Lionsgate Reports Results for Fourth Quarter Fiscal 2022

Fourth Quarter Revenue was $929.9 Million; Operating Loss was $50.4 Million; Net Loss Attributable to Lionsgate Shareholders was $104.6 Million or $0.46 Diluted Net Loss per Share; Cash Flows Used in Operating Activities was $171.1 Million

Adjusted OIBDA was $82.6 Million, Adjusted Free Cash Flow was $87.7 Million and Adjusted Net Income Attributable to Lionsgate Shareholders was $13.0 Million or Adjusted Diluted EPS of $0.06

Global Subscribers Grew to 35.8 Million, including StarzPlay Arabia; Global Streaming Subscribers Grew 47% Year over Year to 24.5 Million

Film & Television Library Revenue was $766 Million for Trailing 12 Months

SANTA MONICA, Calif. and VANCOUVER, BC, May 26, 2022 /PRNewswire/ — Lionsgate (NYSE: LGF.A, LGF.B) today reported fourth quarter (quarter ended March 31, 2022) revenue of $929.9 million, operating loss of $50.4 million and net loss attributable to Lionsgate shareholders of $104.6 million or $0.46 diluted net loss per share on 225.2 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders in the quarter was $13.0 million or adjusted diluted EPS of $0.06 on 230.6 million diluted weighted average common shares outstanding, with adjusted OIBDA of $82.6 million.  Cash flow used in operating activities was $171.1 million and adjusted free cash flow was $87.7 million. 

Full year fiscal 2022 (fiscal year ended March 31, 2022) revenue was $3.60 billion, operating income was $9.0 million, and net loss attributable to Lionsgate shareholders was $188.2 million, or $0.84 diluted net loss per share on 224.1 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders was $95.4 million or adjusted diluted EPS of $0.42 and adjusted OIBDA was $402.2 million for fiscal 2022. Full year cash flow used in operating activities was $660.9 million and adjusted free cash flow was $70.4 million.

“Despite a very competitive and disruptive environment, I’m pleased to report a strong fourth quarter to close one of our best content building years as we continue to create significant long term value,” said Lionsgate CEO Jon Feltheimer.  “Our content creation strengths were evident across our businesses as our Television Group achieved record new series launches and current series renewals, our Motion Picture Group continued to add to a strong pipeline of branded properties and our library turned in another standout performance.  At Starz, our increased investment in content generated a robust slate that drove strong subscriber growth and a notable reduction in churn.”

Revenue from Lionsgate’s 17,000-title film and television library was $766 million for the trailing 12 months. 

Fourth Quarter Segment Results

The Studio Business, composed of the Motion Picture and Television Production Segments, increased revenue by 30.8% to $658.3 million compared to $503.1 million in the prior year quarter.  Segment profit increased 16.8% to $82.6 million compared to $70.7 million in the prior year quarter.  Revenue and segment profit growth was driven by revenue growth at Television Production and continued cost control.

Motion Picture segment revenue decreased by 1.5% to $288.1 million compared to $292.4 million in the prior year quarter.  Segment profit decreased 19.6% to $49.5 million compared to $61.6 million in the prior year quarter.  Revenue and segment profit trends were driven by the timing of P&A spend and certain content deliveries, partially offset by the continued strength of the film & television library.

Television Production segment revenue increased by 75.7% to $370.2 million compared to $210.7 million in the prior year quarter.  Segment profit increased 263.7% to $33.1 million compared to $9.1 million in the prior year quarter. Revenue and segment profit increases were driven by continued growth in content deliveries.  Lionsgate Television had a record 14 new shows picked up to series in the fiscal year and went 15-for-15 in current series renewed for additional seasons.

Media Networks segment revenue decreased 5.2% to $380.2 million compared to $401.0 million in the prior year quarter. Excluding revenue from the Pantaya streaming service in the prior year quarter, Media Networks segment revenue decreased 2.2% year-over-year due to reductions in domestic linear revenue, partially offset by growth in domestic streaming revenue and STARZPLAY International revenue. Segment profit decreased 23.3% to $33.0 million compared to $43.0 million in the prior year quarter, driven by the decline in domestic linear revenue.

Total Media Networks global subscribers increased to 35.8 million including STARZPLAY Arabia, a non-consolidated equity method investee, driven by robust international and domestic streaming subscriber growth. Global streaming subscribers increased 47% year-over-year to 24.5 million. STARZPLAY International subscribers grew 88% year-over-year to 12.8 million. 

Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2022 fourth quarter results at 5:00 PM ET/2:00 PM PT this afternoon, May 26. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate Investor Relations website or via https://services.choruscall.com/links/lgf220526rX546qOw.html. A full replay will become available this evening by clicking the same link. 

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Sophie Changhui Shi is from Harbin, the capital of China’s northern province. She is naturally studious and enjoys multiple hobbies such as yoga, cooking, and playing the ukulele. She majored in English at Hong Kong Polytechnic University, but always had a love for the arts.