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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 March 31, 2021
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-20210331_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 April 30, 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 



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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)
March 31,
2021
June 30,
2020
(Unaudited) 
ASSETS
Current Assets:
Cash and cash equivalents$1,277,698 $906,555 
Restricted cash24,610 17,749 
Short-term investments 337,192 
Accounts receivable, net108,225 57,184 
Net related party receivables38,452 23,062 
Prepaid expenses58,211 62,127 
Other current assets33,560 22,633 
Total current assets1,540,756 1,426,502 
Net related party receivables, noncurrent9,614  
Investments in nonconsolidated affiliates47,190 52,622 
Property and equipment, net1,915,708 1,646,115 
Right-of-use lease assets211,371 220,328 
Amortizable intangible assets, net127,607 150,426 
Indefinite-lived intangible assets63,801 63,801 
Goodwill74,309 74,309 
Other assets113,840 85,103 
Total assets$4,104,196 $3,719,206 
See accompanying notes to unaudited consolidated and combined financial statements.
1


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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except per share data)
March 31,
2021
June 30,
2020
(Unaudited)
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Accounts payable$10,390 $17,258 
Net related party payables, current43,285 18,418 
Current portion of long-term debt, net of deferred financing costs4,478 5,429 
Accrued liabilities:
Employee related costs52,300 68,837 
Other accrued liabilities109,343 125,452 
Operating lease liabilities, current58,415 53,388 
Collections due to promoters19,686 31,879 
Deferred revenue215,448 189,308 
Total current liabilities513,345 509,969 
Long-term debt, net of deferred financing costs656,956 28,126 
Operating lease liabilities, noncurrent168,461 174,219 
Defined benefit and other postretirement obligations24,489 26,132 
Other employee related costs12,898 15,591 
Collections due to promoters, noncurrent5,741  
Deferred tax liabilities, net11,037 12,450 
Other liabilities78,605 78,279 
Total liabilities1,471,532 844,766 
Commitments and contingencies (see Note 11)
Redeemable noncontrolling interests16,500 20,600 
Madison Square Garden Entertainment Corp. Stockholders’ Equity:
Class A Common stock, par value $0.01, 120,000 shares authorized; 19,618 and 19,493 shares outstanding as of March 31, 2021 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 March 31, 2021 and June 30, 2020
45 45 
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of March 31, 2021 and June 30, 2020
  
Additional paid-in capital2,781,240 2,751,318 
Retained earnings (accumulated deficit)(152,378)141,936 
Accumulated other comprehensive loss(23,592)(51,857)
Total Madison Square Garden Entertainment Corp. stockholders’ equity2,605,511 2,841,637 
Nonredeemable noncontrolling interests10,653 12,203 
Total equity2,616,164 2,853,840 
Total liabilities, redeemable noncontrolling interests and equity$4,104,196 $3,719,206 

See accompanying notes to unaudited consolidated and combined financial statements.
2


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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
 Three Months EndedNine Months Ended
March 31,March 31,
2021202020212020
Revenues (a)
$43,102 $181,902 $80,617 $753,937 
Operating expenses:
Direct operating expenses (b)
35,630 124,677 105,253 466,393 
Selling, general and administrative expenses (c)
78,319 85,035 213,594 259,656 
Depreciation and amortization37,778 25,545 88,235 79,799 
Impairment for intangibles, long-lived assets, and goodwill— 102,211 — 102,211 
Restructuring charges  21,299  
Operating loss(108,625)(155,566)(347,764)(154,122)
Other income (expense):
Loss in equity method investments(2,314)(1,096)(5,578)(3,739)
Interest income311 3,659 955 17,242 
Interest expense(14,857)(605)(22,941)(1,854)
Miscellaneous income (loss), net26,438 (17,381)53,300 (995)
9,578 (15,423)25,736 10,654 
Loss from operations before income taxes(99,047)(170,989)(322,028)(143,468)
Income tax benefits11,859 10,126 11,373 8,686 
Net loss(87,188)(160,863)(310,655)(134,782)
Less: Net loss attributable to redeemable noncontrolling interests(6,860)(25,398)(14,091)(25,149)
Less: Net loss attributable to nonredeemable noncontrolling interests(718)(734)(2,250)(241)
Net loss attributable to Madison Square Garden Entertainment Corp.’s stockholders$(79,610)$(134,731)$(294,314)$(109,392)
Basic and diluted loss per common share attributable to Madison Square Garden Entertainment Corp.’s stockholders$(3.66)$(5.62)$(12.51)$(4.56)
Weighted-average number of common shares outstanding:
Basic and diluted (d)
24,169 23,992 24,217 23,992 
_________________
(a)Includes revenues from related parties of $22,928 and $6,333 for the three months ended March 31, 2021 and 2020, respectively, and $32,208 and $13,792 for the nine months ended March 31, 2021 and 2020, respectively.
(b)Includes net charges from (to) related parties of $(4,339) and $13,743 for the three months ended March 31, 2021 and 2020, respectively, and $(5,299) and $54,148 for the nine months ended March 31, 2021 and 2020, respectively.
(c)Includes net charges to related parties of $(10,640) and $(32,074) for the three months ended March 31, 2021 and 2020, respectively, and $(34,619) and $(97,832) for the nine months ended March 31, 2021 and 2020, respectively.
(d)On April 17, 2020 (the “Entertainment Distribution Date”), 23,992 shares of common stock were distributed to stockholders of Madison Square Garden Sports Corp. (“MSG Sports,” formerly known as The Madison Square Garden Company) 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 nine months ended March 31, 2020 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.
3


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MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(in thousands)
Three Months EndedNine Months Ended
March 31,March 31,
2021202020212020
Net loss$(87,188)$(160,863)$(310,655)$(134,782)
Other comprehensive income, before income taxes:
Pension plans and postretirement plan:
Amounts reclassified from accumulated other comprehensive loss:
Amortization of actuarial loss included in net periodic benefit cost290 342 932 1,027 
Settlement loss recognized 67  67 
Amortization of prior service credit included in net periodic benefit cost 290  409  932  1,094 
Cumulative translation adjustments1,499 (19,946)27,333 (6,778)
Other comprehensive income (loss), before income taxes1,789 (19,537)28,265 (5,684)
Income tax expense related to items of other comprehensive income (loss)    
Other comprehensive income (loss), net of income taxes1,789 (19,537)28,265 (5,684)
Comprehensive loss(85,399)(180,400)(282,390)(140,466)
Less: Comprehensive loss attributable to redeemable noncontrolling interests(6,860)(25,398)(14,091)(25,149)
Less: Comprehensive loss attributable to nonredeemable noncontrolling interests(718)(734)(2,250)(241)
Comprehensive loss attributable to Madison Square Garden Entertainment Corp.’s stockholders$(77,821)$(154,268)$(266,049)$(115,076)

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)

Nine Months Ended
March 31,
20212020
Cash flows from operating activities:
Net loss$(310,655)$(134,782)
Adjustment to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation and amortization88,235 79,799 
Impairment of intangibles, long-lived assets and goodwill 102,211 
Amortization of deferred financing costs2,868 220 
Provision (benefits) from deferred income taxes(1,414)(9,842)
Share-based compensation expense43,204 29,294 
Loss in equity method investments5,578 3,739 
Net unrealized and realized (gains) loss on equity investments with readily determinable fair value(52,662)2,471 
Provision for credit losses308 6,954 
Other non-cash adjustments271 103 
Change in assets and liabilities:
Accounts receivable, net(51,348)(27,511)
Receivables from related parties, net of payables (137)12,079 
Prepaid expenses and other assets(11,686)(29,976)
Accounts payable(6,868)1,401 
Accrued and other liabilities(24,957)45,251 
Collections due to promoters, including noncurrent portion(6,452)15,924 
Deferred revenue23,668 32,388 
Operating lease right-of-use assets and lease liabilities8,225 4,473 
Net cash (used in) provided by operating activities$(293,822)$134,196 
Cash flows from investing activities:
Capital expenditures$(321,617)$(326,503)
Purchase of short-term investments (405,935)
Proceeds from maturity of short-term investments339,110 176,661 
Proceeds from sale of equity securities22,079  
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 activities137 401 
Net cash provided by (used in) investing activities$46,037 $(477,891)
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 (Continued)
(Unaudited)
(in thousands)



Nine Months Ended
March 31,
20212020
Cash flows from financing activities:
Proceeds from issuance of term loan, net of issuance discount$630,500 $ 
Proceeds from revolving credit facility14,500  
Taxes paid in lieu of shares issued for equity-based compensation(6,060) 
Noncontrolling interest holders’ capital contribution 700 4,000 
Distributions to noncontrolling interest holders (535)
Distribution to related parties associated with the settlement of certain share-based awards granted prior to the Entertainment Distribution(1,771) 
Repayment of revolving credit facility— (15,000)
Principal repayment on long-term debt(5,375)(5,000)
Payments for financing costs(14,623) 
Net transfers from (to) Madison Square Garden Sports Corp. and its subsidiaries 285,047 
Net cash provided by financing activities$617,871 $268,512 
Effect of exchange rates on cash, cash equivalents and restricted cash7,918 3,916 
Net increase (decrease) in cash, cash equivalents and restricted cash378,004 (71,267)
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$1,302,308 $1,020,798 
Non-cash investing and financing activities:
Non-cash acquisition of additional redeemable noncontrolling interests$ $37,715 
Capital expenditures incurred but not yet paid$64,974 $75,656 
Share-based compensation capitalized in property and equipment$4,541 $3,790 

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 March 31, 2021
Common
Stock
Issued
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total Madison Square Garden Entertainment Corp. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
Interests
Balance as of December 31, 2020$241 $2,782,042 $(72,768)$(25,381)$2,684,134 $11,171 $2,695,305 $14,543 
Net loss— — (79,610)— (79,610)(718)(80,328)(6,860)
Other comprehensive income— — — 1,789 1,789 — 1,789 — 
Comprehensive loss— — — — (77,821)(718)(78,539)(6,860)
Share-based compensation— 9,284 — — 9,284 — 9,284 — 
Accretion of put options— — — — — — — 587 
Tax withholding associated with shares issued for equity-based compensation— (85)— — (85)— (85)— 
Distribution to related parties associated with the settlement of certain share-based awards granted prior to the Entertainment Distribution— (1,273)— — (1,273)— (1,273)(498)
Adjustment of redeemable noncontrolling interest to redemption value— (8,728)— — (8,728)— (8,728)8,728 
Contributions from noncontrolling interest holders
— — — — — 200 200 — 
Balance as of March 31, 2021$241 $2,781,240 $(152,378)$(23,592)$2,605,511 $10,653 $2,616,164 $16,500 
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 March 31, 2020
MSG Sports
Corp.’s
Investment
Accumulated
Other
Comprehensive Loss
Total Company Divisional EquityNon -
redeemable
Noncontrolling
Interests
Total Divisional EquityRedeemable
Noncontrolling
Interests
Balance as of December 31, 2019$2,643,647 $(33,070)$2,610,577 $17,457 $2,628,034 $67,876 
Net loss(134,731)— (134,731)(734)(135,465)(25,398)
Other comprehensive loss— (19,537)(19,537)— (19,537)— 
Comprehensive loss— — (154,268)(734)(155,002)(25,398)
Net increase in Madison Square Garden Sports Corp. Investment318,791 — 318,791 — 318,791 — 
Noncontrolling interests non-cash acquisition37,715 37,715 — 37,715 (37,715)
Redeemable noncontrolling interest adjustment to fair value(16,939)— (16,939)— (16,939)16,939 
Balance as of March 31, 2020$2,848,483 $(52,607)$2,795,876 $16,723 $2,812,599 $21,702 
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)
Nine Months Ended March 31, 2021
Common
Stock
Issued
Additional
Paid-In
Capital
Retained Earnings
(Accumulated Deficit)
Accumulated
Other
Comprehensive 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— — (294,314)— (294,314)(2,250)(296,564)(14,091)
Other comprehensive income— — — 28,265 28,265 — 28,265 — 
Comprehensive loss— — — — (266,049)(2,250)(268,299)(14,091)
Share-based compensation
— 45,984 — — 45,984 — 45,984 
Accretion of put options— — — — — — — 1,761 
Tax withholding associated with shares issued for equity-based compensation
1 (6,061)— — (6,060)— (6,060)— 
Distribution to related parties associated with the settlement of certain share-based awards granted prior to the Entertainment Distribution— (1,273)— — (1,273)— (1,273)(498)
Adjustment of redeemable noncontrolling interest to redemption value— (8,728)— — (8,728)— (