Unaudited
June 30, 2022
AEG Management Bakersfield, LLC
Mechanics Bank Arena, Theater and Convention Center
Dignity Health Ampitheatre
Valley Children's Ice Center
Financial Statements
Assets
Current Assets:
Cash $4,840,029
Accounts Receivable, net of allowance 726,331
Prepaid Expenses 70,189
Event Reimbursables -
Total Current Assets 5,636,549
Fixed Assets, net -
Other Assets -
Total Assets $5,636,549
Liabilities and Members' Capital:
Current Liabilities:
Accounts Payable 493,116.76
Accrued Liabilities 2,758,369
Due to ASM Affiliates (629)
Deferred Revenue, current 1,836,967
Total Current Liabilities 5,087,823
Other Liabilities 250,000
Total Liabilities 5,337,823
Members' Capital:
Capital Contributions -
Retained Earnings - Prior Year (1)
Retained Earnings - Current Year 298,727
Total Members' Capital 298,726
Total Liabilities and Members' Capital $5,636,549
$0
Mechanics Bank Arena, Theater & Convention Center
Consolidated Balance Sheet
As of June 30, 2022
Mechanics Bank Arena (Consolidated Report including the ATC, Ice Center and Amphitheatre) Statement of Operations
For the 12 months ended June 30, 2022
Y-T-D Y-T-D Y-T-D
Actual Budget Variance ($)
OPERATING REVENUE
Rent Revenue:
Bakersfield Condors $292,042 $300,013 ($7,971)
Arena Concerts $1,006,625 $958,458 $48,167
Arena Family Shows and Feld Shows $147,191 $247,069 ($99,878) Arena Other Events $574,530 $297,000 $277,530
Theater Events $824,097 $815,450 $8,647
Amphitheatre Events $374,621 $542,000 ($167,379)
Convention Center $93,639 $268,700 ($175,061)
TOTAL RENT REVENUE $3,312,746 $3,428,690 ($115,944)
Ice Center Revenue $740,623 $708,100 $32,523
Luxury Suite Revenue $1,000,958 $975,972 $24,986
Naming Rights Revenue - Arena $257,000 $257,000 $0
Naming Rights Revenue - Ice Center $40,000 $40,000 ($0) Naming Rights Revenue - Amphitheatre $125,000 $125,000 ($0) Other Sponsorship Revenue $449,959 $419,730 $30,229
Concessions Revenue:
Bakersfield Condors $343,974 $523,075 ($179,101)
Arena Concerts $598,914 $409,868 $189,046
Arena Family Shows and Feld Shows $56,372 $89,587 ($33,215) Arena Other Events $65,660 $52,868 $12,793
Theater Events $124,866 $150,460 ($25,594)
Amphitheatre Events $49,032 $55,280 ($6,248)
Convention Center $20,066 $32,211 ($12,145)
Ice Center $6,897 $10,000 ($3,103)
Merchandise Revenue $72,889 $129,126 ($56,237)
Parking Revenue $299,527 $326,388 ($26,861)
Facility Fee Revenue $524,947 $530,056 ($5,109)
Event Suite Revenue $124,041 $106,280 $17,761
Ticket Rebate Revenue $1,030,460 $607,304 $423,156
Other Revenues $105,815 $0 $0
TOTAL OPERATING REVENUE $9,349,744 $8,976,994 $266,935
EVENT EXPENSES:
Bakersfield Condors $554,005 $639,500 $85,495
Arena Concerts $1,404,279 $1,453,021 $48,742
Arena Family Shows and Feld Shows $201,194 $282,010 $80,816 Arena Other Events $375,949 $199,800 ($176,149)
Theater Events $770,854 $735,200 ($35,654)
Amphitheatre Events $479,809 $751,700 $271,891
Convention Center $56,195 $143,700 $87,505
TOTAL EVENT EXPENSES $3,842,285 $4,204,931 $362,646
OPERATING EXPENSES:
Administration & HR $1,735,693 $1,331,979 ($403,714)
Operations $732,321 $718,254 ($14,067)
Utilities $833,156 $1,167,000 $333,844
Box Office $111,595 $150,438 $38,843
Sales & Marketing $231,926 $269,218 $37,292
Event Services / Security $273,261 $298,414 $25,153
Finance $212,036 $260,271 $48,235
Ice Center $604,866 $635,098 $30,232
Amphitheater $0 $4,500 $4,500
Management Fees $475,196 $475,196 $0
Other Expenses $0 $10,000 $10,000
TOTAL OPERATING EXPENSES $5,210,051 $5,320,368 $110,317 OPERATING PROFIT / (LOSS) $297,409 ($548,305) $845,714
Interest Income $1,318
ASM Global Share of Losses $0
NET INCOME / (LOSS) TO CITY OF BAKERSFIELD $298,727
($548,305)
$548,305AEG Mgmt Bakersfield (co 329) has an annual net loss guarantee of - $415,718 for all of the facilities taken in the aggregate (section 5 of the mgmt agreement). Losses that exceed this amount are funded by ASM
ATC (Arena, Theater and Convention Center)
Statement of Operations (Rent Revenues Net of Event Expenses) For the 12 months ended June 30, 2022
Annual
Y-T-D Y-T-D Budget Prior Year
Actual Budget 7/1/21 - 6/30/22 7/1/20 - 6/30/21
OPERATING REVENUE
Rent Revenue:
Bakersfield Condors ($261,964) ($339,487) ($339,487) ($296,449) Arena Concerts (397,654) (494,563) (494,563) (111,250)
Arena Family Shows and Feld Shows (54,002) (34,941) (34,942) 10,657 Arena Other Events 198,581 97,200 97,200 51,354
Theater Events 53,243 80,250 80,250 150,550
Convention Center 37,445 125,000 125,000 79,300
Luxury Suite Revenue 1,000,958 975,972 975,972 289,204
Naming Rights Revenue - Arena 257,000 257,000 257,000 257,000 Other Sponsorship Revenue 440,459 419,730 419,730 273,105 Concessions Revenue:
Bakersfield Condors 343,974 523,075 523,075 436,800
Arena Concerts 598,914 409,868 409,868 95,000
Arena Family Shows and Feld Shows 56,372 89,587 89,587 72,843 Arena Other Events 65,660 52,868 52,868 50,356
Theater Events 124,866 150,460 150,460 70,388
Convention Center 20,066 32,211 32,211 10,625
Merchandise Revenue 62,341 113,526 113,526 33,859
Parking Revenue 291,310 320,148 320,148 171,806
Facility Fees 492,455 498,256 498,256 231,390
Event Suite Revenue 121,138 106,280 106,280 53,850
Ticket Rebates and Other Revenue 1,064,105 558,254 558,254 238,895 TOTAL OPERATING REVENUE 4,515,268 3,940,693 3,940,692 2,169,284 Operating Expenses:
Administration & HR 1,735,693 1,331,979 1,331,979 1,163,760 Operations 732,321 718,254 718,254 508,685
Utilities * 833,156 1,167,000 1,167,000 859,600
Box Office 111,595 150,438 150,438 105,857
Sales & Marketing 231,926 269,218 269,218 178,752
Event Services & Security 273,261 298,414 298,414 260,496 Finance 212,036 260,271 260,271 206,373
Management Fees 403,917 403,916 403,916 392,153
Other Expenses 0 10,000 10,000 5,000
Other Expenses 0 0 98,000
TOTAL OPERATING EXPENSES 4,533,905 4,609,490 4,609,490 3,778,675 OPERATING PROFIT / (LOSS) ($18,637) ($668,797) ($668,798) ($1,609,392) (18,637) ATC P&L - Operating Profit/Loss
180,912 Amph P&L - Operating Profit/Loss
135,134 Ice Center P&L - Operating Profit/Loss
297,409 Total Operating Profit/Loss per P&L's
297,409 Total Operating Profit/Loss - Per TB
(0) Difference
Check
Valley Children's Ice Center
Statement of Operations
For the 12 months ended June 30, 2022
Annual
Y-T-D Y-T-D Budget Prior Year
Actual Budget 7/1/21 - 6/30/22 7/1/20 - 6/30/21
OPERATING REVENUE
Revenue:
General Admissions $253,535 $223,000 $223,000 $111,500
Group Admissions 21,725 40,000 40,000 20,000
Freestyle Admissions 0 2,400 2,400 1,200
Private Ice Rental 271,600 75,000 75,000 45,000
Skating School 85,645 67,000 67,000 33,500
Hockey Leagues - Adult 39,700 65,000 65,000 47,500
Hockey Leagues - Youth 7,624 160,000 160,000 65,000
Skate Edging 0 5,500 5,500 2,750
Parties / B-Day Parties 24,968 35,000 35,000 10,000
Hockey Misc Income (Stick Time, etc.) 32,782 35,200 35,200 17,600 Naming Rights Revenue 40,000 40,000 40,000 40,000
Sponsorship Revenue 0 0 0 0
Concessions Revenue 6,897 10,000 10,000 5,000
Merchandise Revenue - Pro Shop 3,044 8,000 8,000 4,000
TOTAL OPERATING REVENUE 787,520 766,100 766,100 403,050 Operating Expenses:
Credit Card Fees 11,691 16,000 16,000 8,000
Contract Employees (City Employees) 0 0 0 0
Game Officials 0 0 0 0
Hospitality 0 0 0 0
Client Entertainment 0
Music License Fees (ASCAP / BMI) 3,931 3,000 3,000 3,000 City Reimbursement Charges 27,775 15,000 15,000 30000
General Marketing / Advertising 6,042 15,000 15,000 5,000 Website Costs 0 800 800 800
Printing & Design 0 0 0 0
Memberships / Subscriptions 1,369 2,500 2,500 1,250
Miscellaneous 160 500 500 500
Outside Services 6,331 10,000 10,000 5,000
Postage 0 0 0 0
Courier 0 0 0 0
Salaries 143,316 143,333 143,333 90,846
Bonuses 11,421 11,317 11,317 0
Hourly 77,984 148,200 148,200 74,100
Benefits (salary burden) 37,842 30,000 30,000 30,000
Medical Ins 0 0 0 0
Payroll Taxes 4,726 36,948 36,948 20,123
Travel 0 0 0 0
Other Travel 0 0 0 0
Security 0 0 0 0
Office & General Supplies 3,764 7,000 7,000 3,500
Painting Supplies 0 2,000 2,000 1,000
Scoreboard / Video Supplies 0 0 0 0
Security Supplies 0 0 0 0
Signage Supplies 659 0 0 0
Small Tools 2,953 0 0 0
Event Related Eq Supplies 1,321 0 0 0
Janatorial Eq Supplies 289 1,500 1,500 750
Janatorial Chemical Supplies 3,902 2,500 2,500 1,250
Valley Children's Ice Center
Statement of Operations
For the 12 months ended June 30, 2022
Annual
Y-T-D Y-T-D Budget Prior Year
Actual Budget 7/1/21 - 6/30/22 7/1/20 - 6/30/21
Janitorial Paper Supplies 3,012 3,000 3,000 1,500
Lighting Supplies 0 250 250 125
Locksmith / Door Supplies 0 250 250 125
Security System 3,328 1,500 1,500 1,500
Maintenance Costs 0 0
Building & Ground Maint 0 0 0 0
Other R&M Costs 2,936 2,500 2,500 1,250
Utilities:
Cable / Satelite 0 0 0 0.00
Gas, Fuel & Oil 32,663 17,000 17,000 10,900
Power 217,453 165,000 165,000 97,500
Management Fees 47,520 47,520 47,520 46,136
TOTAL OPERATING EXPENSES 652,386 682,618 682,618 434,156 OPERATING PROFIT / (LOSS) $135,134 $83,482 $83,482 ($31,105) Dignity Health Amphitheatre
Statement of Operations
For the 12 months ended June 30, 2022
Annual
Y-T-D Y-T-D Budget Prior Year
Actual Budget 7/1/21 - 6/30/22 7/1/20 - 6/30/21
OPERATING REVENUE
Rent Revenue (Net of Event Expenses):
Amphitheatre Events ($105,188) ($209,700) ($209,700) ($82,000) Naming Rights Revenue - Amphitheatre 125,000 125,000 125,000 125,000 Other Sponsorship Revenue 9,500 0 0 0
Concessions Revenue:
Amphitheatre Events 49,032 55,280 55,280 6,000
Merchandise Revenue 10,548 7,600 7,600 2,000
Parking Revenue / (Expense) 8,216 6,240 6,240 4,000
Facility Fees 32,492 31,800 31,800 10,800
Ticket Rebates and Other Revenue 75,072 49,050 49,050 24,000 TOTAL OPERATING REVENUE 204,672 65,270 65,270 89,800
Operating Expenses:
Utilities 0 0 0 0
Memberships/Subscriptions 0 4,500 4,500 4,500
Management Fees 23,760 23,760 23,760 23,068
TOTAL OPERATING EXPENSES 23,760 28,260 28,260 27,568
OPERATING PROFIT / (LOSS) $180,912 $37,010 $37,010 $62,232 Mechanics Bank Arena (Consolidated Report including the ATC, Ice Center and Amphitheatre) Statement of Operations (Rent Revenues Net of Event Expenses) For the 12 months ended June 30, 2022
ATC Valley
(Arena, Theater Dignity Health Children's
Consolidated and Conv Ctr.) Amphitheatre Ice Center
YTD Actual YTD Actual YTD Actual YTD Actual
OPERATING REVENUE
Net Rent Revenue:
Bakersfield Condors ($261,964) (261,964)
Arena Concerts (397,654) (397,654)
Arena Family Shows and Feld Shows (54,002) (54,002)
Arena Other Events 198,581 198,581
Theater Events 53,243 53,243
Amphitheatre Events (105,188) (105,188)
Convention Center 37,445 37,445
Ice Center Revenue (admissions, rentals, parties, merch, etc.) 737,580 737,580 Luxury Suite Revenue 1,000,958 1,000,958
Naming Rights Revenue - Arena 257,000 257,000
Naming Rights Revenue - Ice Center 40,000 40,000
Naming Rights Revenue - Amphitheatre 125,000 125,000
Other Sponsorship Revenue 449,959 440,459 9,500 0 Concessions Revenue:
Bakersfield Condors 343,974 343,974
Arena Concerts 598,914 598,914
Arena Family Shows and Feld Shows 56,372 56,372
Arena Other Events 65,660 65,660
Theater Events 124,866 124,866
Amphitheatre Events 49,032 49,032
Convention Center 20,066 20,066
Ice Center 6,897 6,897
Merchandise Revenue 75,932 62,341 10,548 3,044 Parking Revenue 299,527 291,310 8,216
Facility Fees 524,947 492,455 32,492
Event Suite Revenue 121,138 121,138
Ticket Rebates and Other Revenue 1,139,177 1,064,105 75,072 TOTAL OPERATING REVENUE 5,507,460 4,515,268 204,672 787,520 Operating Expenses:
Administration & HR 1,735,693 1,735,693
Operations 732,321 732,321
Utilities 833,156 833,156 0
Box Office 111,595 111,595
Sales & Marketing 231,926 231,926
Security 273,261 273,261
Finance 212,036 212,036
Ice Center 604,866 604,866
Convention Center 0 0
Management Fees 475,196 403,917 23,760 47,520 Other Expenses 0 - 0
TOTAL OPERATING EXPENSES 5,210,051 4,533,905 23,760 652,386 OPERATING PROFIT / (LOSS) $297,409 ($18,637) $180,912 $135,134 ATC Amphitheatre Ice Center Total
OPERATING PROFIT / (LOSS) (18,637) 180,912 135,134 297,409 BENCHMARK OPERATING LOSS (332,575) (62,358) (20,785) (415,718) IMPROVEMENT OVER BENCHMARK 313,938 243,270 155,919 % OF IMPROVEMENT 25% 50% 50%
INCENTIVE PAYMENT TO MANAGER 78,484 (a) 121,635 77,960 278,079 (b) (a) - ATC incentive capped at $100k (25% of base mgmt fee per section 4.2 of mgmt agreement). (b) - Incentive fee to be calculated and recorded in the final month of the fiscal year. If the incentive fee pushes the operating loss beyond the net loss guarantee of -$415,718, it will be reduced accordingly.
Incentive Fee Calculation
Cash flows from operating activities -
Net income/(loss) 298,727$
Adjustments to reconcile net income/(loss) to net
Cash provided by/(used in) operating activities:
Depreciation and amortization 0
Net changes in operating assets and liabilities:
Accounts receivable 1,661,733
Prepaids (20,330)
Event Reimbursables 0
Other Assets 0
Accounts payable 373,071
Accrued liabilities (66,859)
Deferred revenue (476,818)
Other liabilities 250,000
Due to/from affiliates (1,490,548)
Net cash provided by/(used in) operating activities 528,976 Cash used for investing activities - 0
Capital expenditures 0
Cash used for financing activities -
Capital Contributions (1,561,065)
Distributions 0
Net increase/(decrease) in cash (1,032,089)
Cash at beginning of period 4,311,054
Cash at end of period 3,278,965$
Mechanics Bank Arena
Consolidated Statement of Cash Flows
For the 12 months ended June 30, 2022