Barclays Center reports barely breaking even in second half of 2021. That means they're way behind on debt payments.

The Barclays Center operating company recently disclosed, in a filing aimed at bondholders, its financial results, and though they're certainly improved from deep COVID-era losses, they're nothing to cheer about.

As shown at right, in the first half of FY 2022, which is the second half of calendar year 2021, the arena company took in $38.3 million in revenue, only slightly more than $38.1 million in expenses.

But that doesn't mean they're in the black, not in the slightest.

The arena company needs some $37.8 million for required PILOTs, or payments in lieu of taxes, of which $26.2 million goes toward debt service on arena construction bonds.

Most of the rest goes back to the arena company to be used on operations and maintenance (O&M)--but it still must be paid. Billionaire Joe Tsai, who owns the arena company, has committed to backstopping any losses.

Note that these statistics do not address the bottom line for the Brooklyn Nets, also owned by Tsai, who has a huge payroll but also new sponsorships and other revenue sources.

And Tsai surely gets tax write-offs, whether or not the arena seems profitable, thanks to amortization and depreciation.

Quarterly cash receipts

As to quarterly cash receipts, the arena company reported $11 million in suite and sponsor installments, and $20.1 million in ticket sales.

That's way below pre-pandemic revenues, such as during the fourth quarter of calendar year 2019, or the Q2 of FY 2020, as shown below.

In that period,  as shown at left, the arena took in $22.3 million in suite and sponsor installments, and $27 million in ticket sales.

Though the Brooklyn Nets today command a higher ticket price, the arena is not back to a full schedule of concerts, and it shows.

Does the math work?

Note that there seems to be something of a discrepancy between the $38.3 million in revenue reported for half of the fiscal year and the cash receipts reported in two quarterly installments.

As shown at right, during the first quarter of the fiscal year, or the third quarter of the calendar year, the arena company took in $5.9 million in suite and sponsor installments, and $11.1 million in ticket sales.

The total, over the two quarters, was about $48 million, or nearly $10 million more than the reported half-year revenue.

That said, the results are unaudited, and may reflect deferred revenue or other accounting mechanisms.