Short answer
Madison Square Garden Sports Corp (MSGS) filed its fiscal 2019 10-K annual report with the SEC on Aug 20, 2019. It reported revenue of $729M (+2.4% year over year) and net income of $11M.
- Top risk flagged: CCPA private right of action begins January 1, 2020, increasing exposure from payment-card or personal-data breaches
FY2019 key financial metrics · XBRL
- Revenue
- $729M
- +2.4% YoY
- Net income
- $11M
- −91.9% YoY
- Operating margin
- -1.9%
- −4.6 pp YoY
- EPS (diluted)
- $0.48
- −91.9% YoY
- ROE
- 0.4%
- −5.1 pp YoY
- Operating cash flow
- $161M
- −26.9% YoY
Source: XBRL data from the Madison Square Garden Sports Corp (MSGS) FY2019 10-K on SEC EDGAR. USD.
Madison Square Garden Sports Corp FY2019 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core model: premium live experiences monetized through professional sports, iconic venues, entertainment content, hospitality and festivals
- New emphasis: MSG Sphere immersive venues, with Las Vegas construction underway and London planning application submitted
- Strategic shift: potential Sports Distribution, separating sports businesses into a separately traded company targeted for first-quarter 2020
- Expansion metrics: TAO Group debuted three Singapore venues and opened TAO Chicago during the year
- Technology positioning: $47.2 million acquisition of a 30% SACO interest as preferred MSG Sphere display-technology provider
Management Discussion & Analysis
- Revenue $1.631B, up $72.0M YoY from $1.559B
- Net loss $3.1M vs net income $134.4M; operating loss $13.9M
- MSG Entertainment strongest exposure: Christmas Spectacular, 16% of segment revenue
- No dividends or repurchases; $260M remaining under $525M authorization
- Outlook: MSG Sphere Las Vegas targeted for calendar year 2021, with substantial costs and execution risk
Risk Factors
- CCPA private right of action begins January 1, 2020, increasing exposure from payment-card or personal-data breaches
- Operations concentrated in New York City, Las Vegas and Los Angeles, heightening exposure to localized economic disruptions and terrorism
- 52% of employees union-represented, with 36% of union employees under CBAs expiring by June 30, 2020
- Los Angeles Clippers’ planned 18,000 to 20,000-seat arena near The Forum by 2024 threatens venue performance
- $49 million subordinated loan to TAO Group exposed to impairment if its senior credit agreement defaults
Generated from the filing text; verify against the original. How to read a 10-K
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