XML 70 R51.htm IDEA: XBRL DOCUMENT v3.19.1
Quarterly Financial Data (Unaudited) (Tables)
 12 Months Ended
Mar. 31, 2019
Quarterly Financial Information Disclosure [Abstract]  
Schedule of Quarterly Financial Information
Certain quarterly information is presented below:
 
 
First
Quarter
 
Second
 Quarter
 
Third
Quarter
 
Fourth
 Quarter
 
 
(Amounts in millions, except per share amounts)
2019
 
 
 
 
 
 
 
 
Revenues
 
$
932.7

 
$
901.0

 
$
933.2

 
$
913.7

Operating income (loss)(1)
 
$
38.2

 
$
39.1

 
$
86.8

 
$
(34.0
)
Net income (loss)(1)(2)
 
$
(11.4
)
 
$
(149.3
)
 
$
20.1

 
$
(159.1
)
Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders
 
$
(7.9
)
 
$
(144.1
)
 
$
22.9

 
$
(155.2
)
Per share information attributable to Lions Gate Entertainment Corp. shareholders:
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
 
$
(0.04
)
 
$
(0.67
)
 
$
0.11

 
$
(0.72
)
Diluted net income (loss) per common share
 
$
(0.04
)
 
$
(0.67
)
 
$
0.10

 
$
(0.72
)
 
 
First
Quarter
 
Second
 Quarter
 
Third
Quarter
 
Fourth
Quarter
 
 
(Amounts in millions, except per share amounts)
2018
 
 
 
 
 
 
 
 
Revenues
 
$
1,005.3

 
$
940.8

 
$
1,142.7

 
$
1,040.2

Operating income (loss)(3)
 
$
89.7

 
$
30.4

 
$
80.2

 
$
48.4

Net income (loss)(3)(4)
 
$
174.5

 
$
12.9

 
$
191.1

 
$
89.6

Net income (loss) attributable to Lions Gate Entertainment Corp. shareholders
 
$
173.8

 
$
15.5

 
$
193.0

 
$
91.3

Per share information attributable to Lions Gate Entertainment Corp. shareholders:
 
 
 
 
 
 
 
 
Basic net income (loss) per common share
 
$
0.84

 
$
0.07

 
$
0.92

 
$
0.43

Diluted net income (loss) per common share
 
$
0.80

 
$
0.07

 
$
0.87

 
$
0.41

________________________________________
(1)
During fiscal 2019, operating income and net income included the following items:
•
Restructuring and Other. The first, second, third and fourth quarter of fiscal 2019 included restructuring and other items of $10.5 million, $15.0 million, $16.6 million and $35.9 million, respectively (after tax $7.8 million, $11.5 million, $12.6 million, and $27.3 million, respectively) (see Note 15).
•
Programming and Content Charges. During the fourth quarter of fiscal 2019, in connection with recent management changes, the Company implemented changes to its programming strategy including programming that will no longer be broadcast on Starz networks. As a result, the Company recorded certain programming and content charges of $35.1 million (after tax $26.7 million) in connection with recent management changes, and changes to the Company's programming strategy, which are included in direct operating expense in the consolidated statement of operations in the fourth quarter of fiscal 2019 (see Note 15).
(2)
During fiscal 2019, net income also included the following items:
•
Shareholder Litigation Settlements. The second quarter of fiscal 2019 included shareholder litigation settlements of $114.1 million (after tax $104.7 million) (see Note 17).
•
Loss on Investments. The first, second, third and fourth quarter of fiscal 2019 included a loss on investments of $0.9 million, $36.1 million, $6.2 million and $44.4 million, respectively (after tax $0.7 million, $32.4 million, $4.7 million and $33.7 million, respectively) (see Note 5).
•
Loss on Extinguishment of Debt. The fourth quarter of fiscal 2019 included a loss on extinguishment of debt of $1.9 million (after tax $1.4 million) (see Note 7).
•
Deferred Tax Valuation Allowance. The fourth quarter of fiscal 2019 included a charge of $53.7 million from an increase in the valuation allowance for certain of the Company's deferred tax assets (see Note 14).
(3)
During fiscal 2018, operating income and net income included the following items:
•
Restructuring and Other. The first, second, third and fourth quarter of fiscal 2018 included restructuring and other items of $10.9 million, $3.5 million, $21.4 million, and $24.0 million, respectively (after tax $8.9 million, $2.5 million, $14.5 million, and $15.7 million, respectively) (see Note 15).
(4)
During fiscal 2018, net income also included the following items:
•
Loss on Extinguishment of Debt. The first, second, third and fourth quarter of fiscal 2018 included a loss on extinguishment of debt of $11.6 million, $6.4 million, $6.2 million and $11.6 million, respectively (after tax $8.5 million, $4.7 million, $4.6 million and $7.8 million, respectively) (see Note 7).
•
Gain (Loss) on Investments. The first and third quarter of fiscal 2018 included a gain on investments of $201.0 million and a loss on investments of $29.2 million, respectively (after tax gain of $127.0 million and loss of $20.1 million, respectively) (see Note 5).
•
Impact of Corporate Tax Rate Change on Deferred Tax Liabilities. The third quarter of fiscal 2018 included a deferred tax benefit of $165.0 million resulting from the impact of the change in the U.S. federal corporate income tax rate from 35% to 21% under the Tax Cuts and Jobs Act on the Company's beginning net deferred tax liabilities (see Note 14).
•
Tax Benefit from Internal Capital Restructuring. The fourth quarter of fiscal 2018 included a net tax benefit of $94.1 million primarily from the internal capital restructuring in connection with our third party debt refinancing (see Note 7 to our consolidated financial statements), net of the charge from an increase in its valuation allowance associated with certain deferred tax assets (see Note 14).