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Madison Square Garden Entertainment Corp. (MSGE) SEC Filing 10-Q Quarterly Report for the period ending Friday, December 31, 2021

SEC Filings

Madison Square Garden Entertainment Corp

CIK: 1795250 Ticker: MSGE

Exhibit 99.1

 

LOGO

MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS

FISCAL 2022 SECOND QUARTER RESULTS

FY2022 Second Quarter Results Reflect Continued Ramp-up of Live Events at Company’s Performance Venues

Tao Group Hospitality’s Results Reflect Ongoing Robust Demand in Las Vegas and New York Markets

NEW YORK, N.Y., February 9, 2022—Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment”) today reported financial results for the fiscal second quarter ended December 31, 2021. While the Company completed the acquisition of MSG Networks on July 9, 2021, MSG Networks’ results are included on a combined basis with the Company for all periods presented.

During the fiscal 2022 second quarter, events at the Company’s performance venues continued to ramp up, highlighted by a busy schedule of concerts, New York Knicks (“Knicks”) and New York Rangers (“Rangers”) home games at The Garden, and the return of the Christmas Spectacular to Radio City Music Hall. In addition, MSG Networks commenced full regular season telecast schedules for its five professional teams across the NBA and NHL, while Tao Group Hospitality continued to benefit from strong consumer demand led by the Las Vegas and New York markets. The emergence of the Omicron variant impacted some of the Company’s operating momentum late in the quarter, most notably leading to the Christmas Spectacular production concluding its 2021 holiday season run earlier than anticipated, as well as the postponement or cancellation of a number of other events.

For the fiscal 2022 second quarter, the Company reported revenues of $516.4 million, an increase of $347.7 million as compared with the prior year quarter. In addition, the Company reported operating income of $35.4 million and adjusted operating income of $76.1 million for the fiscal 2022 second quarter, as compared to an operating loss of $46.8 million and adjusted operating income of $9.8 million in the prior year quarter.(1)

Executive Chairman and CEO James L. Dolan said, “The fiscal second quarter reflected the ramp up of live events at our venues, as well as continued activity in marketing partnerships and strong performance at Tao Group Hospitality. Looking ahead, we believe the positive momentum being generated across our business and the ongoing construction progress of MSG Sphere in Las Vegas position us well to create long-term shareholder value.”

Segment Results for the Three and Six Months Ended December 31, 2021 and 2020:

 

     Three Months Ended     Six Months Ended
     December 31,     Change     December 31,     Change
$ millions    2021     2020     $     %     2021     2020     $    

%

Revenues

                

Entertainment

   $     247.6     $ 12.7     $     234.9       NM     $     281.8     $ 20.2     $ 261.6     NM

MSG Networks

     160.0           146.2       13.7       9%       301.5           303.6       (2.1   (1)%

Tao Group Hospitality

     117.1       10.5       106.6       NM       236.6       17.7       218.8     NM

Other(2)

     (8.2     (0.6     (7.6     NM       (8.9     (2.2     (6.7   NM
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

Total Revenues

   $ 516.4     $ 168.8     $ 347.7       NM     $ 810.9     $ 339.3     $     471.7     139%

Operating Income (Loss)

                

Entertainment

   $ (10.3   $ (97.1   $ 86.8       89%     $ (125.0   $ (207.7   $ 82.8     40%

MSG Networks

     35.1       65.7       (30.6     (47)%       58.4       133.6       (75.3   (56)%

Tao Group Hospitality

     16.7       (11.2     27.9       NM       26.8       (22.4     49.2     NM

Other(2)

     (6.2     (4.3     (2.0     (46)%       (8.2     (9.0     0.7     8%
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

Total Operating Income (Loss)

   $ 35.4     $ (46.8   $ 82.2       NM     $ (48.0   $ (105.5   $ 57.5     55%

Adjusted Operating Income (Loss)

                

Entertainment

   $ 15.0     $ (55.3   $ 70.3       NM     $ (56.4   $ (113.5   $ 57.1     50%

MSG Networks

     43.8       73.8       (29.9     (41 )%      99.6       148.2       (48.5   (33)%

Tao Group Hospitality

     17.5       (8.4     25.9       NM       43.7       (17.5     61.2     NM

Other(2)

     (0.2     (0.3     0.1       26%       (0.5     (0.5     —       —  %
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

Total Adjusted Operating Income

   $ 76.1     $ 9.8     $ 66.3       NM     $ 86.4     $ 16.6     $ 69.8     NM

 

Note:

Does not foot due to rounding

  (1)

See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

  (2)

Includes inter-segment eliminations and, for operating income (loss), purchase accounting adjustments.

 

1


The following information was filed by Madison Square Garden Entertainment Corp. (MSGE) on Wednesday, February 9, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Madison Square Garden Entertainment Corp.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets (Unaudited)
Consolidated Balance Sheets (Unaudited) (Parenthetical)
Consolidated Statements Of Cash Flows (Unaudited)
Consolidated Statements Of Comprehensive Income (Loss) (Unaudited)
Consolidated Statements Of Equity And Redeemable Noncontrolling Interests (Unaudited)
Consolidated Statements Of Operations (Unaudited)
Consolidated Statements Of Operations (Unaudited) (Parenthetical)
Accounting Policies
Accounting Policies (Details)
Accounting Policies (Policies)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Loss (Details)
Accumulated Other Comprehensive Loss (Tables)
Acquisition
Acquisition (Details)
Acquisition (Tables)
Cash, Cash Equivalents And Restricted Cash
Cash, Cash Equivalents And Restricted Cash (Details)
Cash, Cash Equivalents And Restricted Cash (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Computation Of Earnings (Loss) Per Common Share
Computation Of Earnings (Loss) Per Common Share (Details)
Computation Of Earnings (Loss) Per Common Share (Tables)
Credit Facilities
Credit Facilities (Tables)
Credit Facilities - Debt Outstanding And Deferred Financing Costs (Details)
Credit Facilities - Future Maturities (Details)
Credit Facilities - Msg Networks Narrative (Details)
Credit Facilities - National Properties Narrative (Details)
Credit Facilities - Supplemental Cash Flows (Details)
Credit Facilities - Tao Narrative (Details)
Defined Contribution Plan Schedule Of Defined Contribution Plans (Details)
Description Of Business And Basis Of Presentation
Description Of Business And Basis Of Presentation (Details)
Description Of Business And Basis Of Presentation (Tables)
Fair Value Measurements
Fair Value Measurements (Schedule Of Assets Measured On Recurring Basis) (Details)
Fair Value Measurements (Schedule Of Financial Instruments) (Details)
Fair Value Measurements (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Amortization Expense - Narrative) (Details)
Goodwill And Intangible Assets (Carrying Amount Of Goodwill By Reportable Segment) (Details)
Goodwill And Intangible Assets (Schedule Of Indefinite-Lived Intangible Assets) (Details)
Goodwill And Intangible Assets (Schedule Of Intangible Assets Subject To Amortization) (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Rate Reconciliation - Narrative) (Details)
Investments In Nonconsolidated Affiliates
Investments In Nonconsolidated Affiliates (Details)
Investments In Nonconsolidated Affiliates (Policies)
Investments In Nonconsolidated Affiliates (Tables)
Investments In Nonconsolidated Affiliates - Equity Investment With Readily Determinable Fair Value (Details)
Leases
Leases (Assets And Liabilities Recognized) (Details)
Leases (Costs Incurred In The Period) (Details)
Leases (Lease Term) (Details)
Leases (Lessor Arrangements) (Details)
Leases (Policies)
Leases (Remaining Liabilities) (Details)
Leases (Supplemental Information) (Details)
Leases (Tables)
Pension Plans And Other Postretirement Benefit Plan
Pension Plans And Other Postretirement Benefit Plan (Schedule Of Net Periodic Benefit Cost) (Details)
Pension Plans And Other Postretirement Benefit Plan (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Narrative) (Details)
Related Party Transactions (Tables)
Related Party Transactions (Transactions By Type Narrative) (Details)
Related Party Transactions (Transactions By Type) (Details)
Revenue Recognition
Revenue Recognition (Policies)
Revenue Recognition (Tables)
Revenue Recognition - Contract Balances (Details)
Revenue Recognition - Disaggregation Of Revenue (Details)
Revenue Recognition - Overview (Details)
Revenue Recognition - Remaining Performance Obligation (Details)
Segment Reporting
Segment Reporting (Concentration Risk) (Details)
Segment Reporting (Introduction Narrative) (Details)
Segment Reporting (Miscellaneous Income, Net) (Details)
Segment Reporting (Schedule Of Segment Reporting) (Details)
Segment Reporting (Tables)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation Narrative (Details)
Share-Based Compensation, Restricted Stock Units Activity (Details)
Share-Based Compensation, Restricted Stock Units Activity Narrative (Details)
Share-Based Compensation, Stock Options Activity (Details)
Ticker: MSGE
CIK: 1795250
Form Type: 10-Q Quarterly Report
Accession Number: 0001795250-22-000003
Submitted to the SEC: Wed Feb 09 2022 4:20:10 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: Amusement And Recreation Services

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