Lionsgate has reported second quarter (ending September 30, 2022) revenue of $875.2 million, operating loss of $1.75 billion and net loss attributable to Lionsgate shareholders of $1.81 billion.

The company made a strategic decision to exit seven LIONSGATE+ (formerly Starzplay International) international territories, France, Germany, Italy, Spain, Benelux, the Nordics and Japan, to streamline the business. It took a $218.9 million restructuring charge in the quarter primarily driven by content impairment write-downs in the affected territories, according to Advanced Television.

Meanwhile, in a statement put out last week, Lionsgate said adjusted net loss attributable to Lionsgate shareholders in the quarter was $28.0 million or $0.12 adjusted diluted net loss per share on 227.9 million diluted weighted average common shares outstanding, with adjusted OIBDA of $47.4 million.

Net cash flows used in operating activities in the quarter was $139.2 million. Adjusted free cash flow in the quarter was a positive $123.5 million, bringing cash on the balance sheet at quarter end to $557.1 million, it said.

“The Company made a strategic decision to exit seven LIONSGATE+ (formerly STARZPLAY International) international territories, France, Germany, Italy, Spain, Benelux, the Nordics and Japan, to streamline the business. It took a $218.9 million restructuring charge in the quarter primarily driven by content impairment write downs in the affected territories,” the statement stated.

“We reported another strong library performance and continued growth in Lionsgate Television series deliveries as our studio businesses continued to perform in line with expectations in the quarter,” said Lionsgate CEO Jon Feltheimer, adding, “Economic and industry headwinds are having the greatest impact at STARZ, where we are exiting seven international territories. This will allow us to streamline STARZ’s international business and return it to profitability more quickly while continuing to build on the opportunities created by a strong STARZ original series slate and focused content strategy domestically.”

Revenue from Lionsgate’s 17,000-title film and television library was $747 million for the trailing 12 months. The company reported library revenue of $210 million in the quarter.

The Media Networks segment revenue stood at $396.1 million compared to $384.7 million in the prior year quarter. The segment revenue was impacted by lower domestic linear revenue, offset by growth in domestic streaming revenue and LIONSGATE+ revenue, the company said.

Segment profit increased to $21.0 million compared to a profit of $5.5 million in the prior year quarter, driven by lower marketing both domestically and internationally, offset by the timing of programming cost amortization.

Total Media Networks global subscribers increased to 37.8 million, including STARZPLAY Arabia, a non-consolidated equity method investee, driven by growth in both international and domestic streaming subscribers.

Global streaming subscribers increased 52 percent year-over-year to 27.3 million. LIONSGATE+ subscribers grew 97 percent year- over-year to 14.8 million (including Lionsgate Play in India and South Asia).