The Madison Square Garden Company (NYSE:MSG) Q4 2019 Earnings Conference Call - Final Transcript

Aug 20, 2019 • 08:30 am ET


The Madison Square Garden Company (NYSE:MSG) Q4 2019 Earnings Conference Call - Final Transcript


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Good morning. My name is Christie, and I'll be your conference operator today. At this time, I would like to welcome everyone to The Madison Square Garden Company Fiscal 2019 Fourth Quarter Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions] Thank you.

I would now like to turn the call over to Ari Danes, Senior Vice President of Investor Relations for The Madison Square Garden Company. Please go ahead, sir.

Ari Danes

Thanks, Christie. Good morning and welcome to The Madison Square Garden Company's fiscal 2019 fourth quarter earnings conference call. Our President, Andy Lustgarten will begin this morning's call with an update on the company's operations. This will be followed by a review of our financial results with Victoria Mink, our EVP and Chief Financial Officer.

After our prepared remarks we will open up the call for questions. If you do not have a copy of today's earnings release it is available on the Investors section of our corporate website. Please take note of the following, today's discussion 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 and events may differ materially from those in the forward-looking statements as a result of various factors. These include financial community perceptions of the company and its business, operations, financial condition and the industry in which it operates as well as the factors described in the company's filings with the Securities and Exchange Commission.

Including the sections entitled 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 that may be discussed during this call. On pages five and six of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income or AOI, a non-GAAP financial measure. Lastly on pages eight and nine of the release, we present a reconciliation of AOI to AOI excluding the impact of ASC Topic 606, the new accounting standard for revenue recognition.

And with that, I'll now turn the call over to Andy.

Andrew Lustgarten

Thank you, Ari. Before I turn to our core business, I'd like to talk about where we stand with the Company's key strategic initiatives. We made significant progress on our plan to grow beyond our existing portfolio of assets by pioneering the next generation of entertainment with MSG Sphere, and as we execute on our vision for the state-of-the-art venues. We continue to actively pursue the proposed spin-off of our sports business, a transaction we believe would strengthen our financial flexibility and help drive long-term value creation for our shareholders.

You heard us talk previously about the merits of the proposed spin-off. We remain confident that