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The Zacks Media Conglomerates industry is flourishing, driven by the consumer shift toward over-the-top (OTT) content. Major players like Madison Square Garden Entertainment (MSGE) , Sinclair (SBGI) and Reservoir Media (RSVR) are aggressively investing in developing original music, shows and fresh content to captivate and retain Gen Z and millennial subscribers. Moreover, the industry's prospects are bolstered by the availability of cost-effective alternative packages, such as skinny bundles, designed to en ...

Key Takeaways Madison Square Garden Entertainment had a surprise fourth-quarter profit as event and food, beverage, and merchandise revenue increased. The owner of Madison Square Garden benefited from more concerts and the Knicks and Rangers both making the playoffs. The news sent shares higher Friday. Shares of Madison Square Garden Entertainment (MSGE) hit an all-time high Friday as the New York-based company reported a surprise fourth-quarter profit on higher revenue from events and purchases by fans of ...

Madison Square Garden Entertainment (MSGE) came out with quarterly earnings of $1.41 per share, beating the Zacks Consensus Estimate of a loss of $0.57 per share. This compares to loss of $0.47 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of 347.37%. A quarter ago, it was expected that this live entertainment company would post earnings of $0.05 per share when it actually produced earnings of $0.06, delivering a surprise of 2 ...

Financial Performance - Fiscal 2024 revenues reached $959.3 million, an increase of $107.8 million or 13% compared to the prior year, exceeding the high-end of guidance range[1] - Fiscal 2024 operating income was $111.9 million, up $6.9 million or 7% year-over-year, and adjusted operating income was $211.5 million, an increase of $9.9 million or 5%[1][2] - In Q4 2024, revenues were $186.1 million, a 26% increase from $147.9 million in Q4 2023, with an operating loss of $8.9 million improving by $12.9 million[2][7] - Q4 2024 revenues from entertainment offerings were $142.9 million, a 20% increase, driven by higher event-related revenues and suite license fee revenues[3] - Revenues from entertainment offerings reached $142.9 million, a 19% increase compared to $119.6 million in the prior year[13] - Net income attributable to MSG Entertainment's stockholders for the three months ended June 30, 2024, was $66.9 million, compared to a net loss of $24.5 million in the same period of 2023[13] - Adjusted operating income for the three months ended June 30, 2024, was $13.1 million, significantly up from $0.7 million in the same period of 2023[16] - The company reported a basic earnings per share of $1.42 for the three months ended June 30, 2024, compared to a loss of $0.47 in the same period of 2023[13] Guest Attendance and Events - The company hosted approximately 6.3 million guests at over 960 events during fiscal 2024, including over 1 million tickets sold for the Christmas Spectacular[1] Revenue Sources - Food, beverage, and merchandise revenues in Q4 2024 were $34.7 million, up $11.2 million or 48%, reflecting increased sales at sporting events and concerts[5] - Arena license fees and other leasing revenues in Q4 2024 were $8.5 million, a 75% increase due to more regular season games played[3] Expenses - Selling, general, and administrative expenses in Q4 2024 were $55.8 million, an increase of $3.1 million or 6% compared to the prior year[6] - Direct operating expenses associated with entertainment offerings in Q4 2024 were $99.7 million, an increase of $11.7 million or 13% year-over-year[3] - Direct operating expenses for entertainment offerings increased to $99.7 million, up from $88.0 million in the prior year[13] - The company incurred restructuring charges of $2.8 million for the three months ended June 30, 2024, compared to $0.4 million in the same period of 2023[16] Cash Flow and Assets - Cash and cash equivalents decreased to $33.6 million as of June 30, 2024, down from $84.4 million a year earlier[17] - Total assets increased to $1.55 billion as of June 30, 2024, compared to $1.40 billion in the prior year[17] - Total liabilities rose to $1.58 billion as of June 30, 2024, up from $1.47 billion in the same period of 2023[17] - Net cash provided by operating activities for the twelve months ended June 30, 2024, was $111.266 million, a decrease from $135.694 million in the previous period[19] - Net cash used in investing activities was $(62.371) million, compared to $30.305 million in the prior year, indicating a significant increase in cash outflow[19] - Net cash used in financing activities totaled $(99.695) million, an improvement from $(144.217) million in the previous period[19] - The net decrease in cash, cash equivalents, and restricted cash for the period was $(50.800) million, contrasting with an increase of $21.782 million in the prior year[19] - Cash, cash equivalents, and restricted cash at the beginning of the period were $84.355 million, while the end of the period balance dropped to $33.555 million[19] Future Outlook - The company plans to generate robust adjusted operating income growth in fiscal 2025, leveraging its unique portfolio of live entertainment offerings[1]

Core Viewpoint - Madison Square Garden Entertainment Corp (MSGE) is expected to experience robust growth in its Christmas Spectacular revenues for fiscal 2025, despite a record performance in fiscal 2024, driven by higher show counts, modest increases in sell-through, and increased ticket pricing [2]. Group 1: Financial Performance and Projections - Analyst estimates Christmas Spectacular revenues of approximately $157 million for fiscal 2025 [2]. - Sponsorship revenues are projected to reach $286 million in fiscal 2025, reflecting a 7.5% year-over-year growth compared to just 1% growth in fiscal 2024 [6]. - The company is well-positioned to exceed fiscal 2025 consensus expectations for revenues, adjusted operating income, and free cash flows [5]. Group 2: Analyst Ratings and Market Sentiment - The rating for Madison Square Garden was upgraded from Neutral to Buy, with the price target raised from $41 to $45 [2]. - The recent selloff in MSGE stock is viewed as an opportunity for investors to gain exposure to a unique, pure-play venues business with an attractive financial model [3]. - The company is benefiting from a strong event bookings environment, supported by a combination of high supply of concert tours and strong fan demand for live entertainment [4]. Group 3: Stock Performance - Shares of Madison Square Garden Entertainment rose by 1.10% to $39.40 at the time of publication [8].

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ________________________ (Mark One) For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41627 MADISON SQUARE GARDEN ENTERTAINMENT CORP. (Exact name of registrant as spec ...

LEGENDARY BRANDS ◼ ~67% of shares were distributed to shareholders, while 33% were retained by Sphere Entertainment Co. MADISON SQUARE GARDEN ENTERTAINMENT MAY 2024 FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company" or "MSG Entertainment") has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended June 30, 2023 (the "Annual Report") and Quarterly Reports on Form 10-Q for the quarters ended September 30, 2023, Decemb ...

MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 THIRD QUARTER RESULTS FY24 Revenue Range Narrowed to $940-950 Million, as Compared to Prior Range of $930-950 Million FY24 Operating Income Range Increased to $100-110 Million, Versus Prior $95-105 Million FY24 AOI Range Increased to $200-210 Million, as Compared to $195-205 Million Previously (1) NEW YORK, N.Y., May 9, 2024 - Madison Square Garden Entertainment Corp. (NYSE: MSGE) ("MSG Entertainment" or the "Company") today reported financial re ...

Financial Data and Key Metrics Changes - For fiscal Q2 2024, the company reported revenues of $402.7 million, an increase of $46.8 million or 13% compared to the prior-year quarter, primarily driven by higher event-related revenues [54] - Adjusted operating income for the second quarter was $151 million, reflecting a year-over-year increase of $24.7 million, attributed to the rise in revenues despite higher operating expenses [55] - The company has increased its financial guidance for fiscal 2024, now expecting revenues between $930 million and $950 million, up from a previous range of $900 million to $930 million [62] Business Line Data and Key Metrics Changes - The bookings business is on track to achieve a low-double-digit percentage increase in events for fiscal 2024, with The Garden expected to set a new record for the number of concerts [39][68] - The Christmas Spectacular production sold over 1 million tickets, marking a return to pre-pandemic attendance levels and generating nearly $150 million in revenues, a new record for the production [40][57] - Family shows, including Cirque du Soleil's holiday show, exceeded expectations, indicating strong demand in this category [45] Market Data and Key Metrics Changes - The company is experiencing strong consumer demand across its venues, with a double-digit percentage increase in ticket sales for concerts in the second half of fiscal 2024 compared to the previous year [16] - Group sales for the Christmas Spectacular saw a 40% year-over-year increase, reflecting a rebound in this segment post-pandemic [48] - The company noted that the Knicks and Rangers played nine fewer home games in the recent quarter compared to the prior year, but this timing impact is expected to reverse over the fiscal year [46] Company Strategy and Development Direction - The company is focused on increasing utilization of its venues, particularly The Garden, and is exploring new artist residencies to drive incremental growth [90] - A new partnership with Oak View Group for sponsorship sales is expected to enhance growth opportunities in this area [77] - The company aims to balance capital allocation between returning capital to shareholders and paying down debt, having repurchased approximately $140 million of its stock since its spin-off [42][65] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing strong demand for live entertainment, despite economic uncertainties, and noted that consumer demand remains robust [15] - The company anticipates strong top-line growth in the second half of fiscal 2024, with a revised revenue guidance reflecting a 10% growth compared to fiscal 2023 [62] - Management highlighted the potential for margin expansion in the future, driven by increased utilization and higher average ticket prices [80][86] Other Important Information - The company fully paid down its revolving credit facility during the quarter, reflecting a focus on reducing debt [64] - The new corporate office lease will impact adjusted operating income due to accounting rules, but management remains optimistic about margin growth [27] Q&A Session Summary Question: Update on growth areas in bookings - Management confirmed solid visibility for concert bookings, with expectations to exceed initial goals, while family shows played a smaller role moving forward [68][69] Question: Margin performance outlook - Management acknowledged headwinds impacting adjusted operating income but sees growth opportunities in bookings and premium venues [80][85] Question: Utilization tracking at The Garden - Management indicated that venue utilization is similar to the previous year, with efforts to increase multiple-event days and address challenges during playoff windows [102]