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Lionsgate Entertainment Corp Lionsgate Entertainment Corp. 2020 Q1 Earnings Call Thursday, August 8, 2019, 5:00 PM Eastern CORPORATE PARTICIPANTS Jon Feltheimer - Chief Executive Officer Jimmy Barge - Chief Financial Officer Michael Burns - Vice Chairman Brian Goldsmith – Lionsgate Chief Operating Officer Kevin Beggs - Chairman, Lionsgate TV Group Joe Drake - Chairman, Lionsgate Motion Picture Group Jeff Hirsch - Chief Operating Officer, Starz Scott Macdonald - Chief Financial Officer, Starz Superna Kalle - Executive Vice President, International Digital Networks, Starz James Marsh - Head, Investor Relations 1 PRESENTATION Operator Ladies and gentlemen, thank you for standing by, and welcome to the Lions Gate 2020 First Quarter Earnings Call. At this time all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Instructions will be given at that time. Should you require assistance during the call, please press "*", then "0." And as a reminder, this conference is being recorded. I would now like to turn the conference over to our host, Mr. James Marsh, Head of Investor Relations. Please go ahead sir. James Marsh Good afternoon. Thank you for joining us for the Lionsgate Fiscal '20 first quarter conference call. We'll begin with opening remarks from our CEO, Jon Feltheimer followed by remarks from our CFO, Jimmy Barge. After their remarks, we'll open the call for questions. Also joining us on the call today are: Vice Chairman, Michael Burns; COO, Brian Goldsmith; Chairman of the TV Group, Kevin Beggs; and Chairman of the Motion Picture Group, Joe Drake. And from Starz, we have COO, Jeff Hirsch; CFO, Scott Macdonald; and EVP of International, Superna Kalle. The matters discussed on this call 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 could differ materially and adversely from those described in the forward-looking statements as a result of various factors. This includes the risk factors set forth in Lionsgate's most recent annual report on Form 10-K, as amended and our most recent quarterly report on Form 10-Q filed with the SEC. The company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect any future events or circumstances. I'll turn over the call to Jon now. Jon? Jon Feltheimer Thank you, James, and thank you all for joining us this afternoon. We just reported strong Q1 financial results to get the fiscal year off to a great start. I'll begin with a few headlines from a very active and productive quarter, preview the rest of the fiscal year and close with a few thoughts about what we've been doing to create significant, additive, and lasting value across our company. Let's start with the headlines. Starz domestic over-the-top subscribers grew to 4.4 million in the quarter, one of our best over-the-top quarters ever and have continued to grow as we head into the launch of Power in three weeks. STARZPLAY International launched in 26 additional countries during the quarter and is now live in a total of 45 countries ahead of schedule and building on our early mover advantage. We announced three new Starz Original Series at TCA with several more being ready for production as we continue to widen our creative aperture. Lions Gate Entertainment Corp Thursday, August 08, 2019, 5:00 PM Eastern 2 Lionsgate Television has launched or is readying for a launch new series on Apple, ABC, Starz, HBO Max, Turner, OWN, and Pop, demonstrating our ability to tailor our content and create different business models for every kind of platform. John Wick Chapter 3 passed $320 million at the worldwide box office, as we continue to expand the John Wick universe into a series of new films and a television show for Starz. And finally, our Lionsgate Entertainment World indoor theme park opened in China as we continue to build out a global network of location-based entertainment and live stage attractions. Now, let's drill down on each of our businesses. Beginning with Starz, we had a great quarter driven by the premieres of new series, growth of our domestic over-the-top business and the continued expansion of our international footprint. On the domestic front, as consumer viewing continues to move to a subscription video-on-demand world, Starz is continuing to capture over- the-top market share, outpacing its peer group. With the debut of the expanded two-part sixth season of Power less than three weeks away, we expect this momentum to continue. With the continued growth of our higher ARPU-streaming customers, it's noteworthy that 23% of Starz domestic revenue in the quarter came from over- the-top subscribers compared to just 14% a year ago, driving sequential and year-over-year Starz overall revenue growth. Internationally, we're delivering on the plan that we laid out on our last call. With international subscription video-on-demand market penetration currently at only 5%, we saw enormous upside opportunity, capitalized on it quickly with strong content and great distribution partnerships and are rolling out ahead of schedule, potentially giving us a two-to-three year lead over most domestic competitors. As mentioned, during the quarter we launched in 26 additional countries to bring our live footprint to 45, and we expect to augment our existing distribution with more local platforms and the launch of our direct-to-consumer app, which will debut in early fall. This positions STARZPLAY to be broadly available on key video platforms, including Android, iOS, and others. In terms of content, we start with an amazing portfolio of Starz original programming, Lionsgate films and television series, and our 17,000 title library. In addition, our speed to market and broad global availability have positioned us as a preferred buyer for some of the world's most acclaimed scripted series, enabling us to enhance our slate with over 20 exclusive premium acquisitions. These include highly sought after hit shows such as Killing Eve on BBC America, The Act and Ramy on Hulu, and the Batman prequel Pennyworth. And our agility, content offering and attractive price point have made us the launch partner of choice for everyone, from global streaming platforms like Apple and Amazon, to top local distributors like Virgin, Bell Media, Vodafone and Orange, whether as a premium service sitting on top of general market television or as an add-on bundled with other services. I cannot overemphasize the value of our head start in lining up premier distributors, securing great content, and building a tech platform that supports managed services and our retail app alike. On the domestic programming front, we continue to lean into our strategy that emphasizes premium content for women. Starz recently ordered the timeless and provocative thriller Dangerous Liaisons, the third installment of The Girlfriend Experience, and the first Power spin- Lions Gate Entertainment Corp Thursday, August 08, 2019, 5:00 PM Eastern 3 off Power Book II: Ghost. And for those of you who missed the news coming out of TCA, I'm pleased to report that Ghost will feature superstar Mary J. Blige in a lead role in the next chapter of the franchise. Power creator Courtney A. Kemp continues to deliver groundbreaking material as the driving force behind the expansion of the Power cinematic universe in addition to several other projects she's currently developing for Lionsgate Television. With these new series joining a lineup that already includes the supernatural spy thriller The Rook, fan favorite Outlander, the critically acclaimed Vida, and The Spanish Princess and other new series like P-Valley and Hightown, complemented by a fast growing documentary slate. Starz is well positioned to continue building upon its leadership as the premium television destination for women, African American, Latinx, and LGBTQ audiences across our MVPD platforms and our own OTT service. Turning to our Motion Picture business, we see plenty of room for our films at the theatrical box office and we've continued to focus our content strategy on places that play to our strengths and where we know we can win--action, comedy, horror, faith-based, and new and returning franchises. The outsized performance of John Wick Chapter 3, which more than doubled the box office of the last installment, reaffirms our thesis that there is a place for mid budget action movies properly executed in today's marketplace. The rest of our slate reflects our focus on diverse but well-defined audiences that we know how to reach effectively. From Roland Emmerich's World War II action epic, Midway and Rian Johnson's ensemble whodunit, Knives Out, to the eagerly anticipated award season release of the Jay Roach directed drama starring Nicole Kidman, Charlize Theron, and Margot Robbie as well as next year's wildly inventive reimagining of Saw with Chris Rock and Samuel L. Jackson, our slate returns us to what we do best: bold, original, and provocative films. This quarter, we also integrated our location-based entertainment and games division more fully into our film group to facilitate the cross pollination of ideas as we continue to expand our IP into new markets. As a matter of fact, Motion Picture Group Chairman, Joe Drake just returned from the grand opening of Lionsgate Entertainment World in China, a first of its kind vertically designed theme park built around six different Lionsgate properties. It's the latest addition to a growing portfolio of properties that includes the Motiongate theme park in the Middle East, two branded attractions in Las Vegas, live-to-film concert tours built around The Hunger Games, Twilight, and La La Land and three Broadway shows in development.
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