Title Fiscal 2022 Q2 Earnings Release

LIONSGATE REPORTS RESULTS FOR SECOND QUARTER FISCAL 2022

Second Quarter Revenue was $887.8 Million; Operating Income was $29.8 Million; Net Income Attributable to Lionsgate Shareholders was $7.5 Million or $0.03 Diluted Net Income per Share

Adjusted OIBDA was $108.2 Million, Cash Flows provided by Operating Activities

were $16.1 Million and Adjusted Free Cash Flow was $195.2 Million

Global Media Networks Subscribers were 30.0 Million; Global Streaming Subscribers Grew 40% Year over Year to 18.0 Million; STARZPLAY International Subscribers Nearly Doubled Year-Over-Year to 7.5 Million

Film & Television Library Revenue was Record $784 Million for Trailing 12 Months

SANTA MONICA, CA, and VANCOUVER, BC, November 4, 2021 - Lionsgate (NYSE: LGF.A, LGF.B) today reported second quarter (quarter ended September 30, 2021) revenue of $887.8 million, operating income of $29.8 million and net income attributable to Lionsgate shareholders of $7.5 million or $0.03 diluted net income per share on 228.5 million diluted weighted average common shares outstanding. Adjusted net income attributable to Lionsgate shareholders in the quarter was $35.2 million or adjusted diluted EPS of $0.15 on 228.5 million diluted weighted average common shares outstanding, with adjusted OIBDA of $108.2 million. Cash flows provided by operating activities were $16.1 million and adjusted free cash flow in the quarter was $195.2 million.

"I'm pleased to report another solid financial quarter with strong content generation across our business," said Lionsgate CEO Jon Feltheimer. "Starz drove growth of 1.3 million global streaming subscribers with the strong premieres of three new series in the quarter, our Television Group launched six new series and renewed six current shows, and our Motion Picture Group added to an already robust pipeline with the production starts of nine new films. Importantly, we accomplished this and continued to ramp our content spend while also continuing to generate positive adjusted free cash flow and solid adjusted OIBDA."

Revenue from Lionsgate's 17,000-title film and television library was $784 million for the trailing 12 months. Lionsgate completed the acquisition of the 200-title Spyglass Media Group library in the quarter.

Second Quarter Results

Segment Results

Media Networks segment revenue of $384.7 million was comparable to the prior year quarter while segment profit decreased to $5.5 million driven by higher cadence of programming and content spend and marketing costs. Total Media Networks global subscribers increased to 30.0 million including STARZPLAY Arabia, a non-consolidated equity method investee, driven by robust domestic and international streaming subscriber

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growth. Global streaming subscribers increased 40% year-over-year to 18.0 million. STARZPLAY International subscribers grew 97% year-over-year to 7.5 million.

Motion Picture segment revenue was up 28.5% to $330.9 million while segment profit increased 22.7% to $101.8 million compared to $83.0 million in the prior year quarter, growth attributable to higher home entertainment sales and profit contributions from acquired libraries.

Television Production segment revenue of $336.0 million was up 70.4% compared to the prior year quarter and segment profit increased 187.9% to $28.5 million, reflecting the deliveries of a number of new series.

Lionsgate senior management will hold its analyst and investor conference call to discuss its fiscal 2022 second quarter results at 5:00 PM ET/2:00 PM PT this afternoon, November 4. Interested parties may listen to the live webcast by visiting the events page on the Lionsgate Investor Relations websiteor via https://services.choruscall.com/links/lgf211104AUdJApDA.html. A full replay will become available this evening by clicking the same link.

About Lionsgate

Combining the STARZ premium global subscription platform with world-class motion picture and television studio operations, Lionsgate (NYSE: LGF.A, LGF.B) brings a unique and varied portfolio of entertainment to consumers around the world. Its film, television, subscription and location-based entertainment businesses are backed by a 17,000-title library and the largest collection of film and television franchises in the independent media space. A digital age company driven by its entrepreneurial culture and commitment to innovation, the Lionsgate brand is synonymous with bold, original, relatable entertainment for the audiences it serves worldwide.

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For further information, investors should contact:

Nilay Shah

[e-mail]

For media inquiries, please contact:

Peter Wilkes

[e-mail]

The matters discussed in this press release include forward-looking statements, including those regarding the performance of future fiscal years. Such statements are subject to a number of risks and uncertainties. Actual results in the future could differ materially and adversely from those described in the forward-looking statements as a result of various important factors, including: the potential effects of the COVID-19 global pandemic on the Company, economic and business conditions; the substantial investment of capital and increased costs required to produce and market films and television series; budget overruns; limitations imposed by our credit facilities and notes; unpredictability of the commercial success of our motion pictures and television programming; risks related to acquisition and integration of acquired businesses; the effects of dispositions of businesses or assets, including individual films or libraries; the cost of defending our intellectual property; technological changes and other trends affecting the entertainment industry; other trends affecting the entertainment industry; and the other risk factors as set forth in Lionsgate's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 4, 2021. The Company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances.

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Additional Information Available on Website

The information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, which will be posted on the Company's website at http://investors.lionsgate.com/financial-reports/sec-filings,when filed with the Securities and Exchange Commission. Trending schedules containing certain financial information will also be available at http://investors.lionsgate.com/financial-reports/quarterly-results/2022.

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LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

					September 30,			March 31,
					2021				2021
					(Unaudited, amounts in millions)
	ASSETS
	Cash and cash equivalents			$	442.6			$	528.7
	Accounts receivable, net		419.3				383.7
	Other current assets				186.3				274.3
	Total current assets		1,048.2				1,186.7
	Investment in films and television programs and program rights, net				2,788.1				2,222.7
	Property and equipment, net		84.7				91.1
	Investments				61.1				31.9
	Intangible assets		1,508.3				1,575.1
	Goodwill				2,764.5				2,764.5
	Other assets		492.5				434.2
	Total assets			$	8,747.4			$	8,306.2
	LIABILITIES
	Accounts payable and accrued liabilities			$	538.2			$	545.4
	Participations and residuals		496.5				508.8
	Film related and other obligations				546.4				385.0
	Debt - short term portion		40.0				88.0
	Deferred revenue				276.7				165.7
	Total current liabilities		1,897.8				1,692.9
	Debt				2,395.0				2,542.9
	Participations and residuals		312.0				304.6
	Film related and other obligations				712.2				318.5
	Other liabilities		345.6				337.1
	Deferred revenue				49.0				56.2
	Deferred tax liabilities		42.2				40.3
	Redeemable noncontrolling interest				243.2				219.1
	Commitments and contingencies
	EQUITY
	Class A voting common shares, no par value, 500.0 shares authorized, 83.1 shares issued		665.9				663.2
	(March 31, 2021 - 83.0 shares issued)
	Class B non-voting common shares, no par value, 500.0 shares authorized, 141.6 shares issued				2,314.3				2,296.0
	(March 31, 2021 - 138.2 shares issued)
	Accumulated deficit		(143.0)				(82.9)
	Accumulated other comprehensive loss				(89.2)				(83.3)
	Total Lions Gate Entertainment Corp. shareholders' equity		2,748.0				2,793.0
	Noncontrolling interests				2.4				1.6
	Total equity		2,750.4				2,794.6
	Total liabilities and equity			$	8,747.4			$	8,306.2

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LIONS GATE ENTERTAINMENT CORP.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Revenues	$
	Expenses
	Direct operating
	Distribution and marketing
	General and administration
	Depreciation and amortization
	Restructuring and other
	Total expenses
	Operating income
	Interest expense
	Interest and other income
	Other expense
	Loss on extinguishment of debt
	Gain (loss) on investments
	Equity interests income (loss)
	Income (loss) before income taxes
	Income tax benefit (provision)
	Net income (loss)
	Less: Net loss attributable to noncontrolling interests
	Net income (loss) attributable to Lions Gate
	Entertainment Corp. shareholders	$
	Per share information attributable to Lions Gate
	Entertainment Corp. shareholders:
	Basic net income (loss) per common share	$
	Diluted net income (loss) per common share	$
	Weighted average number of common shares
	outstanding:
	Basic
	Diluted

Three Months Ended			Six Months Ended
September 30,						September 30,
2021						2020					2021						2020
(Unaudited, amounts in millions, except per share amounts)
887.8				$		745.0				$	1,789.0			$		1,558.7
483.2						366.8					969.3						789.8
216.9						166.7					434.5						308.5
110.0						118.8					240.6						227.8
44.4						49.6					87.8						97.1
3.5						13.4					6.7						16.4
858.0						715.3					1,738.9						1,439.6
29.8						29.7					50.1						119.1
(44.0)						(45.7)					(85.7)						(90.2)
24.1						0.1					28.0						1.8
(2.7)						(0.7)					(4.3)						(2.3)
(0.4)						-				(27.1)						-
1.5						(4.7)					1.5						0.4
0.4						(1.9)					1.1						(4.5)
8.7						(23.2)					(36.4)						24.3
(5.6)						1.5					(12.1)						0.2
3.1						(21.7)					(48.5)						24.5
4.4						3.3					10.6						8.2
7.5			$		(18.4)			$	(37.9)		$		32.7

0.03				$	(0.08)			$	(0.17)			$	0.15
0.03	$	(0.08)	$	(0.17)	$	0.15

224.4			220.4	223.1	220.0
228.5	220.4	223.1	220.6

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