The Madison Square Garden Company (NYSE: MSG) today reported
financial results for the fiscal second quarter ended
December 31, 2019.
For the fiscal 2020 second quarter, the Company
generated revenues of $628.8 million, a decrease of 1% as compared
to the prior year quarter. The Company also generated
operating income of $80.8 million, an increase of 3%, and adjusted
operating income of $126.9 million, a decrease of 3%, both as
compared to the prior year quarter.(1)(2) This primarily
reflects growth at both the MSG Sports and MSG Entertainment
segments, offset by higher expenses in Corporate and Other, mainly
the result of the MSG Sphere initiative and the proposed spin-off
of the Company's Entertainment business, partially offset by a
decrease in employee compensation and related benefits in
Corporate.
Executive Chairman and CEO James L. Dolan said,
“We are making significant progress in readying our Company for its
next chapter as the proposed spin-off of our Entertainment business
nears completion and MSG Sphere in Las Vegas continues to take
shape. We remain confident that the execution of these
strategic priorities, coupled with the ongoing strength of our
underlying businesses, will set the stage for continued growth and
long-term value creation for our shareholders.”
Results from OperationsSegment results for the
quarters ended December 31, 2019 and 2018 are as follows:
| |
Revenues |
OperatingIncome (Loss) |
Adjusted Operating Income
(Loss) |
| $ millions |
F’Q2 2020 |
F’Q2 2019 |
%Change |
F’Q2 2020 |
F’Q2 2019 |
% Change |
F’Q2 2020 |
F’Q2 2019 |
% Change |
|
MSG Entertainment |
$ |
312.7 |
|
$ |
316.5 |
|
(1)% |
$ |
95.5 |
|
$ |
93.3 |
|
2% |
$ |
103.6 |
|
$ |
101.0 |
|
3% |
|
MSG Sports |
|
316.5 |
|
|
315.8 |
|
—% |
|
49.2 |
|
|
41.8 |
|
18% |
|
55.3 |
|
|
48.6 |
|
14% |
|
Corporate and Other (3) |
|
(0.4 |
) |
|
(0.2 |
) |
NM |
|
(59.6 |
) |
|
(49.6 |
) |
(20)% |
|
(31.9 |
) |
|
(19.2 |
) |
(66)% |
|
Purchase accounting adjustments |
|
— |
|
|
— |
|
NM |
|
(4.3 |
) |
|
(7.2 |
) |
40% |
|
— |
|
|
— |
|
NM |
|
Total Company |
$ |
628.8 |
|
$ |
632.2 |
|
(1)% |
$ |
80.8 |
|
$ |
78.3 |
|
3% |
$ |
126.9 |
|
$ |
130.4 |
|
(3)% |
Note: Does not foot due to rounding
- See page 4 of this earnings release for the definition of
adjusted operating income (loss) included in the discussion of
non-GAAP financial measures.
- The Company records Tao Group Hospitality’s operating results
in its consolidated statements of operations on a three-month lag
basis.
- Corporate and Other primarily consists of i) unallocated
corporate general and administrative costs, including professional
fees for initiatives such as the Company's proposed spin-off of its
Entertainment business; ii) unallocated venue-related depreciation
and amortization expense; iii) MSG Sphere personnel, content
development and technology costs; and iv) inter-segment
eliminations.
MSG Entertainment
For the fiscal 2020 second quarter, MSG
Entertainment revenues of $312.7 million decreased 1%, as compared
to the prior year period. This primarily reflects lower
event-related revenues from concerts, as well as the impact of the
wind-down of Obscura Digital's third-party production business and
the expiration of the booking agreement with the Wang
Theatre. These decreases were mostly offset by higher
event-related revenues from other events, higher revenues at Tao
Group Hospitality and an increase in revenues for the Christmas
Spectacular Starring the Radio City Rockettes production.
Fiscal 2020 second quarter operating income
increased by $2.3 million to $95.5 million and adjusted operating
income increased by $2.5 million to $103.6 million, both as
compared to the prior year period. This primarily reflects
lower direct operating expenses and selling, general and
administrative expenses, partially offset by the decrease in
revenues and, for operating income, by an increase in depreciation
and amortization. The decrease in direct operating expenses
was primarily due to lower concert-related expenses and lower
Obscura Digital costs, partially offset by higher event-related
expenses from other live events and higher Tao Group Hospitality
costs. The decrease in selling, general and administrative
expenses was primarily due to the absence of pre-opening venue
expenses that were recorded in the prior year quarter and lower
costs related to Obscura Digital, partially offset by higher
employee compensation and related benefits.
MSG Sports
For the fiscal 2020 second quarter, MSG Sports
revenues of $316.5 million increased less than 1% as compared to
the prior year period. This reflects higher league
distributions and local media rights fees from MSG Networks Inc.,
along with other net revenue increases, mostly offset by lower
revenues from other live sporting events and a decrease in
sponsorship and signage revenue.
Fiscal 2020 second quarter operating income
increased by $7.3 million to $49.2 million and adjusted operating
income increased by $6.7 million to $55.3 million, both as compared
to the prior year period. This primarily reflects lower
direct operating expenses, partially offset by higher selling,
general and administrative expenses. The decrease in direct
operating expenses was primarily due to a $23.1 million decrease in
net provisions for certain team personnel transactions, partially
offset by higher team compensation, revenue sharing and luxury tax
expense, and other team operating expenses. The increase in
selling, general and administrative expenses was primarily due to
higher employee compensation and related benefits.
Corporate and Other
For the fiscal 2020 second quarter, Corporate
and Other’s operating loss of $59.6 million and adjusted operating
loss of $31.9 million increased by $9.9 million and $12.7 million,
respectively, both as compared with the prior year period.
The increased loss reflects higher expenses related to the MSG
Sphere initiative, which include increases in personnel, content
development and technology costs, as well as expenses related to
the proposed spin-off the Company's Entertainment business,
partially offset by a decrease in employee compensation and related
benefits in Corporate.
MSG Sphere at The Venetian
The Company has made significant
progress on MSG Sphere at The Venetian, its state-of-the-art
entertainment venue currently under construction in Las Vegas.
The Company expects the venue to have a number
of significant revenue streams, including a wide variety of content
such as attractions, concert residencies, corporate and select
sporting events, as well as sponsorship and premium hospitality
opportunities. As a result, the Company anticipates that,
after opening, MSG Sphere at The Venetian will generate substantial
revenue and adjusted operating income on an annual basis.
For the past six months, the Company has
conducted an extensive amount of work on examining the underlying
assumptions for both the venue's construction and design.
During that process, the Company identified significant savings
relative to its general contractor's initial benchmark estimate for
hard construction costs, while further developing the venue’s
design and making important enhancements, including to the
immersive technologies. While these design changes expanded
the overall scope of work and required the Company to reinvest a
portion of the identified cost savings, the Company believes the
changes will greatly improve the venue, along with the overall
guest experience. This substantial progress has also
significantly advanced the project -- which has moved from the
schematic design phase to detailed construction drawings --
providing a better foundation for estimating costs.
As a result, the Company's current cost estimate
for building MSG Sphere at The Venetian, inclusive of core
technology and soft costs, is approximately $1.66 billion.
This cost estimate is net of $75 million Las Vegas Sands Corp. has
agreed to pay to defray certain construction costs and also
excludes significant capitalized and non-capitalized costs for
items such as content creation, internal labor costs, and furniture
and equipment. Relative to the Company's current cost
estimate, actual construction costs for MSG Sphere at The Venetian
incurred through December 31, 2019 were approximately $248 million,
which is net of $37.5 million received from Las Vegas Sand Corp. in
September 2019. MSG's goal is to open MSG Sphere at The
Venetian in calendar year 2021.
While the Company plans to self-fund the
construction of MSG Sphere at The Venetian, the Company's intention
for any future venues is to explore other
options, including non-recourse debt financing, joint ventures,
equity partners, and a managed venue model.
About The Madison Square Garden
CompanyThe Madison Square Garden Company (MSG) is a world
leader in live sports and entertainment experiences. The
company presents or hosts a broad array of premier events in its
diverse collection of iconic venues: New York’s Madison Square
Garden, Hulu Theater at Madison Square Garden, Radio City Music
Hall and Beacon Theatre; the Forum in Inglewood, CA; and The
Chicago Theatre. Other MSG properties include legendary
sports franchises: the New York Knicks (NBA) and the New York
Rangers (NHL); two development league teams - the Westchester
Knicks (NBAGL) and the Hartford Wolf Pack (AHL); and esports teams
through Counter Logic Gaming, a leading North American esports
organization, and Knicks Gaming, MSG’s NBA 2K League franchise.
In addition, the Company features the popular original
production - the Christmas Spectacular Starring the Radio
City Rockettes - and through Boston Calling Events, produces New
England’s preeminent Boston Calling Music Festival. Also
under the MSG umbrella is Tao Group Hospitality, a world-class
hospitality group with globally-recognized entertainment, dining
and nightlife brands including Tao, Marquee, Lavo, Avenue, Beauty
& Essex and Cathédrale. More information is available
at www.themadisonsquaregardencompany.com.
Non-GAAP Financial MeasuresWe
define adjusted operating income (loss), which is a non-GAAP
financial measure, as operating income (loss) before 1)
depreciation, amortization and impairments of property and
equipment and intangible assets, 2) share-based compensation
expense or benefit, 3) restructuring charges or credits, 4) gains
or losses on sales or dispositions of businesses and 5) the impact
of purchase accounting adjustments related to business
acquisitions. Because it is based upon operating income
(loss), adjusted operating income (loss) also excludes interest
expense (including cash interest expense) and other non-operating
income and expense items. We believe that the exclusion of
share-based compensation expense or benefit allows investors to
better track the performance of the various operating units of our
business without regard to the settlement of an obligation that is
not expected to be made in cash.
We believe adjusted operating income (loss) are
appropriate measures for evaluating the operating performance of
our 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 our performance.
Internally, we use revenues and adjusted operating income (loss) as
the most important indicators of our business performance, and
evaluate 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 U.S. generally accepted accounting principles
(“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. For a reconciliation of operating income (loss) to
adjusted operating income (loss), please see page 6 of this
release.
Forward-Looking StatementsThis
press release may contain statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties,
and that actual results, developments and events may differ
materially from those in the forward-looking statements as a result
of various factors, including financial community and rating agency
perceptions of the Company and its business, operations, financial
condition and the industry in which it operates and the factors
described in the Company’s filings with the Securities and Exchange
Commission, including the sections titled “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” contained therein. The Company disclaims any
obligation to update any forward-looking statements contained
herein.
Contacts:
| Kimberly KernsEVP and Chief
Communications OfficerThe Madison Square Garden Company(212)
465-6442 |
Ari Danes, CFASenior Vice
President, Investor Relations & TreasuryThe Madison Square
Garden Company(212) 465-6072 |
Conference Call Information:The conference call
will be Webcast live today at 8:30 a.m. ET at
www.themadisonsquaregardencompany.comConference call dial-in number
is 877-347-9170 / Conference ID Number 7899450Conference call
replay number is 855-859-2056 / Conference ID Number 7899450 until
February 14, 2020
CONSOLIDATED STATEMENTS OF
OPERATIONS(In thousands, except per share
data)(Unaudited)
| |
Three Months Ended |
|
Six Months Ended |
| |
December 31, |
|
December 31, |
| |
2019 |
|
2018 |
|
2019 |
|
2018 |
| Revenues |
$ |
628,805 |
|
|
$ |
632,187 |
|
|
$ |
843,587 |
|
|
$ |
850,322 |
|
| Direct operating expenses |
371,338 |
|
|
386,809 |
|
|
503,802 |
|
|
510,718 |
|
| Selling, general and
administrative expenses |
148,414 |
|
|
136,935 |
|
|
291,059 |
|
|
252,256 |
|
| Depreciation and
amortization |
28,211 |
|
|
30,166 |
|
|
57,202 |
|
|
59,856 |
|
| Operating income (loss) |
80,842 |
|
|
78,277 |
|
|
(8,476 |
) |
|
27,492 |
|
| Other income (expense): |
|
|
|
|
|
|
|
|
Earnings (loss) in equity method investments |
(1,170 |
) |
|
9,487 |
|
|
(2,643 |
) |
|
20,012 |
|
|
Interest income |
6,269 |
|
|
6,899 |
|
|
13,585 |
|
|
14,073 |
|
|
Interest expense |
(1,715 |
) |
|
(5,176 |
) |
|
(3,556 |
) |
|
(9,209 |
) |
|
Miscellaneous income (expense), net |
9,299 |
|
|
(12,863 |
) |
|
14,377 |
|
|
(9,096 |
) |
| Income from operations before
income taxes |
93,525 |
|
|
76,624 |
|
|
13,287 |
|
|
43,272 |
|
| Income tax expense |
(1,176 |
) |
|
(656 |
) |
|
(1,604 |
) |
|
(1,352 |
) |
| Net income |
92,349 |
|
|
75,968 |
|
|
11,683 |
|
|
41,920 |
|
|
Less: Net loss attributable to redeemable noncontrolling
interests |
(1,241 |
) |
|
(3,142 |
) |
|
(1,404 |
) |
|
(3,655 |
) |
|
Less: Net loss attributable to nonredeemable noncontrolling
interests |
(551 |
) |
|
(2,489 |
) |
|
(1,073 |
) |
|
(3,812 |
) |
| Net income attributable to The
Madison Square Garden Company’s stockholders |
$ |
94,141 |
|
|
$ |
81,599 |
|
|
$ |
14,160 |
|
|
$ |
49,387 |
|
| Basic earnings per common
share attributable to The Madison Square Garden Company’s
stockholders |
$ |
3.94 |
|
|
$ |
3.43 |
|
|
$ |
0.59 |
|
|
$ |
2.08 |
|
| Diluted earnings per common
share attributable to The Madison Square Garden Company’s
stockholders |
$ |
3.93 |
|
|
$ |
3.42 |
|
|
$ |
0.59 |
|
|
$ |
2.07 |
|
| Basic weighted-average number
of common shares outstanding |
23,913 |
|
|
23,777 |
|
|
23,870 |
|
|
23,742 |
|
| Diluted weighted-average
number of common shares outstanding |
23,979 |
|
|
23,840 |
|
|
23,977 |
|
|
23,860 |
|
ADJUSTMENTS TO RECONCILE OPERATING INCOME
(LOSS) TOADJUSTED OPERATING INCOME
(LOSS)
The following is a description of the adjustments to operating
income (loss) in arriving at adjusted operating income (loss) as
described in this earnings release:
- Share-based compensation. This adjustment eliminates the
compensation expense relating to restricted stock units and stock
options granted under our employee stock plan and non-employee
director plan in all periods.
- Depreciation and amortization. This adjustment eliminates
depreciation, amortization and impairments of property and
equipment and intangible assets in all periods.
- Purchase accounting adjustments. This adjustment eliminates the
impact of various purchase accounting adjustments related to
business acquisitions, primarily favorable / unfavorable lease
agreements of the acquiree.
| |
Three Months Ended |
Six Months Ended |
| |
December 31, |
|
December 31, |
| |
|
2019 |
|
2018 |
|
2019 |
|
2018 |
| Operating income (loss) |
|
$ |
80,842 |
|
|
$ |
78,277 |
|
|
$ |
(8,476 |
) |
|
$ |
27,492 |
|
| Share-based compensation |
|
16,694 |
|
|
20,215 |
|
|
33,585 |
|
|
30,404 |
|
| Depreciation and amortization
(1) |
|
28,211 |
|
|
30,166 |
|
|
57,202 |
|
|
59,856 |
|
| Other purchase accounting
adjustments |
|
1,164 |
|
|
1,735 |
|
|
3,496 |
|
|
2,748 |
|
|
Adjusted operating income |
|
$ |
126,911 |
|
|
$ |
130,393 |
|
|
$ |
85,807 |
|
|
$ |
120,500 |
|
_________________
(1) Includes depreciation and
amortization related to purchase accounting adjustments.
CONSOLIDATED OPERATIONS
DATA(Dollars in
thousands)(Unaudited)
REVENUES
| |
|
|
|
|
|
|
| |
|
Three Months Ended |
|
|
| |
|
December 31, |
|
|
| |
|
2019 |
|
2018 |
|
% Change |
| MSG
Entertainment |
|
$ |
312,692 |
|
|
$ |
316,514 |
|
|
(1)% |
| MSG
Sports |
|
316,466 |
|
|
315,843 |
|
|
— % |
| Inter-segment
eliminations |
|
(353 |
) |
|
(170 |
) |
|
NM |
|
The Madison Square Garden Company Total |
|
$ |
628,805 |
|
|
$ |
632,187 |
|
|
(1)% |
|
|
|
|
|
|
|
|
| |
|
Six Months Ended |
|
|
| |
|
December 31, |
|
|
| |
|
2019 |
|
2018 |
|
% Change |
| MSG
Entertainment |
|
$ |
471,699 |
|
|
$ |
479,467 |
|
|
(2)% |
| MSG
Sports |
|
372,500 |
|
|
371,195 |
|
|
— % |
| Inter-segment
eliminations |
|
(612 |
) |
|
(340 |
) |
|
NM |
|
The Madison Square Garden Company Total |
|
$ |
843,587 |
|
|
$ |
850,322 |
|
|
(1)% |
OPERATING INCOME (LOSS) AND ADJUSTED OPERATING INCOME
(LOSS)
| |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating Income (Loss) |
|
|
|
Adjusted Operating Income (Loss) |
|
|
| |
|
Three Months Ended December 31, |
|
|
|
Three Months Ended December 31, |
|
|
| |
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
| MSG
Entertainment |
|
$ |
95,534 |
|
|
$ |
93,274 |
|
|
2% |
|
$ |
103,552 |
|
|
$ |
101,003 |
|
|
3% |
| MSG
Sports |
|
49,168 |
|
|
41,832 |
|
|
18% |
|
55,298 |
|
|
48,634 |
|
|
14% |
| Corporate and Other |
|
(59,573 |
) |
|
(49,628 |
) |
|
(20)% |
|
(31,939 |
) |
|
(19,244 |
) |
|
(66)% |
| Purchase accounting
adjustments |
|
(4,287 |
) |
|
(7,201 |
) |
|
40% |
|
— |
|
|
— |
|
|
NM |
|
The Madison Square Garden Company Total |
|
$ |
80,842 |
|
|
$ |
78,277 |
|
|
3% |
|
$ |
126,911 |
|
|
$ |
130,393 |
|
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Operating Income (Loss) |
|
|
|
Adjusted Operating Income (Loss) |
|
|
| |
|
Six Months Ended December 31, |
|
|
|
Six Months Ended December 31, |
|
|
| |
|
2019 |
|
2018 |
|
% Change |
|
2019 |
|
2018 |
|
% Change |
| MSG
Entertainment |
|
$ |
92,982 |
|
|
$ |
94,991 |
|
|
(2)% |
|
$ |
109,790 |
|
|
$ |
110,043 |
|
|
— % |
| MSG
Sports |
|
28,938 |
|
|
37,706 |
|
|
(23)% |
|
41,638 |
|
|
49,222 |
|
|
(15)% |
| Corporate and Other |
|
(120,435 |
) |
|
(92,995 |
) |
|
(30)% |
|
(65,621 |
) |
|
(38,765 |
) |
|
(69)% |
| Purchase accounting
adjustments |
|
(9,961 |
) |
|
(12,210 |
) |
|
18% |
|
— |
|
|
— |
|
|
NM |
|
The Madison Square Garden Company Total |
|
$ |
(8,476 |
) |
|
$ |
27,492 |
|
|
NM |
|
$ |
85,807 |
|
|
$ |
120,500 |
|
|
(29)% |
NM — not meaningful
CONSOLIDATED BALANCE
SHEETS(In thousands, except per share
data)(Unaudited)
|
|
|
December 31, 2019 |
|
June 30, 2019 |
| ASSETS |
|
|
|
|
| Current Assets: |
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,000,103 |
|
|
$ |
1,086,372 |
|
|
Restricted cash |
|
43,001 |
|
|
31,529 |
|
|
Short-term investments |
|
113,020 |
|
|
108,416 |
|
|
Accounts receivable, net |
|
130,890 |
|
|
96,856 |
|
|
Net related party receivables |
|
1,750 |
|
|
1,483 |
|
|
Prepaid expenses |
|
65,350 |
|
|
45,150 |
|
|
Other current assets |
|
51,055 |
|
|
43,303 |
|
|
Total current assets |
|
1,405,169 |
|
|
1,413,109 |
|
| Investments and loans to
nonconsolidated affiliates |
|
63,241 |
|
|
84,560 |
|
| Property and equipment, net of
accumulated depreciation and amortization of $815,032 and $766,065
as of December 31, 2019 and June 30, 2019, respectively |
|
1,576,117 |
|
|
1,380,392 |
|
| Right-of-use lease assets |
|
241,833 |
|
|
— |
|
| Amortizable intangible assets,
net |
|
167,601 |
|
|
220,706 |
|
| Indefinite-lived intangible
assets |
|
176,485 |
|
|
176,485 |
|
| Goodwill |
|
392,513 |
|
|
392,513 |
|
| Other assets |
|
58,596 |
|
|
95,786 |
|
|
Total assets |
|
$ |
4,081,555 |
|
|
$ |
3,763,551 |
|
CONSOLIDATED BALANCE SHEETS
(continued)(In thousands, except per share
data)(Unaudited)
| |
|
December 31, 2019 |
|
June 30, 2019 |
| LIABILITIES, REDEEMABLE
NONCONTROLLING INTERESTS AND EQUITY |
|
|
|
|
| Current Liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
41,602 |
|
|
$ |
25,009 |
|
|
Net related party payables, current |
|
28,738 |
|
|
19,048 |
|
|
Current portion of long-term debt, net of deferred financing
costs |
|
4,792 |
|
|
6,042 |
|
|
Accrued liabilities: |
|
|
|
|
|
Employee related costs |
|
115,184 |
|
|
137,660 |
|
|
Other accrued liabilities |
|
259,430 |
|
|
211,403 |
|
|
Operating lease liabilities, current |
|
51,206 |
|
|
— |
|
|
Collections due to promoters |
|
60,815 |
|
|
67,212 |
|
|
Deferred revenue |
|
308,238 |
|
|
293,410 |
|
|
Total current liabilities |
|
870,005 |
|
|
759,784 |
|
| Related party payables,
noncurrent |
|
— |
|
|
172 |
|
| Long-term debt, net of
deferred financing costs |
|
31,160 |
|
|
48,556 |
|
| Operating lease liabilities,
noncurrent |
|
189,978 |
|
|
— |
|
| Defined benefit and other
postretirement obligations |
|
33,255 |
|
|
41,318 |
|
| Other employee related
costs |
|
72,670 |
|
|
62,015 |
|
| Deferred tax liabilities,
net |
|
79,780 |
|
|
79,098 |
|
| Other liabilities |
|
59,807 |
|
|
66,221 |
|
|
Total liabilities |
|
1,336,655 |
|
|
1,057,164 |
|
| Commitments and
contingencies |
|
|
|
|
| Redeemable noncontrolling
interests |
|
66,223 |
|
|
67,627 |
|
| The Madison Square Garden Company
Stockholders’ Equity: |
|
|
|
|
|
Class A Common stock, par value $0.01, 120,000 shares
authorized; 19,357 and 19,229 shares outstanding as of December 31,
2019 and June 30, 2019, respectively |
|
204 |
|
|
204 |
|
|
Class B Common stock, par value $0.01, 30,000 shares
authorized; 4,530 shares outstanding as of December 31, 2019 and
June 30, 2019 |
|
45 |
|
|
45 |
|
|
Preferred stock, par value $0.01, 15,000 shares authorized; none
outstanding as of December 31, 2019 and June 30, 2019 |
|
— |
|
|
— |
|
|
Additional paid-in capital |
|
2,833,867 |
|
|
2,845,961 |
|
|
Treasury stock, at cost, 1,090 and 1,219 shares as of December 31,
2019 and June 30, 2019, respectively |
|
(185,893 |
) |
|
(207,790 |
) |
|
Retained earnings |
|
43,163 |
|
|
29,003 |
|
|
Accumulated other comprehensive loss |
|
(33,070 |
) |
|
(46,923 |
) |
|
Total The Madison Square Garden Company stockholders’ equity |
|
2,658,316 |
|
|
2,620,500 |
|
| Nonredeemable noncontrolling
interests |
|
20,361 |
|
|
18,260 |
|
|
Total equity |
|
2,678,677 |
|
|
2,638,760 |
|
|
Total liabilities, redeemable noncontrolling interests and
equity |
|
$ |
4,081,555 |
|
|
$ |
3,763,551 |
|
SELECTED CASH FLOW
INFORMATION(Dollars in
thousands)(Unaudited)
| |
|
Six Months Ended |
| |
|
December 31, |
| |
|
2019 |
|
2018 |
| Net cash provided by operating
activities |
|
$ |
111,172 |
|
|
$ |
28,519 |
|
| Net cash used in investing
activities |
|
(143,913 |
) |
|
(15,878 |
) |
| Net cash used in financing
activities |
|
(43,749 |
) |
|
(18,081 |
) |
| Effect of exchange rates on
cash, cash equivalents and restricted cash |
|
1,693 |
|
|
398 |
|
| Net decrease in cash, cash
equivalents and restricted cash |
|
(74,797 |
) |
|
(5,042 |
) |
| Cash, cash equivalents and
restricted cash at beginning of period |
|
1,117,901 |
|
|
1,256,620 |
|
| Cash, cash equivalents and
restricted cash at end of period |
|
$ |
1,043,104 |
|
|
$ |
1,251,578 |
|
Madison Square Garden (NYSE:MSG)
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