MSG Knickerbockers (MSGS) FY2023 results: revenue $887 million, up 8.0% on the year

MSG Knickerbockers Corp. (MSGS) reported revenue of $887 million for fiscal 2023, the year ended 30 June 2023, up 8.0% on the year before. Net income was $48 million, down 6.5%, and diluted earnings per share $1.89. The figures are the company's own, from the 10-K it filed with the SEC on 17 August 2023.

Revenue

$887 million

+8.0% on the year

FY2016FY2023

Operating margin

9.6%

10.5% a year earlier

FY2016FY2023

Net income

$48 million

-6.5% on the year

FY2016FY2023

Diluted EPS

$1.89

-10.0% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	887	821	416	+8.0%
Selling, general and administrative	250	230	207	+8.8%
Operating income	85.2	86.1	-78.4	-1.1%
Operating margin	9.6%	10.5%	-18.9%
Interest expense	22.9	11.7	10.6	+95.0%
Pre-tax income	89.9	73.9	-89.3	+21.6%
Income tax	44.3	25.1	-73.4	+76.8%
Effective tax rate	49.3%	33.9%	n/a
Net income	47.8	51.1	-14.0	-6.5%
Net margin	5.4%	6.2%	-3.4%
Diluted EPS	$1.89	$2.10	-$0.58	-10.0%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2023	FY2022	FY2021	On the year
Operating cash flow	152	178	-35.3	-14.4%
Capital expenditure	1.2	0.9	0.5	+26.7%
Free cash flow	151	177	-35.8	-14.6%
Free cash flow margin	17.0%	21.6%	-8.6%
Cash from investing	-17.8	-2.9	-0.5
Cash from financing	-185	-156	17.2
Depreciation and amortisation	3.6	5.0	5.6	-29.1%
Share-based compensation	25.2	24.2	30.4	+4.0%
Dividends paid	171	0.0	0.0
Dividend per share	$7.00	n/a	n/a
Diluted shares, weighted	24m	24m	24m	-0.9%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	-337	-147	-204
Non-controlling interest	0.0	1.7	2.4
Debt	325	250	385	+30.0%
Operating lease liabilities	746	700	691	+6.7%
Other liabilities	581	498	436	+16.7%
Total liabilities and equity	1,315	1,302	1,310	+1.0%
Fixed assets	30.5	32.9	35.7	-7.3%
Goodwill	227	227	227	-0.2%
Intangible assets	0.0	0.6	1.7
Cash and equivalents	40.4	91.0	64.9	-55.6%
Receivables	n/a	47.2	74.2
Other assets	1,018	903	906	+12.7%
Total assets	1,315	1,302	1,310	+1.0%

10-K for the year ended 30 June 2023, filed 17 August 2023: the filing.