0001193125-20-024255.txt : 20200204 0001193125-20-024255.hdr.sgml : 20200204 20200204163039 ACCESSION NUMBER: 0001193125-20-024255 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20200204 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200204 DATE AS OF CHANGE: 20200204 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MSG NETWORKS INC. CENTRAL INDEX KEY: 0001469372 STANDARD INDUSTRIAL CLASSIFICATION: CABLE & OTHER PAY TELEVISION SERVICES [4841] IRS NUMBER: 270624498 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34434 FILM NUMBER: 20574175 BUSINESS ADDRESS: STREET 1: 11 PENNSYLVANIA PLAZA CITY: NEW YORK STATE: NY ZIP: 10001 BUSINESS PHONE: (212)465-6400 MAIL ADDRESS: STREET 1: 11 PENNSYLVANIA PLAZA CITY: NEW YORK STATE: NY ZIP: 10001 FORMER COMPANY: FORMER CONFORMED NAME: Madison Square Garden Co DATE OF NAME CHANGE: 20110503 FORMER COMPANY: FORMER CONFORMED NAME: Madison Square Garden, Inc. DATE OF NAME CHANGE: 20090730 8-K 1 d879996d8k.htm 8-K 8-K
NY false 0001469372 0001469372 2020-02-04 2020-02-04

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 OR 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 4, 2020

 

MSG NETWORKS INC.

(Exact name of registrant as specified in its charter)

 

Delaware

  

1-34434

  

27-0624498

(State or other jurisdiction

of incorporation)

  

(Commission

File Number)

  

(IRS Employer

Identification No.)

11 Pennsylvania Plaza, New York, New York

 

10001

(Address of principal executive offices)

  

(Zip Code)

Registrant’s telephone number, including area code (212) 465-6400

Not Applicable

(Former name or former address, if changed since last report.)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

  ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

  ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

  ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

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

  

MSGN

  

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

Item 2.02 Results of Operations and Financial Condition.

On February 4, 2020, MSG Networks Inc. (the “Company”) announced its financial results for its second quarter ended December 31, 2019. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.

Item 9.01 Financial Statements and Exhibits.

  (d) Exhibits
         
 

99.1

   

Press Release dated February 4, 2020.

         
 

104

   

Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MSG NETWORKS INC.

(Registrant)

     

By:

 

/s/ Bret Richter

Name:

 

Bret Richter

Title:

 

Executive Vice President, Chief Financial Officer and Treasurer

Dated: February 4, 2020

EX-99.1 2 d879996dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

 

LOGO

MSG NETWORKS INC. REPORTS

FISCAL 2020 SECOND QUARTER RESULTS

Fiscal 2020 second quarter revenues of $187.7 million

Fiscal 2020 second quarter operating income of $70.0 million

Fiscal 2020 second quarter adjusted operating income of $77.1 million

NEW YORK, N.Y., February 4, 2020 - MSG Networks Inc. (NYSE: MSGN) today reported financial results for the fiscal 2020 second quarter ended December 31, 2019.

For the fiscal 2020 second quarter, MSG Networks Inc. generated revenues of $187.7 million, a decrease of 3% as compared with the prior year period. In addition, the Company generated operating income of $70.0 million, a decrease of 11%; adjusted operating income of $77.1 million, a decrease of 10%; and net income of $40.0 million, a decrease of 9%; all as compared with the prior year period.(1)

President and CEO Andrea Greenberg said, “During our fiscal second quarter, we secured important affiliate renewals and solidified our relationships with new and existing advertising partners, demonstrating the continued importance and appeal of live local professional sports content in the nation’s largest media market. Looking ahead, we remain confident in our continued ability to generate substantial free cash flow and long-term value for our shareholders.”

 

Fiscal Year 2020 Second Quarter Results

(In thousands, except per share data)

   

 

     Three Months Ended
December 31,
2019		  

Revenues

    $ 187,730  

Operating income

      69,963  

Adjusted operating income

      77,083  

Net Income

      39,964  

Diluted EPS

    $ 0.66  

 

(1)

See page 3 of this earnings release for the definition of adjusted operating income included in the discussion of non-GAAP financial measures.

Summary of Reported Results from Operations

Fiscal 2020 second quarter total revenues of $187.7 million decreased 3%, or $5.2 million, as compared with the prior year period. Affiliation fee revenue decreased $3.1 million, primarily due to the impact of a decrease in subscribers of approximately 8%, partially offset by the impact of higher affiliation rates and, to a lesser extent, a favorable $2.3 million affiliate adjustment recorded in the current year quarter.

Advertising revenue decreased $1.4 million, primarily due to a lower net decrease in deferred revenue related to ratings guarantees and the impact of fewer live professional sports telecasts as compared with the prior year period, partially offset by higher per-game sales from the telecast of live professional sports programming and other net advertising increases, primarily from the Company’s non-ratings based advertising initiatives. Other revenues decreased $0.7 million, due to the absence in the current year quarter of $0.8 million in fees related to Fuse Media.

Direct operating expenses of $84.1 million increased 3%, or $2.6 million, as compared with the prior year period. The increase was primarily due to higher rights fees expense, mainly a result of annual contractual rate increases.

Selling, general and administrative expenses of $32.0 million increased 2%, or $0.7 million, as compared with the prior year period, due to higher advertising and marketing costs, as well as higher professional fees and other cost increases, partially offset by lower employee compensation and related benefits. The overall increase includes $0.6 million in expenses in the current year quarter that are not indicative of the Company’s core expense base.

Operating income of $70.0 million decreased 11%, or $8.4 million, as compared with the prior year period, primarily due to the decrease in revenues, higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses (including share-based compensation expense).

Adjusted operating income of $77.1 million decreased 10%, or $8.7 million, as compared with the prior year period, primarily due to the decrease in revenues, higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses (excluding share-based compensation expense).

Excluding the impact of the $2.3 million favorable affiliate adjustment recorded in the current year quarter, the absence of $0.8 million in Fuse Media fees and the $0.6 million in selling, general and administrative expenses that are not indicative of the Company’s core expense base, fiscal 2020 second quarter adjusted operating income would have decreased 11%, or $9.7 million, as compared with the prior year quarter.

About MSG Networks Inc.

MSG Networks Inc., a pioneer in sports media, owns and operates two award-winning regional sports and entertainment networks and a companion streaming service that serve the nation’s number one media market, the New York DMA, as well as other portions of New York, New Jersey, Connecticut and Pennsylvania. The networks feature a wide range of compelling sports content, including exclusive live local games and other programming of the New York Knicks, New York Rangers, New York Islanders, New Jersey Devils and Buffalo Sabres, as well as significant coverage of the New York Giants and Buffalo Bills. This content, in addition to a diverse array of other sporting events and critically acclaimed original programming, has established MSG Networks as the gold standard in regional sports.

 

2

Non-GAAP Financial Measures

We define adjusted operating income, which is a non-GAAP financial measure, as operating income 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 and 4) gains or losses on sales or dispositions of businesses. Because it is based upon operating income, adjusted operating income 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 Company without regard to the settlement of an obligation that is not expected to be made in cash.

We believe adjusted operating income is an appropriate measure for evaluating the operating performance of our Company. Adjusted operating income 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 measures as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators. Adjusted operating income should be viewed as a supplement to and not a substitute for operating income, net income, 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 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 to adjusted operating income, please see page 6 of this release.

The Company defines Free Cash Flow (“Free Cash Flow”), which is a non-GAAP financial measure, as net cash provided by operating activities less capital expenditures, both of which are reported in our Consolidated Statement of Cash Flows. The Company believes the most comparable GAAP financial measure is net cash provided by operating activities. The Company believes that Free Cash Flow is useful as an indicator of its overall ability to generate liquidity, as the amount of Free Cash Flow generated in any period is representative of cash that is generated for debt repayment, investment, and other discretionary and non-discretionary cash uses. The Company also believes that Free Cash Flow is one of several benchmarks used by analysts and investors for comparison of the Company’s generation of liquidity with other companies in the industry, although the Company’s measure of Free Cash Flow may not be directly comparable to similar measures reported by other companies. For a reconciliation of Free Cash Flow to net cash provided by operating activities, please see page 8 of this release.

 

3

Forward Looking Statements

This 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 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 Kerns    Ari Danes, CFA
Communications    Investor Relations
(212) 465-6442    (212) 465-6072

Conference Call Information:

The conference call will be Webcast live today at 10:00 a.m. ET at www.msgnetworks.com

Conference call dial-in number is 877-883-0832 / Conference ID Number 9779306

Conference call replay number is 855-859-2056 / Conference ID Number 9779306 until February 11, 2020

 

4

MSG NETWORKS INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

     Three Months Ended
December 31,		     Six Months Ended
December 31,		  
     2019     2018     2019     2018  

Revenues

    $ 187,730     $ 192,914     $ 348,711     $ 357,378  

Direct operating expenses

      84,065       81,470       152,725       148,125  

Selling, general and administrative expenses

      32,022       31,294       54,342       48,197  

Depreciation and amortization

      1,680       1,800       3,407       3,845  
  

 

 

    

 

 

    

 

 

    

 

 

  

Operating income

      69,963       78,350       138,237       157,211  

Other income (expense):

         

Interest income

      906       1,422       2,834       3,014  

Interest expense

      (9,934 )      (11,693 )      (20,749 )      (23,615 ) 

Debt refinancing expense

      (2,764 )      —         (2,764 )      —    

Other components of net periodic benefit cost

      (258 )      (413 )      (516 )      (818 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  
     (12,050 )      (10,684 )      (21,195 )      (21,419 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Income from operations before income taxes

      57,913       67,666       117,042       135,792  

Income tax expense

      (17,949 )      (23,828 )      (34,011 )      (45,024 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net income

    $ 39,964     $ 43,838     $ 83,031     $ 90,768  
  

 

 

    

 

 

    

 

 

    

 

 

  

Earnings per share:

         

Basic

    $ 0.66     $ 0.58     $ 1.23     $ 1.21  

Diluted

    $ 0.66     $ 0.58     $ 1.22     $ 1.20  

Weighted-average number of common shares outstanding:

         

Basic

      60,452       75,079       67,758       74,987  

Diluted

      60,825       75,737       68,144       75,715  

 

5

MSG NETWORKS INC.

ADJUSTMENTS TO RECONCILE OPERATING INCOME

TO ADJUSTED OPERATING INCOME

(In thousands)

The following is a description of the adjustments to operating income in arriving at adjusted operating income as described in this earnings release:

 

  •  

Share-based compensation expense. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under our employee stock plan and non-employee director stock plan in all periods.

 

  •  

Depreciation and amortization. This adjustment eliminates depreciation, amortization and impairments of property and equipment and intangible assets in all periods.

 

     Three Months Ended
December 31,		      Six Months Ended
December 31,		  
     2019      2018      2019      2018  

Operating income

    $ 69,963      $ 78,350      $ 138,237      $ 157,211  

Share-based compensation expense

      5,440        5,611        10,099        9,287  

Depreciation and amortization

      1,680        1,800        3,407        3,845  
  

 

 

     

 

 

     

 

 

     

 

 

  

Adjusted operating income

    $ 77,083      $ 85,761      $ 151,743      $ 170,343  
  

 

 

     

 

 

     

 

 

     

 

 

  

 

6

MSG NETWORKS INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except per share data)

 

     December 31,
2019		     June 30,
2019		  
     (unaudited)        

ASSETS

     

Current Assets:

     

Cash and cash equivalents

    $ 115,914     $ 226,423  

Accounts receivable, net

      107,477       108,349  

Related party receivables, net

      21,018       16,091  

Prepaid income taxes

      12,235       1,968  

Prepaid expenses

      6,161       2,003  

Other current assets

      4,449       5,286  
  

 

 

    

 

 

  

Total current assets

      267,254       360,120  

Property and equipment, net

      8,503       9,302  

Amortizable intangible assets, net

      32,013       33,743  

Goodwill

      424,508       424,508  

Operating lease right-of-use assets

      13,852       —    

Other assets

      38,631       39,226  
  

 

 

    

 

 

  

Total assets

    $ 784,761     $ 866,899  
  

 

 

    

 

 

  

LIABILITIES AND STOCKHOLDERS’ DEFICIENCY

     

Current Liabilities:

     

Accounts payable

    $ 569     $ 907  

Related party payables

      1,161       941  

Current portion of long-term debt

      26,237       111,789  

Current portion of operating lease liabilities

      4,689       —    

Accrued liabilities:

     

Employee related costs

      9,490       15,466  

Other accrued liabilities

      11,485       13,898  

Deferred revenue

      826       185  
  

 

 

    

 

 

  

Total current liabilities

      54,457       143,186  

Long-term debt, net of current portion

      1,067,902       906,228  

Long-term operating lease liabilities

      11,438       —    

Defined benefit and other postretirement obligations

      24,480       25,834  

Other employee related costs

      4,981       4,713  

Other liabilities

      148       2,310  

Deferred tax liability

      244,367       243,396  
  

 

 

    

 

 

  

Total liabilities

      1,407,773       1,325,667  
  

 

 

    

 

 

  

Commitments and contingencies

     

Stockholders’ Deficiency:

     

Class A Common Stock, par value $0.01, 360,000 shares authorized; 46,578 and 61,287 shares outstanding as of December 31, 2019 and June 30, 2019, respectively

      643       643  

Class B Common Stock, par value $0.01, 90,000 shares authorized; 13,589 shares outstanding as of December 31, 2019 and June 30, 2019

      136       136  

Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding

      —         —    

Additional paid-in capital

      3,650       9,916  

Treasury stock, at cost, 17,681 and 2,972 shares as of December 31, 2019 and June 30, 2019, respectively

      (417,162 )      (179,561 ) 

Accumulated deficit

      (202,982 )      (282,414 ) 

Accumulated other comprehensive loss

      (7,297 )      (7,488 ) 
  

 

 

    

 

 

  

Total stockholders’ deficiency

      (623,012 )      (458,768 ) 
  

 

 

    

 

 

  

Total liabilities and stockholders’ deficiency

    $ 784,761     $ 866,899  
  

 

 

    

 

 

  

 

7

MSG NETWORKS INC.

SUPPLEMENTAL FINANCIAL INFORMATION

(Dollars in thousands)

(Unaudited)

Summary Data from the Statements of Cash Flows

 

     Six Months Ended
December 31,		  
     2019     2018  

Net cash provided by operating activities

    $ 74,021     $ 90,455  

Net cash used in investing activities

      (1,758 )      (3,674 ) 

Net cash used in financing activities

      (182,772 )      (117,500 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (110,509 )      (30,719 ) 
  

 

 

    

 

 

  

Cash and cash equivalents at beginning of period

      226,423       205,343  
  

 

 

    

 

 

  

Cash and cash equivalents at end of period

    $ 115,914     $ 174,624  
  

 

 

    

 

 

  

Free Cash Flow

 

     Six Months Ended
December 31,		  
     2019     2018  

Net cash provided by operating activities

    $ 74,021     $ 90,455  

Less: Capital expenditures

      (1,758 )      (1,674 ) 
  

 

 

    

 

 

  

Free cash flow

    $ 72,263     $ 88,781  
  

 

 

    

 

 

  

Capitalization

 

     December 31,
2019		  

Cash and cash equivalents

    $ 115,914  

Credit facility debt(a)

      1,100,000  
  

 

 

  

Net debt

    $ 984,086  
  

 

 

  

Reconciliation of operating income to AOI for the trailing twelve-month period(b)

   

Operating Income

    $ 290,925  

Share-based compensation expense

      18,899  

Depreciation and amortization

      6,960  
  

 

 

  

Adjusted operating income

    $ 316,784  
  

 

 

  

Leverage ratio(c)

      3.1x  

 

(a)

Represents aggregate principal amount of the debt outstanding.

(b) 

Represents reported adjusted operating income for the trailing twelve months.

(c)

Represents net debt divided by adjusted operating income for the trailing twelve-month period, which differs from the covenant calculation contained in the Company’s credit facility.

 

8

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Security Exchange Name NYSE
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