LIONS GATE ENTERTAINMENT CORP /CN/ (LGF-A)·Q4 2024 Earnings Summary

Executive Summary

• Q4 FY2024 delivered $1.12B revenue, -$0.22 GAAP diluted EPS, $0.27 adjusted diluted EPS, and $140.3M Adjusted OIBDA; results were driven by record library monetization and strong TV deliveries post-strike .
• Television Production was the standout: revenue +61% YoY to $469.3M and segment profit +83% YoY to $52.6M; library revenue hit a quarterly record of $339M (TTM $886M) .
• Media Networks headwinds: revenue -7.1% YoY to $361.5M, segment profit -28.4% YoY to $52.5M; domestic OTT subs were flat seq. while North American net subs fell by 480K .
• Exceeded the last issued FY2024 guidance: consolidated Adjusted OIBDA of $517.6M vs $400–$450M guided; Studio Business Adjusted OIBDA of $330.1M within $300–$350M; Media Networks segment profit of $236.4M above $175–$225M guided; management reiterated intent to complete full separation of studio and STARZ by year-end CY2024—both are key stock catalysts .

What Went Well and What Went Wrong

• What Went Well

  • “We reported strong financial results… completed four major transactions, moved closer to a value-defining separation of our studio and STARZ businesses, grossed over a billion dollars at the global box office and grew our film and TV library to record levels.” — CEO Jon Feltheimer .
  • TV Production surged: revenue +61% YoY to $469.3M; segment profit +83% YoY to $52.6M, driven by library sales and post-strike series deliveries .
  • Film & TV library record: $339M quarterly revenue; TTM library revenue of $886M; Motion Picture Group FY segment profit was highest in 10 years ($319.4M) .

• What Went Wrong

  • Media Networks softness: revenue -7.1% YoY to $361.5M and segment profit -28.4% YoY to $52.5M; domestic OTT was flat sequentially and North American net subs declined by 480K .
  • Motion Picture revenue -23% YoY to $410.6M and segment profit -12% to $82.2M on a difficult comp vs the prior year’s John Wick: Chapter Four release .
  • Elevated restructuring and related costs: Q4 restructuring and other = $137.5M (incl. Media Networks content impairments); non-GAAP adjustments remained sizable, reflecting ongoing strategic repositioning .

Financial Results

Segment breakdown

KPIs

Guidance Changes

Note: No new quantitative guidance was issued in the Q4 materials; comparisons are actuals vs last published FY2024 guidance.

Earnings Call Themes & Trends

Management Commentary

• “We reported strong financial results in the fourth quarter to wrap up a great year in which we completed four major transactions, moved closer to a value-defining separation of our studio and STARZ businesses, grossed over a billion dollars at the global box office and grew our film and TV library to record levels.” — Jon Feltheimer, CEO .
• “With the launch of Lionsgate Studios as a pure play, publicly-traded company earlier this month, we have an opportunity to shine a light on the value of the content we are creating, owning and delivering while taking an important step forward in preparing for the anticipated full separation of our studio and STARZ businesses by the end of the calendar year.” — Jon Feltheimer .
• Q4 narrative emphasized: record library monetization ($339M) and post-strike TV deliveries driving segment profit, while Media Networks faced higher content amortization and subscriber softness .

Q&A Highlights

• The company hosted its Q4 FY2024 call on May 23, 2024; however, the full transcript could not be retrieved from our document system. Public third-party transcript links are available (e.g., Seeking Alpha, MarketScreener), but access limitations prevented full-text extraction for direct quotation in this report .
• From management’s prepared materials, key topics addressed included: progress and timing toward full separation (by end of CY2024), drivers of record library monetization, post-strike production deliveries, and Media Networks restructuring and content amortization dynamics .
• For detailed Q&A tone and clarifications, please refer to the company’s webcast replay on the investor relations site and public transcript sources above .

Estimates Context

• S&P Global consensus estimates were not available via our system for LGF-A at the time of analysis (tool mapping unavailable), so we cannot present formal beat/miss vs. Wall Street for revenue or EPS this quarter. As a result, any estimate comparisons are omitted to avoid inaccuracy.
• Implications for estimates: given FY2024 consolidated Adjusted OIBDA of $517.6M vs $400–$450M guided, and Media Networks segment profit of $236.4M vs $175–$225M guided, sell-side models may need to raise Studio Business profitability assumptions and recalibrate Media Networks trajectory for subscriber trends and content amortization in FY2025+ .

Key Takeaways for Investors

• Record library monetization and post-strike TV deliveries offset Motion Picture comps and Media Networks headwinds; Studio Business fundamentals remain healthy .
• Execution on corporate actions is a catalyst: Lionsgate Studios has listed (LION), and management targets full separation of studio and STARZ by end of CY2024 .
• FY2024 results exceeded prior guidance ranges for consolidated Adjusted OIBDA and Media Networks segment profit, underscoring operational resilience and cost discipline .
• Media Networks reset: sequential domestic OTT flat and NA subs -480K, plus higher content amortization, argue for cautious near-term expectations while restructuring completes .
• Motion Picture faces tougher comps but ended FY with the highest segment profit in a decade; the slate and library continue to underpin profitability .
• Cash/liquidity improved into year-end ($314M), while backlog remains robust ($1.5B), supporting forward production visibility .
• Near-term trading: positive bias from guidance outperformance and separation progress; counterbalanced by Media Networks sub softness and restructuring-related noise .

Notes:

• Primary sources: Q4 FY2024 8-K/press release with financial statements and segment tables ; prior quarter 8-Ks for trend analysis .
• Public IR press release page corroborating highlights and PR Newswire posting .
• S&P Global consensus estimates unavailable for LGF-A via our interface at this time.