Madison Square Garden Sports Corp.
Risk-factor diff
FY 2025 10-K vs. FY 2024Net-new paragraphs in the most recent 10-K's Item 1A. Companies rarely add risk language without a real reason — additions here are often a leading signal of management concerns.
“The following table summarizes the Company’s cash flow activities for the years ended June 30, 2025 and 2024:”
“Adjustments to reconcile net (loss) income to net cash provided by operating activities”
“Net cash provided by operating activities for the year ended June 30, 2025 decreased by $524 to $91,607 as compared to the prior year. The decrease was due to the decrease in net (loss) income adjusted for non-cash items, offset by the impact of changes in working capital assets and liabilities. The changes in working capital assets and liabilities were primarily driven by (i) increase in accrued and other liabilities of $66,787 primarily due to increased accruals for NBA luxury tax, revenue sharing, and league assessments in the current year period, (ii) a decrease in net related party receiv…”
“advance of recognition. These changes were partially offset by an increase in prepaid expenses and other assets of $17,459 primarily driven by the timing of payments related to employee compensation.”
“Net cash used in investing activities for the year ended June 30, 2025 decreased by $1,978 to $6,920 as compared to the prior year primarily due to lower purchases of investments in the current year, partially offset by higher capital expenditures.”
Policies & disclosures
Clawback, anti-hedging, stock ownership, and related-party policies will populate from extracted proxy sections.