FALSE000179525000017952502024-05-102024-05-10

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934
Date of report (Date of earliest event reported): May 10, 2024

SPHERE ENTERTAINMENT CO.
(Exact Name of Registrant as Specified in Charter)
Delaware001-3924584-3755666
(State or other jurisdiction
of incorporation)
(Commission
File Number)
(IRS Employer
Identification No.)

Two Pennsylvania Plaza,
New York,New York10121
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (725) 258-0001
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐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)).
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Class A Common StockSPHRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company  ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐


Item 2.02    Results of Operations and Financial Condition.
On May 10, 2024, Sphere Entertainment Co. (the “Company”) announced its financial results for its third quarter ended March 31, 2024. A copy of the press release containing the announcement is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933 or the Exchange Act.


1

Item 9.01    Financial Statements and Exhibits.
(d)    Exhibits
104    Cover Page Interactive Data File (embedded within the Inline XBRL document).

2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
SPHERE ENTERTAINMENT CO.
(Registrant)
 
By: /s/ David F. Byrnes
Name: David F. Byrnes
Title: Executive Vice President, Chief Financial Officer and Treasurer


Dated: May 10, 2024

3

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SPHERE ENTERTAINMENT CO. REPORTS
FISCAL 2024 THIRD QUARTER RESULTS

NEW YORK, N.Y., May 10, 2024 - Sphere Entertainment Co. (NYSE: SPHR) (“Sphere Entertainment” or the “Company”) today reported financial results for the fiscal third quarter ended March 31, 2024.
Recent Sphere highlights include:
•The conclusion of U2’s sold-out 40-show run in March and Phish’s sold-out 4-night run in April;
•Dead & Co.’s extension of its upcoming residency from 18 to 24 shows due to strong ticket demand;
•The Sphere Experience featuring Postcard from Earth, generated over one million dollars in average daily ticket sales on the days it ran during the fiscal third quarter;
•Sphere’s Exosphere featured campaigns from numerous global brands during the quarter, and generated a record-setting week of advertising revenue around the Super Bowl in February; and
•Sphere announced that in June it will host both its first corporate keynote event with Hewlett Packard Enterprise, as well as this year’s NHL Draft.

Subsequent to the end of the quarter, MSG Networks concluded its full regular season telecast schedules for its five professional sports teams. In addition, MSG Networks aired first round playoff telecasts of the New York Knicks, New York Rangers and New York Islanders, and is currently providing comprehensive pre/post-game coverage of the second round of the postseason for both the Knicks and Rangers across its linear and digital platforms.
For the fiscal 2024 third quarter, the Company reported revenues of $321.3 million, an increase of $159.3 million, as compared to the prior year quarter. In addition, the Company reported an operating loss of $40.4 million, an improvement of $61.5 million as compared to the prior year quarter, and adjusted operating income of $61.5 million, as compared to an adjusted operating loss of $18.7 million in the prior year quarter.(1)(2)
Executive Chairman and CEO James L. Dolan said, “With the second consecutive quarter of robust revenues and positive adjusted operating income at the Sphere segment, our early results continue to demonstrate Sphere’s potential to disrupt the traditional venue model. We are encouraged by the demand for this new medium and remain confident in our future growth opportunities.”    
Segment Results for the Three and Nine Months Ended March 31, 2024 and 2023:
(In millions)Three Months EndedNine Months Ended
March 31,ChangeMarch 31,Change
20242023$%20242023$%
Revenues:
Sphere$170.4 $0.6 $169.7 NM$345.9 $1.9 $344.0 NM
MSG Networks151.0 161.4 (10.5)(6)%407.6 442.8 (35.3)(8)%
Total Revenues$321.3 $162.1 $159.3 98 %$753.5 $444.7 $308.8 69 %
Operating Income (Loss)(1)
Sphere$(83.5)$(112.4)$28.9 26 %$(375.9)$(274.4)$(101.5)(37)%
MSG Networks43.1 10.4 32.7 NM$106.0 71.7 34.3 48 %
Total Operating Loss$(40.4)$(101.9)$61.5 60 %$(269.9)$(202.7)$(67.2)(33)%
Adjusted Operating Income (Loss):(1)(2)
Sphere$12.9 $(77.0)$90.0 NM$(56.1)$(202.0)$145.9 72 %
MSG Networks48.6 58.3 (9.7)(17)%111.1 139.3 (28.2)(20)%
Total Adjusted Operating Income (Loss)$61.5 $(18.7)$80.2 NM$55.1 $(62.7)$117.8 NM
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 and nine months ended March 31, 2023, results from continuing operations 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 and nine months ended March 31, 2024 reflect the Company’s results on a fully standalone basis.
(2)See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures.

1

Sphere
For the fiscal 2024 third quarter, the Sphere segment reported revenues of $170.4 million, an increase of $169.7 million, as compared to the prior year quarter. Revenues related to The Sphere Experience were $100.5 million across 257 performances during the quarter. Event-related revenues were $34.3 million, which reflected revenues from concerts held at Sphere in Las Vegas during the quarter. In addition, revenues from sponsorship, signage, Exosphere advertising and suite license fees were $32.9 million, primarily reflecting advertising campaigns on the venue’s Exosphere and, to a lesser extent, suite license fee revenues.
For the fiscal 2024 third quarter, the Sphere segment had direct operating expenses of $62.3 million, as compared to direct operating expenses of $4.4 million in the prior year quarter. This primarily included $29.8 million of expenses associated with The Sphere Experience, as well as $8.6 million of event-related expenses related to concerts during the quarter. In addition, direct operating expenses included $13.4 million of venue operating costs, as well as $3.1 million in expenses associated with sponsorship, signage, Exosphere advertising and suite license fee revenues.
Fiscal 2024 third quarter selling, general and administrative expenses of $109.0 million increased $25.6 million, or 31%, as compared to the prior year quarter, primarily due to higher employee compensation and related benefits, the impact of the Company’s transition services agreement with MSG Entertainment 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 third quarter operating loss of $83.5 million improved by $28.9 million, as compared to the prior year quarter, primarily reflecting the increase in revenues and, to a lesser extent, a decrease in restructuring charges, offset by higher depreciation and amortization, direct operating expenses and, to a lesser extent, selling, general and administrative expenses (including share-based compensation expense). Adjusted operating income of $12.9 million increased by $90.0 million, as compared to the prior year quarter, primarily reflecting the increase in revenues, partially offset by higher direct operating expenses and selling, general and administrative expenses (excluding share-based compensation expense).
MSG Networks
For the fiscal 2024 third quarter, the MSG Networks segment reported total revenues of $151.0 million, a decrease of $10.5 million, or 6%, as compared to the prior year quarter.
Distribution revenue decreased $8.4 million, as compared to the prior year quarter, primarily due to a decrease in total subscribers of approximately 12.5%, partially offset by the impact of higher affiliation rates in the current year quarter.
As a result of the launch of MSG+ in June 2023, distribution revenue now includes both affiliation fee revenue earned from MSG Networks’ distributors for the right to carry the Company’s networks as well as revenue earned from subscriptions and single game purchases on MSG+. In addition, total subscribers includes both affiliate subscribers as well as monthly and annual subscribers of MSG+.
Advertising revenue decreased $1.5 million, as compared to the prior year quarter, primarily due to lower per-game advertising sales related to live professional sports telecasts on the linear networks and lower advertising revenue from branded content, partially offset by higher advertising revenue related to MSG+.
Fiscal 2024 third quarter direct operating expenses of $91.7 million increased $2.5 million, or 3%, as compared to the prior year quarter. Other programming and production costs increased $2.2 million, as compared to the prior year quarter, primarily due to the impact of MSG+ in the current year quarter, partially offset by other net cost decreases. In addition, rights fees expense increased $0.3 million, as compared to the prior year quarter, which mainly reflects the impact of annual contractual rate increases, substantially offset by reductions resulting from fewer NBA and NHL games made available to MSG Networks for exclusive broadcast.
Fiscal 2024 third quarter selling, general and administrative expenses of $14.2 million decreased $45.9 million, or 76%, as compared to the prior year quarter, primarily due lower professional fees of $46.0 million, which mainly reflects a decrease in litigation-related expenses associated with the merger of a subsidiary of the Company with MSG Networks Inc.
Fiscal 2024 third quarter operating income of $43.1 million increased $32.7 million, as compared to the prior year quarter, primarily due to the decrease in selling, general and administrative expenses (including merger and acquisition related costs and share-based compensation expense), partially offset by the decrease in revenues and, to a lesser extent, the increase in direct operating expenses. Adjusted operating income of $48.6 million decreased $9.7 million, or 17%, 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 and share-based compensation expense).

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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.




























3

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 6 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
Sarah Rothschild
Investor Relations
(212) 631-5345

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 800-715-9871 / Conference ID Number 8089430
Conference call replay number is 800-770-2030 / Conference ID Number 8089430 until May 17, 2024
4

SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months EndedNine Months Ended
March 31,March 31,
2024202320242023
Revenues$321,330 $162,062 $753,494 $444,732 
Direct operating expenses(154,040)(93,665)(398,305)(259,485)
Selling, general, and administrative expenses(123,149)(143,433)(325,813)(342,479)
Depreciation and amortization(79,867)(8,200)(174,157)(21,719)
Impairment and other (losses) gains, net— — (115,738)3,000 
Restructuring charges(4,667)(18,670)(9,345)(26,745)
Operating loss(40,393)(101,906)(269,864)(202,696)
Other income (expense):
Interest income7,654 3,374 17,958 9,376 
Interest expense(27,119)— (52,947)— 
Other (expense) income, net(3,256)(4,182)37,810 (5,952)
Loss from continuing operations before income taxes(63,114)(102,714)(267,043)(199,272)
Income tax benefit (expense)15,874 (11,284)113,627 11,663 
Loss from continuing operations(47,240)(113,998)(153,416)(187,609)
Income (loss) from discontinued operations, net of taxes— 55,443 (647)155,568 
Net loss(47,240)(58,555)(154,063)(32,041)
Less: Net loss attributable to nonredeemable noncontrolling interests from discontinued operations— (216)— (682)
Less: Net (loss) income attributable to redeemable noncontrolling interests from discontinued operations— (1,492)— 2,661 
Net loss attributable to Sphere Entertainment Co.’s stockholders$(47,240)$(56,847)$(154,063)$(34,020)
Basic loss per common share
Continuing operations$(1.33)$(3.28)$(4.36)$(5.42)
Discontinued operations$— $1.65 $(0.02)$4.44 
Basic loss per common share attributable to Sphere Entertainment Co.’s stockholders$(1.33)$(1.64)$(4.38)$(0.98)
Diluted loss per common share
Continuing operations$(1.33)$(3.28)$(4.36)$(5.42)
Discontinued operations$— $1.65 $(0.02)$4.44 
Diluted loss per common share attributable to Sphere Entertainment Co.’s stockholders$(1.33)$(1.64)$(4.38)$(0.98)
Weighted-average number of common shares outstanding:
Basic and diluted35,418 34,727 35,212 34,604 

5

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 income (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, and Sphere Entertainment 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.
•Impairment and other losses (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 EndedNine Months Ended
March 31,March 31,
2024202320242023
Operating loss$(40,393)$(101,906)$(269,864)$(202,696)
Share-based compensation16,724 9,105 33,523 36,950 
Depreciation and amortization79,867 8,200 174,157 21,719 
Restructuring charges4,667 18,670 9,345 26,745 
Impairment and other losses (gains), net— — 115,738 (3,000)
Merger and acquisition related costs, net of insurance recoveries508 47,045 (8,155)57,181 
Amortization for capitalized cloud computing arrangement costs 22 168 66 416 
Remeasurement of deferred compensation plan liabilities126 — 264 — 
Adjusted operating income (loss)$61,521 $(18,718)$55,074 $(62,685)


6

SPHERE ENTERTAINMENT CO.
SEGMENT RESULTS
(In thousands)
(Unaudited)
BUSINESS SEGMENT RESULTS
Three Months Ended March 31, 2024
SphereMSG NetworksTotal
Revenues$170,364 $150,966 $321,330 
Direct operating expenses(62,294)(91,746)(154,040)
Selling, general and administrative expenses(108,976)(14,173)(123,149)
Depreciation and amortization(77,706)(2,161)(79,867)
Restructuring charges(4,886)219 (4,667)
Operating (loss) income$(83,498)$43,105 $(40,393)
Reconciliation to adjusted operating income:
Share-based compensation13,273 3,451 16,724 
Depreciation and amortization77,706 2,161 79,867 
Restructuring charges4,886 (219)4,667 
Merger and acquisition related costs, net of insurance recoveries416 92 508 
Amortization for capitalized cloud computing arrangement costs — 22 22 
Remeasurement of deferred compensation plan liabilities126 — 126 
Adjusted operating income$12,909 $48,612 $61,521 
Three Months Ended March 31, 2023
SphereMSG NetworksTotal
Revenues$626 $161,436 $162,062 
Direct operating expenses(4,414)(89,251)(93,665)
Selling, general and administrative expenses(83,381)(60,052)(143,433)
Depreciation and amortization(6,511)(1,689)(8,200)
Restructuring charges(18,670)— (18,670)
Operating (loss) income$(112,350)$10,444 $(101,906)
Reconciliation to adjusted operating (loss) income:
Share-based compensation8,466 639 9,105 
Depreciation and amortization6,511 1,689 8,200 
Restructuring charges18,670 — 18,670 
Merger and acquisition related costs1,532 45,513 47,045 
Amortization for capitalized cloud computing arrangement costs 125 43 168 
Adjusted operating (loss) income$(77,046)$58,328 $(18,718)















7

SPHERE ENTERTAINMENT CO.
SEGMENT RESULTS
(In thousands)
(Unaudited)
Nine Months Ended March 31, 2024
SphereMSG NetworksTotal
Revenues$345,942 $407,552 $753,494 
Direct operating expenses(137,437)(260,868)(398,305)
Selling, general and administrative expenses(290,930)(34,883)(325,813)
Depreciation and amortization(168,127)(6,030)(174,157)
Impairment and other losses, net(115,738)— (115,738)
Restructuring charges(9,564)219 (9,345)
Operating (loss) income$(375,854)$105,990 $(269,864)
Reconciliation to adjusted operating (loss) income:
Share-based compensation28,177 5,346 33,523 
Depreciation and amortization168,127 6,030 174,157 
Restructuring charges9,564 (219)9,345 
Impairment and other losses, net115,738 — 115,738 
Merger and acquisition related costs, net of insurance recoveries(2,086)(6,069)(8,155)
Amortization for capitalized cloud computing arrangement costs — 66 66 
Remeasurement of deferred compensation plan liabilities264 — 264 
Adjusted operating (loss) income$(56,070)$111,144 $55,074 
Nine Months Ended March 31, 2023
SphereMSG NetworksTotal
Revenues$1,919 $442,813 $444,732 
Direct operating expenses(4,414)(255,071)(259,485)
Selling, general and administrative expenses(235,331)(107,148)(342,479)
Depreciation and amortization(16,775)(4,944)(21,719)
Other gains3,000 — 3,000 
Restructuring charges(22,757)(3,988)(26,745)
Operating (loss) income$(274,358)$71,662 $(202,696)
Reconciliation to adjusted operating (loss) income:
Share-based compensation31,308 5,642 36,950 
Depreciation and amortization16,775 4,944 21,719 
Restructuring charges22,757 3,988 26,745 
Other gains(3,000)— (3,000)
Merger and acquisition related costs4,223 52,958 57,181 
Amortization for capitalized cloud computing arrangement costs 285 131 416 
Adjusted operating (loss) income$(202,010)$139,325 $(62,685)
8

SPHERE ENTERTAINMENT CO.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data)
(Unaudited)

March 31,June 30,
20242023
ASSETS
Current Assets:
Cash, cash equivalents, and restricted cash$693,946 $429,114 
Accounts receivable, net178,702 112,309 
Related party receivables, current13,195 26,405 
Prepaid expenses and other current assets30,216 56,085 
Total current assets916,059 623,913 
Non-Current Assets:
Investments51,849 395,606 
Property and equipment, net3,219,889 3,307,161 
Right-of-use lease assets109,663 84,912 
Goodwill456,807 456,807 
Intangible assets, net15,574 17,910 
Other non-current assets98,971 86,706 
Total assets$4,868,812 $4,973,015 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable, accrued and other current liabilities$423,113 $515,731 
Related party payables, current11,263 56,446 
Current portion of long-term debt, net869,776 82,500 
Operating lease liabilities, current17,748 10,127 
Deferred revenue76,712 27,337 
Total current liabilities1,398,612 692,141 
Non-Current Liabilities:
Long-term debt, net522,057 1,118,387 
Operating lease liabilities, non-current130,419 110,259 
Deferred tax liabilities, net254,995 379,552 
Other non-current liabilities119,130 88,811 
Total liabilities2,425,213 2,389,150 
Commitments and contingencies
Equity:
Class A Common Stock (1)
284 278 
Class B Common Stock (2)
69 69 
Additional paid-in capital2,392,247 2,376,420 
Retained earnings57,973 212,036 
Accumulated other comprehensive loss(6,974)(4,938)
Total stockholders’ equity2,443,599 2,583,865 
Total liabilities and equity$4,868,812 $4,973,015 
_________________
(1) Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 28,461 and 27,812 shares issued and outstanding as of March 31, 2024 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 March 31, 2024 and June 30, 2023.


9

SPHERE ENTERTAINMENT CO.
SELECTED CASH FLOW INFORMATION
(In thousands)
(Unaudited)
Nine Months Ended
March 31,
20242023
Net cash provided by operating activities$52,780 $137,824 
Net cash used in investing activities(20,240)(825,484)
Net cash provided by financing activities233,010 200,485 
Effect of exchange rates on cash, cash equivalents, and restricted cash(718)(729)
Net increase (decrease) in cash, cash equivalents, and restricted cash 264,832 (487,904)
Cash, cash equivalents, and restricted cash from continuing operations, beginning of period429,114 760,312 
Cash, cash equivalents, and restricted cash from discontinued operations, beginning of period— 85,698 
Cash, cash equivalents, and restricted cash at beginning of period429,114 846,010 
Cash, cash equivalents and restricted cash from continuing operations, end of period693,946 204,264 
Cash, cash equivalents and restricted cash from discontinued operations, end of period— 153,842 
Cash, cash equivalents, and restricted cash at end of period$693,946 $358,106 

10
v3.24.1.1.u2
Cover
May 10, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date May 10, 2024
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
Sphere Entertainment (NYSE:SPHR)
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De Abr 2024 a May 2024 Haga Click aquí para más Gráficas Sphere Entertainment.
Sphere Entertainment (NYSE:SPHR)
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De May 2023 a May 2024 Haga Click aquí para más Gráficas Sphere Entertainment.