For Fiscal Years 2022, 2021 and 2020, all revenue recognized in the consolidated and combined statements of operations is considered to be revenue from contracts with customers in accordance with ASC Topic 606, except for revenues from Arena License Agreements, leases and subleases that are accounted for in accordance with ASC Topic 842 of $73,279 and $24,325 for Fiscal Years 2022 and 2021, respectively. In Fiscal Years 2022 and 2021, the Company did not have any material provisions for credit losses on receivables or contract assets arising from contracts with customers.

In connection with the Entertainment Distribution, the Company entered into Arena License Agreements with MSG Sports that require the Knicks and the Rangers to play their home games at The Garden. These agreements also provide for the provision of certain services by the Company to MSG Sports for MSG Sports events that are held at The Garden and include revenue-sharing provisions for certain agreements entered into by the Company and MSG Sports. The Arena License Agreements contain both lease and non-lease components. The revenue to be recognized with respect to the lease components of the Arena License Agreements is accounted for as operating lease revenue in accordance with ASC Topic 842. The non-lease components are accounted for in accordance with ASC Topic 606, as further discussed below.

During Fiscal Years 2022 and 2021, the Company recognized $68,072 and $21,345, respectively, of revenues under the Arena License Agreements. With The Garden closed by government mandate, the Company did not recognize operating lease revenue under the Arena License Agreements in Fiscal Year 2020.

Revenue for the Company’s suite license arrangements is recorded on a gross basis, as the Company is the principal in such transactions and controls the related goods or services before transfer to the customer. MSG Sports is entitled to a share of the Company’s suite license revenue pursuant to the terms of the Arena License Agreements, which is recognized in the consolidated and combined statements of operations as a component of direct operating expenses.

For sponsorship agreements entered into by the Company or by MSG Sports that contain performance obligations satisfied solely by the Company, revenue is generally recorded on a gross basis as the Company is the principal with respect to such performance obligations and controls the related goods or services before transfer to the customer. In accordance with the Arena License Agreements, MSG Sports is entitled to a share of the revenue generated from certain signage performance obligations where the Company is the principal. The Company records this signage revenue on a gross basis and MSG Sports’ share of such revenue as a component of direct operating expenses within the consolidated and combined statements of operations.

For Fiscal Years 2022, 2021 and 2020, the Company recorded revenue-sharing expense of $17,279, $558 and $110,002, respectively, for MSG Sports’ share of the Company’s revenues from (i) suite licenses, (ii) certain signage and sponsorships, and (iii) food and beverage based upon the provisions of the underlying contractual arrangements for the period subsequent to the Entertainment Distribution, and on the basis of direct usage when specifically identified or allocated proportionally for all prior periods.

In connection with the Entertainment Distribution, the Company entered into advertising sales representation agreements with certain subsidiaries of MSG Sports. Pursuant to these agreements, the Company has the exclusive right and obligation to sell sponsorship assets on behalf of the respective subsidiaries of MSG Sports. The Company is entitled to both fixed and variable commissions under the terms of these agreements. The Company recognizes the fixed component ratably over the term of the arrangement which corresponds with the Company’s satisfaction of its service-based performance obligations. Variable commissions are earned and recognized as the related sponsorship performance obligations are satisfied by MSG Sports. The Company is not the principal in such arrangements as it does not control the related goods or services prior to transfer to the customer. As an agent under these arrangements, the Company recognizes the advertising commission revenue on a net basis.

The Company earns event related revenues principally from the sale of tickets for events that the Company produces or promotes/co-promotes, and from venue license fees charged to third-party promoters for events held at the Company’s venues that the Company does not produce or promote/co-promote. The Company’s performance obligations with respect to event-related revenues from the sale of tickets, venue license fees from third-party promoters, sponsorships, concessions and merchandise are satisfied at the point of sale or as the related event occurs. As a result of the agreements entered into in connection with the Entertainment Distribution, the Company also earns revenue from the provision of various event-related services that are incremental to MSG Sports’ general use of The Garden. The Company’s performance obligations with respect to these event-related services are satisfied as the related event occurs.

The Company’s revenues also include revenue from the license of The Garden’s suites for the Company’s or MSG Sports’ events. Suite license arrangements are generally multi-year fixed-fee arrangements that include annual fee increases. Payment terms for suite license arrangements can vary by contract, but payments are generally due in installments prior to each license year. The Company’s performance obligations under such arrangements is to provide the licensee with access to the suite when events occur at The Garden. The Company accounts for the performance obligation under these types of arrangements as a series and, as a result, the related suite license fees for all years during the license term are aggregated and revenue is recognized proportionately over the license period as the Company satisfies the related performance obligation. Progress toward satisfaction of the Company’s annual suite license performance obligations is measured as access to the suite that is provided to the licensee for each event throughout the contractual term of the license.

The Company also earns revenues from the sale of advertising in the form of venue signage and other forms of sponsorship, which are not related to any specific event of the Company or MSG Sports. The Company’s performance obligations with respect to this advertising are satisfied as the related benefits are delivered over the term of the respective agreements.

The MSG Networks segment generates revenues principally from affiliation fees charged to cable, satellite, fiber-optic and other platforms (“Distributors”) for the right to carry its networks, as well as from the sale of advertising. Advertising revenue is largely derived from the sale of inventory in MSG Networks’ live professional sports programming, and as such, a significant share of this revenue has historically been earned in the second and third fiscal quarters. Due to the COVID-19 pandemic, the NBA and NHL 2020-21 regular seasons were delayed and primarily occurred during the third and fourth quarters of Fiscal Year 2021 and will affect the comparability in the second, third and the fourth fiscal quarters of Fiscal Year 2022.

Affiliation fee revenue is earned from Distributors for the right to carry the segment’s networks under affiliation agreements. The performance obligation under these affiliation agreements is satisfied as MSG Networks provides its programming over the term of the agreement.

Substantially all of MSG Networks’ affiliation agreements are sales-based and usage-based royalty arrangements; revenue is recognized as the sale or usage occurs. The transaction price is represented by affiliation fees that are generally based upon contractual rates applied to the number of the Distributor’s subscribers who receive or can receive MSG Networks programming. Such subscriber information is generally not received until after the close of the reporting period, and in these cases, the Company estimates the number of subscribers. Historical adjustments to recorded estimates have not been material.

The MSG Networks segment also generates advertising revenue primarily through the sale of commercial time and other advertising inventory during its live professional sports programming. In general, these advertising arrangements either do not exceed one year or are primarily multi-year media banks, the elements of which are agreed upon each year. Advertising revenue is recognized as advertising is aired. In certain advertising arrangements, the Company guarantees specified viewer ratings for its programming. In such cases, the promise to deliver the guaranteed viewer ratings by airing the advertising represents MSG Networks’ performance obligation. A contract liability is recognized as deferred revenue to the extent any guaranteed viewer ratings are not met. This permits the customer to exercise a contractual right for additional advertising time. The related deferred revenue is subsequently recognized as revenue either when MSG Networks provides the required additional advertising time, or additional performance requirements become remote, which may be at the time the guarantee obligation contractually expires.

Revenues from dining, nightlife and hospitality offerings through Tao Group Hospitality are recognized when food, beverages and/or services are provided to the customer as that is the point in which the related performance obligation is satisfied. In addition, management fee revenues which are earned in accordance with specific venue management agreements are recorded over the period in which the management services are performed as that reflects the measure of progress toward satisfaction of the Company’s venue management performance obligations.


	Year Ended June 30, 2022
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total
Event-related and entertainment dining and nightlife offerings (a)	$	386,309	$	—	$	438,608	$	(880)	$	824,037
Sponsorship, signage and suite licenses (b)	156,387		6,470		4,521		(1,438)		165,940
Media related, primarily from affiliation agreements (b)	—		596,693		—		—		596,693
Other (c)	39,417		4,992		41,818		(21,558)		64,669
Total revenues from contracts with customers	$	582,113	$	608,155	$	484,947	$	(23,876)	$	1,651,339


	Year Ended June 30, 2021
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total
Event-related and entertainment dining and nightlife offerings (a)	$	14,062	$	—	$	84,325	$	(1,522)	$	96,865
Sponsorship, signage and suite licenses (b)	16,308		4,022		4,736		(207)		24,859
Media related, primarily from affiliation agreements (b)	—		639,470		—		—		639,470
Other (c)	27,586		4,018		11,105		(14,015)		28,694
Total revenues from contracts with customers	$	57,956	$	647,510	$	100,166	$	(15,744)	$	789,888


	Year Ended June 30, 2020
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total
Event-related and entertainment dining and nightlife offerings (a)	$	390,691	$	—	$	161,663	$	(507)	$	551,847
Sponsorship, signage and suite licenses (b)	176,798		5,196		1,640		(1,091)		182,543
Media related, primarily from affiliation agreements (b)	—		677,297		—		—		677,297
Other (c)	17,719		3,304		16,898		(13,590)		24,331
Total revenues from contracts with customers	$	585,208	$	685,797	$	180,201	$	(15,188)	$	1,436,018

(b)See Note 2, Summary of Significant Accounting Policies, Revenue Recognition, and the segment discussion above within this Note for further details on the pattern of recognition of sponsorship, signage, suite license and media related revenues.

(c)Primarily consists of (i) revenues from sponsorship sales and representation agreements with MSG Sports, (ii) Tao Group Hospitality’s managed venue revenues, and (ii) advertising commission revenues recognized by the Entertainment segment from the MSG Networks segment of $20,878, $13,698 and $12,715 for Fiscal Years 2022, 2021 and 2020, respectively, that are eliminated in consolidation.

In addition to the disaggregation of the Company’s revenue by major source based upon the timing of transfer of goods or services to the customer disclosed above, the following table disaggregates the Company’s combined revenues by type of goods or services in accordance with the required entity-wide disclosure requirements of ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for Fiscal Years 2022, 2021 and 2020.



	Year Ended June 30, 2022
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total (d)
Ticketing and venue license fee revenues (a)	$	250,092	$	—	$	—	$	—	$	250,092
Sponsorship and signage, suite, and advertising commission revenues (b)	219,113		—		—		(22,315)		196,798
Revenues from entertainment dining and nightlife offerings (c)	—		—		484,947		(1,561)		483,386
Food, beverage and merchandise revenues	109,915		—		—		—		109,915
Media networks revenues (d)	—		608,155		—		—		608,155
Other	2,993		—		—		—		2,993
Total revenues from contracts with customers	$	582,113	$	608,155	$	484,947	$	(23,876)	$	1,651,339



	Year Ended June 30, 2021
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total
Ticketing and venue license fee revenues (a)	$	8,311	$	—	$	—	$	—	$	8,311
Sponsorship and signage, suite, and advertising commission revenues (b)	43,723		—		—		(13,905)		29,818
Revenues from entertainment dining and nightlife offerings (c)	—		—		100,166		(1,839)		98,327
Food, beverage and merchandise revenues	3,078		—		—		—		3,078
Media networks revenues (d)	—		647,510		—		—		647,510
Other	2,844		—		—		—		2,844
Total revenues from contracts with customers	$	57,956	$	647,510	$	100,166	$	(15,744)	$	789,888



	Year Ended June 30, 2020
	Entertainment		MSG Networks		Tao Group Hospitality		Eliminations		Total
Ticketing and venue license fee revenues (a)	$	310,971	$	—	$	—	$	—	$	310,971
Sponsorship and signage, suite, and advertising commission revenues (b)	200,092		—		—		(13,806)		186,286
Revenues from entertainment dining and nightlife offerings (c)	—		—		180,201		(1,382)		178,819
Food, beverage and merchandise revenues	62,341		—		—		—		62,341
Media networks revenues (d)	—		685,797		—		—		685,797
Other	11,804		—		—		—		11,804
Total revenues from contracts with customers	$	585,208	$	685,797	$	180,201	$	(15,188)	$	1,436,018

(a)Amounts include ticket sales, including other ticket-related revenue, and venue license fees from the Company’s events such as (i) concerts, (ii) the presentation of the Christmas Spectacular, and (iii) other live entertainment and sporting events.

(b)Amounts include (i) revenues from sponsorship sales and representation agreements with MSG Sports and (ii) advertising commission revenues recognized by the Entertainment segment from the MSG Networks segment of $20,878, $13,698 and $12,715 for Fiscal Years 2022, 2021 and 2020, respectively, that are eliminated in consolidation.


	June 30,
	2022		2021		2020
Receivables from contracts with customers, net (a)	$	215,261	$	185,112	$	165,377
Contract assets, current (b)	5,503		7,052		3,850
Contract assets, non-current (b)	756		87		37
Deferred revenue, including non-current portion (c)	228,703		210,187		195,865

(a)As of June 30, 2022, 2021 and 2020, the Company’s receivables from contracts with customers above included $4,618, $4,848 and $2,644, respectively, related to various related parties. See Note 21, Related Party Transactions for further details on these related party arrangements.

(b)Contract assets primarily relate to the Company’s rights to consideration for goods or services transferred to customers, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.

The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2022. This primarily relates to performance obligations under sponsorship and suite license agreements that have original expected durations longer than one year and for which the considerations are not variable. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less.


Fiscal year ending June 30, 2023	$	189,499
Fiscal year ending June 30, 2024	156,589
Fiscal year ending June 30, 2025	117,658
Fiscal year ending June 30, 2026	81,560
Fiscal year ending June 30, 2027	43,707
Thereafter	48,947
	$	637,960