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Feb 1, 2019

The Madison Square Garden Company Reports Fiscal 2019 Second Quarter Results

NEW YORK, Feb. 01, 2019 (GLOBE NEWSWIRE) -- The Madison Square Garden Company (NYSE: MSG) today reported financial results for the second quarter ended December 31, 2018.

Effective July 1, 2018, the Company adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606), the new accounting standard for revenue recognition.  The most significant impact of ASC Topic 606 in fiscal 2019 is a change in the timing of when certain Company revenue streams and professional sports team-related fulfillment expenses are recognized during the fiscal year.  Prior period results have not been restated to reflect the adoption of ASC Topic 606 and, therefore, the Company’s consolidated and segment results for the fiscal 2019 second quarter are not directly comparable to the results for the second quarter of fiscal 2018.

For the fiscal 2019 second quarter, the Company generated revenues of $632.2 million, operating income of $78.3 million and adjusted operating income of $130.4 million.(1)(2)

Excluding the impact of ASC Topic 606, fiscal 2019 second quarter revenues would have been $593.6 million, an increase of 11% as compared with the prior year period.  In addition, fiscal 2019 second quarter operating income would have been $46.8 million, a decrease of 36%, and adjusted operating income would have been $98.9 million, a decrease of 17%, both as compared to the prior year period.(3)

Fiscal 2019 second quarter results on a reported basis, as well as excluding the impact of ASC Topic 606, both include $40.8 million in net provisions for certain team personnel transactions, as compared to $2.8 million in the prior year quarter.

Executive Chairman and CEO Jim Dolan said, “Demand for our core assets and brands drove solid second quarter financial results, including strong growth across bookings, the Christmas Spectacular, sponsorship and signage and media rights.  At the same time, we continue to make progress on two strategic priorities for our Company - our proposed Sports business spin-off and our MSG Sphere venues.  Looking ahead, we remain confident that our Company is positioned to deliver long-term growth and value creation for shareholders.”

Results from Operations
Segment results for the quarters ended December 31, 2018 and 2017 are as follows:

  Revenues Operating
Income (Loss)
Adjusted Operating
 Income (Loss)
$ millions   F’Q2
2019
  F’Q2
2018
%
Change
  F’Q2
2019
  F’Q2
2018
%
Change
  F’Q2
2019
  F’Q2
2018
%
Change
MSG Entertainment $ 316.5 $ 271.2 17% $ 93.3 $ 74.8 25% $ 101.0 $ 82.2 23%
MSG Sports   315.8   265.1 19%   41.8   49.9 (16)%   48.6   55.7 (13)%
Corporate and Other (4)   (0.2)   NM   (49.6)   (45.5) (9)%   (19.2)   (18.9) (2)%
Purchase accounting adjustments     NM   (7.2)   (5.9) (23)%     NM
Total Company $ 632.2 $ 536.3 18% $ 78.3 $ 73.4 7% $ 130.4 $ 119.0 10%

Note: Does not foot due to rounding

  1. See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.
  2. Fiscal 2018 second quarter operating results did not include a full quarter of results for Obscura Digital, which the Company acquired on November 20, 2017.  Accordingly, the Company's results for fiscal 2019 are not directly comparable to fiscal 2018 results.  In addition, the Company records TAO Group’s operating results in its consolidated statements of operations on a three-month lag basis.
  3. See page 7 of this earnings release for a reconciliation of adjusted operating income (loss) to adjusted operating income (loss) excluding the impact of ASC Topic 606.
  4. Corporate and Other primarily consists of unallocated corporate general and administrative costs (including costs associated with business development initiatives) and unallocated venue-related depreciation and amortization expense, as well as inter-segment eliminations.

MSG Entertainment
For the fiscal 2019 second quarter, MSG Entertainment revenues of $316.5 million increased 17%, as compared to the prior year period. This primarily reflects higher overall event-related revenues at the Company's venues, an increase in revenues for the Christmas Spectacular Starring the Radio City Rockettes production and, to a lesser extent, higher sponsorship and signage and suite license fee revenue.  The increase in revenues for the Christmas Spectacular production was primarily due to higher ticket-related revenue, mainly as a result of higher average ticket prices and an increase in average per-show paid attendance.

Fiscal 2019 second quarter operating income of $93.3 million increased 25% and adjusted operating income of $101.0 million increased 23%, both as compared to the prior year period.  The increase in operating income and adjusted operating income primarily reflects higher revenues, partially offset by an increase in direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.  The increase in direct operating expenses was primarily due to higher overall event-related expenses at the Company's venues, and, to a lesser extent, higher expenses for the Christmas Spectacular production and TAO Group, as well as the impact of a full quarter of Obscura Digital expenses.  The increase in selling, general and administrative expenses was primarily due to TAO Group venue pre-opening costs, the impact of a full quarter of Obscura Digital expenses, higher professional fees and employee compensation and related benefits.

Excluding the impact of ASC Topic 606, fiscal 2019 second quarter MSG Entertainment revenues would have been $325.0 million, an increase of 20% as compared to the prior year period.  In addition, fiscal 2019 second quarter operating income would have been $90.8 million, an increase of 21%, and adjusted operating income would have been $98.5 million, an increase of 20%, both as compared to the prior year period.

MSG Sports
For the fiscal 2019 second quarter, MSG Sports revenues of $315.8 million increased 19%, as compared to the prior year period, primarily due to ASC Topic 606, which impacted the timing of various revenue streams.  The overall increase in revenues reflects higher local media rights fees from MSG Networks Inc., as well as increased league distributions, event-related revenues from other live sporting events, suite license fee revenue, professional sports teams’ pre/regular season ticket-related revenue and sponsorship and signage revenues.  This was partially offset by lower revenues from professional sports teams’ pre/regular season food, beverage and merchandise sales.

Second quarter operating income of $41.8 million decreased by 16% and adjusted operating income of $48.6 million decreased by 13%, both as compared to the prior year period.  This reflects higher direct operating expenses and, to a lesser extent, an increase in selling, general and administrative expenses, which more than offset higher revenues.  The increase in direct operating expenses was primarily driven by higher net provisions for certain team personnel transactions and, to a lesser extent, the impact on team personnel compensation from the adoption of ASC Topic 606.  The increase in selling, general and administrative expenses was primarily due to higher employee compensation and related benefits and higher corporate general and administrative expenses.

Excluding the impact of ASC Topic 606, fiscal 2019 second quarter MSG Sports revenues would have been $268.7 million, an increase of 1% as compared to the prior year period.  In addition, fiscal 2019 second quarter operating income would have been $12.9 million, a decrease of $37.1 million, and adjusted operating income would have been $19.7 million, a decrease of $36.0 million, both as compared to the prior year period.  Fiscal 2019 second quarter results include $40.8 million in net provisions for certain team personnel transactions, as compared to $2.8 million in the prior year quarter.

Corporate and Other
For the fiscal 2019 second quarter, Corporate and Other’s operating loss of $49.6 million and adjusted operating loss of $19.2 million increased by 9% and 2%, respectively, both as compared with the prior year period, due to higher selling, general and administrative expenses.  The increase in selling, general and administrative expenses was primarily due to higher employee compensation and related benefits (including share-based compensation) and costs associated with the proposed spin-off transaction, partially offset by lower expenses related to the Company's business development initiatives.

About The Madison Square Garden Company
The Madison Square Garden Company (MSG) is a world leader in live sports and entertainment experiences.  The company presents or hosts a broad array of premier events in its diverse collection of iconic venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; the Forum in Inglewood, CA; The Chicago Theatre; and the Wang Theatre in Boston.  Other MSG properties include legendary sports franchises: the New York Knicks (NBA) and the New York Rangers (NHL); two development league teams -  the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL); and esports teams through Counter Logic Gaming, a leading North American esports organization, and Knicks Gaming, MSG’s NBA 2K League franchise.  In addition, the Company features the popular original production - the Christmas Spectacular Starring the Radio City Rockettes - and through Boston Calling Events, produces New England’s preeminent Boston Calling Music Festival.  Also under the MSG umbrella is TAO Group, a world-class hospitality group with globally-recognized entertainment dining and nightlife brands: Tao, Marquee, Lavo, Avenue, Beauty & Essex and Vandal.  More information is available at www.themadisonsquaregardencompany.com.

Non-GAAP Financial Measures
We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) before 1) depreciation, amortization and impairments of property and equipment and intangible assets, 2) share-based compensation expense or benefit, 3) restructuring charges or credits, 4) gains or losses on sales or dispositions of businesses and 5) the impact of purchase accounting adjustments related to business acquisitions.  Because it is based upon operating income (loss), adjusted operating income (loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash.  Effective July 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (ASC Topic 606), the new accounting standard for revenue recognition.  The most significant impact of ASC Topic 606 in fiscal year 2019 is a change in the timing of when certain Company revenue streams and professional sports team-related fulfillment expenses are recognized during the fiscal year.  During fiscal year 2019, while we are presenting transition disclosures related to ASC Topic 606, we also present adjusted operating income (loss) excluding the impact of ASC Topic 606.

We believe adjusted operating income (loss) including and excluding the impact of ASC Topic 606 are appropriate measures for evaluating the operating performance of our business segments and the Company on a consolidated basis.  Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance.  Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management’s effectiveness with specific reference to these indicators, including, during fiscal year 2019, evaluating management's performance with reference to adjusted operating income (loss) excluding the impact of ASC Topic 606. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with U.S. generally accepted accounting principles (“GAAP”). Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release. For a reconciliation of adjusted operating income (loss) to adjusted operating income (loss) excluding the impact of ASC Topic 606, please see pages 7 and 8 of this release.

Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates and the factors described in the Company’s filings with the Securities and Exchange Commission, including the sections titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.

Contacts:

Kimberly Kerns
Chief Communications Officer
The Madison Square Garden Company
(212) 465-6442
Ari Danes, CFA
Senior Vice President, Investor Relations & Treasury
The Madison Square Garden Company
(212) 465-6072
 

Conference Call Information:
The conference call will be Webcast live today at 10:00 a.m. ET at www.themadisonsquaregardencompany.com
Conference call dial-in number is 877-347-9170 / Conference ID Number 9488332
Conference call replay number is 855-859-2056 / Conference ID Number 9488332 until February 8, 2019

         
THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
         
    Three Months Ended   Six Months Ended
    December 31,   December 31,
    2018   2017   2018   2017
Revenues   $ 632,187     $ 536,302     $ 850,322     $ 781,517  
Direct operating expenses   386,809     311,614     510,718     435,094  
Selling, general and administrative expenses   136,935     120,729     252,256     226,413  
Depreciation and amortization   30,166     30,544     59,856     61,090  
Operating income   78,277     73,415     27,492     58,920  
Other income (expense):                
Earnings (loss) in equity method investments   9,487     (2,608 )   20,012     2,117  
Interest income   6,899     5,378     14,073     9,764  
Interest expense   (5,176 )   (3,798 )   (9,209 )   (7,509 )
Miscellaneous expense, net   (12,863 )   (1,228 )   (9,096 )   (2,238 )
Income from operations before income taxes   76,624     71,159     43,272     61,054  
Income tax benefit (expense)   (656 )   116,832     (1,352 )   116,070  
Net income   75,968     187,991     41,920     177,124  
Less: Net income (loss) attributable to redeemable noncontrolling interests   (3,142 )   (767 )   (3,655 )   133  
Less: Net loss attributable to nonredeemable noncontrolling interests   (2,489 )   (855 )   (3,812 )   (1,515 )
Net income attributable to The Madison Square Garden Company’s stockholders   $ 81,599     $ 189,613     $ 49,387     $ 178,506  
Basic earnings per common share attributable to The Madison Square Garden Company’s stockholders   $ 3.43     $ 8.03     $ 2.08     $ 7.57  
Diluted earnings per common share attributable to The Madison Square Garden Company’s stockholders   $ 3.42     $ 7.96     $ 2.07     $ 7.48  
Basic weighted-average number of common shares outstanding   23,777     23,621     23,742     23,594  
Diluted weighted-average number of common shares outstanding   23,840     23,813     23,860     23,861  
                         

In the first quarter of fiscal 2019, the Company adopted ASU No. 2017-07. The adoption of this standard resulted in the non-service cost components of net periodic benefit cost to be presented separately in the income statement from the service cost component and the non-service cost components to no longer be included in the subtotal for operating income. As this standard was applied retrospectively, the Company reclassified $0.3 million and $0.7 million of net periodic benefit cost from direct operating expenses and selling, general and administrative expenses, respectively, to miscellaneous expense within other income (expense) in the accompanying consolidated statements of operations for the three months ended December 31, 2017.  For the six months ended December 31, 2017, the Company reclassified $0.5 million and $1.5 million of net periodic benefit cost from direct operating expenses and selling, general and administrative expenses, respectively, to miscellaneous expense within other income (expense) in the accompanying consolidated statements of operations.  Furthermore, all prior period amounts presented throughout this release reflect reclassifications made as a result of the adoption of ASU No. 2017-07.

THE MADISON SQUARE GARDEN COMPANY

ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO ADJUSTED OPERATING INCOME (LOSS)

The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income (loss) as described in this earnings release:

  • Share-based compensation expense. This adjustment eliminates the compensation expense relating to restricted stock units and stock options granted under our employee stock plan and non-employee director plan in all periods.
  • Depreciation and amortization.  This adjustment eliminates depreciation, amortization and impairments of property and equipment and intangible assets in all periods.
  • Purchase accounting adjustments. This adjustment eliminates the impact of various purchase accounting adjustments related to business acquisitions, primarily favorable / unfavorable lease agreements of the acquiree.
    Three Months Ended   Six Months Ended
    December 31,   December 31,
    2018   2017   2018   2017
Operating income   $ 78,277     $ 73,415     $ 27,492     $ 58,920  
Share-based compensation   20,215     13,912     30,404     26,816  
Depreciation and amortization (1)   30,166     30,544     59,856     61,090  
Other purchase accounting adjustments   1,735     1,133     2,748     2,324  
Adjusted operating income   $ 130,393     $ 119,004     $ 120,500     $ 149,150  

_________________

  1. Includes depreciation and amortization related to purchase accounting adjustments.
             
THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED OPERATIONS DATA
(Dollars in thousands)
(Unaudited)
             
REVENUES
    Three Months Ended    
    December 31,    
    2018   2017   % Change
MSG Entertainment   $ 316,514     $ 271,216     17%
MSG Sports   315,843     265,086     19%
Inter-segment eliminations   (170 )       NM
The Madison Square Garden Company Total   $ 632,187     $ 536,302     18%
             
    Six Months Ended    
    December 31,    
    2018   2017   % Change
MSG Entertainment   $ 479,467     $ 435,497     10%
MSG Sports   371,195     346,020     7%
Inter-segment eliminations   (340 )       NM
The Madison Square Garden Company Total   $ 850,322     $ 781,517     9%


OPERATING INCOME (LOSS) AND ADJUSTED OPERATING INCOME (LOSS)
                         
    Operating Income
(Loss)
      Adjusted Operating
Income (Loss)
   
    Three Months Ended
December 31,
      Three Months Ended
December 31,
   
    2018   2017   % Change   2018   2017   % Change
MSG Entertainment   $ 93,274     $ 74,832     25 %   $ 101,003     $ 82,245     23%
MSG Sports   41,832     49,920     (16 )%   48,634     55,674     (13)%
Corporate and Other   (49,628 )   (45,460 )   (9 )%   (19,244 )   (18,915 )   (2)%
Purchase accounting adjustments   (7,201 )   (5,877 )   (23 )%           NM
The Madison Square Garden Company Total   $ 78,277     $ 73,415     7 %   $ 130,393     $ 119,004     10%
                         
    Operating Income
(Loss)
      Adjusted Operating
Income (Loss)
   
    Six Months Ended
December 31,
      Six Months Ended
December 31,
   
    2018   2017   % Change   2018   2017   % Change
MSG Entertainment   $ 94,991     $ 84,997     12 %   $ 110,043     $ 100,472     10%
MSG Sports   37,706     70,244     (46 )%   49,222     82,140     (40)%
Corporate and Other   (92,995 )   (85,074 )   (9 )%   (38,765 )   (33,462 )   (16)%
Purchase accounting adjustments   (12,210 )   (11,247 )   (9 )%           NM
The Madison Square Garden Company Total   $ 27,492     $ 58,920     (53 )%   $ 120,500     $ 149,150     (19)%

 

         
THE MADISON SQUARE GARDEN COMPANY

IMPACT FROM ADOPTION OF ASC TOPIC 606
(Dollars in thousands)
(Unaudited)
         
    Three Months Ended December 31, 2018        
    As Reported
under ASC
Topic 606
  Impact from
the adoption
of
ASC Topic
606
  Amounts
without
adoption
of ASC Topic
606
    Three Months Ended
December 31,
2017, As
Reported
 
MSG Entertainment:                
Revenues   $ 316,514     $ 8,519     $ 325,033     $ 271,216  
Operating income   93,274     (2,501 )   90,773     74,832  
Share-based compensation expense   3,960         3,960     3,051  
Depreciation and amortization   3,769         3,769     4,362  
Adjusted operating income   $ 101,003     $ (2,501 )   $ 98,502     $ 82,245  
                 
MSG Sports:                
Revenues   $ 315,843     $ (47,108 )   $ 268,735     $ 265,086  
Operating income   41,832     (28,971 )   12,861     49,920  
Share-based compensation expense   4,818         4,818     3,905  
Depreciation and amortization   1,984         1,984     1,849  
Adjusted operating income   $ 48,634     $ (28,971 )   $ 19,663     $ 55,674  
                 
The Madison Square Garden Company Total:                
Revenues   $ 632,187     $ (38,589 )   $ 593,598     $ 536,302  
Operating income   78,277     (31,472 )   46,805     73,415  
Share-based compensation expense   20,215         20,215     13,912  
Depreciation and amortization   30,166         30,166     30,544  
Other purchase accounting adjustments   1,735         1,735     1,133  
Adjusted operating income   $ 130,393     $ (31,472 )   $ 98,921     $ 119,004  
                 


         
THE MADISON SQUARE GARDEN COMPANY

IMPACT FROM ADOPTION OF ASC TOPIC 606 (Continued)
(Dollars in thousands)
(Unaudited)
         
    Six Months Ended December 31, 2018        
    As Reported
under ASC
Topic 606
  Impact from
the adoption
of
ASC Topic
606
  Amounts
without
adoption
of ASC Topic
606
    Six Months Ended
December 31,
2017, As
Reported
 
MSG Entertainment:                
Revenues   $ 479,467     $ 13,545     $ 493,012     $ 435,497  
Operating income   94,991     (2,170 )   92,821     84,997  
Share-based compensation expense   6,801         6,801     6,952  
Depreciation and amortization   8,251         8,251     8,523  
Adjusted operating income   $ 110,043     $ (2,170 )   $ 107,873     $ 100,472  
                 
MSG Sports:                
Revenues   $ 371,195     $ (11,776 )   $ 359,419     $ 346,020  
Operating income   37,706     6,275     43,981     70,244  
Share-based compensation expense   7,590         7,590     8,141  
Depreciation and amortization   3,926         3,926     3,755  
Adjusted operating income   $ 49,222     $ 6,275     $ 55,497     $ 82,140  
                 
The Madison Square Garden Company Total:                
Revenues   $ 850,322     $ 1,769     $ 852,091     $ 781,517  
Operating income   27,492     4,105     31,597     58,920  
Share-based compensation expense   30,404         30,404     26,816  
Depreciation and amortization   59,856         59,856     61,090  
Other purchase accounting adjustments   2,748         2,748     2,324  
Adjusted operating income   $ 120,500     $ 4,105     $ 124,605     $ 149,150  
                 


         
THE MADISON SQUARE GARDEN COMPANY

CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
(Unaudited)
         
    December 31,
 2018
  June 30,
 2018
ASSETS        
Current Assets:        
Cash and cash equivalents   $ 1,227,861     $ 1,225,638  
Restricted cash   23,717     30,982  
Accounts receivable, net   157,310     100,725  
Net related party receivables   2,394     567  
Prepaid expenses   53,351     28,761  
Other current assets   50,441     28,996  
Total current assets   1,515,074     1,415,669  
Investments and loans to nonconsolidated affiliates   94,292     209,951  
Property and equipment, net of accumulated depreciation and amortization of $761,165 and $713,357 as of December 31, 2018 and June 30, 2018, respectively   1,288,412     1,253,671  
Amortizable intangible assets, net   232,353     243,806  
Indefinite-lived intangible assets   175,985     175,985  
Goodwill   392,513     392,513  
Other assets   99,880     44,578  
Total assets   $ 3,798,509     $ 3,736,173  
LIABILITIES, REDEEMABLE NONCONTROLLING INTERESTS AND EQUITY        
Current Liabilities:        
Accounts payable   $ 34,300     $ 28,939  
Net related party payables, current   21,616     13,675  
Current portion of long-term debt, net of deferred financing costs   2,417     4,365  
Accrued liabilities:        
Employee related costs   115,259     123,992  
Other accrued liabilities   194,687     180,272  
Collections due to promoters   60,069     89,513  
Deferred revenue   299,646     324,749  
Total current liabilities   727,994     765,505  
Related party payables, noncurrent   172      
Long-term debt, net of deferred financing costs   100,429     101,335  
Defined benefit and other postretirement obligations   38,192     49,240  
Other employee related costs   66,985     53,501  
Deferred tax liabilities, net   80,042     78,968  
Other liabilities   64,536     56,905  
Total liabilities   1,078,350     1,105,454  
Commitments and contingencies        
Redeemable noncontrolling interests   72,770     76,684  
The Madison Square Garden Company Stockholders’ Equity:        
Class A Common stock, par value $0.01, 120,000 shares authorized; 19,229 and 19,136 shares outstanding as of December 31, 2018 and June 30, 2018, respectively   204     204  
Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of December 31, 2018 and June 30, 2018   45     45  
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of December 31, 2018 and June 30, 2018        
Additional paid-in capital   2,812,880     2,817,873  
Treasury stock, at cost, 1,219 and 1,312 shares as of December 31, 2018 and June 30, 2018, respectively   (207,790 )   (223,662 )
Retained earnings (accumulated deficit)   66,963     (11,059 )
Accumulated other comprehensive loss   (43,897 )   (46,918 )
Total The Madison Square Garden Company stockholders’ equity   2,628,405     2,536,483  
Nonredeemable noncontrolling interests   18,984     17,552  
Total equity   2,647,389     2,554,035  
Total liabilities, redeemable noncontrolling interests and equity   $ 3,798,509     $ 3,736,173  



     
THE MADISON SQUARE GARDEN COMPANY

SELECTED CASH FLOW INFORMATION
(Dollars in thousands)
(Unaudited)
     
    Six Months Ended
    December 31,
    2018   2017
Net cash provided by operating activities   $ 28,519     $ 52,599  
Net cash used in investing activities   (15,878 )   (143,872 )
Net cash used in financing activities   (18,081 )   (31,874 )
Effect of exchange rates on cash, cash equivalents and restricted cash   398     12  
Net decrease in cash, cash equivalents and restricted cash   (5,042 )   (123,135 )
Cash, cash equivalents and restricted cash at beginning of period   1,256,620     1,272,114  
Cash, cash equivalents and restricted cash at end of period   $ 1,251,578     $ 1,148,979  

 

16587.jpg

Source: The Madison Square Garden Company