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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 September 30, 2023
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
SPHERE ENTERTAINMENT CO.
(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: (725) 258-0001
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 | SPHR | 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 October 31, 2023:
| | | | | | | | |
| Class A Common Stock par value $0.01 per share | — | 28,243,621 | |
| Class B Common Stock par value $0.01 per share | — | 6,866,754 | |
SPHERE ENTERTAINMENT CO.
INDEX TO FORM 10-Q
PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands, except per share data)
| | | | | | | | | | | | | | |
| | As of |
| | September 30, | | June 30, |
| | 2023 | | 2023 |
| | | | |
| ASSETS | | | | |
| Current Assets: | | | | |
Cash, cash equivalents, and restricted cash | | $ | 451,742 | | | $ | 429,114 | |
| | | | |
| | | | |
| Accounts receivable, net | | 114,247 | | | 112,309 | |
| | | | |
| Related party receivables, current | | 41,778 | | | 26,405 | |
| | | | |
| Prepaid expenses and other current assets | | 66,255 | | | 56,085 | |
| | | | |
| Total current assets | | 674,022 | | | 623,913 | |
| | | | |
| | | | |
| Non-Current Assets: | | | | |
| Investments in nonconsolidated affiliates | | 50,788 | | | 394,519 | |
| Property and equipment, net | | 3,471,141 | | | 3,307,161 | |
| Right-of-use lease assets | | 90,000 | | | 84,912 | |
| Goodwill | | 456,807 | | | 456,807 | |
| Intangible assets, net | | 17,131 | | | 17,910 | |
| | | | |
| Other non-current assets | | 104,765 | | | 87,793 | |
| | | | |
| Total assets | | $ | 4,864,654 | | | $ | 4,973,015 | |
| | | | |
| LIABILITIES AND EQUITY |
| Current Liabilities: | | | | |
| Accounts payable, accrued and other current liabilities | | $ | 428,091 | | | $ | 515,731 | |
Related party payables, current | | 27,691 | | | 56,446 | |
| Current portion of long-term debt | | 103,125 | | | 82,500 | |
| | | | |
| Operating lease liabilities, current | | 13,104 | | | 10,127 | |
| | | | |
| | | | |
| Deferred revenue | | 70,904 | | | 27,337 | |
| | | | |
| Total current liabilities | | 642,915 | | | 692,141 | |
| | | | |
| Non-Current Liabilities: | | | | |
| Long-term debt, net of deferred financing costs | | 1,098,335 | | | 1,118,387 | |
| Operating lease liabilities, non-current | | 111,591 | | | 110,259 | |
| | | | |
| | | | |
| | | | |
| Deferred tax liabilities, net | | 285,852 | | | 379,552 | |
| Other non-current liabilities | | 90,073 | | | 88,811 | |
| | | | |
| Total liabilities | | 2,228,766 | | | 2,389,150 | |
Commitments and contingencies (see Note 9) | | | | |
| | | | |
| Equity: | | | | |
Class A Common Stock (a) | | 282 | | | 278 | |
Class B Common Stock (b) | | 69 | | | 69 | |
| | | | |
| Additional paid-in capital | | 2,368,059 | | | 2,376,420 | |
| | | | |
| Retained earnings | | 278,461 | | | 212,036 | |
| | | | |
| Accumulated other comprehensive loss | | (10,983) | | | (4,938) | |
| Total stockholders’ equity | | 2,635,888 | | | 2,583,865 | |
| | | | |
| | | | |
| Total liabilities and equity | | $ | 4,864,654 | | | $ | 4,973,015 | |
__________________
(a) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 28,244 and 27,812 shares issued and outstanding as of September 30, 2023 and June 30, 2023, respectively.
(b) Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued and outstanding as of September 30, 2023 and June 30, 2023.
See accompanying notes to the unaudited condensed consolidated financial statements.
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
| | | | | | | | | | | | | | | | | | |
| | | Three Months Ended | | |
| September 30, | | |
| 2023 | | 2022 | | | | |
Revenues (a) | | $ | 118,007 | | | $ | 123,129 | | | | | |
| | | | | | | | |
Direct operating expenses (a) | | (84,499) | | | (75,420) | | | | | |
Selling, general, and administrative expenses (a) | | (87,144) | | | (94,631) | | | | | |
| Depreciation and amortization | | (14,259) | | | (6,133) | | | | | |
| Other gains, net | | 1,497 | | | 2,000 | | | | | |
| Restructuring charges | | (3,391) | | | — | | | | | |
| Operating loss | | (69,789) | | | (51,055) | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Interest income | | 4,378 | | | 3,333 | | | | | |
| | | | | | | | |
| Other income (expense), net | | 42,196 | | | (415) | | | | | |
| | | | | | | | |
| Loss from continuing operations before income taxes | | (23,215) | | | (48,137) | | | | | |
| Income tax benefit | | 90,287 | | | 1,834 | | | | | |
| Income (loss) from continuing operations | | 67,072 | | | (46,303) | | | | | |
| (Loss) income from discontinued operations, net of taxes | | (647) | | | 2,260 | | | | | |
| Net income (loss) | | 66,425 | | | (44,043) | | | | | |
| | | | | | | | |
| | | | | | | | |
| Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations | | — | | | (410) | | | | | |
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations | | — | | | 1,124 | | | | | |
| | | | | | | | |
| | | | | | | | |
| Net income (loss) attributable to Sphere Entertainment Co.’s stockholders | | $ | 66,425 | | | $ | (44,757) | | | | | |
| | | | | | | | |
| Basic earnings (loss) per common share | | | | | | | | |
| Continuing operations | | $ | 1.92 | | | $ | (1.35) | | | | | |
| Discontinued operations | | $ | (0.02) | | | $ | 0.05 | | | | | |
| Basic earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders | | $ | 1.90 | | | $ | (1.30) | | | | | |
| | | | | | | | |
| Diluted earnings (loss) per common share | | | | | | | | |
| Continuing operations | | $ | 1.90 | | | $ | (1.35) | | | | | |
| Discontinued operations | | $ | (0.01) | | | $ | 0.05 | | | | | |
| Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders | | $ | 1.89 | | | $ | (1.30) | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Weighted-average number of common shares outstanding: | | | | | | | | |
| Basic | | 34,911 | | | 34,403 | | | | | |
| Diluted | | 35,226 | | | 34,403 | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
_________________
(a) See Note 14. Related Party Transactions, for further information on related party revenues and expenses.
See accompanying notes to the unaudited condensed consolidated financial statements.
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Three Months Ended | | | |
| | | | September 30, | | | |
| | | | 2023 | | | | 2022 | | | | | |
| Net income (loss) | | | | $ | 66,425 | | | | | $ | (44,043) | | | | | | | |
Other comprehensive loss, before income taxes: | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Amortization of net actuarial (loss) gain included in net periodic benefit cost | | | | (241) | | | | | 510 | | | | | | | |
| Cumulative translation adjustments | | | | (7,919) | | | | | (16,080) | | | | | | | |
| Other comprehensive loss, before income taxes | | | | (8,160) | | | | | (15,570) | | | | | | | |
Income tax benefit | | | | 2,115 | | | | | 2,944 | | | | | | | |
| Other comprehensive loss, net of income taxes | | | | (6,045) | | | | | (12,626) | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Comprehensive income (loss) | | | | 60,380 | | | | | (56,669) | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations | | | | — | | | | | (410) | | | | | | | |
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations | | | | — | | | | | 1,124 | | | | | | | |
| | | | | | | | | | | | | | |
| Comprehensive income (loss) attributable to Sphere Entertainment Co.’s stockholders | | | | $ | 60,380 | | | | | $ | (57,383) | | | | | | | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | |
| | Three Months Ended |
| | September 30, |
| | 2023 | | 2022 |
| OPERATING ACTIVITIES: | | | | |
| Net income (loss) | | $ | 66,425 | | | $ | (44,043) | |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | | | | |
| Depreciation and amortization | | 14,259 | | | 29,755 | |
| Other gains, net | | (1,497) | | | (2,000) | |
| Amortization of deferred financing costs | | 1,085 | | | 1,304 | |
Deferred income tax (benefit) expense | | (91,585) | | | 1,012 | |
| Share-based compensation expense | | 4,883 | | | 15,188 | |
| | | | |
| | | | |
| Non-cash lease expense | | 1,027 | | | 7,126 | |
Net unrealized and realized loss (gains) on equity investments with readily determinable fair value and loss (earnings) in nonconsolidated affiliates | | 20,949 | | | (671) | |
| | | | |
| Other non-cash adjustments | | 67 | | | 242 | |
| Change in assets and liabilities: | | | | |
| Accounts receivable, net | | (1,922) | | | 14,293 | |
| Related party receivables and payables, net | | (44,128) | | | (15,615) | |
| Prepaid expenses and other current and non-current assets | | (25,841) | | | (13,108) | |
| Accounts payable, accrued and other current and non-current liabilities | | (80,124) | | | (92,590) | |
| | | | |
| | | | |
| Deferred revenue | | 43,567 | | | 25,468 | |
| Right-of-use lease assets and operating lease liabilities | | (1,806) | | | (7,544) | |
| Net cash used in operating activities | | (94,641) | | | (81,183) | |
| | | | |
| INVESTING ACTIVITIES: | | | | |
| Capital expenditures, net | | (164,950) | | | (270,088) | |
| Proceeds from sale of MSGE Retained Interest | | 256,501 | | | — | |
Capitalized interest | | (25,053) | | | (20,466) | |
Other investing activities | | — | | | 1,517 | |
| | | | |
| Proceeds from sale of equity securities | | — | | | 3,819 | |
| Net cash provided by (used in) investing activities | | 66,498 | | | (285,218) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
|
| FINANCING ACTIVITIES: | | | | |
| | | | |
| | | | |
| | | | |
| Proceeds from Delayed Draw Term Loan Facility | | 65,000 | | | — | |
| Taxes paid in lieu of shares issued for equity-based compensation | | (14,146) | | | (13,967) | |
| Noncontrolling interest holders’ capital contributions | | — | | | 500 | |
| Distributions to noncontrolling interest holders | | — | | | (530) | |
| Distributions to related parties associated with the settlement of certain share-based awards | | — | | | (571) | |
| Proceeds from revolving credit facility | | — | | | 7,860 | |
| | | | |
| Principal repayments on long-term debt | | — | | | (13,312) | |
| | | | |
| Payments for financing costs | | — | | | (3) | |
| | | | |
| Net cash provided by (used in) financing activities | | 50,854 | | | $ | (20,023) | |
| | | | |
Effect of exchange rates on cash, cash equivalents, and restricted cash | | (83) | | | (693) | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | | 22,628 | | | (387,117) | |
| | | | |
Cash, cash equivalents, and restricted cash from continuing operations, beginning of period | | 429,114 | | | 760,312 | |
Cash, cash equivalents, and restricted cash from discontinued operations, beginning of period | | — | | | 85,698 | |
Cash, cash equivalents, and restricted cash at beginning of period | | 429,114 | | | 846,010 | |
| Cash, cash equivalents and restricted cash from continuing operations, end of period | | 451,742 | | | 325,748 | |
| Cash, cash equivalents and restricted cash from discontinued operations, end of period | | — | | | 133,145 | |
Cash, cash equivalents, and restricted cash at end of period | | $ | 451,742 | | | $ | 458,893 | |
| | | | | | | | | | | | | | |
| | Three Months Ended |
| | September 30, |
| | 2023 | | 2022 |
| NON-CASH INVESTING AND FINANCING ACTIVITIES: | | | | |
| Capital expenditures incurred but not yet paid | | $ | 122,393 | | | $ | 35,986 | |
Non-cash repayment of the Delayed Draw Term Loan Facility | | $ | 65,512 | | | $ | — | |
| Share-based compensation capitalized in property and equipment | | $ | 906 | | | $ | 910 | |
| Investments and loans to nonconsolidated affiliates | | $ | — | | | $ | 1,969 | |
See accompanying notes to the unaudited condensed consolidated financial statements.
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | |
| | Common
Stock
Issued | | Additional
Paid-In
Capital | | Retained Earnings (Accumulated Deficit) | | Accumulated
Other
Comprehensive
Loss | | Total Sphere Entertainment Co. Stockholders’ Equity | | Non -
redeemable
Noncontrolling
Interests | | Total Equity | | Redeemable
Noncontrolling
Interests |
| Balance as of June 30, 2023 | | $ | 347 | | | $ | 2,376,420 | | | $ | 212,036 | | | $ | (4,938) | | | $ | 2,583,865 | | | $ | — | | | $ | 2,583,865 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| Net income | | — | | | — | | | 66,425 | | | — | | | 66,425 | | | — | | | 66,425 | | | — | |
| Other comprehensive loss | | — | | | — | | | — | | | (6,045) | | | (6,045) | | | — | | | (6,045) | | | — | |
| | | | | | | | | | | | | | | | |
| Share-based compensation | | — | | | 5,789 | | | — | | | — | | | 5,789 | | | — | | | 5,789 | | | — | |
| Tax withholding associated with shares issued for equity-based compensation | | 4 | | | (14,150) | | | — | | | — | | | (14,146) | | | — | | | (14,146) | | | — | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
| Balance as of September 30, 2023 | | $ | 351 | | | $ | 2,368,059 | | | $ | 278,461 | | | $ | (10,983) | | | $ | 2,635,888 | | | $ | — | | | $ | 2,635,888 | | | $ | — | |
| | | | | | | | | | | | | | | | |
| Balance as of June 30, 2022 | | $ | 342 | | | $ | 2,301,970 | | | $ | (290,736) | | | $ | (48,355) | | | $ | 1,963,221 | | | $ | 12,163 | | | $ | 1,975,384 | | | $ | 184,192 | |
| Net loss | | — | | | — | | | (44,757) | | | — | | | (44,757) | | | (410) | | | (45,167) | | | 1,124 | |
| Other comprehensive loss | | — | | | — | | | — | | | (12,626) | | | (12,626) | | | — | | | (12,626) | | | — | |
| Share-based compensation | | — | | | 15,511 | | | — | | | — | | | 15,511 | | | — | | | 15,511 | | | — | |
| Tax withholding associated with shares issued for equity-based compensation | | — | | | (13,967) | | | — | | | — | | | (13,967) | | | — | | | (13,967) | | | — | |
| Accretion of put options | | — | | | — | | | — | | | — | | | — | | | — | | | — | | | 587 | |
| | | | | | | | | | | | | | | | |
| Contributions | | — | | | — | | | — | | | — | | | — | | | 500 | | | 500 | | | — | |
| Distributions | | — | | | (379) | | | — | | | — | | | (379) | | | (530) | | | (909) | | | (192) | |
| Balance as of September 30, 2022 | | $ | 342 | | | $ | 2,303,135 | | | $ | (335,493) | | | $ | (60,981) | | | $ | 1,907,003 | | | $ | 11,723 | | | $ | 1,918,726 | | | $ | 185,711 | |
|
| See accompanying notes to the unaudited condensed consolidated financial statements. |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
All amounts included in the following notes to condensed consolidated financial statements (unaudited) are presented in USD and in thousands, except per share data or as otherwise noted.0
Note 1. Description of Business and Basis of Presentation
Description of Business
Sphere Entertainment Co. (the “Company”) is a premier live entertainment and media company comprised of two reportable segments, Sphere and MSG Networks. Sphere is a next-generation entertainment medium, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer and authenticated streaming product.
Sphere: This segment reflects SphereTM, a next-generation entertainment medium powered by cutting-edge technologies that enables multi-sensory storytelling at an unparalleled scale. The Company’s first Sphere opened in Las Vegas in September 2023. The venue can accommodate up to 20,000 guests and will host a wide variety of events year-round, including The Sphere ExperienceTM, which features original immersive productions, as well as concerts and residencies from renowned artists, and marquee sporting and corporate events. Supporting this strategy is Sphere Studios, which is home to a team of creative, production, technology and software experts who provide full in-house creative and production services. The studio campus in Burbank includes a 68,000-square-foot development facility, as well as Big Dome, a 28,000-square-foot, 100-foot high custom dome, with a quarter-sized version of the screen at Sphere in Las Vegas, that serves as a specialized screening, production facility, and lab for content at Sphere.
MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its direct-to-consumer and authenticated streaming product, MSG+. MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania and features a wide range of sports content, including exclusive live local games and other programming of the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”), New York Islanders (the “Islanders”), New Jersey Devils (the “Devils”) and Buffalo Sabres (the “Sabres”) of the National Hockey League (the “NHL”), as well as significant coverage of the New York Giants (the “Giants”) and the Buffalo Bills (the “Bills”) of the National Football League (the “NFL”).
Sphere Entertainment Co. (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. (“MSG Sports”). On April 17, 2020, MSG Sports distributed all outstanding common stock of the Company to MSG Sports’ stockholders (the “2020 Entertainment Distribution”). Unless the context otherwise requires, all references to “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries.
MSG Entertainment Distribution
On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. (“MSG Entertainment”, formerly MSGE Spinco, Inc.) to its stockholders (the “MSGE Distribution”), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the “MSGE Retained Interest”). Following the MSGE Distribution Date, the Company retained the Sphere and MSG Networks businesses and MSG Entertainment now owns the traditional live entertainment business previously owned and operated by the Company through its Entertainment business segment, excluding the Sphere business. In the MSGE Distribution, stockholders of the Company received (a) one share of MSG Entertainment’s Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on April 14, 2023 (the “Record Date”), and (b) one share of MSG Entertainment’s Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on the Record Date. See Note 1. Description of Business and Basis of Presentation, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 (the “2023 Form 10-K”) for more information.
As of September 30, 2023, following the sales of portions of the MSGE Retained Interest and the repayment of the delayed draw term loan with MSG Entertainment using a portion of the MSGE Retained Interest (further discussed in Note 6. Investments in Nonconsolidated Affiliates and Note 10. Credit Facilities), the Company no longer holds any of the outstanding common stock of MSG Entertainment.
As of April 20, 2023, the MSG Entertainment business met the criteria for discontinued operations. See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the MSGE Distribution.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Tao Group Hospitality Disposition
On May 3, 2023, the Company completed the sale of its 66.9% majority interest in TAO Group Sub-Holdings LLC (“Tao Group Hospitality”) to a subsidiary of Mohari Hospitality Limited, a global investment company focused on the luxury lifestyle and hospitality sectors (the “Tao Group Hospitality Disposition”). See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the Tao Group Hospitality Disposition.
Basis of Presentation
The Company reports on a fiscal year basis ending on June 30th (“Fiscal Year”). In these unaudited condensed consolidated financial statements, the years ended on June 30, 2024 and 2023 are referred to as “Fiscal Year 2024” and “Fiscal Year 2023,” respectively.
The Company has presented both the MSG Entertainment business and Tao Group Hospitality as discontinued operations for all periods presented. See Note 3. Discontinued Operations, for further discussion on accounting for the MSGE Distribution and Tao Group Hospitality Disposition.
The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions of Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “ SEC”), and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for Fiscal Year 2023 included in the 2023 Form 10-K.
In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2023 and its results of operations for the three months ended September 30, 2023, and 2022, and cash flows for the three months ended September 30, 2023, and 2022. The condensed consolidated financial statements and the accompanying notes as of September 30, 2023 were derived from audited annual consolidated financial statements but do not contain all of the footnote disclosures from the audited annual consolidated financial statements.
The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. Our MSG Networks segment earns a higher share of its annual revenues in the second and third quarters of its fiscal year as a result of MSG Networks’ advertising revenue being largely derived from the sale of inventory in its live NBA and NHL professional sports programming.
Reclassifications
For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP.
Note 2. Accounting Policies
Principles of Consolidation
The condensed consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. They also historically included accounts of Tao Group Hospitality, MSG Entertainment, and Boston Calling Events, LLC (“BCE”) until their dispositions on May 3, 2023, April 20, 2023, and December 2, 2022, respectively. All significant intercompany transactions and balances have been eliminated in consolidation.
Prior to their dispositions, Tao Group Hospitality and Boston Calling Events, LLC were consolidated with the equity owned by other stockholders shown as redeemable or nonredeemable noncontrolling interests of discontinued operations in the accompanying consolidated balance sheets, and the other stockholders’ portion of net earnings (loss) and other comprehensive income (loss) shown as net income (loss) or comprehensive income (loss) attributable to redeemable or nonredeemable noncontrolling interests from discontinued operations in the accompanying consolidated statements of operations and consolidated statements of comprehensive income (loss), respectively.
See Note 3. Discontinued Operations, for details regarding the Tao Group Hospitality Disposition, and MSGE Distribution. See Note 2. Summary of Significant Accounting Policies, to the audited annual consolidated financial statements included in the 2023 Form 10-K regarding the classification of redeemable noncontrolling interests of Tao Group Hospitality.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Use of Estimates
The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, valuation of investments, goodwill, intangible assets, deferred production costs, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, rights fees, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the condensed consolidated financial statements to be reasonable.
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods.
Production Costs for the Company’s Original Immersive Productions
There have been no material changes to the Company’s accounting policies regarding direct operating expenses related to production costs, except to note that subsequent to September 30, 2023, the Company completed and debuted its first original immersive production, Postcard From Earth, which began amortizing during the second quarter of Fiscal Year 2024.
Liquidity and Going Concern
As of the date the accompanying unaudited condensed consolidated financial statements were issued (the “issuance date”), management evaluated the presence of the following conditions and events at the Company in accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40):
As of September 30, 2023, the Company’s unrestricted cash and cash equivalents balance, inclusive of approximately $123,100 in advance cash proceeds primarily related to ticket sales, was $433,507, as compared to $131,965 as of June 30, 2023. Included in unrestricted cash and cash equivalents as of September 30, 2023 was $113,950 of cash and cash equivalents at MSG Networks, which is not available for distribution to the Company in order to maintain compliance with the covenants under the MSG Networks Credit Facilities (as defined under Note 10. Credit Facilities). As of September 30, 2023, the Company’s restricted cash balance was $18,235, as compared to $297,149 as of June 30, 2023, which included $275,000 required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date (as defined under Note 10. Credit Facilities), which occurred on August 8, 2023. The principal balance of the Company’s total debt outstanding as of September 30, 2023 was $1,207,250, including $932,250 of debt under the MSG Networks Credit Facilities. The balance under the MSG Networks Credit Facilities was reduced to $911,625 on October 2, 2023 upon MSG Networks’ completion of its required quarterly amortization payment.
Our primary sources of liquidity are cash and cash equivalents and cash flows from the operations of our businesses. The Company’s uses of cash over the next 12 months beyond the issuance date are expected to be substantial and include working capital-related items (including funding our operations), capital spending (including the creation of additional content for Sphere), required debt service payments, and payments we expect to be made in connection with the refinancing of our indebtedness, and investments and related loans and advances that we may fund from time to time. We may also use cash to repurchase our common stock. Our decisions as to the use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of cash resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of funding through the capital and credit markets, market conditions could adversely impact our ability to do so at that time.
Our ability to have sufficient liquidity to fund our operations and refinance the MSG Networks Credit Facilities is dependent on the ability of Sphere in Las Vegas to generate significant positive cash flow during Fiscal Year 2024. Although we anticipate that Sphere in Las Vegas will generate substantial revenue and adjusted operating income on an annual basis over time, there can be no assurance that guests, artists, promoters, advertisers and marketing partners will embrace this new platform. Original immersive productions, such as Postcard From Earth, have not been previously pursued on the scale of Sphere, which increases the uncertainty of our operating expectations. To the extent that our efforts do not result in viable shows, or to the extent that any such productions do not achieve expected levels of popularity among audiences, we may not generate the cash flows from operations necessary to fund our operations. To the extent we do not realize expected cash flows from operations from Sphere in Las Vegas, we would have to take
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
several actions to improve our financial flexibility and preserve liquidity, including significant reductions in both labor and non-labor expenses as well as reductions and/or deferrals in capital spending. Therefore, while we currently believe we will have sufficient liquidity from cash and cash equivalents and cash flows from operations (including expected cash flows from operations from Sphere in Las Vegas) to fund our operations and service our credit facilities, which includes the Company’s expectation that MSG Networks will pay down $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities, as described below, no assurance can be provided our liquidity will be sufficient in the event any of the preceding uncertainties facing Sphere in Las Vegas are realized over the next 12 months beyond the issuance date. The Company also anticipates MSG Networks will pay a portion of its term loan upon refinancing of the MSG Networks Credit Facilities prior to its maturity in October 2024.
As disclosed in Note 10. Credit Facilities, all of the outstanding borrowings under the MSG Networks Credit Facilities are guaranteed by the MSGN Guarantors (as defined under Note 10. Credit Facilities) and secured by the MSGN Collateral (as defined under Note 10. Credit Facilities). Sphere Entertainment Co., Sphere Entertainment Group, LLC and the subsidiaries of Sphere Entertainment Group, LLC (collectively, the “Non-Credit Parties”) are not legally obligated to fund the outstanding borrowings under the MSG Networks Credit Facilities, nor are the assets of the Non-Credit Parties pledged as security under the MSG Networks Credit Facilities. Over the next 12 months beyond the issuance date, MSG Networks expects to make $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities. The remaining outstanding borrowings under the MSG Networks Credit Facilities of $829,125 are scheduled to mature within one year beyond the issuance date of the accompanying unaudited condensed consolidated financial statements. However, MSG Networks will be unable to generate sufficient operating cash flows over the next 12 months to settle the remaining outstanding borrowings under the MSG Networks Credit Facilities when they become due. Therefore, management plans to refinance the MSG Networks Credit Facilities prior to maturity. While MSG Networks has historically been able to refinance its indebtedness, management can provide no assurance MSG Networks will be able to refinance the MSG Networks Credit Facilities, or that such refinancing will be secured on terms that are acceptable to MSG Networks. In the event MSG Networks is unable to refinance the amount scheduled to mature under the MSG Networks Credit Facilities or secure alternative sources of funding through the capital and credit markets on acceptable terms, the lenders would retain their right to exercise all of their remedies under the MSG Networks Credit Facilities, which would include, but not be limited to, declaring an event of default and foreclosing on the MSGN Collateral. In the event of an exercise of post-default rights and remedies, the Company believes the lenders would have no further remedies or recourse against the Non-Credit Parties pursuant to the terms of the MSG Networks Credit Facilities. While this condition raises substantial doubt about the Company’s ability to continue as a going concern, for the reasons stated in this paragraph, we have concluded this condition has been effectively alleviated and the Company will be able to continue as a going concern for at least one year beyond the issuance date of the accompanying unaudited condensed consolidated financial statements.
Note 3. Discontinued Operations
As a result of the MSGE Distribution and Tao Group Hospitality Disposition, the results of the traditional live entertainment business previously owned and operated by the Company through its MSG Entertainment business segment (excluding the Sphere business) and the entertainment dining and nightlife business previously owned and operated by the Company through its Tao Group Hospitality business segment, as well as transaction costs related to the MSGE Distribution and Tao Group Hospitality Disposition, have been classified in the accompanying condensed consolidated statement of operations as discontinued operations. See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the MSGE Distribution and Tao Group Hospitality Disposition.
For the three months ended September 30, 2023, the Company recognized a loss from discontinued operations of $647, net of $294 of income tax benefit, related to the final purchase price adjustment from the Tao Group Hospitality Disposition.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
The table below sets forth operating results of discontinued operations for the three months ended September 30, 2022. Amounts presented below differ from historically reported results for the MSG Entertainment and Tao Group Hospitality business segments due to reclassifications and adjustments made for purposes of discontinued operations.
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| | | Three Months Ended |
| September 30, 2022 |
| MSGE | | Tao | | Eliminations | | Total |
| Revenues | | $ | 146,075 | | | $ | 132,576 | | | $ | (562) | | | $ | 278,089 | |
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| Direct operating expenses | | (100,663) | | | (77,163) | | | 376 | | | (177,450) | |
| Selling, general and administrative expenses | | (28,729) | | | (42,543) | | | 462 | | | (70,810) | |
| Depreciation and amortization | | (15,986) | | | (7,636) | | | — | | | (23,622) | |
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Operating income | | 697 | | | 5,234 | | | 276 | | | 6,207 | |
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| Interest income | | 608 | | | 13 | | | — | | | 621 | |
| Interest expense | | (1,025) | | | (1,142) | | | — | | | (2,167) | |
Other income, net | | 886 | | | 1,054 | | | — | | | 1,940 | |
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Income from operations before income taxes | | 1,166 | | | 5,159 | | | 276 | | | 6,601 | |
Income tax expense | | (2,936) | | | (1,405) | | | — | | | (4,341) | |
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| Net (loss) income | | (1,770) | | | 3,754 | | | 276 | | | 2,260 | |
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| Less: Net income attributable to redeemable noncontrolling interests | | — | | | 1,124 | | | — | | | 1,124 | |
Less: Net loss attributable to nonredeemable noncontrolling interests | | (372) | | | (38) | | | — | | | (410) | |
| Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders | | $ | (1,398) | | | $ | 2,668 | | | $ | 276 | | | $ | 1,546 | |
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As permitted under Accounting Standards Codification (“ASC”) Subtopic 205-20-50-5b(2), the Company has elected not to adjust the condensed consolidated statements of cash flows for the three months ended September 30, 2022 to exclude cash flows attributable to discontinued operations.
The table below sets forth, for the period presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements:
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| | Three Months Ended | |
| | September 30, 2022 | |
| | MSGE | | Tao | |
| Non-cash items included in net (loss) income: | | | | | |
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| Depreciation and amortization | | $ | 15,986 | | | $ | 7,636 | | |
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| Share-based compensation expense | | 1,646 | | | 2,052 | | |
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| Capital expenditures, net | | $ | 4,855 | | | $ | 5,769 | | |
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Note 4. Revenue Recognition
Contracts with Customers
See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding the details of the Company’s revenue recognition policies. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606, Revenue From Contracts with Customers, except for revenues from subleases that are accounted for in accordance with ASC Topic 842, Leases.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Disaggregation of Revenue
The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the three months ended September 30, 2023 and 2022:
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| | Three Months Ended |
| | September 30, 2023 |
| | Sphere | | MSG Networks | | Total |
Event-related (a) | | 4,059 | | | — | | | 4,059 | |
Sponsorship, signage, ExosphereTM advertising, and suite licenses (b) | | 2,560 | | | 218 | | | 2,778 | |
Media related, primarily from affiliation agreements (b) | | — | | | 109,795 | | | 109,795 | |
| Other | | 431 | | | 215 | | | 646 | |
| Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | |
| Revenues from subleases | | 729 | | | — | | | 729 | |
| Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
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| | Three Months Ended |
| | September 30, 2022 |
| | Sphere | | MSG Networks | | Total |
Sponsorship, signage, Exosphere advertising, and suite licenses (b) | | — | | | 244 | | | 244 | |
Media related, primarily from affiliation agreements (b) | | — | | | 121,812 | | | 121,812 | |
| Other | | — | | | 423 | | | 423 | |
| Total revenues from contracts with customers | | — | | | 122,479 | | | 122,479 | |
| Revenues from subleases | | 650 | | | — | | | 650 | |
| Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________
(a) Event-related revenues consists of (i) ticket sales and other ticket-related revenues, (ii) venue license fees from third-party promoters, and (iii) food, beverage and merchandise sales. Event-related revenues are recognized at a point in time. As such, these revenues have been included in the same category in the table above.
(b) See Note 2. Summary of Significant Accounting Policies, Revenue Recognition, and Note 4. Revenue Recognition, to the consolidated financial statements included in the 2023 Form 10-K for further details on the pattern of recognition of sponsorship, signage, suite licenses, and media related revenue.
In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following tables disaggregate the Company’s consolidated revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2023 and 2022:
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| | Three Months Ended |
| | September 30, 2023 |
| | Sphere | | MSG Networks | | Total |
Ticketing and venue license fee revenues (a) | | $ | 2,807 | | | $ | — | | | $ | 2,807 | |
Sponsorship, signage, Exosphere advertising, and suite revenues | | 2,900 | | | — | | | 2,900 | |
Food, beverage, and merchandise revenues | | 1,343 | | | — | | | 1,343 | |
Media networks revenues (b) | | — | | | 110,228 | | | 110,228 | |
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Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | |
| Revenues from subleases | | 729 | | | — | | | 729 | |
| Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
_________________
(a) Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience and (iii) other live entertainment and sporting events.
(b) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
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| | Three Months Ended |
| | September 30, 2022 |
| | Sphere | | MSG Networks | | Total |
Media networks revenues (a) | | $ | — | | | $ | 122,479 | | | $ | 122,479 | |
| Revenues from subleases | | 650 | | | — | | | 650 | |
| Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________
(a) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming.
Contract Balances
The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2023 and June 30, 2023:
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| | September 30, | | June 30, |
| | 2023 | | 2023 |
Receivables from contracts with customers, net (a) | | $ | 114,247 | | | $ | 115,039 | |
Contract assets, current (b) | | 88 | | | 314 | |
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Deferred revenue, including non-current portion (c) | | 70,904 | | | 27,397 | |
_________________(a) Receivables from contracts with customers, net, which are reported in Accounts receivable and Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2023 and June 30, 2023, the Company’s receivables from contracts with customers above included $0 and $2,730, respectively, related to various related parties. See Note 14. Related Party Transactions, for further details on these related party arrangements.
(b) Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
(c) Revenue recognized for the three months ended September 30, 2023 relating to the deferred revenue balance as of June 30, 2023 was $1,470.
Transaction Price Allocated to the Remaining Performance Obligations
As of September 30, 2023, the Company’s remaining performance obligations were approximately $84,141 of which 76% is expected to be recognized over the next two years and an additional 24% of the balance to be recognized in the following two years. This primarily relates to performance obligations under sponsorship agreements that have original expected durations longer than one year and for which the respective consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
Note 5. Restructuring Charges
During Fiscal Year 2024, the Company incurred costs for termination benefits for certain executives and employees in the Sphere segment. As a result, the Company recognized restructuring charges of $3,391 for the three months ended September 30, 2023, which are recorded in Accounts payable, accrued and other current liabilities and Related party payables, current. No restructuring charges were recorded for the three months ended September 30, 2022.
Changes to the Company’s restructuring liability through September 30, 2023 were as follows:
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| | Restructuring Liability |
| June 30, 2023 | | $ | 8,891 | |
Restructuring charges | | 3,391 | |
| Payments | | (6,804) | |
| September 30, 2023 | | $ | 5,478 | |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Note 6. Investments in Nonconsolidated Affiliates
The Company’s investments in nonconsolidated affiliates, which are accounted for under the equity method of accounting or as equity investments without readily determinable fair value, are included within Other non-current assets in the accompanying condensed consolidated balance sheets and consisted of the following:
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| | | | Investment As of |
| | Ownership Percentage as of September 30, 2023 | | September 30,
2023 | | June 30,
2023 |
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| Equity method investments: | | | | | | |
| SACO Technologies Inc. (“SACO”) | | 30 | % | | $ | 20,074 | | | $ | 22,246 | |
Holoplot Loan (a) | | | | 20,576 | | | 20,971 | |
| Holoplot | | 25 | % | | 1,417 | | | 1,542 | |
MSG Entertainment (b) | | — | % | | — | | | 341,039 | |
| Equity investments without readily determinable fair values | | | | 8,721 | | | 8,721 | |
| Total investments in nonconsolidated affiliates | | | | $ | 50,788 | | | $ | 394,519 | |
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_________________
(a) In January 2023, the Company, through an indirect subsidiary, extended financing to Holoplot GmbH (“Holoplot”) in the form of a three-year convertible loan (the “Holoplot Loan”) of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. Absent conversion, which is currently not available under the terms of the Holoplot Loan, the Holoplot Loan and interest accrued thereon are due and payable at the conclusion of the three year term.
(b) As of September 30, 2023, following the sale of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined below) with MSG Entertainment using a portion of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. The Company elected the fair value option for its investment in MSG Entertainment as of June 30, 2023, when it held approximately 20% of the outstanding shares of common stock of MSG Entertainment (in the form of Class A common stock). The fair value of the investment was determined based on quoted market prices on the New York Stock Exchange (“NYSE”), which were classified within Level I of the fair value hierarchy.
The following table summarizes the realized and unrealized gain (loss) on equity investments with and without readily determinable fair values, which is reported in Other income (expense), net, for the three months ended September 30, 2023 and 2022:
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| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
Unrealized gain | | $ | — | | | $ | 1,969 | | | | | |
Realized loss from shares of MSG Entertainment Class A common stock sold | | (19,027) | | | — | | | | | |
Total realized and unrealized (loss) gain on equity investments | | $ | (19,027) | | | $ | 1,969 | | | | | |
Supplemental information on realized loss: | | | | | | | | |
Shares of MSG Entertainment Class A common stock disposed (a) | | 1,923 | | | — | | | | | |
Shares of MSG Entertainment Class A common stock sold (b) | | 8,221 | | | — | | | | | |
Cash proceeds from shares of MSG Entertainment Class A common stock sold | | $ | 256,501 | | | $ | — | | | | | |
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_________________
(a) Refer to Note 10. Credit Facilities, for further explanation of the approximately 1,923 shares disposed related to the repayment of the DDTL Facility.
(b) Shares sold of approximately 8,221 resulted in the cash proceeds from common stock sold.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Note 7. Property and Equipment, net
As of September 30, 2023 and June 30, 2023, property and equipment, net consisted of the following:
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| | As of |
| | September 30,
2023 | | June 30,
2023 |
| Land | | $ | 77,617 | | | $ | 80,878 | |
| Buildings | | 2,300,506 | | | 69,049 | |
Equipment, furniture, and fixtures | | 1,090,194 | | | 159,786 | |
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| Leasehold improvements | | 18,491 | | | 18,491 | |
Construction in progress | | 85,469 | | | 3,066,785 | |
Total property and equipment, gross | | 3,572,277 | | | 3,394,989 | |
| Less accumulated depreciation and amortization | | (101,136) | | | (87,828) | |
| Property and equipment, net | | $ | 3,471,141 | | | $ | 3,307,161 | |
The property and equipment balances above include $224,788 and $236,593 of capital expenditure accruals (primarily related to Sphere construction) as of September 30, 2023 and June 30, 2023, respectively, which are reflected in Accounts payable, accrued and other current liabilities in the accompanying condensed consolidated balance sheets. During the three months ended September 30, 2023, with the opening of Sphere, the Company placed $3,130,028 of construction in progress assets into service, and began depreciating them over their corresponding estimated useful lives. See Note 2. Summary of Significant Accounting Policies, to the consolidated financial statements included in the 2023 Form 10-K for details on the Company’s estimated useful lives for each major category of property and equipment.
The Company recorded depreciation expense on property and equipment of $13,480 and $5,354 for the three months ended September 30, 2023, and 2022, respectively, which is recognized in Depreciation and amortization.
Note 8. Goodwill and Intangible Assets
The carrying amounts of goodwill as of September 30, 2023 and June 30, 2023 are as follows:
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| As of | | | | | | | | | | | | | | | |
| September 30,
2023 | | June 30,
2023 | | | | | | | | | | | | | | | |
| Sphere | $ | 32,299 | | | $ | 32,299 | | | | | | | | | | | | | | | | |
| MSG Networks | 424,508 | | | 424,508 | | | | | | | | | | | | | | | | |
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| Total Goodwill | $ | 456,807 | | | $ | 456,807 | | | |
During the first quarter of Fiscal Year 2024, the Company performed its annual impairment test of goodwill and determined that there was no impairment of goodwill identified as of the impairment test date.
The Company’s intangible assets subject to amortization, which relate to affiliate relationships, as of September 30, 2023 and June 30, 2023 were as follows:
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| | As of |
| | September 30,
2023 | | June 30,
2023 |
| Gross carrying amount | | $ | 83,044 | | | $ | 83,044 | |
| Accumulated amortization | | (65,913) | | | (65,134) | |
| Intangible assets, net | | $ | 17,131 | | | $ | 17,910 | |
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The company recognized amortization expense on intangible assets of $779 for the three months ended September 30, 2023, and 2022, which is recognized in Depreciation and amortization.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Note 9. Commitments and Contingencies
Commitments
See Note 11. Commitments and Contingencies, to the consolidated financial statements included in the 2023 Form 10-K for details on the Company’s commitments. The Company’s commitments as of June 30, 2023 included a total of $3,134,884 of contract obligations (primarily related to media rights agreements from the MSG Networks segment).
During the three months ended September 30, 2023, the Company did not have any material changes in its non-cancelable contractual obligations (other than activities in the ordinary course business). See Note 10. Credit Facilities, for details of the principal repayments required under the Company’s various credit facilities.
Legal Matters
Fifteen complaints were filed in connection with the merger between a subsidiary of the Company and MSG Networks Inc. (the “Networks Merger”) by purported stockholders of the Company and MSG Networks Inc.
Nine of these complaints involved allegations of materially incomplete and misleading information set forth in the joint proxy statement/prospectus filed by the Company and MSG Networks Inc. in connection with the Networks Merger. As a result of supplemental disclosures made by the Company and MSG Networks Inc. on July 1, 2021, all of the disclosure actions were voluntarily dismissed with prejudice prior to or shortly following the consummation of the Networks Merger.
Six complaints involved allegations of fiduciary breaches in connection with the negotiation and approval of the Networks Merger and were consolidated into two remaining litigations.
On September 10, 2021, the Court of Chancery of the State of Delaware (the “Court”) entered an order consolidating two derivative complaints filed by purported Company stockholders. The consolidated action is captioned: In re Madison Square Garden Entertainment Corp. Stockholders Litigation, C.A. No. 2021-0468-KSJM (the “MSG Entertainment Litigation”). The consolidated plaintiffs filed their Verified Consolidated Derivative Complaint on October 11, 2021. The complaint, which named the Company as only a nominal defendant, retained all of the derivative claims and alleged that the members of the board of directors and controlling stockholders violated their fiduciary duties in the course of negotiating and approving the Networks Merger. Plaintiffs sought, among other relief, an award of damages to the Company including interest, and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.
On March 14, 2023, the parties to the MSG Entertainment Litigation reached an agreement in principle to settle the MSG Entertainment Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGE Settlement Agreement”) that was filed with the Court on April 20, 2023. The MSGE Settlement Agreement provided for, among other things, the final dismissal of the MSG Entertainment Litigation in exchange for a settlement payment to the Company of $85,000, subject to customary reduction for attorneys’ fees and expenses, in an amount to be determined by the Court. The settlement’s amount was fully funded by the other defendants’ insurers. The MSGE Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. A realized gain of $62,647 was recognized in Other income (expense), net on the condensed combined statement of operations in connection with the settlement payment to the Company.
On September 27, 2021, the Court entered an order consolidating four complaints filed by purported former stockholders of MSG Networks Inc. The consolidated action is captioned: In re MSG Networks Inc. Stockholder Class Action Litigation, C.A. No. 2021-0575-KSJM (the “MSG Networks Litigation”). The consolidated plaintiffs filed their Verified Consolidated Stockholder Class Action Complaint on October 29, 2021. The complaint asserted claims on behalf of a putative class of former MSG Networks Inc. stockholders against each member of the board of directors of MSG Networks Inc. and the controlling stockholders prior to the Networks Merger. Plaintiffs alleged that the MSG Networks Inc. board of directors and controlling stockholders breached their fiduciary duties in negotiating and approving the Networks Merger. The Company was not named as a defendant but was subpoenaed to produce documents and testimony related to the Networks Merger. Plaintiffs sought, among other relief, monetary damages for the putative class and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.
On April 6, 2023, the parties to the MSG Networks Litigation reached an agreement in principle to settle the MSG Networks Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGN Settlement Agreement”) that was filed with the Court on May 18, 2023. The MSGN
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Settlement Agreement provided for, among other things, the final dismissal of the MSG Networks Litigation in exchange for a settlement payment to the plaintiffs and the class of $48,500, of which $28,000 has been paid as of September 30, 2023, with $20,500 accrued for in Accounts payable, accrued and other current liabilities. MSG Networks has a dispute with its insurers over whether and to what extent there is insurance coverage for the settlement. Unless MSG Networks Inc. and the insurers settle that insurance dispute, it is expected to be resolved in a pending Delaware insurance coverage action. In the interim, and subject to final resolution of the parties’ insurance coverage dispute, certain of MSG Networks’ insurers agreed to advance $20,500 to fund the settlement and related class notice costs. The MSGN Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action.
The Company is a defendant in various other lawsuits. Although the outcome of these other lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these other lawsuits will have a material adverse effect on the Company.
Note 10. Credit Facilities
See Note 12. Credit Facilities, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding the Company’s credit facilities. The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements as of September 30, 2023 and June 30, 2023:
| | | | | | | | | | | | | | |
| | As of |
| | September 30,
2023 | | June 30,
2023 |
| Current portion | | | | |
| MSG Networks Term Loan | | $ | 103,125 | | | $ | 82,500 | |
| | | | |
| | | | |
| | | | |
| | | | |
| Total Current portion of long-term debt | | $ | 103,125 | | | $ | 82,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of |
| | September 30, 2023 | | June 30, 2023 |
| | Principal | | Unamortized Deferred Financing Costs | | Net | | Principal | | Unamortized Deferred Financing Costs | | Net |
| Non-current portion | | | | | | | | | | | | |
| MSG Networks Term Loan | | $ | 829,125 | | | $ | (1,185) | | | $ | 827,940 | | | $ | 849,750 | | | $ | (1,483) | | | $ | 848,267 | |
| LV Sphere Term Loan Facility | | 275,000 | | | (4,605) | | | 270,395 | | | 275,000 | | | (4,880) | | | 270,120 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Long-term debt, net of deferred financing costs | | $ | 1,104,125 | | | $ | (5,790) | | | $ | 1,098,335 | | | $ | 1,124,750 | | | $ | (6,363) | | | $ | 1,118,387 | |
MSG Networks Credit Facilities
General. MSGN Holdings, L.P. (“MSGN L.P.”), MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, an indirect subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “MSGN Holdings Entities”), and certain subsidiaries of MSGN L.P. have senior secured credit facilities pursuant to a credit agreement (as amended and restated on October 11, 2019, the “MSGN Credit Agreement”) consisting of: (i) an initial $1,100,000 term loan facility (the “MSGN Term Loan Facility”) and (ii) a $250,000 revolving credit facility (the “MSGN Revolving Credit Facility” and, together with the MSGN Term Loan Facility, the “MSG Networks Credit Facilities”), each with a term of five years. Up to $35,000 of the MSGN Revolving Credit Facility is available for the issuance of letters of credit. As of September 30, 2023, there were no borrowings or letters of credit issued and outstanding under the MSGN Revolving Credit Facility.
Interest Rates. Borrowings under the MSGN Credit Agreement bear interest at a floating rate, which at the option of MSGN L.P. may be either (i) a base rate plus an additional rate ranging from 0.25% to 1.25% per annum (determined based on a total net leverage ratio) (the “MSGN Base Rate”), or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a total net leverage ratio). Upon a payment default in respect of principal, interest or other amounts due and payable under the MSGN Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The MSGN Credit Agreement requires that MSGN L.P. pay a commitment fee ranging from 0.225% to 0.30% (determined based on a total net leverage ratio) in respect of the average daily unused commitments under the MSGN Revolving Credit Facility. MSGN L.P. will also be required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit. The interest rate on the MSGN Term Loan Facility as of September 30, 2023 was 7.42%.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Principal Repayments. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily repay outstanding loans under the MSGN Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). The MSGN Term Loan Facility amortizes quarterly in accordance with its terms beginning March 31, 2020 through September 30, 2024 with a final maturity date of October 11, 2024. MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including MSGN Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions.
Covenants. The MSGN Credit Agreement generally requires the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 5.50:1.00, subject, at the option of MSGN L.P. to an upward adjustment to 6.00:1.00 during the continuance of certain events. As of September 30, 2023, the total leverage ratio coverage ratio was 5.27:1:00. In addition, the MSGN Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of September 30, 2023, the interest coverage ratio was 2.50:1:00. All borrowings under the MSGN Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. As of September 30, 2023, the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the covenants.
In addition to the financial covenants discussed above, the MSGN Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants, and events of default. The MSGN Credit Agreement contains certain restrictions on the ability of MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the MSGN Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchasing capital stock; (v) changing their lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The MSGN Holdings Entities are also subject to customary passive holding company covenants.
Guarantors and Collateral. All obligations under the MSGN Credit Agreement are guaranteed by the MSGN Holdings Entities and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “MSGN Subsidiary Guarantors,” and together with the MSGN Holdings Entities, the “MSGN Guarantors”). All obligations under the MSGN Credit Agreement, including the guarantees of those obligations, are secured by certain assets of MSGN L.P. and each MSGN Guarantor (collectively, “MSGN Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the Holdings Entities and the equity interests in each MSGN Subsidiary Guarantor held directly or indirectly by MSGN L.P.
LV Sphere Term Loan Facility
General. On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of the Company, entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275,000 senior secured term loan facility (the “LV Sphere Term Loan Facility”).
Interest Rates. Borrowings under the LV Sphere Term Loan Facility bear interest at a floating rate, which at the option of MSG LV may be either (i) a base rate plus a margin of 3.375% per annum or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus a margin of 4.375% per annum. The interest rate on the LV Sphere Term Loan Facility as of September 30, 2023 was 9.80%.
Principal Repayments. The LV Sphere Term Loan Facility will mature on December 22, 2027. The principal obligations under the LV Sphere Term Loan Facility are due at the maturity of the facility, with no amortization payments prior to maturity. Under certain circumstances, MSG LV is required to make mandatory prepayments on the loan, including prepayments in an amount equal to the net cash proceeds of casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions.
Covenants. The LV Sphere Term Loan Facility and related guaranty by Sphere Entertainment Group include financial covenants requiring MSG LV to maintain a specified minimum debt service coverage ratio and requiring Sphere Entertainment Group to maintain a specified minimum liquidity level. The debt service coverage ratio covenant begins testing in the fiscal quarter ending December 31, 2023 on a historical basis and, beginning with the first fiscal quarter occurring after the date on which the first ticketed performance or event open to the general public occurs at Sphere in Las Vegas, is also tested on a prospective basis. Both the historical and prospective debt service coverage ratios are set at 1.35:1. In addition, among other conditions, MSG LV is not permitted to make distributions to Sphere Entertainment Group unless the historical and prospective debt service coverage ratios are at least 1.50:1. Following the Liquidity Covenant Reduction Date (as defined below), the minimum liquidity level for Sphere Entertainment
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Group is set at $50,000, with $25,000 required to be held in cash or cash equivalents. Prior to the Liquidity Covenant Reduction Date, the minimum liquidity level for Sphere Entertainment Group was set at $100,000, with $75,000 required to be held in cash or cash equivalents, which amounts (in addition to certain cash proceeds from the sale of the MSGE Retained Interest) were required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date (the “Pledged Account”). The Liquidity Covenant Reduction Date occurred on August 8, 2023, once Sphere in Las Vegas was substantially completed and certain of its systems were ready to be used in live, immersive events (the “Liquidity Covenant Reduction Date”). The minimum liquidity level was tested on the closing date and is tested as of the last day of each fiscal quarter thereafter based on Sphere Entertainment Group’s unencumbered liquidity, consisting of cash and cash equivalents and available lines of credit, as of such date. Following the completion of the MSGE Distribution, the MSGE Retained Interest was pledged to secure the LV Sphere Term Loan Facility and was released as collateral upon the Liquidity Covenant Reduction Date.
In addition to the covenants described above, the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements contain certain customary representations and warranties, affirmative and negative covenants and events of default. The LV Sphere Term Loan Facility contains certain restrictions on the ability of MSG LV and Sphere Entertainment Group to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements, including the following: (i) incur additional indebtedness; (ii) until the occurrence of the Liquidity Covenant Reduction Date, create liens on Sphere in Las Vegas, the MSGE Retained Interest or the real property intended for development as Sphere in London; (iii) make investments, loans or advances in or to other persons; (iv) pay dividends and distributions (which will restrict the ability of MSG LV to make cash distributions to the Company); (v) change its lines of business; (vi) engage in certain transactions with affiliates; (vii) amend organizational documents; (viii) merge or consolidate; and (ix) make certain dispositions.
Guarantors and Collateral. All obligations under the LV Sphere Term Loan Facility are guaranteed by Sphere Entertainment Group. All obligations under the LV Sphere Term Loan Facility, including the guarantees of those obligations, are secured by all of the assets of MSG LV and certain assets of Sphere Entertainment Group including, but not limited to, MSG LV’s leasehold interest in the land on which Sphere in Las Vegas is located, a pledge of all of the equity interests held directly by Sphere Entertainment Group in MSG LV and, until the Liquidity Covenant Reduction Date, the Pledged Account and a pledge of the MSGE Retained Interest.
Delayed Draw Term Loan Facility
On April 20, 2023, the Company entered into a delayed draw term loan facility (the “DDTL Facility”) with MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”). Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $65,000 in delayed draw term loans to the Company on an unsecured basis for a period of 18 months following the consummation of the MSGE Distribution.
On July 14, 2023, the Company drew down the full amount of the $65,000 under the DDTL Facility. On August 9, 2023, the Company repaid all amounts outstanding under the DDTL Facility (including accrued interest and commitment fees) by delivering to MSG Entertainment Holdings approximately 1,923 shares of MSG Entertainment Class A common stock.
Interest payments and loan principal repayments made by the Company under the credit agreements were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Interest Payments | | Loan Principal Repayments |
| | Three Months Ended | | Three Months Ended |
| | September 30, | | September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
MSG Networks Credit Facilities | | $ | 17,500 | | | $ | 9,596 | | | $ | — | | | $ | 12,375 | |
| LV Sphere Term Loan Facility | | 6,745 | | | — | | | — | | | — | |
Delayed Draw Term Loan Facility | | 460 | | | — | | | 65,000 | | | — | |
| Total Payments | | $ | 24,705 | | | $ | 9,596 | | | $ | 65,000 | | | $ | 12,375 | |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
The carrying value and fair value of the Company’s financial instruments reported in the accompanying condensed consolidated balance sheets are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | As of |
| | September 30, 2023 | | June 30, 2023 |
| | Carrying Value (a) | | Fair
Value | | Carrying Value (a) | | Fair
Value |
| Liabilities: | | | | | | | | |
MSG Networks Credit Facilities | | $ | 932,250 | | | $ | 927,589 | | | $ | 932,250 | | | $ | 927,589 | |
| | | | | | | | |
| | | | | | | | |
| LV Sphere Term Loan Facility | | 275,000 | | | 273,625 | | | 275,000 | | | 272,250 | |
| | | | | | | | |
| | | | | | | | |
| Total Long-term debt | | $ | 1,207,250 | | | $ | 1,201,214 | | | $ | 1,207,250 | | | $ | 1,199,839 | |
| | | | | | | | |
_________________
(a) The total carrying value of the Company’s financial instruments as of September 30, 2023 and June 30, 2023 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $5,790 and $6,363, respectively.
The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar instruments for which the inputs are readily observable.
Note 11. Pension Plans and Other Postretirement Benefit Plan
The Company sponsors (i) both funded and unfunded and qualified and non-qualified pension plans, including the Networks 1212 Plan, Networks Excess Cash Balance Plan, and the Networks Excess Retirement Plan (together, the “Networks Plans”), (ii) an excess savings plan and (iii) a postretirement benefit plan (the “Postretirement Plan”). In connection with the MSGE Distribution, the Company established an unfunded non-contributory, non-qualified frozen excess cash balance plan (the “Sphere Excess Plan”) covering certain employees who participated in the pre-MSGE Distribution cash balance plan, which was transferred to MSGE Entertainment in connection with the MSGE Distribution. The Networks Plans and Sphere Excess Plans are collectively referred to as the “Pension Plans.” Prior to the MSGE Distribution, the Company sponsored two contributory welfare plans which provided certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001. The sponsorship of the Postretirement Plan covering Networks employees was retained by the Company while the postretirement plan covering MSGE employees was transferred to MSG Entertainment in connection with MSGE Distribution. In addition, the liabilities associated with the postretirement plan for MSGE employees were transferred from the Company to MSG Entertainment in connection with the MSGE Distribution. See Note 13. Pension Plans and Other Postretirement Benefit Plans, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding these plans.
Defined Benefit Pension Plans and Postretirement Benefit Plan
The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other expense, net.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Pension Plans | | Postretirement Plan |
| | Three Months Ended | | Three Months Ended |
| | September 30, | | September 30, |
| | 2023 | | 2022 | | 2023 | | 2022 |
| Service cost | | $ | 61 | | | $ | 123 | | | $ | 5 | | | $ | 15 | |
| Interest cost | | 439 | | | 1,189 | | | 17 | | | 19 | |
| Expected return on plan assets | | (213) | | | (1,719) | | | — | | | — | |
| Recognized actuarial loss (gain) | | (224) | | | 501 | | | (17) | | | 9 | |
| | | | | | | | |
| | | | | | | | |
| Net periodic benefit cost | | $ | 63 | | | $ | 94 | | | $ | 5 | | | $ | 43 | |
| | | | | | | | |
| | | | | | | | |
Contributions for Qualified Defined Benefit Plans
The Company sponsors one non-contributory, qualified defined benefit pension plan covering certain of its union employees, the “Networks 1212 Plan.” During the three months ended September 30, 2023, the Company contributed $500 to the Networks 1212 Plan.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Defined Contribution Plans
The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan, the Sphere Entertainment Excess Savings Plan, and the Madison Square Garden 401(k) Savings Plan (collectively, “Savings Plans”). For the three months ended September 30, 2023 and 2022, expenses related to the Savings Plans included in the accompanying condensed consolidated and combined statements of operations are as follows:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
Continuing Operations | | $ | 1,210 | | | $ | 1,387 | | | | | |
Discontinued Operations | | — | | | $ | 1,178 | | | | | |
Total Savings Plan Expenses | | $ | 1,210 | | | $ | 2,565 | | | | | |
Executive Deferred Compensation
See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated Annual Financial Statements for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”). The Company recorded compensation income of $107 and $154 for the three months ended September 30, 2023 and 2022, respectively, within Selling, general, and administrative expenses in the condensed, consolidated statements of operations to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded loss of $107 and $154 for the three months ended September 30, 2023 and 2022, respectively, within Other income (expense), net in the condensed, consolidated statements of operations to reflect remeasurement of the fair value of assets under the Deferred Compensation Plan.
The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated and combined balance sheets:
| | | | | | | | | | | | | | | | | | |
| | As of | | |
| | September 30,
2023 | | June 30,
2023 | | | | |
| Non-current assets (included in Other non-current assets) | | $ | 2,536 | | | $ | 1,087 | | | | | |
| Non-current liabilities (included in Other non-current liabilities) | | $ | (2,550) | | | $ | (1,087) | | | | | |
Note 12. Share-based Compensation
The Company has three share-based compensation plans: the 2020 Employee Stock Plan, the 2020 Stock Plan for Non-Employee Directors and the MSG Networks Inc. 2010 Employee Stock Plan. See Note 14. Share-based Compensation, to the consolidated financial statement included in the 2023 Form 10-K for more detail on these plans.
Share-based compensation expense for the Company’s restricted stock units (“RSUs”), performance stock units (“PSUs”) and/or stock options are recognized in the condensed consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses.
The following table summarizes the Company’s share-based compensation expense:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
Share-based compensation (a) | | $ | 4,883 | | | $ | 11,490 | | | | | |
Fair value of awards vested (b) | | $ | 30,153 | | | $ | 32,132 | | | | | |
_________________
(a) Share-based compensation excludes costs that have been capitalized of $906 and $910 for the three months ended September 30, 2023 and 2022, respectively.
(b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $13,976 and $14,517 were retained by the Company during the three months ended September 30, 2023, and 2022, respectively.
As of September 30, 2023, there was $55,963 of unrecognized compensation cost related to unvested RSUs and PSUs held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 2.47 years.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
For the three months ended September 30, 2023, weighed-average shares used in the calculation for diluted EPS consisted of 34,911 weighed-average shares for basic EPS and the dilutive effect of 315 shares issuable under share-based compensation plans. For the three months ended September 30, 2022, weighed-average shares used in the calculation for diluted EPS consisted of 34,403 weighed-average shares for basic EPS.
For the three months ended September 30, 2023, weighted-average anti-dilutive shares primarily consisted of approximately 690 units of RSUs and stock options and were excluded in the calculation of diluted earnings per share because their effect would have been anti-dilutive. For the three months ended September 30, 2022, all RSUs and stock options were excluded from the anti-dilutive calculation because the Company reported a net loss for the period and, therefore, their impact on reported loss per share would have been antidilutive.
Award Activity
RSUs
During the three months ended September 30, 2023 and 2022, approximately 449 and 598 RSUs were granted and approximately 564 and 493 RSUs vested, respectively.
PSUs
During the three months ended September 30, 2023 and 2022, approximately 404 and 566 PSUs were granted and approximately 241 and 82 PSUs vested, respectively.
Note 13. Stockholders’ Equity
Preferred Stock
The Company is authorized to issue 15,000 shares of preferred stock, par value $0.01. As of September 30, 2023 and June 30, 2023, no shares of preferred stock were outstanding.
Stock Repurchase Program
On March 31, 2020, the Company’s Board of Directors authorized the repurchase of up to $350,000 of the Company’s Class A Common Stock. The program was re-authorized by the Company’s Board of Directors on March 29, 2023. Under the authorization, shares of Class A Common Stock may be purchased from time to time in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. The Company has not engaged in any share repurchase activities under its share repurchase program to date.
Accumulated Other Comprehensive Loss
The following tables detail the components of accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | |
| |
| Three Months Ended |
| September 30, 2023 |
| Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss |
| Balance as of June 30, 2023 | $ | (5,138) | | | $ | 200 | | | $ | (4,938) | |
| Other comprehensive loss: | | | | | |
Other comprehensive loss before reclassifications | — | | | (7,919) | | | (7,919) | |
Amounts reclassified from accumulated other comprehensive loss (a) | (241) | | | — | | | (241) | |
| Income tax benefit | 63 | | | 2,052 | | | 2,115 | |
| | | | | |
Other comprehensive loss, total | (178) | | | (5,867) | | | (6,045) | |
| | | | | |
| Balance as of September 30, 2023 | $ | (5,316) | | | $ | (5,667) | | | $ | (10,983) | |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
| | | | | | | | | | | | | | | | | |
| | | | | |
| Three Months Ended |
| September 30, 2022 |
| Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss |
| Balance as of June 30, 2022 | $ | (40,287) | | | $ | (8,068) | | | $ | (48,355) | |
Other comprehensive income (loss): | | | | | |
| Other comprehensive loss before reclassifications | — | | | (16,080) | | | (16,080) | |
Amounts reclassified from accumulated other comprehensive loss (a) | 510 | | | — | | | 510 | |
| Income tax (expense) benefit | (10) | | | 2,954 | | | 2,944 | |
Other comprehensive income (loss), total | 500 | | | (13,126) | | | (12,626) | |
| Balance as of September 30, 2022 | $ | (39,787) | | | $ | (21,194) | | | $ | (60,981) | |
_________________(a) Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plans).
Note 14. Related Party Transactions
As of September 30, 2023, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 5.6% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of September 30, 2023). Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represent approximately 72.1% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Entertainment, MSG Sports and AMC Networks Inc.
See Note 17. Related Party Transactions, to the consolidated financial statements included in the 2023 Form 10-K for a description of the Company’s related party arrangements. There have been no material changes in such related party arrangements except as described below.
The Company has entered into arrangements with (i) MSG Sports, pursuant to which MSG Sports provides certain sponsorship and other business operations services to the Company in exchange for service fees, (ii) MSGE Entertainment, pursuant to which MSG Entertainment provides certain sponsorship-related account management services to the Company in exchange for service fees, and (iii) MSG Sports and MSG Entertainment, pursuant to which the three companies have agreed to allocate expenses in connection with the use by each company of aircraft owned or leased by MSG Entertainment and MSG Sports.
The Company has also entered into certain commercial agreements with its equity method investment nonconsolidated affiliates in connection with Sphere. The Company recorded $5,668 and $50,670 for the three months ended September 30, 2023 and 2022, respectively, of capital expenditures in connection with services provided to the Company under these agreements. As of September 30, 2023 and June 30, 2023, accrued liabilities associated with related parties were $16,084 and $13,412, respectively, and are reported under Accounts payable, accrued and other current liabilities in the accompanying condensed consolidated balance sheets.
From time to time the Company enters into arrangements with 605, LLC (“605”). Kristin Dolan, a director of the Company and the spouse of James L. Dolan, the Executive Chairman and Chief Executive Officer of the Company, founded and was the Chief Executive Officer of 605, an audience measurement and data analytics company in the media and entertainment industries, until February 2023. The Company’s Audit Committee approved the entry into one or more agreements with 605 to provide certain data analytics services to the Company for an aggregate amount of up to $1,000. On September 13, 2023, 605 was sold to iSpot.tv, and James L. Dolan and Kristin A. Dolan now hold a minority interest in iSpot.tv. As a result, from and after September 13, 2023, 605 is no longer considered to be a related party.
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Revenues and Operating Expenses
The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
| Revenues | | $ | 390 | | | $ | — | | | | | |
| Operating expenses (credits): | | | | | | | | |
| Media rights fees | | $ | 44,185 | | | 42,767 | | | | | |
| | | | | | | | |
| | | | | | | | |
| Cost reimbursement from MSG Sports - MSG Sports Services Agreement | | — | | | (9,517) | | | | | |
Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement (a) | | 30,337 | | | — | | | | | |
| | | | | | | | |
| | | | | | | | |
| Origination, master control and technical services | | 1,257 | | | 1,232 | | | | | |
| | | | | | | | |
| | | | | | | | |
| Other operating expenses, net | | 544 | | | (11) | | | | | |
Total operating expenses, net (b) | | $ | 76,323 | | | $ | 34,471 | | | | | |
_________________
(a) Included in Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement are $2,805 related to Restructuring charges for employees who provided services to the Company under the MSG Entertainment Transition Services Agreement.
(b) Of the total operating expenses, net, $46,078 and $44,248 for three months ended September 30, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations, and $30,245 and $(9,777) for three months ended September 30, 2023 and 2022, respectively, are included as net credits in selling, general, and administrative expenses.
Revenues
Revenues from related parties relate primarily to certain advertising agreements between MSG Networks and MSG Sports.
Note 15. Segment Information
As of September 30, 2023, the Company was comprised of two reportable segments: Sphere and MSG Networks. The Company takes into account whether two or more operating segments can be aggregated together as one reportable segment as well as the type of discrete financial information that is available and regularly reviewed by its Chief Operating Decision Maker.
The Company evaluates segment performance based on several factors, of which the key financial measure is adjusted operating income (loss), a non-GAAP financial measure. We define adjusted operating income (loss) as operating income (loss) excluding:
(i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets,
(ii) amortization for capitalized cloud computing arrangement costs,
(iii) share-based compensation expense,
(iv) restructuring charges or credits,
(v) merger and acquisition-related costs, including merger-related litigation expenses,
(vi) gains or losses on sales or dispositions of businesses and associated settlements,
(vii) the impact of purchase accounting adjustments related to business acquisitions, and
(viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan (which was established in November 2021).
The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the Company’s business without regard to the settlement of an obligation that is not expected to be made in cash. The Company eliminates merger and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan provides investors with a clearer picture of the Company’s
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss).
The Company believes adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of its business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze the Company’s performance. The Company uses revenues and adjusted operating income (loss) measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators.
Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. The Company has presented the components that reconcile operating income (loss), the most directly comparable GAAP financial measure, to adjusted operating income (loss).
Information as to the operations of the Company’s reportable segments is set forth below.
| | | | | | | | | | | | | | | | | | | | |
|
| | Three Months Ended |
| | September 30, 2023 |
| | Sphere | | MSG Networks | | Total |
| Revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
| Direct operating expenses | | (7,805) | | | (76,694) | | | (84,499) | |
| Selling, general and administrative expenses | | (84,150) | | | (2,994) | | | (87,144) | |
| Depreciation and amortization | | (12,377) | | | (1,882) | | | (14,259) | |
Other gains, net | | 1,497 | | | — | | | 1,497 | |
| Restructuring charges | | (3,391) | | | — | | | (3,391) | |
| Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | |
| | | | | | |
| | | | | | |
Interest income | | | | | | 4,378 | |
| Other income, net | | | | | | 42,196 | |
| Loss from operations before income taxes | | | | | | $ | (23,215) | |
Reconciliation of operating (loss) income to adjusted operating (loss) income: | |
| Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | |
| Add back: | | | | | | |
| | | | | | |
| Share-based compensation | | 3,919 | | | 964 | | | 4,883 | |
| Depreciation and amortization | | 12,377 | | | 1,882 | | | 14,259 | |
| | | | | | |
| Restructuring charges | | 3,391 | | | — | | | 3,391 | |
| Other gains, net | | (1,497) | | | — | | | (1,497) | |
Merger and acquisition related costs, net of insurance recoveries | | (2,702) | | | (6,341) | | | (9,043) | |
| | | | | | |
Amortization for capitalized cloud computing arrangement costs | | — | | | 22 | | | 22 | |
| | | | | | |
| Remeasurement of deferred compensation plan liabilities | | (107) | | | — | | | (107) | |
| Adjusted operating (loss) income | | $ | (83,066) | | | $ | 25,185 | | | $ | (57,881) | |
| Other information: | | | | | | |
| Capital expenditures | | $ | 183,163 | | | $ | 1,408 | | | $ | 184,571 | |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
| | | | | | | | | | | | | | | | | | | | |
|
| | Three Months Ended |
| | September 30, 2022 |
| | Sphere | | MSG Networks | | Total |
| Revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
| Direct operating expenses | | — | | | (75,420) | | | (75,420) | |
Selling, general and administrative expenses | | (77,191) | | | (17,440) | | | (94,631) | |
| Depreciation and amortization | | (4,515) | | | (1,618) | | | (6,133) | |
Other gains, net | | 2,000 | | | — | | | 2,000 | |
| | | | | | |
| Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | |
| | | | | | |
| | | | | | |
Interest income | | | | | | 3,333 | |
| Other expense, net | | | | | | (415) | |
| Loss from operations before income taxes | | | | | | $ | (48,137) | |
Reconciliation of operating (loss) income to adjusted operating (loss) income: | | |
| Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | |
| Add back: | | | | | | |
| | | | | | |
| Share-based compensation | | 9,786 | | | 1,704 | | | 11,490 | |
| Depreciation and amortization | | 4,515 | | | 1,618 | | | 6,133 | |
| | | | | | |
| Other gains, net | | (2,000) | | | — | | | (2,000) | |
Merger and acquisition related costs | | 2,749 | | | 1,901 | | | 4,650 | |
| Amortization for capitalized cloud computing arrangement costs | | 77 | | | 44 | | | 121 | |
| Remeasurement of deferred compensation plan liabilities | | (154) | | | — | | | (154) | |
| Adjusted operating (loss) income | | (64,083) | | | $ | 33,268 | | | $ | (30,815) | |
| Other information: | | | | | | |
| Capital expenditures | | $ | 260,239 | | | $ | 1,227 | | | $ | 261,466 | |
Concentration of Risk
Accounts receivable, net in the accompanying condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023 include amounts due from the following individual customers, which accounted for the noted percentages of the gross balance:
| | | | | | | | | | | | | | |
| | September 30,
2023 | | June 30,
2023 |
| | | | |
| Customer A | | 22 | % | | 23 | % |
| Customer B | | 21 | % | | 22 | % |
| Customer C | | 17 | % | | 17 | % |
Revenues in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and September 30, 2022 include amounts from the following individual customers:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
| | | | | | | | |
| Customer 1 | | 30 | % | | 31 | % | | | | |
| Customer 2 | | 30 | % | | 31 | % | | | | |
| Customer 3 | | 24 | % | | 26 | % | | | | |
SPHERE ENTERTAINMENT CO.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(continued)
Note 16. Additional Financial Information
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
| | | | | | | | | | | | | | |
| | As of |
| | September 30,
2023 | | June 30,
2023 |
| Cash and cash equivalents | | $ | 433,507 | | | $ | 131,965 | |
| Restricted cash | | 18,235 | | | $ | 297,149 | |
Total cash, cash equivalents and restricted cash | | $ | 451,742 | | | $ | 429,114 | |
The Company’s cash, cash equivalents, and restricted cash are classified within Level I of the fair value hierarchy as it is valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in an interest-bearing escrow account related to credit support, debt facilities, and collateral to its workers compensation and general liability insurance obligations.
Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | | | | | |
| | As of |
| | September 30,
2023 | | June 30,
2023 | | | |
| Prepaid expenses | | $ | 18,812 | | | $ | 22,616 | | | | |
| | | | | | | |
Note and other receivables | | 28,441 | | | 21,453 | | | | |
Inventory | | 2,388 | | | — | | | | |
| Current deferred production costs | | 11,624 | | | 6,524 | | | | |
| Other | | 4,990 | | | 5,492 | | | | |
| Total prepaid expenses and other current assets | | $ | 66,255 | | | $ | 56,085 | | | | |
Accounts payable, accrued and other current liabilities consisted of the following:
| | | | | | | | | | | | | | | | | |
| | As of | | | |
| | September 30,
2023 | | June 30,
2023 | | | |
| Accounts payable | | $ | 19,319 | | | $ | 39,654 | | | | |
| Accrued payroll and employee related liabilities | | 42,809 | | | 75,579 | | | | |
| Cash due to promoters | | 71,059 | | | 73,611 | | | | |
| | | | | | | |
Capital related accruals | | 224,788 | | | 236,593 | | | | |
| Accrued legal fees | | 24,679 | | | 53,857 | | | | |
| Other accrued expenses | | 45,437 | | | 36,437 | | | | |
| Total accounts payable, accrued and other current liabilities | | $ | 428,091 | | | $ | 515,731 | | | | |
Other income (expense), net includes the following:
| | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, | | |
| | 2023 | | 2022 | | | | |
| | | | | | | | |
| | | | | | | | |
Gain on litigation settlement | | 62,647 | | | $ | — | | | | | |
Realized loss on equity method investments | | (19,027) | | | (2,247) | | | | | |
| Other | | (1,424) | | | 1,832 | | | | | |
Total other income (expense), net | | $ | 42,196 | | | $ | (415) | | | | | |
Income Taxes
During the three months ended September 30, 2023 and 2022, the Company made income tax payments, net of refunds, of $17,868 and $974, respectively.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
All dollar amounts included in the following MD&A are presented in thousands, except as otherwise noted.
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Sphere Entertainment Co. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “Sphere Entertainment,” or the “Company”), including (i) our plans to refinance MSG Networks’ existing debt, (ii) the success of Sphere and The Sphere ExperienceTM, (iii) timing and costs of new venue construction and the development of related content, (iv) our execution of the strategy for and the success of MSG Networks’ direct-to-consumer and authenticated streaming product, (v) the ability to reduce or defer certain discretionary capital projects, and (vi) our plans for possible additional debt financing. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:
•the substantial amount of debt we have incurred, the ability of our subsidiaries to make payments on, or repay or refinance, such debt under their respective credit facilities (including refinancing the MSG Networks debt prior to its maturity in October 2024), and our ability to obtain additional financing, to the extent required, on terms favorable to us or at all;
•the popularity of The Sphere Experience, as well as our ability to attract advertisers and marketing partners, and audiences and artists to residencies, concerts and other events at Sphere in Las Vegas;
•the successful development of The Sphere Experience and related original immersive productions and content and the investments associated with such development, as well as investment in personnel, content and technology for Sphere;
•our ability to successfully design, construct, finance and operate new Sphere venues, and the investments, costs and timing associated with those efforts, including obtaining financing, the impact of inflation and any construction delays and/or cost overruns;
•our ability to successfully implement cost reductions and reduce or defer certain discretionary capital projects, if necessary;
•the level of our expenses and our operational cash burn rate, including our corporate expenses;
•the demand for MSG Networks programming among cable, satellite, fiber-optic and other platforms that distribute its networks (“Distributors”) and the number of subscribers thereto, and our ability to enter into and renew affiliation agreements with Distributors, or to do so on favorable terms, as well as the impact of consolidation among Distributors;
•our ability to successfully execute MSG Networks’ strategy for its direct-to-consumer and authenticated streaming product (MSG+), the success of such offering and our ability to adapt to new content distribution platforms or changes in consumer behavior resulting from emerging technologies;
•the ability of our Distributors to minimize declines in subscriber levels;
•the impact of subscribers selecting Distributors’ packages that do not include our networks or distributors that do not carry our networks at all;
•MSG Networks’ ability to renew or replace its media rights agreements with professional sports teams and its ability to perform its obligations thereunder;
•the relocation or insolvency of professional sports teams with which we have a media rights agreement;
•general economic conditions, especially in the Las Vegas and New York City metropolitan areas where we have significant business activities;
•the demand for advertising and marketing partnership offerings at Sphere and advertising and viewer ratings for our networks;
•competition, for example, from other venues (including the construction of new competing venues) and other regional sports and entertainment offerings;
•our ability to effectively manage any impacts of future pandemics or public health emergencies, as well as renewed actions taken in response by governmental authorities or certain professional sports leagues, including ensuring compliance with rules and regulations imposed upon our venues, to the extent applicable;
•the effect of any postponements or cancellations of events by third-parties or the Company as a result of future pandemics due to operational challenges and other health and safety concerns;
•the extent to which attendance at Sphere in Las Vegas may be impacted by government actions, health concerns by potential attendees or reduced tourism;
•the security of our MSG Networks program signal and electronic data;
•the on-ice and on-court performance and popularity of the professional sports teams whose games we broadcast on our networks;
•changes in laws, guidelines, bulletins, directives, policies and agreements, and regulations under which we operate;
•any economic, social or political actions, such as boycotts, protests, work stoppages or campaigns by labor organizations, including the unions representing players and officials of the NBA and NHL, or other work stoppage that may impact us or our business partners;
•seasonal fluctuations and other variations in our operating results and cash flow from period to period;
•business, reputational and litigation risk if there is a cyber or other security incident resulting in loss, disclosure or misappropriation of stored personal information, disruption of our Sphere or MSG Networks businesses or disclosure of confidential information or other breaches of our information security;
•activities or other developments (such as pandemics, including the COVID-19 pandemic) that discourage or may discourage congregation at prominent places of public assembly, including our venue;
•the level of our capital expenditures and other investments;
•the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue, acquisitions or other strategic transactions;
•our ability to successfully integrate acquisitions, new venues or new businesses into our operations;
•the operating and financial performance of our strategic acquisitions and investments, including those we do not control;
•our internal control environment and our ability to identify and remedy any future material weaknesses;
•the costs associated with, and the outcome of, litigation and other proceedings to the extent uninsured, including litigation or other claims against companies we invest in or acquire;
•the impact of governmental regulations or laws, changes in these regulations or laws or how those regulations and laws are interpreted, as well as our ability to maintain necessary permits, licenses and easements;
•the impact of sports league rules, regulations and/or agreements and changes thereto;
•financial community perceptions of our business, operations, financial condition and the industries in which we operate;
•the ability of our investees and others to repay loans and advances we have extended to them;
•the performance by our affiliated entities of their obligations under various agreements with us, as well as our performance of our obligations under such agreements and ongoing commercial arrangements;
•the tax-free treatment of the MSGE Distribution (as defined below) and the distribution from MSG Sports in 2020;
•our ability to achieve the intended benefits of the MSGE Distribution; and
•the additional factors described under “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 filed on August 22, 2023 (the “2023 Form 10-K”).
These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in the 2023 Form 10-K. Moreover, we operate in a very competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties and assumptions, the forward-looking events and circumstances discussed in this Form 10-Q may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements.
You should not rely upon forward-looking statements as predictions of future events. We cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. Moreover, except as required by law, neither we nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. We undertake no obligation to update publicly any forward-looking statements for any reason after the date of this Form 10-Q to conform these statements to actual results or to changes in our expectations.
Introduction
This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited condensed consolidated financial statements (“financial statements”) and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company’s audited consolidated financial statements and notes thereto as of June 30, 2023 and 2022 and for the three years ended June 30, 2023, 2022 and 2021 (“Audited Consolidated Annual Financial Statements”) included in the 2023 Form 10-K, to help provide an understanding of our financial condition, changes in financial condition and results of operations.
Business Overview
Sphere Entertainment Co. (the “Company”) is a premier live entertainment and media company comprised of two reportable segments, Sphere and MSG Networks. Sphere is a next-generation entertainment medium, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer and authenticated streaming product.
Sphere: This segment reflects SphereTM, a next-generation entertainment medium powered by cutting-edge technologies that enables multi-sensory storytelling at an unparalleled scale. The Company’s first Sphere opened in Las Vegas in September 2023. The venue can accommodate up to 20,000 guests and will host a wide variety of events year-round, including The Sphere ExperienceTM, which features original immersive productions, as well as concerts and residencies from renowned artists, and marquee sporting and corporate events. Supporting this strategy is Sphere Studios, which is home to a team of creative, production, technology and software experts who provide full in-house creative and production services. The studio campus in Burbank includes a 68,000-square-foot development facility, as well as Big Dome, a 28,000-square-foot, 100-foot high custom dome, with a quarter-sized version of the screen at Sphere in Las Vegas, that serves as a specialized screening, production facility, and lab for content at Sphere.
MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its direct-to-consumer and authenticated streaming product, MSG+. MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania and features a wide range of sports content, including exclusive live local games and other programming of the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”), New York Islanders (the “Islanders”), New Jersey Devils (the “Devils”) and Buffalo Sabres (the “Sabres”) of the National Hockey League (the “NHL”), as well as significant coverage of the New York Giants (the “Giants”) and the Buffalo Bills (the “Bills”) of the National Football League (the “NFL”).
Unless the context otherwise requires, all references to “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries.
Our MD&A is organized as follows:
Results of Operations. This section provides an analysis of our unaudited results of operations for the three months ended September 30, 2023 and 2022 on both a (i) consolidated basis and (ii) segment basis.
Liquidity and Capital Resources. This section provides a discussion of our financial condition and liquidity, an analysis of our cash flows for the three months ended September 30, 2023 and 2022, as well as certain contractual obligations and off-balance sheet arrangements.
Seasonality of Our Business. This section discusses the seasonal performance of our business.
Recently Issued Accounting Pronouncements and Critical Accounting Policies. This section discusses accounting pronouncements that have been adopted by the Company, recently issued accounting pronouncements not yet adopted by the Company, as well as the results of the Company’s annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the first quarter of Fiscal Year 2024. This section should be read together with our critical accounting policies, which are discussed in the 2023 Form 10-K under “Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations — Recently Issued Accounting Pronouncements and Critical Accounting Policies — Critical Accounting Policies” and in the notes to the Audited Consolidated Annual Financial Statements of the Company included therein.
MSG Entertainment Distribution
On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. (“MSG Entertainment”, formerly MSGE Spinco, Inc.) to its stockholders (the “MSGE Distribution”), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the “MSGE Retained Interest”). Following the MSGE Distribution Date, the Company retained the Sphere and MSG Networks businesses and MSG Entertainment now owns the traditional live entertainment business previously owned and operated by the Company through its Entertainment business segment, excluding the Sphere business. In the MSGE Distribution, stockholders of the Company received (a) one share of MSG Entertainment’s Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on April 14, 2023 (the “Record Date”), and (b) one share of MSG Entertainment’s Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on the Record Date. See Note 1. Description of Business and Basis of Presentation, to the Audited Consolidated Annual Financial Statements for more information about the MSGE Distribution.
As of September 30, 2023, following the sales of portions of the MSGE Retained Interest and the repayment of the delayed draw term loan (further discussed below) with MSG Entertainment using a portion of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment.
As of April 20, 2023, the MSG Entertainment business met the criteria for discontinued operations and was classified as a discontinued operation.
Tao Group Hospitality Disposition
On May 3, 2023, the Company completed the sale of its 66.9% majority interest in TAO Group Sub-Holdings LLC (“Tao Group Hospitality”) to a subsidiary of Mohari Hospitality Limited, a global investment company focused on the luxury lifestyle and hospitality sectors (the “Tao Group Hospitality Disposition”). See Note 3. Discontinued Operations, to the Audited Consolidated Annual Financial Statements for more information about the Tao Group Hospitality Disposition.
Since March 31, 2023, the Tao Group Hospitality segment met the criteria for discontinued operations and was classified as a discontinued operation.
Factors Affecting Operating Results
The operating results of our Sphere segment are largely dependent on our ability to attract audiences to The Sphere Experience, and advertisers and marketing partners, as well as guests and artists to residencies, concerts and other events at our venue. The operating results of our MSG Networks segment are largely dependent on the affiliation agreements MSG Networks negotiates with Distributors, the number of subscribers of certain Distributors, the success of our DTC product, and the advertising rates we charge advertisers. Certain of these factors in turn depend on the popularity and/or performance of the professional sports teams whose games we broadcast on our networks.
Our Company’s future performance is dependent in part on general economic conditions and the effect of these conditions on our customers. Weak economic conditions may lead to lower demand for our entertainment offerings (including The Sphere Experience) and programming content, which would also negatively affect concession and merchandise sales, and could lead to lower levels of advertising, sponsorship and venue signage. These conditions may also affect the number of immersive productions, concerts, residencies and other events that take place in the future. An economic downturn could adversely affect our business and results of operations.
The Company continues to explore additional opportunities to expand our presence in the entertainment industry. Any new investment may not initially contribute to operating income, but is intended to contribute to the success of the Company over time. Our results will also be affected by investments in, and the success of, new immersive productions.
Condensed Consolidated Results of Operations
Comparison of the Three Months Ended September 30, 2023 versus the Three Months Ended September 30, 2022
The tables below set forth, for the periods presented, certain historical financial information.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended | | | | |
| | September 30, | | Change |
| | 2023 | | 2022 | | Amount | | Percentage |
| Revenues | | $ | 118,007 | | | $ | 123,129 | | | $ | (5,122) | | | (4) | % |
| Direct operating expenses | | (84,499) | | | (75,420) | | | (9,079) | | | 12 | % |
Selling, general, and administrative expenses | | (87,144) | | | (94,631) | | | 7,487 | | | (8) | % |
| Depreciation and amortization | | (14,259) | | | (6,133) | | | (8,126) | | | 132 | % |
| Other gains, net | | 1,497 | | | 2,000 | | | (503) | | | (25) | % |
| Restructuring charges | | (3,391) | | | — | | | (3,391) | | | NM |
Operating loss | | (69,789) | | | (51,055) | | | (18,734) | | | 37 | % |
| Interest income | | 4,378 | | | 3,333 | | | 1,045 | | | 31 | % |
| | | | | | | | |
| Other income (expense), net | | 42,196 | | | (415) | | | 42,611 | | | NM |
| Loss from operations before income taxes | | (23,215) | | | (48,137) | | | 24,922 | | | 52 | % |
Income tax benefit | | 90,287 | | | 1,834 | | | 88,453 | | | NM |
| Income (loss) from continuing operations | | 67,072 | | | (46,303) | | | 113,375 | | | NM |
| (Loss) income from discontinued operations, net of taxes | | (647) | | | 2,260 | | | (2,907) | | | NM |
| Net income (loss) | | 66,425 | | | (44,043) | | | 110,468 | | | NM |
| | | | | | | | |
| | | | | | | | |
| Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations | | — | | | (410) | | | 410 | | | NM |
Less: Net income attributable to redeemable noncontrolling interests from discontinued operations | | — | | | 1,124 | | | (1,124) | | | NM |
| | | | | | | | |
Net income (loss) attributable to Sphere Entertainment Co.’s stockholders | | $ | 66,425 | | | $ | (44,757) | | | $ | 111,182 | | | NM |
_________________NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
The following is a summary of changes in our segments’ operating results for the three months ended September 30, 2023, as compared to the prior year period, which are discussed below under “Business Segment Results.”
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | Three Months Ended |
| | September 30, 2023 |
| Changes attributable to | | Revenues | | Direct operating expenses | | Selling, general and administrative expenses | | Depreciation and amortization | | | | Other gains, net | Restructuring charges | | | | | | Operating loss |
| Sphere segment | | $ | 7,129 | | | $ | (7,805) | | | $ | (6,959) | | | $ | (7,862) | | | | | $ | (503) | | $ | (3,391) | | | | | | | $ | (19,391) | |
| MSG Networks segment | | (12,251) | | | (1,274) | | | 14,446 | | | (264) | | | | | — | | — | | | | | | | 657 | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
| | $ | (5,122) | | | $ | (9,079) | | | $ | 7,487 | | | $ | (8,126) | | | | | $ | (503) | | $ | (3,391) | | | | | | | $ | (18,734) | |
Depreciation and amortization
For the three months ended September 30, 2023, depreciation and amortization increased $8,126, or 132%, to $14,259 as compared to the prior year period primarily due to an increase in depreciation of assets relating to Sphere in Las Vegas that were placed in service during the first quarter of Fiscal Year 2024.
Other gains, net
For the three months ended September 30, 2023, other gains, net, decreased $503, to $1,497 as compared to the prior year period. The Company received insurance proceeds of $1,497 and $2,000 during the three months ended September 30, 2023 and 2022, respectively, related to the Company’s creative studio in Burbank, California.
Restructuring charges
For the three months ended September 30, 2023, the Company recorded total restructuring charges of $3,391 related to termination benefits provided for certain executives and employees. No amounts were recorded as restructuring charges during the comparative prior year period.
Interest income
Interest income for the three months ended September 30, 2023 increased $1,045, as compared to the prior year period primarily due to higher interest rates and higher average balances in the Company’s cash and cash equivalents.
Other income (expense), net
Other income (expense), net for the three months ended September 30, 2023 increased $42,611 as compared to the prior year period, primarily due to a realized gain of $62,647 related to the Networks Merger litigation, offset by a realized loss of $19,027 related to the sale of a portion of the MSGE Retained Interest.
Income tax benefit
In general, the Company is required to use an estimated annual effective tax rate to measure the tax benefit or expense recognized in an interim period. The estimated annual effective tax rate is revised on a quarterly basis.
Income tax benefit for the three months ended September 30, 2023 of $90,287, reflects an effective tax rate of 389%. The effective tax rate exceeds the statutory federal tax rate of 21% primarily due to discrete items including $64,401 of income tax benefit related to the state rate change used to measure the deferred taxes, and income tax benefit of $15,655 related to the nontaxable gain on the repayment of all amounts outstanding under the delayed draw term loan facility (the “DDTL Facility”).
Income tax benefit for the three months ended September 30, 2022 of $1,834, reflects an effective tax rate of 4%. The effective tax rate is lower than the statutory federal tax rate of 21% primarily due to nondeductible transaction costs and state and local taxes.
Adjusted operating income (loss) (“AOI”)
The following is a reconciliation of operating loss to adjusted operating loss (as defined in Note 15. Segment Information in the Audited Consolidated Annual Financial Statements) for the three months ended September 30, 2023 as compared to the prior year period:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | |
| | September 30, | | Change |
| | 2023 | | 2022 | | Amount | | Percentage |
| Operating loss | | $ | (69,789) | | | $ | (51,055) | | | $ | (18,734) | | | (37) | % |
| | | | | | | | |
| Share-based compensation | | 4,883 | | | 11,490 | | | (6,607) | | | (58) | % |
| Depreciation and amortization | | 14,259 | | | 6,133 | | | 8,126 | | | 132 | % |
| | | | | | | | |
| Restructuring charges | | 3,391 | | | — | | | 3,391 | | | NM |
| Other gains, net | | (1,497) | | | (2,000) | | | 503 | | | 25 | % |
Merger and acquisition related costs, net of insurance recoveries | | (9,043) | | | 4,650 | | | (13,693) | | | NM |
| Amortization for capitalized cloud computing arrangement costs | | 22 | | | 121 | | | (99) | | | (82) | % |
| | | | | | | | |
| | | | | | | | |
| Remeasurement of deferred compensation plan liabilities | | (107) | | | (154) | | | 47 | | | NM |
| Adjusted operating loss | | $ | (57,881) | | | $ | (30,815) | | | $ | (27,066) | | | (88) | % |
________________
NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
Adjusted operating loss for the three months ended September 30, 2023 increased $27,066 to $57,881. The changes in adjusted operating loss were attributable to the following:
| | | | | | | | | | |
| | Three Months Ended | | |
| Changes attributable to | | September 30, 2023 | | |
Sphere segment | | $ | (18,983) | | | |
MSG Networks segment | | (8,083) | | | |
| | | | |
| | | | |
| | $ | (27,066) | | | |
Business Segment Results
Sphere
The tables below set forth, for the periods presented, certain historical financial information and a reconciliation of operating loss to adjusted operating loss for the Company’s Sphere segment.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | |
| | Three Months Ended | | | | |
| | September 30, | | Change |
| | 2023 | | 2022 | | Amount | | Percentage |
| Revenues | | $ | 7,779 | | | $ | 650 | | | $ | 7,129 | | | NM |
| Direct operating expenses | | (7,805) | | | — | | | (7,805) | | | NM |
| Selling, general, and administrative expenses | | (84,150) | | | (77,191) | | | (6,959) | | | 9 | % |
| Depreciation and amortization | | (12,377) | | | (4,515) | | | (7,862) | | | 174 | % |
| Other gains, net | | 1,497 | | | 2,000 | | | (503) | | | 25 | % |
| Restructuring charges | | (3,391) | | | — | | | (3,391) | | | NM |
| | | | | | | | |
| Operating loss | | $ | (98,447) | | | $ | (79,056) | | | $ | (19,391) | | | (25) | % |
| Reconciliation to adjusted operating loss: | | | | | | | | |
| | | | | | | | |
| Share-based compensation | | 3,919 | | | 9,786 | | | (5,867) | | | (60) | % |
| Depreciation and amortization | | 12,377 | | | 4,515 | | | 7,862 | | | 174 | % |
| | | | | | | | |
| Restructuring charges | | 3,391 | | | — | | | 3,391 | | | NM |
| Other gains, net | | (1,497) | | | (2,000) | | | 503 | | | 25 | % |
| Merger and acquisition related costs, net of insurance recoveries | | (2,702) | | | 2,749 | | | (5,451) | | | (198) | % |
| Amortization for capitalized cloud computing arrangement costs | | — | | | 77 | | | (77) | | | (100) | % |
| | | | | | | | |
| | | | | | | | |
| Remeasurement of deferred compensation plan liabilities | | (107) | | | (154) | | | 47 | | | NM |
| Adjusted operating loss | | $ | (83,066) | | | $ | (64,083) | | | $ | (18,983) | | | (30) | % |
________________
NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
Revenues
Revenues for the three months ended September 30, 2023 increased $7,129, as compared to the prior year period. The changes in revenues were attributable to the following:
| | | | | | | | | | |
| | | | Three Months Ended |
| | | | September 30, 2023 |
Increase in event-related revenues | | | | $ | 4,059 | |
Increase in revenues from sponsorship, signage, Exosphere advertising, and suite license fee revenues | | | | 2,560 | |
| Other net increases | | | | 510 | |
| | | | $ | 7,129 | |
For the three months ended September 30, 2023, the increase in event-related revenues was primarily due to revenues from concerts of $4,059, which reflects the opening of Sphere in Las Vegas on September 29, 2023.
For the three months ended September 30, 2023, the increase in revenues from sponsorship, signage, Exosphere advertising and suite license fees primarily reflects advertising campaigns on the Exosphere, which began in September 2023.
Direct operating expenses
Direct operating expenses for the three months ended September 30, 2023 increased by $7,805, as compared to the prior year period. The changes in direct operating expenses were attributable to the following:
| | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, 2023 | | |
| | | | |
| | | | |
| | | | |
Increase in venue operating expenses | | $ | 2,826 | | | |
Increase in event-related direct operating expenses | | 2,169 | | | |
Increase in direct operating expenses for The Sphere Experience | | 2,114 | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Increase in expenses from sponsorship, signage, Exosphere advertising, and suite license fees | | 541 | | | |
| | | | |
| Other net increases | | 155 | | | |
| | $ | 7,805 | | | |
For the three months ended September 30, 2023, the increase in venue operating expenses reflects the opening of Sphere in Las Vegas on September 29, 2023.
For the three months ended September 30, 2023, the increase in event-related direct operating expenses was due to expenses from concerts of $2,169, which reflects the opening of Sphere in Las Vegas on September 29, 2023.
For the three months ended September 30, 2023, the increase in direct operating expenses for The Sphere Experience was due to advertising expenses ahead of the October 6, 2023 debut of The Sphere Experience featuring Postcard From Earth.
For the three months ended September 30, 2023, the increase in direct operating expenses from sponsorship, signage, Exosphere advertising, and suite license fees revenue primarily reflects expenses related to advertising campaigns on the Exosphere, which began in September 2023.
Selling, general, and administrative expenses
For the three months ended September 30, 2023, selling, general, and administrative expenses increased $6,959, or 9% to $84,150 as compared to the prior year period. The increase was primarily due to the impact of the Company’s transition services agreement with MSG Entertainment, higher employee compensation and related benefits and other cost increases. The overall increase was partially offset by the absence of certain corporate expenses that were included in the results for the first quarter of Fiscal Year 2023. While the Company did not incur these corporate costs after the MSGE Distribution Date (April 20, 2023) and does not expect to incur these corporate costs in future periods, they did not meet the criteria for inclusion in discontinued operations for all periods prior to the MSGE Distribution Date.
Depreciation and amortization
For the three months ended September 30, 2023, depreciation and amortization increased $7,862, or 174%, to $12,377 as compared to the prior year period primarily due to an increase in depreciation of assets relating to Sphere in Las Vegas that were placed in service during the first quarter of Fiscal Year 2024.
Other gains, net
For the three months ended September 30, 2023, other gains, net, decreased $503, to $1,497 as compared to the prior year period. The Company received insurance proceeds of $1,497 and $2,000 during the three months ended September 30, 2023 and 2022, respectively, related to the Company’s creative studio in Burbank, California.
Restructuring charges
For the three months ended September 30, 2023, the Company recorded total restructuring charges of $3,391 related to termination benefits provided for certain executives and employees. No amounts were recorded as restructuring charges during the comparative prior year period.
Operating loss
Operating loss for the three months ended September 30, 2023 was $98,447 as compared to $79,056 in the prior year period, an increase of $19,391. The increase in operating loss was primarily due to an increase in depreciation and amortization, direct operating expenses, selling, general and administrative expenses, and restructuring charges, partially offset by the increase in revenues.
Adjusted operating income (loss)
Adjusted operating loss for the three months ended September 30, 2023 increased $18,983 to $83,066 as compared to the prior year period. The increase in adjusted operating loss was primarily due to an increase in selling, general and administrative expenses (excluding share-based compensation expense and merger and acquisition related costs) and direct operating expenses, partially offset by the increase in revenues.
MSG Networks
The tables below set forth, for the periods presented, certain historical financial information and a reconciliation of operating income to adjusted operating income for the Company’s MSG Networks segment.
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three Months Ended | | | | |
| | September 30, | | Change |
| | 2023 | | 2022 | | Amount | | Percentage |
| Revenues | | $ | 110,228 | | | $ | 122,479 | | | $ | (12,251) | | | (10) | % |
| Direct operating expenses | | (76,694) | | | (75,420) | | | (1,274) | | | 2 | % |
| Selling, general, and administrative expenses | | (2,994) | | | (17,440) | | | 14,446 | | | (83) | % |
| Depreciation and amortization | | (1,882) | | | (1,618) | | | (264) | | | 16 | % |
| | | | | | | | |
| | | | | | | | |
| Operating income | | $ | 28,658 | | | $ | 28,001 | | | $ | 657 | | | 2 | % |
| Reconciliation to adjusted operating income: | | | | | | | | |
| | | | | | | | |
| Share-based compensation | | 964 | | | 1,704 | | | (740) | | | (43) | % |
| Depreciation and amortization | | 1,882 | | | 1,618 | | | 264 | | | 16 | % |
| | | | | | | | |
| | | | | | | | |
| Merger and acquisition related costs, net of insurance recoveries | | (6,341) | | | 1,901 | | | (8,242) | | | NM |
| Amortization for capitalized cloud computing arrangement costs | | 22 | | | 44 | | | (22) | | | 50 | % |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| Adjusted operating income | | $ | 25,185 | | | $ | 33,268 | | | $ | (8,083) | | | (24) | % |
________________NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
Revenues
Revenues for the three months ended September 30, 2023 decreased $12,251 as compared to the prior year period. The changes in revenues were attributable to the following:
| | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, 2023 | | |
| | | | |
| Decrease in affiliation fee revenue | | $ | (11,746) | | | |
Decrease in advertising revenue | | (375) | | | |
| Other net decreases | | (130) | | | |
| | $ | (12,251) | | | |
For the three months ended September 30, 2023, affiliation fee revenue decreased $11,746, primarily due to a decrease in subscribers of approximately 11.5%, partially offset by the impact of higher affiliation rates.
Direct operating expenses
Direct operating expenses for the three months ended September 30, 2023 increased by $1,274, as compared to the prior year period. The changes in direct operating expenses were attributable to the following:
| | | | | | | | | | |
| | Three Months Ended | | |
| | September 30, 2023 | | |
| | | | |
Increase in rights fees expense | | $ | 1,547 | | | |
| Change in other programming and production costs | | (273) | | | |
| | | | |
| | $ | 1,274 | | | |
For the three months ended September 30, 2023, right fees expense increased $1,547 primarily due to the impact of annual contractual rate increases.
Selling, general, and administrative expenses
For the three months ended September 30, 2023, selling, general and administrative expenses of $2,994 decreased $14,446 as compared to the prior year period, primarily due to lower professional fees of $8,050 inclusive of litigation-related insurance recoveries associated with the Networks Merger, and lower employee compensation and related benefits of $3,739.
Operating income
For the three months ended September 30, 2023, operating income of $28,658 increased $657, or 2%, as compared to the prior year period, primarily due to the decrease in selling, general and administrative expenses, partially offset by the decrease in revenues and to a lesser extent, the increase in direct operating expenses.
Adjusted operating income
For the three months ended September 30, 2023, adjusted operating income of $25,185 decreased $8,083, or 24%, as compared to the prior year period, primarily due to the decrease in revenues and, to a lesser extent, the increase in direct operating expenses, partially offset by the decrease in selling, general and administrative expenses (excluding merger and acquisition related costs, net of insurance recoveries).
Liquidity and Capital Resources
Sources and Uses of Liquidity
As of September 30, 2023, the Company’s unrestricted cash and cash equivalents balance, inclusive of approximately $123,100 in advance cash proceeds primarily related to ticket sales, was $433,507, as compared to $131,965 as of June 30, 2023. Included in unrestricted cash and cash equivalents as of September 30, 2023 was $113,950 of cash and cash equivalents at MSG Networks, which is not available for distribution to the Company in order to maintain compliance with the covenants under the MSG Networks Credit Facilities (as defined below). As of September 30, 2023, the Company’s restricted cash balance was $18,235, as compared to $297,149 as of June 30, 2023, which included $275,000 required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date (as defined below), which occurred on August 8, 2023. The principal balance of the Company’s total debt outstanding as of September 30, 2023 was $1,207,250, including $932,250 of debt under the MSG Networks Credit Facilities. The balance under the MSG Networks Credit Facilities was reduced to $911,625 on October 2, 2023 upon MSG Networks’ completion of its required quarterly amortization payment.
Our primary sources of liquidity are cash and cash equivalents and cash flows from the operations of our businesses. The Company’s uses of cash over the next 12 months are expected to be substantial and include working capital-related items (including funding our operations), capital spending (including the creation of additional content for Sphere), required debt service payments, and payments we expect to be made in connection with the refinancing of our indebtedness, and investments and related loans and advances that we may fund from time to time. We may also use cash to repurchase our common stock. Our decisions as to the use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of cash resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of funding through the capital and credit markets, market conditions could adversely impact our ability to do so at that time.
Our ability to have sufficient liquidity to fund our operations and refinance the MSG Networks Credit Facilities is dependent on the ability of Sphere in Las Vegas to generate significant positive cash flow during Fiscal Year 2024. Although we anticipate that Sphere in Las Vegas will generate substantial revenue and adjusted operating income on an annual basis over time, there can be no assurance that guests, artists, promoters, advertisers and marketing partners will embrace this new platform. Original immersive productions, such as Postcard From Earth, have not been previously pursued on the scale of Sphere, which increases the uncertainty of our operating expectations. To the extent that our efforts do not result in viable shows, or to the extent that any such productions do not achieve expected levels of popularity among audiences, we may not generate the cash flows from operations necessary to fund our operations. To the extent we do not realize expected cash flows from operations from Sphere in Las Vegas, we would have to take several actions to improve our financial flexibility and preserve liquidity, including significant reductions in both labor and non-labor expenses as well as reductions and/or deferrals in capital spending. Therefore, while we currently believe we will have sufficient liquidity from cash and cash equivalents and cash flows from operations (including expected cash flows from operations from Sphere in Las Vegas) to fund our operations and service our credit facilities, which includes the Company’s expectation that MSG Networks will pay down $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities, as described below, no assurance can be provided our liquidity will be sufficient in the event any of the preceding uncertainties facing Sphere in Las Vegas are realized over the next 12 months. The Company also anticipates MSG Networks will pay a portion of its term loan upon refinancing of the MSG Networks Credit Facilities prior to its maturity in October 2024.
As disclosed in Note 10. Credit Facilities, all of the outstanding borrowings under the MSG Networks Credit Facilities are guaranteed by the MSGN Guarantors (as defined under Note 10. Credit Facilities) and secured by the MSGN Collateral (as defined under Note 10. Credit Facilities). Sphere Entertainment Co., Sphere Entertainment Group, LLC and the subsidiaries of Sphere Entertainment Group, LLC (collectively, the “Non-Credit Parties”) are not legally obligated to fund the outstanding borrowings under the MSG Networks Credit Facilities, nor are the assets of the Non-Credit Parties pledged as security under the MSG Networks Credit Facilities. Over the next 12 months, MSG Networks expects to make $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities. The remaining outstanding borrowings under the MSG Networks Credit Facilities of $829,125 are scheduled to mature within one year beyond the issuance date of the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q. However, MSG Networks will be unable to generate sufficient operating cash flows over the next 12 months to settle the remaining outstanding borrowings under the MSG Networks Credit Facilities when they become due. Therefore, management plans to refinance the MSG Networks Credit Facilities prior to maturity. While MSG Networks has historically been able to refinance its indebtedness, management can provide no assurance MSG Networks will be able to refinance the MSG Networks Credit Facilities, or that such refinancing will be secured on terms that are acceptable to MSG Networks. In the event MSG Networks is unable to refinance the amount scheduled to mature under the MSG Networks Credit Facilities or secure alternative sources of funding through the capital and credit markets on acceptable terms, the lenders would retain their right to exercise all of their remedies under the MSG Networks Credit Facilities, which would include, but not be limited to, declaring an event of default and foreclosing on the MSGN Collateral. In the event of an exercise of post-default rights and remedies, the Company believes the lenders would have no further remedies or recourse against the Non-Credit Parties pursuant to the terms of the MSG Networks Credit Facilities. While this condition raises substantial doubt about the Company’s ability to continue as a going concern, for the reasons stated in this paragraph, we have concluded this condition has been effectively alleviated and the Company will be able to continue as a going concern for at least one year beyond the issuance date of the unaudited condensed consolidated financial statements included in this Quarterly Report on Form 10-Q.
See Note 10. Credit Facilities, to the condensed consolidated financial statements included in this Quarterly Report on Form 10-Q for a discussion of the MSG Networks Credit Facilities and the LV Sphere Term Loan Facility.
For additional information regarding the Company’s capital expenditures, including those related to Sphere in Las Vegas, see Note 18. Segment Information, to the Company’s Audited Consolidated Annual Financial Statements.
On March 31, 2020, the Company’s Board of Directors authorized a share repurchase program to repurchase up to $350,000 of the Company’s Class A Common Stock. The program was re-authorized by the Company’s Board of Directors on March 29, 2023. Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market transactions, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. No shares have been repurchased under the share repurchase program to date.
Spheres
The Company opened Sphere in Las Vegas in September 2023. See “Part I — Item 1. Our Business — Sphere” in the 2023 Form 10-K. The venue has a number of revenue streams, including The Sphere Experience (which includes original immersive productions), advertising and marketing partnerships, and concert residencies, corporate and marquee sporting events, each of which the Company expects to become significant over time. As a result, over time, we anticipate that Sphere in Las Vegas will generate substantial revenue and adjusted operating income on an annual basis.
In February 2018, we announced the purchase of land in Stratford, London, which we expect will become home to a future Sphere. The Company submitted planning applications to the local planning authority in March 2019 and that process, which requires various stages of review to be completed and approvals to be granted, is ongoing. Therefore, we do not have a definitive timeline at this time.
We will continue to explore additional domestic and international markets where we believe Sphere venues can be successful. The Company’s intention for any future venues is to utilize several options, such as joint ventures, equity partners, a managed venue model and non-recourse debt financing.
Financing Agreements
See Note 10. Credit Facilities, to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussions of the Company’s debt obligations and various financing agreements.
MSG Networks Senior Secured Credit Facility
MSGN Holdings L.P (“MSGN L.P.”), MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, an indirect subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “MSGN Holdings Entities”), and certain subsidiaries of MSGN L.P. have senior secured credit facilities pursuant to a credit agreement (as amended and restated on October 11, 2019, the “MSGN Credit Agreement”) consisting of: (i) an initial $1,100,000 term loan facility (the “MSGN Term Loan Facility”) and (ii) a $250,000 revolving credit facility (the “MSGN Revolving Credit Facility” and, together with the MSGN Term Loan Facility, the “MSG Networks Credit Facilities”), each with a term of five years. Up to $35,000 of the MSGN Revolving Credit Facility is available for the issuance of letters of credit. As of September 30, 2023, there were no borrowings or letters of credit issued and outstanding under the MSGN Revolving Credit Facility.
The MSGN Term Loan Facility amortizes quarterly in accordance with its terms beginning March 31, 2020 through September 30, 2024 with a final maturity date of October 11, 2024. MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including MSGN Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions.
The MSGN Credit Agreement generally requires the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 5.50:1.00, subject, at the option of MSGN L.P. to an upward adjustment to 6.00:1.00 during the continuance of certain events. As of September 30, 2023, the total leverage ratio coverage ratio was 5.27:1:00. In addition, the MSGN Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of September 30, 2023, the interest coverage ratio was 2.50:1:00. As of September 30, 2023, the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the covenants.
LV Sphere Term Loan Facility
On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of the Company, entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275,000 senior secured term loan facility (the “LV Sphere Term Loan Facility”). All obligations under the LV Sphere Term Loan Facility are guaranteed by Sphere Entertainment Group, LLC (“Sphere Entertainment Group”).
The LV Sphere Term Loan Facility will mature on December 22, 2027. The principal obligations under the LV Sphere Term Loan Facility are due at the maturity of the facility, with no amortization payments prior to maturity. Under certain circumstances, MSG LV is required to make mandatory prepayments on the loan, including prepayments in an amount equal to the net cash proceeds of casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions.
The LV Sphere Term Loan Facility and related guaranty by Sphere Entertainment Group include financial covenants requiring MSG LV to maintain a specified minimum debt service coverage ratio and requiring Sphere Entertainment Group to maintain a specified minimum liquidity level. The debt service coverage ratio covenant begins testing in the fiscal quarter ending December 31, 2023 on a historical basis and, beginning with the first fiscal quarter occurring after the date on which the first ticketed performance or event open to the general public occurs at Sphere in Las Vegas, is also tested on a prospective basis. Both the historical and prospective debt service coverage ratios are set at 1.35:1. In addition, among other conditions, MSG LV is not permitted to make distributions to Sphere Entertainment Group unless the historical and prospective debt service coverage ratios are at least 1.50:1. Following the Liquidity Covenant Reduction Date (as defined below), the minimum liquidity level for Sphere Entertainment Group is set at $50,000, with $25,000 required to be held in cash or cash equivalents. Prior to the Liquidity Covenant Reduction Date, the minimum liquidity level for Sphere Entertainment Group was set at $100,000 with $75,000 required to be held in cash or cash equivalents, which amounts (in addition to certain cash proceeds from the sale of the MSGE Retained Interest) were required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date. The Liquidity Covenant Reduction Date occurred on August 8, 2023, once Sphere in Las Vegas was substantially completed and certain of its systems were ready to be used in live, immersive events (the “Liquidity Covenant Reduction Date”). The minimum liquidity level was tested on the closing date and is tested as of the last day of each fiscal quarter thereafter based on Sphere Entertainment Group’s unencumbered liquidity, consisting of cash and cash equivalents and available lines of credit, as of such date. Following the completion of the MSGE Distribution, the MSGE Retained Interest was pledged to secure the LV Sphere Term Loan Facility and was released as collateral upon the Liquidity Covenant Reduction Date.
Letters of Credit
The Company uses letters of credit to support its business operations. As of September 30, 2023, there were no borrowings or letters of credit issued and outstanding under the MSGN Revolving Credit Facility. The Company has letters of credit relating to operating leases which are supported by cash and cash equivalents that are classified as restricted.
Contractual Obligations
As of September 30, 2023, the Company did not have any material changes in its non-cancelable contractual obligations (other than activities in the ordinary course of business). See Note 9. Commitments and Contingencies, to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for further details on the timing and amount of payments under various media rights agreements.
Cash Flow Discussion
As of September 30, 2023, cash, cash equivalents and restricted cash totaled $451,742, as compared to $429,114 as of June 30, 2023. The following table summarizes the Company’s cash flow activities for the three months ended September 30, 2023 and 2022:
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| | Three Months Ended |
| | September 30, |
| | 2023 | | 2022 |
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| | | | |
| | | | |
| | | | |
| Net cash used in operating activities | | $ | (94,641) | | | $ | (81,183) | |
| Net cash provided by (used in) investing activities | | 66,498 | | | (285,218) | |
| Net cash provided by (used in) financing activities | | 50,854 | | | (20,023) | |
| Effect of exchange rates on cash, cash equivalents and restricted cash | | (83) | | | (693) | |
| Net increase (decrease) in cash, cash equivalents, and restricted cash | | $ | 22,628 | | | $ | (387,117) | |
Operating Activities
Net cash used in operating activities for the three months ended September 30, 2023 increased by $13,458 to $94,641 as compared to the prior year period, primarily due to net income reflecting a significant non-cash deferred income tax benefit of $91,585, as compared to a deferred income tax expense of $1,012 in the corresponding prior year period, as well as changes in working capital assets and liabilities, which included fewer collections from customers and related parties, and a larger amount of payments to related parties, as compared to the corresponding prior year period. These were offset by a net income of $66,425, as compared to a net loss of $44,043 in the corresponding prior year period.
Investing Activities
Net cash provided by (used in) investing activities for the three months ended September 30, 2023 increased by $351,716 to $66,498 as compared to the prior year period, primarily due to the proceeds from the sale of MSGE Retained Interest, as well as a decrease in capital expenditures for Sphere in Las Vegas when compared to the corresponding prior year period.
Financing Activities
Net cash provided by (used in) financing activities for the three months ended September 30, 2023 increased by $70,877 to $50,854 as compared to the prior year period primarily due to proceeds of $65,000 from the DDTL Facility, and the absence of principal repayments in the current year period.
Seasonality of Our Business
Our MSG Networks segment generally earns a higher share of its annual revenues in the second and third quarters of its fiscal year as a result of MSG Networks’ advertising revenue being largely derived from the sale of inventory in its live NBA and NHL professional sports programming.
Recently Issued Accounting Pronouncements and Critical Accounting Estimates
Recently Issued and Adopted Accounting Pronouncements
See Note 2. Accounting Policies, to the condensed consolidated financial statements included in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussion of recently issued accounting pronouncements.
Critical Accounting Estimates
There have been no material changes to the Company’s critical accounting policies other than the one noted in “— Item 1. Financial Statements” of this Quarterly Report on Form 10-Q . The following discussion has been included to provide the results of our annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the first quarter of Fiscal Year 2024.
Impairment of Goodwill
Goodwill is tested annually for impairment as of August 31st and at any time upon the occurrence of certain events or substantive changes in circumstances. The Company performs its goodwill impairment test at the reporting unit level. As of September 30, 2023, the Company had two reportable segments and two reporting units, Sphere and MSG Networks, consistent with the way management makes decisions and allocates resources to the business.
The goodwill balance reported on the Company’s condensed consolidated balance sheet as of September 30, 2023 by reporting unit was as follows:
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| As of |
| September 30,
2023 |
Sphere | $ | 32,299 | |
| MSG Networks | 424,508 | |
| |
| Total Goodwill | $ | 456,807 | |
The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform a quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, a quantitative goodwill impairment test is used to identify potential impairment by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of the fair value of the Company’s reporting units are primarily determined using discounted cash flows, comparable market transactions or other acceptable valuation techniques, including the cost approach. These valuations are based on estimates and assumptions including projected future cash flows, discount rates, cost-based assumptions, determination of appropriate market comparables and the determination of whether a premium or discount should be applied to comparables. Significant judgments inherent in a discounted cash flow analysis include the selection of the appropriate discount rate, the estimate of the amount and timing of projected future cash flows and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows. The amount of an impairment loss is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.
The Company elected to perform the qualitative assessment of impairment for all of the Company’s reporting units for the Fiscal Year 2024 annual impairment test. These assessments considered qualitative factors such as:
•macroeconomic conditions;
•industry and market considerations;
•cost factors;
•overall financial performance of the reporting units;
•other relevant company-specific factors such as changes in management, strategy or customers; and
•relevant reporting unit specific events such as changes in the carrying amount of net assets.
During the first quarter of Fiscal Year 2024, the Company performed its most recent annual impairment tests of goodwill and determined that there were no impairments of goodwill identified for any of its reporting units as of the impairment test date.
Based on the impairment test, the Company’s MSG Networks reporting unit had a sufficient safety margin, representing the excess of the estimated fair value of the reporting unit, derived from the most recent quantitative assessment, less its carrying value (including goodwill allocated to the reporting unit). The Company believes that if the fair value of the reporting unit exceeds its carrying value by greater than 10%, a sufficient safety margin has been realized.
For the Sphere reporting unit, the goodwill balance was determined based upon a relative fair value allocation between Sphere and MSG Entertainment at the time of the MSGE Distribution. Due to the proximity of the annual goodwill impairment test to the MSGE
Distribution and the related relative fair value allocation, the Company primarily considered qualitative factors, as noted above, in determining that the Sphere reporting unit goodwill was not impaired.
Item 3. Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures regarding market risks in connection with our pension and postretirement plans. See Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of the 2023 Form 10-K.
Potential Interest Rate Risk Exposure
The Company, through its subsidiaries, MSG Networks and MSG LV, is subject to potential interest rate risk exposure related to borrowings incurred under their respective credit facilities. Changes in interest rates may increase interest expense payments with respect to any borrowings incurred under these credit facilities. The effect of a hypothetical 200 basis point increase in floating interest rate prevailing as of September 30, 2023 and continuing for a full year would increase the Company’s interest payments on the outstanding amounts under the credit facilities by $24,145.
Foreign Currency Exchange Rate Exposure
We are exposed to market risk resulting from foreign currency fluctuations, primarily to the British pound sterling through our net investment position initiated with our acquisition of land in London in the second quarter of fiscal year 2018 for future Sphere development and through cash and invested funds which will be deployed in the construction of our London venue. We may evaluate and decide, to the extent reasonable and practical, to reduce the translation risk of foreign currency fluctuations by entering into foreign currency forward exchange contracts with financial institutions. If we were to enter into such hedging transactions, the market risk resulting from foreign currency fluctuations is unlikely to be entirely eliminated. We do not plan to enter into derivative financial instrument transactions for foreign currency speculative purposes. During the past 12 months ended September 30, 2023, the GBP/USD exchange rate ranged from 1.0975 to 1.3137 as compared to GBP/USD exchange rate of 1.2206 on September 30, 2023, a fluctuation range of approximately 7.63%. As of September 30, 2023, a uniform hypothetical 9.42% fluctuation in the GBP/USD exchange rate would have resulted in a change of approximately $19,700 in the Company’s net asset value.
Item 4. Controls and Procedures
Our management, with the participation of our Executive Chairman and Chief Executive Officer and our Senior Vice President, Controller and Principal Accounting Officer (functioning as our principal financial officer), evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Based on that evaluation, our Executive Chairman and Chief Executive Officer and our Senior Vice President, Controller and Principal Accounting Officer (functioning as our principal financial officer) concluded that the Company's disclosure controls and procedures were effective as of September 30, 2023.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act during the fiscal quarter ended September 30, 2023, that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
PART II—OTHER INFORMATION
Item 1. Legal Proceedings
Fifteen complaints were filed in connection with the merger between a subsidiary of the Company and MSG Networks Inc. (the “Networks Merger”) by purported stockholders of the Company and MSG Networks Inc.
Nine of these complaints involved allegations of materially incomplete and misleading information set forth in the joint proxy statement/prospectus filed by the Company and MSG Networks Inc. in connection with the Networks Merger. As a result of supplemental disclosures made by the Company and MSG Networks Inc. on July 1, 2021, all of the disclosure actions were voluntarily dismissed with prejudice prior to or shortly following the consummation of the Networks Merger.
Six complaints involved allegations of fiduciary breaches in connection with the negotiation and approval of the Networks Merger and were consolidated into two remaining litigations.
On September 10, 2021, the Court of Chancery of the State of Delaware (the “Court”) entered an order consolidating two derivative complaints filed by purported Company stockholders. The consolidated action is captioned: In re Madison Square Garden Entertainment Corp. Stockholders Litigation, C.A. No. 2021-0468-KSJM (the “MSG Entertainment Litigation”). The consolidated plaintiffs filed their Verified Consolidated Derivative Complaint on October 11, 2021. The complaint, which named the Company as only a nominal defendant, retained all of the derivative claims and alleged that the members of the board of directors and controlling stockholders violated their fiduciary duties in the course of negotiating and approving the Networks Merger. Plaintiffs sought, among other relief, an award of damages to the Company including interest, and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.
On March 14, 2023, the parties to the MSG Entertainment Litigation reached an agreement in principle to settle the MSG Entertainment Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGE Settlement Agreement”) that was filed with the Court on April 20, 2023. The MSGE Settlement Agreement provided for, among other things, the final dismissal of the MSG Entertainment Litigation in exchange for a settlement payment to the Company of $85 million, subject to customary reduction for attorneys’ fees and expenses, in an amount to be determined by the Court. The settlement’s amount was fully funded by the other defendants’ insurers. The MSGE Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. A realized gain of $62.6 million was recognized in Other income (expense), net on the condensed combined statement of operations in connection with the settlement payment to the Company.
On September 27, 2021, the Court entered an order consolidating four complaints filed by purported former stockholders of MSG Networks Inc. The consolidated action is captioned: In re MSG Networks Inc. Stockholder Class Action Litigation, C.A. No. 2021-0575-KSJM (the “MSG Networks Litigation”). The consolidated plaintiffs filed their Verified Consolidated Stockholder Class Action Complaint on October 29, 2021. The complaint asserted claims on behalf of a putative class of former MSG Networks Inc. stockholders against each member of the board of directors of MSG Networks Inc. and the controlling stockholders prior to the Networks Merger. Plaintiffs alleged that the MSG Networks Inc. board of directors and controlling stockholders breached their fiduciary duties in negotiating and approving the Networks Merger. The Company was not named as a defendant but was subpoenaed to produce documents and testimony related to the Networks Merger. Plaintiffs sought, among other relief, monetary damages for the putative class and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action.
On April 6, 2023, the parties to the MSG Networks Litigation reached an agreement in principle to settle the MSG Networks Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGN Settlement Agreement”) that was filed with the Court on May 18, 2023. The MSGN Settlement Agreement provided for, among other things, the final dismissal of the MSG Networks Litigation in exchange for a settlement payment to the plaintiffs and the class of $48.5 million, of which $28 million has been paid as of September 30, 2023, with $20.5 million accrued for in Accounts payable, accrued and other current liabilities. MSG Networks has a dispute with its insurers over whether and to what extent there is insurance coverage for the settlement. Unless MSG Networks Inc. and the insurers settle that insurance dispute, it is expected to be resolved in a pending Delaware insurance coverage action. In the interim, and subject to final resolution of the parties’ insurance coverage dispute, certain of MSG Networks’ insurers agreed to advance $20.5 million to fund the settlement and related class notice costs. The MSGN Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action.
The Company is a defendant in various other lawsuits. Although the outcome of these other lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these other lawsuits will have a material adverse effect on the Company.
Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities
As of September 30, 2023, the Company has the ability to repurchase up to $350 million of the Company’s Class A Common Stock under the Class A Common Stock share repurchase program initially authorized by the Company’s Board of Directors on March 31, 2020 and reauthorized on March 29, 2023. Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market transactions, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. No shares have been repurchased to date.
Item 6. Exhibits
(a)Index to Exhibits
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EXHIBIT
NO. | | DESCRIPTION |
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| 101 | | The following materials from Sphere Entertainment Co. (formerly Madison Square Garden Entertainment Corp.) Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) condensed consolidated balance sheets, (ii) condensed consolidated statements of operations, (iii) condensed consolidated statements of comprehensive loss, (iv) condensed consolidated statements of cash flows, (v) condensed consolidated statements of equity and redeemable noncontrolling interests, and (vi) notes to condensed consolidated financial statements. |
| 104 | | The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 formatted in Inline XBRL and contained in Exhibit 101. |
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_________________† This exhibit is a management contract or a compensatory plan or arrangement.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 8th day of November 2023.
| | | | | | | | |
| Sphere Entertainment Co. |
| |
| By: | /S/ GREGORY BRUNNER |
| Name: | Gregory Brunner |
| Title: | Senior Vice President, Controller and Principal Accounting Officer |
FORM OF PERFORMANCE STOCK OPTION AGREEMENT
Dear [Participant Name]:
Pursuant to the 2020 Employee Stock Plan, as amended (the “Plan”) of Sphere Entertainment Co. (the “Company”), on [Date] (the “Effective Date”), you have been awarded nonqualified performance options (the “Options”) to purchase [#shares] shares of the Company’s Class A Common Stock, par value $.01 per share (“Class A Common Stock”) at the per share exercise prices set forth below. The Options are granted subject to approval of the Plan, as amended through December 8, 2023, by the Company’s stockholders at the Company’s 2023 Annual Meeting of Stockholders (the “2023 Annual Meeting”). In the event that the Plan is not approved by the Company’s stockholders at the 2023 Annual Meeting, the provisions of Section 31 below shall apply.
Capitalized terms used but not defined in this agreement (this “Agreement”) have the meanings given to them in the Plan. The Options are granted subject to the terms and conditions set forth below and in the Plan:
1.Exercise Price Per Share:
a.One-third of your Options ([insert #]) have an exercise price of $____ (125% of the closing price for a Share as reported by the applicable stock exchange on which the Class A Common Stock is primarily traded, as of the Effective Date (“Tranche A”));
b.One-third of your Options ([insert #]) have an exercise price of $___ (135% of the closing price for a Share as reported by the applicable stock exchange on which the Class A Common Stock is primarily traded, as of the Effective Date (“Tranche B”)); and
c.The remaining one-third of your Options ([insert #]) have an exercise price of $___ (150% of the closing price for a Share as reported by the applicable stock exchange on which the Class A Common Stock is primarily traded, as of the Effective Date (“Tranche C”)).
Each of Tranche A, Tranche B and Tranche C shall be referred to herein as an “Option Tranche” or collectively, as the “Option Tranches”.
2.Vesting. Your Options will vest and become exercisable on the third anniversary of the Effective Date (the “Vesting Date”), provided that you have remained in the continuous employ of the Sphere Entertainment Group from the Effective Date through and including the Vesting Date except to the extent expressly set forth in Section 6 of this Agreement. For purposes of this Agreement, (i) the “Sphere Entertainment Group” means the Company and any of its Subsidiaries, and (ii) “continuous employ” or “continuously employed” shall include continued employment by the Sphere Entertainment Group[, including, without limitation, as either Chief Executive Officer and/or Executive Chairman (but not as an independent contractor or as a member of the Board of Directors of the Company)].
Notwithstanding anything herein to the contrary, if you were granted Options on the Effective Date in your capacity as a consultant to the Sphere Entertainment Group, your continued service in such capacity shall be treated as continuous employment with the Sphere Entertainment Group for purposes of this Agreement. Any termination of your consultancy with the Sphere Entertainment Group shall constitute a termination of employment with the Sphere Entertainment Group for purposes of this Agreement, unless you immediately become an employee of the Sphere Entertainment Group following your consultancy. In the event your status changes from consultant to an employee of the Sphere Entertainment Group during the Term (as defined in Section 6 of this Agreement), the provisions of this Agreement relating to continued employment, or the termination of employment, shall apply to your Options.
3.Fractional Securities. In the event that any fractional Options are payable upon the exercise of the Agreement, the Committee will have the full authority, subject to the terms of the Plan, to adjust the number of Options upward or downward to the nearest round number.
4.Exercise. You may exercise the Options that become vested and exercisable by following such procedures as established by the Company from time to time, specifying the number of shares of Class A Common Stock as to which the Options are being exercised and the specific Option Tranche being exercised (the “Exercise Notice”). Unless the Compensation Committee of the Board of Directors of the Company (as more fully described in Section 17, the “Committee”) chooses to settle such exercise in cash, shares of Class A Common Stock, or a combination thereof pursuant to Section 5, you will be required to deliver to the Company, or such person as the Company may designate, within such time period as the Company may require, payment in full of the applicable exercise price and any taxes due on account of such exercise.
5.Option Spread. Upon receipt of the Exercise Notice, the Committee may elect, in lieu of issuing shares of Class A Common Stock, to settle the exercise covered by such notice by paying you an amount equal to the product obtained by multiplying (i) the excess of the Fair Market Value of one (1) share of Class A Common Stock on the date of exercise over the applicable per share exercise price of the Options subject to the Exercise Notice (the “Option Spread”) by (ii) the number of shares of Class A Common Stock relating to the specific Option Tranche specified in the Exercise Notice. The amount payable to you in these circumstances may be paid by the Company either in cash or in shares of Class A Common Stock having a Fair Market Value equal to the Option Spread, or a combination thereof, as the Company shall determine. Class A Common Stock used to pay the Option Spread pursuant to this Section 5 will be valued at the Fair Market Value as of the day the Exercise Notice is received by the Company.
6.Expiration. The Options will terminate automatically and without further notice on the tenth (10th) anniversary of the Effective Date (the “Term”), or at any of the following dates, if earlier:
a.with respect to those Options which are then unexercisable, the date upon which you are no longer continuously employed by the Sphere Entertainment Group (as
determined under Section 2 of this Agreement) for any reason (including as a result of your resignation [without Good Reason or your Retirement] prior to the Vesting Date), provided that (I) upon your death, all then unexercised and outstanding Options granted under this Agreement shall become immediately exercisable as of the date of your death; (II) upon your employment being terminated by the Sphere Entertainment Group due to your being Disabled, all then unexercised and outstanding Options shall become exercisable solely on the Vesting Date; and (III) as a result of the termination of your employment by the Sphere Entertainment Group without Cause (other than your being Disabled) [or by you for Good Reason], a pro-rata portion of all then unexercised and outstanding Options shall become exercisable solely on the Vesting Date, with such pro-rated portion calculated by multiplying the total number of shares of Class A Common Stock subject to the Options by a fraction, the numerator of which is the number of days you have remained continuously employed by the Sphere Entertainment Group (as determined under Section 2 of this Agreement) from the Effective Date through the date of such termination, and the denominator of which is 1095, in each case subject to your timely execution and non-revocation of a release of claims and your compliance with your post-termination obligations under any applicable agreement between you and your Employer;
b.with respect to those Options which are then exercisable (or would become exercisable as of the date of your death or the Vesting Date after giving effect to Section 6(a) above), (I) as a result of your termination of employment due to death following the Effective Date, such Options shall remain exercisable for the lesser of three years following your death or the remainder of the Term, (II) as a result of the termination of your employment by the Sphere Entertainment Group without Cause [or by you for Good Reason], or as a result of your termination as a result of being Disabled, (x) in the case of such termination prior to the Vesting Date, such Options shall remain exercisable for the lesser of three years following the Vesting Date or the remainder of the Term and (y) in the case of such termination on or after the Vesting Date, such Options shall remain exercisable for the lesser of three years from such termination or the remainder of the Term, [and] (III)[ as a result of your Retirement on or after the Vesting Date, such Options shall remain exercisable for the lesser of three years following your Retirement or the remainder of the Term, and (IV)] in the event of your resignation of employment[ (other than due to Retirement or by you for Good Reason)] from the Sphere Entertainment Group on or after the Vesting Date, such Options shall remain exercisable for the lesser of ninety (90) days following the date upon which you are no longer employed by the Sphere Entertainment Group or the remainder of the Term; or
c.with respect to all your then outstanding Options, whether exercisable or unexercisable, the date upon which your employment with the Sphere Entertainment Group is terminated for Cause.
For purposes of this Section 6, all references to pro-ration of the number of Options shall refer to each Option Tranche being pro-rated separately, and to the extent that any Option Tranche has been fully exercised, then each remaining Option Tranche shall be pro-rated as provided for above.
Further, to the extent applicable and for the avoidance of doubt, for purposes of this Section 6, if you were granted Options on the Effective Date in your capacity as a consultant to the Sphere Entertainment Group, the termination of your consultancy with the Sphere Entertainment Group shall be treated as a termination of employment with the Sphere Entertainment Group, except as expressly provided by the last paragraph of Section 2 of this Agreement.
Notwithstanding anything herein to the contrary, the provisions of Sections 2, 5, and 6 shall supersede and replace any provisions in your employment agreement or any other agreement between you and your Employer relating to the vesting or exercisability of equity awards (including, without limitation, stock options) in their entirety.
7.Definitions. For purposes of this Agreement:
a.“Cause” (I) shall have the meaning as set forth in your employment agreement with your Employer, or (II) in the absence of such employment agreement, as determined by the Committee, in its sole discretion, your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against your Employer or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere or imposition of unadjudicated probation for any crime involving moral turpitude or any felony.
b.“Disabled” means that you received short term disability income replacement payments for six (6) months, and thereafter (A) have been determined to be disabled in accordance with your Employer’s long term disability plan in which employees of your Employer are generally able to participate, if one is in effect at such time or (B) to the extent no such long term disability plan exists, have been determined to have a medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months as determined by the department or vendor directed by your Employer to determine eligibility for unpaid medical leave.
c.“Employer” means the Company or any other entity comprising the Sphere Entertainment Group that employs you or to which you provide services.
d.[“Good Reason” shall have the meaning set forth in your employment agreement with your Employer, if applicable.]
e.“MSG Entertainment Group” means Madison Square Garden Entertainment Corp. (“MSG Entertainment”) and any of its Subsidiaries.
f.“MSG Sports Group” means Madison Square Garden Sports Corp. (“MSG Sports”) and any of its Subsidiaries.
g.[“Retirement” means the voluntary termination by you of your employment with your Employer at such time as (i) you have attained at least the age of fifty-five (55) and (ii) you have been employed by the Sphere Entertainment Group for at least five (5) years in the aggregate (with any service at Madison Square Garden Sports Corp. and its Subsidiaries counted toward such five-year service period); provided that your Employer may nevertheless decide, in its sole discretion, not to treat your termination of employment as a “Retirement” hereunder. Treatment of your termination of employment as a “Retirement” hereunder shall be further subject to your execution (and the effectiveness) of a “retirement agreement” to your Employer’s satisfaction, including, without limitation (to the extent desired by your Employer), non-compete, non-disparagement, non-solicitation, confidentiality and further cooperation obligations/restrictions on you as well as a general release by you of the Sphere Entertainment Group and related parties. The above definition of “Retirement” is solely for purposes of this Agreement and shall not, in any way, create or imply any obligations of the Sphere Entertainment Group (under any other agreement or otherwise) with respect to any such termination of your employment.]
8.Change of Control/Going-Private Transaction. As set forth in Appendix 1 attached hereto, the Options may be affected in the event of a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company (each as defined in Appendix 1 attached hereto).
9.Tax Representations and Tax Withholding. You hereby acknowledge that you have reviewed with your own tax advisors the federal, state and local tax consequences of exercising the Options and receiving shares of Class A Common Stock and cash. You hereby represent to the Sphere Entertainment Group that you are relying solely on such advisors and not on any statements or representations of the Sphere Entertainment Group, any of its Affiliates or any of their respective agents. If, in connection with the exercise of the Options, the Company is required to withhold any amounts by reason of any federal, state or local tax, such withholding shall be effected in accordance with Section 16 of the Plan.
10.Section 409A. It is the intent that payments under this Agreement are exempt from Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), and that the Agreement be administered accordingly. Notwithstanding anything to the contrary contained in this Agreement, if and to the extent that any payment or benefit under this Agreement is determined by the Company to constitute “non-qualified deferred compensation” subject to Section 409A of the Code (“Section 409A”) and is payable to you by reason of termination of your employment, then (a) such payment or benefit shall be made or provided to you only upon a “separation from service” as defined for purposes of Section 409A under applicable regulations and (b) if you are a “specified employee” (within the meaning of Section 409A and as determined by the Company),
such payment or benefit shall not be made or provided before the date that is six (6) months after the date of your separation from service (or your earlier death).
11.Transfer Restrictions. You may not transfer, assign, pledge or otherwise encumber the Options, other than to the extent provided in the Plan.
12.Non-Qualification as ISO. The Options are not intended to qualify as “incentive stock options” within the meaning of Section 422A of the Code.
13.Securities Law Acknowledgments. You hereby acknowledge and confirm to the Sphere Entertainment Group that (i) you are aware that the shares of Class A Common Stock are publicly-traded securities and (ii) the shares of Class A Common Stock issuable upon exercise of the Options may not be sold or otherwise transferred unless such sale or transfer is registered under the Securities Act of 1933, as amended, and the securities laws of any applicable state or other jurisdiction, or is exempt from such registration.
14.Governing Law. This Agreement shall be deemed to be made under, and in all respects shall be interpreted, construed and governed by and in accordance with, the laws of the State of New York.
15.Jurisdiction and Venue. You hereby irrevocably submit to the jurisdiction of the courts of the State of New York and the Federal courts of the United States of America located in the Southern District and Eastern District of the State of New York in respect of the interpretation and enforcement of the provisions of this Agreement, and hereby waive, and agree not to assert, as a defense that you are not subject thereto or that the venue thereof may not be appropriate. You hereby agree that mailing of process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.
16.Right of Offset. You hereby agree that the Company shall have the right to offset against its obligation to deliver shares of Class A Common Stock, cash or other property under this Agreement to the extent that it does not constitute “non-qualified deferred compensation” pursuant to Section 409A, any outstanding amounts of whatever nature that you then owe to the Company or any of its Subsidiaries.
17.The Committee. For purposes of this Agreement, the term “Committee” means the Compensation Committee of the Board of Directors of the Company or any replacement committee established under, and as more fully defined in, the Plan.
18.Committee Discretion. The Committee has full discretion with respect to any actions to be taken or determinations to be made in connection with this Agreement, and its determinations shall be final, binding and conclusive.
19.Amendment. The Committee reserves the right at any time to amend the terms and conditions set forth in this Agreement, except that the Committee shall not make any amendment or revision in a manner unfavorable to you (other than if immaterial), without your consent. No consent shall be required for amendments made pursuant to Section 12 of the Plan, except that, for purposes of Section 19 of the Plan, Section 8 of this
Agreement and Appendix 1 of this Agreement are deemed to be “terms of an Award Agreement expressly refer[ring] to an Adjustment Event.” Any amendment of this Agreement shall be in writing and signed by an authorized member of the Committee or a person or persons designated by the Committee.
20.Options Subject to the Plan. The Options granted by this Agreement are subject to the Plan.
21.Entire Agreement. This Agreement and the Plan constitute the entire understanding and agreement of you and the Company with respect to the Options covered hereby and supersede all prior understandings and agreements. Except as provided in Sections 6, 8 and 27, in the event of a conflict among the documents with respect to the terms and conditions of the Options covered hereby, the documents will be accorded the following order of authority: the terms and conditions of the Plan will have highest authority followed by the terms and conditions of this Agreement, followed by the terms and conditions of your employment agreement, if any.
22.Successors and Assigns. The terms and conditions of this Agreement shall be binding upon, and shall inure to the benefit of, the Company and its successors and assigns.
23.Waiver. No waiver by the Company at any time of any breach by you of, or compliance with, any term or condition of this Agreement or the Plan to be performed by you shall be deemed a waiver of the same term or condition, or of any similar or any dissimilar term or condition, whether at the same time or at any prior or subsequent time.
24.Severability. The provisions of this Agreement shall be deemed severable and the invalidity or unenforceability of any term or condition hereof shall not affect the validity or enforceability of the other terms and conditions set forth herein.
25.Exclusion from Compensation Calculation. By acceptance of this Agreement, you shall be deemed to be in agreement that all shares of Class A Common Stock and cash received upon each exercise of the Options shall be considered special incentive compensation and will be exempt from inclusion as “wages” or “salary” in pension, retirement, life insurance and other employee benefits arrangements of the MSG Entertainment Group, the Sphere Entertainment Group or the MSG Sports Group, except as determined otherwise by the MSG Entertainment Group, the Sphere Entertainment Group or the MSG Sports Group. In addition, each of your beneficiaries shall be deemed to be in agreement that all such shares of Class A Common Stock and cash will be exempt from inclusion in “wages” or “salary” for purposes of calculating benefits of any life insurance coverage sponsored by the MSG Entertainment Group, the Sphere Entertainment Group or the MSG Sports Group.
26.No Right to Continued Employment/Service. Nothing contained in this Agreement or the Plan shall be construed to confer on you any right to continue in the employ of or service with the Sphere Entertainment Group, or derogate from the right of the Sphere Entertainment Group, to retire, request the resignation of, or discharge you, at any time, with or without cause.
27.Subsidiaries. For purposes of this Agreement, “Subsidiaries” means any entities that are controlled, directly or indirectly, by the Company, MSG Entertainment or MSG Sports, as applicable, or in which the Company, MSG Entertainment or MSG Sports, as applicable, owns, directly or indirectly, more than 50% of the equity interests.
28.Headings. The headings in this Agreement are for purposes of convenience only and are not intended to define or limit the construction of the terms and conditions of this Agreement.
29.Effective Date. Upon execution by you, this Agreement shall be effective from and as of the Effective Date.
30.Signatures. Execution of this Agreement by the Company may be in the form of an electronic, manual or similar signature (including, without limitation, an electronic acknowledgement of acceptance), and such signature shall be treated as an original signature for all purposes.
31.Cash Settled Rights in Lieu of Options. In the event that the Company’s stockholders fail to approve the Plan at the 2023 Annual Meeting, the Options granted under this Agreement shall be cancelled in their entirety and a new cash-settled appreciation award shall be granted to you in lieu thereof, with substantially equivalent economic terms and design features as the Options (including without limitation, the same vesting and exercisability provisions), provided that in no event shall (x) any shares of Class A Common Stock be issued in connection with such award and (y) the base price of the award be less than the Fair Market Value of a share of Class A Common Stock on the date of grant of such award.
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| SPHERE ENTERTAINMENT CO. |
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| By | | |
| Name: | |
| Title: | |
By your electronic acknowledgement of acceptance, you (i) acknowledge that a complete copy of the Plan and an executed original of this Agreement have been made available to you and (ii) agree to all of the terms and conditions set forth in the Plan and this Agreement.
Appendix 1
OPTION AGREEMENT
1.In the event of a “Sphere Entertainment Change of Control” or a “going-private transaction” with respect to the Company, each as defined below, your entitlement to exercise the Options shall be as follows:
(A)If the Company or the “Sphere Entertainment Surviving Entity,” as defined below, has shares of common stock (or partnership units) traded on a national stock exchange or on the over-the-counter market as reported on the New York Stock Exchange or any other stock exchange, the Committee shall, to the extent that the Options have not been exercised and have not expired (the “Outstanding Options”), no later than the effective date of the transaction which results in a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company, either (i) convert your rights in the Outstanding Options into a right to receive an amount of cash equal to (a) the number of common shares subject or relating to the Outstanding Options multiplied by (b) the excess of (x) the “offer price per share,” the “acquisition price per share” or the “merger price per share,” each as defined below, whichever of such amounts is applicable, over (y) the exercise price of the shares subject or relating to the Outstanding Options, or (ii) arrange to have the Sphere Entertainment Surviving Entity grant to you in substitution for your Outstanding Options an award of options for shares of common stock (or partnership units) of the Sphere Entertainment Surviving Entity on the same terms with a value equivalent to the Outstanding Options and which will, in the good faith determination of the Committee, provide you with an equivalent profit potential, as determined in a manner compliant with Section 409A.
(B)If the Company or the Sphere Entertainment Surviving Entity does not have shares of common stock (or partnership units) traded on a national stock exchange or on the over-the-counter market as reported on the New York Stock Exchange or any other stock exchange, the Committee shall convert your rights in the Outstanding Options into a right to receive an amount of cash equal to the amount calculated as per Paragraph 1(A)(i) above.
(C)The cash award provided in Paragraph 1(A)(i) or 1(B) shall become payable to you, and the substitute options of the Sphere Entertainment Surviving Entity provided in Paragraph 1(A)(ii) will become exercisable (1) with respect to the Outstanding Options that were not exercisable on the effective date of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company, as the case may be, at the earlier of (i) the date on which the Outstanding Options would otherwise have become exercisable hereunder had they continued in effect or (ii) if, immediately prior to termination you were an employee of the Sphere Entertainment Group, the date on which your employment with the Sphere Entertainment Group or the Sphere Entertainment Surviving Entity is terminated (a) by the Company, one of its Subsidiaries or the Sphere Entertainment Surviving Entity other than for Cause, if such termination occurs within three (3) years of the Sphere Entertainment Change of
Control or the going-private transaction with respect to the Company, (b) by you for “good reason,” as defined below, if such termination occurs within three (3) years of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company or (c) by you for any reason at least six (6) months, but not more than nine (9) months after the effective date of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company, in each case any substitute options shall remain exercisable for the lesser of three years or the remaining term of the Outstanding Options; provided that clause (c) herein shall not apply in the event that your rights in the Outstanding Options are converted into a right to receive an amount of cash in accordance with Paragraph 1(A)(i), or (2) with respect to the Outstanding Options that were exercisable on the effective date of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company, the substitute options shall become exercisable immediately (with an exercise period equal to the lesser of three years or the remaining term of the Outstanding Options) and the cash awards shall become payable promptly. The amount payable in cash shall be payable together with interest from the effective date of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company until the date of payment at (i) the weighted average cost of capital of the Company immediately prior to the effectiveness of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company or (ii) if the Company (or the Sphere Entertainment Surviving Entity) sets aside the funds in a trust or other funding arrangement, the actual earnings of such trust or other funding arrangement.
For the avoidance of doubt, any Options that are “underwater” as of a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company (i.e., the exercise price equals or exceeds the “offer price per share,” the “acquisition price per share” or the “merger price per share,” as applicable), may be cancelled for no consideration as of the consummation of the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company.
2.As used herein,
“Acquisition price per share” means the greater of (i) the highest price per share stated on the Schedule 13D or any amendment thereto filed by the holder of twenty percent (20%) or more of the Company’s voting power which gives rise to the Sphere Entertainment Change of Control or the going-private transaction with respect to the Company and (ii) the highest fair market value per share of common stock during the ninety (90)-day period ending on the date of such Sphere Entertainment Change of Control or going-private transaction with respect to the Company.
“Cause” means your (i) commission of an act of fraud, embezzlement, misappropriation, willful misconduct, gross negligence or breach of fiduciary duty against your Employer or (ii) commission of any act or omission that results in a conviction, plea of no contest, plea of nolo contendere or imposition of unadjudicated probation for any crime involving moral turpitude or any felony.
“Employer” means the Company or any other entity comprising the Sphere Entertainment Group that employs you.
“Going-private transaction” means a transaction involving the purchase of Company securities described in Rule 13e‑3 to the Securities and Exchange Act of 1934.
“Good reason” means
a. without your express written consent any reduction in your base salary or target bonus opportunity, or any material impairment or material adverse change in your working conditions (as the same may from time to time have been improved or, with your written consent, otherwise altered, in each case, after the Effective Date) at any time after or within ninety (90) days prior to the Sphere Entertainment Change, as applicable, including, without limitation, any material reduction of your other compensation, executive perquisites or other employee benefits (measured, where applicable, by level or participation or percentage of award under any plans of the Company), or material impairment or material adverse change of your level of responsibility, authority, autonomy or title, or to your scope of duties;
b. any failure by your Employer to comply with any of the provisions of this Agreement, other than an insubstantial or inadvertent failure remedied by your Employer promptly after receipt of notice thereof given by you;
c. your Employer’s requiring you to be based at any office or location more than thirty-five (35) miles from your location immediately prior to such event except for travel reasonably required in the performance of your responsibilities; or
d. with respect to the Company only, any failure by the Company to obtain the assumption and agreement to perform this Agreement by a successor as contemplated by Paragraph 1.
Notwithstanding the foregoing, in the event of any conflict between the foregoing definitions of “Cause” and “Good Reason” and a more favorable definition of “cause” and “good reason” in your employment agreement, the terms of the definition set forth in your employment agreement shall control.
“Merger price per share” means, in the case of a merger, consolidation, sale, exchange or other disposition of assets that results in a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company (a “Merger”), the greater of (i) the fixed or formula price for the acquisition of shares of common stock occurring pursuant to the Merger and (ii) the highest fair market value per share of common stock during the ninety (90)-day period ending on the date of such Sphere Entertainment Change of Control or going-private transaction with respect to the Company. Any securities or property which are part or all of the consideration paid for shares of common stock pursuant to the Merger shall be valued in determining the merger price per share at the higher of (A) the valuation placed on such securities or property by
the Company, person or other entity which is a party with the Company to the Merger or (B) the valuation placed on such securities or property by the Committee.
“Sphere Entertainment Change of Control” means the acquisition, in a transaction or a series of related transactions, by any person or group, other than Charles F. Dolan or members of the immediate family of Charles F. Dolan or trusts for the benefit of Charles F. Dolan or his immediate family (or an entity or entities controlled by any of them) or any employee benefit plan sponsored or maintained by the Company, of the power to direct the management of the Company or substantially all its assets (as constituted immediately prior to such transaction or transactions).
“Sphere Entertainment Surviving Entity” means the entity that owns, directly or indirectly, after consummation of any transaction, substantially all of the Company’s assets (as constituted immediately prior to such transaction). If any such entity is at least majority-owned, directly or indirectly, by any entity (a “parent entity”) which has shares of common stock (or partnership units) traded on a national stock exchange or the over-the-counter market, as reported on the New York Stock Exchange or any other stock exchange, then such parent entity shall be deemed to be the Sphere Entertainment Surviving Entity; provided that if there shall be more than one such parent entity, the parent entity closest to ownership of the Company’s assets shall be deemed to be the Sphere Entertainment Surviving Entity.
“Offer price per share” means, in the case of a tender offer or exchange offer which results in a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company (an “Offer”), the greater of (i) the highest price per share of common stock paid pursuant to the Offer or (ii) the highest fair market value per share of common stock during the ninety (90)-day period ending on the date of a Sphere Entertainment Change of Control or a going-private transaction with respect to the Company. Any securities or property which are part or all of the consideration paid for shares of common stock in the Offer shall be valued in determining the Offer Price per share at the higher of (A) the valuation placed on such securities or property by the Company, person or other entity making such offer or (B) the valuation placed on such securities or property by the Committee.
November 3, 2023
Gautam Ranji
c/o Sphere Entertainment Co.
Two Pennsylvania Plaza
New York, NY 10121
Dear Gautam:
As you know, your employment with Sphere Entertainment Co. (“Sphere”) ceased on November 3, 2023, as a result of your resignation (the “Separation Date”). Although we are not obligated to pay you any severance in connection with the termination of your employment, because we hope to part amicably, we are prepared to provide you with certain Severance Benefits (as defined in Section 2 below) as set forth in this Agreement (the “Agreement”) in consideration of your executing, delivering and performing all of the terms, conditions and obligations applicable to you under this Agreement. To receive the Severance Benefits set forth in Section 2 below, you must execute and return this Agreement no later than November 24, 2023. This Agreement shall become automatically null and void unless this Agreement is executed and returned by you in accordance with the preceding sentence.
You acknowledge and agree that the Severance Benefits being provided to you herein are in exchange for your promises, representations, releases, agreements and obligations contained herein and are valuable and sufficient consideration. Now, therefore, you and Sphere agree as follows:
1. Termination of Employment/Effect on Benefits
(a) Termination of Employment. Your employment terminated as a result of your resignation as of the Separation Date. Except as otherwise provided herein, as of the Separation Date your employment agreement dated April 20, 2023 (the “Employment Agreement”) shall be terminated and have no further force or effect.
(b) Return of Company Property. You acknowledge and agree that as of the Separation Date, you returned to Sphere all of the Company’s (as defined in Section 3(a) below) property, including, without limitation, Confidential Information (as defined in Annex A to your Employment Agreement), office keys, Company identification cards, access, press and other passes, and all documents, files, drawings, concept sketches, artwork, digital or physical creative work, mood boards, content, reels, equipment, computers, laptops, printers, cell phones, monitors, telephones, smartphones or other personal electronic devices, fax machines, credit cards, computer software, flash drives, discs, account information (including user names and passwords) for all systems, programs, and data storage repositories used by you in connection with your employment, and access materials and other property prepared by, for or belonging to the Company (all of such property being referred to herein as “Company Property”) and, if requested, will certify that you have retained no copies of any such materials. You acknowledge and agree that other than for Company business prior to the Separation Date:
SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
(i) you have not utilized the Company Property (other than for limited, reasonable personal use in accordance with Company policy) or made or retained any copies, duplicates, reproductions or excerpts of the Company Property, and (ii) you have not accessed, utilized or affected in any manner, any of the Company Property, including, without limitation, its electronic communications systems or any information contained therein (other than for limited, reasonable personal use in accordance with Company policy).
(c) Health Coverage. Your Company-sponsored medical, dental and/or vision coverage, if any, will cease as of the last day of the month in which the Separation Date occurred. You may be eligible to obtain continuation coverage for a period of time thereafter pursuant to the federal COBRA statute by returning an election form and paying the required premiums on a timely basis.
(d) Life, Disability and AD&D Insurance. Your Company-sponsored life, long-term disability and accidental death and dismemberment (“AD&D”) insurance coverage, if any, ceased as of the Separation Date. There is a thirty-one- (31) day grace period after the Separation Date during which you may convert your Company-sponsored life insurance and supplemental AD&D coverage to a private policy. You may continue to receive such coverage by completing the applicable notice of conversion privilege form (if requested by you) and complying with the applicable requirements. This form will be sent to you under separate cover.
(e) Retirement Plans. Any vested benefits that you may have accrued under the Madison Square Garden 401(k) Savings Plan; or any other benefit plan in which you were eligible to participate as a Company employee (the “Plans”), if any, will be payable after the Separation Date in accordance with the terms of those Plans, as explained in the summary plan descriptions you have previously received. As a result of the termination of your employment on the Separation Date, pursuant to the terms and conditions of the Plans, you forfeited all benefits that were not vested as of the Separation Date. You may obtain additional copies of the summary plan descriptions from the Corporate Benefits Department.
(f) Additional Positions. You hereby resign, effective as of the Separation Date, from all positions you currently hold with any joint ventures, subsidiaries, affiliated and/or related entities of the Company.
2. Severance Benefits
Subject to the terms and conditions contained in this Agreement, if you: (i) execute and return this Agreement by the date set forth above, (ii) have complied with all of the terms, conditions and obligations applicable to you under this Agreement, and (iii) do not revoke this Agreement during the revocation period set forth in Section 7(a) below:
(a) MPIP. You will be entitled to receive a prorated bonus under the Company’s Management Performance Incentive Plan (“MPIP”) (or any successor or replacement plan) with respect to the fiscal year ending June 30, 2024 for the period July 1, 2023 through the Separation Date. Such bonus will be calculated at target with adjustment for Company and business unit performance, but without adjustment for your individual performance. Such bonus will be paid to you in a lump sum, cash payment, subject to withholding taxes and deductions, if and when bonuses are generally paid to other employees who are eligible to participate in the MPIP (or any successor or replacement plan) with respect to such fiscal year. For the avoidance of doubt, if Sphere doesn’t pay bonuses to its active participants under the MPIP (or any successor or replacement plan) with respect to such fiscal year, then you will not be entitled to any bonus with respect to such fiscal year.
(b) LTIP. All of the service conditions on each of your outstanding restricted stock unit awards granted to you shall immediately be eliminated, and you shall continue to be eligible to receive payment and delivery with respect to all such awards if, when, and to the extent that, such payment and delivery would have been made had you remained continuously employed by the Company through such date (which, with respect to awards that are subject to performance criteria that have not yet been satisfied, shall for the avoidance of doubt
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SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
be subject to, and after, the applicable performance criteria is certified by the Compensation Committee as having been satisfied).
(c) Continued Compliance. Without waiver of the Company’s remedies for any breach of this Agreement, all amounts and other benefits due to you hereunder are expressly conditioned on your not, at any time, being in breach of this Agreement.
(d) No Other Severance or Separation Benefits. For purposes of this Agreement, the severance benefits set forth in this Section 2 shall be referred to as the “Severance Benefits.” The Severance Benefits represent a complete settlement, release and waiver of any claims for allegedly lost wages, benefits, bonuses, or other compensation, mental, physical or other personal injuries, pain and suffering, and costs in connection with any other relief you may seek or claim you may have against the Company. You agree that no other monies or relief are due to you, other than the payments provided for in this Agreement in consideration of your general release of all claims that you have, may have or may have had against the Releasees (as defined in Section 3(a) below).
3. Release
(a) You, on behalf of yourself, your heirs, executors, administrators and/or assigns, do hereby release and discharge Sphere, together with its direct and indirect (i) parent companies, (ii) subsidiaries, (iii) affiliates (including, without limitation, Madison Square Garden Entertainment Corp. and its subsidiaries and affiliates as well as Madison Square Garden Sports Corp. and its subsidiaries and affiliates), (iv) joint ventures, (v) partners, and (vi) related entities, past, present and future, and its or their predecessors, successors and assigns (collectively, the “Company”), and its or their officers, directors, employees, licensors, suppliers, consultants, agents, insurers, reinsurers, shareholders, representatives and assigns, past, present and future (collectively with the Company, the “Releasees”), of and from any and all legally waivable suits, debts, complaints, claims, liabilities, demands or causes of action, or any right to any other monetary recovery or personal relief, known or unknown, of whatever nature, which you, or any of your heirs, executors, administrators, and assigns ever had or now have against each or any of the Releasees, based upon or arising from any fact or set of facts, whether known or unknown to you, from the beginning of time to the date of execution of this Agreement, including, without limitation, any and all claims in connection with, arising out of, or relating in any way to your employment by Sphere or the Company, or the termination of your employment. For the avoidance of doubt, you understand and agree that the release described herein includes not only claims presently known to you, but also includes all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action of every kind and character that would otherwise come within the scope of the release. You understand that you may hereafter discover facts different from what you now believe to be true, which if known, could have materially affected this Agreement, but you nevertheless waive any claims or rights based on different or additional facts. Without limiting the generality of the foregoing, this Release includes any claim or right based upon or arising under any federal, state or local fair employment practices or equal opportunity laws, including, but not limited to, any and all claims under the Age Discrimination in Employment Act of 1967 (“ADEA”), the Older Workers Benefit Protection Act, Title VII of the Civil Rights Act of 1964, Section 1981 of the Civil Rights Act of 1870, the Americans with Disabilities Act, the Employee Retirement Income Security Act, the Worker Adjustment and Retraining Notification Act, the Family Medical Leave Act, the New York Human Rights Law, the New York Labor Law, the New York Executive Law, the New York Wage and Hour Laws, the New York Civil Rights Law, the New York City Human Rights Law, the Sarbanes-Oxley Act, each as amended, and any and all other foreign, federal, state or local statutory or common law claims, now or hereafter recognized, including but not limited to, any claims for economic loss, compensatory damages, punitive damages, liquidated damages, attorneys’ fees, expenses and costs.
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TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
(b) Notwithstanding the generality of the foregoing, this Agreement does not prevent or prohibit you from filing a claim with, or communicating with, a federal, state or local government agency responsible for enforcing a law on behalf of the government, such as the Equal Employment Opportunity Commission (“EEOC”), the Department of Labor (“DOL”), the National Labor Relations Board (“NLRB”), the Securities Exchange Commission (“SEC”), or their applicable state and/or local equivalent. This Agreement also does not prevent you from exercising your rights under Section 7 of the National Labor Relations Act to engage in protected, concerted activity with other employees. In addition, nothing in this Agreement, limits or affects your right to challenge the validity of this Agreement under the ADEA or the OWBPA. Further, nothing herein constitutes a release or waiver by you of: (i) any claim or right that may arise after the execution of this Agreement; or (ii) any claim or right you may have under this Agreement. Finally, your rights of indemnification under the Company’s Amended and Restated Certificate of Incorporation, under your Employment Agreement, your indemnification agreement with the Company and under any insurance policy, or under any other resolution of the Board of Directors of the Company shall not be released, diminished or affected by this Agreement or your separation from employment with the Company.
(c) You further agree and covenant that should any person, organization, or other entity file, charge, claim, sue, or cause or permit to be filed any civil action, suit or legal proceeding, or if any person, organization, or other entity has filed, charged, claimed, sued, or caused or permitted to be filed any civil action, suit or legal proceeding, against any of the Releasees involving any matter occurring at any time in the past, you are not entitled to and will not seek or accept monetary relief in such civil action, suit or legal proceeding; provided that this Agreement does not limit your right to collect any award for information provided to any government agency.
(d) You affirm that you have reported to the Company in writing any work-related physical or mental injury, illness or impairment which you may have experienced.
4. Continuing Obligations
The rights and obligations imposed upon you and the Company in Annex A of the Employment Agreement, as set forth therein, shall remain in full force and effect after the Separation Date for the periods stated therein, and are incorporated herein by reference. Notwithstanding the foregoing, Paragraph 2 in Annex A (Non-Compete) is hereby deleted and shall be of no further force or effect. In addition, you are expressly permitted to advise any potential employer or person or entity with whom/which you may enter into a business or other professional relationship that you are subject to the restrictive covenants and other obligations set forth in Annex A of the Employment Agreement.
5. Confidentiality
You hereby agree to keep the existence and terms of this Agreement confidential (except as provided in Section 3(b)) and not to disclose them to any persons other than to your legal, financial and/or tax advisors or to members of your immediate family (all of whom shall also be bound by the foregoing confidentiality covenant), provided that you shall be liable for the breach of this confidentiality covenant by any of the foregoing; or as required by law, rule, regulation or judicial process. You agree not to issue any press release or public statement or otherwise disclose any matter arising in connection with this Agreement (other than as provided for herein), unless so issued or disclosed with the prior written consent of the Company. Notwithstanding the foregoing, you are expressly permitted to advise any potential employer or person or entity with whom/which you may enter into a business or other professional relationship that you are subject to the restrictive covenants and other obligations of this Agreement.
4
SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
6. Right to Counsel/Voluntary Waiver
The Company advises you to consult with a lawyer before executing this Agreement and you acknowledge that you: (i) have been provided with a period of at least twenty-one (21) days to do so, (ii) have read this Agreement (including, but not limited to, the “Release” in Section 3(a) above), (iii) fully understand the terms of this Agreement, and (iv) have executed this Agreement knowingly and voluntarily and without coercion, whether express or implied.
7. Revocation
(a) Right to Revoke. You may revoke this Agreement within seven (7) days after the date on which you execute it. This Agreement will not be binding or enforceable until that seven- (7) day period has expired. If you decide to revoke this Agreement, you must notify us of your revocation in a letter signed by you and received by Shari Holtzman, SVP Associate General Counsel, at shari.holtzman@msg.com, no later than 5:00 p.m. on the seventh (7th) day after you executed this Agreement. A letter of revocation that is not received by such time on the seventh (7th) day after you have executed the Agreement will be invalid and will not revoke this Agreement.
(b) Effective Date of Agreement. If you have not revoked this Agreement in accordance with this Section 7, the eighth (8th) day after the date on which you execute the Agreement shall be the “Effective Date” of the Agreement.
8. Choice of Law/Forum/Waiver of Jury Trial/Contract Interpretation
(a) This Agreement shall be deemed to be made under, and in all respects shall be interpreted, construed and governed by and in accordance with, the laws of the State of New York without reference to its conflict of law principles.
(b) You hereby irrevocably submit to the jurisdiction of the New York Supreme Court located in Manhattan and the United States District Court for the Southern District of New York solely in respect of the interpretation and enforcement of the provisions of this Agreement, and you hereby waive, and agree not to assert, as a defense that you are not subject thereto or that the venue thereof may not be appropriate. You hereby agree that mailing of process or other papers in connection with any such action or proceeding in any manner as may be permitted by law shall be valid and sufficient service thereof.
(c) You hereby waive any right to a jury trial on any issue in any controversy relating to, arising out of, pertaining to or affecting this Agreement, your employment by Sphere or the Company, and/or the termination of your employment, including, but not limited to, any foreign, federal or state statutory or common law claims, including, but not limited to, any right to a jury trial provided by statute, the Seventh Amendment to the United States Constitution, or any other authority.
(d) You agree that the language of all parts of this Agreement shall be construed as a whole, and according to their fair meaning and not strictly for or against you or the Company.
9. Additional Provisions
(a) Breach of Agreement. You hereby acknowledge and agree that your breach or threatened breach of Sections 4 or 5 of this Agreement will cause irreparable harm to the Company for which monetary damages alone will not provide an adequate remedy. Accordingly, the Company, in addition to any other rights or remedies available to it under this Agreement or otherwise, will be entitled to an injunction to be issued by any court of competent jurisdiction restraining you from committing or continuing any violation of these provisions, without the necessity of showing actual damage and without any bond or other security being required.
5
SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
(b) Withholdings. The Company may withhold from any payment due hereunder any taxes or other withholdings that are required to be withheld under any law, rule or regulation.
(c) Indemnification. You hereby agree to indemnify and hold harmless each Releasee, against any and all damages or liabilities (including, without limitation, tax liabilities), expenses and costs that may arise out of or that are in any way related to a breach or failure to perform by you of any of the terms and provisions of this Agreement.
(d) Non-Admission of Liability. The parties agree and acknowledge that the agreement by Sphere described herein, and the settlement and termination of any asserted or unasserted claims against any of the Releasees, are not and shall not be construed to be an admission of any violation of any foreign, federal, state or local statute or regulation, or of any duty owed, contractual or otherwise, by any of the Releasees to you.
(e) Entire Agreement. This Agreement sets forth the entire agreement of the parties concerning its subject matter, and supersedes any and all prior agreements, discussions, understandings, promises and expectations. This Agreement may be modified only by a written instrument signed by you and by Sphere.
(f) Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, provided that you may not assign this Agreement without the express written consent of Sphere.
(g) Severability. In the event any paragraph, section, sentence, provision, or clause of this Agreement, or portion thereof, shall be determined to be illegal, invalid, or unenforceable, the remainder of this Agreement, and the remainder of any such paragraph, section, sentence, provision, or clause shall not be affected and shall be given full effect without regard to the illegal, invalid or unenforceable portion, provided, however, if Section 3(a) above is held illegal, invalid or unenforceable, Sphere shall be released from any obligations under Section 2.
10. Code Section 409A
The parties agree that the intent of the parties is that payments and benefits under this Agreement comply with or be exempt from Section 409A of the Code and the regulations and guidance promulgated thereunder (collectively “Code Section 409A”) to the extent applicable, and this Agreement shall be interpreted to comply with or be exempt from Section 409A, and all provisions of this Agreement shall be construed in a manner consistent with the requirements for avoiding taxes or penalties under Code Section 409A. In furtherance of the foregoing, Paragraphs 13 through 16 of the Employment Agreement shall remain in full force and effect after the Separation Date and are incorporated herein by reference.
11. Acknowledgments and Waivers Including Express Waiver Under the ADEA
By executing below, you certify and acknowledge as follows:
(a) That you have read the terms of this Agreement, and that you understand its terms and effects, including the fact that under this Agreement you have agreed to RELEASE AND FOREVER DISCHARGE the Releasees from any legal action in connection with, arising out of, or relating in any way to your employment by Sphere or the Company, or the termination of your employment, up and through the date of your execution of this Agreement, in accordance with Section 3, including any and all claims relating to age discrimination under the ADEA;
(b) That you have executed this Agreement voluntarily and knowingly in exchange for the consideration described herein, which you acknowledge is adequate and satisfactory to you and which you acknowledge is in addition to any other benefits to which you are otherwise entitled;
6
SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
(c) That you have been and are hereby advised in writing to consult with an attorney prior to executing this Agreement, and that you have been given an adequate opportunity to do so;
(d) That under this Agreement you do not waive rights or claims that may arise after the date this Agreement is executed;
(e) That Sphere has provided you with a period of at least twenty-one (21) days within which to consider this Agreement, and that you have executed on the date indicated below after concluding that this Agreement is satisfactory to you;
(f) That if you choose to execute this Agreement before the expiration of the twenty-one- (21) day period, you do so freely, voluntarily and with full knowledge of your rights; and
(g) That this Agreement may be revoked by you within seven (7) calendar days after you execute this Agreement, in accordance with Section 7(a) above, and it shall not become effective until the expiration of such seven- (7) day revocation period.
We wish you luck in your future endeavors.
Sincerely yours,
/s/ Cara Mancini
Cara Mancini
Senior Vice President People Practices
Accepted and Agreed to:
/s/ Gautam Ranji
Gautam Ranji
Date: 11/3/2023
7
SPHERE ENTERTAINMENT CO.
TWO PENNSYLVANIA PLAZA, NEW YORK, NY 10121-0091
Exhibit 31.1
Certification
I, James L. Dolan, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Sphere Entertainment Co.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2023
| | |
| /s/ JAMES L. DOLAN |
| James L. Dolan |
| Executive Chairman and Chief Executive Officer |
Exhibit 31.2
Certification
I, Gregory Brunner, certify that:
1.I have reviewed this Quarterly Report on Form 10-Q of Sphere Entertainment Co.;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: November 8, 2023
| | |
| /s/ GREGORY BRUNNER |
| Gregory Brunner |
| Senior Vice President, Controller and Principal Accounting Officer (Principal Financial Officer) |
Exhibit 32.1
Certification
Pursuant to 18 U.S.C. §1350, the undersigned officer of Sphere Entertainment Co. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 8, 2023
| | |
| /s/ JAMES L. DOLAN |
| James L. Dolan |
| Executive Chairman and Chief Executive Officer |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.
Exhibit 32.2
Certification
Pursuant to 18 U.S.C. §1350, the undersigned officer of Sphere Entertainment Co. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2023 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
Date: November 8, 2023
| | |
| /s/ GREGORY BRUNNER |
| Gregory Brunner |
| Senior Vice President, Controller and Principal Accounting Officer (Principal Financial Officer) |
The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.
v3.23.3
Cover - shares
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3 Months Ended |
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Sep. 30, 2023 |
Oct. 31, 2023 |
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SPHERE ENTERTAINMENT CO.
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DE
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Two Penn Plaza
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New York
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Current Assets: |
|
|
|
| Cash, cash equivalents, and restricted cash |
|
$ 451,742
|
$ 429,114
|
| Prepaid expenses and other current assets |
|
66,255
|
56,085
|
| Total current assets |
|
674,022
|
623,913
|
| Non-Current Assets: |
|
|
|
| Investments in nonconsolidated affiliates |
|
50,788
|
394,519
|
| Property and equipment, net |
|
3,471,141
|
3,307,161
|
| Right-of-use lease assets |
|
90,000
|
84,912
|
| Goodwill |
|
456,807
|
456,807
|
| Intangible assets, net |
|
17,131
|
17,910
|
| Other non-current assets |
|
104,765
|
87,793
|
| Total assets |
|
4,864,654
|
4,973,015
|
| Current Liabilities: |
|
|
|
| Accounts payable, accrued and other current liabilities |
|
428,091
|
515,731
|
| Current portion of long-term debt |
|
103,125
|
82,500
|
| Operating lease liabilities, current |
|
13,104
|
10,127
|
| Deferred revenue |
|
70,904
|
27,337
|
| Total current liabilities |
|
642,915
|
692,141
|
| Non-Current Liabilities: |
|
|
|
| Long-term debt, net of deferred financing costs |
|
1,098,335
|
1,118,387
|
| Operating lease liabilities, non-current |
|
111,591
|
110,259
|
| Deferred tax liabilities, net |
|
285,852
|
379,552
|
| Other non-current liabilities |
|
90,073
|
88,811
|
| Total liabilities |
|
2,228,766
|
2,389,150
|
| Commitments and contingencies (see Note 9) |
|
|
|
| Equity: |
|
|
|
| Additional paid-in capital |
|
2,368,059
|
2,376,420
|
| Retained earnings |
|
278,461
|
212,036
|
| Accumulated other comprehensive loss |
|
(10,983)
|
(4,938)
|
| Total stockholders’ equity |
|
2,635,888
|
2,583,865
|
| Total liabilities and equity |
|
4,864,654
|
4,973,015
|
| Nonrelated Party |
|
|
|
| Current Assets: |
|
|
|
| Accounts receivable, net |
|
114,247
|
112,309
|
| Related Party |
|
|
|
| Current Assets: |
|
|
|
| Accounts receivable, net |
|
41,778
|
26,405
|
| Current Liabilities: |
|
|
|
| Related party payables, current |
|
27,691
|
56,446
|
| Common Class A |
|
|
|
| Equity: |
|
|
|
| Common stock |
[1] |
282
|
278
|
| Common Class B |
|
|
|
| Equity: |
|
|
|
| Common stock |
[2] |
$ 69
|
$ 69
|
|
|
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v3.23.3
CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parenthetical) - $ / shares
shares in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Common Class A |
|
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized (in shares) |
120,000
|
120,000
|
| Common stock, shares, outstanding (in shares) |
28,244
|
27,812
|
| Common stock, shares, issued (in shares) |
28,244
|
27,812
|
| Common Class B |
|
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.01
|
$ 0.01
|
| Common stock, shares authorized (in shares) |
30,000
|
30,000
|
| Common stock, shares, outstanding (in shares) |
6,867
|
6,867
|
| Common stock, shares, issued (in shares) |
6,867
|
6,867
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Revenues |
|
$ 118,007
|
$ 123,129
|
| Depreciation and amortization |
|
(14,259)
|
(29,755)
|
| Other gains, net |
|
1,497
|
2,000
|
| Restructuring charges |
|
(3,391)
|
0
|
| Other income (expense), net |
|
42,196
|
(415)
|
| (Loss) income from discontinued operations, net of taxes |
|
(647)
|
2,260
|
| Net income (loss) |
|
66,425
|
(44,043)
|
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations |
|
|
1,124
|
| Net income (loss) attributable to Sphere Entertainment Co.’s stockholders |
|
$ 66,425
|
$ (44,757)
|
| Basic earnings (loss) per common share |
|
|
|
| Income (Loss) from Continuing Operations, Per Basic Share |
|
$ 1.92
|
$ (1.35)
|
| Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Basic Share |
|
(0.02)
|
0.05
|
| Earnings per share, basic (in dollars per share) |
|
1.90
|
(1.30)
|
| Diluted earnings (loss) per common share |
|
|
|
| Income (Loss) from Continuing Operations, Per Diluted Share |
|
1.90
|
(1.35)
|
| Income (Loss) from Discontinued Operations and Disposal of Discontinued Operations, Net of Tax, Per Diluted Share |
|
(0.01)
|
0.05
|
| Earnings per share, diluted (in dollars per share) |
|
$ 1.89
|
$ (1.30)
|
| Weighted-average number of common shares outstanding: |
|
|
|
| Basic (in shares) |
|
34,911
|
34,403
|
| Diluted (in shares) |
|
35,226
|
34,403
|
| Continuing Operations |
|
|
|
| Revenues |
[1] |
$ 118,007
|
$ 123,129
|
| Direct operating expenses |
[1] |
(84,499)
|
(75,420)
|
| Selling, general and administrative expenses |
[1] |
(87,144)
|
(94,631)
|
| Depreciation and amortization |
|
(14,259)
|
(6,133)
|
| Other gains, net |
|
1,497
|
2,000
|
| Restructuring charges |
|
(3,391)
|
0
|
| Operating loss |
|
(69,789)
|
(51,055)
|
| Interest income |
|
4,378
|
3,333
|
| Other income (expense), net |
|
42,196
|
(415)
|
| Loss from continuing operations before income taxes |
|
(23,215)
|
(48,137)
|
| Income tax benefit |
|
90,287
|
1,834
|
| Income (loss) from continuing operations |
|
67,072
|
(46,303)
|
| Discontinued Operations |
|
|
|
| Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations |
|
0
|
(410)
|
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations |
|
$ 0
|
$ 1,124
|
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Net income (loss) |
$ 66,425
|
$ (44,043)
|
| Other comprehensive loss, before income taxes: |
|
|
| Other comprehensive loss, net of income taxes |
(6,045)
|
(12,626)
|
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations |
|
1,124
|
| Comprehensive income (loss) attributable to Sphere Entertainment Co.’s stockholders |
60,380
|
(57,383)
|
| Continuing Operations |
|
|
| Other comprehensive loss, before income taxes: |
|
|
| Amortization of actuarial loss included in net periodic benefit cost |
(241)
|
510
|
| Cumulative translation adjustments |
(7,919)
|
(16,080)
|
| Other comprehensive loss, before income taxes |
(8,160)
|
(15,570)
|
| Income tax benefit |
2,115
|
2,944
|
| Other comprehensive loss, net of income taxes |
(6,045)
|
(12,626)
|
| Comprehensive income (loss) |
60,380
|
(56,669)
|
| Discontinued Operations |
|
|
| Other comprehensive loss, before income taxes: |
|
|
| Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations |
0
|
(410)
|
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations |
$ 0
|
$ 1,124
|
| X |
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| OPERATING ACTIVITIES: |
|
|
|
| Net income (loss) |
$ 66,425
|
$ (44,043)
|
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
14,259
|
29,755
|
|
| Other gains, net |
(1,497)
|
(2,000)
|
|
| Amortization of deferred financing costs |
1,085
|
1,304
|
|
| Deferred income tax (benefit) expense |
(91,585)
|
1,012
|
|
| Share-based compensation expense |
4,883
|
15,188
|
|
| Non-cash lease expense |
1,027
|
7,126
|
|
| Net unrealized and realized loss (gains) on equity investments with readily determinable fair value and loss (earnings) in nonconsolidated affiliates |
20,949
|
(671)
|
|
| Other non-cash adjustments |
67
|
242
|
|
| Change in assets and liabilities: |
|
|
|
| Accounts receivable, net |
(1,922)
|
14,293
|
|
| Related party receivables and payables, net |
(44,128)
|
(15,615)
|
|
| Prepaid expenses and other current and non-current assets |
(25,841)
|
(13,108)
|
|
| Accounts payable, accrued and other current and non-current liabilities |
(80,124)
|
(92,590)
|
|
| Deferred revenue |
43,567
|
25,468
|
|
| Right-of-use lease assets and operating lease liabilities |
(1,806)
|
(7,544)
|
|
| Net cash used in operating activities |
(94,641)
|
(81,183)
|
|
| INVESTING ACTIVITIES: |
|
|
|
| Capital expenditures, net |
(164,950)
|
(270,088)
|
|
| Proceeds from sale of MSGE Retained Interest |
256,501
|
0
|
|
| Capitalized interest |
(25,053)
|
(20,466)
|
|
| Other investing activities |
0
|
1,517
|
|
| Proceeds from sale of equity securities |
0
|
3,819
|
|
| Net cash provided by (used in) investing activities |
66,498
|
(285,218)
|
|
| FINANCING ACTIVITIES: |
|
|
|
| Proceeds from Delayed Draw Term Loan Facility |
65,000
|
0
|
|
| Taxes paid in lieu of shares issued for equity-based compensation |
(14,146)
|
(13,967)
|
|
| Noncontrolling interest holders’ capital contributions |
0
|
500
|
|
| Distributions to noncontrolling interest holders |
0
|
(530)
|
|
| Distributions to related parties associated with the settlement of certain share-based awards |
0
|
(571)
|
|
| Proceeds from revolving credit facility |
0
|
7,860
|
|
| Principal repayments on long-term debt |
0
|
(13,312)
|
|
| Payments for financing costs |
0
|
(3)
|
|
| Net cash provided by (used in) financing activities |
50,854
|
(20,023)
|
|
| Effect of exchange rates on cash, cash equivalents, and restricted cash |
(83)
|
(693)
|
|
| Net increase (decrease) in cash, cash equivalents, and restricted cash |
22,628
|
(387,117)
|
|
| Cash, cash equivalents, and restricted cash at beginning of period |
429,114
|
846,010
|
$ 846,010
|
| Cash, cash equivalents, and restricted cash at end of period |
451,742
|
458,893
|
429,114
|
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
| Capital expenditures incurred but not yet paid |
122,393
|
35,986
|
|
| Non-cash repayment of the Delayed Draw Term Loan Facility |
65,512
|
0
|
|
| Share-based compensation capitalized in property and equipment |
906
|
910
|
|
| Investments and loans to nonconsolidated affiliates |
0
|
1,969
|
|
| Related Party |
|
|
|
| NON-CASH INVESTING AND FINANCING ACTIVITIES: |
|
|
|
| Capital expenditures incurred but not yet paid |
16,084
|
|
13,412
|
| Continuing Operations |
|
|
|
| Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
|
| Depreciation and amortization |
14,259
|
6,133
|
|
| Other gains, net |
(1,497)
|
(2,000)
|
|
| Share-based compensation expense |
4,883
|
11,490
|
|
| FINANCING ACTIVITIES: |
|
|
|
| Cash, cash equivalents, and restricted cash at beginning of period |
429,114
|
760,312
|
760,312
|
| Cash, cash equivalents, and restricted cash at end of period |
451,742
|
325,748
|
429,114
|
| Discontinued Operations |
|
|
|
| FINANCING ACTIVITIES: |
|
|
|
| Cash, cash equivalents, and restricted cash at beginning of period |
0
|
85,698
|
85,698
|
| Cash, cash equivalents, and restricted cash at end of period |
$ 0
|
$ 133,145
|
$ 0
|
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v3.23.3
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTERESTS (Unaudited) - USD ($)
$ in Thousands |
Total |
Total Sphere Entertainment Co. Stockholders’ Equity |
Common Stock Issued |
Additional Paid-In Capital |
Retained Earnings (Accumulated Deficit) |
Accumulated Other Comprehensive Loss |
Non - redeemable Noncontrolling Interests |
| Balance at the beginning of the period at Jun. 30, 2022 |
$ 1,975,384
|
$ 1,963,221
|
$ 342
|
$ 2,301,970
|
$ (290,736)
|
$ (48,355)
|
$ 12,163
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net income |
(45,167)
|
(44,757)
|
|
|
(44,757)
|
|
(410)
|
| Other comprehensive loss |
(12,626)
|
(12,626)
|
|
|
|
(12,626)
|
|
| Share-based compensation |
15,511
|
15,511
|
|
15,511
|
|
|
|
| Tax withholding associated with shares issued for equity-based compensation |
(13,967)
|
(13,967)
|
|
(13,967)
|
|
|
|
| Contributions |
500
|
|
|
|
|
|
500
|
| Distributions |
(909)
|
(379)
|
|
(379)
|
|
|
(530)
|
| Balance at the end of the period at Sep. 30, 2022 |
1,918,726
|
1,907,003
|
342
|
2,303,135
|
(335,493)
|
(60,981)
|
11,723
|
| Balance at the beginning of the period at Jun. 30, 2022 |
184,192
|
|
|
|
|
|
|
| Increase (Decrease) in Redeemable Noncontrolling Interests [Roll Forward] |
|
|
|
|
|
|
|
| Less: Net income attributable to redeemable noncontrolling interests from discontinued operations |
1,124
|
|
|
|
|
|
|
| Noncontrolling interest non-cash acquisition attributable to redeemable noncontrolling interests |
587
|
|
|
|
|
|
|
| Noncontrolling interest, decrease from distributions to noncontrolling interest holders |
(192)
|
|
|
|
|
|
|
| Balance at the end of the period at Sep. 30, 2022 |
185,711
|
|
|
|
|
|
|
| Balance at the beginning of the period at Jun. 30, 2023 |
2,583,865
|
2,583,865
|
347
|
2,376,420
|
212,036
|
(4,938)
|
0
|
| Increase (Decrease) in Stockholders' Equity [Roll Forward] |
|
|
|
|
|
|
|
| Net income |
66,425
|
66,425
|
|
|
66,425
|
|
|
| Other comprehensive loss |
(6,045)
|
(6,045)
|
|
|
|
(6,045)
|
|
| Share-based compensation |
5,789
|
5,789
|
|
5,789
|
|
|
|
| Tax withholding associated with shares issued for equity-based compensation |
(14,146)
|
(14,146)
|
4
|
(14,150)
|
|
|
|
| Balance at the end of the period at Sep. 30, 2023 |
2,635,888
|
$ 2,635,888
|
$ 351
|
$ 2,368,059
|
$ 278,461
|
$ (10,983)
|
$ 0
|
| Balance at the end of the period at Sep. 30, 2023 |
$ 0
|
|
|
|
|
|
|
| X |
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-Topic 718
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-Section 35
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v3.23.3
Description of Business and Basis of Presentation
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3 Months Ended |
Sep. 30, 2023 |
|---|
| Description Of Business And Basis Of Presentation [Abstract] |
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| Description of Business and Basis of Presentation |
Description of Business and Basis of Presentation Description of Business Sphere Entertainment Co. (the “Company”) is a premier live entertainment and media company comprised of two reportable segments, Sphere and MSG Networks. Sphere is a next-generation entertainment medium, and MSG Networks operates two regional sports and entertainment networks, as well as a direct-to-consumer and authenticated streaming product. Sphere: This segment reflects SphereTM, a next-generation entertainment medium powered by cutting-edge technologies that enables multi-sensory storytelling at an unparalleled scale. The Company’s first Sphere opened in Las Vegas in September 2023. The venue can accommodate up to 20,000 guests and will host a wide variety of events year-round, including The Sphere ExperienceTM, which features original immersive productions, as well as concerts and residencies from renowned artists, and marquee sporting and corporate events. Supporting this strategy is Sphere Studios, which is home to a team of creative, production, technology and software experts who provide full in-house creative and production services. The studio campus in Burbank includes a 68,000-square-foot development facility, as well as Big Dome, a 28,000-square-foot, 100-foot high custom dome, with a quarter-sized version of the screen at Sphere in Las Vegas, that serves as a specialized screening, production facility, and lab for content at Sphere. MSG Networks: This segment is comprised of the Company’s regional sports and entertainment networks, MSG Network and MSG Sportsnet, as well as its direct-to-consumer and authenticated streaming product, MSG+. MSG Networks serves the New York designated market area, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania and features a wide range of sports content, including exclusive live local games and other programming of the New York Knicks (the “Knicks”) of the National Basketball Association (the “NBA”) and the New York Rangers (the “Rangers”), New York Islanders (the “Islanders”), New Jersey Devils (the “Devils”) and Buffalo Sabres (the “Sabres”) of the National Hockey League (the “NHL”), as well as significant coverage of the New York Giants (the “Giants”) and the Buffalo Bills (the “Bills”) of the National Football League (the “NFL”). Sphere Entertainment Co. (formerly Madison Square Garden Entertainment Corp.) was incorporated on November 21, 2019 as a direct, wholly-owned subsidiary of Madison Square Garden Sports Corp. (“MSG Sports”). On April 17, 2020, MSG Sports distributed all outstanding common stock of the Company to MSG Sports’ stockholders (the “2020 Entertainment Distribution”). Unless the context otherwise requires, all references to “Sphere Entertainment” or the “Company” refer collectively to Sphere Entertainment Co., a holding company, and its direct and indirect subsidiaries. MSG Entertainment Distribution On April 20, 2023 (the “MSGE Distribution Date”), the Company distributed approximately 67% of the outstanding common stock of Madison Square Garden Entertainment Corp. (“MSG Entertainment”, formerly MSGE Spinco, Inc.) to its stockholders (the “MSGE Distribution”), with the Company retaining approximately 33% of the outstanding common stock of MSG Entertainment (in the form of MSG Entertainment Class A common stock) immediately following the MSGE Distribution (the “MSGE Retained Interest”). Following the MSGE Distribution Date, the Company retained the Sphere and MSG Networks businesses and MSG Entertainment now owns the traditional live entertainment business previously owned and operated by the Company through its Entertainment business segment, excluding the Sphere business. In the MSGE Distribution, stockholders of the Company received (a) one share of MSG Entertainment’s Class A common stock, par value $0.01 per share, for every share of the Company’s Class A common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on April 14, 2023 (the “Record Date”), and (b) one share of MSG Entertainment’s Class B common stock, par value $0.01 per share, for every share of the Company’s Class B common stock, par value $0.01 per share, held of record as of the close of business, New York City time, on the Record Date. See Note 1. Description of Business and Basis of Presentation, to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2023 (the “2023 Form 10-K”) for more information. As of September 30, 2023, following the sales of portions of the MSGE Retained Interest and the repayment of the delayed draw term loan with MSG Entertainment using a portion of the MSGE Retained Interest (further discussed in Note 6. Investments in Nonconsolidated Affiliates and Note 10. Credit Facilities), the Company no longer holds any of the outstanding common stock of MSG Entertainment. As of April 20, 2023, the MSG Entertainment business met the criteria for discontinued operations. See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the MSGE Distribution. Tao Group Hospitality Disposition On May 3, 2023, the Company completed the sale of its 66.9% majority interest in TAO Group Sub-Holdings LLC (“Tao Group Hospitality”) to a subsidiary of Mohari Hospitality Limited, a global investment company focused on the luxury lifestyle and hospitality sectors (the “Tao Group Hospitality Disposition”). See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the Tao Group Hospitality Disposition. Basis of Presentation The Company reports on a fiscal year basis ending on June 30th (“Fiscal Year”). In these unaudited condensed consolidated financial statements, the years ended on June 30, 2024 and 2023 are referred to as “Fiscal Year 2024” and “Fiscal Year 2023,” respectively. The Company has presented both the MSG Entertainment business and Tao Group Hospitality as discontinued operations for all periods presented. See Note 3. Discontinued Operations, for further discussion on accounting for the MSGE Distribution and Tao Group Hospitality Disposition. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions of Rule 10-01 of Regulation S-X of the Securities and Exchange Commission (the “ SEC”), and should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for Fiscal Year 2023 included in the 2023 Form 10-K. In the opinion of the Company, the accompanying condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the Company’s financial position as of September 30, 2023 and its results of operations for the three months ended September 30, 2023, and 2022, and cash flows for the three months ended September 30, 2023, and 2022. The condensed consolidated financial statements and the accompanying notes as of September 30, 2023 were derived from audited annual consolidated financial statements but do not contain all of the footnote disclosures from the audited annual consolidated financial statements. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full year. Our MSG Networks segment earns a higher share of its annual revenues in the second and third quarters of its fiscal year as a result of MSG Networks’ advertising revenue being largely derived from the sale of inventory in its live NBA and NHL professional sports programming. Reclassifications For purposes of comparability, certain prior period amounts have been reclassified to conform to the current year presentation in accordance with GAAP.
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v3.23.3
Accounting Policies
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Accounting Policies |
Accounting Policies Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. They also historically included accounts of Tao Group Hospitality, MSG Entertainment, and Boston Calling Events, LLC (“BCE”) until their dispositions on May 3, 2023, April 20, 2023, and December 2, 2022, respectively. All significant intercompany transactions and balances have been eliminated in consolidation. Prior to their dispositions, Tao Group Hospitality and Boston Calling Events, LLC were consolidated with the equity owned by other stockholders shown as redeemable or nonredeemable noncontrolling interests of discontinued operations in the accompanying consolidated balance sheets, and the other stockholders’ portion of net earnings (loss) and other comprehensive income (loss) shown as net income (loss) or comprehensive income (loss) attributable to redeemable or nonredeemable noncontrolling interests from discontinued operations in the accompanying consolidated statements of operations and consolidated statements of comprehensive income (loss), respectively. See Note 3. Discontinued Operations, for details regarding the Tao Group Hospitality Disposition, and MSGE Distribution. See Note 2. Summary of Significant Accounting Policies, to the audited annual consolidated financial statements included in the 2023 Form 10-K regarding the classification of redeemable noncontrolling interests of Tao Group Hospitality. Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, valuation of investments, goodwill, intangible assets, deferred production costs, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, rights fees, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the condensed consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods. Production Costs for the Company’s Original Immersive Productions There have been no material changes to the Company’s accounting policies regarding direct operating expenses related to production costs, except to note that subsequent to September 30, 2023, the Company completed and debuted its first original immersive production, Postcard From Earth, which began amortizing during the second quarter of Fiscal Year 2024. Liquidity and Going Concern As of the date the accompanying unaudited condensed consolidated financial statements were issued (the “issuance date”), management evaluated the presence of the following conditions and events at the Company in accordance with Accounting Standards Update No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40): As of September 30, 2023, the Company’s unrestricted cash and cash equivalents balance, inclusive of approximately $123,100 in advance cash proceeds primarily related to ticket sales, was $433,507, as compared to $131,965 as of June 30, 2023. Included in unrestricted cash and cash equivalents as of September 30, 2023 was $113,950 of cash and cash equivalents at MSG Networks, which is not available for distribution to the Company in order to maintain compliance with the covenants under the MSG Networks Credit Facilities (as defined under Note 10. Credit Facilities). As of September 30, 2023, the Company’s restricted cash balance was $18,235, as compared to $297,149 as of June 30, 2023, which included $275,000 required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date (as defined under Note 10. Credit Facilities), which occurred on August 8, 2023. The principal balance of the Company’s total debt outstanding as of September 30, 2023 was $1,207,250, including $932,250 of debt under the MSG Networks Credit Facilities. The balance under the MSG Networks Credit Facilities was reduced to $911,625 on October 2, 2023 upon MSG Networks’ completion of its required quarterly amortization payment. Our primary sources of liquidity are cash and cash equivalents and cash flows from the operations of our businesses. The Company’s uses of cash over the next 12 months beyond the issuance date are expected to be substantial and include working capital-related items (including funding our operations), capital spending (including the creation of additional content for Sphere), required debt service payments, and payments we expect to be made in connection with the refinancing of our indebtedness, and investments and related loans and advances that we may fund from time to time. We may also use cash to repurchase our common stock. Our decisions as to the use of our available liquidity will be based upon the ongoing review of the funding needs of our businesses, the optimal allocation of cash resources, and the timing of cash flow generation. To the extent that we desire to access alternative sources of funding through the capital and credit markets, market conditions could adversely impact our ability to do so at that time. Our ability to have sufficient liquidity to fund our operations and refinance the MSG Networks Credit Facilities is dependent on the ability of Sphere in Las Vegas to generate significant positive cash flow during Fiscal Year 2024. Although we anticipate that Sphere in Las Vegas will generate substantial revenue and adjusted operating income on an annual basis over time, there can be no assurance that guests, artists, promoters, advertisers and marketing partners will embrace this new platform. Original immersive productions, such as Postcard From Earth, have not been previously pursued on the scale of Sphere, which increases the uncertainty of our operating expectations. To the extent that our efforts do not result in viable shows, or to the extent that any such productions do not achieve expected levels of popularity among audiences, we may not generate the cash flows from operations necessary to fund our operations. To the extent we do not realize expected cash flows from operations from Sphere in Las Vegas, we would have to take several actions to improve our financial flexibility and preserve liquidity, including significant reductions in both labor and non-labor expenses as well as reductions and/or deferrals in capital spending. Therefore, while we currently believe we will have sufficient liquidity from cash and cash equivalents and cash flows from operations (including expected cash flows from operations from Sphere in Las Vegas) to fund our operations and service our credit facilities, which includes the Company’s expectation that MSG Networks will pay down $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities, as described below, no assurance can be provided our liquidity will be sufficient in the event any of the preceding uncertainties facing Sphere in Las Vegas are realized over the next 12 months beyond the issuance date. The Company also anticipates MSG Networks will pay a portion of its term loan upon refinancing of the MSG Networks Credit Facilities prior to its maturity in October 2024. As disclosed in Note 10. Credit Facilities, all of the outstanding borrowings under the MSG Networks Credit Facilities are guaranteed by the MSGN Guarantors (as defined under Note 10. Credit Facilities) and secured by the MSGN Collateral (as defined under Note 10. Credit Facilities). Sphere Entertainment Co., Sphere Entertainment Group, LLC and the subsidiaries of Sphere Entertainment Group, LLC (collectively, the “Non-Credit Parties”) are not legally obligated to fund the outstanding borrowings under the MSG Networks Credit Facilities, nor are the assets of the Non-Credit Parties pledged as security under the MSG Networks Credit Facilities. Over the next 12 months beyond the issuance date, MSG Networks expects to make $102,125 in required quarterly amortization payments on the MSG Networks Credit Facilities. The remaining outstanding borrowings under the MSG Networks Credit Facilities of $829,125 are scheduled to mature within one year beyond the issuance date of the accompanying unaudited condensed consolidated financial statements. However, MSG Networks will be unable to generate sufficient operating cash flows over the next 12 months to settle the remaining outstanding borrowings under the MSG Networks Credit Facilities when they become due. Therefore, management plans to refinance the MSG Networks Credit Facilities prior to maturity. While MSG Networks has historically been able to refinance its indebtedness, management can provide no assurance MSG Networks will be able to refinance the MSG Networks Credit Facilities, or that such refinancing will be secured on terms that are acceptable to MSG Networks. In the event MSG Networks is unable to refinance the amount scheduled to mature under the MSG Networks Credit Facilities or secure alternative sources of funding through the capital and credit markets on acceptable terms, the lenders would retain their right to exercise all of their remedies under the MSG Networks Credit Facilities, which would include, but not be limited to, declaring an event of default and foreclosing on the MSGN Collateral. In the event of an exercise of post-default rights and remedies, the Company believes the lenders would have no further remedies or recourse against the Non-Credit Parties pursuant to the terms of the MSG Networks Credit Facilities. While this condition raises substantial doubt about the Company’s ability to continue as a going concern, for the reasons stated in this paragraph, we have concluded this condition has been effectively alleviated and the Company will be able to continue as a going concern for at least one year beyond the issuance date of the accompanying unaudited condensed consolidated financial statements.
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v3.23.3
Discontinued Operations
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Discontinued Operations |
Discontinued Operations As a result of the MSGE Distribution and Tao Group Hospitality Disposition, the results of the traditional live entertainment business previously owned and operated by the Company through its MSG Entertainment business segment (excluding the Sphere business) and the entertainment dining and nightlife business previously owned and operated by the Company through its Tao Group Hospitality business segment, as well as transaction costs related to the MSGE Distribution and Tao Group Hospitality Disposition, have been classified in the accompanying condensed consolidated statement of operations as discontinued operations. See Note 3. Discontinued Operations, to the consolidated financial statements included in the 2023 Form 10-K for more information about the MSGE Distribution and Tao Group Hospitality Disposition. For the three months ended September 30, 2023, the Company recognized a loss from discontinued operations of $647, net of $294 of income tax benefit, related to the final purchase price adjustment from the Tao Group Hospitality Disposition. The table below sets forth operating results of discontinued operations for the three months ended September 30, 2022. Amounts presented below differ from historically reported results for the MSG Entertainment and Tao Group Hospitality business segments due to reclassifications and adjustments made for purposes of discontinued operations. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2022 | | MSGE | | Tao | | Eliminations | | Total | | Revenues | | $ | 146,075 | | | $ | 132,576 | | | $ | (562) | | | $ | 278,089 | | | | | | | | | | | | Direct operating expenses | | (100,663) | | | (77,163) | | | 376 | | | (177,450) | | | Selling, general and administrative expenses | | (28,729) | | | (42,543) | | | 462 | | | (70,810) | | | Depreciation and amortization | | (15,986) | | | (7,636) | | | — | | | (23,622) | | | | | | | | | | | | | | | | | | | | Operating income | | 697 | | | 5,234 | | | 276 | | | 6,207 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest income | | 608 | | | 13 | | | — | | | 621 | | | Interest expense | | (1,025) | | | (1,142) | | | — | | | (2,167) | | Other income, net | | 886 | | | 1,054 | | | — | | | 1,940 | | | | | | | | | | | Income from operations before income taxes | | 1,166 | | | 5,159 | | | 276 | | | 6,601 | | Income tax expense | | (2,936) | | | (1,405) | | | — | | | (4,341) | | | | | | | | | | | | | | | | | | | | | Net (loss) income | | (1,770) | | | 3,754 | | | 276 | | | 2,260 | | | | | | | | | | | | | | | | | | | | | Less: Net income attributable to redeemable noncontrolling interests | | — | | | 1,124 | | | — | | | 1,124 | | Less: Net loss attributable to nonredeemable noncontrolling interests | | (372) | | | (38) | | | — | | | (410) | | | Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders | | $ | (1,398) | | | $ | 2,668 | | | $ | 276 | | | $ | 1,546 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
As permitted under Accounting Standards Codification (“ASC”) Subtopic 205-20-50-5b(2), the Company has elected not to adjust the condensed consolidated statements of cash flows for the three months ended September 30, 2022 to exclude cash flows attributable to discontinued operations. The table below sets forth, for the period presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements: | | | | | | | | | | | | | | | | | | Three Months Ended | | | | September 30, 2022 | | | | MSGE | | Tao | | | Non-cash items included in net (loss) income: | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 15,986 | | | $ | 7,636 | | | | | | | | | | Share-based compensation expense | | 1,646 | | | 2,052 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | Capital expenditures, net | | $ | 4,855 | | | $ | 5,769 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Revenue Recognition
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue Recognition [Abstract] |
|
| Revenue Recognition |
Revenue Recognition Contracts with Customers See Note 2. Summary of Significant Accounting Policies and Note 4. Revenue Recognition, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding the details of the Company’s revenue recognition policies. All revenue recognized in the condensed consolidated statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606, Revenue From Contracts with Customers, except for revenues from subleases that are accounted for in accordance with ASC Topic 842, Leases. Disaggregation of Revenue The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | Event-related (a) | | 4,059 | | | — | | | 4,059 | | Sponsorship, signage, ExosphereTM advertising, and suite licenses (b) | | 2,560 | | | 218 | | | 2,778 | | Media related, primarily from affiliation agreements (b) | | — | | | 109,795 | | | 109,795 | | | Other | | 431 | | | 215 | | | 646 | | | Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | | | Revenues from subleases | | 729 | | | — | | | 729 | | | Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | Sponsorship, signage, Exosphere advertising, and suite licenses (b) | | — | | | 244 | | | 244 | | Media related, primarily from affiliation agreements (b) | | — | | | 121,812 | | | 121,812 | | | Other | | — | | | 423 | | | 423 | | | Total revenues from contracts with customers | | — | | | 122,479 | | | 122,479 | | | Revenues from subleases | | 650 | | | — | | | 650 | | | Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________ (a) Event-related revenues consists of (i) ticket sales and other ticket-related revenues, (ii) venue license fees from third-party promoters, and (iii) food, beverage and merchandise sales. Event-related revenues are recognized at a point in time. As such, these revenues have been included in the same category in the table above. (b) See Note 2. Summary of Significant Accounting Policies, Revenue Recognition, and Note 4. Revenue Recognition, to the consolidated financial statements included in the 2023 Form 10-K for further details on the pattern of recognition of sponsorship, signage, suite licenses, and media related revenue. In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following tables disaggregate the Company’s consolidated revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | Ticketing and venue license fee revenues (a) | | $ | 2,807 | | | $ | — | | | $ | 2,807 | | Sponsorship, signage, Exosphere advertising, and suite revenues | | 2,900 | | | — | | | 2,900 | | Food, beverage, and merchandise revenues | | 1,343 | | | — | | | 1,343 | | Media networks revenues (b) | | — | | | 110,228 | | | 110,228 | | | | | | | | | Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | | | Revenues from subleases | | 729 | | | — | | | 729 | | | Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
_________________ (a) Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience and (iii) other live entertainment and sporting events. (b) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | Media networks revenues (a) | | $ | — | | | $ | 122,479 | | | $ | 122,479 | | | Revenues from subleases | | 650 | | | — | | | 650 | | | Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________ (a) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming. Contract Balances The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2023 and June 30, 2023: | | | | | | | | | | | | | | | | | September 30, | | June 30, | | | 2023 | | 2023 | Receivables from contracts with customers, net (a) | | $ | 114,247 | | | $ | 115,039 | | Contract assets, current (b) | | 88 | | | 314 | | | | | | | Deferred revenue, including non-current portion (c) | | 70,904 | | | 27,397 | |
_________________(a) Receivables from contracts with customers, net, which are reported in Accounts receivable and Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2023 and June 30, 2023, the Company’s receivables from contracts with customers above included $0 and $2,730, respectively, related to various related parties. See Note 14. Related Party Transactions, for further details on these related party arrangements. (b) Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Revenue recognized for the three months ended September 30, 2023 relating to the deferred revenue balance as of June 30, 2023 was $1,470.
Transaction Price Allocated to the Remaining Performance Obligations As of September 30, 2023, the Company’s remaining performance obligations were approximately $84,141 of which 76% is expected to be recognized over the next two years and an additional 24% of the balance to be recognized in the following two years. This primarily relates to performance obligations under sponsorship agreements that have original expected durations longer than one year and for which the respective consideration is not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
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-Section 50
-Paragraph 9
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-Section 50
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-Section 50
-Paragraph 15
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-Subparagraph (a)
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-Section 50
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-Subparagraph (b)
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-Subparagraph (b)(2)
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v3.23.3
Restructuring Charges
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Restructuring and Related Activities [Abstract] |
|
| Restructuring Charges |
Restructuring Charges During Fiscal Year 2024, the Company incurred costs for termination benefits for certain executives and employees in the Sphere segment. As a result, the Company recognized restructuring charges of $3,391 for the three months ended September 30, 2023, which are recorded in Accounts payable, accrued and other current liabilities and Related party payables, current. No restructuring charges were recorded for the three months ended September 30, 2022. Changes to the Company’s restructuring liability through September 30, 2023 were as follows: | | | | | | | | | | | Restructuring Liability | | June 30, 2023 | | $ | 8,891 | | Restructuring charges | | 3,391 | | | Payments | | (6,804) | | | September 30, 2023 | | $ | 5,478 | |
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-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 5.P.4(e))
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v3.23.3
Investments in Nonconsolidated Affiliates
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract] |
|
| Investments in Nonconsolidated Affiliates |
Investments in Nonconsolidated Affiliates The Company’s investments in nonconsolidated affiliates, which are accounted for under the equity method of accounting or as equity investments without readily determinable fair value, are included within Other non-current assets in the accompanying condensed consolidated balance sheets and consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Investment As of | | | Ownership Percentage as of September 30, 2023 | | September 30,
2023 | | June 30,
2023 | | | | | | | | | Equity method investments: | | | | | | | | SACO Technologies Inc. (“SACO”) | | 30 | % | | $ | 20,074 | | | $ | 22,246 | | Holoplot Loan (a) | | | | 20,576 | | | 20,971 | | | Holoplot | | 25 | % | | 1,417 | | | 1,542 | | MSG Entertainment (b) | | — | % | | — | | | 341,039 | | | Equity investments without readily determinable fair values | | | | 8,721 | | | 8,721 | | | Total investments in nonconsolidated affiliates | | | | $ | 50,788 | | | $ | 394,519 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________ (a) In January 2023, the Company, through an indirect subsidiary, extended financing to Holoplot GmbH (“Holoplot”) in the form of a three-year convertible loan (the “Holoplot Loan”) of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. Absent conversion, which is currently not available under the terms of the Holoplot Loan, the Holoplot Loan and interest accrued thereon are due and payable at the conclusion of the three year term. (b) As of September 30, 2023, following the sale of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined below) with MSG Entertainment using a portion of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. The Company elected the fair value option for its investment in MSG Entertainment as of June 30, 2023, when it held approximately 20% of the outstanding shares of common stock of MSG Entertainment (in the form of Class A common stock). The fair value of the investment was determined based on quoted market prices on the New York Stock Exchange (“NYSE”), which were classified within Level I of the fair value hierarchy. The following table summarizes the realized and unrealized gain (loss) on equity investments with and without readily determinable fair values, which is reported in Other income (expense), net, for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Unrealized gain | | $ | — | | | $ | 1,969 | | | | | | Realized loss from shares of MSG Entertainment Class A common stock sold | | (19,027) | | | — | | | | | | Total realized and unrealized (loss) gain on equity investments | | $ | (19,027) | | | $ | 1,969 | | | | | | Supplemental information on realized loss: | | | | | | | | | Shares of MSG Entertainment Class A common stock disposed (a) | | 1,923 | | | — | | | | | | Shares of MSG Entertainment Class A common stock sold (b) | | 8,221 | | | — | | | | | | Cash proceeds from shares of MSG Entertainment Class A common stock sold | | $ | 256,501 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________ (a) Refer to Note 10. Credit Facilities, for further explanation of the approximately 1,923 shares disposed related to the repayment of the DDTL Facility. (b) Shares sold of approximately 8,221 resulted in the cash proceeds from common stock sold.
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- DefinitionThe entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Property and Equipment, net
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property and Equipment, net |
Property and Equipment, net As of September 30, 2023 and June 30, 2023, property and equipment, net consisted of the following: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Land | | $ | 77,617 | | | $ | 80,878 | | | Buildings | | 2,300,506 | | | 69,049 | | Equipment, furniture, and fixtures | | 1,090,194 | | | 159,786 | | | | | | | | | | | | | Leasehold improvements | | 18,491 | | | 18,491 | | Construction in progress | | 85,469 | | | 3,066,785 | | Total property and equipment, gross | | 3,572,277 | | | 3,394,989 | | | Less accumulated depreciation and amortization | | (101,136) | | | (87,828) | | | Property and equipment, net | | $ | 3,471,141 | | | $ | 3,307,161 | |
The property and equipment balances above include $224,788 and $236,593 of capital expenditure accruals (primarily related to Sphere construction) as of September 30, 2023 and June 30, 2023, respectively, which are reflected in Accounts payable, accrued and other current liabilities in the accompanying condensed consolidated balance sheets. During the three months ended September 30, 2023, with the opening of Sphere, the Company placed $3,130,028 of construction in progress assets into service, and began depreciating them over their corresponding estimated useful lives. See Note 2. Summary of Significant Accounting Policies, to the consolidated financial statements included in the 2023 Form 10-K for details on the Company’s estimated useful lives for each major category of property and equipment. The Company recorded depreciation expense on property and equipment of $13,480 and $5,354 for the three months ended September 30, 2023, and 2022, respectively, which is recognized in Depreciation and amortization.
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v3.23.3
Goodwill and Intangible Assets
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Goodwill and Intangible Assets |
Goodwill and Intangible Assets The carrying amounts of goodwill as of September 30, 2023 and June 30, 2023 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | | | | | | | | | | | September 30,
2023 | | June 30,
2023 | | | | | | | | | | | | | | | | | Sphere | $ | 32,299 | | | $ | 32,299 | | | | | | | | | | | | | | | | | | MSG Networks | 424,508 | | | 424,508 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Goodwill | $ | 456,807 | | | $ | 456,807 | | | |
During the first quarter of Fiscal Year 2024, the Company performed its annual impairment test of goodwill and determined that there was no impairment of goodwill identified as of the impairment test date. The Company’s intangible assets subject to amortization, which relate to affiliate relationships, as of September 30, 2023 and June 30, 2023 were as follows: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Gross carrying amount | | $ | 83,044 | | | $ | 83,044 | | | Accumulated amortization | | (65,913) | | | (65,134) | | | Intangible assets, net | | $ | 17,131 | | | $ | 17,910 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The company recognized amortization expense on intangible assets of $779 for the three months ended September 30, 2023, and 2022, which is recognized in Depreciation and amortization.
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v3.23.3
Commitments and Contingencies
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Commitments and Contingencies Disclosure [Abstract] |
|
| Commitments and Contingencies |
Commitments and Contingencies Commitments See Note 11. Commitments and Contingencies, to the consolidated financial statements included in the 2023 Form 10-K for details on the Company’s commitments. The Company’s commitments as of June 30, 2023 included a total of $3,134,884 of contract obligations (primarily related to media rights agreements from the MSG Networks segment). During the three months ended September 30, 2023, the Company did not have any material changes in its non-cancelable contractual obligations (other than activities in the ordinary course business). See Note 10. Credit Facilities, for details of the principal repayments required under the Company’s various credit facilities. Legal Matters Fifteen complaints were filed in connection with the merger between a subsidiary of the Company and MSG Networks Inc. (the “Networks Merger”) by purported stockholders of the Company and MSG Networks Inc. Nine of these complaints involved allegations of materially incomplete and misleading information set forth in the joint proxy statement/prospectus filed by the Company and MSG Networks Inc. in connection with the Networks Merger. As a result of supplemental disclosures made by the Company and MSG Networks Inc. on July 1, 2021, all of the disclosure actions were voluntarily dismissed with prejudice prior to or shortly following the consummation of the Networks Merger. Six complaints involved allegations of fiduciary breaches in connection with the negotiation and approval of the Networks Merger and were consolidated into two remaining litigations. On September 10, 2021, the Court of Chancery of the State of Delaware (the “Court”) entered an order consolidating two derivative complaints filed by purported Company stockholders. The consolidated action is captioned: In re Madison Square Garden Entertainment Corp. Stockholders Litigation, C.A. No. 2021-0468-KSJM (the “MSG Entertainment Litigation”). The consolidated plaintiffs filed their Verified Consolidated Derivative Complaint on October 11, 2021. The complaint, which named the Company as only a nominal defendant, retained all of the derivative claims and alleged that the members of the board of directors and controlling stockholders violated their fiduciary duties in the course of negotiating and approving the Networks Merger. Plaintiffs sought, among other relief, an award of damages to the Company including interest, and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action. On March 14, 2023, the parties to the MSG Entertainment Litigation reached an agreement in principle to settle the MSG Entertainment Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGE Settlement Agreement”) that was filed with the Court on April 20, 2023. The MSGE Settlement Agreement provided for, among other things, the final dismissal of the MSG Entertainment Litigation in exchange for a settlement payment to the Company of $85,000, subject to customary reduction for attorneys’ fees and expenses, in an amount to be determined by the Court. The settlement’s amount was fully funded by the other defendants’ insurers. The MSGE Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action. A realized gain of $62,647 was recognized in Other income (expense), net on the condensed combined statement of operations in connection with the settlement payment to the Company. On September 27, 2021, the Court entered an order consolidating four complaints filed by purported former stockholders of MSG Networks Inc. The consolidated action is captioned: In re MSG Networks Inc. Stockholder Class Action Litigation, C.A. No. 2021-0575-KSJM (the “MSG Networks Litigation”). The consolidated plaintiffs filed their Verified Consolidated Stockholder Class Action Complaint on October 29, 2021. The complaint asserted claims on behalf of a putative class of former MSG Networks Inc. stockholders against each member of the board of directors of MSG Networks Inc. and the controlling stockholders prior to the Networks Merger. Plaintiffs alleged that the MSG Networks Inc. board of directors and controlling stockholders breached their fiduciary duties in negotiating and approving the Networks Merger. The Company was not named as a defendant but was subpoenaed to produce documents and testimony related to the Networks Merger. Plaintiffs sought, among other relief, monetary damages for the putative class and plaintiffs’ attorneys’ fees. Pursuant to the indemnity rights in its bylaws and Delaware law, the Company advanced the costs incurred by defendants in this action, and defendants asserted indemnification rights in respect of any adverse judgment or settlement of the action. On April 6, 2023, the parties to the MSG Networks Litigation reached an agreement in principle to settle the MSG Networks Litigation, without admitting liability, on the terms and conditions set forth in a binding term sheet, which was incorporated into a long-form settlement agreement (the “MSGN Settlement Agreement”) that was filed with the Court on May 18, 2023. The MSGN Settlement Agreement provided for, among other things, the final dismissal of the MSG Networks Litigation in exchange for a settlement payment to the plaintiffs and the class of $48,500, of which $28,000 has been paid as of September 30, 2023, with $20,500 accrued for in Accounts payable, accrued and other current liabilities. MSG Networks has a dispute with its insurers over whether and to what extent there is insurance coverage for the settlement. Unless MSG Networks Inc. and the insurers settle that insurance dispute, it is expected to be resolved in a pending Delaware insurance coverage action. In the interim, and subject to final resolution of the parties’ insurance coverage dispute, certain of MSG Networks’ insurers agreed to advance $20,500 to fund the settlement and related class notice costs. The MSGN Settlement Agreement was approved by the Court on August 14, 2023, which constituted the final judgment in the action.
The Company is a defendant in various other lawsuits. Although the outcome of these other lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these other lawsuits will have a material adverse effect on the Company.
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-Section 50
-Paragraph 4
-Subparagraph (a)
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v3.23.3
Credit Facilities
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Line of Credit Facility [Abstract] |
|
| Credit Facilities |
Credit Facilities See Note 12. Credit Facilities, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding the Company’s credit facilities. The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements as of September 30, 2023 and June 30, 2023: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Current portion | | | | | | MSG Networks Term Loan | | $ | 103,125 | | | $ | 82,500 | | | | | | | | | | | | | | | | | | | | | | | Total Current portion of long-term debt | | $ | 103,125 | | | $ | 82,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | September 30, 2023 | | June 30, 2023 | | | Principal | | Unamortized Deferred Financing Costs | | Net | | Principal | | Unamortized Deferred Financing Costs | | Net | | Non-current portion | | | | | | | | | | | | | | MSG Networks Term Loan | | $ | 829,125 | | | $ | (1,185) | | | $ | 827,940 | | | $ | 849,750 | | | $ | (1,483) | | | $ | 848,267 | | | LV Sphere Term Loan Facility | | 275,000 | | | (4,605) | | | 270,395 | | | 275,000 | | | (4,880) | | | 270,120 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Long-term debt, net of deferred financing costs | | $ | 1,104,125 | | | $ | (5,790) | | | $ | 1,098,335 | | | $ | 1,124,750 | | | $ | (6,363) | | | $ | 1,118,387 | |
MSG Networks Credit Facilities General. MSGN Holdings, L.P. (“MSGN L.P.”), MSGN Eden, LLC, an indirect subsidiary of the Company and the general partner of MSGN L.P., Regional MSGN Holdings LLC, an indirect subsidiary of the Company and the limited partner of MSGN L.P. (collectively with MSGN Eden, LLC, the “MSGN Holdings Entities”), and certain subsidiaries of MSGN L.P. have senior secured credit facilities pursuant to a credit agreement (as amended and restated on October 11, 2019, the “MSGN Credit Agreement”) consisting of: (i) an initial $1,100,000 term loan facility (the “MSGN Term Loan Facility”) and (ii) a $250,000 revolving credit facility (the “MSGN Revolving Credit Facility” and, together with the MSGN Term Loan Facility, the “MSG Networks Credit Facilities”), each with a term of five years. Up to $35,000 of the MSGN Revolving Credit Facility is available for the issuance of letters of credit. As of September 30, 2023, there were no borrowings or letters of credit issued and outstanding under the MSGN Revolving Credit Facility. Interest Rates. Borrowings under the MSGN Credit Agreement bear interest at a floating rate, which at the option of MSGN L.P. may be either (i) a base rate plus an additional rate ranging from 0.25% to 1.25% per annum (determined based on a total net leverage ratio) (the “MSGN Base Rate”), or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus an additional rate ranging from 1.25% to 2.25% per annum (determined based on a total net leverage ratio). Upon a payment default in respect of principal, interest or other amounts due and payable under the MSGN Credit Agreement or related loan documents, default interest will accrue on all overdue amounts at an additional rate of 2.00% per annum. The MSGN Credit Agreement requires that MSGN L.P. pay a commitment fee ranging from 0.225% to 0.30% (determined based on a total net leverage ratio) in respect of the average daily unused commitments under the MSGN Revolving Credit Facility. MSGN L.P. will also be required to pay customary letter of credit fees, as well as fronting fees, to banks that issue letters of credit. The interest rate on the MSGN Term Loan Facility as of September 30, 2023 was 7.42%. Principal Repayments. Subject to customary notice and minimum amount conditions, MSGN L.P. may voluntarily repay outstanding loans under the MSGN Credit Agreement at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to Eurodollar loans). The MSGN Term Loan Facility amortizes quarterly in accordance with its terms beginning March 31, 2020 through September 30, 2024 with a final maturity date of October 11, 2024. MSGN L.P. is required to make mandatory prepayments in certain circumstances, including without limitation from the net cash proceeds of certain sales of assets (including MSGN Collateral) or casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights) and the incurrence of certain indebtedness, subject to certain exceptions. Covenants. The MSGN Credit Agreement generally requires the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis to comply with a maximum total leverage ratio of 5.50:1.00, subject, at the option of MSGN L.P. to an upward adjustment to 6.00:1.00 during the continuance of certain events. As of September 30, 2023, the total leverage ratio coverage ratio was 5.27:1:00. In addition, the MSGN Credit Agreement requires a minimum interest coverage ratio of 2.00:1.00 for the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis. As of September 30, 2023, the interest coverage ratio was 2.50:1:00. All borrowings under the MSGN Credit Agreement are subject to the satisfaction of customary conditions, including absence of a default and accuracy of representations and warranties. As of September 30, 2023, the MSGN Holdings Entities and MSGN L.P. and its restricted subsidiaries on a consolidated basis were in compliance with the covenants. In addition to the financial covenants discussed above, the MSGN Credit Agreement and the related security agreement contain certain customary representations and warranties, affirmative covenants, and events of default. The MSGN Credit Agreement contains certain restrictions on the ability of MSGN L.P. and its restricted subsidiaries to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the MSGN Credit Agreement, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making investments, loans or advances in or to other persons; (iv) paying dividends and distributions or repurchasing capital stock; (v) changing their lines of business; (vi) engaging in certain transactions with affiliates; (vii) amending specified material agreements; (viii) merging or consolidating; (ix) making certain dispositions; and (x) entering into agreements that restrict the granting of liens. The MSGN Holdings Entities are also subject to customary passive holding company covenants. Guarantors and Collateral. All obligations under the MSGN Credit Agreement are guaranteed by the MSGN Holdings Entities and MSGN L.P.’s existing and future direct and indirect domestic subsidiaries that are not designated as excluded subsidiaries or unrestricted subsidiaries (the “MSGN Subsidiary Guarantors,” and together with the MSGN Holdings Entities, the “MSGN Guarantors”). All obligations under the MSGN Credit Agreement, including the guarantees of those obligations, are secured by certain assets of MSGN L.P. and each MSGN Guarantor (collectively, “MSGN Collateral”), including, but not limited to, a pledge of the equity interests in MSGN L.P. held directly by the Holdings Entities and the equity interests in each MSGN Subsidiary Guarantor held directly or indirectly by MSGN L.P. LV Sphere Term Loan Facility General. On December 22, 2022, MSG Las Vegas, LLC (“MSG LV”), an indirect, wholly-owned subsidiary of the Company, entered into a credit agreement with JP Morgan Chase Bank, N.A., as administrative agent and the lenders party thereto, providing for a five-year, $275,000 senior secured term loan facility (the “LV Sphere Term Loan Facility”). Interest Rates. Borrowings under the LV Sphere Term Loan Facility bear interest at a floating rate, which at the option of MSG LV may be either (i) a base rate plus a margin of 3.375% per annum or (ii) adjusted Term SOFR (i.e., Term SOFR plus 0.10%) plus a margin of 4.375% per annum. The interest rate on the LV Sphere Term Loan Facility as of September 30, 2023 was 9.80%. Principal Repayments. The LV Sphere Term Loan Facility will mature on December 22, 2027. The principal obligations under the LV Sphere Term Loan Facility are due at the maturity of the facility, with no amortization payments prior to maturity. Under certain circumstances, MSG LV is required to make mandatory prepayments on the loan, including prepayments in an amount equal to the net cash proceeds of casualty insurance and/or condemnation recoveries (subject to certain reinvestment, repair or replacement rights), subject to certain exceptions. Covenants. The LV Sphere Term Loan Facility and related guaranty by Sphere Entertainment Group include financial covenants requiring MSG LV to maintain a specified minimum debt service coverage ratio and requiring Sphere Entertainment Group to maintain a specified minimum liquidity level. The debt service coverage ratio covenant begins testing in the fiscal quarter ending December 31, 2023 on a historical basis and, beginning with the first fiscal quarter occurring after the date on which the first ticketed performance or event open to the general public occurs at Sphere in Las Vegas, is also tested on a prospective basis. Both the historical and prospective debt service coverage ratios are set at 1.35:1. In addition, among other conditions, MSG LV is not permitted to make distributions to Sphere Entertainment Group unless the historical and prospective debt service coverage ratios are at least 1.50:1. Following the Liquidity Covenant Reduction Date (as defined below), the minimum liquidity level for Sphere Entertainment Group is set at $50,000, with $25,000 required to be held in cash or cash equivalents. Prior to the Liquidity Covenant Reduction Date, the minimum liquidity level for Sphere Entertainment Group was set at $100,000, with $75,000 required to be held in cash or cash equivalents, which amounts (in addition to certain cash proceeds from the sale of the MSGE Retained Interest) were required to be held in an account pledged as collateral for the LV Sphere Term Loan Facility until its release upon the Liquidity Covenant Reduction Date (the “Pledged Account”). The Liquidity Covenant Reduction Date occurred on August 8, 2023, once Sphere in Las Vegas was substantially completed and certain of its systems were ready to be used in live, immersive events (the “Liquidity Covenant Reduction Date”). The minimum liquidity level was tested on the closing date and is tested as of the last day of each fiscal quarter thereafter based on Sphere Entertainment Group’s unencumbered liquidity, consisting of cash and cash equivalents and available lines of credit, as of such date. Following the completion of the MSGE Distribution, the MSGE Retained Interest was pledged to secure the LV Sphere Term Loan Facility and was released as collateral upon the Liquidity Covenant Reduction Date. In addition to the covenants described above, the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements contain certain customary representations and warranties, affirmative and negative covenants and events of default. The LV Sphere Term Loan Facility contains certain restrictions on the ability of MSG LV and Sphere Entertainment Group to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the LV Sphere Term Loan Facility and the related guaranty and security and pledge agreements, including the following: (i) incur additional indebtedness; (ii) until the occurrence of the Liquidity Covenant Reduction Date, create liens on Sphere in Las Vegas, the MSGE Retained Interest or the real property intended for development as Sphere in London; (iii) make investments, loans or advances in or to other persons; (iv) pay dividends and distributions (which will restrict the ability of MSG LV to make cash distributions to the Company); (v) change its lines of business; (vi) engage in certain transactions with affiliates; (vii) amend organizational documents; (viii) merge or consolidate; and (ix) make certain dispositions. Guarantors and Collateral. All obligations under the LV Sphere Term Loan Facility are guaranteed by Sphere Entertainment Group. All obligations under the LV Sphere Term Loan Facility, including the guarantees of those obligations, are secured by all of the assets of MSG LV and certain assets of Sphere Entertainment Group including, but not limited to, MSG LV’s leasehold interest in the land on which Sphere in Las Vegas is located, a pledge of all of the equity interests held directly by Sphere Entertainment Group in MSG LV and, until the Liquidity Covenant Reduction Date, the Pledged Account and a pledge of the MSGE Retained Interest. Delayed Draw Term Loan Facility On April 20, 2023, the Company entered into a delayed draw term loan facility (the “DDTL Facility”) with MSG Entertainment Holdings, LLC (“MSG Entertainment Holdings”). Pursuant to the DDTL Facility, MSG Entertainment Holdings committed to lend up to $65,000 in delayed draw term loans to the Company on an unsecured basis for a period of 18 months following the consummation of the MSGE Distribution. On July 14, 2023, the Company drew down the full amount of the $65,000 under the DDTL Facility. On August 9, 2023, the Company repaid all amounts outstanding under the DDTL Facility (including accrued interest and commitment fees) by delivering to MSG Entertainment Holdings approximately 1,923 shares of MSG Entertainment Class A common stock.
Interest payments and loan principal repayments made by the Company under the credit agreements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Payments | | Loan Principal Repayments | | | Three Months Ended | | Three Months Ended | | | September 30, | | September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | MSG Networks Credit Facilities | | $ | 17,500 | | | $ | 9,596 | | | $ | — | | | $ | 12,375 | | | LV Sphere Term Loan Facility | | 6,745 | | | — | | | — | | | — | | Delayed Draw Term Loan Facility | | 460 | | | — | | | 65,000 | | | — | | | Total Payments | | $ | 24,705 | | | $ | 9,596 | | | $ | 65,000 | | | $ | 12,375 | |
The carrying value and fair value of the Company’s financial instruments reported in the accompanying condensed consolidated balance sheets are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | September 30, 2023 | | June 30, 2023 | | | Carrying Value (a) | | Fair
Value | | Carrying Value (a) | | Fair
Value | | Liabilities: | | | | | | | | | MSG Networks Credit Facilities | | $ | 932,250 | | | $ | 927,589 | | | $ | 932,250 | | | $ | 927,589 | | | | | | | | | | | | | | | | | | | | | LV Sphere Term Loan Facility | | 275,000 | | | 273,625 | | | 275,000 | | | 272,250 | | | | | | | | | | | | | | | | | | | | | Total Long-term debt | | $ | 1,207,250 | | | $ | 1,201,214 | | | $ | 1,207,250 | | | $ | 1,199,839 | | | | | | | | | | |
_________________ (a) The total carrying value of the Company’s financial instruments as of September 30, 2023 and June 30, 2023 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $5,790 and $6,363, respectively. The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar instruments for which the inputs are readily observable.
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- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Pension Plans and Other Postretirement Benefit Plan
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
|
| Pension Plans and Other Postretirement Benefit Plan |
Pension Plans and Other Postretirement Benefit Plan The Company sponsors (i) both funded and unfunded and qualified and non-qualified pension plans, including the Networks 1212 Plan, Networks Excess Cash Balance Plan, and the Networks Excess Retirement Plan (together, the “Networks Plans”), (ii) an excess savings plan and (iii) a postretirement benefit plan (the “Postretirement Plan”). In connection with the MSGE Distribution, the Company established an unfunded non-contributory, non-qualified frozen excess cash balance plan (the “Sphere Excess Plan”) covering certain employees who participated in the pre-MSGE Distribution cash balance plan, which was transferred to MSGE Entertainment in connection with the MSGE Distribution. The Networks Plans and Sphere Excess Plans are collectively referred to as the “Pension Plans.” Prior to the MSGE Distribution, the Company sponsored two contributory welfare plans which provided certain postretirement healthcare benefits to certain employees hired prior to January 1, 2001. The sponsorship of the Postretirement Plan covering Networks employees was retained by the Company while the postretirement plan covering MSGE employees was transferred to MSG Entertainment in connection with MSGE Distribution. In addition, the liabilities associated with the postretirement plan for MSGE employees were transferred from the Company to MSG Entertainment in connection with the MSGE Distribution. See Note 13. Pension Plans and Other Postretirement Benefit Plans, to the consolidated financial statements included in the 2023 Form 10-K for more information regarding these plans. Defined Benefit Pension Plans and Postretirement Benefit Plan The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other expense, net. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Plans | | Postretirement Plan | | | Three Months Ended | | Three Months Ended | | | September 30, | | September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Service cost | | $ | 61 | | | $ | 123 | | | $ | 5 | | | $ | 15 | | | Interest cost | | 439 | | | 1,189 | | | 17 | | | 19 | | | Expected return on plan assets | | (213) | | | (1,719) | | | — | | | — | | | Recognized actuarial loss (gain) | | (224) | | | 501 | | | (17) | | | 9 | | | | | | | | | | | | | | | | | | | | | Net periodic benefit cost | | $ | 63 | | | $ | 94 | | | $ | 5 | | | $ | 43 | | | | | | | | | | | | | | | | | | | |
Contributions for Qualified Defined Benefit Plans The Company sponsors one non-contributory, qualified defined benefit pension plan covering certain of its union employees, the “Networks 1212 Plan.” During the three months ended September 30, 2023, the Company contributed $500 to the Networks 1212 Plan. Defined Contribution Plans The Company sponsors the MSGN Holdings, L.P. Excess Savings Plan, the Sphere Entertainment Excess Savings Plan, and the Madison Square Garden 401(k) Savings Plan (collectively, “Savings Plans”). For the three months ended September 30, 2023 and 2022, expenses related to the Savings Plans included in the accompanying condensed consolidated and combined statements of operations are as follows: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Continuing Operations | | $ | 1,210 | | | $ | 1,387 | | | | | | Discontinued Operations | | — | | | $ | 1,178 | | | | | | Total Savings Plan Expenses | | $ | 1,210 | | | $ | 2,565 | | | | | |
Executive Deferred Compensation See Note 13. Pension Plans and Other Postretirement Benefit Plans, included in the Company’s Audited Consolidated Annual Financial Statements for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”). The Company recorded compensation income of $107 and $154 for the three months ended September 30, 2023 and 2022, respectively, within Selling, general, and administrative expenses in the condensed, consolidated statements of operations to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded loss of $107 and $154 for the three months ended September 30, 2023 and 2022, respectively, within Other income (expense), net in the condensed, consolidated statements of operations to reflect remeasurement of the fair value of assets under the Deferred Compensation Plan. The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated and combined balance sheets: | | | | | | | | | | | | | | | | | | | | | As of | | | | | September 30,
2023 | | June 30,
2023 | | | | | | Non-current assets (included in Other non-current assets) | | $ | 2,536 | | | $ | 1,087 | | | | | | | Non-current liabilities (included in Other non-current liabilities) | | $ | (2,550) | | | $ | (1,087) | | | | | |
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v3.23.3
Share-based Compensation
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-based Compensation |
Share-based Compensation The Company has three share-based compensation plans: the 2020 Employee Stock Plan, the 2020 Stock Plan for Non-Employee Directors and the MSG Networks Inc. 2010 Employee Stock Plan. See Note 14. Share-based Compensation, to the consolidated financial statement included in the 2023 Form 10-K for more detail on these plans. Share-based compensation expense for the Company’s restricted stock units (“RSUs”), performance stock units (“PSUs”) and/or stock options are recognized in the condensed consolidated statements of operations as a component of direct operating expenses or selling, general and administrative expenses. The following table summarizes the Company’s share-based compensation expense: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Share-based compensation (a) | | $ | 4,883 | | | $ | 11,490 | | | | | | Fair value of awards vested (b) | | $ | 30,153 | | | $ | 32,132 | | | | | |
_________________ (a) Share-based compensation excludes costs that have been capitalized of $906 and $910 for the three months ended September 30, 2023 and 2022, respectively. (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $13,976 and $14,517 were retained by the Company during the three months ended September 30, 2023, and 2022, respectively. As of September 30, 2023, there was $55,963 of unrecognized compensation cost related to unvested RSUs and PSUs held by the Company’s employees. The cost is expected to be recognized over a weighted-average period of approximately 2.47 years. For the three months ended September 30, 2023, weighed-average shares used in the calculation for diluted EPS consisted of 34,911 weighed-average shares for basic EPS and the dilutive effect of 315 shares issuable under share-based compensation plans. For the three months ended September 30, 2022, weighed-average shares used in the calculation for diluted EPS consisted of 34,403 weighed-average shares for basic EPS. For the three months ended September 30, 2023, weighted-average anti-dilutive shares primarily consisted of approximately 690 units of RSUs and stock options and were excluded in the calculation of diluted earnings per share because their effect would have been anti-dilutive. For the three months ended September 30, 2022, all RSUs and stock options were excluded from the anti-dilutive calculation because the Company reported a net loss for the period and, therefore, their impact on reported loss per share would have been antidilutive. Award Activity RSUs During the three months ended September 30, 2023 and 2022, approximately 449 and 598 RSUs were granted and approximately 564 and 493 RSUs vested, respectively. PSUs During the three months ended September 30, 2023 and 2022, approximately 404 and 566 PSUs were granted and approximately 241 and 82 PSUs vested, respectively.
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v3.23.3
Stockholders' Equity
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Stockholders' Equity |
Stockholders’ Equity Preferred Stock The Company is authorized to issue 15,000 shares of preferred stock, par value $0.01. As of September 30, 2023 and June 30, 2023, no shares of preferred stock were outstanding. Stock Repurchase Program On March 31, 2020, the Company’s Board of Directors authorized the repurchase of up to $350,000 of the Company’s Class A Common Stock. The program was re-authorized by the Company’s Board of Directors on March 29, 2023. Under the authorization, shares of Class A Common Stock may be purchased from time to time in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors. The Company has not engaged in any share repurchase activities under its share repurchase program to date. Accumulated Other Comprehensive Loss The following tables detail the components of accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2023 | | Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss | | Balance as of June 30, 2023 | $ | (5,138) | | | $ | 200 | | | $ | (4,938) | | | Other comprehensive loss: | | | | | | Other comprehensive loss before reclassifications | — | | | (7,919) | | | (7,919) | | Amounts reclassified from accumulated other comprehensive loss (a) | (241) | | | — | | | (241) | | | Income tax benefit | 63 | | | 2,052 | | | 2,115 | | | | | | | | Other comprehensive loss, total | (178) | | | (5,867) | | | (6,045) | | | | | | | | | Balance as of September 30, 2023 | $ | (5,316) | | | $ | (5,667) | | | $ | (10,983) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2022 | | Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss | | Balance as of June 30, 2022 | $ | (40,287) | | | $ | (8,068) | | | $ | (48,355) | | Other comprehensive income (loss): | | | | | | | Other comprehensive loss before reclassifications | — | | | (16,080) | | | (16,080) | | Amounts reclassified from accumulated other comprehensive loss (a) | 510 | | | — | | | 510 | | | Income tax (expense) benefit | (10) | | | 2,954 | | | 2,944 | | Other comprehensive income (loss), total | 500 | | | (13,126) | | | (12,626) | | | Balance as of September 30, 2022 | $ | (39,787) | | | $ | (21,194) | | | $ | (60,981) | |
_________________(a) Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plans).
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v3.23.3
Related Party Transactions
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Related Party Transactions |
Related Party Transactions As of September 30, 2023, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 5.6% of the Company’s outstanding Class A Common Stock (inclusive of options exercisable within 60 days of September 30, 2023). Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represent approximately 72.1% of the aggregate voting power of the Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Entertainment, MSG Sports and AMC Networks Inc. See Note 17. Related Party Transactions, to the consolidated financial statements included in the 2023 Form 10-K for a description of the Company’s related party arrangements. There have been no material changes in such related party arrangements except as described below. The Company has entered into arrangements with (i) MSG Sports, pursuant to which MSG Sports provides certain sponsorship and other business operations services to the Company in exchange for service fees, (ii) MSGE Entertainment, pursuant to which MSG Entertainment provides certain sponsorship-related account management services to the Company in exchange for service fees, and (iii) MSG Sports and MSG Entertainment, pursuant to which the three companies have agreed to allocate expenses in connection with the use by each company of aircraft owned or leased by MSG Entertainment and MSG Sports. The Company has also entered into certain commercial agreements with its equity method investment nonconsolidated affiliates in connection with Sphere. The Company recorded $5,668 and $50,670 for the three months ended September 30, 2023 and 2022, respectively, of capital expenditures in connection with services provided to the Company under these agreements. As of September 30, 2023 and June 30, 2023, accrued liabilities associated with related parties were $16,084 and $13,412, respectively, and are reported under Accounts payable, accrued and other current liabilities in the accompanying condensed consolidated balance sheets. From time to time the Company enters into arrangements with 605, LLC (“605”). Kristin Dolan, a director of the Company and the spouse of James L. Dolan, the Executive Chairman and Chief Executive Officer of the Company, founded and was the Chief Executive Officer of 605, an audience measurement and data analytics company in the media and entertainment industries, until February 2023. The Company’s Audit Committee approved the entry into one or more agreements with 605 to provide certain data analytics services to the Company for an aggregate amount of up to $1,000. On September 13, 2023, 605 was sold to iSpot.tv, and James L. Dolan and Kristin A. Dolan now hold a minority interest in iSpot.tv. As a result, from and after September 13, 2023, 605 is no longer considered to be a related party. Revenues and Operating Expenses The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | Revenues | | $ | 390 | | | $ | — | | | | | | | Operating expenses (credits): | | | | | | | | | | Media rights fees | | $ | 44,185 | | | 42,767 | | | | | | | | | | | | | | | | | | | | | | | | | Cost reimbursement from MSG Sports - MSG Sports Services Agreement | | — | | | (9,517) | | | | | | Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement (a) | | 30,337 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | Origination, master control and technical services | | 1,257 | | | 1,232 | | | | | | | | | | | | | | | | | | | | | | | | | Other operating expenses, net | | 544 | | | (11) | | | | | | Total operating expenses, net (b) | | $ | 76,323 | | | $ | 34,471 | | | | | |
_________________ (a) Included in Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement are $2,805 related to Restructuring charges for employees who provided services to the Company under the MSG Entertainment Transition Services Agreement. (b) Of the total operating expenses, net, $46,078 and $44,248 for three months ended September 30, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations, and $30,245 and $(9,777) for three months ended September 30, 2023 and 2022, respectively, are included as net credits in selling, general, and administrative expenses. Revenues Revenues from related parties relate primarily to certain advertising agreements between MSG Networks and MSG Sports.
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v3.23.3
Segment Information
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Segment Information |
Segment Information As of September 30, 2023, the Company was comprised of two reportable segments: Sphere and MSG Networks. The Company takes into account whether two or more operating segments can be aggregated together as one reportable segment as well as the type of discrete financial information that is available and regularly reviewed by its Chief Operating Decision Maker. The Company evaluates segment performance based on several factors, of which the key financial measure is adjusted operating income (loss), a non-GAAP financial measure. We define adjusted operating income (loss) as operating income (loss) excluding: (i) depreciation, amortization and impairments of property and equipment, goodwill and intangible assets, (ii) amortization for capitalized cloud computing arrangement costs, (iii) share-based compensation expense, (iv) restructuring charges or credits, (v) merger and acquisition-related costs, including merger-related litigation expenses, (vi) gains or losses on sales or dispositions of businesses and associated settlements, (vii) the impact of purchase accounting adjustments related to business acquisitions, and (viii) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan (which was established in November 2021). The Company believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the Company’s business without regard to the settlement of an obligation that is not expected to be made in cash. The Company eliminates merger and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan provides investors with a clearer picture of the Company’s operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Other income (expense), net, which is not reflected in Operating income (loss). The Company believes adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of its business segments and the Company on a consolidated basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze the Company’s performance. The Company uses revenues and adjusted operating income (loss) measures as the most important indicators of its business performance, and evaluates management’s effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. The Company has presented the components that reconcile operating income (loss), the most directly comparable GAAP financial measure, to adjusted operating income (loss). Information as to the operations of the Company’s reportable segments is set forth below. | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | | Revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | | | Direct operating expenses | | (7,805) | | | (76,694) | | | (84,499) | | | Selling, general and administrative expenses | | (84,150) | | | (2,994) | | | (87,144) | | | Depreciation and amortization | | (12,377) | | | (1,882) | | | (14,259) | | Other gains, net | | 1,497 | | | — | | | 1,497 | | | Restructuring charges | | (3,391) | | | — | | | (3,391) | | | Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | | | | | | | | | | | | | | | | Interest income | | | | | | 4,378 | | | Other income, net | | | | | | 42,196 | | | Loss from operations before income taxes | | | | | | $ | (23,215) | | Reconciliation of operating (loss) income to adjusted operating (loss) income: | | | Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | | | Add back: | | | | | | | | | | | | | | | Share-based compensation | | 3,919 | | | 964 | | | 4,883 | | | Depreciation and amortization | | 12,377 | | | 1,882 | | | 14,259 | | | | | | | | | | Restructuring charges | | 3,391 | | | — | | | 3,391 | | | Other gains, net | | (1,497) | | | — | | | (1,497) | | Merger and acquisition related costs, net of insurance recoveries | | (2,702) | | | (6,341) | | | (9,043) | | | | | | | | | Amortization for capitalized cloud computing arrangement costs | | — | | | 22 | | | 22 | | | | | | | | | | Remeasurement of deferred compensation plan liabilities | | (107) | | | — | | | (107) | | | Adjusted operating (loss) income | | $ | (83,066) | | | $ | 25,185 | | | $ | (57,881) | | | Other information: | | | | | | | | Capital expenditures | | $ | 183,163 | | | $ | 1,408 | | | $ | 184,571 | |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | | Revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | | | Direct operating expenses | | — | | | (75,420) | | | (75,420) | | Selling, general and administrative expenses | | (77,191) | | | (17,440) | | | (94,631) | | | Depreciation and amortization | | (4,515) | | | (1,618) | | | (6,133) | | Other gains, net | | 2,000 | | | — | | | 2,000 | | | | | | | | | | Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | | | | | | | | | | | | | | | | Interest income | | | | | | 3,333 | | | Other expense, net | | | | | | (415) | | | Loss from operations before income taxes | | | | | | $ | (48,137) | | Reconciliation of operating (loss) income to adjusted operating (loss) income: | | | | Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | | | Add back: | | | | | | | | | | | | | | | Share-based compensation | | 9,786 | | | 1,704 | | | 11,490 | | | Depreciation and amortization | | 4,515 | | | 1,618 | | | 6,133 | | | | | | | | | | Other gains, net | | (2,000) | | | — | | | (2,000) | | Merger and acquisition related costs | | 2,749 | | | 1,901 | | | 4,650 | | | Amortization for capitalized cloud computing arrangement costs | | 77 | | | 44 | | | 121 | | | Remeasurement of deferred compensation plan liabilities | | (154) | | | — | | | (154) | | | Adjusted operating (loss) income | | (64,083) | | | $ | 33,268 | | | $ | (30,815) | | | Other information: | | | | | | | | Capital expenditures | | $ | 260,239 | | | $ | 1,227 | | | $ | 261,466 | |
Concentration of Risk Accounts receivable, net in the accompanying condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023 include amounts due from the following individual customers, which accounted for the noted percentages of the gross balance: | | | | | | | | | | | | | | | | | September 30,
2023 | | June 30,
2023 | | | | | | | Customer A | | 22 | % | | 23 | % | | Customer B | | 21 | % | | 22 | % | | Customer C | | 17 | % | | 17 | % |
Revenues in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and September 30, 2022 include amounts from the following individual customers: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | | | | | | | | | | Customer 1 | | 30 | % | | 31 | % | | | | | | Customer 2 | | 30 | % | | 31 | % | | | | | | Customer 3 | | 24 | % | | 26 | % | | | | |
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- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Additional Financial Information
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Additional Financial Information [Abstract] |
|
| Additional Financial Information |
Additional Financial Information The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash. | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Cash and cash equivalents | | $ | 433,507 | | | $ | 131,965 | | | Restricted cash | | 18,235 | | | $ | 297,149 | | Total cash, cash equivalents and restricted cash | | $ | 451,742 | | | $ | 429,114 | |
The Company’s cash, cash equivalents, and restricted cash are classified within Level I of the fair value hierarchy as it is valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company’s restricted cash includes cash deposited in escrow accounts. The Company has deposited cash in an interest-bearing escrow account related to credit support, debt facilities, and collateral to its workers compensation and general liability insurance obligations. Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | | | | Prepaid expenses | | $ | 18,812 | | | $ | 22,616 | | | | | | | | | | | | | Note and other receivables | | 28,441 | | | 21,453 | | | | | Inventory | | 2,388 | | | — | | | | | | Current deferred production costs | | 11,624 | | | 6,524 | | | | | | Other | | 4,990 | | | 5,492 | | | | | | Total prepaid expenses and other current assets | | $ | 66,255 | | | $ | 56,085 | | | | |
Accounts payable, accrued and other current liabilities consisted of the following: | | | | | | | | | | | | | | | | | | | | As of | | | | | | September 30,
2023 | | June 30,
2023 | | | | | Accounts payable | | $ | 19,319 | | | $ | 39,654 | | | | | | Accrued payroll and employee related liabilities | | 42,809 | | | 75,579 | | | | | | Cash due to promoters | | 71,059 | | | 73,611 | | | | | | | | | | | | | Capital related accruals | | 224,788 | | | 236,593 | | | | | | Accrued legal fees | | 24,679 | | | 53,857 | | | | | | Other accrued expenses | | 45,437 | | | 36,437 | | | | | | Total accounts payable, accrued and other current liabilities | | $ | 428,091 | | | $ | 515,731 | | | | |
Other income (expense), net includes the following: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | | | | | Gain on litigation settlement | | 62,647 | | | $ | — | | | | | | Realized loss on equity method investments | | (19,027) | | | (2,247) | | | | | | | Other | | (1,424) | | | 1,832 | | | | | | Total other income (expense), net | | $ | 42,196 | | | $ | (415) | | | | | |
Income Taxes During the three months ended September 30, 2023 and 2022, the Company made income tax payments, net of refunds, of $17,868 and $974, respectively.
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v3.23.3
Accounting Policies (Policies)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Principles of Consolidation |
Principles of Consolidation The condensed consolidated financial statements of the Company include the accounts of Sphere Entertainment Co. and its subsidiaries. They also historically included accounts of Tao Group Hospitality, MSG Entertainment, and Boston Calling Events, LLC (“BCE”) until their dispositions on May 3, 2023, April 20, 2023, and December 2, 2022, respectively. All significant intercompany transactions and balances have been eliminated in consolidation. Prior to their dispositions, Tao Group Hospitality and Boston Calling Events, LLC were consolidated with the equity owned by other stockholders shown as redeemable or nonredeemable noncontrolling interests of discontinued operations in the accompanying consolidated balance sheets, and the other stockholders’ portion of net earnings (loss) and other comprehensive income (loss) shown as net income (loss) or comprehensive income (loss) attributable to redeemable or nonredeemable noncontrolling interests from discontinued operations in the accompanying consolidated statements of operations and consolidated statements of comprehensive income (loss), respectively. See Note 3. Discontinued Operations, for details regarding the Tao Group Hospitality Disposition, and MSGE Distribution. See Note 2. Summary of Significant Accounting Policies, to the audited annual consolidated financial statements included in the 2023 Form 10-K regarding the classification of redeemable noncontrolling interests of Tao Group Hospitality.
|
| Use of Estimates |
Use of Estimates The preparation of the accompanying condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the provision for credit losses, valuation of investments, goodwill, intangible assets, deferred production costs, other long-lived assets, deferred tax assets, pension and other postretirement benefit obligations and the related net periodic benefit cost, and other liabilities. In addition, estimates are used in revenue recognition, rights fees, performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the condensed consolidated financial statements to be reasonable. Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s condensed consolidated financial statements in future periods.
|
| Production Costs for the Company's Original Immersive Productions |
Production Costs for the Company’s Original Immersive Productions There have been no material changes to the Company’s accounting policies regarding direct operating expenses related to production costs, except to note that subsequent to September 30, 2023, the Company completed and debuted its first original immersive production, Postcard From Earth, which began amortizing during the second quarter of Fiscal Year 2024.
|
| Revenue, Remaining Performance Obligation |
In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.
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v3.23.3
Discontinued Operations (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Discontinued Operations and Disposal Groups [Abstract] |
|
| Schedule of Discontinued Operations |
The table below sets forth operating results of discontinued operations for the three months ended September 30, 2022. Amounts presented below differ from historically reported results for the MSG Entertainment and Tao Group Hospitality business segments due to reclassifications and adjustments made for purposes of discontinued operations. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2022 | | MSGE | | Tao | | Eliminations | | Total | | Revenues | | $ | 146,075 | | | $ | 132,576 | | | $ | (562) | | | $ | 278,089 | | | | | | | | | | | | Direct operating expenses | | (100,663) | | | (77,163) | | | 376 | | | (177,450) | | | Selling, general and administrative expenses | | (28,729) | | | (42,543) | | | 462 | | | (70,810) | | | Depreciation and amortization | | (15,986) | | | (7,636) | | | — | | | (23,622) | | | | | | | | | | | | | | | | | | | | Operating income | | 697 | | | 5,234 | | | 276 | | | 6,207 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest income | | 608 | | | 13 | | | — | | | 621 | | | Interest expense | | (1,025) | | | (1,142) | | | — | | | (2,167) | | Other income, net | | 886 | | | 1,054 | | | — | | | 1,940 | | | | | | | | | | | Income from operations before income taxes | | 1,166 | | | 5,159 | | | 276 | | | 6,601 | | Income tax expense | | (2,936) | | | (1,405) | | | — | | | (4,341) | | | | | | | | | | | | | | | | | | | | | Net (loss) income | | (1,770) | | | 3,754 | | | 276 | | | 2,260 | | | | | | | | | | | | | | | | | | | | | Less: Net income attributable to redeemable noncontrolling interests | | — | | | 1,124 | | | — | | | 1,124 | | Less: Net loss attributable to nonredeemable noncontrolling interests | | (372) | | | (38) | | | — | | | (410) | | | Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders | | $ | (1,398) | | | $ | 2,668 | | | $ | 276 | | | $ | 1,546 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
The table below sets forth, for the period presented, significant selected financial information related to discontinued activities included in the accompanying condensed consolidated financial statements: | | | | | | | | | | | | | | | | | | Three Months Ended | | | | September 30, 2022 | | | | MSGE | | Tao | | | Non-cash items included in net (loss) income: | | | | | | | | | | | | | | | | | | | Depreciation and amortization | | $ | 15,986 | | | $ | 7,636 | | | | | | | | | | Share-based compensation expense | | 1,646 | | | 2,052 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Cash flows from investing activities: | | | | | | | Capital expenditures, net | | $ | 4,855 | | | $ | 5,769 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Revenue Recognition (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Revenue Recognition [Abstract] |
|
| Disaggregation of Revenue |
The following tables disaggregate the Company’s revenue by major source and reportable segment based upon the timing of transfer of goods or services to the customer for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | Event-related (a) | | 4,059 | | | — | | | 4,059 | | Sponsorship, signage, ExosphereTM advertising, and suite licenses (b) | | 2,560 | | | 218 | | | 2,778 | | Media related, primarily from affiliation agreements (b) | | — | | | 109,795 | | | 109,795 | | | Other | | 431 | | | 215 | | | 646 | | | Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | | | Revenues from subleases | | 729 | | | — | | | 729 | | | Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | Sponsorship, signage, Exosphere advertising, and suite licenses (b) | | — | | | 244 | | | 244 | | Media related, primarily from affiliation agreements (b) | | — | | | 121,812 | | | 121,812 | | | Other | | — | | | 423 | | | 423 | | | Total revenues from contracts with customers | | — | | | 122,479 | | | 122,479 | | | Revenues from subleases | | 650 | | | — | | | 650 | | | Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________ (a) Event-related revenues consists of (i) ticket sales and other ticket-related revenues, (ii) venue license fees from third-party promoters, and (iii) food, beverage and merchandise sales. Event-related revenues are recognized at a point in time. As such, these revenues have been included in the same category in the table above. (b) See Note 2. Summary of Significant Accounting Policies, Revenue Recognition, and Note 4. Revenue Recognition, to the consolidated financial statements included in the 2023 Form 10-K for further details on the pattern of recognition of sponsorship, signage, suite licenses, and media related revenue. In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following tables disaggregate the Company’s consolidated revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | Ticketing and venue license fee revenues (a) | | $ | 2,807 | | | $ | — | | | $ | 2,807 | | Sponsorship, signage, Exosphere advertising, and suite revenues | | 2,900 | | | — | | | 2,900 | | Food, beverage, and merchandise revenues | | 1,343 | | | — | | | 1,343 | | Media networks revenues (b) | | — | | | 110,228 | | | 110,228 | | | | | | | | | Total revenues from contracts with customers | | 7,050 | | | 110,228 | | | 117,278 | | | Revenues from subleases | | 729 | | | — | | | 729 | | | Total revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | |
_________________ (a) Amounts include ticket sales, other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) The Sphere Experience and (iii) other live entertainment and sporting events. (b) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | Media networks revenues (a) | | $ | — | | | $ | 122,479 | | | $ | 122,479 | | | Revenues from subleases | | 650 | | | — | | | 650 | | | Total revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | |
_________________ (a) Primarily consists of affiliation fees from Distributors and, to a lesser extent, advertising revenues through the sale of commercial time and other advertising inventory during MSG Networks programming.
|
| Contract with Customer, Contract Assets and Liabilities |
The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2023 and June 30, 2023: | | | | | | | | | | | | | | | | | September 30, | | June 30, | | | 2023 | | 2023 | Receivables from contracts with customers, net (a) | | $ | 114,247 | | | $ | 115,039 | | Contract assets, current (b) | | 88 | | | 314 | | | | | | | Deferred revenue, including non-current portion (c) | | 70,904 | | | 27,397 | |
_________________(a) Receivables from contracts with customers, net, which are reported in Accounts receivable and Prepaid expenses and other current assets in the Company’s condensed consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2023 and June 30, 2023, the Company’s receivables from contracts with customers above included $0 and $2,730, respectively, related to various related parties. See Note 14. Related Party Transactions, for further details on these related party arrangements. (b) Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. (c) Revenue recognized for the three months ended September 30, 2023 relating to the deferred revenue balance as of June 30, 2023 was $1,470.
|
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v3.23.3
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v3.23.3
Investments in Nonconsolidated Affiliates (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Equity Method Investments, Joint Ventures And Cost Method Investments [Abstract] |
|
| Cost and Equity Method Investments |
The Company’s investments in nonconsolidated affiliates, which are accounted for under the equity method of accounting or as equity investments without readily determinable fair value, are included within Other non-current assets in the accompanying condensed consolidated balance sheets and consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | Investment As of | | | Ownership Percentage as of September 30, 2023 | | September 30,
2023 | | June 30,
2023 | | | | | | | | | Equity method investments: | | | | | | | | SACO Technologies Inc. (“SACO”) | | 30 | % | | $ | 20,074 | | | $ | 22,246 | | Holoplot Loan (a) | | | | 20,576 | | | 20,971 | | | Holoplot | | 25 | % | | 1,417 | | | 1,542 | | MSG Entertainment (b) | | — | % | | — | | | 341,039 | | | Equity investments without readily determinable fair values | | | | 8,721 | | | 8,721 | | | Total investments in nonconsolidated affiliates | | | | $ | 50,788 | | | $ | 394,519 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________ (a) In January 2023, the Company, through an indirect subsidiary, extended financing to Holoplot GmbH (“Holoplot”) in the form of a three-year convertible loan (the “Holoplot Loan”) of €18,804, equivalent to $20,484 using the applicable exchange rate at the time of the transaction. Absent conversion, which is currently not available under the terms of the Holoplot Loan, the Holoplot Loan and interest accrued thereon are due and payable at the conclusion of the three year term. (b) As of September 30, 2023, following the sale of portions of the MSGE Retained Interest and the repayment of the DDTL Facility (as defined below) with MSG Entertainment using a portion of the MSGE Retained Interest, the Company no longer holds any of the outstanding common stock of MSG Entertainment. The Company elected the fair value option for its investment in MSG Entertainment as of June 30, 2023, when it held approximately 20% of the outstanding shares of common stock of MSG Entertainment (in the form of Class A common stock). The fair value of the investment was determined based on quoted market prices on the New York Stock Exchange (“NYSE”), which were classified within Level I of the fair value hierarchy.
|
| Gain (Loss) on Securities |
The following table summarizes the realized and unrealized gain (loss) on equity investments with and without readily determinable fair values, which is reported in Other income (expense), net, for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Unrealized gain | | $ | — | | | $ | 1,969 | | | | | | Realized loss from shares of MSG Entertainment Class A common stock sold | | (19,027) | | | — | | | | | | Total realized and unrealized (loss) gain on equity investments | | $ | (19,027) | | | $ | 1,969 | | | | | | Supplemental information on realized loss: | | | | | | | | | Shares of MSG Entertainment Class A common stock disposed (a) | | 1,923 | | | — | | | | | | Shares of MSG Entertainment Class A common stock sold (b) | | 8,221 | | | — | | | | | | Cash proceeds from shares of MSG Entertainment Class A common stock sold | | $ | 256,501 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
_________________ (a) Refer to Note 10. Credit Facilities, for further explanation of the approximately 1,923 shares disposed related to the repayment of the DDTL Facility. (b) Shares sold of approximately 8,221 resulted in the cash proceeds from common stock sold.
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v3.23.3
Property and Equipment, net (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Property, Plant and Equipment [Abstract] |
|
| Property, Plant and Equipment |
As of September 30, 2023 and June 30, 2023, property and equipment, net consisted of the following: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Land | | $ | 77,617 | | | $ | 80,878 | | | Buildings | | 2,300,506 | | | 69,049 | | Equipment, furniture, and fixtures | | 1,090,194 | | | 159,786 | | | | | | | | | | | | | Leasehold improvements | | 18,491 | | | 18,491 | | Construction in progress | | 85,469 | | | 3,066,785 | | Total property and equipment, gross | | 3,572,277 | | | 3,394,989 | | | Less accumulated depreciation and amortization | | (101,136) | | | (87,828) | | | Property and equipment, net | | $ | 3,471,141 | | | $ | 3,307,161 | |
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v3.23.3
Goodwill and Intangible Assets (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Goodwill and Intangible Assets Disclosure [Abstract] |
|
| Carrying Amount of Goodwill by Reportable Segment |
The carrying amounts of goodwill as of September 30, 2023 and June 30, 2023 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | | | | | | | | | | | | | | | September 30,
2023 | | June 30,
2023 | | | | | | | | | | | | | | | | | Sphere | $ | 32,299 | | | $ | 32,299 | | | | | | | | | | | | | | | | | | MSG Networks | 424,508 | | | 424,508 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total Goodwill | $ | 456,807 | | | $ | 456,807 | | | |
|
| Schedule of Intangible Assets Subject to Amortization |
The Company’s intangible assets subject to amortization, which relate to affiliate relationships, as of September 30, 2023 and June 30, 2023 were as follows: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Gross carrying amount | | $ | 83,044 | | | $ | 83,044 | | | Accumulated amortization | | (65,913) | | | (65,134) | | | Intangible assets, net | | $ | 17,131 | | | $ | 17,910 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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v3.23.3
Credit Facilities (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Line of Credit Facility [Abstract] |
|
| Schedule of Debt Outstanding and Deferred Financing Costs |
The following table summarizes the presentation of the outstanding balances under the Company’s credit agreements as of September 30, 2023 and June 30, 2023: | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Current portion | | | | | | MSG Networks Term Loan | | $ | 103,125 | | | $ | 82,500 | | | | | | | | | | | | | | | | | | | | | | | Total Current portion of long-term debt | | $ | 103,125 | | | $ | 82,500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | September 30, 2023 | | June 30, 2023 | | | Principal | | Unamortized Deferred Financing Costs | | Net | | Principal | | Unamortized Deferred Financing Costs | | Net | | Non-current portion | | | | | | | | | | | | | | MSG Networks Term Loan | | $ | 829,125 | | | $ | (1,185) | | | $ | 827,940 | | | $ | 849,750 | | | $ | (1,483) | | | $ | 848,267 | | | LV Sphere Term Loan Facility | | 275,000 | | | (4,605) | | | 270,395 | | | 275,000 | | | (4,880) | | | 270,120 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Long-term debt, net of deferred financing costs | | $ | 1,104,125 | | | $ | (5,790) | | | $ | 1,098,335 | | | $ | 1,124,750 | | | $ | (6,363) | | | $ | 1,118,387 | |
|
| Interest Payments and Loan Principal Repayments |
Interest payments and loan principal repayments made by the Company under the credit agreements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Interest Payments | | Loan Principal Repayments | | | Three Months Ended | | Three Months Ended | | | September 30, | | September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | MSG Networks Credit Facilities | | $ | 17,500 | | | $ | 9,596 | | | $ | — | | | $ | 12,375 | | | LV Sphere Term Loan Facility | | 6,745 | | | — | | | — | | | — | | Delayed Draw Term Loan Facility | | 460 | | | — | | | 65,000 | | | — | | | Total Payments | | $ | 24,705 | | | $ | 9,596 | | | $ | 65,000 | | | $ | 12,375 | |
The carrying value and fair value of the Company’s financial instruments reported in the accompanying condensed consolidated balance sheets are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of | | | September 30, 2023 | | June 30, 2023 | | | Carrying Value (a) | | Fair
Value | | Carrying Value (a) | | Fair
Value | | Liabilities: | | | | | | | | | MSG Networks Credit Facilities | | $ | 932,250 | | | $ | 927,589 | | | $ | 932,250 | | | $ | 927,589 | | | | | | | | | | | | | | | | | | | | | LV Sphere Term Loan Facility | | 275,000 | | | 273,625 | | | 275,000 | | | 272,250 | | | | | | | | | | | | | | | | | | | | | Total Long-term debt | | $ | 1,207,250 | | | $ | 1,201,214 | | | $ | 1,207,250 | | | $ | 1,199,839 | | | | | | | | | | |
_________________ (a) The total carrying value of the Company’s financial instruments as of September 30, 2023 and June 30, 2023 is equal to the current and non-current principal payments for the Company’s credit agreements excluding unamortized deferred financing costs of $5,790 and $6,363, respectively.
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v3.23.3
Pension Plans and Other Postretirement Benefit Plan (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] |
|
| Schedule of Net Periodic Benefit Cost |
The following table presents components of net periodic benefit cost for the Pension Plans and Postretirement Plan included in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022. Service cost is recognized in direct operating expenses and selling, general and administrative expenses. All other components of net periodic benefit cost are reported in Other expense, net. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Pension Plans | | Postretirement Plan | | | Three Months Ended | | Three Months Ended | | | September 30, | | September 30, | | | 2023 | | 2022 | | 2023 | | 2022 | | Service cost | | $ | 61 | | | $ | 123 | | | $ | 5 | | | $ | 15 | | | Interest cost | | 439 | | | 1,189 | | | 17 | | | 19 | | | Expected return on plan assets | | (213) | | | (1,719) | | | — | | | — | | | Recognized actuarial loss (gain) | | (224) | | | 501 | | | (17) | | | 9 | | | | | | | | | | | | | | | | | | | | | Net periodic benefit cost | | $ | 63 | | | $ | 94 | | | $ | 5 | | | $ | 43 | | | | | | | | | | | | | | | | | | | |
|
| Schedule of Defined Contribution Plans |
For the three months ended September 30, 2023 and 2022, expenses related to the Savings Plans included in the accompanying condensed consolidated and combined statements of operations are as follows: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Continuing Operations | | $ | 1,210 | | | $ | 1,387 | | | | | | Discontinued Operations | | — | | | $ | 1,178 | | | | | | Total Savings Plan Expenses | | $ | 1,210 | | | $ | 2,565 | | | | | |
|
| Schedule of Defined Benefit Plans Disclosures |
The following table summarizes amounts recognized related to the Deferred Compensation Plan in the condensed consolidated and combined balance sheets: | | | | | | | | | | | | | | | | | | | | | As of | | | | | September 30,
2023 | | June 30,
2023 | | | | | | Non-current assets (included in Other non-current assets) | | $ | 2,536 | | | $ | 1,087 | | | | | | | Non-current liabilities (included in Other non-current liabilities) | | $ | (2,550) | | | $ | (1,087) | | | | | |
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v3.23.3
Share-based Compensation (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Share-Based Compensation Expense |
The following table summarizes the Company’s share-based compensation expense: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | Share-based compensation (a) | | $ | 4,883 | | | $ | 11,490 | | | | | | Fair value of awards vested (b) | | $ | 30,153 | | | $ | 32,132 | | | | | |
_________________ (a) Share-based compensation excludes costs that have been capitalized of $906 and $910 for the three months ended September 30, 2023 and 2022, respectively. (b) To fulfill required statutory tax withholding obligations for the applicable income and other employment taxes, RSUs and PSUs with an aggregate value of $13,976 and $14,517 were retained by the Company during the three months ended September 30, 2023, and 2022, respectively.
|
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v3.23.3
Stockholders' Equity (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Stockholders' Equity Note [Abstract] |
|
| Schedule of Accumulated Other Comprehensive Income (Loss) |
The following tables detail the components of accumulated other comprehensive loss: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2023 | | Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss | | Balance as of June 30, 2023 | $ | (5,138) | | | $ | 200 | | | $ | (4,938) | | | Other comprehensive loss: | | | | | | Other comprehensive loss before reclassifications | — | | | (7,919) | | | (7,919) | | Amounts reclassified from accumulated other comprehensive loss (a) | (241) | | | — | | | (241) | | | Income tax benefit | 63 | | | 2,052 | | | 2,115 | | | | | | | | Other comprehensive loss, total | (178) | | | (5,867) | | | (6,045) | | | | | | | | | Balance as of September 30, 2023 | $ | (5,316) | | | $ | (5,667) | | | $ | (10,983) | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | September 30, 2022 | | Pension Plans and Postretirement Plan | | Cumulative
Translation
Adjustments | | Accumulated
Other
Comprehensive
Loss | | Balance as of June 30, 2022 | $ | (40,287) | | | $ | (8,068) | | | $ | (48,355) | | Other comprehensive income (loss): | | | | | | | Other comprehensive loss before reclassifications | — | | | (16,080) | | | (16,080) | | Amounts reclassified from accumulated other comprehensive loss (a) | 510 | | | — | | | 510 | | | Income tax (expense) benefit | (10) | | | 2,954 | | | 2,944 | | Other comprehensive income (loss), total | 500 | | | (13,126) | | | (12,626) | | | Balance as of September 30, 2022 | $ | (39,787) | | | $ | (21,194) | | | $ | (60,981) | |
_________________(a) Amounts reclassified from accumulated other comprehensive loss represent the amortization of net actuarial loss and net unrecognized prior service credit included in net periodic benefit cost, which is reflected under Other income (expense), net in the accompanying condensed consolidated statements of operations (see Note 11. Pension Plans and Other Postretirement Benefit Plans).
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duration |
|
v3.23.3
Related Party Transactions (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Related Party Transactions [Abstract] |
|
| Schedule of Related Party Transactions |
The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and 2022: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | Revenues | | $ | 390 | | | $ | — | | | | | | | Operating expenses (credits): | | | | | | | | | | Media rights fees | | $ | 44,185 | | | 42,767 | | | | | | | | | | | | | | | | | | | | | | | | | Cost reimbursement from MSG Sports - MSG Sports Services Agreement | | — | | | (9,517) | | | | | | Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement (a) | | 30,337 | | | — | | | | | | | | | | | | | | | | | | | | | | | | | Origination, master control and technical services | | 1,257 | | | 1,232 | | | | | | | | | | | | | | | | | | | | | | | | | Other operating expenses, net | | 544 | | | (11) | | | | | | Total operating expenses, net (b) | | $ | 76,323 | | | $ | 34,471 | | | | | |
_________________ (a) Included in Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement are $2,805 related to Restructuring charges for employees who provided services to the Company under the MSG Entertainment Transition Services Agreement. (b) Of the total operating expenses, net, $46,078 and $44,248 for three months ended September 30, 2023 and 2022, respectively, are included in direct operating expenses in the accompanying condensed consolidated statements of operations, and $30,245 and $(9,777) for three months ended September 30, 2023 and 2022, respectively, are included as net credits in selling, general, and administrative expenses.
|
| X |
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v3.23.3
Segment Information (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Segment Reporting [Abstract] |
|
| Schedule of Segment Information, by Segment |
Information as to the operations of the Company’s reportable segments is set forth below. | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2023 | | | Sphere | | MSG Networks | | Total | | Revenues | | $ | 7,779 | | | $ | 110,228 | | | $ | 118,007 | | | Direct operating expenses | | (7,805) | | | (76,694) | | | (84,499) | | | Selling, general and administrative expenses | | (84,150) | | | (2,994) | | | (87,144) | | | Depreciation and amortization | | (12,377) | | | (1,882) | | | (14,259) | | Other gains, net | | 1,497 | | | — | | | 1,497 | | | Restructuring charges | | (3,391) | | | — | | | (3,391) | | | Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | | | | | | | | | | | | | | | | Interest income | | | | | | 4,378 | | | Other income, net | | | | | | 42,196 | | | Loss from operations before income taxes | | | | | | $ | (23,215) | | Reconciliation of operating (loss) income to adjusted operating (loss) income: | | | Operating (loss) income | | $ | (98,447) | | | $ | 28,658 | | | $ | (69,789) | | | Add back: | | | | | | | | | | | | | | | Share-based compensation | | 3,919 | | | 964 | | | 4,883 | | | Depreciation and amortization | | 12,377 | | | 1,882 | | | 14,259 | | | | | | | | | | Restructuring charges | | 3,391 | | | — | | | 3,391 | | | Other gains, net | | (1,497) | | | — | | | (1,497) | | Merger and acquisition related costs, net of insurance recoveries | | (2,702) | | | (6,341) | | | (9,043) | | | | | | | | | Amortization for capitalized cloud computing arrangement costs | | — | | | 22 | | | 22 | | | | | | | | | | Remeasurement of deferred compensation plan liabilities | | (107) | | | — | | | (107) | | | Adjusted operating (loss) income | | $ | (83,066) | | | $ | 25,185 | | | $ | (57,881) | | | Other information: | | | | | | | | Capital expenditures | | $ | 183,163 | | | $ | 1,408 | | | $ | 184,571 | |
| | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | September 30, 2022 | | | Sphere | | MSG Networks | | Total | | Revenues | | $ | 650 | | | $ | 122,479 | | | $ | 123,129 | | | Direct operating expenses | | — | | | (75,420) | | | (75,420) | | Selling, general and administrative expenses | | (77,191) | | | (17,440) | | | (94,631) | | | Depreciation and amortization | | (4,515) | | | (1,618) | | | (6,133) | | Other gains, net | | 2,000 | | | — | | | 2,000 | | | | | | | | | | Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | | | | | | | | | | | | | | | | Interest income | | | | | | 3,333 | | | Other expense, net | | | | | | (415) | | | Loss from operations before income taxes | | | | | | $ | (48,137) | | Reconciliation of operating (loss) income to adjusted operating (loss) income: | | | | Operating (loss) income | | $ | (79,056) | | | $ | 28,001 | | | $ | (51,055) | | | Add back: | | | | | | | | | | | | | | | Share-based compensation | | 9,786 | | | 1,704 | | | 11,490 | | | Depreciation and amortization | | 4,515 | | | 1,618 | | | 6,133 | | | | | | | | | | Other gains, net | | (2,000) | | | — | | | (2,000) | | Merger and acquisition related costs | | 2,749 | | | 1,901 | | | 4,650 | | | Amortization for capitalized cloud computing arrangement costs | | 77 | | | 44 | | | 121 | | | Remeasurement of deferred compensation plan liabilities | | (154) | | | — | | | (154) | | | Adjusted operating (loss) income | | (64,083) | | | $ | 33,268 | | | $ | (30,815) | | | Other information: | | | | | | | | Capital expenditures | | $ | 260,239 | | | $ | 1,227 | | | $ | 261,466 | |
|
| Schedules of Concentration of Risk, by Risk Factor |
Concentration of Risk Accounts receivable, net in the accompanying condensed consolidated balance sheets as of September 30, 2023 and June 30, 2023 include amounts due from the following individual customers, which accounted for the noted percentages of the gross balance: | | | | | | | | | | | | | | | | | September 30,
2023 | | June 30,
2023 | | | | | | | Customer A | | 22 | % | | 23 | % | | Customer B | | 21 | % | | 22 | % | | Customer C | | 17 | % | | 17 | % |
Revenues in the accompanying condensed consolidated statements of operations for the three months ended September 30, 2023 and September 30, 2022 include amounts from the following individual customers: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | | | | | | | | | | Customer 1 | | 30 | % | | 31 | % | | | | | | Customer 2 | | 30 | % | | 31 | % | | | | | | Customer 3 | | 24 | % | | 26 | % | | | | |
|
| X |
- DefinitionTabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
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-SubTopic 20
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v3.23.3
Additional Financial Information (Tables)
|
3 Months Ended |
Sep. 30, 2023 |
|---|
| Additional Financial Information [Abstract] |
|
| Schedule Of Cash, Cash Equivalents, and Restricted Cash |
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash. | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Cash and cash equivalents | | $ | 433,507 | | | $ | 131,965 | | | Restricted cash | | 18,235 | | | $ | 297,149 | | Total cash, cash equivalents and restricted cash | | $ | 451,742 | | | $ | 429,114 | |
|
| Cash, Cash Equivalents and Restricted Cash |
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash. | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | Cash and cash equivalents | | $ | 433,507 | | | $ | 131,965 | | | Restricted cash | | 18,235 | | | $ | 297,149 | | Total cash, cash equivalents and restricted cash | | $ | 451,742 | | | $ | 429,114 | |
|
| Schedule of Other Current Assets |
Prepaid expenses and other current assets consisted of the following: | | | | | | | | | | | | | | | | | | | | As of | | | September 30,
2023 | | June 30,
2023 | | | | | Prepaid expenses | | $ | 18,812 | | | $ | 22,616 | | | | | | | | | | | | | Note and other receivables | | 28,441 | | | 21,453 | | | | | Inventory | | 2,388 | | | — | | | | | | Current deferred production costs | | 11,624 | | | 6,524 | | | | | | Other | | 4,990 | | | 5,492 | | | | | | Total prepaid expenses and other current assets | | $ | 66,255 | | | $ | 56,085 | | | | |
|
| Other Current Liabilities |
Accounts payable, accrued and other current liabilities consisted of the following: | | | | | | | | | | | | | | | | | | | | As of | | | | | | September 30,
2023 | | June 30,
2023 | | | | | Accounts payable | | $ | 19,319 | | | $ | 39,654 | | | | | | Accrued payroll and employee related liabilities | | 42,809 | | | 75,579 | | | | | | Cash due to promoters | | 71,059 | | | 73,611 | | | | | | | | | | | | | Capital related accruals | | 224,788 | | | 236,593 | | | | | | Accrued legal fees | | 24,679 | | | 53,857 | | | | | | Other accrued expenses | | 45,437 | | | 36,437 | | | | | | Total accounts payable, accrued and other current liabilities | | $ | 428,091 | | | $ | 515,731 | | | | |
|
| Schedule of Other Nonoperating Income (Expense) |
Other income (expense), net includes the following: | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | | | | September 30, | | | | | 2023 | | 2022 | | | | | | | | | | | | | | | | | | | | | | | Gain on litigation settlement | | 62,647 | | | $ | — | | | | | | Realized loss on equity method investments | | (19,027) | | | (2,247) | | | | | | | Other | | (1,424) | | | 1,832 | | | | | | Total other income (expense), net | | $ | 42,196 | | | $ | (415) | | | | | |
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-Topic 944
-SubTopic 210
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-Section S99
-Paragraph 1
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v3.23.3
Description of Business and Basis of Presentation (Details)
|
|
3 Months Ended |
|
|
|
Apr. 20, 2023
$ / shares
shares
|
Sep. 30, 2023
ft²
segment
network
guest
ft
$ / shares
|
Jun. 30, 2023
$ / shares
|
May 03, 2023 |
| Conversion of Stock [Line Items] |
|
|
|
|
| Number of reportable segments | segment |
|
2
|
|
|
| Number of networks | network |
|
2
|
|
|
| Venue occupancy, number of guests | guest |
|
20,000
|
|
|
| Building height, feet (in feet) | ft |
|
100
|
|
|
| Common Class A |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Common stock, par or stated value per share (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Common Class B |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Common stock, par or stated value per share (in dollars per share) |
|
$ 0.01
|
$ 0.01
|
|
| Discontinued Operations, Disposed of by Sale | Tao |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Disposal group, including discontinued operation, ownership percentage in disposed asset |
|
|
|
66.90%
|
| Spinoff | MSGE | Common Class A |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Number of shares received for every one common stock shares held on record date (in shares) | shares |
1
|
|
|
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.01
|
|
|
|
| Spinoff | MSGE | Common Class B |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Number of shares received for every one common stock shares held on record date (in shares) | shares |
1
|
|
|
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.01
|
|
|
|
| Spinoff | Sphere | Common Class A |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Common stock, par or stated value per share (in dollars per share) |
$ 0.01
|
|
|
|
| MSGE | Spinoff | MSG Stockholders |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Noncontrolling interest, ownership percentage by parent |
67.00%
|
|
|
|
| Noncontrolling interest, ownership percentage by noncontrolling owners |
33.00%
|
|
|
|
| Studio Campus |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Building, square footage (in square feet) | ft² |
|
68,000
|
|
|
| Big Dome |
|
|
|
|
| Conversion of Stock [Line Items] |
|
|
|
|
| Building, square footage (in square feet) | ft² |
|
28,000
|
|
|
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-Section S99
-Paragraph 1
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v3.23.3
Accounting Policies (Details) - USD ($)
$ in Thousands |
8 Months Ended |
|
|
|
Jun. 30, 2024 |
Oct. 02, 2023 |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Customer advances |
|
|
$ 123,100
|
|
| Cash and cash equivalents |
|
|
433,507
|
$ 131,965
|
| Restricted cash |
|
|
18,235
|
297,149
|
| Cash collateral for borrowed securities |
|
|
|
275,000
|
| Net |
|
|
1,207,250
|
|
| Secured Debt | MSG Networks | Forecast [Member] |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Non-cash repayment of the Delayed Draw Term Loan Facility |
$ 102,125
|
|
|
|
| MSG Networks Term Loan | Debt |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Carrying value |
|
|
932,250
|
$ 932,250
|
| MSG Networks Term Loan | Debt | Subsequent Event |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Net |
|
$ 911,625
|
|
|
| MSG Networks |
|
|
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
|
|
| Cash and cash equivalents |
|
|
$ 113,950
|
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v3.23.3
Discontinued Operations - Schedule of Disposed Income Discontinued Operations (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Income tax expense |
$ (294)
|
|
| Net (loss) income |
$ (647)
|
$ 2,260
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Revenues |
|
278,089
|
| Direct operating expenses |
|
(177,450)
|
| Selling, general and administrative expenses |
|
(70,810)
|
| Depreciation and amortization |
|
(23,622)
|
| Operating income |
|
6,207
|
| Interest income |
|
621
|
| Interest expense |
|
(2,167)
|
| Other income, net |
|
1,940
|
| Income from operations before income taxes |
|
6,601
|
| Income tax expense |
|
(4,341)
|
| Net (loss) income |
|
2,260
|
| Less: Net income attributable to redeemable noncontrolling interests |
|
1,124
|
| Less: Net loss attributable to nonredeemable noncontrolling interests |
|
(410)
|
| Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders |
|
1,546
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | MSGE |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Depreciation and amortization |
|
(15,986)
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Tao |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Depreciation and amortization |
|
(7,636)
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Operating segments | MSGE |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Revenues |
|
146,075
|
| Direct operating expenses |
|
(100,663)
|
| Selling, general and administrative expenses |
|
(28,729)
|
| Depreciation and amortization |
|
(15,986)
|
| Operating income |
|
697
|
| Interest income |
|
608
|
| Interest expense |
|
(1,025)
|
| Other income, net |
|
886
|
| Income from operations before income taxes |
|
1,166
|
| Income tax expense |
|
(2,936)
|
| Net (loss) income |
|
(1,770)
|
| Less: Net income attributable to redeemable noncontrolling interests |
|
0
|
| Less: Net loss attributable to nonredeemable noncontrolling interests |
|
(372)
|
| Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders |
|
(1,398)
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Operating segments | Tao |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Revenues |
|
132,576
|
| Direct operating expenses |
|
(77,163)
|
| Selling, general and administrative expenses |
|
(42,543)
|
| Depreciation and amortization |
|
(7,636)
|
| Operating income |
|
5,234
|
| Interest income |
|
13
|
| Interest expense |
|
(1,142)
|
| Other income, net |
|
1,054
|
| Income from operations before income taxes |
|
5,159
|
| Income tax expense |
|
(1,405)
|
| Net (loss) income |
|
3,754
|
| Less: Net income attributable to redeemable noncontrolling interests |
|
1,124
|
| Less: Net loss attributable to nonredeemable noncontrolling interests |
|
(38)
|
| Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders |
|
2,668
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Other |
|
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
|
|
| Revenues |
|
(562)
|
| Direct operating expenses |
|
376
|
| Selling, general and administrative expenses |
|
462
|
| Depreciation and amortization |
|
0
|
| Operating income |
|
276
|
| Interest income |
|
0
|
| Interest expense |
|
0
|
| Other income, net |
|
0
|
| Income from operations before income taxes |
|
276
|
| Income tax expense |
|
0
|
| Net (loss) income |
|
276
|
| Less: Net income attributable to redeemable noncontrolling interests |
|
0
|
| Less: Net loss attributable to nonredeemable noncontrolling interests |
|
0
|
| Net (loss) income from discontinued operations attributable to Sphere Entertainment Co.’s stockholders |
|
$ 276
|
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v3.23.3
Discontinued Operations - Schedule of Disposed Cash Flows (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Non-cash items included in net (loss) income: |
|
|
| Share-based compensation |
$ 4,883
|
$ 15,188
|
| Cash flows from investing activities: |
|
|
| Capital expenditures, net |
$ 164,950
|
270,088
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff |
|
|
| Non-cash items included in net (loss) income: |
|
|
| Depreciation and amortization |
|
23,622
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | MSGE |
|
|
| Non-cash items included in net (loss) income: |
|
|
| Depreciation and amortization |
|
15,986
|
| Share-based compensation |
|
1,646
|
| Cash flows from investing activities: |
|
|
| Capital expenditures, net |
|
4,855
|
| Discontinued Operations, Disposed of by Means Other than Sale, Spinoff | Tao |
|
|
| Non-cash items included in net (loss) income: |
|
|
| Depreciation and amortization |
|
7,636
|
| Share-based compensation |
|
2,052
|
| Cash flows from investing activities: |
|
|
| Capital expenditures, net |
|
$ 5,769
|
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v3.23.3
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v3.23.3
Revenue Recognition - Disaggregation of Revenue (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
$ 117,278
|
$ 122,479
|
| Revenues from subleases |
729
|
650
|
| Revenues |
118,007
|
123,129
|
| Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
7,050
|
0
|
| Revenues from subleases |
729
|
650
|
| Revenues |
7,779
|
650
|
| MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
110,228
|
122,479
|
| Revenues from subleases |
0
|
0
|
| Revenues |
110,228
|
122,479
|
| Sponsorship, signage, exosphere advertising and suite licenses |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,900
|
|
| Sponsorship, signage, exosphere advertising and suite licenses | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,900
|
|
| Sponsorship, signage, exosphere advertising and suite licenses | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
|
| Ticketing and venue license fee revenues |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,807
|
|
| Ticketing and venue license fee revenues | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,807
|
|
| Ticketing and venue license fee revenues | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
|
| Food, beverage and merchandise revenues |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
1,343
|
|
| Food, beverage and merchandise revenues | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
1,343
|
|
| Food, beverage and merchandise revenues | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
|
| Media networks revenues |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
110,228
|
122,479
|
| Media networks revenues | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
0
|
| Media networks revenues | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
110,228
|
122,479
|
| Transferred over Time | Event-related |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
4,059
|
|
| Transferred over Time | Event-related | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
4,059
|
|
| Transferred over Time | Event-related | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
|
| Transferred over Time | Sponsorship, signage, exosphere advertising and suite licenses |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,778
|
244
|
| Transferred over Time | Sponsorship, signage, exosphere advertising and suite licenses | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
2,560
|
0
|
| Transferred over Time | Sponsorship, signage, exosphere advertising and suite licenses | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
218
|
244
|
| Transferred over Time | Media related, primarily from affiliation agreements |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
109,795
|
121,812
|
| Transferred over Time | Media related, primarily from affiliation agreements | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
0
|
0
|
| Transferred over Time | Media related, primarily from affiliation agreements | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
109,795
|
121,812
|
| Transferred at Point in Time | Other |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
646
|
423
|
| Transferred at Point in Time | Other | Sphere | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
431
|
0
|
| Transferred at Point in Time | Other | MSG Networks | Operating segments |
|
|
| Disaggregation of Revenue [Line Items] |
|
|
| Revenue from contract with customer |
$ 215
|
$ 423
|
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v3.23.3
Revenue Recognition - Contract Balances (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Jun. 30, 2023 |
| Contract Assets and Liabilities [Line Items] |
|
|
| Contract with customer, deferred revenue, revenue recognized |
$ 1,470
|
|
| Receivables from contracts with customers, net |
|
|
| Contract Assets and Liabilities [Line Items] |
|
|
| Contracts with customers, assets, net |
114,247
|
$ 115,039
|
| Contract assets, current |
|
|
| Contract Assets and Liabilities [Line Items] |
|
|
| Contracts with customers, assets, net |
88
|
314
|
| Deferred revenue, including non-current portion |
|
|
| Contract Assets and Liabilities [Line Items] |
|
|
| Deferred revenue, including non-current portion |
70,904
|
27,397
|
| Affiliated Entities | Net related party receivables |
|
|
| Contract Assets and Liabilities [Line Items] |
|
|
| Contracts with customers, assets, net |
$ 0
|
$ 2,730
|
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v3.23.3
Revenue Recognition - Remaining Performance Obligation (Details)
$ in Thousands |
Sep. 30, 2023
USD ($)
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, remaining performance obligation, amount |
$ 84,141
|
| Revenue, remaining performance obligation, percentage |
76.00%
|
| Revenue, remaining performance obligation, expected timing of satisfaction, period |
2 years
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-10-01 |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
| Revenue, remaining performance obligation, percentage |
24.00%
|
| Revenue, remaining performance obligation, expected timing of satisfaction, period |
2 years
|
| X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
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v3.23.3
Investments in Nonconsolidated Affiliates - Schedule Without Readily Determinable Fair Values (Details)
€ in Thousands, $ in Thousands |
1 Months Ended |
|
|
|
|
Jan. 31, 2023
USD ($)
|
Sep. 30, 2023
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jan. 31, 2023
EUR (€)
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Investments |
|
$ 50,788
|
$ 394,519
|
|
| Equity Method Investments | SACO Technologies Inc. (“SACO”) |
|
|
|
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Ownership Percentage as of September 30, 2023 |
|
30.00%
|
|
|
| Investments |
|
$ 20,074
|
22,246
|
|
| Equity Method Investments | Holoplot Loan |
|
|
|
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Investments |
|
$ 20,576
|
20,971
|
|
| Financing receivable, term |
3 years
|
|
|
|
| Face amount |
$ 20,484
|
|
|
€ 18,804
|
| Equity Method Investments | Holoplot |
|
|
|
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Ownership Percentage as of September 30, 2023 |
|
25.00%
|
|
|
| Investments |
|
$ 1,417
|
$ 1,542
|
|
| Equity Method Investments | MSGE |
|
|
|
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Ownership Percentage as of September 30, 2023 |
|
0.00%
|
20.00%
|
|
| Investments |
|
$ 0
|
$ 341,039
|
|
| Equity investments without readily determinable fair values |
|
|
|
|
| Schedule of Investments [Line Items] |
|
|
|
|
| Investments |
|
$ 8,721
|
$ 8,721
|
|
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v3.23.3
Investments in Nonconsolidated Affiliates - Schedule With Readily Determinable Fair Values (Details) - USD ($)
shares in Thousands, $ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Debt and Equity Securities, FV-NI [Line Items] |
|
|
| Total realized and unrealized (loss) gain on equity investments |
$ (20,949)
|
$ 671
|
| Supplemental information on realized loss: |
|
|
| Cash proceeds from shares of MSG Entertainment Class A common stock sold |
0
|
3,819
|
| MSGE |
|
|
| Debt and Equity Securities, FV-NI [Line Items] |
|
|
| Unrealized gain |
0
|
1,969
|
| Realized loss from shares of MSG Entertainment Class A common stock sold |
(19,027)
|
0
|
| Total realized and unrealized (loss) gain on equity investments |
$ (19,027)
|
$ 1,969
|
| Supplemental information on realized loss: |
|
|
| Debt conversion, converted instrument, shares issued (in shares) |
1,923
|
0
|
| Shares of common stock sold (in shares) |
8,221
|
0
|
| Cash proceeds from shares of MSG Entertainment Class A common stock sold |
$ 256,501
|
$ 0
|
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|
v3.23.3
Property and Equipment, net - Schedule of Property and Equipment (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
$ 3,572,277
|
$ 3,394,989
|
| Less accumulated depreciation and amortization |
(101,136)
|
(87,828)
|
| Property and equipment, net |
3,471,141
|
3,307,161
|
| Land |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
77,617
|
80,878
|
| Buildings |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
2,300,506
|
69,049
|
| Equipment, furniture, and fixtures |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
1,090,194
|
159,786
|
| Leasehold improvements |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
18,491
|
18,491
|
| Construction in progress |
|
|
| Property, Plant and Equipment [Line Items] |
|
|
| Property and equipment |
$ 85,469
|
$ 3,066,785
|
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v3.23.3
Property and Equipment, net - Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Property, Plant and Equipment [Abstract] |
|
|
|
| Capital related accruals |
$ 224,788
|
|
$ 236,593
|
| Property, plant and equipment, transfers and changes |
3,130,028
|
|
|
| Depreciation and amortization expense on property and equipment |
$ 13,480
|
$ 5,354
|
|
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-Topic 220
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-Topic 852
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 350
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Commitments and Contingencies (Details)
$ in Thousands |
|
|
|
3 Months Ended |
|
|
|
Apr. 06, 2023
USD ($)
|
Mar. 14, 2023
USD ($)
|
Sep. 10, 2021
complaint
|
Sep. 30, 2023
USD ($)
complaint
|
Sep. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Sep. 27, 2021
complaint
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
| Contractual obligation |
|
|
|
|
|
$ 3,134,884
|
|
| Loss contingency, number of complaints filed | complaint |
|
|
|
15
|
|
|
|
| Loss contingency, remaining claims filed involving fiduciary breaches | complaint |
|
|
|
2
|
|
|
|
| Loss contingency, new claims filed, number | complaint |
|
|
2
|
|
|
|
|
| Gain on litigation settlement |
|
|
|
$ 62,647
|
$ 0
|
|
|
| Loss contingency, number of consolidated claims | complaint |
|
|
|
|
|
|
4
|
| MSGE Settlement Agreement | Settled Litigation |
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
| Litigation settlement, amount awarded from other party |
|
$ 85,000
|
|
|
|
|
|
| Gain on litigation settlement |
|
|
|
62,647
|
|
|
|
| MSGE Networks Term Sheet | Settled Litigation |
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
| Litigation settlement, amount awarded to other party |
|
|
|
48,500
|
|
|
|
| Payments for legal settlements |
|
|
|
28,000
|
|
|
|
| Loss contingency accrual |
|
|
|
$ 20,500
|
|
|
|
| MSGE Networks Term Sheet | Settled Litigation | MSG Network Insurers |
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
| Payments for legal settlements |
$ 20,500
|
|
|
|
|
|
|
| MSG Networks Inc. Merger |
|
|
|
|
|
|
|
| Loss Contingencies [Line Items] |
|
|
|
|
|
|
|
| Loss contingency, new claims filed with incomplete and misleading information | complaint |
|
|
|
9
|
|
|
|
| Loss contingency, new claims filed involving fiduciary breaches | complaint |
|
|
|
6
|
|
|
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
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v3.23.3
Credit Facilities - Debt Outstanding and Deferred Financing Costs (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Debt Instrument [Line Items] |
|
|
| Current portion of long-term debt |
$ 103,125
|
$ 82,500
|
| Net |
1,207,250
|
|
| Line of Credit | Secured Debt |
|
|
| Debt Instrument [Line Items] |
|
|
| Principal |
1,104,125
|
1,124,750
|
| Unamortized Deferred Financing Costs |
(5,790)
|
(6,363)
|
| Net |
1,098,335
|
1,118,387
|
| Line of Credit | MSG Networks Term Loan | Secured Debt |
|
|
| Debt Instrument [Line Items] |
|
|
| Current portion of long-term debt |
103,125
|
82,500
|
| Principal |
829,125
|
849,750
|
| Unamortized Deferred Financing Costs |
(1,185)
|
(1,483)
|
| Net |
827,940
|
848,267
|
| Line of Credit | LV Sphere Term Loan Facility | Secured Debt |
|
|
| Debt Instrument [Line Items] |
|
|
| Principal |
275,000
|
275,000
|
| Unamortized Deferred Financing Costs |
(4,605)
|
(4,880)
|
| Net |
$ 270,395
|
$ 270,120
|
| X |
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v3.23.3
Credit Facilities - MSG Networks - Narrative (Details) - USD ($)
|
Oct. 11, 2019 |
Sep. 30, 2023 |
| MSG Networks Credit Facilities | Measurement Input, Leverage Ratio | Incremental adjustment |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, measurement input |
|
6.00
|
| MSG Networks Credit Facilities | Minimum | Measurement Input, Interest Coverage Ratio |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, measurement input |
|
2.00
|
| MSG Networks Credit Facilities | Maximum | Measurement Input, Leverage Ratio |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, measurement input |
|
5.50
|
| MSG Networks Credit Facilities | Maximum | Measurement Input, Interest Coverage Ratio |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, measurement input |
|
2.50
|
| MSG Networks Credit Facilities | Maximum | Measurement Input, Leverage Coverage Ratio |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, measurement input |
|
5.27
|
| MSG Networks | MSG Networks Credit Facilities | Measurement Input, Default Rate |
|
|
| Debt Instrument [Line Items] |
|
|
| Debt instrument, interest rate, increase (decrease) |
2.00%
|
|
| MSG Networks | MSG Networks Credit Facilities | Minimum |
|
|
| Debt Instrument [Line Items] |
|
|
| Commitment fee percentage |
0.225%
|
|
| MSG Networks | MSG Networks Credit Facilities | Minimum | Base Rate |
|
|
| Debt Instrument [Line Items] |
|
|
| Basis spread on variable rate |
0.25%
|
|
| MSG Networks | MSG Networks Credit Facilities | Minimum | Secured Overnight Financing Rate (SOFR) |
|
|
| Debt Instrument [Line Items] |
|
|
| Basis spread on variable rate |
1.25%
|
|
| MSG Networks | MSG Networks Credit Facilities | Maximum |
|
|
| Debt Instrument [Line Items] |
|
|
| Commitment fee percentage |
0.30%
|
|
| MSG Networks | MSG Networks Credit Facilities | Maximum | Base Rate |
|
|
| Debt Instrument [Line Items] |
|
|
| Basis spread on variable rate |
1.25%
|
|
| MSG Networks | MSG Networks Credit Facilities | Maximum | Secured Overnight Financing Rate (SOFR) |
|
|
| Debt Instrument [Line Items] |
|
|
| Basis spread on variable rate |
2.25%
|
|
| MSG Networks | Revolving Credit Facility | MSG Networks Credit Facilities |
|
|
| Debt Instrument [Line Items] |
|
|
| Long-term debt, term |
5 years
|
|
| Principal |
|
$ 0
|
| MSG Networks | Revolving Credit Facility | MSG Networks Term Loan |
|
|
| Debt Instrument [Line Items] |
|
|
| Letters of credit outstanding, amount |
$ 35,000,000
|
|
| Secured Debt |
|
|
| Debt Instrument [Line Items] |
|
|
| Face amount |
1,100,000,000
|
|
| Secured Debt | MSG Networks |
|
|
| Debt Instrument [Line Items] |
|
|
| Long-term debt, percentage bearing variable interest rate, percentage rate |
|
7.42%
|
| Revolving Credit Facility | MSG Networks |
|
|
| Debt Instrument [Line Items] |
|
|
| Face amount |
$ 250,000,000
|
|
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v3.23.3
Credit Facilities - LV Sphere - Narrative (Details)
$ in Thousands |
Dec. 22, 2022
USD ($)
|
Oct. 11, 2019
USD ($)
|
Sep. 30, 2023 |
| LV Sphere | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Interest rate |
|
|
9.80%
|
| Debt instrument, covenant, held in cash |
$ 75,000
|
|
|
| LV Sphere | Minimum Liquidity Step-Down | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, covenant, held in cash |
$ 25,000
|
|
|
| LV Sphere | Measurement Input, Historical Debt Service Coverage Ratio | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, measurement input |
1.35
|
|
|
| LV Sphere | Measurement Input, Prospective Debt Service Coverage Ratio | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, measurement input |
1.35
|
|
|
| LV Sphere | Minimum | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt covenant, minimum consolidated liquidity |
$ 100,000
|
|
|
| LV Sphere | Minimum | Minimum Liquidity Step-Down | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt covenant, minimum consolidated liquidity |
$ 50,000
|
|
|
| LV Sphere | Minimum | Measurement Input, Historical Debt Service Coverage Ratio | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, contingent measurement input |
1.50
|
|
|
| LV Sphere | Minimum | Measurement Input, Prospective Debt Service Coverage Ratio | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument, contingent measurement input |
1.50
|
|
|
| LV Sphere | Base Rate | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate |
3.375%
|
|
|
| LV Sphere | Secured Overnight Financing Rate (SOFR) | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Basis spread on variable rate |
0.10%
|
0.10%
|
|
| Debt instrument, interest rate, increase (decrease) |
4.375%
|
|
|
| Secured Debt |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Face amount |
|
$ 1,100,000
|
|
| Secured Debt | LV Sphere | Subsidiaries |
|
|
|
| Debt Instrument [Line Items] |
|
|
|
| Debt instrument term |
5 years
|
|
|
| Face amount |
$ 275,000
|
|
|
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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v3.23.3
Credit Facilities - Delayed Draw Term Loan Facility - Narrative (Details) - DDTL Facility - USD ($)
shares in Thousands, $ in Thousands |
Aug. 09, 2023 |
Apr. 20, 2023 |
Jul. 14, 2023 |
| Sphere | MSG Entertainment | Common Class A |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Debt conversion, converted instrument, shares issued (in shares) |
1,923
|
|
|
| Line of Credit | Sphere | Secured Debt | MSG Entertainment Holdings |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Loans receivable, maximum borrowing amount |
|
$ 65,000
|
|
| Unsecured Debt |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Debt instrument term |
|
18 months
|
|
| Face amount |
|
|
$ 65,000
|
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/exampleRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Credit Facilities - Schedule of Interest, Carrying Value, and Fair Value (Details) - USD ($)
$ in Thousands |
3 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Secured Debt | Line of Credit |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Unamortized deferred financing costs |
$ (5,790)
|
|
$ (6,363)
|
| MSG Networks Term Loan | Secured Debt | Line of Credit |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Unamortized deferred financing costs |
(1,185)
|
|
(1,483)
|
| MSG Networks Term Loan | Debt |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Carrying Value |
932,250
|
|
932,250
|
| Fair Value |
927,589
|
|
927,589
|
| MSG Networks Term Loan | MSG Networks |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Interest Payments |
17,500
|
$ 9,596
|
|
| Loan Principal Repayments |
0
|
12,375
|
|
| LV Sphere | Debt |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Carrying Value |
275,000
|
|
275,000
|
| Fair Value |
273,625
|
|
272,250
|
| LV Sphere | LV Sphere |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Interest Payments |
6,745
|
0
|
|
| Loan Principal Repayments |
0
|
0
|
|
| MSG Networks and LV Sphere |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Interest Payments |
24,705
|
9,596
|
|
| Loan Principal Repayments |
65,000
|
12,375
|
|
| Total long-term debt, carrying value |
1,207,250
|
|
1,207,250
|
| Total long-term debt, fair value |
1,201,214
|
|
$ 1,199,839
|
| DDTL Facility |
|
|
|
| Line of Credit Facility [Line Items] |
|
|
|
| Interest Payments |
460
|
0
|
|
| Loan Principal Repayments |
$ 65,000
|
$ 0
|
|
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section S99
-Paragraph 1
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v3.23.3
Share-based Compensation, Restricted Stock Units Activity (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
| Share-based compensation capitalized in property and equipment |
$ 906
|
$ 910
|
| Payment, tax withholding, share-based payment arrangement |
14,146
|
13,967
|
| Performance Stock Units and Restricted Stock Units |
|
|
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] |
|
|
| Share-based compensation |
4,883
|
11,490
|
| Vested in period, fair value |
30,153
|
32,132
|
| Share-based compensation capitalized in property and equipment |
906
|
910
|
| Payment, tax withholding, share-based payment arrangement |
$ 13,976
|
$ 14,517
|
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v3.23.3
Stockholders' Equity - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2020 |
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
| Preferred stock, shares authorized (in shares) |
15,000,000
|
15,000,000
|
|
| Preferred stock, par or stated value per share (in shares) |
$ 0.01
|
$ 0.01
|
|
| Preferred stock, shares outstanding (in shares) |
0
|
0
|
|
| Common Class A |
|
|
|
| Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
| Stock repurchase program, authorized amount |
|
|
$ 350,000
|
| X |
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v3.23.3
Stockholders' Equity - Schedule of Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at the beginning of the period |
$ 2,583,865
|
$ 1,975,384
|
| Other comprehensive loss, net of income taxes |
(6,045)
|
(12,626)
|
| Balance at the end of the period |
2,635,888
|
1,918,726
|
| Pension Plans and Postretirement Plan |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at the beginning of the period |
(5,138)
|
(40,287)
|
| Other comprehensive loss: |
0
|
0
|
| Amounts reclassified from accumulated other comprehensive loss |
(241)
|
510
|
| Income tax benefit |
63
|
(10)
|
| Other comprehensive loss, net of income taxes |
(178)
|
500
|
| Balance at the end of the period |
(5,316)
|
(39,787)
|
| Cumulative Translation Adjustments |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at the beginning of the period |
200
|
(8,068)
|
| Other comprehensive loss: |
(7,919)
|
(16,080)
|
| Amounts reclassified from accumulated other comprehensive loss |
0
|
0
|
| Income tax benefit |
2,052
|
2,954
|
| Other comprehensive loss, net of income taxes |
(5,867)
|
(13,126)
|
| Balance at the end of the period |
(5,667)
|
(21,194)
|
| Accumulated Other Comprehensive Loss |
|
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] |
|
|
| Balance at the beginning of the period |
(4,938)
|
(48,355)
|
| Other comprehensive loss: |
(7,919)
|
(16,080)
|
| Amounts reclassified from accumulated other comprehensive loss |
(241)
|
510
|
| Income tax benefit |
2,115
|
2,944
|
| Other comprehensive loss, net of income taxes |
(6,045)
|
(12,626)
|
| Balance at the end of the period |
$ (10,983)
|
$ (60,981)
|
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v3.23.3
Related Party Transactions - Additional Information (Details) - USD ($)
$ in Thousands |
3 Months Ended |
12 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Jun. 30, 2023 |
| Related Party Transaction [Line Items] |
|
|
|
| Capital expenditures incurred but not yet paid |
$ 122,393
|
$ 35,986
|
|
| Related Party |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Capital expenditures in connection with services provided |
5,668
|
$ 50,670
|
|
| Capital expenditures incurred but not yet paid |
$ 16,084
|
|
$ 13,412
|
| Dolan Family Group |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Common stock exercisable term |
60 days
|
|
|
| 605 LLC | Audience Measurement And Data Analytics Services |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Miscellaneous expenses with related party |
$ 1,000
|
|
|
| Dolan Family Group |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Noncontrolling interest, ownership percentage by parent |
72.10%
|
|
|
| Dolan Family Group | Common Class B |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Noncontrolling interest, ownership percentage by parent |
100.00%
|
|
|
| Dolan Family Group | Common Class A |
|
|
|
| Related Party Transaction [Line Items] |
|
|
|
| Noncontrolling interest, ownership percentage by parent |
5.60%
|
|
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v3.23.3
Related Party Transactions - Schedule of Transactions by Type (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Related Party Transaction [Line Items] |
|
|
| Revenues |
$ 118,007
|
$ 123,129
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
(1,497)
|
(2,000)
|
| Restructuring charges |
3,391
|
0
|
| Related Party |
|
|
| Related Party Transaction [Line Items] |
|
|
| Revenues |
390
|
0
|
| Operating expenses (credits): |
|
|
| Operating loss |
76,323
|
34,471
|
| Direct operating expenses |
46,078
|
44,248
|
| Selling, general and administrative expenses |
30,245
|
9,777
|
| Related Party | Media rights fees |
|
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
44,185
|
42,767
|
| Related Party | Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement (a) |
|
|
| Operating expenses (credits): |
|
|
| Restructuring charges |
2,805
|
|
| Related Party | Origination, master control and technical services |
|
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
1,257
|
1,232
|
| Related Party | Other operating expenses, net |
|
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
544
|
(11)
|
| MSG Sports | Cost reimbursement from MSG Sports - MSG Sports Services Agreement |
|
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
0
|
(9,517)
|
| MSG Entertainment | Corporate general and administrative expenses, net - MSG Entertainment Transition Services Agreement (a) |
|
|
| Operating expenses (credits): |
|
|
| Related party costs and expenses |
$ 30,337
|
$ 0
|
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 22: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 23: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479557/942-235-S99-1
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| X |
- DefinitionThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
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v3.23.3
| X |
- DefinitionNumber of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-18
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v3.23.3
Segment Information - Schedule of Segment Reporting (Details) - USD ($)
$ in Thousands |
3 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
|
$ 118,007
|
$ 123,129
|
| Depreciation and amortization |
|
(14,259)
|
(29,755)
|
| Other gains, net |
|
1,497
|
2,000
|
| Restructuring charges |
|
(3,391)
|
0
|
| Other income, net |
|
42,196
|
(415)
|
| Add back: |
|
|
|
| Share-based compensation |
|
4,883
|
15,188
|
| Depreciation and amortization |
|
14,259
|
29,755
|
| Restructuring charges |
|
3,391
|
0
|
| Remeasurement of deferred compensation plan liabilities |
|
|
(154)
|
| Continuing Operations |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
[1] |
118,007
|
123,129
|
| Direct operating expenses |
[1] |
(84,499)
|
(75,420)
|
| Selling, general and administrative expenses |
[1] |
(87,144)
|
(94,631)
|
| Depreciation and amortization |
|
(14,259)
|
(6,133)
|
| Other gains, net |
|
1,497
|
2,000
|
| Restructuring charges |
|
(3,391)
|
0
|
| Operating (loss) income |
|
(69,789)
|
(51,055)
|
| Interest income |
|
4,378
|
3,333
|
| Other income, net |
|
42,196
|
(415)
|
| Loss from continuing operations before income taxes |
|
(23,215)
|
(48,137)
|
| Reconciliation of operating (loss) income to adjusted operating (loss) income: |
|
|
|
| Operating (loss) income |
|
(69,789)
|
(51,055)
|
| Add back: |
|
|
|
| Share-based compensation |
|
4,883
|
11,490
|
| Depreciation and amortization |
|
14,259
|
6,133
|
| Restructuring charges |
|
3,391
|
0
|
| Merger and acquisition related costs, net of insurance recoveries |
|
(9,043)
|
4,650
|
| Amortization for capitalized cloud computing arrangement costs |
|
22
|
121
|
| Remeasurement of deferred compensation plan liabilities |
|
(107)
|
|
| Adjusted operating (loss) income |
|
(57,881)
|
(30,815)
|
| Other information: |
|
|
|
| Capital expenditures |
|
184,571
|
261,466
|
| Operating segments | Sphere |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
|
7,779
|
650
|
| Operating segments | Sphere | Continuing Operations |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
|
7,779
|
650
|
| Direct operating expenses |
|
(7,805)
|
0
|
| Selling, general and administrative expenses |
|
(84,150)
|
(77,191)
|
| Depreciation and amortization |
|
(12,377)
|
(4,515)
|
| Other gains, net |
|
1,497
|
2,000
|
| Restructuring charges |
|
(3,391)
|
|
| Operating (loss) income |
|
(98,447)
|
(79,056)
|
| Reconciliation of operating (loss) income to adjusted operating (loss) income: |
|
|
|
| Operating (loss) income |
|
(98,447)
|
(79,056)
|
| Add back: |
|
|
|
| Share-based compensation |
|
3,919
|
9,786
|
| Depreciation and amortization |
|
12,377
|
4,515
|
| Restructuring charges |
|
3,391
|
|
| Merger and acquisition related costs, net of insurance recoveries |
|
(2,702)
|
2,749
|
| Amortization for capitalized cloud computing arrangement costs |
|
0
|
77
|
| Remeasurement of deferred compensation plan liabilities |
|
(107)
|
|
| Adjusted operating (loss) income |
|
(83,066)
|
(64,083)
|
| Other information: |
|
|
|
| Capital expenditures |
|
183,163
|
260,239
|
| Operating segments | MSG Networks |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
|
110,228
|
122,479
|
| Add back: |
|
|
|
| Remeasurement of deferred compensation plan liabilities |
|
|
0
|
| Operating segments | MSG Networks | Continuing Operations |
|
|
|
| Segment Reporting Information [Line Items] |
|
|
|
| Revenues |
|
110,228
|
122,479
|
| Direct operating expenses |
|
(76,694)
|
(75,420)
|
| Selling, general and administrative expenses |
|
(2,994)
|
(17,440)
|
| Depreciation and amortization |
|
(1,882)
|
(1,618)
|
| Other gains, net |
|
0
|
0
|
| Restructuring charges |
|
0
|
|
| Operating (loss) income |
|
28,658
|
28,001
|
| Reconciliation of operating (loss) income to adjusted operating (loss) income: |
|
|
|
| Operating (loss) income |
|
28,658
|
28,001
|
| Add back: |
|
|
|
| Share-based compensation |
|
964
|
1,704
|
| Depreciation and amortization |
|
1,882
|
1,618
|
| Restructuring charges |
|
0
|
|
| Merger and acquisition related costs, net of insurance recoveries |
|
(6,341)
|
1,901
|
| Amortization for capitalized cloud computing arrangement costs |
|
22
|
44
|
| Remeasurement of deferred compensation plan liabilities |
|
0
|
|
| Adjusted operating (loss) income |
|
25,185
|
33,268
|
| Other information: |
|
|
|
| Capital expenditures |
|
$ 1,408
|
1,227
|
| Operating segments | MSGE |
|
|
|
| Add back: |
|
|
|
| Remeasurement of deferred compensation plan liabilities |
|
|
$ (154)
|
|
|
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| X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 28
-Subparagraph (b)
-SubTopic 10
-Topic 230
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
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| X |
- DefinitionThe aggregate direct operating costs incurred during the reporting period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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| X |
- DefinitionAmount of amortization expense for capitalized implementation cost from hosting arrangement that is service contract. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 360
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-SubTopic 40
-Topic 350
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482558/350-40-50-3
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| X |
- DefinitionThe net amount of operating interest income (expense). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04.10)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
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| X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
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| X |
- DefinitionAmount of income (expense) related to nonoperating activities, classified as other. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.9)
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-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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| X |
- DefinitionThe net amount of other operating income and expenses, the components of which are not separately disclosed on the income statement, from items that are associated with the entity's normal revenue producing operations.
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| X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
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-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 420
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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| X |
- DefinitionAmount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 42
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 22
-Subparagraph (a)
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.3
Segment Information - Schedule of Concentration Risk (Details) - Customer Concentration Risk
|
|
|
3 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2023 |
Sep. 30, 2022 |
| Accounts Receivable | Customer A |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
22.00%
|
23.00%
|
|
|
| Accounts Receivable | Customer B |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
21.00%
|
22.00%
|
|
|
| Accounts Receivable | Customer C |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
17.00%
|
17.00%
|
|
|
| Revenue Benchmark | Customer 1 |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
|
|
30.00%
|
31.00%
|
| Revenue Benchmark | Customer 2 |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
|
|
30.00%
|
31.00%
|
| Revenue Benchmark | Customer 3 |
|
|
|
|
| Revenue, Major Customer [Line Items] |
|
|
|
|
| Concentration risk, percentage |
|
|
24.00%
|
26.00%
|
| X |
- DefinitionFor an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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v3.23.3
Additional Financial Information - Schedule of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Cash and Cash Equivalents [Line Items] |
|
|
| Cash and cash equivalents |
$ 433,507
|
$ 131,965
|
| Restricted cash |
18,235
|
297,149
|
| Total cash, cash equivalents and restricted cash |
451,742
|
429,114
|
| Continuing Operations |
|
|
| Cash and Cash Equivalents [Line Items] |
|
|
| Cash and cash equivalents |
433,507
|
131,965
|
| Restricted cash |
18,235
|
297,149
|
| Total cash, cash equivalents and restricted cash |
$ 451,742
|
$ 429,114
|
| X |
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v3.23.3
Additional Financial Information - Schedule of Current Assets (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Additional Financial Information [Abstract] |
|
|
| Prepaid expenses |
$ 18,812
|
$ 22,616
|
| Note and other receivables |
28,441
|
21,453
|
| Inventory |
2,388
|
0
|
| Current deferred production costs |
11,624
|
6,524
|
| Other |
4,990
|
5,492
|
| Total prepaid expenses and other current assets |
$ 66,255
|
$ 56,085
|
| X |
- DefinitionAmount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
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-Section 45
-Paragraph 3
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
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-SubTopic 10
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-Section S99
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v3.23.3
Additional Financial Information - Schedule of Current Liabilities (Details) - USD ($)
$ in Thousands |
Sep. 30, 2023 |
Jun. 30, 2023 |
| Additional Financial Information [Abstract] |
|
|
| Accounts payable |
$ 19,319
|
$ 39,654
|
| Accrued payroll and employee related liabilities |
42,809
|
75,579
|
| Cash due to promoters |
71,059
|
73,611
|
| Capital related accruals |
224,788
|
236,593
|
| Accrued legal fees |
24,679
|
53,857
|
| Other accrued expenses |
45,437
|
36,437
|
| Total accounts payable, accrued and other current liabilities |
$ 428,091
|
$ 515,731
|
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v3.23.3
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v3.23.3
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