Lionsgate Reports Results for Third Quarter Fiscal 2021

Revenue was $836.4 Million; Net Loss Attributable to Lionsgate Shareholders was $13.9 Million or Diluted Loss Per Share of $0.06; Adjusted Diluted Earnings Per Share was $0.21

Global content leader Lionsgate (NYSE: LGF.A, LGF.B) today reported revenue of $836.4 million and net loss attributable to Lionsgate shareholders of $13.9 million, or fully diluted loss per share of $0.06, on 220.8 million diluted weighted average common shares outstanding for the quarter ended December 31, 2020.

Adjusted net income attributable to Lionsgate shareholders was $45.9 million, or adjusted diluted earnings per share of $0.21, operating income was $37.1 million, and adjusted OIBDA was $133.8 million.

Cash flow used in operating activities was $44.2 million and adjusted free cash flow was positive $110.7 million in the quarter.

Media Networks global subscribers, including STARZPLAY Arabia, a non-consolidated equity method investee, increased to 28.0 million, with global OTT subscribers increasing 900,000 to 14.6 million, 52% of the total. 

STARZPLAY International OTT subscribers grew 26% in the quarter and domestic OTT subscribers posted solid gains of 300,000.

The Company’s film & television library achieved record TTM revenue of $765 million with its second best revenue quarter ever.   The Company ended the quarter with $551 million in cash and cash equivalents.

“We’re pleased to report our fourth strong quarter in a row – strong in terms of financial results, global subscriber growth at STARZ and another outsized library performance, all reflecting the continued resilience of our business model,” said Lionsgate CEO Jon Feltheimer. 

“With the strong year we’re having in F21, we’re in great shape to take advantage of the imbalance between content supply and demand in the current environment with an increased investment in content and marketing across our core businesses in F22.”

Segment Results

Media Networks segment revenue was up 6% from the prior year quarter at $406.2 million driven by domestic and international OTT revenue and subscriber growth.  Segment profit of $81.7 million was down 20% on increased investment in content & marketing.

Motion Picture segment revenue was $250.3 million, reflecting fewer theatrical releases in the quarter due to continued theatrical closings related to the COVID-19 pandemic. 

Motion Picture segment profit of $50.0 million was comparable to $49.0 million in the prior year quarter despite higher theatrical and ancillary revenues in the prior year quarter.

Television Production segment revenue was up 20.5% from the prior year quarter at $228.2 million and segment profit of $29.5 million compared to a loss of $5.7 million in the prior year quarter, driven by strong television library revenues and the performance of 3 Arts Entertainment in the quarter.

Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2021 third quarter results at 5:00 PM ET/2:00 PM PT this afternoon, February 4. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate corporate website or here.

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