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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, 2023
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
Sphere logo.gif
SPHERE ENTERTAINMENT CO.
(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: (725) 258-0001
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 StockSPHRNew 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 28, 2023:
Class A Common Stock par value $0.01 per share —27,692,030 
Class B Common Stock par value $0.01 per share —6,866,754 






SPHERE ENTERTAINMENT CO.
INDEX TO FORM 10-Q
 
 Page








PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(in thousands, except per share data)
March 31,
2023
June 30,
2022
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash$327,245 $822,885 
Accounts receivable, net214,443 188,012 
Prepaid expenses and other current assets145,838 135,671 
Current assets (Held for Sale) (c)
502,567 72,088 
Total current assets1,190,093 1,218,656 
Non-Current Assets:
Property and equipment, net3,690,234 2,853,656 
Right-of-use lease assets339,601 337,305 
Goodwill498,817 498,817 
Intangible assets, net82,490 86,464 
Other non-current assets248,246 173,298 
Non-current assets (Held for Sale) (c)
 400,430 
Total assets$6,049,481 $5,568,626 
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY
Current Liabilities:
Accounts payable, accrued and other current liabilities$699,769 $529,083 
Current portion of long-term debt98,750 74,762 
Operating lease liabilities, current46,086 45,559 
Deferred revenue265,611 208,895 
Current liabilities (Held for Sale) (c)
289,817 102,801 
Total current liabilities1,400,033 961,100 
Non-Current Liabilities:
Long-term debt, net of deferred financing costs1,781,748 1,584,446 
Operating lease liabilities, non-current342,629 338,534 
Deferred tax liabilities, net209,742 209,907 
Other non-current liabilities142,531 144,103 
Non-current liabilities (Held for Sale) (c)
 170,960 
Total liabilities3,876,683 3,409,050 
Commitments and contingencies (see Note 9)
Redeemable noncontrolling interests (Held for Sale)138,812 184,192 
Equity:
Class A Common Stock (a)
277 273 
Class B Common Stock (b)
69 69 
Additional paid-in capital2,391,409 2,301,970 
Accumulated deficit(324,756)(290,736)
Accumulated other comprehensive loss(46,439)(48,355)
Total Sphere Entertainment Co. stockholders’ equity2,020,560 1,963,221 
Nonredeemable noncontrolling interests (Held for Sale)13,426 12,163 
Total equity2,033,986 1,975,384 
Total liabilities, redeemable noncontrolling interests and equity$6,049,481 $5,568,626 
__________________
(a)Class A Common Stock, $0.01 par value per share, 120,000 shares authorized;27,692 and 27,368 shares outstanding as of March 31, 2023 and June 30, 2022, respectively.
(b)Class B Common Stock, $0.01 par value per share, 30,000 shares authorized;6,867 shares outstanding as of March 31, 2023 and June 30, 2022.
(c)The assets and liabilities of the disposal group classified as held for sale are classified as current on the March 31,2023 balance sheet as the transaction was completed and net proceeds were received on May 3,2023.
See accompanying notes to the unaudited condensed consolidated financial statements.
1





SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(in thousands, except per share data)
 Three Months EndedNine Months Ended
March 31,March 31,
2023202220232022
Revenues (a)
$363,297 $352,534 $1,139,492 $928,442 
Direct operating expenses (a)
(210,141)(197,967)(658,935)(536,076)
Selling, general and administrative expenses (a)
(179,870)(118,788)(442,054)(384,280)
Depreciation and amortization(22,999)(20,463)(68,090)(63,050)
Impairment and other (losses) gains, net(51)245 7,361 245 
Restructuring charges(20,498)(14,690)(34,180)(14,690)
Operating (loss) income(70,262)871 (56,406)(69,409)
Interest income2,640 767 10,161 2,311 
Interest expense (5,528) (22,051)
Other income (expense), net4,994 (10,052)1,939 (32,304)
Loss from continuing operations before income taxes(62,628)(13,942)(44,306)(121,453)
Income tax benefit (expense)8,649 (6,349)4,717 10,112 
Loss from continuing operations(53,979)(20,291)(39,589)(111,341)
(Loss) income from discontinued operations, net of taxes(4,576)985 7,548 20,399 
Net loss(58,555)(19,306)(32,041)(90,942)
Less: Net loss attributable to nonredeemable noncontrolling interests from continuing operations (212)(554)(579)
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations(216)(1,161)(128)(323)
Less: Net (loss) income attributable to redeemable noncontrolling interests from discontinued operations(1,492)(442)2,661 4,412 
Net loss attributable to Sphere Entertainment Co.’s stockholders$(56,847)$(17,491)$(34,020)$(94,452)
Basic and diluted (loss) earnings per common share
Continuing operations$(1.55)$(0.59)$(1.13)$(3.24)
Discontinued operations$(0.09)$0.08 $0.15 $0.48 
Basic and diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders$(1.64)$(0.51)$(0.98)$(2.76)
Weighted-average number of common shares outstanding:
Basic and diluted34,727 34,320 34,604 34,230 
_________________
(a)See Note 14, Related Party Transactions, for further information on related party revenues and expenses.
See accompanying notes to the unaudited condensed consolidated financial statements.
2





SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(Unaudited)
(in thousands)
Three Months EndedNine Months Ended
March 31,March 31,
2023202220232022
Net loss$(53,979)$(20,291)$(39,589)$(111,341)
Other comprehensive income (loss), before income taxes:
Amortization of net actuarial loss included in net periodic benefit cost464 510 1,484 1,530 
Cumulative translation adjustments1,972 (5,340)637 (9,226)
Other comprehensive income (loss), before income taxes2,436 (4,830)2,121 (7,696)
Income tax (expense) benefit (421)919 (362)1,463 
Other comprehensive income (loss), net of income taxes2,015 (3,911)1,759 (6,233)
Comprehensive loss from continuing operations(51,964)(24,202)(37,830)(117,574)
Comprehensive (loss) income from discontinued operations(4,467)518 7,705 19,894 
Comprehensive loss(56,431)(23,684)(30,125)(97,680)
Less: Net loss attributable to nonredeemable noncontrolling interests from continuing operations (212)(554)(579)
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations(216)(1,161)(128)(323)
Less: Net (loss) income attributable to redeemable noncontrolling interests from discontinued operations(1,492)(442)2,661 4,412 
Comprehensive loss attributable to Sphere Entertainment Co.’s stockholders$(54,723)$(21,869)$(32,104)$(101,190)

See accompanying notes to the unaudited condensed consolidated financial statements.

3

SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

Nine Months Ended
March 31,
20232022
OPERATING ACTIVITIES:
Net loss$(32,041)$(90,942)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization89,234 88,602 
Impairment and other gains, net(7,834)(5,480)
Amortization of deferred financing costs4,186 6,548 
Benefit from deferred income taxes(5,031)(11,872)
Share-based compensation expense56,092 62,321 
Amortization of right-of-use assets23,712 19,452 
Net unrealized (gains) loss on equity investments with and without readily determinable fair value(6,276)28,303 
Other non-cash adjustments6,432 5,588 
Change in assets and liabilities:
Accounts receivable, net(24,081)(64,496)
Prepaid expenses and other current and non-current assets(69,479)(22,790)
Accounts payable, accrued and other current and non-current liabilities68,650 31,928 
Deferred revenue53,688 54,195 
Right-of-use lease assets and operating lease liabilities(19,428)4,844 
Net cash provided by operating activities$137,824 $106,201 
INVESTING ACTIVITIES:
Capital expenditures, net$(764,513)$(516,494)
Capitalized interest
(88,450)(32,202)
Investments in nonconsolidated affiliates(7,750) 
Proceeds from dispositions, net29,104  
Proceeds from sale of equity securities4,369  
Distributions from equity method investments 1,756 770 
Net cash used in investing activities$(825,484)$(547,926)
FINANCING ACTIVITIES:
Proceeds from issuance of debt$275,168 $ 
Taxes paid in lieu of shares issued for equity-based compensation(14,980)(15,652)
Noncontrolling interest holders’ capital contributions 3,000 2,033 
Distributions to noncontrolling interest holders(1,722) 
Distributions to related parties associated with the settlement of certain share-based awards(2,388)(2,256)
Put option payments to redeemable noncontrolling interest holders  (895)
Repayments of revolving credit facility(2,000)(15,000)
Principal repayments on long-term debt(52,250)(45,750)
Payments for financing costs(5,131) 
Other financing activities788  
Net cash provided by (used in) financing activities$200,485 $(77,520)
Effect of exchange rates on cash, cash equivalents and restricted cash(729)22 
Net decrease in cash, cash equivalents and restricted cash (487,904)(519,223)
Cash, cash equivalents and restricted cash from continuing operations, beginning of period822,885 1,508,174 
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period23,125 31,802 
Cash, cash equivalents and restricted cash at beginning of period846,010 1,539,976 
Cash, cash equivalents and restricted cash from continuing operations, end of period327,245 987,922 
Cash, cash equivalents and restricted cash from discontinued operations, end of period30,861 32,831 
Cash, cash equivalents and restricted cash at end of period$358,106 $1,020,753 
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Investments and loans to nonconsolidated affiliates$12,859 $731 
Capital expenditures incurred but not yet paid$104,004 $83,788 
Share-based compensation capitalized in property and equipment$2,887 $2,264 
See accompanying notes to the unaudited condensed consolidated financial statements.
4


SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(in thousands)
Common
Stock
Issued
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total Sphere Entertainment Co. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
 Interests
Balance as of December 31, 2022$346 $2,322,007 $(267,909)$(48,563)$2,005,881 $13,039 $2,018,920 $190,222 
Net loss— — (56,847)— (56,847)(216)(57,063)(1,492)
Other comprehensive income— — — 2,124 2,124 — 2,124 — 
Share-based compensation— 20,714 — — 20,714 — 20,714 — 
Redeemable noncontrolling interest adjustment to redemption fair value— 50,045 — — 50,045 — 50,045 (50,045)
Accretion of put options and adjustments— — — — — — — 587 
Contributions— — — — — 1,000 1,000 — 
Distributions— (1,357)— — (1,357)(397)(1,754)(460)
Balance as of March 31, 2023$346 $2,391,409 $(324,756)$(46,439)$2,020,560 $13,426 $2,033,986 $138,812 
Balance as of December 31, 2021$342 $2,317,415 $(173,302)$(32,632)$2,111,823 $15,992 $2,127,815 $142,004 
Net loss— — (17,491)— (17,491)(1,373)(18,864)(442)
Other comprehensive loss— — — (4,378)(4,378)— (4,378)— 
Share-based compensation— 18,537 — — 18,537 — 18,537 — 
Tax withholding associated with shares issued for equity-based compensation— (412)— — (412)— (412)— 
Accretion of put options— — — — — — — 587 
Put option payments to redeemable
noncontrolling interest holders
— — — (895)
Contributions— — — — — 723 723 — 
Distributions— (1,269)— — (1,269)(530)(1,799)(3,476)
Balance as of March 31, 2022$342 $2,334,271 $(190,793)$(37,010)$2,106,810 $14,812 $2,121,622 $137,778 
See accompanying notes to the unaudited condensed consolidated financial statements.





5


SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
AND REDEEMABLE NONCONTROLLING INTERESTS
(Unaudited)
(in thousands)
Common
Stock
Issued
Additional
Paid-In
Capital
Accumulated DeficitAccumulated
Other
Comprehensive
Loss
Total Sphere Entertainment Co. Stockholders’ EquityNon -
redeemable
Noncontrolling
Interests
Total EquityRedeemable
Noncontrolling
 Interests
Balance as of June 30, 2022$342 $2,301,970 $(290,736)$(48,355)$1,963,221 $12,163 $1,975,384 $184,192 
Net (loss) income— — (34,020)— (34,020)(682)(34,702)2,661 
Other comprehensive income— — — 1,916 1,916 — 1,916 — 
Share-based compensation— 57,009 — — 57,009 — 57,009 — 
Tax withholding associated with shares issued for equity-based compensation4 (14,984)— — (14,980)— (14,980)— 
BCE disposition— — — — — 667 667 — 
Redeemable noncontrolling interest adjustment to redemption fair value— 50,045 — — 50,045 — 50,045 (50,045)
Accretion of put options and adjustments— (895)— — (895)— (895)2,656 
Contributions— — — — — 3,000 3,000 — 
Distributions— (1,736)— — (1,736)(1,722)(3,458)(652)
Balance as of March 31, 2023$346 $2,391,409 $(324,756)$(46,439)$2,020,560 $13,426 $2,033,986 $138,812