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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 10-Q
________________________
(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to
Commission File Number: 001-39245
msge-20220331_g1.jpg
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
(Exact name of registrant as specified in its charter) 
Delaware 84-3755666
(State or other jurisdiction of
incorporation or organization)
 (I.R.S. Employer
Identification No.)
Two Penn PlazaNew York,NY10121
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 465-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockMSGENew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No
Number of shares of common stock outstanding as of April 29, 2022:
Class A Common Stock par value $0.01 per share —27,346,267 
Class B Common Stock par value $0.01 per share —6,866,754 


MADISON SQUARE GARDEN ENTERTAINMENT CORP.
INDEX TO FORM 10-Q
 
 Page




PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands)
March 31,
2022
June 30,
2021
ASSETS
Current Assets:
Cash and cash equivalents$999,063 $1,516,992 
Restricted cash21,690 22,984 
Accounts receivable, net250,853 184,613 
Net related party receivables58,835 31,916 
Prepaid income taxes 3,705 12,772 
Prepaid expenses77,257 67,445 
Other current assets46,771 36,014 
Total current assets1,458,174 1,872,736 
Investments in nonconsolidated affiliates44,697 49,221 
Property and equipment, net2,707,193 2,156,292 
Right-of-use lease assets462,479 280,579 
Amortizable intangible assets, net177,069 198,274 
Indefinite-lived intangible assets63,801 63,801 
Goodwill500,181 502,195 
Other assets166,825 166,781 
Total assets$5,580,419 $5,289,879 
See accompanying notes to unaudited consolidated financial statements.
1

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (Unaudited) (Continued)
(in thousands, except per share data)
March 31,
2022
June 30,
2021
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Accounts payable$40,380 $26,644 
Net related party payables, current76,075 23,173 
Current portion of long-term debt, net of deferred financing costs65,989 53,973 
Income taxes payable 2,527 
Accrued liabilities:
Employee related costs95,185 91,853 
Other accrued liabilities310,030 210,749 
Operating lease liabilities, current67,012 73,423 
Collections due to promoters46,744 37,877 
Deferred revenue263,494 209,651 
Total current liabilities964,909 729,870 
Long-term debt, net of deferred financing costs1,584,072 1,650,628 
Operating lease liabilities, noncurrent440,319 233,556 
Defined benefit and other postretirement obligations51,424 54,179 
Other employee related costs18,059 21,193 
Collections due to promoters, noncurrent 6,625 
Deferred tax liabilities, net185,481 200,325 
Other liabilities76,755 75,263 
Total liabilities3,321,019 2,971,639 
Commitments and contingencies (see Note 12)
Redeemable noncontrolling interests137,778 137,834 
Madison Square Garden Entertainment Corp. Stockholders’ Equity:
Class A Common stock, par value $0.01, 120,000 shares authorized; 27,341 and 27,093 shares outstanding as of March 31, 2022 and June 30, 2021, respectively
273 271 
Class B Common stock, par value $0.01, 30,000 shares authorized; 6,867 shares outstanding as of March 31, 2022 and June 30, 2021
69 69 
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of March 31, 2022 and June 30, 2021
  
Additional paid-in capital2,334,271 2,294,775 
Accumulated deficit(190,793)(96,341)
Accumulated other comprehensive loss(37,010)(30,272)
Total Madison Square Garden Entertainment Corp. stockholders’ equity2,106,810 2,168,502 
Nonredeemable noncontrolling interests14,812 11,904 
Total equity2,121,622 2,180,406 
Total liabilities, redeemable noncontrolling interests and equity$5,580,419 $5,289,879 

See accompanying notes to unaudited consolidated financial statements.
2


MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except share and per share data)
 Three Months EndedNine Months Ended
March 31,March 31,
2022202120222021
Revenues (a)
$460,127 $214,318 $1,271,076 $553,616 
Operating expenses:
Direct operating expenses (b)
262,476 110,022 724,495 301,750 
Selling, general and administrative expenses (c)
157,598 103,425 494,714 281,100 
Depreciation and amortization28,639 39,611 88,602 93,698 
Impairment and other (gains) losses, net(5,319) (5,480) 
Restructuring charges14,690  14,690 21,299 
Operating income (loss)2,043 (38,740)(45,945)(144,231)
Other income (expense):
Loss in equity method investments(1,528)(2,314)(4,509)(5,578)
Interest income774 792 2,322 2,401 
Interest expense(5,831)(6,503)(23,246)(17,038)
Miscellaneous income (expense), net(8,449)27,483 (28,096)53,932 
(15,034)19,458 (53,529)33,717 
Loss from operations before income taxes(12,991)(19,282)(99,474)(110,514)
Income tax benefit (expense)(6,315)(6,556)8,532 (15,715)
Net loss(19,306)(25,838)(90,942)(126,229)
Less: Net income (loss) attributable to redeemable noncontrolling interests(442)(6,860)4,412 (14,091)
Less: Net loss attributable to nonredeemable noncontrolling interests(1,373)(718)(902)(2,250)
Net loss attributable to Madison Square Garden Entertainment Corp.’s stockholders$(17,491)$(18,260)$(94,452)$(109,888)
Basic and diluted loss per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders$(0.51)$(0.79)$(2.76)$(3.48)
Weighted-average number of common shares outstanding:
Basic and diluted34,320 34,060 34,230 34,083 
_________________
(a)Includes revenues from related parties of $35,259 and $16,291 for the three months ended March 31, 2022 and 2021, respectively, and $70,148 and $23,752 for the nine months ended March 31, 2022 and 2021, respectively.
(b)Includes net charges from related parties of $37,198 and $36,222 for the three months ended March 31, 2022 and 2021, respectively, and $117,186 and $111,409 for the nine months ended March 31, 2022 and 2021, respectively.
(c)Includes net charges to related parties of $(9,635) and $(7,638) for the three months ended March 31, 2022 and 2021, respectively, and $(27,048) and $(28,626) for the nine months ended March 31, 2022 and 2021, respectively.

See accompanying notes to unaudited consolidated financial statements.
3

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(in thousands)
Three Months EndedNine Months Ended
March 31,March 31,
2022202120222021
Net loss$(19,306)$(25,838)$(90,942)$(126,229)
Other comprehensive income (loss), before income taxes:
Amortization of prior service credit included in net periodic benefit cost510 416 1,530 1,310 
Cumulative translation adjustments(5,912)1,499 (9,844)27,333 
Other comprehensive income (loss), before income taxes(5,402)1,915 (8,314)28,643 
Income tax benefit (expense) related to items of other comprehensive income (loss)1,024 (350)1,576 (5,334)
Other comprehensive income (loss), net of income taxes(4,378)1,565 (6,738)23,309 
Comprehensive loss(23,684)(24,273)(97,680)(102,920)
Less: Net income (loss) attributable to redeemable noncontrolling interests(442)(6,860)4,412 (14,091)
Less: Net loss attributable to nonredeemable noncontrolling interests(1,373)(718)(902)(2,250)
Comprehensive loss attributable to Madison Square Garden Entertainment Corp.’s stockholders$(21,869)$(16,695)$(101,190)$(86,579)

See accompanying notes to unaudited consolidated financial statements.

4


MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)


Nine Months Ended
March 31,
20222021
Cash flows from operating activities:
Net loss$(90,942)$(126,229)
Adjustment to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization88,602 93,698 
Impairment and other (gains) losses, net(5,480) 
Amortization of deferred financing costs6,548 4,078 
Benefit from deferred income taxes(11,872)(37,630)
Share-based compensation expense62,321 57,421 
Loss in equity method investments4,509 5,578 
Net unrealized loss (gains) on equity investments with readily determinable fair value28,303 (52,662)
Provision for credit losses1,170 31 
Other non-cash adjustments(91)271 
Change in assets and liabilities:
Accounts receivable(64,496)(32,588)
Receivables from related parties, net of payables 25,983 (6,939)
Prepaid expenses and other assets(48,773)(20,215)
Accounts payable14,926 (7,207)
Prepaid/payable for income taxes5,783 1,436 
Accrued and other liabilities8,977 (16,419)
Collections due to promoters, including noncurrent portion2,242 (6,452)
Deferred revenue54,195 21,487 
Operating lease right-of-use assets and lease liabilities24,296 8,225 
Net cash provided by (used in) operating activities$106,201 $(114,116)
Cash flows from investing activities:
Capital expenditures, net$(516,494)$(324,597)
Capitalized interest
(32,202)(21,223)
Proceeds from maturity of short-term investments 339,110 
Proceeds from sale of equity securities 22,079 
Cash received for notes receivable 6,328 
Other investing activities770 137 
Net cash (used in) provided by investing activities$(547,926)$21,834 
See accompanying notes to unaudited consolidated financial statements.
5

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(in thousands)



Nine Months Ended
March 31,
20222021
Cash flows from financing activities:
Proceeds from issuance of term loan, net of issuance discount$ $630,500 
Proceeds from revolving credit facility 14,500 
Taxes paid in lieu of shares issued for equity-based compensation(15,652)(8,208)
Noncontrolling interest holders’ capital contributions 5,400 700 
Distributions to noncontrolling interest holders(3,367) 
Distributions to related parties associated with the settlement of certain share-based awards(2,256)(1,771)
Put option payments to redeemable noncontrolling interest holders (895) 
Repayments of revolving credit facility(15,000) 
Principal repayments on long-term debt(45,750)(31,500)
Payments for financing costs (14,623)
Net cash (used in) provided by financing activities$(77,520)$589,598 
Effect of exchange rates on cash, cash equivalents and restricted cash22 7,918 
Net (decrease) increase in cash, cash equivalents and restricted cash(519,223)505,234 
Cash, cash equivalents and restricted cash at beginning of period
1,539,976 1,121,141 
Cash, cash equivalents and restricted cash at end of period$1,020,753 $1,626,375 
Non-cash investing and financing activities:
Investments and loans to nonconsolidated affiliates$731 $ 
Capital expenditures incurred but not yet paid$192,360 $67,954 
Share-based compensation capitalized in property and equipment$2,264 $4,541 

See accompanying notes to unaudited consolidated financial statements.

6

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(in thousands)
Three Months Ended March 31, 2022
Common
Stock
Issued
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total Madison Square Garden Entertainment Corp. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
 Interests
Balance as of December 31, 2021$342 $2,317,415 $(173,302)$(32,632)$2,111,823 $15,992 $2,127,815 $142,004 
Net loss— — (17,491)— (17,491)(1,373)(18,864)(442)
Other comprehensive loss— — — (4,378)(4,378)— (4,378)— 
Comprehensive loss— — — — (21,869)(1,373)(23,242)(442)
Share-based compensation— 18,537 — — 18,537 — 18,537 — 
Tax withholding associated with shares issued for equity-based compensation— (412)— — (412)— (412)— 
Accretion of put options— — — — — — — 587 
Put option payments to redeemable noncontrolling interest holders— — — — — — — (895)
Contributions from noncontrolling interest holders
— — — — — 723 723 — 
Distribution to related parties associated with the settlement of certain share-based awards— (1,269)— — (1,269)— (1,269)(471)
Distributions to noncontrolling interest holders— — — — — (530)(