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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 June 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 August 1, 2022
Class A Voting Common Shares, no par value per share 83,312,392 shares
Class B Non-Voting Common Shares, no par value per share145,202,914 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 of recent and 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
June 30,
2022
March 31,
2022
(Amounts in millions)
ASSETS
Cash and cash equivalents$378.5 $371.2 
Accounts receivable, net428.0 442.2 
Other current assets222.9 244.7 
Total current assets1,029.4 1,058.1 
Investment in films and television programs and program rights, net3,148.8 3,013.6 
Property and equipment, net80.7 81.2 
Investments64.6 56.0 
Intangible assets1,407.8 1,440.2 
Goodwill2,764.5 2,764.5 
Other assets592.2 577.6 
Total assets$9,088.0 $8,991.2 
LIABILITIES
Accounts payable and accrued liabilities$563.6 $585.8 
Participations and residuals448.3 468.5 
Film related and other obligations1,090.3 951.1 
Debt - short term portion53.4 222.8 
Deferred revenue184.2 174.9 
Total current liabilities2,339.8 2,403.1 
Debt2,178.6 2,202.1 
Participations and residuals258.6 265.1 
Film related and other obligations1,008.6 729.0 
Other liabilities268.2 298.7 
Deferred revenue53.9 49.8 
Deferred tax liabilities39.0 38.8 
Redeemable noncontrolling interests336.6 321.2 
Commitments and contingencies (Note 15)
EQUITY
Class A voting common shares, no par value, 500.0 shares authorized, 83.3 shares issued (March 31, 2022 - 83.3 shares issued)
669.4 668.2 
Class B non-voting common shares, no par value, 500.0 shares authorized, 142.5 shares issued (March 31, 2022 - 142.0 shares issued)
2,363.2 2,353.8 
Accumulated deficit(504.7)(369.7)
Accumulated other comprehensive income75.2 29.3 
Total Lions Gate Entertainment Corp. shareholders' equity2,603.1 2,681.6 
Noncontrolling interests1.6 1.8 
Total equity2,604.7 2,683.4 
Total liabilities and equity$9,088.0 $8,991.2 
See accompanying notes.
4

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 
Three Months Ended
June 30,
20222021
 (Amounts in millions, except per share amounts)
Revenues$893.9 $901.2 
Expenses
Direct operating596.5 486.2 
Distribution and marketing211.5 217.6 
General and administration103.7 130.6 
Depreciation and amortization42.4 43.3 
Restructuring and other8.0 3.2 
Total expenses962.1 880.9 
Operating income (loss)(68.2)20.3 
Interest expense(46.1)(41.7)
Interest and other income1.3 3.9 
Other expense(5.0)(1.7)
Loss on extinguishment of debt(1.3)(26.6)
Gain (loss) on investments1.8 (0.1)
Equity interests income0.9 0.7 
Loss before income taxes(116.6)(45.2)
Income tax provision(6.0)(6.5)
Net loss(122.6)(51.7)
Less: Net loss attributable to noncontrolling interests3.6 6.3 
Net loss attributable to Lions Gate Entertainment Corp. shareholders$(119.0)$(45.4)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
Basic net loss per common share$(0.53)$(0.20)
Diluted net loss per common share$(0.53)$(0.20)
Weighted average number of common shares outstanding:
Basic225.6 221.8 
Diluted225.6 221.8 
See accompanying notes.
5

LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
Three Months Ended
June 30,
20222021
(Amounts in millions)
Net loss$(122.6)$(51.7)
Foreign currency translation adjustments, net of tax(3.0)0.1 
Net unrealized gain (loss) on cash flow hedges, net of tax48.9 (24.0)
Comprehensive loss(76.7)(75.6)
Less: Comprehensive loss attributable to noncontrolling interests3.6 6.3 
Comprehensive loss attributable to Lions Gate Entertainment Corp. shareholders$(73.1)$(69.3)
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 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 taxes 1.1 0.2 5.8 — — 6.9 — 6.9 
Issuance of common shares 0.1  0.1 — — 0.2 — 0.2 
Noncontrolling interests— — — — — — — (0.4)(0.4)
Net income (loss)— — — — (119.0)— (119.0)0.2 (118.8)
Other comprehensive income— — — — — 45.9 45.9 — 45.9 
Redeemable noncontrolling interests adjustments to redemption value— — — — (16.0)— (16.0)— (16.0)
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 
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 1.9 — — 2.3 — 2.3 
Share-based compensation, net of share cancellations for taxes 1.2 1.2 20.6 — — 21.8 — 21.8 
Issuance of common shares 0.1  0.1 — — 0.2 — 0.2 
Noncontrolling interests— — — — — — — 0.7 0.7 
Net loss— — — — (45.4)— (45.4)(0.1)(45.5)
Other comprehensive loss— — — — — (23.9)(23.9)— (23.9)
Redeemable noncontrolling interests adjustments to redemption value— — — — (10.8)— (10.8)— (10.8)
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 
_____________________
(a)Excludes redeemable noncontrolling interests, which are reflected in temporary equity (see Note 8).

See accompanying notes.
7


LIONS GATE ENTERTAINMENT CORP.
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended
June 30,
20222021
 (Amounts in millions)
Operating Activities:
Net loss$(122.6)$(51.7)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization42.4 43.3 
Amortization of films and television programs and program rights472.0 371.1 
Amortization of debt financing costs and other non-cash interest7.2 12.0 
Non-cash share-based compensation8.4 34.6 
Other amortization23.1 25.5 
Loss on extinguishment of debt1.3 26.6 
Equity interests income(0.9)(0.7)
(Gain) loss on investments(1.8)0.1 
Deferred income taxes0.2 0.9 
Changes in operating assets and liabilities:
Proceeds from the termination of interest rate swaps188.7  
Accounts receivable, net and other assets5.4 (149.6)
Investment in films and television programs and program rights, net(608.4)(577.4)
Accounts payable and accrued liabilities(51.8)(60.1)
Participations and residuals(26.4)(20.7)
Program rights and other film obligations49.3 (11.2)
Deferred revenue13.7 8.6 
Net Cash Flows Used In Operating Activities(0.2)(348.7)
Investing Activities:
Proceeds from the sale of Pantaya 123.6 
Proceeds from the sale of other investments2.3  
Investment in equity method investees and other(7.5)(2.0)
Distributions from equity method investees 0.5 
Capital expenditures(9.6)(6.4)
Net Cash Flows Provided By (Used In) Investing Activities(14.8)115.7 
Financing Activities:
Debt - borrowings, net of debt issuance and redemption costs518.5 1,199.9 
Debt - repurchases and repayments(715.2)(1,373.9)
Film related financing and other obligations - borrowings, net of debt issuance costs522.9 309.2 
Film related financing and other obligations - repayments(152.6)(146.0)
Settlement of financing component of interest rate swaps(134.5)(6.9)
Distributions to noncontrolling interest(1.7) 
Exercise of stock options3.5 2.5 
Tax withholding required on equity awards(1.1)(13.1)
Net Cash Flows Provided By (Used In) Financing Activities39.8 (28.3)
Net Change In Cash, Cash Equivalents and Restricted Cash24.8 (261.3)
Foreign Exchange Effects on Cash, Cash Equivalents and Restricted Cash(3.5) 
Cash, Cash Equivalents and Restricted Cash - Beginning Of Period384.6 528.7 
Cash, Cash Equivalents and Restricted Cash - End Of Period$405.9 $267.4 

See accompanying notes.
8

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 months ended June 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.


9

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).
Pantaya. On March 31, 2021, the Company sold its 75% majority interest in Pantaya to Hemisphere Media Group for approximately $123.6 million in cash, subject to certain customary adjustments pursuant to the terms of the agreement. Under the terms of the purchase agreement, control of Pantaya transferred to Hemisphere Media Group on March 31, 2021, with the cash consideration transferred on April 1, 2021. The receivable for the cash purchase consideration was included in other current assets as of March 31, 2021.


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:
June 30,
2022
March 31,
2022
 (Amounts in millions)
Investment in Films and Television Programs:
Individual Monetization
Released, net of accumulated amortization$568.4 $557.5 
Completed and not released90.2 121.4 
In progress603.7 574.9 
In development72.9 102.7 
1,335.2 1,356.5 
Film Group Monetization
Released, net of accumulated amortization518.9 469.5 
Completed and not released245.8 253.2 
In progress514.2 427.6 
In development11.5 11.4 
1,290.4 1,161.7 
Licensed program rights, net of accumulated amortization523.2 495.4 
Investment in films and television programs and licensed program rights, net$3,148.8 $3,013.6 


At June 30, 2022, acquired film and television libraries have remaining unamortized costs of $146.4 million, which are monetized individually and are being amortized using the individual-film-forecast method over a remaining period of approximately 18.9 years (March 31, 2022 - unamortized costs of $149.9 million).

Amortization of investment in film and television programs and licensed program rights by predominant monetization strategy is as follows for the three months ended June 30, 2022 and 2021, and was included in direct operating expense in the unaudited condensed consolidated statements of operations:
10

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


Three Months Ended
June 30,
20222021
 (Amounts in millions)
Amortization expense:
Individual monetization$267.9 $235.8 
Film group monetization52.5 32.1 
Licensed program rights151.6 103.2 
$472.0 $371.1 

Impairments. Investment in films and television programs and licensed program rights includes write-downs to fair value, which are included in direct operating expense on the unaudited condensed consolidated statements of operations, and represented the following amounts by segment for the three months ended June 30, 2022 and 2021:
Three Months Ended
June 30,
20222021
 (Amounts in millions)
Impairments by segment:
Motion Picture$0.5 $ 
Television Production1.2 25.0 
$1.7 $25.0 



4. Investments
The Company's investments consisted of the following:
June 30,
2022
March 31,
2022
 (Amounts in millions)
Investments in equity method investees$63.0 $53.9 
Other investments1.6 2.1 
$64.6 $56.0 

Equity Method Investments:
The Company has investments in various equity method investees with ownership percentages ranging from approximately 9% to 49%. These investments include:
STARZPLAY Arabia. STARZPLAY Arabia (Playco Holdings Limited) offers a STARZ-branded online subscription video-on-demand service in the Middle East and North Africa.
Roadside Attractions. Roadside Attractions is an independent theatrical distribution company.
Pantelion Films. Pantelion Films is a joint venture with Videocine, an affiliate of Televisa, which produces, acquires and distributes a slate of English and Spanish language feature films that target Hispanic moviegoers in the U.S.
Atom Tickets. Atom Tickets is the first-of-its-kind theatrical mobile ticketing platform and app.
Great Point Opportunity Fund. Great Point Opportunity Fund is an operating company that operates Lionsgate Studios Yonkers, a studio facility in Yonkers, New York.
Spyglass. Spyglass is a global premium content company, focused on developing, producing, financing and acquiring motion pictures and television programming across all platforms for worldwide audiences.
11

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


42. 42 is a fully integrated management and production company, producing film, television and content, representing actors, writers, directors, comedians, presenters, producers, casting directors and media book rights; with offices in London and Los Angeles.
Other. In addition to the equity method investments discussed above, the Company holds ownership interests in other immaterial equity method investees.
Summarized Financial Information. Summarized financial information for the Company's equity method investees on an aggregate basis is set forth below:
June 30,
2022
March 31,
2022
 (Amounts in millions)
Current assets$160.6 $125.3 
Non-current assets$164.3 $166.4 
Current liabilities$305.6 $253.9 
Non-current liabilities$60.1 $59.8 

Three Months Ended
June 30,
20222021
 (Amounts in millions)
Revenues$34.6 $14.4 
Gross profit$12.2 $3.9 
Net loss$(2.0)$(11.3)




5. Debt

Total debt of the Company, excluding film related and other obligations, was as follows:
 June 30,
2022
March 31,
2022
 (Amounts in millions)
Corporate debt:
Revolving Credit Facility$ $ 
Term Loan A444.9 638.5 
Term Loan B841.0 844.2 
5.500% Senior Notes
1,000.0 1,000.0 
Total corporate debt2,285.9 2,482.7 
Unamortized debt issuance costs(53.9)(57.8)
Total debt, net2,232.0 2,424.9 
Less current portion(53.4)(222.8)
Non-current portion of debt$2,178.6 $2,202.1 


Senior Credit Facilities (Revolving Credit Facility, Term Loan A and Term Loan B)
Revolving Credit Facility Availability of Funds & Commitment Fee. The Revolving Credit Facility provides for borrowings and letters of credit up to an aggregate of $1.25 billion, and at June 30, 2022 there was $1.25 billion available. However, borrowing levels are subject to certain financial covenants as discussed below. There were no letters of credit outstanding at June 30, 2022. The Company is required to pay a quarterly commitment fee on the Revolving Credit Facility of 0.250% to 0.375% per annum, depending on the achievement of certain leverage ratios, as defined in the Credit Agreement, on the total Revolving Credit Facility of $1.25 billion less the amount drawn.
12

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


Maturity Date:
Revolving Credit Facility & Term Loan A: April 6, 2026 (see Debt Transactions section below for the April 2022 voluntary prepayment of the entire principal amount of the Term Loan A previously due March 22, 2023).
Term Loan B: March 24, 2025.
Interest:
Revolving Credit Facility & Term Loan A: The Revolving Credit Facility and Term Loan A bear interest at a rate per annum equal to LIBOR plus 1.75% (or an alternative base rate plus 0.75%) margin, with a LIBOR floor of zero. The margin is subject to potential increases of up to 50 basis points (two (2) increases of 25 basis points each) upon certain increases to net first lien leverage ratios, as defined in the Credit Agreement (effective interest rate of 3.54% as of June 30, 2022, before the impact of interest rate swaps).
Term Loan B: The Term Loan B bears interest at a rate per annum equal to LIBOR plus 2.25% margin, with a LIBOR floor of zero (or an alternative base rate plus 1.25% margin) (effective interest rate of 4.04% as of June 30, 2022, before the impact of interest rate swaps).
Required Principal Payments:
Term Loan A: Quarterly principal payments, at quarterly rates of 1.25% beginning September 30, 2022, 1.75% beginning September 30, 2023, and 2.50% beginning September 30, 2024 through March 31, 2026, with the balance payable at maturity.
Term Loan B: Quarterly principal payments at a quarterly rate of 0.25%, with the balance payable at maturity.
The Term Loan A and Term Loan B also require mandatory prepayments in connection with certain asset sales, subject to certain significant exceptions, and the Term Loan B is subject to additional mandatory repayment from specified percentages of excess cash flow, as defined in the Credit Agreement.
Optional Prepayment:
Revolving Credit Facility & Term Loan A: The Company may voluntarily prepay the Revolving Credit Facility and Term Loan A at any time without premium or penalty.
Term Loan B: The Company may voluntarily prepay the Term Loan B at any time without premium or penalty.
Security. The Senior Credit Facilities are guaranteed by the guarantors named in the Credit Agreement and are secured by a security interest in substantially all of the assets of Lionsgate and the Guarantors (as defined in the Credit Agreement), subject to certain exceptions.
Covenants. The Senior Credit Facilities contain representations and warranties, events of default and affirmative and negative covenants that are customary for similar financings and which include, among other things and subject to certain significant exceptions, restrictions on the ability to declare or pay dividends, create liens, incur additional indebtedness, make investments, dispose of assets and merge or consolidate with any other person. In addition, a net first lien leverage maintenance covenant and an interest coverage ratio maintenance covenant apply to the Revolving Credit Facility and the Term Loan A and are tested quarterly. As of June 30, 2022, the Company was in compliance with all applicable covenants.
Change in Control. The Company may also be subject to an event of default upon a change in control (as defined in the Credit Agreement) which, among other things, includes a person or group acquiring ownership or control in excess of 50% of the Company’s common shares.
Potential Impact of LIBOR Transition. The Chief Executive of the U.K. Financial Conduct Authority (the “FCA”), which regulates the LIBOR has announced that the FCA will no longer persuade or compel banks to submit rates for the calculation of LIBOR after the end of 2021. For U.S dollar LIBOR, publication of the one-week and two-month LIBOR settings ceased on December 31, 2021, and publication of the overnight and 12-month LIBOR settings will cease after June 30, 2023. Immediately after June 30, 2023, the one-month, three-month and six-month U.S. dollar LIBOR settings will no longer be representative. Given these changes, the LIBOR administrator has advised that no new contracts using U.S. dollar LIBOR should be entered into after December 31, 2021. It is also possible that U.S. LIBOR will be discontinued or modified prior to June 30, 2023.
The Company is unable to predict whether or when an alternative reference rate will become a standard global benchmark and suitable replacement for LIBOR. In July 2021, the Alternative Reference Rates Committee, a steering committee comprised of large U.S. financial institutions and other market participants, recommended replacing U.S. dollar LIBOR with the Secured Overnight Financing Rate (“SOFR”), a new index based on transactions in the market for short-term treasury securities. The
13

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


publication of SOFR began in April 2018, and, therefore, it has a very limited history. Whether SOFR attains market traction as a LIBOR replacement tool remains in question.
Under the terms of the Company's Credit Agreement, in the event of the discontinuance of LIBOR, a mutually agreed-upon alternate benchmark rate will be established to replace LIBOR. The Company and Lenders (as defined in the Credit Agreement) shall, in good faith, endeavor to establish an alternate benchmark rate that gives due consideration to prevailing market convention for determining a rate of interest for syndicated loans in the United States at such time, and which places the lenders under the Credit Agreement and the Company in the same economic position that existed immediately prior to the discontinuation of LIBOR. The Company does not anticipate that the discontinuance or modification of LIBOR will materially impact its liquidity or financial position.
5.500% Senior Notes

Interest: Bears interest at 5.500% annually (payable semi-annually in arrears on April 15 and October 15 of each year, commencing on October 15, 2021).
Maturity Date: April 15, 2029.

Optional Redemption:
(i)Prior to April 15, 2024, the Company may redeem the 5.500% Senior Notes in whole at any time, or in part from time to time, at a price equal to 100% of the principal amount of the notes to be redeemed plus a "make-whole" premium, plus accrued and unpaid interest, if any, to, but not including, the redemption date. The make-whole premium is the greater of (i) 1.0% of the principal amount redeemed and (ii) the excess, if any, of the present value at such redemption date of the redemption price at April 15, 2024 (see redemption prices below) plus interest through April 15, 2024 (discounted to the redemption date at the treasury rate plus 50 basis points) over the principal amount of the notes redeemed on the redemption date.
(ii)On or after April 15, 2024, the Company may redeem the 5.500% Senior Notes in whole at any time, or in part from time to time, at certain specified redemption prices, plus accrued and unpaid interest, if any, to, but not including, the redemption date. Such redemption prices are as follows (as a percentage of the principal amount redeemed): (i) on or after April 15, 2024 - 102.750%; (ii) on or after April 15, 2025 - 101.375%; and (iii) on or after April 15, 2026 - 100%. In addition, the Company may redeem up to 40% of the aggregate principal amount of the notes at any time and from time to time prior to April 15, 2024 with the net proceeds of certain equity offerings at a price of 105.500% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, to, but not including, the redemption date.

Security. The 5.500% Senior Notes are unsubordinated, unsecured obligations of the Company.

Covenants. The 5.500% Senior Notes contain certain restrictions and covenants that, subject to certain exceptions, limit the Company’s ability to incur additional indebtedness, pay dividends or repurchase the Company’s common shares, make certain loans or investments, and sell or otherwise dispose of certain assets subject to certain conditions, among other limitations. As of June 30, 2022, the Company was in compliance with all applicable covenants.
Change in Control. The occurrence of a change of control will be a triggering event requiring the Company to offer to purchase from holders all of the 5.500% Senior Notes, at a price equal to 101% of the principal amount, plus accrued and unpaid interest, if any, to the date of purchase. In addition, certain asset dispositions will be triggering events that may require the Company to use the excess proceeds from such dispositions to make an offer to purchase the 5.500% Senior Notes at 100% of their principal amount, plus accrued and unpaid interest, if any, to the date of purchase.
Capacity to Pay Dividends
At June 30, 2022, the capacity to pay dividends under the Senior Credit Facilities and the 5.500% Senior Notes significantly exceeded the amount of the Company's accumulated deficit or net loss, and therefore the Company's net loss of $122.6 million and accumulated deficit of $504.7 million were deemed free of restrictions from paying dividends at June 30, 2022.
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LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


Debt Transactions:
Fiscal 2023:

Term Loan A Prepayment. In April 2022, the Company voluntarily prepaid the entire outstanding principal amount of the Term Loan A due March 22, 2023 of $193.6 million, together with accrued and unpaid interest.

Senior Notes Repurchases. In July 2022, the Company repurchased $18.7 million principal amount of the 5.500% Senior Notes for $14.6 million, together with accrued and unpaid interest. See Note 18 - Subsequent Events.
Fiscal 2022:
Senior Notes Redemption and Issuance. On April 1, 2021, the Company redeemed in full all $518.7 million outstanding principal amount of its 5.875% Senior Notes due November 2024 ("5.875% Senior Notes") and all $545.6 million outstanding principal amount of its 6.375% Senior Notes due February 2024 ("6.375% Senior Notes"). In connection with the early redemption of the 5.875% Senior Notes and the 6.375% Senior Notes, the Company paid a prepayment premium of $15.2 million and $17.4 million, respectively, plus accrued and unpaid interest to the date of redemption, pursuant to the terms of the indentures governing the 5.875% Senior Notes and the 6.375% Senior Notes, respectively.

In connection with the redemption of the 5.875% Senior Notes and the 6.375% Senior Notes, on April 1, 2021, the Company issued $1.0 billion aggregate principal amount of 5.500% Senior Notes due April 15, 2029 ("5.500% Senior Notes").
Credit Agreement Amendment. On April 6, 2021, the Company amended its Credit Agreement to, among other things, extend the maturity of a portion of its revolving credit commitments, amounting to $1.25 billion, and a portion of its outstanding term A loans, amounting to $444.9 million to April 6, 2026, and make certain other changes to the covenants and other provisions therein.
Term Loan B Repurchases. During the three months ended June 30, 2021, the Company completed a series of repurchases of the term B loans due March 24, 2025 ("Term Loan B") and, in aggregate, paid $51.1 million to repurchase $51.5 million principal amount of the Term Loan B.
Loss on Extinguishment of Debt:
In accounting for the fiscal 2022 Senior Notes redemption and issuance transactions and credit agreement amendment discussed above, a portion of the refinancing transactions was considered a modification of terms, and a portion was considered a debt extinguishment. During the three months ended June 30, 2022 and 2021, the Company recorded a loss on extinguishment of debt related to the transactions described above as summarized in the table below:
Three Months Ended
June 30,
20222021
Loss on extinguishment of debt:
Term Loan A prepayment$1.3 $ 
Senior Notes redemption and issuance 24.7 
Credit Agreement amendment (Revolving Credit Facility and Term Loan A) 1.7 
Term Loan B repurchases and other 0.2 
$1.3 $26.6 




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



6. Film Related and Other Obligations
 
June 30,
2022
March 31,
2022
 (Amounts in millions)
Program rights and film obligations$327.8 $278.4 
Film related financing and other obligations:
Production Loans1,135.0 966.3 
Production Tax Credit Facility233.7 224.0 
Programming Notes56.2 96.4 
Backlog Financing Facility and Other243.6  
IP Credit Facility114.0 123.5 
Total film related financing and other obligations1,782.5 1,410.2 
Unamortized debt issuance costs(11.4)(8.5)
Total film related financing and other obligations, net1,771.1 1,401.7 
Less current portion(1,090.3)(951.1)
Total non-current film related and other obligations$1,008.6 $729.0 
Program Rights and Film Obligations
Program rights and film obligations include minimum guarantees and accrued licensed program rights obligations, which represent amounts payable for film or television rights that the Company has acquired or licensed.
Film Related Financing and Other Obligations
Film related financing and other obligations include production loans, programming notes, the Company's Production Tax Credit Facility, IP Credit Facility, Backlog Financing Facility and other.
Production Loans. Production loans represent individual loans for the production of film and television programs that the Company produces. The majority of the Company's production loans have contractual repayment dates either at or near the expected completion date, with the exception of certain loans containing repayment dates on a longer term basis, and incur primarily LIBOR and SOFR-based interest at a weighted average rate of 3.61% (before the impact of interest rate swaps, see Note 16 for interest rate swaps).
Programming Notes. Programming notes represent individual loans for the licensing of film and television programs that the Company licenses. The Company's programming notes have contractual repayment dates in July 2022, and incur primarily LIBOR and SOFR-based interest at a weighted average rate of 4.57% (before the impact of interest rate swaps, see Note 16 for interest rate swaps).
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LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)


Production Tax Credit Facility. In January 2021, as amended on March 31, 2021 and March 29, 2022, the Company entered into a non-recourse senior secured revolving credit facility (the "Production Tax Credit Facility") based on collateral consisting of certain of the Company’s tax credit receivables. The maximum principal amount of the Production Tax Credit Facility is $235.0 million, subject to the amount of collateral available, which is based on specified percentages of amounts payable to the Company by governmental authorities pursuant to the tax incentive laws of certain eligible jurisdictions that arise from the production or exploitation of motion pictures and television programming in such jurisdiction. Advances under the Production Tax Credit Facility bear interest at a rate equal to SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus 1.50% per annum or the base rate plus 0.50% per annum (effective interest rate of 3.29% at June 30, 2022). The Production Tax Credit Facility matures on January 27, 2025. As of June 30, 2022, there was $233.7 million outstanding under the Production Tax Credit Facility, and there were no material amounts available under the Production Tax Credit Facility (March 31, 2022 - $224.0 million outstanding).
IP Credit Facility. In July 2021, as amended on September 30, 2021, certain subsidiaries of the Company entered into a senior secured amortizing term credit facility (the "IP Credit Facility") based on the collateral consisting solely of certain of the Company’s rights in certain library titles, including the Spyglass and other recently acquired libraries. The maximum principal amount of the IP Credit Facility is $140.0 million, subject to the amount of collateral available, which is based on the valuation of cash flows from the libraries. The cash flows generated from the exploitation of the rights will be applied to repay the IP Credit Facility subject to cumulative minimum guaranteed payment amounts as set forth below:
Cumulative Period Through:Cumulative Minimum Guaranteed Payment AmountsPayment Due Date
(in millions)
September 30, 2022$26.3November 14, 2022
September 30, 2023$52.5November 14, 2023
September 30, 2024$78.8November 14, 2024
September 30, 2025$105.0November 14, 2025
July 30, 2026$140.0July 30, 2026
Advances under the IP Credit Facility bear interest at a rate equal to, at the Company’s option, LIBOR plus 2.25% per annum (with a LIBOR floor of 0.25%) or the base rate plus 1.25% per annum (effective interest rate of 4.04% at June 30, 2022). The IP Credit Facility matures on July 30, 2026. As of June 30, 2022, there was $114.0 million outstanding under the IP Credit Facility.
Backlog Financing Facility and Other:
Backlog Financing Facility. In March 2022, as amended in August 2022, certain subsidiaries of the Company entered into a committed secured revolving credit facility (the "Backlog Financing Facility") based on collateral consisting of certain of the Company's fixed fee or minimum guarantee contracts where cash will be received in the future. The maximum principal amount of the Backlog Financing Facility as of June 30, 2022 was $125.0 million, subject to the amount of eligible collateral contributed to the facility. In August 2022, the Company amended its Backlog Financing Facility and increased the maximum principal amount of the Backlog Financing Facility from $125.0 million to $175.0 million (see Note 18 - Subsequent Events). Advances under the Backlog Financing Facility bear interest at a rate equal to Term SOFR plus 0.10% to 0.25% depending on the SOFR term (i.e., one, three or six months), plus an applicable margin amounting to 1.15% per annum at June 30, 2022. The applicable margin is subject to a potential increase to either 1.25% or 1.50% based on the weighted average credit quality rating of the collateral contributed to the facility (effective interest rate of 2.94% at June 30, 2022). The Backlog Financing Facility revolving period finishes on May 16, 2025, at which point cash collections from the underlying collateral is used to repay the facility. The facility maturity date is up to 2 years, 90 days after the revolving period ends, currently August 14, 2027. As of June 30, 2022, there was $125.0 million outstanding under the Backlog Financing Facility, and there were no amounts available under the Backlog Financing Facility (March 31, 2022 - no amounts outstanding).
Other. On June 28, 2022, the Company borrowed $118.6 million under a loan agreement which is secured by contracted receivables which are not yet recognized as revenue under certain licensing agreements (the "Distribution Loan Agreement"). The loan agreement matures on December 28, 2025. Outstanding loan balances must be repaid with any cash collections from the underlying collateral if and when received by the Company, and may be voluntarily repaid at any time without prepayment penalty fees. Borrowings bear interest at a rate equal to Term SOFR plus 0.11%, plus an applicable margin amounting to 1.50% per annum (effective interest rate of 3.30% at June 30, 2022).
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LIONS GATE ENTERTAINMENT CORP.
NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Continued)




7. Fair Value Measurements
Fair Value
Accounting guidance and standards about fair value define fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
Fair Value Hierarchy
Fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The accounting guidance and standards establish three levels of inputs that may be used to measure fair value:

Level 1 — Quoted prices in active markets for identical assets or liabilities.
Level 2 — Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which all significant inputs are observable or can be derived principally from or corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 — Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.
The following table sets forth the assets and liabilities required to be carried at fair value on a recurring basis as of June 30, 2022 and March 31, 2022:
June 30, 2022March 31, 2022
Level 1Level 2TotalLevel 1Level 2Total
Assets:(Amounts in millions)
Equity securities with a readily determinable fair value$ $ $