10-K: MADISON SQUARE GARDEN SPORTS CORP.

The MarketWatch News Department was not involved in the creation of this content.

(EDGAR Online via COMTEX) —
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. (formerly The Madison Square Garden Company) and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” or the “Company”) including, the completion of the National Basketball Association (the “NBA”) and National Hockey League (the “NHL”) 2019-20 and 2020-21 seasons, and the impact of COVID-19 on our future operations. See “Part I – Item 1. Business” for further discussion of the MSGE Distribution (defined below). Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: the duration and severity of the coronavirus pandemic and our ability to effectively manage the impacts, including the unavailability of the Madison Square Garden Arena (“The Garden”) and league decisions regarding the resumption of play;

the impact of the suspension or cancellation of the 2019-20 or 2020-21 NBA and NHL seasons on our ability to recognize revenue from national media rights fees;

the level of our revenues, which depends in part on the popularity and competitiveness of our sports teams;

costs associated with player injuries, waivers or contract terminations of players and other team personnel;

changes in professional sports teams’ compensation, including the impact of signing free agents and trades, subject to league salary caps and the impact of luxury tax;

the level of our capital expenditures and other investments;

general economic conditions, especially in the New York City;

the demand for sponsorship arrangements and for advertising;

competition, for example, from other teams, and other sports and entertainment options;

changes in laws, NBA or NHL rules, regulations, guidelines, bulletins, directives, policies and agreements, including the leagues’ respective collective bargaining agreements (each a “CBA”) with their players’ associations, salary caps, escrow requirements, revenue sharing, NBA luxury tax thresholds and media rights, or other regulations under which we operate;

any NBA, NHL or other work stoppage in addition to those related to COVID-19 impacts;

any economic, political or other actions, such as boycotts, protests, work stoppages or campaigns by labor organizations;

seasonal fluctuations and other variation in our operating results and cash flow from period to period;

the level of our expenses, including our corporate expenses;

business, reputational and litigation risk

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10-K: MADISON SQUARE GARDEN ENTERTAINMENT CORP.

The MarketWatch News Department was not involved in the creation of this content.

(EDGAR Online via COMTEX) —
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Entertainment Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Entertainment,” or the “Company”), including the impact of the COVID-19 pandemic on our future operations, our anticipated operational cash burn on a go-forward basis, cost-cutting measures the Company may or may not pursue to preserve cash and financial flexibility, the potential for future impairment charges, the timing and costs of new venue construction, our plans to pursue additional debt financing and negotiate amendments to Tao Group Hospitality’s credit facility, increased investment in personnel, content and technology for the MSG Spheres, and increased expenses of being a standalone public company. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to: our ability to effectively manage the impacts of the COVID-19 pandemic and the government actions taken in response;

the level of our expenses and our operational cash burn rate, including our corporate expenses as a stand-alone publicly traded company;

our ability to successfully design, construct, finance and operate new venues in Las Vegas, London and other markets, and the investments, costs and timing associated with those efforts, including the impact of the temporary suspension of construction and any other construction delays and/or cost overruns;

the level of our revenues, which depends in part on the popularity of the Christmas Spectacular Starring the Radio City Rockettes (“Christmas Spectacular”) and other entertainment and sports events which are presented in our venues;

the level of our capital expenditures and other investments;

general economic conditions, especially in the New York City, Las Vegas, Chicago and London metropolitan areas where we have (or plan to have) business activities;

the demand for sponsorship arrangements and for advertising;

competition, for example, from other venues and other sports and entertainment options, including the construction of new competing venues;

changes in laws, guidelines, bulletins, directives, policies and agreements, and regulations under which we operate;

any economic, social or political actions, such as boycotts, protests, work stoppages or campaigns by labor organizations;

seasonal fluctuations and other variations in our operating results and cash flow from period to period;

the successful development of new

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Wall Decor Market in Europe- Featuring Amazon.com Inc., Carrefour Group, Costco Wholesale Corp., and Inter IKEA Holding BV Among Others

The Wall Decor Market in Europe is poised to grow by USD 9.56 billion during 2020-2024 progressing at a CAGR of over 9% during the forecast period.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200916005813/en/

Technavio has announced its latest market research report titled Wall Decor Market in Europe 2020-2024 (Graphic: Business Wire)

The report on the wall decor market in Europe provides a holistic update, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growing housing market & consumer expenditure.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Download Free Sample Report on COVID-19 Recovery Analysis

The wall decor market analysis in Europe includes the distribution channel segment, product segment, and geographic landscapes. This study identifies the influence of latest interior design trends as one of the prime reasons driving the market growth during the next few years.

This report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters.

The wall decor market in Europe covers the following areas:

Wall Decor Market Size in Europe

Wall Decor Market Forecast in Europe

Wall Decor Market Analysis in Europe

Companies Mentioned

  • Amazon.com Inc.
  • Carrefour Group
  • Costco Wholesale Corp.
  • Inter IKEA Holding BV
  • Kingfisher Plc
  • Otto Group
  • Tesco Plc
  • Walmart Inc.
  • Wayfair Inc.
  • Williams-Sonoma Inc.

Key Topics Covered:

Executive Summary

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 – 2024

Five Forces Analysis

  • Five Forces Summary
  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation by Product

  • Market segments
  • Comparison by Product placement
  • Wall art – Market size and forecast 2019-2024
  • Picture frames – Market size and forecast 2019-2024
  • Wall clocks – Market size and forecast 2019-2024
  • WPS – Market size and forecast 2019-2024
  • Others – Market size and forecast 2019-2024
  • Market opportunity by Product

Customer landscape

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • Germany – Market size and forecast 2019-2024
  • UK – Market size and forecast 2019-2024
  • France – Market size and forecast 2019-2024
  • Italy – Market size and forecast 2019-2024
  • Rest of Europe – Market size and forecast 2019-2024
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver – Demand led growth
  • Volume driver – Supply led growth
  • Volume driver – External factors
  • Volume driver – Demand shift in adjacent markets
  • Price driver – Inflation
  • Price driver – Shift from lower to higher-priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Vendor landscape
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • Amazon.com Inc.
  • Carrefour Group
  • Costco Wholesale Corp.
  • Inter IKEA Holding BV
  • Kingfisher Plc
  • Otto Group
  • Tesco Plc
  • Walmart Inc.
  • Wayfair
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Madison Square Garden Sports Corp. has changed the targets executives must meet to collect bonuses due to its spinoff and the pandemic

“Shareholders oppose ‘one-way executive pay-for-performance’: When performance is good, everyone gets paid well, and when performance is bad, boards adjust awards to protect the downside,” Semler Brossy wrote in a report last month. “They are appropriately wary of that philosophy taking hold.

There are signs that philosophy is taking hold. Some companies suffering big drops in earnings or revenue have decided to swap out those metrics for more favorable ones when tallying up bonuses.

For example, Nike’s board decided to stop basing certain payouts on earnings or revenue after profits fell by 37% last fiscal year. It instead will award those payouts on how well the company’s stock price does over three years. The shift is intended to “ensure sustained engagement and drive key business results during a dynamic and unprecedented period,” the apparel giant said in a regulatory filing.

Others are lowering bonuses to conserve cash.

Hess, the Manhattan-based energy company, changed its bonus plan because turmoil in the oil market led to an adjusted first-half net loss of a half billion dollars. Hess reduced the maximum payout allowed from 200% of “target” to 50%. It said the revised plan would continue to serve as a “performance driver” with “rigorous but obtainable goals.”

MSG Sports said its bonus plan is based on executives reaching internal goals for revenue and adjusted operating income. The company said its board “seeks to make target goals ambitious, requiring meaningful growth over the performance period, while threshold goals are expected to be achievable.”

MSG Sports reported negative revenue of $7 million and a $79 million loss from continuing operations for the quarter ending June 30. That was down from positive revenue of $68 million and a $37 million loss from continuing operations in the year-earlier period. Last month the company laid off 53 people, according to a filing with the state, or about 15% of its staff.

One goal, MSG Sports officials say, is to restore the lost jobs.

“As our business returns to normal operations, we would look to bring back many of these positions,” Chief Executive Andrew Lustgarten said.

Source Article

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Purcell Julie & Lefkowitz LLP Announces Court Approval of the Settlement in the Madison Square Garden Sports Corp. Stockholder Lawsuit

NEW YORK, NY / ACCESSWIRE / September 15, 2020 / Purcell Julie & Lefkowitz LLP is pleased to announce that the Delaware Court of Chancery has approved the previously announced settlement of the stockholder derivative action brought against James Dolan, the Executive Chairman of Madison Square Garden Sports Corp. (“MSG Sports”) (NYSE:MSGS) and the Chief Executive Officer and Executive Chairman of Madison Square Garden Entertainment Corp. (“MSG Entertainment”) (NYSE:MSGE).

The settlement requires James Dolan to surrender stock awards, valued at over $30 million, he received as “special” compensation in 2018. The stock awards were originally granted by MSG Sports but were then later split between MSG Sports and MSG Entertainment following the latter’s spin-off from MSG Sports. The settlement further provides that MSG Sports and MSG Entertainment will not reinstate or recompense Mr. Dolan for the cancelled awards, and that future compensation decisions at MSG Sports and MSG Entertainment regarding Mr. Dolan will be made with the assistance of an independent compensation consultant.

“The settlement is an outstanding result for MSG Sports, MSG Entertainment, and their stockholders” said Robert H. Lefkowitz, an attorney at Purcell Julie & Lefkowitz LLP that represented the stockholder plaintiff. “Stockholders want share prices to increase, not executive compensation. The settlement is a big step in that direction.”

The derivative lawsuit, brought by a stockholder of MSG Sports, alleged that James Dolan and various members of the Dolan family breached their fiduciary duties to MSG Sports and its stockholders by granting James Dolan over $75 million in compensation – including the “special” equity awards – between 2016 and 2018. Following the filing of the complaint, MSG Sports formed a special litigation committee to investigate the claims made by the stockholder plaintiff, and the special committee ultimately concluded that it was in the best interests of MSG Sports and its stockholders that James Dolan return the “special” awards. On September 8, 2020, the Delaware Court of Chancery approved the settlement, finding that it was an “excellent” result.

Purcell Julie & Lefkowitz LLP is a law firm exclusively committed to representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty and other types of corporate misconduct. For more information about the firm and its attorneys, please visit https://pjlfirm.com. Attorney advertising. Prior results do not guarantee a similar outcome.

SOURCE: Purcell Julie & Lefkowitz LLP

View source version on accesswire.com:
https://www.accesswire.com/606238/Purcell-Julie-Lefkowitz-LLP-Announces-Court-Approval-of-the-Settlement-in-the-Madison-Square-Garden-Sports-Corp-Stockholder-Lawsuit

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Is Madison Square Garden Sports Corp. (MSGS) A Good Stock To Buy?

The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. We at Insider Monkey have plowed through 823 13F filings that hedge funds and well-known value investors are required to file by the SEC. The 13F filings show the funds’ and investors’ portfolio positions as of June 30th, when the S&P 500 Index was trading around the 3100 level. Stocks kept going up since then. In this article we look at how hedge funds traded Madison Square Garden Sports Corp. (NYSE:MSGS) and determine whether the smart money was really smart about this stock.

Is Madison Square Garden Sports Corp. (NYSE:MSGS) the right investment to pursue these days? Investors who are in the know were in a bullish mood. The number of long hedge fund bets moved up by 2 recently. Madison Square Garden Sports Corp. (NYSE:MSGS) was in 43 hedge funds’ portfolios at the end of June. The all time high for this statistics is 52. Our calculations also showed that MSGS isn’t among the 30 most popular stocks among hedge funds (click for Q2 rankings and see the video for a quick look at the top 5 stocks). Video: Watch our video about the top 5 most popular hedge fund stocks.

In the eyes of most stock holders, hedge funds are assumed to be unimportant, outdated investment tools of the past. While there are greater than 8000 funds trading today, We choose to focus on the upper echelon of this group, approximately 850 funds. These investment experts watch over most of all hedge funds’ total asset base, and by keeping track of their best picks, Insider Monkey has uncovered a number of investment strategies that have historically outrun the market. Insider Monkey’s flagship short hedge fund strategy exceeded the S&P 500 short ETFs by around 20 percentage points per annum since its inception in March 2017. Our portfolio of short stocks lost 34% since February 2017 (through August 17th) even though the market was up 53% during the same period. We just shared a list of 8 short targets in our latest quarterly update .

Clifton Robbins Blue Harbour

Clifton S. Robbins of Blue Harbour Group

At Insider Monkey we scour multiple sources to uncover the next great investment idea. For example, legal marijuana is one of the fastest growing industries right now, so we are checking out stock pitches like “the Starbucks of cannabis” to identify the next tenbagger. We go through lists like the 10 most profitable companies in the world to pick the best large-cap stocks to buy. Even though we recommend positions in only a tiny fraction of the companies we analyze, we check out as many stocks as we can. We read hedge fund investor letters and listen to stock pitches at hedge fund conferences. Hedge fund sentiment towards Tesla reached its all time high at the end of 2019 and Tesla

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