Financial Performance - Revenues for the three months ended September 30, 2024, were $948.6 million, a decrease of 6.6% compared to $1,015.5 million for the same period in 2023[18]. - The operating loss for the three months ended September 30, 2024, was $(88.6) million, an improvement from $(817.5) million in the same period last year[18]. - Net loss attributable to Lions Gate Entertainment Corp. shareholders for the three months ended September 30, 2024, was $(163.3) million, compared to $(886.2) million in the prior year[18]. - Lions Gate Entertainment Corp. reported a net loss of $177.8 million for the three months ended September 30, 2024, compared to a net loss of $240.9 million for the same period in 2023, reflecting a 26.2% improvement[21]. - The comprehensive loss attributable to Lions Gate shareholders was $163.9 million for the three months ended September 30, 2024, down from $230.8 million in the prior year, indicating a 29% reduction[21]. - The company reported a comprehensive loss of $178.4 million for Q3 2024, down from $249.0 million in Q3 2023, marking a 28.3% improvement[21]. - The total revenues for the six months ended September 30, 2024, were $1,783.3 million, compared to $1,924.1 million for the same period in 2023, indicating a decrease of 7.3%[165]. - The Company reported an operating loss of $88.6 million for the three months ended September 30, 2024, compared to an operating loss of $817.5 million in the same period of 2023[168]. Cash and Liquidity - Cash and cash equivalents decreased to $229.6 million as of September 30, 2024, down from $314.0 million as of March 31, 2024[15]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $289.3 million, up from $269.2 million a year earlier[29]. - The total cash, cash equivalents, and restricted cash amounted to $289.3 million as of September 30, 2024, compared to $371.4 million as of March 31, 2024, a decline of 22.1%[194]. - The company had $828.5 million available under its Revolving Credit Facility as of September 30, 2024[74]. Investment and Assets - Investment in films and television programs increased to $3,284.8 million as of September 30, 2024, compared to $2,762.2 million as of March 31, 2024[15]. - The total investment in films and television programs and licensed program rights as of September 30, 2024, was $3,284.8 million, an increase from $2,762.2 million as of March 31, 2024[60]. - Motion Picture segment assets increased to $1,924.9 million as of September 30, 2024, compared to $1,851.4 million as of March 31, 2024, showing an increase of about 3.9%[177]. - Television Production segment assets rose to $2,401.0 million as of September 30, 2024, up from $2,347.8 million as of March 31, 2024, representing an increase of approximately 2.3%[177]. - Media Networks segment assets increased to $2,159.2 million as of September 30, 2024, compared to $2,036.7 million as of March 31, 2024, reflecting an increase of about 6%[177]. Debt and Liabilities - Total liabilities as of September 30, 2024, were $7,271.7 million, slightly down from $7,279.9 million as of March 31, 2024[15]. - The company reported a significant reduction in debt, with short-term debt decreasing to $362.6 million from $860.3 million[15]. - Total corporate debt as of September 30, 2024, was $2,495.9 million, slightly down from $2,508.5 million in March 2024[73]. - The company has certain covenants in place that limit its ability to incur additional indebtedness, pay dividends, or repurchase common shares, and was in compliance with all applicable covenants as of September 30, 2024[87]. Shareholder Information - The weighted average number of common shares outstanding increased to 239.3 million in Q3 2024 from 234.0 million in Q3 2023, representing a 1.1% increase[21]. - The company’s diluted net loss per common share was $(0.68) for Q3 2024, consistent with the previous quarter, while the basic net loss per share also remained unchanged at $(0.68)[21]. - The ending balance of redeemable noncontrolling interests was $99.7 million as of September 30, 2024, down from $410.1 million a year earlier[114]. - The company has repurchased approximately $288.1 million in common shares to date, with $179.9 million remaining for potential repurchases[145]. Operational Efficiency - Total expenses for the three months ended September 30, 2024, were $1,037.2 million, down from $1,833.0 million in the prior year, reflecting a significant reduction in restructuring costs[18]. - The company recorded a total of $6.1 million in restructuring and other costs for the three months ended September 30, 2024, compared to $222.1 million in the same period of 2023[151]. - The company’s general and administration share-based compensation expense was $16.6 million for the three months ended September 30, 2024, down from $24.8 million in the same period of 2023[142]. - General and administrative expenses for the three months ended September 30, 2024, were $109.5 million, a decrease from $123.6 million in the same period of 2023, indicating a reduction of approximately 11.1%[176]. Future Outlook - The company anticipates continued focus on restructuring and cost management to improve financial performance in the upcoming quarters[9]. - Future strategies include potential market expansion and new product development to enhance revenue streams[9]. - The acquisition of eOne will be reflected in the company's consolidated results starting December 27, 2023[48]. Impairments and Adjustments - Goodwill impairment charge for the Media Networks reporting unit was $493.9 million for the three months ended September 30, 2023, representing the entire remaining goodwill for that unit[71]. - The Company recorded an intangible asset impairment charge of $170.0 million related to the Starz trade names for the three months ended September 30, 2023[72]. - Content impairment charges for the three months ended September 30, 2024, were $(3.8) million, significantly lower than $211.6 million in the same period of 2023[152]. - The company recorded net recoveries of content impairment charges of $4.3 million for the three months ended September 30, 2024[152].
Lions Gate Entertainment(LGF_B) - 2025 Q2 - Quarterly Report