensing and the content the quarter of significant AOI to XXXX. of most more terms the fourth and notably of distribution in challenging for growth to National to reported programming quarter. distribution due in in As revenue, to expect to we timing we
the we AOI progresses, improve. growth year to As expect
this to of that any us recognition will a The year. X revenue effect into and quick for on in have impact XXXX. on Before word historical of have Based our went on the results. the on revenue not method impact on elected, our AOI a new the standard negative standard will modest Q&A, moving standard January adoption
So in conclusion, positioned overall, growth opportunities ahead are that about XXXX, the of various we for feel heading performance us. we're good into is about how the in our business excited and XXXX,
we'd of with to to the move Operator, like portion call. you could call So question-and-answer that, if to open the questions. the
