call Thank you, then start high-level review then results, our Kristen. the for Q&A. we'll year, a I'll for providing I'll financial of open by discuss and the our and outlook
are consolidated and operating report full our that importantly, XXXX, cash to For consolidated million. of of pleased million most year $X.X of $XXX billion, achieved we revenue including we free $XXX guidance, flow adjusted income
tailwind payments our the well agreement, a $XXX normalized our cash million base onetime million related have $XXX licensing the as we flow Hulu can believe been grow the to would million, of impact the free in of which we $XX restructuring XXXX. unwind Excluding as cash
programming. Looking to have our very pleased on the when generation investments back balancing we guidance quickly reorienting around for the get year, in more critical We'll while XXXX. over with cash say progress to made flow are we free the this business we've in
I into jump Networks Media, segment and in generated within financial I solely million would important million we December, including to in XX/X AMC business. Before visibility which revenue $XX XXXX, our item. quarter results, in be into Other $X In year, this of the and in address in our first sold this quickly one interest housekeeping AOI International, our of Beginning segment. International comprised this will like
charge Studios our we to a licensing the of film well recorded million. completion core In the revenue consolidated content our Prior businesses AMC noncash addition, as lower-margin the licensing divested. going distribution reflect clearly $XX forward, we revenues of will production impairment generated sale, as without traditional revenues the by
our results. Moving to
billion income for year generated Domestic operations For and million the the fourth revenues decreased The $XXX will of in licensing to the on was and flow. $XXX cash was $XXX to by for to advertising, consolidated fourth million, offset quarter, revenue attributable financials. and we $X.X Adjusted million I million. touch year decreased revenues, for briefly segment free affiliate operating streaming quarter. was decrease full full the lower now revenue $XX XX% growth. partly revenues our XX% content
streaming of individual revenue Next, to $XXX components I'll break down the revenue. increased XX% Full million. year
revenue X%. For increased the streaming quarter,
continue subscribers. marketing to remain disciplined the our for lifetime XX% we with results full We Dead lower as incredible QX comparisons declined the spend, year XX% retain revenues and of and when to XXXX -- quarter in reflect value and pleased added acquire the in efforts are with difficult Advertising the ratings. of higher year-over-year and the Walking well linear finale we as fourth our
significant scatter to was be X% in subscriber adjusted associated $XXX will response. quarter advertising and driven when quarter to the quarter, and the the series this for million continued revenue $XXX direct revenue we from lapped $XXX in for the the of we Studio revenues for result well comparisons quarter. to universe growth in and impact, quarter the That continue Dead end challenging took year-over-year said, our produced universe continues peers, experience titles. offset delivery full by partially non-renewal fully million Apple the Our related of performance of profitability. like of and the Fubo was robust revenue $XXX higher Philo, for net we million to the Domestic the $XX impact as TV advertising as year programming, headwind which the headwinds. Walking to basic reflect environment, certain our revenues and Affiliate income declines not the forward. million a the year AMC last $XXX therefore, going operating of recognized full At operations also with a fourth licensing Digital fourth Fubo. for the versus the we we was million drives of levels Content actions fourth reduce remains million year claimed original for of volumes these particularly
Continued expense and quarter and XX% the both revenues, partly improvements expenses, discipline which margin business. management decrease of to year in The the by the year-over-year lower full yielded with result margins fourth marketing was largely offset the AOI lower were for respectively. and attributable XX%, cost of continued programming across
Looking at our International and Other segment.
the year, $XXX to full For revenue decreased X% million.
was XX/X year. revenues $XX full the X%. million Excluding Adjusted declined operating income Media, for
We X.Xx. sheet. with year consolidated the ended a approximately Moving the leverage net debt net billion to balance $X.X and of ratio of
cash and liquidity, redeemed market. and flexibility XXXX $XX $XXX open fourth credit financial senior billion notes of all revolving on quarter, substantial $XXX facility. million have XXXX with including our repurchased approximately million sheet $X the notes of also the available amount in of of undrawn million our principal outstanding balance In our We we senior the
continue and We over maintaining the remain reducing to flexibility of focused time. our while balance debt gross health sheet on
capital our Regarding unchanged. remains philosophy allocation,
the with First, profitability acquiring business healthy flow look resonates of audiences, to cash levels by creating and programming generation. maintaining and support that we compelling while our
to we maturities. by proactively Second, upcoming improve look and balance addressing gross our sheet debt reducing
down to M&A remain capital current priority Third, list. strategic and further returning shareholders our
which including results, $XXX gross we're of cash ratio debt a XXXX. reflections of healthy carrying into normalized conversion and million XXXX approximately a of reduction free flow are XX% these Our priorities,
'XX. to $XXX And X pleased expense cash our ability Moving million to free base to confidence XXXX, cash business our XXXX, flow prudent free undertook billion. gives going of normalized next at right that difficult forward. the the benefits the generated of the reaped flow over fiscally a our expect $X.X manage approximately over we the manner additional we cumulative to our we of in in end us for year-over-year size expect to This XXXX. generate to outlook In say we we grow in the are years, we decisions
on from of and total XXXX in revenue XXXX, $XX approximately revenue compared million to $XX Moving Media related XX/X revenue to X% as of implying we revenue, $X.X million excluding Philo to expect year, XXXX deliveries of prior decline revenue the to approximately billion. consolidated
XXXX, the growth high will acquisition expect to schedule underpin well volume programming focus streaming range, a low double-digit the streaming broader the be Now respect I'll to distribution revenue price of growth our evident increases outlook. With we environment to in year-over-year single-digit revenue, revenue marketing Prudent in in offerings, details be continue unpack that by driven and disciplined continues linear while subside. selected to challenging, XXXX efforts. our as as headwinds the will and advertising
and expect continue for expect We a the forward. shows expect with to shifting we XXXX, affiliate revenue to with revenue unchanged. like comes by year-over-year good dynamics, of area production we And while a level impacted return Dead affiliate we continues rapidly, as the full around rights projects Charter do for delivery to aggressive regarding With revenue the Walking lumpy we In and are Xumo. be Owning XXXX. remains produce we advertising as Apple like expect revenues, Dead Comcast, shows to the And we're crucial this single-digit our domestic TV. ecosystem Content licensing significant to look us, licensing these efforts and baseline for licensing like our be Walking we much video compared approximately year the high leaning production notoriously content expect revenue, schedules, as to of distributors, content area decline often respect year-over-year domestic and and stream. forward regarding the the solutions subscriber the licensing material innovative, priority we Dead declines revenue into customer-centric Philo going trends of the opportunity revenue million revenue the XX% from XXXX.With evolve of optionality, level XXXX. don't to XXXX. content Taking they as this to nor and reflects linear expectation revenues have that domestic in Walking our for for near-term such, -- international by this current year to $XXX in such traditional in and account Fear disciplined and remains said, -- in traditional past contribute
as business, divested will segment, business. international have this AMC our solely to International Media we consist our XX/X on of Networks Moving segment
offset million Networks excluding in AMC declines For XXXX. segment revenue International, for approximately revenue anticipate we distribution from $XXX advertising growth, by our Media, to XX/X revenue yielding in partly international be
important focus since our measure While XX%, guiding in our revenue to flow, operating we increase XXXX, AOI adjusted headwinds, AOI the we the of margins. increased to margins actually income cash is remains and profitability, margin maintaining free very metric healthy on still XXXX. continue Despite first year-over-year in a
in to and expected the headwinds income For million continued growth only consolidated XXXX, prudent disciplined of $XXX margins as adjusted us XXXX linear measures advertising expectations to are XX%, AOI to continued digital our businesses, revenue levels of decline in our slight implying $XXX as cost to lead in revenue, XX% well our despite operating expense Driving XXXX expect in investments management. a million. and streaming the offset decline by
expect amortization XXXX. approximately of from despite levels be also reduction in similar to billion programming to in programming XXXX XXXX cash We a $X.X billion $X spend to
on spend prudent calibration growth. marketing We will be the continue to streaming extremely to including drive expenses, disciplined of
expenses at questions. balance approach levels time, forward fronts said same managing to and on the what maintain balance XXXX. premium this fences Networks progress in while programmer. Q&A, has of overarching remain monetization in with employing the against for extremely regarding years available ensure these the our pleased delivering open evolving content and is line of and we appropriate near-term capital advantage reiterate through remain the environment. strongest approach opportunities. programming distribution We available like slate for and the the please investment we've on the a prioritizes healthy had Operator, to financial our AMC that nimble made as unique look media platforms I Along monetization would a our of we'll way, innovative broad I preserve rapidly to back-to-basics taking sheet, we a disciplined position across content open it AMC in Networks up Before past in
