Financial Performance - Fourth quarter revenue was $1.1 billion, with an operating loss of $60.9 million and a net loss attributable to Lionsgate shareholders of $39.5 million, equating to a diluted net loss per share of $0.22[1][2] - Adjusted net income attributable to Lionsgate shareholders was $63.4 million, or $0.27 adjusted diluted earnings per share[2] - Quarterly adjusted OIBDA was $140.3 million, reflecting strong operational performance[1] - The net loss attributable to Lions Gate Entertainment Corp. shareholders for the three months ended March 31, 2024, was $39.5 million, an improvement from a net loss of $96.8 million in the same period of 2023[18] - Basic net loss per common share for the three months ended March 31, 2024, was $0.22, compared to $0.42 for the same period in 2023, indicating a reduction in loss per share[18] - Adjusted net income attributable to Lions Gate Entertainment Corp. shareholders increased to $63.4 million in Q1 2024 from $49.2 million in Q1 2023, representing a 28.8% increase[56] - Adjusted basic EPS for Q1 2024 was $0.27, up from $0.21 in Q1 2023, reflecting a 28.6% increase[56] - Reported net loss attributable to Lions Gate Entertainment Corp. shareholders for Q1 2024 was $39.5 million, compared to a loss of $96.8 million in Q1 2023[56] Revenue and Segment Performance - The Studio Business reported revenue of $879.9 million, a 6.8% increase from the prior year quarter, with segment profit of $134.8 million, up nearly 10%[5] - Television Group segment profit increased by 83% to $52.6 million, driven by library gains and post-strike series deliveries[7] - Film & Television Library achieved record revenue of $339 million in the quarter, with trailing 12-month revenue of $886 million[4] - Motion Picture segment revenue declined by 23% to $410.6 million, while segment profit decreased by 12% to $82.2 million[6] - Television Production segment revenue increased by 61% to $469.3 million, with segment profit rising by 83%[7] - Total segment profit for the three months ended March 31, 2024, was $182.2 million, a decrease of 4.0% compared to $191.5 million in the prior year[30] - The Studio Business reported total revenues of $879.9 million, up from $823.6 million, driven by a 77.5% increase in Television Production revenue[30] - Total revenues for the three months ended March 31, 2024, increased to $879.9 million, up 6.5% from $823.6 million in the same period of 2023[92] Cash Flow and Expenses - Full year net cash flow from operating activities was $397 million, with adjusted free cash flow of $230 million[4] - Cash flows used in operating activities for the three months ended March 31, 2024, were $(4.6) million, a decrease from $13.6 million in the same period of 2023[20] - The company reported a net cash flow provided by financing activities of $57.0 million for the three months ended March 31, 2024, compared to $(161.9) million in the same period of 2023[20] - The company’s total cash, cash equivalents, and restricted cash at the end of the period was $371.4 million, up from $313.0 million at the end of the same period in 2023[20] - The total expenses for the three months ended March 31, 2024, were $1,178.6 million, compared to $1,135.3 million in the prior year, reflecting an increase of 3.8%[18] - Net cash flows provided by operating activities for the three months ended March 31, 2024, were $87.3 million, compared to $58.3 million in the same period of 2023[94] Debt and Liabilities - Total liabilities increased to $6,129.9 million as of March 31, 2024, compared to $4,848.0 million as of March 31, 2023[90] - Debt - short term portion increased significantly to $860.3 million as of March 31, 2024, from $41.4 million as of March 31, 2023[90] - Total current liabilities rose to $3,642.3 million as of March 31, 2024, compared to $2,108.8 million as of March 31, 2023[90] - Total borrowings for the three months ended March 31, 2024, amounted to $748.0 million, a significant increase from $254.5 million in the same period of 2023, representing a growth of approximately 194.5%[126] - Total repayments for the three months ended March 31, 2024, were $625.2 million, compared to $357.0 million in the same period of 2023, indicating an increase of approximately 75.2%[126] Impairments and Restructuring - The company incurred a goodwill impairment charge of $493.9 million in fiscal 2024, impacting the Media Networks reporting unit[41] - The company recorded content impairment charges of $47.1 million for Q1 2024 and $364.5 million for the fiscal year 2024, compared to $85.5 million and $379.3 million for the same periods in 2023[46] - The company’s restructuring and other expenses for the three months ended March 31, 2024, were $137.5 million, compared to $95.4 million in the same period of 2023, indicating a significant increase of 43.9%[18] - The estimated future cash outlay related to the current restructuring plan is projected to be between $80 million and $90 million[47] - The company has incurred total impairment charges of $743.8 million since the inception of the restructuring plan through March 31, 2024[46] Non-GAAP Measures - Adjusted OIBDA is a key performance measure that excludes certain non-operating items and is used to evaluate the operating performance of the business[69] - Adjusted Free Cash Flow is defined as net cash flows from operating activities less capital expenditures, plus or minus the net increase or decrease in production and related loans[74] - The company utilizes non-GAAP financial measures to evaluate operating performance, which includes Adjusted OIBDA and Total Segment Profit, providing a clearer view of the underlying business performance[130] - These non-GAAP measures are commonly used in the entertainment industry, but may not be comparable across different companies due to varying calculation methods[144] - A general limitation of non-GAAP measures is that they are not prepared in accordance with U.S. GAAP, and should be reviewed alongside relevant GAAP financial measures[145]
Lions Gate Entertainment(LGF_A) - 2024 Q4 - Annual Results