Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 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: 1-36900 MADISON SQUARE GARDEN SPORTS CORP. (Exact name of registrant as specified in its ...

[PART I. FINANCIAL INFORMATION](index=3&type=section&id=PART%20I.%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) The financial statements detail the company's consolidated financial position, operations, and cash flows, highlighting increased liabilities, a wider equity deficit, and improved net income for the period [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) Total assets remained stable, while total liabilities significantly increased due to higher long-term debt, widening the total equity deficit Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | Dec 31, 2022 (Unaudited) | June 30, 2022 | | :--- | :--- | :--- | | **Total Assets** | **$1,300,867** | **$1,301,966** | | Cash and cash equivalents | $43,912 | $91,018 | | **Total Liabilities** | **$1,687,279** | **$1,447,343** | | Debt (Current) | $30,000 | $30,000 | | Long-term debt | $405,000 | $220,000 | | **Total Equity** | **$(386,412)** | **$(145,377)** | [Consolidated Statements of Operations](index=5&type=section&id=Consolidated%20Statements%20of%20Operations) Revenues and net income increased for both the three and six months ended December 31, 2022, indicating improved operational performance Statement of Operations Summary (in thousands) | Period | Revenues | Operating Income | Net Income (Loss) | | :--- | :--- | :--- | :--- | | **Three Months Ended Dec 31, 2022** | **$353,694** | **$51,518** | **$21,836** | | Three Months Ended Dec 31, 2021 | $289,581 | $35,919 | $15,198 | | **Six Months Ended Dec 31, 2022** | **$377,783** | **$15,620** | **$3,309** | | Six Months Ended Dec 31, 2021 | $308,375 | $981 | $(1,687) | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow increased, while financing activities saw significant outflows for dividends and share repurchases, partially funded by increased borrowings Cash Flow Summary for Six Months Ended Dec 31 (in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash provided by operating activities | $31,577 | $24,030 | | Net cash used in investing activities | $(1,314) | $(627) | | Net cash used in financing activities | $(76,123) | $(39,879) | | **Net decrease in cash** | **$(45,860)** | **$(16,476)** | - Major financing activities in the six months ended Dec 31, 2022 included a **$170.7 million dividend payment**, a **$75.0 million accelerated share repurchase**, and **$185.0 million in net borrowings** ($215M proceeds - $30M repayment)[19](index=19&type=chunk) [Notes to Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail business operations, revenue disaggregation, significant debt obligations, related-party transactions, and the accelerated share repurchase program - The company operates as a **single segment**, owning and operating sports teams including the **New York Knicks** and **New York Rangers**, with **seasonal revenue** disproportionately earned in the second and third fiscal quarters[33](index=33&type=chunk)[36](index=36&type=chunk) Disaggregation of Revenue for Six Months Ended Dec 31 (in thousands) | Revenue Source | 2022 | 2021 | | :--- | :--- | :--- | | Event-related | $147,654 | $112,944 | | Media rights | $125,144 | $118,894 | | Sponsorship, signage and suite licenses | $85,835 | $61,704 | | League distributions and other | $19,150 | $14,833 | | **Total revenues** | **$377,783** | **$308,375** | - As of December 31, 2022, the company had **$260 million outstanding** under the **2021 Knicks Revolving Credit Facility** and **$145 million outstanding** under the **2021 Rangers Revolving Credit Facility**[84](index=84&type=chunk)[95](index=95&type=chunk) - The Dolan Family Group beneficially owns **100% of Class B Common Stock** and approximately **3.2% of Class A Common Stock**, representing approximately **71.0% of the aggregate voting power**[122](index=122&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses revenue growth drivers, increased operating expenses, improved adjusted operating income, liquidity impacts from dividends and share repurchases, and the absence of impairments [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Revenues increased by **22%** driven by ticket, suite, and sponsorship income, while operating expenses rose, resulting in a **43%** increase in operating income Key Financial Metrics Comparison (Three Months Ended Dec 31, in thousands) | Metric | 2022 | 2021 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Revenues | $353,694 | $289,581 | $64,113 | 22% | | Direct operating expenses | $225,702 | $192,847 | $32,855 | 17% | | SG&A expenses | $75,636 | $59,600 | $16,036 | 27% | | Operating income | $51,518 | $35,919 | $15,599 | 43% | - The increase in revenues was primarily driven by **higher ticket-related revenues**, **suite license fees**, and **sponsorship**, largely due to the Rangers playing **six more regular season home games** in the current period compared to the prior year[148](index=148&type=chunk)[149](index=149&type=chunk) - The rise in direct operating expenses was mainly due to **increased team personnel compensation** related to **roster changes** for the Knicks and Rangers[153](index=153&type=chunk) Reconciliation of Operating Income to Adjusted Operating Income (in thousands) | | Three Months Ended Dec 31, 2022 | Three Months Ended Dec 31, 2021 | | :--- | :--- | :--- | | Operating income | $51,518 | $35,919 | | Deferred rent | $12,202 | $11,179 | | Depreciation and amortization | $838 | $1,215 | | Share-based compensation | $11,619 | $7,354 | | Remeasurement of deferred compensation plan liabilities | $449 | — | | **Adjusted operating income** | **$76,626** | **$55,667** | [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity position, significant cash uses for dividends and share repurchases, and funding through increased borrowings are detailed - The company's Board of Directors declared a **special dividend of $7.00 per share**, resulting in payments of **$170.7 million** during the period[175](index=175&type=chunk) - A **$75 million accelerated share repurchase (ASR) program** was authorized and initiated in October 2022[176](index=176&type=chunk) - To fund the special dividend and ASR, the company borrowed an additional **$55 million under the Knicks facility** and **$160 million under the Rangers facility** in October 2022[178](index=178&type=chunk) - As of December 31, 2022, the company had approximately **$44 million in cash and cash equivalents** and **$120 million of additional available borrowing capacity**[171](index=171&type=chunk)[173](index=173&type=chunk) [Critical Accounting Policies](index=37&type=section&id=Critical%20Accounting%20Policies) Annual impairment tests for goodwill and indefinite-lived intangible assets were conducted qualitatively, concluding no impairments were identified - The **annual impairment test for goodwill** was conducted as of August 31, using a **qualitative assessment**, and **no impairment** was found[187](index=187&type=chunk)[188](index=188&type=chunk) - The **annual impairment test for identifiable indefinite-lived intangible assets** (primarily sports franchises) was also conducted as of August 31, using a **qualitative assessment**, and **no impairments** were identified[189](index=189&type=chunk)[191](index=191&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company is exposed to interest rate risk from its variable-rate debt, where a 100 basis point increase would raise annual interest expense by **$4.1 million** - The company has potential **interest rate risk exposure** from its **$405 million in outstanding borrowings** under credit facilities, which bear interest at **floating rates** based on SOFR or other benchmarks[193](index=193&type=chunk)[194](index=194&type=chunk) - A hypothetical **100 basis point increase** in interest rates would increase the company's **annual interest expense by approximately $4.1 million**[194](index=194&type=chunk) [Item 4. Controls and Procedures](index=38&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting during the quarter - Management concluded that as of December 31, 2022, the company's **disclosure controls and procedures were effective**[195](index=195&type=chunk) - **No material changes** to the company's **internal control over financial reporting** occurred during the quarter ended December 31, 2022[196](index=196&type=chunk) [PART II. OTHER INFORMATION](index=39&type=section&id=PART%20II.%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various lawsuits, but management anticipates no material adverse effect from their resolution - The company is involved in **various lawsuits**, but management does not expect the outcomes to have a **material adverse effect**[199](index=199&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=39&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company completed a **$75 million** accelerated share repurchase program, with **$185 million** remaining available under its existing authorization - On October 28, 2022, the company entered into a **$75 million Accelerated Share Repurchase (ASR) agreement** with JP Morgan[200](index=200&type=chunk) - The **ASR concluded** on January 31, 2023, with a final **average purchase price of $164.31 per share**[200](index=200&type=chunk)[203](index=203&type=chunk) - As of December 31, 2022, approximately **$185 million remained available** for future repurchases under the existing authorization[201](index=201&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including Sarbanes-Oxley certifications and iXBRL financial statements - Filed exhibits include **Sarbanes-Oxley Act certifications** (Sections 302 and 906) and **iXBRL data files** for the financial statements[205](index=205&type=chunk)

Financial Data and Key Metrics Changes - Total revenues for the fiscal second quarter were $353.7 million, an increase of 22% year-over-year from $289.6 million [15][59] - Adjusted operating income increased 38% to $76.6 million compared to the prior year period [21][59] - Event-related revenue rose 30% year-over-year to $142.3 million, driven by ticket sales and increased per game revenue [15][21] Business Line Data and Key Metrics Changes - Ticketing revenue saw substantial year-over-year growth, with average tickets sold per game exceeding pre-pandemic levels [7][15] - Suites and sponsorship revenues increased 38% to $81 million, attributed to a higher number of games and increased per game revenue [16][21] - Merchandise sales benefited from new product offerings and partnerships with fashion brands, contributing to overall revenue growth [8][15] Market Data and Key Metrics Changes - The Knicks were valued at an estimated $6.6 billion, an 8% increase year-over-year, while the Rangers were valued at $2.2 billion, a 10% increase [67] - Local and national media rights fees increased due to contractual escalators, contributing to overall revenue growth [12][70] Company Strategy and Development Direction - The company aims to continue executing growth opportunities through new ticketing products, enhanced fan relationships, and global brand strengthening [60][61] - There is a focus on expanding commercial opportunities globally, particularly with the NBA's international sponsorship initiatives [11][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the business's resilience despite broader economic concerns, noting strong demand across all sectors [32][35] - The company remains optimistic about future revenue growth, particularly with potential playoff revenues and upcoming media rights renewals [30][40] Other Important Information - The company returned approximately $250 million to shareholders through a special cash dividend and share repurchase program [17][68] - The balance sheet showed a cash balance of approximately $44 million, with total debt outstanding at $435 million [18][72] Q&A Session Questions and Answers Question: How is the company addressing potential risks in distribution due to changes in the RSN space? - Management highlighted strong partnerships with MSG Networks and the introduction of direct-to-consumer offerings to enhance distribution [26][78] Question: What is the outlook for corporate demand given the current economic environment? - Management reported robust demand for sponsorships and suite licenses, indicating no signs of softening in corporate spending [34][35] Question: How will the upcoming NBA National TV rights renewal impact financials? - Management expects a positive financial impact from the renewal, with all teams sharing equally in the increase from national media fees [40][41]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 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: 1-36900 MADISON SQUARE GARDEN SPORTS CORP. (Exact name of registrant as specified in ...

Madison Square Garden Sports Corp. (NYSE:MSGS) Q4 2022 Earnings Conference Call August 18, 2022 10:00 AM ET Company Participants Ari Danes - Investor Relations Andy Lustgarten - President & Chief Executive Officer Victoria Mink - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants Brandon Ross - LightShed Partners Ben Swinburne - Morgan Stanley David Karnovsky - JPMorgan Devin Brisco - Wolfe Research Farshid Javar - Jefferies Operator Good morning. Thank you for standi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) For the fiscal year ended June 30, 2022 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: 1-36900 MADISON SQUARE GARDEN SPORTS CORP. (Exact name of registrant as specified in its charter) Delaware 47-3373056 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Ide ...

Financial Data and Key Metrics Changes - For the fiscal third quarter, the company reported revenues of $338 million and adjusted operating income of $81.5 million, reflecting strong consumer and corporate demand [8][34] - Total revenues increased significantly from $183 million in the prior year period, primarily due to the absence of capacity restrictions and a return to normal operations [34][36] - Adjusted operating income rose by $51.4 million compared to the prior year, driven by increased revenues despite higher operating expenses [36][38] Business Line Data and Key Metrics Changes - Ticket, suite, and sponsorship revenues are now above pre-pandemic levels on a per game basis, indicating a strong recovery in these areas [36][34] - Food and beverage (F&B) and merchandise per caps saw double-digit percentage increases compared to pre-pandemic levels, driven by improved guest spending and innovative product offerings [17][19] - Suite revenue per game has also surpassed pre-COVID levels, with strong demand for corporate hospitality continuing to grow [20][21] Market Data and Key Metrics Changes - The company noted a significant improvement in fan attendance and engagement, with ticket holder attendance returning to pre-Omicron levels by March [14][15] - The average combined season renewal rate for tickets is above 85%, indicating strong demand for the upcoming season [15] - The introduction of new marketing partnerships, particularly in mobile sports gaming, has positioned the company to capitalize on emerging revenue streams [23][24] Company Strategy and Development Direction - The company is focused on leveraging its iconic franchises to drive sustained growth and long-term shareholder value, with a strong emphasis on fan engagement and innovative marketing strategies [30][19] - There is a strategic push towards expanding into new sponsorship categories, including blockchain and international markets, to enhance revenue opportunities [25][68] - The company anticipates significant benefits from upcoming media rights deals and playoff runs, which are expected to generate incremental value [29][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's resilience and ability to navigate challenges posed by the pandemic, highlighting a strong operational momentum [10][30] - The outlook for ticket revenue growth is positive, supported by new ticket inventory and increased prices for season tickets [16][16] - Management remains cautious about the unpredictable environment but is optimistic about the trajectory of the business and the potential for sustained growth [52][92] Other Important Information - The company has a total debt of $315 million and a liquidity position of $289.2 million, reflecting ongoing efforts to manage debt levels prudently [39][40] - The company has been actively paying down debt, with a total of $60 million repaid since the start of the third quarter, demonstrating confidence in future cash flow [40][56] Q&A Session Summary Question: Drivers of higher per caps for food and merchandise - Management indicated that the increase in per caps is driven by a combination of pricing strategies, new merchandise offerings, and improved service efficiency [45][47] Question: Update on capital allocation and debt paydown - Management reiterated a focus on debt paydown while maintaining financial flexibility, with ongoing evaluations of capital allocation options [50][56] Question: Potential sponsorship opportunities and jersey patches - Management highlighted the significant upside potential for jersey patch renewals and the importance of strategic partnerships in maximizing revenue [58][60] Question: Impact of playoffs on revenue - Playoff games are expected to provide a substantial boost to revenues, with each home playoff game generating approximately $1.5 million in adjusted operating income [78][79] Question: Corporate demand for next year - Management expressed optimism regarding corporate suite sales and sponsorship demand, indicating strong interest from partners [86][89]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2022 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: 1-36900 MADISON SQUARE GARDEN SPORTS CORP. (Exact name of registrant as specified in its ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2021 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: 1-36900 MADISON SQUARE GARDEN SPORTS CORP. (Exact name of registrant as specified in ...

Madison Square Garden Sports Corp. (NYSE:MSGS) Q2 2021 Earnings Conference Call February 3, 2022 10:00 AM ET Company Participants Ari Danes - Investor Relations Andy Lustgarten - President & Chief Executive Officer Victoria Mink - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants David Karnovsky - JPMorgan Brandon Ross - LightShed Partners Curry Baker - Guggenheim Securities Paul Golding - Macquarie Capital David Joyce - Barclays David Katz - Jefferies LLC Operator G ...