XML 183 R154.htm IDEA: XBRL DOCUMENT v3.24.3
Segment Information - Schedule of Reconciliation of Total Segment Profit to the Company's Income (Loss) Before Income Taxes (Details) - USD ($)
$ in Millions
3 Months Ended 12 Months Ended
Oct. 17, 2022
Jun. 30, 2024
Jun. 30, 2023
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2022
Segment Reporting Information [Line Items]            
Company's total segment profit   $ 96.8 $ 92.1 $ 466.2 $ 409.9 $ 346.8
Corporate general and administrative expenses       (110.6) (100.9) (80.0)
Adjusted depreciation and amortization   (3.6) (2.8) (10.5) (12.2) (12.4)
Restructuring and other   (27.7) (4.1) (132.9) (27.2) (6.3)
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense [1]       0.9 8.9 5.2
Content charges [2]       (1.5) (8.1) 0.0
Charges related to Russia's invasion of Ukraine [3]       0.0 0.0 (5.9)
Adjusted share-based compensation expense   (12.6) (11.7) (54.8) [4] (69.2) [4] (70.2) [4]
Share-based compensation expense   (12.6) (12.2) (62.5) (73.4) (70.2)
Purchase accounting and related adjustments [5]       (17.1) (61.6) (65.3)
Operating income   15.6 37.0 139.7 139.6 111.9
Interest expense   (58.6) (49.9) (222.5) (162.6) (115.0)
Interest and other income   5.1 2.2 19.2 6.4 28.0
Other expense   (1.4) (3.8) (20.0) (21.2) (8.6)
Loss on extinguishment of debt   (1.0) 0.0 (1.3) (1.3) (3.4)
Gain on investments, net       3.5 44.0 1.3
Equity interests income (loss) $ 43.4 0.9 (0.3) 8.7 0.5 (3.0)
Loss before income taxes   (39.4) (14.8) (72.7) 5.4 11.2
Direct operating expense            
Segment Reporting Information [Line Items]            
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense   2.0 (0.1)      
Operating segments            
Segment Reporting Information [Line Items]            
Company's total segment profit   96.8 92.1      
Corporate            
Segment Reporting Information [Line Items]            
Corporate general and administrative expenses   (31.0) (24.5)      
Corporate and reconciling items            
Segment Reporting Information [Line Items]            
Adjusted depreciation and amortization   (3.6) (2.8)      
Restructuring and other   (27.7) (4.1)      
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense   2.0 (0.1)      
Content charges   0.0 (0.4)      
Unallocated rent cost included in direct operating expense   (5.2) 0.0      
Adjusted share-based compensation expense   (12.6) (11.7)      
Purchase accounting and related adjustments   (3.1) (11.5)      
Starz Business of Lions Gate Entertainment Corp            
Segment Reporting Information [Line Items]            
Company's total segment profit   55.3 29.7 169.8 181.3 290.3
Adjusted depreciation and amortization   (5.0) (5.7) (24.8) (21.3) (23.3)
Restructuring and other   0.6 (2.1) (224.8) (89.9) (10.5)
Goodwill and intangible asset impairment       (663.9) (1,261.7) 0.0
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense   1.6 (2.1) 0.1 2.8 (1.8)
Content charges       0.0 0.2 (33.0)
Adjusted share-based compensation expense       (23.2) (25.7) (28.0)
Share-based compensation expense   (5.2) (4.0) (24.6) (25.7) (28.0)
Purchase accounting and related adjustments   (36.6) (32.9) (136.7) (133.9) (128.7)
Operating income   10.1 (15.0) (903.5) (1,348.2) 65.0
Interest expense   (10.8) (12.1) (47.2) (58.6) (60.9)
Interest and other income   0.8 0.0 3.5 0.6 0.5
Other expense   (1.7) (2.2) (7.5) (6.7) (2.7)
Loss on extinguishment of debt   (4.9) 21.2 21.2 58.7 (24.8)
Loss before income taxes   (6.5) (8.1) (933.5) (1,354.2) (22.9)
Starz Business of Lions Gate Entertainment Corp | Direct operating expense            
Segment Reporting Information [Line Items]            
COVID-19 related benefit (charges) included in direct operating expense and distribution and marketing expense   $ 1.0 $ 0.0 $ 0.1 [6] $ 2.8 [6] $ (1.5) [6]
[1] Amounts represent the incremental costs, if any, included in direct operating expense and distribution and marketing expense resulting from circumstances associated with the COVID-19 global pandemic, net of insurance recoveries. During the fiscal years ended March 31, 2024, 2023 and 2022, the Company has incurred a net benefit in direct operating expense due to insurance recoveries in excess of the incremental costs expensed in the period (see Note 15). These benefits (charges) are excluded from segment operating results.
[2] Content charges represent certain charges included in direct operating expense in the combined statements of operations, and excluded from segment operating results (see Note 15).
[3] Amounts represent charges related to Russia’s invasion of Ukraine, primarily related to bad debt reserves for accounts receivable from customers in Russia, included in direct operating expense in the combined statements of operations, and excluded from segment operating results.
[4] The following table reconciles total share-based compensation expense to adjusted share-based compensation expense:
[5] Purchase accounting and related adjustments primarily represent the amortization of non-cash fair value adjustments to certain assets acquired in acquisitions. The following sets forth the amounts included in each line item in the financial statements:
[6] Amounts reflected in direct operating expense include incremental costs associated with the pausing and restarting of productions including paying/hiring certain cast and crew, maintaining idle facilities and equipment costs resulting from circumstances associated with the COVID-19 global pandemic, net of insurance recoveries of $0.2 million, $5.6 million, and $6.5 million in fiscal 2024, 2023, and 2022, respectively.