Revenue

6 Months Ended

Sep. 30, 2019

Revenue from Contract with Customer [Abstract]

The Company's Motion Picture and Television Production segments generate revenue principally from the licensing of content in domestic theatrical exhibition, home entertainment (e.g., digital media and packaged media), television, and international market places. The Company's Media Networks segment generates revenue primarily from the distribution of the Company's STARZ branded premium subscription video services and, to a lesser extent, direct-to-consumer content streaming services.

Revenue by Segment, Market or Product Line

The table below presents revenues by segment, market or product line for the three and six months ended September 30, 2019 and 2018:



	Three Months Ended						Six Months Ended
	September 30,						September 30,
	2019			2018			2019			2018
	(Amounts in millions)
Revenue by Type:
Motion Picture
Theatrical	$	85.7		$	69.1		$	207.5		$	119.5
Home Entertainment
Digital Media	113.3			85.1			196.6			171.3
Packaged Media	65.2			64.5			121.6			141.0
Total Home Entertainment	178.5			149.6			318.2			312.3
Television	38.3			70.9			103.1			132.8
International	93.2			82.2			160.6			149.6
Other	10.1			7.2			14.2			30.1
Total Motion Picture revenues	$	405.8		$	379.0		803.6			744.3

Television Production
Television	185.5			85.1			382.3			302.9
International	39.0			21.8			95.8			58.8
Home Entertainment
Digital Media	31.7			27.0			37.5			43.3
Packaged Media	0.2			1.6			1.6			3.4
Total Home Entertainment	31.9			28.6			39.1			46.7
Other	17.6			16.6			36.6			23.1
Total Television Production revenues	274.0			152.1			553.8			431.5

Media Networks - Programming Revenues
Domestic⁽¹⁾	369.6			377.0			738.9			731.8
International	4.4			0.3			7.5			0.4
	374.0			377.3			746.4			732.2

Intersegment eliminations	(70.3		)	(7.4		)	(156.7		)	(74.4		)
Total revenues	$	983.5		$	901.0		$	1,947.1		$	1,833.6

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(1)	Media Networks domestic revenues include revenue from the Company's legacy Streaming Services product line of $7.7 million and $14.1 million in the three and six months ended September 30, 2019, respectively (2018 - $3.6 million and $7.3 million).

Remaining Performance Obligations

Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog). Revenues expected to be recognized in the future related to performance obligations that are unsatisfied at September 30, 2019 are as follows:



	Rest of Year Ending March 31, 2020		Year Ending March 31,
	Rest of Year Ending March 31, 2020		2021		2022		Thereafter		Total
	(Amounts in millions)
Remaining Performance Obligations	$	721.3	$	419.8	$	151.5	$	223.1	$	1,515.7

The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenues included in the above table include all fixed fee contracts regardless of duration.

Revenues of $50.1 million and $115.0 million, including variable and fixed fee arrangements, were recognized during the three and six months ended September 30, 2019, respectively, from performance obligations satisfied prior to March 31, 2019. These revenues were primarily associated with the distribution of television and theatrical product in electronic sell-through and video-on-demand formats, and to a lesser extent, the distribution of theatrical product in the domestic and international markets related to films initially released in prior periods.

Contract Assets and Deferred Revenue

The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable, contract assets and deferred revenue. At September 30, 2019 and March 31, 2019, accounts receivable, contract assets and deferred revenue are as follows:



Item	Balance Sheet Location	September 30, 2019		March 31, 2019		Addition (Reduction)
		(Amounts in millions)
Accounts receivable, net - current	Accounts receivable, net	$	664.2	$	647.2	$	17.0
Accounts receivable, net - non-current	Other assets - non-current	148.6		176.1		(27.5		)
Contract asset - current	Other assets - current⁽¹⁾	16.6		97.3		(80.7		)
Contract asset - non-current	Other assets - non-current⁽¹⁾	14.0		72.1		(58.1		)
Deferred revenue - current	Deferred revenue - current	117.3		146.5		(29.2		)
Deferred revenue - non-current	Deferred revenue - non-current	67.3		62.8		4.5

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(1)	Included in prepaid expenses and other.

Contract assets relate to the Company’s conditional right to consideration for completed performance under the contract (e.g., unbilled receivables). Amounts relate primarily to contractual payment holdbacks in cases in which the Company is required to deliver additional episodes or seasons of television content in order to receive payment, complete certain administrative activities, such as guild filings, or allow the Company's customers' audit rights to expire. The change in balance of contract assets is primarily due to the satisfaction of the condition related to payment holdbacks.

Deferred revenue relates primarily to customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenues of $32.4 million and $99.8 million were recognized during the three and six months ended September 30, 2019, respectively, related to the balance of deferred revenue at March 31, 2019.