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Table of Contents


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 December 31, 2020
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
msge-20201231_g1.jpg
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
(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 PlazaNew York,NY10121
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 465-6000
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockMSGENew 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 filerAccelerated filer
Non-accelerated filerSmaller 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 January 29, 2021:
Class A Common Stock par value $0.01 per share —19,618,324 
Class B Common Stock par value $0.01 per share —4,529,517 



Table of Contents


MADISON SQUARE GARDEN ENTERTAINMENT CORP.
INDEX TO FORM 10-Q
 
 Page





Table of Contents


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements

MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31,
2020
June 30,
2020
(Unaudited) 
ASSETS
Current Assets:
Cash and cash equivalents$1,451,352 $906,555 
Restricted cash26,207 17,749 
Short-term investments 337,192 
Accounts receivable, net73,711 57,184 
Net related party receivables31,170 23,062 
Prepaid expenses56,066 62,127 
Other current assets23,787 22,633 
Total current assets1,662,293 1,426,502 
Investments in nonconsolidated affiliates49,626 52,622 
Property and equipment, net1,837,072 1,646,115 
Right-of-use lease assets198,464 220,328 
Amortizable intangible assets, net144,658 150,426 
Indefinite-lived intangible assets63,801 63,801 
Goodwill74,309 74,309 
Other assets91,616 85,103 
Total assets$4,121,839 $3,719,206 
See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except per share data)
December 31,
2020
June 30,
2020
(Unaudited)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Accounts payable$4,952 $17,258 
Net related party payables, current16,428 18,418 
Current portion of long-term debt, net of deferred financing costs5,115 5,429 
Accrued liabilities:
Employee related costs50,977 68,837 
Other accrued liabilities114,326 125,452 
Operating lease liabilities, current54,963 53,388 
Collections due to promoters19,876 31,879 
Deferred revenue205,641 189,308 
Total current liabilities472,278 509,969 
Long-term debt, net of deferred financing costs649,445 28,126 
Operating lease liabilities, noncurrent155,440 174,219 
Defined benefit and other postretirement obligations25,103 26,132 
Other employee related costs13,481 15,591 
Collections due to promoters, noncurrent5,179  
Deferred tax liabilities, net12,927 12,450 
Other liabilities78,138 78,279 
Total liabilities1,411,991 844,766 
Commitments and contingencies (see Note 10)
Redeemable noncontrolling interests14,543 20,600 
Madison Square Garden Entertainment Corp. Stockholders’ Equity:
Class A Common stock, par value $0.01, 120,000 shares authorized; 19,613 and 19,493 shares outstanding as of December 31, 2020 and June 30, 2020, respectively
196 195 
Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of December 31, 2020 and June 30, 2020
45 45 
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of December 31, 2020 and June 30, 2020
  
Additional paid-in capital2,782,042 2,751,318 
Retained earnings(72,768)141,936 
Accumulated other comprehensive loss(25,381)(51,857)
Total Madison Square Garden Entertainment Corp. stockholders’ equity2,684,134 2,841,637 
Nonredeemable noncontrolling interests11,171 12,203 
Total equity2,695,305 2,853,840 
Total liabilities, redeemable noncontrolling interests and equity$4,121,839 $3,719,206 

See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
 Three Months EndedSix Months Ended
December 31,December 31,
2020201920202019
Revenues (a)
$23,137 $394,072 $37,515 $572,035 
Operating expenses:
Direct operating expenses (b)
35,464 210,194 69,623 341,716 
Selling, general and administrative expenses (c)
74,950 86,854 135,275 174,621 
Depreciation and amortization23,875 27,434 50,457 54,254 
Restructuring charges1,372  21,299  
Operating income (loss)(112,524)69,590 (239,139)1,444 
Other income (expense):
Loss in equity method investments(1,568)(1,170)(3,264)(2,643)
Interest income349 6,268 644 13,583 
Interest expense(7,675)(144)(8,084)(1,249)
Miscellaneous income (loss), net(7,362)9,355 26,862 16,386 
(16,256)14,309 16,158 26,077 
Income (loss) from operations before income taxes(128,780)83,899 (222,981)27,521 
Income tax expense(323)(1,255)(486)(1,440)
Net income (loss)(129,103)82,644 (223,467)26,081 
Less: Net income (loss) attributable to redeemable noncontrolling interests(3,342)885 (7,231)249 
Less: Net income (loss) attributable to nonredeemable noncontrolling interests(902)453 (1,532)493 
Net income (loss) attributable to Madison Square Garden Entertainment Corp.’s stockholders$(124,859)$81,306 $(214,704)$25,339 
Basic and diluted income (loss) per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders$(5.17)$3.39 $(8.91)$1.06 
Weighted-average number of common shares outstanding:
Basic and diluted (d)
24,146 23,992 24,108 23,992 
_________________
(a)Includes revenues from related parties of $5,262 and $984 for the three months ended December 31, 2020 and 2019, respectively, and $9,280 and $7,459 for the six months ended December 31, 2020 and 2019, respectively.
(b)Includes net charges from related parties of $15 and $23,976 for the three months ended December 31, 2020 and 2019, respectively, and $96 and $40,405 for the six months ended December 31, 2020 and 2019, respectively.
(c)Includes net charges to related parties of $(10,086) and $(31,974) for the three months ended December 31, 2020 and 2019, respectively, and $(21,969) and $(65,757) for the six months ended December 31, 2020 and 2019, respectively.
(d)On April 17, 2020 (the “Entertainment Distribution Date”), 23,992 common shares were distributed to Madison Square Garden Sports Corp. (“MSG Sports,” formerly known as The Madison Square Garden Company) stockholders as of April 13, 2020. This share amount is being utilized for the calculation of basic and diluted loss per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders for the six months ended December 31, 2019 because Madison Square Garden Entertainment Corp. was a wholly-owned subsidiary of MSG Sports prior to the Entertainment Distribution Date.
See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
Three Months EndedSix Months Ended
December 31,December 31,
2020201920202019
Net income (loss)$(129,103)$82,644 $(223,467)$26,081 
Other comprehensive income, before income taxes:
Amortization of actuarial loss included in net periodic benefit cost290 346 642 685 
Cumulative translation adjustments11,883 23,186 25,834 13,168 
Other comprehensive income, before income taxes12,173 23,532 26,476 13,853 
Income tax expense related to items of other comprehensive income    
Other comprehensive income, net of income taxes12,173 23,532 26,476 13,853 
Comprehensive income (loss)(116,930)106,176 (196,991)39,934 
Less: Comprehensive income (loss) attributable to redeemable noncontrolling interests(3,342)885 (7,231)249 
Less: Comprehensive income (loss) attributable to nonredeemable noncontrolling interests
(902)453 (1,532)493 
Comprehensive income (loss) attributable to Madison Square Garden Entertainment Corp.’s stockholders$(112,686)$104,838 $(188,228)$39,192 

See accompanying notes to unaudited consolidated and combined financial statements.

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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

Six Months Ended
December 31,
20202019
Cash flows from operating activities:
Net income (loss)$(223,467)$26,081 
Adjustment to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation and amortization50,457 54,254 
Provision for deferred income taxes476 515 
Share-based compensation expense35,091 20,458 
Loss in equity method investments3,264 2,643 
Net unrealized and realized gains on equity investments with readily determinable fair value(26,431)(14,725)
Provision for credit losses770 4,450 
Other non-cash adjustments1,354 707 
Change in assets and liabilities:
Accounts receivable, net(17,296)(8,959)
Receivables from related parties, net of payables (10,098)9,316 
Prepaid expenses and other assets(2,264)(23,217)
Accounts payable(12,306)17,924 
Accrued and other liabilities(27,676)19,582 
Collections due to promoters, including noncurrent portion(6,824)(6,397)
Deferred revenue14,658 (2,913)
Operating lease right-of-use assets and lease liabilities4,660 4,039 
Net cash (used in) provided by operating activities$(215,632)$103,758 
Cash flows from investing activities:
Capital expenditures$(219,296)$(208,028)
Purchase of short-term investments (106,063)
Proceeds from maturity of short-term investments339,110 106,587 
Proceeds from sale of equity securities20,583  
Proceeds from sale of nonconsolidated affiliate 18,000 
Loan repayment received from subordinated debt 58,735 
Cash received for notes receivable6,328 750 
Other investing activities(43)413 
Net cash provided by (used in) investing activities$146,682 $(129,606)
See accompanying notes to unaudited consolidated and combined financial statements.
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Table of Contents
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF CASH FLOWS (Continued)
(Unaudited)
(in thousands)



Six Months Ended
December 31,
20202019
Cash flows from financing activities:
Proceeds from issuance of term loan, net of issuance discount$630,500 $ 
Proceeds from revolving credit facility6,500  
Taxes paid in lieu of shares issued for equity-based compensation(5,975) 
Noncontrolling interest holders’ capital contribution 500 2,000 
Distributions to noncontrolling interest holders (535)
Repayment of revolving credit facility— (15,000)
Principal repayment on long-term debt(2,500)(3,750)
Payments for financing costs(14,615) 
Net transfers from (to) Madison Square Garden Sports Corp. and its subsidiaries (23,600)
Net cash provided by (used in) financing activities$614,410 $(40,885)
Effect of exchange rates on cash, cash equivalents and restricted cash7,795 1,693 
Net increase (decrease) in cash, cash equivalents and restricted cash553,255 (65,040)
Cash, cash equivalents and restricted cash at beginning of period
924,304 1,092,065 
Cash, cash equivalents and restricted cash at end of period$1,477,559 $1,027,025 
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid$76,945 $46,151 
Share-based compensation capitalized in property and equipment$2,784 $2,482 

See accompanying notes to unaudited consolidated and combined financial statements.

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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ AND DIVISIONAL EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(in thousands)
Three Months Ended December 31, 2020
Common
Stock
Issued
Additional
Paid-In
Capital
Retained
Earnings
(Accumulated Deficits)
Accumulated
Other
Comprehensive
Income (Loss)
Total Madison Square Garden Entertainment Corp. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
Balance as of September 30, 2020$241 $2,757,155 $52,091 $(37,554)$2,771,933 $11,773 $2,783,706 $17,298 
Net loss— — (124,859)— (124,859)(902)(125,761)(3,342)
Other comprehensive income— — — 12,173 12,173 — 12,173 — 
Comprehensive loss— — — — (112,686)(902)(113,588)(3,342)
Share-based compensation— 24,892 — — 24,892 — 24,892 — 
Accretion of put options— — — — — — — 587 
Tax withholding associated with shares issued for equity-based compensation— (5)— — (5)— (5)— 
Contributions from noncontrolling interest holders
— — — — — 300 300 — 
Balance as of December 31, 2020$241 $2,782,042 $(72,768)$(25,381)$2,684,134 $11,171 $2,695,305 $14,543 
See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ AND DIVISIONAL EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS (Continued)
(Unaudited)
(in thousands)
Three Months Ended December 31, 2019
MSG Sports
Corp.’s
Investment
Accumulated
Other
Comprehensive Income (Loss)
Total Company Divisional EquityNon -
redeemable
Noncontrolling
Interests
Total Divisional EquityRedeemable
Noncontrolling
Interests
Balance as of September 30, 2019$2,539,552 $(56,602)$2,482,950 $15,539 $2,498,489 $66,991 
Net income81,306 — 81,306 453 81,759 885 
Other comprehensive income— 23,532 23,532 — 23,532 — 
Comprehensive income— — 104,838 453 105,291 885 
Net increase in Madison Square Garden Sports Corp. Investment22,789 — 22,789 — 22,789 — 
Contribution from noncontrolling interest holders
— — — 2,000 2,000 — 
Distributions to noncontrolling interest holders
— — — (535)(535)— 
Balance as of December 31, 2019$2,643,647 $(33,070)$2,610,577 $17,457 $2,628,034 $67,876 
See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ AND DIVISIONAL EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS (Continued)
(Unaudited)
(in thousands)
Six Months Ended December 31, 2020
Common
Stock
Issued
Additional
Paid-In
Capital
Retained Earnings
(Accumulated Deficits)
Accumulated
Other
Comprehensive Income (Loss)
Total Madison Square Garden Entertainment Corp. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
Balance as of June 30, 2020$240 $2,751,318 $141,936 $(51,857)$2,841,637 $12,203 $2,853,840 $20,600 
Net loss— — (214,704)— (214,704)(1,532)(216,236)(7,231)
Other comprehensive income— — — 26,476 26,476 — 26,476 — 
Comprehensive loss— — — — (188,228)(1,532)(189,760)(7,231)
Share-based compensation
— 36,700 — — 36,700 — 36,700 
Accretion of put options— — — — — — — 1,174 
Tax withholding associated with shares issued for equity-based compensation
1 (5,976)— — (5,975)— (5,975)— 
Contributions from noncontrolling interest holders
— — — — — 500 500 — 
Balance as of December 31, 2020$241 $2,782,042 $(72,768)$(25,381)$2,684,134 $11,171 $2,695,305 $14,543 
See accompanying notes to unaudited consolidated and combined financial statements.
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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF STOCKHOLDERS’ AND DIVISIONAL EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS (Continued)
(Unaudited)
(in thousands)
Six Months Ended December 31, 2019
MSG Sports’
Investment
Accumulated
Other
Comprehensive Income (Loss)
Total Company Divisional EquityNon -
redeemable
Noncontrolling
Interests
Total Divisional EquityRedeemable
Noncontrolling
Interests
Balance as of June 30, 2019$2,618,971 $(46,923)$2,572,048 $13,790 $2,585,838 $67,627 
Net income 25,339 — 25,339 493 25,832 249 
Other comprehensive income— 13,853 13,853 — 13,853 — 
Comprehensive income — — 39,192 493 39,685 249 
Net decrease in Madison Square Garden Sports Corp. Investment(663)— (663)— (663)— 
Contributions from noncontrolling interest holders
— — — 3,709 3,709 — 
Distributions to noncontrolling interest holders
— — — (535)(535) 
Balance as of December 31, 2019$2,643,647 $(33,070)$2,610,577 $17,457 $2,628,034 $