Revenue
The table below presents programming revenue by segment:
| | | | | | | | | | | | | | | | | |
| Year Ended |
| March 31, |
| 2025 | | 2024 | | 2023 |
| (Amounts in millions) |
Programming Revenue | | | | | |
| Starz Networks | $ | 1,356.3 | | | $ | 1,382.7 | | | $ | 1,413.1 | |
International (1) | 13.3 | | | 9.7 | | | 9.4 | |
| Total revenue | $ | 1,369.6 | | | $ | 1,392.4 | | | $ | 1,422.5 | |
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(1) Includes the continuing operations in India.
Remaining Performance Obligations
Remaining performance obligations represent deferred revenue on the balance sheet plus fixed fee or minimum guarantee contracts where the revenue will be recognized and the cash received in the future (i.e., backlog), if any. Revenue expected to be recognized in the future related to performance obligations that are unsatisfied at March 31, 2025 are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Year Ending March 31, | | | | |
| | 2026 | | 2027 | | 2028 | | Thereafter | | Total |
| | (Amounts in millions) |
| Remaining Performance Obligations | | $ | 39.4 | | | $ | — | | | $ | — | | | $ | — | | | $ | 39.4 | |
The above table does not include estimates of variable consideration for transactions involving sales or usage-based royalties in exchange for licenses of intellectual property. The revenue included in the above table include all fixed fee contracts, if any, regardless of duration.
Accounts Receivable and Deferred Revenue
The timing of revenue recognition, billings and cash collections affects the recognition of accounts receivable and deferred revenue, see Note 1, Description of Business, Basis of Presentation and Significant Accounting Policies, to our audited combined financial statements for further information. See the combined balance sheets or Note 16 for accounts receivable and deferred revenue balances at March 31, 2025 and 2024.
Accounts Receivable. Accounts receivable are presented net of a provision for credit losses. The Company estimates provisions for accounts receivable based on historical experience for the respective risk categories and current and future expected economic conditions. To assess collectability, the Company analyzes market trends, economic conditions, the aging of receivables and customer specific risks, and records a provision for estimated credit losses expected over the lifetime of the receivables in direct operating expense.
The Company monitors its credit exposure through active review of customers' financial condition, aging of receivable balances, historical collection trends, and expectations about relevant future events that may significantly affect collectability. The Company generally does not require collateral for its trade accounts receivable.
Credit Risk. Concentration of credit risk with the Company’s customers is limited due to the Company’s customer base and the diversity of its sales throughout the world. The Company performs ongoing credit evaluations and maintains a provision for potential credit losses. The Company generally does not require collateral for its trade accounts receivable.
Deferred Revenue. Deferred revenue relates primarily to subscribers through the Starz App, who are billed in advance of the start of their monthly or multi-month membership. Revenue is recognized ratably over each applicable membership period when the Company satisfies the corresponding performance obligation. Deferred revenue consists primarily of customer cash advances or deposits received prior to when the Company satisfies the corresponding performance obligation. Revenue of $28.5 million was recognized during the year ended March 31, 2025, related to the balance of deferred revenue at March 31, 2024.