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Lionsgate Motion Picture, TV Catalog Offset Q4, Fiscal-Year Declines

Another strong backlog of catalog movies and TV shows helped Lionsgate offset fourth-quarter and fiscal-year (ended March 31) revenue declines in its motion picture business segment. Q4 revenue decreased 1.5% to $288.1 million, compared with revenue of $292.4 million in the prior-year quarter.

Segment profit decreased 19.6% to $49.5 million, compared with $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 and television libraries.

Revenue from Lionsgate’s 17,000-title film and television library, which includes home entertainment, was $766 million for the trailing 12 months, up from $700 million at the end of the previous fiscal year.

Television production segment revenue increased by 75.7% to $370.2 million, compared with $210.7 million in the prior year quarter. Segment profit increased 263.7% to $33.1 million, compared with $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.

The studio business, composed of the motion picture and television production segments, increased revenue by 30.8% to $658.3 million, compared with $503.1 million in the prior-year quarter. Segment profit increased 16.8% to $82.6 million, compared with $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.

Full-year fiscal 2022 revenue was $3.60 billion, operating income was $9 million, and the net loss attributable to shareholders was $188.2 million, up from a loss of $34.5 million in FY 2021.

“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,” CEO Jon Feltheimer said in a statement. “Our content creation strengths were evident across our businesses as … our motion picture group continued to add to a strong pipeline of branded properties.”

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