Sphere in Las Vegas Successfully Opened on
September 29th with Start
of U2's 36-Show Run
Exosphere Launched First-Ever Brand
Campaign in September, Followed by Several Additional High-Profile
Campaigns
The Sphere Experience Featuring Darren
Aronofsky's Postcard from Earth Debuted on October 6th to Critical
Acclaim
NEW
YORK, Nov. 8, 2023 /PRNewswire/ -- Sphere
Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment" or the
"Company") today reported financial results for the fiscal first
quarter ended September 30, 2023.
On September 29, 2023, the Company
successfully opened Sphere in Las
Vegas in a milestone event that garnered worldwide press and
social media coverage. Recent Sphere highlights include:
- U2 opened the venue with the start of its multi-month run at
Sphere. To-date, every U2 show has been sold-out;
- In light of the strong demand, 11 more U2 shows have been added
in January and February 2024,
bringing the band's planned number of performances at the venue to
36 in total;
- The Sphere Experience – a signature content category – debuted
on October 6th, featuring
Darren Aronofsky's Postcard from
Earth. This original cinematic film has already earned critical
acclaim for its captivating visuals and use of the venue's
next-generation, immersive technologies;
- In early September, Sphere launched its first-ever brand
campaign on the Exosphere with YouTube's NFL Sunday Ticket and the
venue has since featured a number of additional campaigns with
prominent global brands; and
- Next week, Formula 1 will begin a planned multi-day takeover of
Sphere for the inaugural Las Vegas Grand Prix.
At MSG Networks, the start of the 2023-24 NBA and NHL seasons
marked the first year of availability for MSG Networks'
direct-to-consumer and authenticated steaming service, MSG+, which
offers monthly and annual subscriptions, and, in an industry first,
the ability to purchase on a per-game basis. In addition, MSG
Networks has reached a multi-year rights renewal with the NHL's New
Jersey Devils. Under the arrangement, MSG Networks will continue as
the exclusive regional telecast partner of the New Jersey Devils
and will continue to distribute a full schedule of Devils games
across MSG Networks' platforms.
For the fiscal 2024 first quarter, the Company reported revenues
of $118.0 million, a decrease of
$5.1 million, as compared to the
prior year quarter. In addition, the Company reported an
operating loss of $69.8 million, an
increase of $18.7 million, and an
adjusted operating loss of $57.9
million, an increase of $27.1
million, both as compared to the prior year
quarter.(1)(2)
Executive Chairman and CEO James L.
Dolan said, "Sphere's opening in Las Vegas in September represented a
significant milestone, generating worldwide attention and marking
the beginning of a new chapter for our Company. We are building
positive momentum across Sphere and remain confident that we are
well positioned to drive long-term value for shareholders."
Segment Results for the Three Months Ended September 30,
2023 and 2022:
(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) %
|
Note: Does not foot due
to rounding. NM — Absolute percentages greater than 200% and
comparisons from positive to negative values or to zero values are
considered not meaningful.
|
(1)
|
For the three months
ended September 30, 2022, results from continuing operations for
the same period include certain corporate overhead expenses that
the Company did not incur in the period after the completion of the
spin-off of Madison Square Garden Entertainment Corp. ("MSG
Entertainment") and does not expect to incur in future periods, but
which did not meet the criteria for inclusion in discontinued
operations. The reported financial results of the Company for the
three months ended September 30, 2023 reflect the Company's results
on a fully standalone basis.
|
(2)
|
See page 3 of this
earnings release for the definition of adjusted operating (loss)
income included in the discussion of non-GAAP financial
measures.
|
Sphere
For the fiscal 2024 first quarter, the Sphere
segment reported revenues of $7.8
million, an increase of $7.1
million, as compared to the prior year quarter. This was
primarily driven by event-related revenues of $4.1 million, reflecting the opening of Sphere in
Las Vegas on September 29, 2023. In addition, revenues
from sponsorship, signage, Exosphere advertising and suite license
fees were $2.6 million, primarily
reflecting advertising campaigns on the venue's Exosphere, which
began in September 2023.
For the fiscal 2024 first quarter, the Sphere segment had direct
operating expenses of $7.8 million,
as compared to no direct operating expenses in the prior year
quarter. This primarily included $2.8
million of venue operating costs and $2.2 million of event-related expenses, both
reflecting the opening of Sphere in Las
Vegas on September 29, 2023.
In addition, direct operating expenses included $2.1 million in costs associated with The Sphere
Experience, reflecting advertising expenses ahead of the
October 6, 2023 debut of The Sphere
Experience featuring Darren
Aronofsky's Postcard from Earth.
Fiscal 2024 first quarter selling, general and administrative
expenses of $84.2 million increased
$7.0 million, or 9%, as compared to
the prior year quarter, primarily due to the impact of the
Company's transition services agreement with MSG Entertainment,
higher employee compensation and related benefits, and other cost
increases. The overall increase was partially offset by the absence
of certain corporate expenses that were included in the results of
the prior year quarter but were not included in the results for the
current year quarter. While the Company did not incur these costs
after the spin-off from MSG Entertainment, which occurred in
April 2023, and does not expect to
incur these costs in future periods, they did not meet the criteria
for inclusion in discontinued operations in the prior year
quarter.
Fiscal 2024 first quarter operating loss of $98.4 million increased by $19.4 million, as compared to the prior year
quarter, primarily reflecting higher depreciation and amortization,
direct operating expenses, and selling, general and administrative
expenses (including share-based compensation expense and merger and
acquisition related costs, net of insurance recoveries), partially
offset by the increase in revenues. Adjusted operating loss of
$83.1 million increased by
$19.0 million, as compared to the
prior year quarter, primarily reflecting higher selling, general
and administrative expenses (excluding share-based compensation
expense and merger and acquisition related costs, net of insurance
recoveries) and direct operating expenses, partially offset by the
increase in revenues.
MSG Networks
For the fiscal 2024 first quarter, the
MSG Networks segment reported total revenues of $110.2 million, a decrease of $12.3 million, or 10%, as compared to the prior
year quarter. Affiliation fee revenue decreased $11.7 million, primarily due to a decrease in
subscribers of approximately 11.5%, partially offset by the impact
of higher affiliation rates in the current year quarter.
Fiscal 2024 first quarter direct operating expenses of
$76.7 million increased $1.3 million, or 2%, as compared to the prior
year quarter, primarily due to higher rights fees expense of
$1.5 million, which mainly reflects
annual contractual rate increases in the current year quarter.
Fiscal 2024 first quarter selling, general and administrative
expenses of $3.0 million decreased
$14.4 million, or 83%, as compared to
the prior year quarter. This decrease was primarily due to lower
professional fees of $8.0 million,
inclusive of litigation-related insurance recoveries associated
with the merger of a subsidiary of the Company with MSG Networks
Inc., and lower employee compensation and related benefits of
$3.7 million.
Fiscal 2024 first quarter operating income of $28.7 million increased $0.7 million, or 2%, as compared to the prior
year quarter, primarily due to the decrease in selling, general and
administrative expenses (including merger and acquisition related
costs, net of insurance recoveries), partially offset by the
decrease in revenues and, to a lesser extent, the increase in
direct operating expenses. Adjusted operating income of
$25.2 million decreased $8.1 million, or 24%, as compared to the prior
year quarter, primarily due to the decrease in revenues and, to a
lesser extent, the increase in direct operating expenses, partially
offset by the decrease in selling, general and administrative
expenses (excluding merger and acquisition related costs, net of
insurance recoveries).
Other Matters
During the fiscal 2024 first quarter,
the Company disposed of its remaining approximately 10.1 million
shares of MSG Entertainment Class A common stock. That included the
repayment of the $65 million delayed
draw term loan facility with MSG Entertainment, following its full
drawdown in August, using approximately 1.9 million shares of MSG
Entertainment Class A common stock. In addition, in September, the
Company sold its final approximately 8.2 million shares of MSG
Entertainment Class A common stock for approximately $257 million of net proceeds.
About Sphere Entertainment Co.
Sphere Entertainment
Co. is a premier live entertainment and media company. The Company
includes Sphere, a next-generation entertainment medium powered by
cutting-edge technologies to redefine the future of entertainment.
The first Sphere venue opened in Las
Vegas in September 2023. In
addition, the Company includes MSG Networks, which operates two
regional sports and entertainment networks, MSG Network and MSG
Sportsnet, as well as a direct-to-consumer and authenticated
streaming product, MSG+, delivering a wide range of live sports
content and other programming. More information is available at
www.sphereentertainmentco.com.
Non-GAAP Financial Measures
We define adjusted
operating income (loss), which is a non-GAAP financial measure, as
operating income (loss) before ((i) depreciation, amortization and
impairments of property and equipment, goodwill and intangible
assets, (ii) amortization for capitalized cloud computing
arrangement costs, (iii) share-based compensation expense or
benefit, (iv) restructuring charges or credits, (v) merger and
acquisition-related costs, including merger-related litigation
expenses, (vi) gains or losses on sales or dispositions of
businesses and associated settlements, (vii) the impact of purchase
accounting adjustments related to business acquisitions, and (ix)
gains and losses related to the remeasurement of liabilities under
the Company's Executive Deferred Compensation Plan. We believe that
the exclusion of share-based compensation expense or benefit allows
investors to better track the performance of our business without
regard to the settlement of an obligation that is not expected to
be made in cash. We eliminate merger and acquisition-related costs,
when applicable, because the Company does not consider such costs
to be indicative of the ongoing operating performance of the
Company as they result from an event that is of a non-recurring
nature, thereby enhancing comparability. In addition, management
believes that the exclusion of gains and losses related to the
remeasurement of liabilities under the Company's Executive Deferred
Compensation Plan, provides investors with a clearer picture of the
Company's operating performance given that, in accordance with U.S.
generally accepted accounting principles ("GAAP"), gains and losses
related to the remeasurement of liabilities under the Company's
Executive Deferred Compensation Plan are recognized in Operating
income (loss) whereas gains and losses related to the remeasurement
of the assets under the Company's Executive Deferred Compensation
Plan, which are equal to and therefore fully offset the gains and
losses related to the remeasurement of liabilities, are recognized
in other income (expense), net, which is not reflected in Operating
income (loss).
We believe adjusted operating income (loss) is an appropriate
measure 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. 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 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.
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 or events may differ materially from those in the
forward-looking statements as a result of various factors,
including financial community perceptions of the Company and its
business, operations, financial condition and the industries 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:
|
|
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
|
|
Conference Call Information:
The conference call
will be Webcast live today at 10:00 a.m.
ET at
investor.sphereentertainmentco.com
Conference call
dial-in number is 888-800-3155 / Conference ID Number
8089430
Conference call replay number is 800-770-2030 /
Conference ID Number 8089430 until November
15, 2023
SPHERE ENTERTAINMENT
CO.
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
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
|
SPHERE ENTERTAINMENT CO.
ADJUSTMENTS
TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED
OPERATING INCOME (LOSS)
(In
thousands)
(Unaudited)
The following is a description of the adjustments to operating
loss in arriving at adjusted operating loss as described in this
earnings release:
- Share-based compensation. This adjustment eliminates the
compensation expense relating to restricted stock units and stock
options granted under the Sphere Entertainment Employee Stock Plan,
MSG Sports Employee Stock Plan, MSG Networks Employee Stock Plan,
as amended and assumed by Sphere Entertainment, Sphere
Entertainment Non-Employee Director Plan and MSG Networks
Non-Employee Director Plan in all periods.
- Depreciation and amortization. This adjustment eliminates
depreciation and amortization of property and equipment and
intangible assets in all periods.
- Restructuring charges. This adjustment eliminates costs related
to termination benefits provided to certain executives and
employees.
- Other gains, net. This adjustment eliminates non-cash
impairment charges and the impact of gains or losses from the
disposition of assets or businesses in all periods.
- Merger and acquisition related costs. This adjustment
eliminates costs related to mergers and acquisitions, including
merger-related litigation expenses and litigation-related insurance
recoveries, in all periods.
- Amortization for capitalized cloud computing arrangement costs.
This adjustment eliminates amortization of capitalized cloud
computing arrangement costs.
- Remeasurement of deferred compensation plan liabilities. This
adjustment eliminates the impact of gains and losses related to the
remeasurement of liabilities under the Company's executive deferred
compensation plan.
|
|
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)
|
SPHERE ENTERTAINMENT
CO.
SEGMENT
RESULTS
(In
thousands)
(Unaudited)
|
BUSINESS SEGMENT
RESULTS
|
|
|
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)
|
SPHERE ENTERTAINMENT
CO.
CONDENSED
CONSOLIDATED BALANCE SHEETS
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
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
|
_________________
|
(1) Class A Common Stock, $0.01 par
value per share, 120,000 shares authorized; 28,244 and 27,812
shares issued and outstanding as of September 30, 2023 and June 30,
2023, respectively.
|
(2) Class B Common Stock, $0.01 par
value per share, 30,000 shares authorized; 6,867 shares issued
and outstanding as of September 30, 2023 and June 30,
2023.
|
SPHERE ENTERTAINMENT
CO.
SELECTED CASH FLOW
INFORMATION
(In
thousands)
(Unaudited)
|
|
|
|
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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SOURCE Sphere Entertainment Co.