Capital Stock (Tables)

9 Months Ended

12 Months Ended

Dec. 31, 2024

Mar. 31, 2024

Schedule of Share-Based Compensation Expense

The Company recognized the following share-based compensation expense during the three and nine months ended December 31, 2024 and 2023:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
	(Amounts in millions)
Compensation Expense:
Stock options	$	0.2	$	0.4	$	0.6	$	1.4
Restricted share units and other share-based compensation		13.9		12.2		30.3		32.6
Share appreciation rights		0.2		0.1		0.5		0.2
Total Lionsgate Studios employee share-based compensation expense		14.3		12.7		31.4		34.2
Corporate allocation of share-based compensation		—		4.5		10.8		12.1
		14.3		17.2		42.2		46.3
Impact of accelerated vesting on equity awards(1)		—		6.8		4.7		7.3
Total share-based compensation expense	$	14.3	$	24.0	$	46.9	$	53.6

(1) Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements prior to the Separation.

Share-based compensation expense, by expense category, consisted of the following:

	Three Months Ended December 31,				Nine Months Ended December 31,
	2024		2023		2024		2023
	(Amounts in millions)
Share-Based Compensation Expense:
General and administration	$	14.3	$	17.2	$	42.2	$	46.3
Restructuring and other		—		6.8		4.7		7.3
	$	14.3	$	24.0	$	46.9	$	53.6

The Company recognized the following share-based compensation expense during the years ended March 31, 2024, 2023 and 2022:

	Year Ended March 31,
	2024			2023			2022
	(Amounts in millions)
Compensation Expense:
Stock options	$	1.7		$	2.3		$	9.6
Restricted share units and other share-based compensation		37.7			39.3			38.6
Share appreciation rights		0.4			0.9			2.4
Total Studio employee share-based compensation expense		39.8			42.5			50.6
Corporate allocation of share-based compensation		15.0			26.7			19.6
		54.8			69.2			70.2
Impact of accelerated vesting on equity awards(1)		7.7			4.2			—
Total share-based compensation expense		62.5			73.4			70.2
Tax impact(2)		(15.1	)		(17.8	)		(16.7	)
Reduction in net income	$	47.4		$	55.6		$	53.5

(1) Represents the impact of the acceleration of vesting schedules for equity awards pursuant to certain severance arrangements.

(2) Represents the income tax benefit recognized in the statements of operations for share-based compensation arrangements prior to the effects of changes in the valuation allowance.

Schedule of Stock Option, SARs, Restricted Stock and Restricted Share Unit Activity

The following table sets forth the stock option, share appreciation rights (“SARs”), restricted stock and restricted share unit activity at Lionsgate for grants related directly to the Company employees and Lionsgate corporate and shared service employees during the nine months ended December 31, 2024:

	Stock Options and SARs										Restricted Stock and Restricted Share Units
	Lions Gate Class A Voting Shares					Lions Gate Class B Non-Voting Shares					Lions Gate Class A Voting Shares					Lions Gate Class B Non-Voting Shares
	Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Exercise Price		Number of Shares			Weighted- Average Grant- Date Fair Value		Number of Shares			Weighted- Average Grant-Date Fair Value
	(Number of shares in millions)
Outstanding at March 31, 2024		2.4		$	22.96		17.1		$	13.92		0.1		$	9.27		9.8		$	8.93
Granted		—			—		—	(1)	$	7.12		0.1		$	8.20		8.1		$	7.98
Options exercised or restricted stock or RSUs vested		—			—		(0.1	)	$	5.50		(0.1	)	$	9.20		(5.8	)	$	8.79
Forfeited or expired		(0.1	)	$	20.26		(2.2	)	$	14.64		—			—		(0.6	)	$	8.52
Outstanding at December 31, 2024		2.3		$	23.10		14.8		$	13.86		0.1		$	8.39		11.5		$	8.20

(1) Represents less than 0.1 million shares.