Madison Square Garden Co

CIK:0001469372|SEC Filings

Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Mar. 31, 2021	Mar. 31, 2020
Income Statement [Abstract]
Revenues (including related party revenues of $180 and $0 for each of the three and nine months ended March 31, 2021 and 2020, respectively)	$ 177,853	$ 184,972	$ 481,455	$ 533,683
Direct operating expenses (including related party expenses of $36,692 and $39,876 for the three months ended March 31, 2021 and 2020, respectively, and $112,852 and $118,763 for the nine months ended March 31, 2021 and 2020, respectively)	74,392	83,762	196,497	236,487
Selling, general and administrative expenses (including related party expenses of $9,468 and $8,381 for the three months ended March 31, 2021 and 2020, respectively, and $16,716 and $20,398 for the nine months ended March 31, 2021 and 2020, respectively)	31,743	25,831	75,962	80,173
Depreciation and amortization	1,833	1,716	5,463	5,123
Operating income	69,885	73,663	203,533	211,900
Other income (expense):
Interest income	481	900	1,446	3,734
Interest expense	(4,958)	(9,419)	(15,320)	(30,168)
Debt refinancing expense	0	0	0	(2,764)
Other components of net periodic benefit cost	(207)	(258)	(620)	(774)
Miscellaneous income	1,252		1,252
Nonoperating expense, Total	(3,432)	(8,777)	(13,242)	(29,972)
Income from operations before income taxes	66,453	64,886	190,291	181,928
Income tax expense	(20,870)	(18,616)	(68,174)	(52,627)
Net income	$ 45,583	$ 46,270	$ 122,117	$ 129,301
Earnings per share:
Basic	$ 0.79	$ 0.77	$ 2.13	$ 1.98
Diluted	$ 0.78	$ 0.77	$ 2.11	$ 1.97
Weighted-average number of common shares outstanding:
Basic (in shares)	57,505	60,011	57,358	65,194
Diluted (in shares)	58,235	60,315	57,775	65,553

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities:
Net income	$ 122,117	$ 129,301
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	5,463	5,123
Amortization of deferred financing costs	1,210	1,591
Debt refinancing expense	0	455
Share-based compensation expense	14,217	13,852
Provision for doubtful accounts	(277)	45
Change in assets and liabilities:
Accounts receivable, net	18,760	(223)
Related party receivables, net	(11,540)	(12,622)
Prepaid expenses and other assets	(8,529)	663
Accounts payable	(339)	364
Related party payables, including payable to MSGS and MSGE	4,738	747
Prepaid/payable for income taxes	1,436	6,141
Accrued and other liabilities	8,538	(4,692)
Deferred revenue	(2,181)	861
Deferred income taxes	4,870	(1,635)
Net cash provided by operating activities	158,483	139,971
Cash flows from investing activities:
Capital expenditures	(2,980)	(2,211)
Net cash used in investing activities	(2,980)	(2,211)
Cash flows from financing activities:
Principal repayments on term loan facilities (see Note 7)	(26,125)	(28,125)
Proceeds from senior secured credit facilities (see Note 7)	0	100,000
Payments for financing costs	0	(3,969)
Share repurchase costs	0	(289,557)
Taxes paid in lieu of shares issued for share-based compensation	(2,148)	(4,235)
Net cash used in financing activities	(28,273)	(225,886)
Net increase (decrease) in cash and cash equivalents	127,230	(88,126)
Cash and cash equivalents at beginning of period	196,837	226,423
Cash and cash equivalents at end of period	$ 324,067	$ 138,297

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2021	Jun. 30, 2020
Current Assets:
Cash and cash equivalents	$ 324,067	$ 196,837
Accounts receivable, net	86,455	105,549
Related party receivables, net	25,659	14,190
Prepaid income taxes	1,500	461
Prepaid expenses	8,385	11,063
Other current assets	8,742	4,541
Total current assets	454,808	332,641
Property and equipment, net	7,258	8,758
Amortizable intangible assets, net	27,688	30,283
Goodwill	424,508	424,508
Operating lease right-of-use assets	13,286	17,153
Other assets	44,209	37,460
Total assets	971,757	850,803
Current Liabilities:
Accounts payable	235	2,115
Related party payables	6,210	1,472
Current portion of long-term debt	48,239	37,229
Current portion of operating lease liabilities	5,125	5,492
Income taxes payable	3,116	641
Accrued liabilities:
Employee related costs	15,652	14,187
Other accrued liabilities	17,434	10,116
Deferred revenue	572	2,753
Total current liabilities	96,583	74,005
Long-term debt, net of current portion	1,007,598	1,043,780
Long-term operating lease liabilities	9,960	13,780
Defined benefit and other postretirement obligations	25,150	25,860
Other employee related costs	5,538	5,149
Other liabilities	1,483	1,536
Deferred tax liability	244,321	239,542
Total liabilities	1,390,633	1,403,652
Commitments and contingencies (see Note 9)
Stockholders' Deficiency:
Preferred stock, par value $0.01, 45,000 shares authorized; none outstanding	0	0
Additional paid-in capital	17,490	12,731
Treasury stock, at cost, 20,799 and 21,137 shares as of March 31, 2021 and June 30, 2020, respectively	(450,053)	(457,363)
Retained earnings (accumulated deficit)	20,845	(100,792)
Accumulated other comprehensive loss	(7,937)	(8,204)
Total stockholders' deficiency	(418,876)	(552,849)
Total liabilities and stockholders' deficiency	971,757	850,803
Class A Common Stock [Member]
Stockholders' Deficiency:
Common stock, value issued	643	643
Class B Common Stock [Member]
Stockholders' Deficiency:
Common stock, value issued	$ 136	$ 136