Company Overview & Business Model - Angel Studios is going public on the New York Stock Exchange through a SPAC merger, aiming to challenge Hollywood by allowing audiences to greenlight and fund content [1] - The company's model addresses the perceived disconnect between Hollywood gatekeepers and mainstream audiences, offering an alternative to recent best pictures that may not resonate with families [3] - Angel Guild members pay a monthly membership fee of $12 to $20, which grants them the ability to influence film and TV show selection and provides tickets for screenings, with membership fees supporting future productions [4] - Angel emphasizes a direct-to-audience approach, where the audience funds the projects, with 70,000 investors involved [13] Growth & Performance Metrics - The average audience score for Angel movies is 93%, which the company claims is the highest in the industry [6] - Angel's guild membership has grown from 500,000 to 1.5 million, with a target of 5 million members [6] - "Sound of Freedom" generated $250 million at the box office, exceeding expectations despite limited publicity and media criticism [8] Strategic Objectives & Future Outlook - Angel aims to scale its model globally [6] - The company believes it can be a consistently profitable media company [5][16] - Going public via SPAC allows Angel to maintain control over its mission [15][16] - Angel welcomes both ideological and business-focused investors [16] Content & Controversy - "Sound of Freedom" highlighted the issue of sex trafficking, but faced backlash, potentially due to industry forces protecting their profits [8][10] - The film attracted audiences from both sides of the political spectrum [9]

Core Insights - Lionsgate Studios Corp. reported a strong fourth quarter with revenue of $1.1 billion, representing a 22% increase year-over-year [1][2] - The company achieved a net income attributable to shareholders of $21.9 million, or $0.10 diluted earnings per share [2][3] - Adjusted net income attributable to shareholders was $60.9 million, or $0.21 adjusted diluted earnings per share [2][3] - Operating income rose significantly to $94.2 million, and adjusted OIBDA increased by 49% to $138.3 million [1][2] - The motion picture segment profit reached its highest quarterly level in 10 years, driven by successful mid-budget films and robust library demand [4][3] Financial Performance - Fourth quarter revenue was $1.1 billion, with operating income of $94.2 million and net income attributable to Lionsgate shareholders of $21.9 million [2][3] - Adjusted net income for the quarter was $60.9 million, with adjusted OIBDA at $138.3 million, reflecting a 49% year-over-year increase [2][3] - Net cash flow from operating activities for the quarter was $255.9 million, while adjusted free cash flow was $395.3 million [2] Segment Performance - The motion picture segment revenue grew by 28% to $526.4 million, with segment profit increasing by 65% to $135.3 million [4][30] - The television production segment revenue increased by 16% to $543.3 million, although segment profit decreased to $40.6 million due to a tough comparison with the previous year [5][30] Library Revenue - Trailing 12-month library revenue grew by 8% to an all-time high of $956 million, driven by record fourth-quarter licensing sales [3][1] - The fourth quarter alone saw library revenue reach $340 million, boosted by licensing sales of popular shows to major streaming platforms [3] Corporate Developments - Following the quarter, Lionsgate fully separated its Lionsgate and STARZ businesses, marking a significant corporate restructuring [1][17] - The company is positioned as a standalone studio with a diversified business model, focusing on creating value for shareholders [3][1]