Short answer
Madison Square Garden Sports Corp (MSGS) filed its fiscal 2018 10-K annual report with the SEC on Aug 17, 2018. It reported revenue of $712M (−46.0% year over year) and net income of $142M.
- Top risk flagged: New York City economic downturn: weaker demand for Knicks/Rangers tickets, suites, sponsorships, concessions and merchandise
FY2018 key financial metrics · XBRL
- Revenue
- $712M
- −46.0% YoY
- Net income
- $142M
- +294.7% YoY
- Operating margin
- 2.6%
- +7.2 pp YoY
- EPS (diluted)
- $5.94
- +294.8% YoY
- ROE
- 5.6%
- +8.6 pp YoY
- Operating cash flow
- $221M
- +1.9% YoY
Source: XBRL data from the Madison Square Garden Sports Corp (MSGS) FY2018 10-K on SEC EDGAR. USD.
Madison Square Garden Sports Corp FY2018 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: sports franchises, live entertainment, venues, and nightlife businesses monetized through events, sponsorships, media, and hospitality
- MSG Sphere emphasized as transformative new venue platform, with Las Vegas groundbreaking planned September 2018 and London targeted approximately one year later
- Strategic shift toward next-generation domestic and international venues, requiring capital beyond cash flows and existing revolving facilities
- London expansion: $79,518 land acquisition in 2017, with higher fiscal 2018 capital expenditures for Las Vegas and London development
- Distinctive filing-year milestone: MSG Sphere Las Vegas targeted fiscal 2021 opening despite unfinished cost estimates and expected capital intensity
Management Discussion & Analysis
- Revenue $1.559B, up $240.6M YoY from $1.318B, primarily reflecting TAO Group acquisition
- Operating income $18.9M vs $60.4M operating loss, operating margin 1.2% vs (4.6%)
- MSG Entertainment best-performing segment, revenue $1.1B; MSG Sports revenue $887.5M
- Cash allocation: $105.7M debt, $260M remaining under $525M repurchase authorization, no dividends
- Outlook: MSG Sphere Las Vegas opening targeted for fiscal 2021, with construction-cost, financing and execution risks
Risk Factors
- New York City economic downturn: weaker demand for Knicks/Rangers tickets, suites, sponsorships, concessions and merchandise
- TAO Group leverage: $110,000 term loan at 9.9375% interest, with $90,946 maturing in fiscal 2022
- MSG Sphere development: Las Vegas and London venues face unexpected delays and costs, with capital estimates unfinished
- Nonconsolidated affiliate concentration: Tribeca Enterprises’ $17,500 credit facility fully drawn, plus $2,025 PIK interest owed
- Sports performance volatility: Rangers’ missed playoffs reduced fiscal 2018 playoff revenue by $29,333 year over year
Generated from the filing text; verify against the original. How to read a 10-K
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