UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425). |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12). |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240-14d-2(b)). |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240-13e-4(c)). |
Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
SPHERE ENTERTAINMENT CO. | ||
(Registrant) | ||
By: /s/ Gregory Brunner | ||
Name: Gregory Brunner | ||
Title: Senior Vice President, Controller and Principal Accounting Officer |
(In millions) | Three Months Ended | |||||||||||||||||||||||||
September 30, | Change | |||||||||||||||||||||||||
2023 | 2022 | $ | % | |||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||
Sphere | $ | 7.8 | $ | 0.7 | $ | 7.1 | NM | |||||||||||||||||||
MSG Networks | 110.2 | 122.5 | (12.3) | (10) | % | |||||||||||||||||||||
Total Revenues | $ | 118.0 | $ | 123.1 | $ | (5.1) | (4) | % | ||||||||||||||||||
Operating (Loss) Income: | ||||||||||||||||||||||||||
Sphere | $ | (98.4) | $ | (79.1) | $ | (19.4) | (25) | % | ||||||||||||||||||
MSG Networks | 28.7 | 28.0 | 0.7 | 2 | % | |||||||||||||||||||||
Total Operating Loss | $ | (69.8) | $ | (51.1) | $ | (18.7) | (37) | % | ||||||||||||||||||
Adjusted Operating (Loss) Income:(1) | ||||||||||||||||||||||||||
Sphere | $ | (83.1) | $ | (64.1) | $ | (19.0) | (30) | % | ||||||||||||||||||
MSG Networks | 25.2 | 33.3 | (8.1) | (24) | % | |||||||||||||||||||||
Total Adjusted Operating Loss | $ | (57.9) | $ | (30.8) | $ | (27.1) | (88) | % |
Ari Danes, CFA Investor Relations and Financial Communications (212) 465-6072 | Justin Blaber Financial Communications (212) 465-6109 | ||||
Grace Kaminer Investor Relations (212) 631-5076 |
Three Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Revenues | $ | 118,007 | $ | 123,129 | ||||||||||
Direct operating expenses | (84,499) | (75,420) | ||||||||||||
Selling, general, and administrative expenses | (87,144) | (94,631) | ||||||||||||
Depreciation and amortization | (14,259) | (6,133) | ||||||||||||
Other gains, net | 1,497 | 2,000 | ||||||||||||
Restructuring charges | (3,391) | — | ||||||||||||
Operating loss | (69,789) | (51,055) | ||||||||||||
Other income (expense): | ||||||||||||||
Interest income | 4,378 | 3,333 | ||||||||||||
Other income (expense), net | 42,196 | (415) | ||||||||||||
Loss from continuing operations before income taxes | (23,215) | (48,137) | ||||||||||||
Income tax benefit | 90,287 | 1,834 | ||||||||||||
Income (loss) from continuing operations | 67,072 | (46,303) | ||||||||||||
(Loss) income from discontinued operations, net of taxes | (647) | 2,260 | ||||||||||||
Net income (loss) | 66,425 | (44,043) | ||||||||||||
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations | — | (410) | ||||||||||||
Less: Net income attributable to redeemable noncontrolling interests from discontinued operations | — | 1,124 | ||||||||||||
Net income (loss) attributable to Sphere Entertainment Co.’s stockholders | $ | 66,425 | $ | (44,757) | ||||||||||
Basic earnings (loss) per common share | ||||||||||||||
Continuing operations | $ | 1.92 | $ | (1.35) | ||||||||||
Discontinued operations | $ | (0.02) | $ | 0.05 | ||||||||||
Basic earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders | $ | 1.90 | $ | (1.30) | ||||||||||
Diluted earnings (loss) per common share | ||||||||||||||
Continuing operations | $ | 1.90 | $ | (1.35) | ||||||||||
Discontinued operations | $ | (0.01) | $ | 0.05 | ||||||||||
Diluted earnings (loss) per common share attributable to Sphere Entertainment Co.’s stockholders | $ | 1.89 | $ | (1.30) | ||||||||||
Weighted-average number of common shares outstanding: | ||||||||||||||
Basic | 34,911 | 34,403 | ||||||||||||
Diluted | 35,226 | 34,403 | ||||||||||||
Three Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Operating loss | (69,789) | $ | (51,055) | |||||||||||
Share-based compensation | 4,883 | 11,490 | ||||||||||||
Depreciation and amortization | 14,259 | 6,133 | ||||||||||||
Restructuring charges | 3,391 | — | ||||||||||||
Other gains, net | (1,497) | (2,000) | ||||||||||||
Merger and acquisition related costs, net of insurance recoveries | (9,043) | 4,650 | ||||||||||||
Amortization for capitalized cloud computing arrangement costs | 22 | 121 | ||||||||||||
Remeasurement of deferred compensation plan liabilities | (107) | (154) | ||||||||||||
Adjusted operating loss | $ | (57,881) | $ | (30,815) |
Three Months Ended September 30, 2023 | ||||||||||||||||||||
Sphere | MSG Networks | Total | ||||||||||||||||||
Revenues | $ | 7,779 | $ | 110,228 | $ | 118,007 | ||||||||||||||
Direct operating expenses | (7,805) | (76,694) | (84,499) | |||||||||||||||||
Selling, general and administrative expenses | (84,150) | (2,994) | (87,144) | |||||||||||||||||
Depreciation and amortization | (12,377) | (1,882) | (14,259) | |||||||||||||||||
Other gains, net | 1,497 | — | 1,497 | |||||||||||||||||
Restructuring charges | (3,391) | — | (3,391) | |||||||||||||||||
Operating (loss) income | $ | (98,447) | $ | 28,658 | $ | (69,789) | ||||||||||||||
Reconciliation to adjusted operating (loss) income: | ||||||||||||||||||||
Share-based compensation | 3,919 | 964 | 4,883 | |||||||||||||||||
Depreciation and amortization | 12,377 | 1,882 | 14,259 | |||||||||||||||||
Restructuring charges | 3,391 | — | 3,391 | |||||||||||||||||
Other gains, net | (1,497) | — | (1,497) | |||||||||||||||||
Merger and acquisition related costs, net of insurance recoveries | (2,702) | (6,341) | (9,043) | |||||||||||||||||
Amortization for capitalized cloud computing arrangement costs | — | 22 | 22 | |||||||||||||||||
Remeasurement of deferred compensation plan liabilities | (107) | — | (107) | |||||||||||||||||
Adjusted operating (loss) income | $ | (83,066) | $ | 25,185 | $ | (57,881) | ||||||||||||||
Three Months Ended September 30, 2022 | ||||||||||||||||||||
Sphere | MSG Networks | Total | ||||||||||||||||||
Revenues | $ | 650 | $ | 122,479 | $ | 123,129 | ||||||||||||||
Direct operating expenses | — | (75,420) | (75,420) | |||||||||||||||||
Selling, general and administrative expenses | (77,191) | (17,440) | (94,631) | |||||||||||||||||
Depreciation and amortization | (4,515) | (1,618) | (6,133) | |||||||||||||||||
Other gains, net | 2,000 | — | 2,000 | |||||||||||||||||
Operating (loss) income | $ | (79,056) | $ | 28,001 | $ | (51,055) | ||||||||||||||
Reconciliation to adjusted operating (loss) income: | ||||||||||||||||||||
Share-based compensation | 9,786 | 1,704 | 11,490 | |||||||||||||||||
Depreciation and amortization | 4,515 | 1,618 | 6,133 | |||||||||||||||||
Other gains, net | (2,000) | — | (2,000) | |||||||||||||||||
Merger and acquisition related costs | 2,749 | 1,901 | 4,650 | |||||||||||||||||
Amortization for capitalized cloud computing arrangement costs | 77 | 44 | 121 | |||||||||||||||||
Remeasurement of deferred compensation plan liabilities | $ | (154) | $ | — | $ | (154) | ||||||||||||||
Adjusted operating (loss) income | $ | (64,083) | $ | 33,268 | $ | (30,815) |
September 30, | June 30, | |||||||||||||
2023 | 2023 | |||||||||||||
ASSETS | ||||||||||||||
Current Assets: | ||||||||||||||
Cash, cash equivalents and restricted cash | $ | 451,742 | $ | 429,114 | ||||||||||
Accounts receivable, net | 114,247 | 112,309 | ||||||||||||
Related party receivables, current | 41,778 | 26,405 | ||||||||||||
Prepaid expenses and other current assets | 66,255 | 56,085 | ||||||||||||
Total current assets | 674,022 | 623,913 | ||||||||||||
Non-Current Assets: | ||||||||||||||
Investments in nonconsolidated affiliates | 50,788 | 394,519 | ||||||||||||
Property and equipment, net | 3,471,141 | 3,307,161 | ||||||||||||
Right-of-use lease assets | 90,000 | 84,912 | ||||||||||||
Goodwill | 456,807 | 456,807 | ||||||||||||
Intangible assets, net | 17,131 | 17,910 | ||||||||||||
Other non-current assets | 104,765 | 87,793 | ||||||||||||
Total assets | $ | 4,864,654 | $ | 4,973,015 | ||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Current Liabilities: | ||||||||||||||
Accounts payable, accrued and other current liabilities | $ | 428,091 | $ | 515,731 | ||||||||||
Related party payables, current | 27,691 | 56,446 | ||||||||||||
Current portion of long-term debt | 103,125 | 82,500 | ||||||||||||
Operating lease liabilities, current | 13,104 | 10,127 | ||||||||||||
Deferred revenue | 70,904 | 27,337 | ||||||||||||
Total current liabilities | 642,915 | 692,141 | ||||||||||||
Non-Current Liabilities: | ||||||||||||||
Long-term debt, net of deferred financing costs | 1,098,335 | 1,118,387 | ||||||||||||
Operating lease liabilities, non-current | 111,591 | 110,259 | ||||||||||||
Deferred tax liabilities, net | 285,852 | 379,552 | ||||||||||||
Other non-current liabilities | 90,073 | 88,811 | ||||||||||||
Total liabilities | 2,228,766 | 2,389,150 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
Class A Common Stock (1) | 282 | 278 | ||||||||||||
Class B Common Stock (2) | 69 | 69 | ||||||||||||
Additional paid-in capital | 2,368,059 | 2,376,420 | ||||||||||||
Retained earnings | 278,461 | 212,036 | ||||||||||||
Accumulated other comprehensive loss | (10,983) | (4,938) | ||||||||||||
Total stockholders’ equity | 2,635,888 | 2,583,865 | ||||||||||||
Total liabilities and equity | $ | 4,864,654 | $ | 4,973,015 |
Three Months Ended | ||||||||||||||
September 30, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net cash used in operating activities | $ | (94,641) | $ | (81,183) | ||||||||||
Net cash provided by (used in) investing activities | 66,498 | (285,218) | ||||||||||||
Net cash provided by (used in) financing activities | 50,854 | (20,023) | ||||||||||||
Effect of exchange rates on cash, cash equivalents and restricted cash | (83) | (693) | ||||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | 22,628 | (387,117) | ||||||||||||
Cash, cash equivalents and restricted cash from continuing operations, beginning of period | 429,114 | 760,312 | ||||||||||||
Cash, cash equivalents and restricted cash from discontinued operations, beginning of period | — | 85,698 | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 429,114 | 846,010 | ||||||||||||
Cash, cash equivalents and restricted cash from continuing operations, end of period | 451,742 | 325,748 | ||||||||||||
Cash, cash equivalents and restricted cash from discontinued operations, end of period | — | 133,145 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 451,742 | $ | 458,893 |
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Cover |
Nov. 08, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Nov. 08, 2023 |
Entity Registrant Name | SPHERE ENTERTAINMENT CO. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39245 |
Entity Tax Identification Number | 84-3755666 |
Entity Address, Address Line One | Two Pennsylvania Plaza, |
Entity Address, City or Town | New York, |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10121 |
City Area Code | 725 |
Local Phone Number | 258-0001 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Class A Common Stock |
Trading Symbol | SPHR |
Security Exchange Name | NYSE |
Entity Emerging Growth Company | false |
Amendment Flag | false |
Entity Central Index Key | 0001795250 |
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