10-Q 1 lgfa-20220930.htm FORM 10-Q lgfa-20220930
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________________________________________________________________________________________
Form 10-Q 
____________________________________________________________________________________________________
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  ____________ to  ____________
Commission File No.: 1-14880
____________________________________________________________________________________________________
Lions Gate Entertainment Corp.
(Exact name of registrant as specified in its charter)
____________________________________________________________________________________________________
British Columbia, Canada N/A
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
 Identification No.)
250 Howe Street, 20th Floor
Vancouver, British Columbia V6C 3R8
and
2700 Colorado Avenue
Santa Monica, California 90404
(Address of principal executive offices)
____________________________________________________________________________________________________
(877) 848-3866
(Registrant’s telephone number, including area code)
____________________________________________________________________________________________________
Securities registered pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Class A Voting Common Shares, no par value per shareLGF.ANew York Stock Exchange
Class B Non-Voting Common Shares, no par value per shareLGF.BNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes    No  
Indicate the number of shares outstanding of each of the registrant’s classes of common stock, as of the latest practicable date.
Title of Each Class Outstanding at October 31, 2022
Class A Voting Common Shares, no par value per share 83,394,680 shares
Class B Non-Voting Common Shares, no par value per share145,326,897 shares


 

2

FORWARD-LOOKING STATEMENTS

This report includes statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward looking statements can be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “potential,” “anticipates,” “expects,” “intends,” “plans,” “projects,” “forecasts,” “may,” “will,” “could,” “would” or “should” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this report and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate.
By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. We believe that these risks and uncertainties include, but are not limited to, those discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on May 26, 2022, which risk factors are incorporated herein by reference, as updated by any update to the risk factors found under Part II, Item 1A. "Risk Factors" herein. These risk factors should not be construed as exhaustive and should be read with the other cautionary statements and information in our Annual Report on Form 10-K, and this report. These factors may also be increased or intensified as a result of (i) continuing events related to the coronavirus (COVID-19) global pandemic (including as a result of potential resurgences of COVID-19 in certain parts of the world), and the spread of new variants of the virus which could result in the re-imposition of restrictions to reduce its spread and (ii) Russia's invasion of Ukraine, including indirect impacts as a result of sanctions and economic disruptions. The extent to which the COVID-19 global pandemic or Russia's invasion of Ukraine ultimately impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
We caution you that forward-looking statements made in this report or anywhere else are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and the development of the industry in which we operate may differ materially and adversely from those made in or suggested by the forward-looking statements contained in this report as a result of various important factors, including, but not limited to: the potential effects of the COVID-19 global pandemic on the Company, economic and business conditions (including as a result of the spread any new variants); the potential effects of Russia's invasion of Ukraine on the Company, and economic and business conditions; the substantial investment of capital required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; potential adverse reactions or changes to business or employee relationships; and the other risks and uncertainties discussed under Part I, Item 1A. “Risk Factors” found in our Annual Report on Form 10-K filed with the SEC on May 26, 2022, which risk factors are incorporated herein by reference, as updated by any risk factors found under Part II, Item 1A. "Risk Factors" herein. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this report, those results or developments may not be indicative of results or developments in subsequent periods.
Any forward-looking statements, which we make in this report, speak only as of the date of such statement, and we undertake no obligation to update such statements. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
This Quarterly Report on Form 10-Q may contain references to our trademarks and to trademarks belonging to other entities. Solely for convenience, trademarks and trade names referred to in this Quarterly Report on Form 10-Q, including logos, artwork and other visual displays, may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the rights of the applicable licensor to these trademarks and trade names. We do not intend our use or display of other companies’ trade names or trademarks to imply a relationship with, or endorsement or sponsorship of us by, any other company.
Unless otherwise indicated or the context requires, all references to the “Company,” “Lionsgate,” “we,” “us,” and “our” refer to Lions Gate Entertainment Corp., a corporation organized under the laws of the province of British Columbia, Canada, and its direct and indirect subsidiaries.

3

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements.

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
September 30,
2022
March 31,
2022
(Amounts in millions)
ASSETS
Cash and cash equivalents$557.1 $371.2 
Accounts receivable, net432.0 442.2 
Other current assets244.9 244.7 
Total current assets1,234.0 1,058.1 
Investment in films and television programs and program rights, net2,986.1 3,013.6 
Property and equipment, net82.3 81.2 
Investments64.5 56.0 
Intangible assets1,372.3 1,440.2 
Goodwill1,289.5 2,764.5 
Other assets652.4 577.6 
Total assets$7,681.1 $8,991.2 
LIABILITIES
Accounts payable and accrued liabilities$614.8 $585.8 
Participations and residuals469.7 468.5 
Film related and other obligations1,182.2 951.1 
Debt - short term portion37.0 222.8 
Deferred revenue137.8 174.9 
Total current liabilities2,441.5 2,403.1 
Debt2,170.8 2,202.1 
Participations and residuals258.3 265.1 
Film related and other obligations1,277.2 729.0 
Other liabilities249.5 298.7 
Deferred revenue54.7 49.8 
Deferred tax liabilities38.5 38.8 
Redeemable noncontrolling interests343.2 321.2 
Commitments and contingencies (Note 16)
EQUITY
Class A voting common shares, no par value, 500.0 shares authorized, 83.4 shares issued (March 31, 2022 - 83.3 shares issued)
670.4 668.2 
Class B non-voting common shares, no par value, 500.0 shares authorized, 145.2 shares issued (March 31, 2022 - 142.0 shares issued)
2,373.5 2,353.8 
Accumulated deficit(2,320.4)(369.7)
Accumulated other comprehensive income122.3 29.3 
Total Lions Gate Entertainment Corp. shareholders' equity845.8 2,681.6 
Noncontrolling interests1.6 1.8 
Total equity847.4 2,683.4 
Total liabilities and equity$7,681.1 $8,991.2 
See accompanying notes.
4

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months EndedSix Months Ended
September 30,September 30,
2022202120222021
 (Amounts in millions, except per share amounts)
Revenues$875.2 $887.8 $1,769.1 $1,789.0 
Expenses
Direct operating563.5 483.2 1,160.0 969.3 
Distribution and marketing184.6 216.9 396.2 434.5 
General and administration121.3 110.0 224.9 240.6 
Depreciation and amortization45.2 44.4 87.6 87.8 
Restructuring and other233.2 3.5 241.3 6.7 
Goodwill impairment1,475.0  1,475.0  
Total expenses2,622.8 858.0 3,585.0 1,738.9 
Operating income (loss)(1,747.6)29.8 (1,815.9)50.1 
Interest expense(57.3)(44.0)(103.4)(85.7)
Interest and other income1.8 24.1 3.1 28.0 
Other expense(5.4)(2.7)(10.4)(4.3)
Gain (loss) on extinguishment of debt3.4 (0.4)2.1 (27.1)
Gain (loss) on investments(3.1)1.5 (1.3)1.5 
Equity interests income (loss)(0.1)0.4 0.8 1.1 
Income (loss) before income taxes(1,808.3)8.7 (1,925.0)(36.4)
Income tax provision(5.0)(5.6)(11.0)(12.1)
Net income (loss)(1,813.3)3.1 (1,936.0)(48.5)
Less: Net loss attributable to noncontrolling interests2.2 4.4 5.9 10.6 
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders$(1,811.1)$7.5 $(1,930.1)$(37.9)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
Basic net income (loss) per common share$(7.95)$0.03 $(8.51)$(0.17)
Diluted net income (loss) per common share$(7.95)$0.03 $(8.51)$(0.17)
Weighted average number of common shares outstanding:
Basic227.9 224.4 226.8 223.1 
Diluted227.9 228.5 226.8 223.1 
See accompanying notes.
5

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Three Months EndedSix Months Ended
September 30,September 30,
2022202120222021
(Amounts in millions)
Net income (loss)$(1,813.3)$3.1 $(1,936.0)$(48.5)
Foreign currency translation adjustments, net of tax(4.1)(1.1)(7.1)(1.0)
Net unrealized gain (loss) on cash flow hedges, net of tax51.2 19.0 100.1 (4.9)
Comprehensive income (loss)(1,766.2)21.0 (1,843.0)(54.4)
Less: Comprehensive loss attributable to noncontrolling interests2.2 4.4 5.9 10.6 
Comprehensive income (loss) attributable to Lions Gate Entertainment Corp. shareholders$(1,764.0)$25.4 $(1,837.1)$(43.8)
See accompanying notes.

6

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY


Three Months Ended
Class A VotingClass B Non-VotingAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Lions Gate Entertainment Corp. Shareholders' EquityNoncontrolling Interests (a) Total Equity
 Common SharesCommon Shares
 NumberAmountNumberAmount
(Amounts in millions)
Balance at June 30, 202283.3 $669.4 142.5 $2,363.2 $(504.7)$75.2 $2,603.1 $1.6 $2,604.7 
Share-based compensation, net of share cancellations for taxes0.1 0.9 2.7 10.3 — — 11.2 — 11.2 
Issuance of common shares 0.1   — — 0.1 — 0.1 
Noncontrolling interests— — — — — — —   
Net loss— — — — (1,811.1)— (1,811.1) (1,811.1)
Other comprehensive income— — — — — 47.1 47.1 — 47.1 
Redeemable noncontrolling interests adjustments to redemption value— — — — (4.6)— (4.6)— (4.6)
Balance at September 30, 202283.4 $670.4 145.2 $2,373.5 $(2,320.4)$122.3 $845.8 $1.6 $847.4 
Balance at June 30, 202183.0 $664.9 139.6 $2,318.6 $(139.1)$(107.2)$2,737.2 $2.2 $2,739.4 
Exercise of stock options   0.4 — — 0.4 — 0.4 
Share-based compensation, net of share cancellations for taxes0.1 1.0 2.0 (4.7)— — (3.7)— (3.7)
Noncontrolling interests— — — — — — — 0.1 0.1 
Net income— — — — 7.5 — 7.5 0.1 7.6 
Other comprehensive income— — — — — 18.0 18.0 — 18.0 
Redeemable noncontrolling interests adjustments to redemption value— — — — (11.4)— (11.4)— (11.4)
Balance at September 30, 202183.1 $665.9 141.6 $2,314.3 $(143.0)$(89.2)$2,748.0 $2.4 $2,750.4 
_____________________
(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 9).
7

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

Six Months Ended
Class A VotingClass B Non-VotingAccumulated DeficitAccumulated Other Comprehensive Income (Loss)Lions Gate Entertainment Corp. Shareholders' EquityNoncontrolling Interests (a) Total Equity
 Common SharesCommon Shares
 NumberAmountNumberAmount
(Amounts in millions)
Balance at March 31, 202283.3 $668.2 142.0 $2,353.8 $(369.7)$29.3 $2,681.6 $1.8 $2,683.4 
Exercise of stock options  0.3 3.5 — — 3.5 — 3.5 
Share-based compensation, net of share cancellations for taxes0.1 2.0 2.9 16.1 — — 18.1 — 18.1 
Issuance of common shares 0.2  0.1 — — 0.3 — 0.3 
Noncontrolling interests— — — — — — — (0.4)(0.4)
Net loss— — — — (1,930.1)— (1,930.1)0.2 (1,929.9)
Other comprehensive income— — — — — 93.0 93.0 — 93.0 
Redeemable noncontrolling interests adjustments to redemption value— — — — (20.6)— (20.6)— (20.6)
Balance at September 30, 202283.4 $670.4 145.2 $2,373.5 $(2,320.4)$122.3 $845.8 $1.6 $847.4 
Balance at March 31, 202183.0 $663.2 138.2 $2,296.0 $(82.9)$(83.3)$2,793.0 $1.6 $2,794.6 
Exercise of stock options 0.4 0.2 2.3 — — 2.7 — 2.7 
Share-based compensation, net of share cancellations for taxes0.1 2.2 3.2 15.9 — — 18.1 — 18.1 
Issuance of common shares 0.1  0.1 — — 0.2 — 0.2 
Noncontrolling interests— — — — — — — 0.8 0.8 
Net loss— — — — (37.9)— (37.9) (37.9)
Other comprehensive loss— — — — — (5.9)(5.9)— (5.9)
Redeemable noncontrolling interests adjustments to redemption value— — — — (22.2)— (22.2)— (22.2)
Balance at September 30, 202183.1 $665.9 141.6 $2,314.3 $(143.0)$(89.2)$2,748.0 $2.4 $2,750.4 
_____________________
(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 9).

See accompanying notes.
8


LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended
September 30,
20222021
 (Amounts in millions)
Operating Activities:
Net loss$(1,936.0)$(48.5)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization87.6 87.8 
Amortization of films and television programs and program rights899.3 730.1 
Amortization of debt financing costs and other non-cash interest13.9 24.2 
Non-cash share-based compensation35.0 54.9 
Other amortization41.2 50.5 
Goodwill impairment1,475.0  
Content and other impairments218.9  
(Gain) loss on extinguishment of debt(2.1)27.1 
Equity interests income(0.8)(1.1)
(Gain) loss on investments1.3 (1.5)
Deferred income taxes(0.3)1.7 
Changes in operating assets and liabilities:
Proceeds from the termination of interest rate swaps188.7  
Accounts receivable, net and other assets(39.5)(134.2)
Investment in films and television programs and program rights, net(1,087.2)(1,149.7)
Accounts payable and accrued liabilities(10.0)(45.2)
Participations and residuals(5.0)5.0 
Program rights and other film obligations12.1 (35.8)
Deferred revenue(31.5)102.2 
Net Cash Flows Used In Operating Activities(139.4)(332.5)
Investing Activities:
Proceeds from the sale of Pantaya 123.6 
Proceeds from the sale of other investments3.0  
Investment in equity method investees and other(17.5)(12.0)
Distributions from equity method investees 2.6 
Acquisition of assets (film library and related assets) (161.4)
Capital expenditures(21.5)(14.6)
Net Cash Flows Used In Investing Activities(36.0)(61.8)
Financing Activities:
Debt - borrowings, net of debt issuance and redemption costs991.0 1,947.2 
Debt - repurchases and repayments(1,211.0)(2,175.6)
Film related financing and other obligations - borrowings, net of debt issuance costs1,137.9 775.7 
Film related financing and other obligations - repayments(372.2)(186.6)
Settlement of financing component of interest rate swaps(134.5)(14.4)
Distributions to noncontrolling interest(2.5)(0.1)
Exercise of stock options3.4 2.9 
Tax withholding required on equity awards(16.2)(33.2)
Net Cash Flows Provided By Financing Activities395.9 315.9 
Net Change In Cash, Cash Equivalents and Restricted Cash220.5 (78.4)
Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash(5.7)(2.5)
Cash, Cash Equivalents and Restricted Cash - Beginning Of Period384.6 528.7 
Cash, Cash Equivalents and Restricted Cash - End Of Period$599.4 $447.8 

See accompanying notes.
9

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS


1. General
Nature of Operations
Lionsgate Entertainment Corp. (the “Company,” “Lionsgate,” "Lions Gate," “we,” “us” or “our”) encompasses world-class motion picture and television studio operations aligned with the STARZ premium global subscription platform to bring a unique and varied portfolio of entertainment to consumers around the world. The Company’s film, television, subscription and location-based entertainment businesses are backed by a 17,000-title library and a valuable collection of iconic film and television franchises.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Lionsgate and all of its majority-owned and controlled subsidiaries.
The unaudited condensed consolidated financial statements have been prepared in accordance with United States (“U.S.”) generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to quarterly report on Form 10-Q under the Securities Exchange Act of 1934, as amended, and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation have been reflected in these unaudited condensed consolidated financial statements. Operating results for the three and six months ended September 30, 2022 are not necessarily indicative of the results that may be expected for the fiscal year ending March 31, 2023. The balance sheet at March 31, 2022 has been derived from the audited financial statements at that date, but does not include all the information and footnotes required by U.S. GAAP for complete financial statements. The accompanying unaudited condensed consolidated financial statements should be read together with the consolidated financial statements and related notes included in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2022.
Certain amounts presented in prior periods have been reclassified to conform to the current period presentation.
Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions, including the potential impacts arising from the COVID-19 global pandemic and Russia's invasion of Ukraine, that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. The most significant estimates made by management in the preparation of the financial statements relate to ultimate revenue and costs used for the amortization of investment in films and television programs; estimates of future viewership used for the amortization of licensed program rights; estimates related to the revenue recognition of sales or usage-based royalties; fair value of equity-based compensation; fair value of assets and liabilities for allocation of the purchase price of companies acquired; income taxes including the assessment of valuation allowances for deferred tax assets; accruals for contingent liabilities; and impairment assessments for investment in films and television programs and licensed program rights, property and equipment, equity investments, goodwill and intangible assets. Actual results could differ from such estimates.
Recent Accounting Pronouncements
Accounting Guidance Adopted in Fiscal 2023
Government Assistance: In November 2021, the FASB issued guidance which requires certain annual disclosures about transactions with a government that are accounted for by applying a grant or contribution accounting model. The guidance is effective for financial statements issued for annual periods beginning after December 15, 2021, therefore it will be effective beginning with the Company's financial statements issued for the year ended March 31, 2023. While the adoption of this guidance will not have an impact on the Company's consolidated balance sheet or statement of operations, the adoption of this guidance may require additional annual disclosures in the Company's financial statements for the year ending March 31, 2023, which the Company is currently in the process of assessing.


10

LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)



2. Acquisitions and Dispositions

Spyglass. On July 15, 2021, the Company purchased approximately 200 feature film titles (the "Spyglass Library") from Spyglass Media Group, LLC ("Spyglass"). The Company also formed a strategic content partnership through an investment of a 18.9% preferred equity interest in Spyglass, and entered into a multiyear first-look television arrangement with Spyglass. The purchase price, including acquisition costs, of the Spyglass Library and preferred equity interest was $191.4 million, of which $171.4 million was paid at closing, $10.0 million was paid in July 2022, and the remaining $10.0 million is to be paid in July 2023. The Spyglass Library was accounted for as an asset acquisition and is included in investment in film and television programs on our unaudited condensed consolidated balance sheet. The preferred equity interest was accounted for as an equity-method investment (see Note 4).


3. Investment in Films and Television Programs and Licensed Program Rights
Total investment in films and television programs and licensed program rights by predominant monetization strategy is as follows:                
September 30,
2022
March 31,
2022