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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
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 Plaza | New York | , | NY | | 10121 |
(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 class | Trading Symbol(s) | Name of each exchange on which registered |
Class A Common Stock | MSGE | New 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 filer | ☑ | | Accelerated filer | ☐ |
Non-accelerated filer | ☐ | | Smaller 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
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 cash | | 21,690 | | | 22,984 | |
| | | | |
Accounts receivable, net | | 250,853 | | | 184,613 | |
| | | | |
Net related party receivables | | 58,835 | | | 31,916 | |
Prepaid income taxes | | 3,705 | | | 12,772 | |
Prepaid expenses | | 77,257 | | | 67,445 | |
| | | | |
Other current assets | | 46,771 | | | 36,014 | |
| | | | |
Total current assets | | 1,458,174 | | | 1,872,736 | |
| | | | |
Investments in nonconsolidated affiliates | | 44,697 | | | 49,221 | |
Property and equipment, net | | 2,707,193 | | | 2,156,292 | |
Right-of-use lease assets | | 462,479 | | | 280,579 | |
Amortizable intangible assets, net | | 177,069 | | | 198,274 | |
Indefinite-lived intangible assets | | 63,801 | | | 63,801 | |
Goodwill | | 500,181 | | | 502,195 | |
Other assets | | 166,825 | | | 166,781 | |
Total assets | | $ | 5,580,419 | | | $ | 5,289,879 | |
| | | | |
| | | | |
See accompanying notes to unaudited consolidated financial statements. |
| | | | | | | | | | | | | | |
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, current | | 76,075 | | | 23,173 | |
Current portion of long-term debt, net of deferred financing costs | | 65,989 | | | 53,973 | |
Income taxes payable | | — | | | 2,527 | |
Accrued liabilities: | | | | |
Employee related costs | | 95,185 | | | 91,853 | |
Other accrued liabilities | | 310,030 | | | 210,749 | |
Operating lease liabilities, current | | 67,012 | | | 73,423 | |
Collections due to promoters | | 46,744 | | | 37,877 | |
| | | | |
Deferred revenue | | 263,494 | | | 209,651 | |
| | | | |
Total current liabilities | | 964,909 | | | 729,870 | |
| | | | |
Long-term debt, net of deferred financing costs | | 1,584,072 | | | 1,650,628 | |
Operating lease liabilities, noncurrent | | 440,319 | | | 233,556 | |
Defined benefit and other postretirement obligations | | 51,424 | | | 54,179 | |
Other employee related costs | | 18,059 | | | 21,193 | |
Collections due to promoters, noncurrent | | — | | | 6,625 | |
Deferred tax liabilities, net | | 185,481 | | | 200,325 | |
Other liabilities | | 76,755 | | | 75,263 | |
Total liabilities | | 3,321,019 | | | 2,971,639 | |
Commitments and contingencies (see Note 12) | | | | |
Redeemable noncontrolling interests | | 137,778 | | | 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 capital | | 2,334,271 | | | 2,294,775 | |
| | | | |
Accumulated deficit | | (190,793) | | | (96,341) | |
| | | | |
Accumulated other comprehensive loss | | (37,010) | | | (30,272) | |
Total Madison Square Garden Entertainment Corp. stockholders’ equity | | 2,106,810 | | | 2,168,502 | |
Nonredeemable noncontrolling interests | | 14,812 | | | 11,904 | |
Total equity | | 2,121,622 | | | 2,180,406 | |
Total liabilities, redeemable noncontrolling interests and equity | | $ | 5,580,419 | | | $ | 5,289,879 | |
See accompanying notes to unaudited consolidated financial statements.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except share and per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | Nine Months Ended |
| March 31, | | March 31, |
| 2022 | | 2021 | | 2022 | | 2021 |
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 amortization | | 28,639 | | | 39,611 | | | 88,602 | | | 93,698 | |
Impairment and other (gains) losses, net | | (5,319) | | | — | | | (5,480) | | | — | |
Restructuring charges | | 14,690 | | | — | | | 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 income | | 774 | | | 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 diluted | | 34,320 | | | 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.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | | | Nine Months Ended |
| | | | March 31, | | | | March 31, |
| | | | 2022 | | | | 2021 | | | | 2022 | | | | 2021 |
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 cost | | | | 510 | | | | | 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.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | March 31, |
| | 2022 | | 2021 |
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 amortization | | 88,602 | | | 93,698 | |
Impairment and other (gains) losses, net | | (5,480) | | | — | |
Amortization of deferred financing costs | | 6,548 | | | 4,078 | |
Benefit from deferred income taxes | | (11,872) | | | (37,630) | |
Share-based compensation expense | | 62,321 | | | 57,421 | |
| | | | |
Loss in equity method investments | | 4,509 | | | 5,578 | |
| | | | |
Net unrealized loss (gains) on equity investments with readily determinable fair value | | 28,303 | | | (52,662) | |
Provision for credit losses | | 1,170 | | | 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 payable | | 14,926 | | | (7,207) | |
Prepaid/payable for income taxes | | 5,783 | | | 1,436 | |
Accrued and other liabilities | | 8,977 | | | (16,419) | |
Collections due to promoters, including noncurrent portion | | 2,242 | | | (6,452) | |
Deferred revenue | | 54,195 | | | 21,487 | |
Operating lease right-of-use assets and lease liabilities | | 24,296 | | | 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 activities | | 770 | | | 137 | |
Net cash (used in) provided by investing activities | | $ | (547,926) | | | $ | 21,834 | |
See accompanying notes to unaudited consolidated financial statements. |
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | |
| | Nine Months Ended |
| | March 31, |
| | 2022 | | 2021 |
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 cash | | 22 | | | 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.
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 Deficit | | Accumulated Other Comprehensive Loss | | Total Madison Square Garden Entertainment Corp. Stockholders’ Equity | | Non - redeemable Noncontrolling Interests | | Total Equity | | Redeemable 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) | | | ( |