Lionsgate Studios (LION) Registration Filing summary

Company overview and business model

• Operates as a leading standalone, pure-play, publicly traded content company with motion picture and television production and distribution businesses, a portfolio of brands and franchises, and a library of over 20,000 titles.

• Manages two main segments: Motion Picture (theatrical, home entertainment, TV, international, other) and Television Production (TV, international, home entertainment, other).

• Recent acquisitions include eOne, expanding the library and strengthening the TV business.

• Business model focuses on licensing content globally, leveraging co-financing, pre-licensing, and government incentives to mitigate production risk.

Financial performance and metrics

• For the nine months ended December 31, 2024: revenues $2.13B, operating loss $(136.7)M, net loss attributable to shareholders $(150.4)M.

• For the year ended March 31, 2024: pro forma revenues $3.38B, net loss $(372.5)M; prior years show similar trends with net losses.

• Cash and cash equivalents as of December 31, 2024: $146.7M; total assets $5.37B; corporate debt $1.95B; film-related obligations $1.86B.

• Segment revenue split (nine months ended Dec 31, 2024): Motion Picture 50%, Television Production 50%.

• Library revenues are significant, with a large portion from a small number of titles.

Use of proceeds and capital allocation

• Proceeds from the exercise of stock options and SARs will be used for general corporate purposes.

• Capital allocation strategy focuses on reinvesting free cash flow into content growth and maintaining flexibility for acquisitions and investments.

• Recent capital raised ($330M) used to pay down debt and fund acquisitions.