Madison Square Garden Entertainment Corp. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>Madison Square Garden Entertainment Corp. filed its Q2 2024 10-Q report on February 7, 2024, detailing financial performance for the period ending December 31, 2023.</b>

AI Summary

Madison Square Garden Entertainment Corp. (MSGE) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. The filing is a 10-Q for Madison Square Garden Entertainment Corp. (MSGE) for the period ending December 31, 2023. The company's fiscal year ends on June 30. The filing covers the second quarter of fiscal year 2024. The company's business address is Two Pennsylvania Plaza, New York, NY 10121. The filing was made on February 7, 2024.

Why It Matters

For investors and stakeholders tracking Madison Square Garden Entertainment Corp., this filing contains several important signals. This 10-Q filing provides investors with a crucial update on the company's financial health and operational performance during the second quarter of its fiscal year. Understanding the details within this report is essential for assessing MSGE's current standing and future prospects, especially given its operations in the entertainment and live events sector.

Risk Assessment

Risk Level: low — Madison Square Garden Entertainment Corp. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate, significant financial distress indicators or major strategic shifts that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand revenue streams, expenses, and any forward-looking statements.

Key Numbers

• 2023-12-31 — Reporting Period End Date (The end date for the financial reporting period covered by the 10-Q.)
• 2024-02-07 — Filing Date (The date the 10-Q report was filed with the SEC.)
• 0630 — Fiscal Year End (The end month and day of the company's fiscal year.)
• 7990 — Standard Industrial Classification (SIC code for Services-Miscellaneous Amusement & Recreation.)

Key Players & Entities

• Madison Square Garden Entertainment Corp. (company) — Filer of the 10-Q report
• MSGE (company) — Ticker symbol for Madison Square Garden Entertainment Corp.
• Two Pennsylvania Plaza, New York, NY 10121 (company) — Business and mailing address

Forward-Looking Statements

• MSGE will continue to focus on its core entertainment and sports venues, with no major strategic shifts indicated by this routine filing. (Madison Square Garden Entertainment Corp.) — medium confidence, target: 2024-06-30

FAQ

Industry Context

Madison Square Garden Entertainment Corp. operates within the entertainment and live events industry, focusing on venue operations and content creation.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded entities, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the financial statements (balance sheet, income statement, cash flow) for the quarter ended December 31, 2023.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Compare key financial metrics with previous periods and industry benchmarks to identify trends and potential risks.

Key Dates

• 2023-12-31: Period End Date — Marks the end of the financial reporting period for the 10-Q.
• 2024-02-07: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the 10-Q filing for the second quarter of fiscal year 2024, providing an update subsequent to the previous filings.

Key Financial Figures

• $0.01 — 2024: Class A Common Stock par value $0.01 per share — 41,121,950 Class B Common

Filing Documents

• msge-20231231.htm (10-Q) — 1350KB
• exhibit101-francoemploymen.htm (EX-10.1) — 78KB
• msgeexhibit3111231202310q.htm (EX-31.1) — 10KB
• msgeexhibit3121231202310q.htm (EX-31.2) — 10KB
• msgeexhibit3211231202310q.htm (EX-32.1) — 3KB
• msgeexhibit3221231202310q.htm (EX-32.2) — 4KB
• imagea.jpg (GRAPHIC) — 49KB
• msge-20231231_g1.jpg (GRAPHIC) — 43KB
• 0001952073-24-000009.txt (&nbsp;) — 7665KB
• msge-20231231.xsd (EX-101.SCH) — 52KB
• msge-20231231_cal.xml (EX-101.CAL) — 74KB
• msge-20231231_def.xml (EX-101.DEF) — 316KB
• msge-20231231_lab.xml (EX-101.LAB) — 598KB
• msge-20231231_pre.xml (EX-101.PRE) — 425KB
• msge-20231231_htm.xml (XML) — 1102KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) C ondensed Consolidated Balance Sheets as of December 3 1 , 2023 and June 30, 2023 (unaudited) 2 Condensed Consolidated and Combined Statements of Operations for the three and six months ended December 31 , 2023 and 2022 (unaudited) 3 Condensed Consolidated and Combined Statement s of Comprehensive Income for the three and six months ended December 31 , 2023 and 2022 (unaudited) 4 Condensed Consolidated and Combined Statements of Cash Flows for the six months ended December 31 , 2023 and 2022 (unaudited) 5 Condensed Consolidated and Combined Statement s of ( Deficit ) Equity for the three and six months ended December 31 , 2023 and 2022 (unaudited) 6 Notes to the Condensed Consolidated and Combined Financial Statements (unaudited) 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 23

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 35

Controls and Procedures

Item 4. Controls and Procedures 35

- OTHER INFORMATION

PART II - OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 36

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36

Exhibits

Item 6. Exhibits 36 1

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements MADISON SQUARE GARDEN ENTERTAINMENT CORP. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except per share data) As of December 31, June 30, 2023 2023 ASSETS Current Assets: Cash, cash equivalents, and restricted cash $ 37,572 $ 84,355 Accounts receivable, net 101,955 63,898 Related party receivables, current 41,318 69,466 Prepaid expenses and other current assets 69,408 77,562 Total current assets 250,253 295,281 Non-Current Assets: Property and equipment, net 626,172 628,888 Right-of-use lease assets 310,219 235,790 Goodwill 69,041 69,041 Intangible assets, net 63,801 63,801 Other non-current assets 100,789 108,356 Total assets $ 1,420,275 $ 1,401,157 LIABILITIES AND RETAINED EARNINGS (DEFICIT) Current Liabilities: Accounts payable, accrued and other current liabilities $ 197,256 $ 214,725 Related party payables, current 52,677 47,281 Long-term debt, current 16,250 16,250 Operating lease liabilities, current 35,539 36,529 Deferred revenue 236,349 225,855 Total current liabilities 538,071 540,640 Non-Current Liabilities: Long-term debt, net of deferred financing costs 605,685 630,184 Operating lease liabilities, non-current 310,952 219,955 Deferred tax liabilities, net 24,070 23,518 Other non-current liabilities 43,544 56,332 Total liabilities 1,522,322 1,470,629 Commitments and contingencies (see Note 9) Deficit: Class A Common Stock (a) 455 450 Class B Common Stock (b) 69 69 Additional paid-in-capital 25,339 17,727 Treasury stock at cost ( 4,365 and 840 shares outstanding as of December 31, 2023 and June 30, 2023, respectively) ( 140,512 ) ( 25,000 ) Retained earnings (deficit) 45,881 ( 28,697 ) Accumulated other comprehensive loss ( 33,279 ) ( 34,021 ) Total deficit ( 102,047 ) ( 69,472 ) Total liabilities and deficit $ 1,420,275 $ 1,401,157 _________________ (a) Class A Common Stock, $ 0.01 par value per share, 120,000 shares authorized; 45,487 and 45,024 shares