Financial Performance - Revenues for the three months ended December 31, 2022, increased by $125,759, or 24%, to $642,198 compared to $516,439 in the prior year[172]. - Operating income for the three months ended December 31, 2022, rose by $38,600, or 109%, to $73,950 compared to $35,350 in the prior year[172]. - Net income for the three months ended December 31, 2022, increased significantly by $65,538, resulting in a net income of $70,557 compared to $5,019 in the prior year[172]. - Revenues for the six months ended December 31, 2022, increased by $232,467, or 29%, to $1,043,416 compared to $810,949 in the prior year[172]. - Net income attributable to Madison Square Garden Entertainment Corp.'s stockholders for the six months ended December 31, 2022, was $22,827, a significant increase from a net loss of $76,961 in the prior year[172]. - Adjusted operating income for the three months ended December 31, 2022 increased by $48,024 to $124,132, representing a 63% increase compared to the prior year[188]. - For the six months ended December 31, 2022, adjusted operating income increased by $40,546 to $126,911, a 47% increase compared to the prior year[188]. Debt and Financial Risks - The Company faces risks related to its substantial debt and the ability of its subsidiaries to manage payments and refinancing[151]. - The principal balance of the company's total debt outstanding as of December 31, 2022 was $2,010,725, an increase from $1,756,898 as of September 30, 2022[238]. - A hypothetical 200 basis point increase in floating interest rates would increase the Company's interest expense by $40,215[281]. - The MSGN Credit Agreement requires a maximum total leverage ratio of 5.50:1.00, with compliance confirmed as of December 31, 2022[254]. Operational Developments - The Company is currently building its first MSG Sphere venue in Las Vegas, which is part of its strategy to expand its entertainment offerings[156]. - The Company continues to explore additional opportunities for expansion in the entertainment industry, with new investments aimed at becoming operationally profitable over time[169]. - The company is exploring a sale of its interest in Tao Group Hospitality to advance the MSG Sphere initiative, which may include additional personnel and content development[239]. - The company is exploring additional domestic and international markets for next-generation venues like MSG Sphere[249]. Revenue Sources and Trends - The demand for the Christmas Spectacular and the performance of professional sports teams significantly influence the Company's revenue levels[166]. - The increase in revenues from the presentation of the Christmas Spectacular was $71,092 for the three months ended December 31, 2022, primarily due to higher ticket-related revenues[196]. - The increase in event-related revenues for the three months ended December 31, 2022 was primarily due to higher revenues from concerts of $7,866[199]. - The increase in advertising revenue for the three and six months ended December 31, 2022 was primarily due to a higher number of live professional sports telecasts and increased per-game advertising sales[217]. Cost Management - The Company is focused on successfully implementing cost reductions and managing discretionary capital projects to improve financial performance[151]. - Direct operating expenses for the three months ended December 31, 2022 were $181,042, an increase of 23% from $147,343 in the prior year[192]. - Selling, general and administrative expenses for the three months ended December 31, 2022 increased by $891 to $38,083, while for the six months ended December 31, 2022, they decreased by $29,268 to $55,899[219]. - Direct operating expenses for the three months ended December 31, 2022 increased by $15,603, or 26%, to $76,483, attributed to higher employee compensation and food and beverage costs[230]. Seasonal Trends - The Company experiences seasonality in revenue, with a disproportionate share earned in the second and third quarters, while the first quarter is typically lower[271]. Cash Flow and Liquidity - As of December 31, 2022, the company's unrestricted cash and cash equivalents were $432,173, a slight decrease from $441,350 as of September 30, 2022[238]. - Net cash provided by operating activities for the six months ended December 31, 2022, was $54.965 million, a decrease of $77.821 million compared to the prior year[268]. - Net cash used in investing activities increased by $243,377 to $575,909 for the six months ended December 31, 2022, primarily due to increased capital expenditures for the MSG Sphere[269]. - Net cash provided by financing activities increased by $286,814 to $229,175 for the six months ended December 31, 2022, mainly due to proceeds from the MSG Sphere Term Loan Facility[270].

Madison Square Garden Entertainment Corp. (MSGE) Q2 2023 Earnings Conference Call February 9, 2023 10:00 AM ET Company Participants Ari Danes - Senior Vice President Investor Relations, Financial Communications and Treasury Dave Byrnes - Executive Vice President and Chief Financial Officer Andrea Greenberg - President and Chief Executive Officer Conference Call Participants Brandon Ross - LightShed Partners David Karnovsky - JPMorgan Devin Brisco - Wolfe Research Paul Golding - Macquarie Capital Operator G ...

Financial Performance - Revenues for the three months ended September 30, 2022, increased by $106,708, or 36%, to $401,218 compared to $294,510 in the prior year[142]. - The net loss for the three months ended September 30, 2022, was $44,043, a decrease of $32,612, or 43%, compared to a net loss of $76,655 in the prior year[142]. - Adjusted operating income decreased by $7,478, or 73%, to $2,779 compared to $10,257 in the prior year[154]. - The operating loss for the three months ended September 30, 2022 was $75,308, an improvement of $39,373, or 34%, compared to a loss of $114,681 in the prior year period[166]. - Adjusted operating loss for the three months ended September 30, 2022 was $44,440, an improvement of $26,952, or 38%, compared to the adjusted operating loss of $71,392 in the prior year period[167]. - The Entertainment segment's revenues increased by $112,863 to $147,102, attributed to higher event-related revenues and the return of live events[160]. - Revenues for Tao Group Hospitality increased by $13,187, or 11%, to $132,651 for the three months ended September 30, 2022, driven by new venue openings and the reopening of previously closed venues[180]. Expenses and Costs - Direct operating expenses rose by $88,140, or 53%, to $253,901, while selling, general and administrative expenses decreased by $10,429, or 6%, to $164,410[142]. - Direct operating expenses for the three months ended September 30, 2022 increased by $65,463 to $101,765 compared to the prior year period, primarily due to higher event-related expenses and venue operating costs[162]. - Direct operating expenses for Tao Group Hospitality increased by $15,484, or 25%, to $76,577 for the three months ended September 30, 2022, primarily due to increased staffing and inflation-related costs[182]. - Selling, general and administrative expenses for MSG Networks decreased by $30,159, or 63%, to $17,816 for the three months ended September 30, 2022, reflecting lower acquisition-related costs[174]. - The increase in direct operating expenses for MSG Networks was primarily due to higher rights fees expense and other programming costs, totaling $6,997 for the three months ended September 30, 2022[173]. Debt and Financing - The Company has incurred a substantial amount of debt, impacting its ability to obtain additional financing if required[121]. - The total debt outstanding as of September 30, 2022, was $1,756,898[190]. - The MSGN Term Loan Facility has a principal amount of $1,100,000, with no borrowings or letters of credit outstanding as of September 30, 2022[201]. - The National Properties Credit Facilities include a $650,000 senior secured term loan facility and a $100,000 revolving credit facility, with compliance on financial covenants as of September 30, 2022[205][208]. - The Tao Credit Facilities consist of a $75,000 term loan facility and a $60,000 revolving credit facility, with outstanding letters of credit totaling $750 as of September 30, 2022[209][212]. - The company plans to utilize cash on hand and cash flows from operations to finance the remaining construction costs of MSG Sphere, with potential for additional capital if necessary[196]. Operational Insights - The Company reported that its operations and results were not materially impacted by the COVID-19 pandemic during the three months ended September 30, 2022, compared to the prior year period[134]. - Attendance at venues may be affected by government actions and health concerns, which could impact revenues from events and sponsorships[121]. - The demand for MSG Networks programming is influenced by the popularity of the sports teams and events broadcasted, as well as the ability to renew affiliation agreements with distributors[121]. - The Company faces risks related to economic conditions, which may lead to lower demand for entertainment offerings and negatively affect revenues[137]. - The company is exploring additional domestic and international markets for future MSG Sphere venues[199]. Cash Flow and Liquidity - As of September 30, 2022, the company's unrestricted cash and cash equivalents were $441,350, down from $828,540 as of June 30, 2022[190]. - As of September 30, 2022, cash, cash equivalents, and restricted cash totaled $458,893, down from $846,010 as of June 30, 2022[214]. - Net cash used in operating activities increased by $88,171 to $81,183 compared to the prior year, primarily due to changes in working capital assets and liabilities[215]. - Net cash used in investing activities rose by $138,916 to $285,218, mainly due to increased capital expenditures for the MSG Sphere[216]. - Net cash used in financing activities decreased by $24,774 to $20,023 compared to the prior year, attributed to the repayment of the Tao Revolving Credit Facility in the prior year[217]. Future Outlook - The company expects MSG Sphere to generate substantial revenue and adjusted operating income annually from various content and sponsorship opportunities[193]. - The Company expects a disproportionate share of revenues and operating income in the second and third quarters of the fiscal year due to seasonal factors[218][219].

Madison Square Garden Entertainment Corp. (MSGE) Q1 2023 Earnings Conference Call November 9, 2022 10:00 AM ET Company Representatives Andrea Greenberg - President, Chief Executive Officer Dave Byrnes - EVP, Chief Financial Officer Ari Danes - Senior Vice President, Investor Relations, Financial Communications and Treasury Conference Call Participants Brandon Ross - LightShed Partners David Katz - Jefferies David Karnovsky - JP Morgan Devin Brisco - Wolfe Research Paul Golding - Macquarie Operator Good morn ...

MSG Networks Overview - MSG Networks, acquired in July 2021, is a leader in sports production and distribution, featuring award-winning networks MSG Network and MSG+[74] - MSG Networks has won more New York Emmy Awards for live sports and original programming than any other regional sports network in the past 10 years[77] - MSG Networks provides access to exclusive live local games and programming for teams like the Knicks and Rangers, airing hundreds of live professional games annually[79] - MSG GO allows subscribers to access content on various devices, currently available to all major distributors[76] - MSG Networks is positioned as a premium destination for sports gaming content, enhancing its programming offerings[80] Tao Group Hospitality - Tao Group Hospitality operates over 70 branded locations across 60 venues in more than 20 markets globally, including major cities like New York and Las Vegas[82] - In Fiscal Year 2022, Tao Group Hospitality opened two new locations and has plans for additional openings, including a waterfront restaurant in Miami[83] - The company has a controlling interest in Tao Group Hospitality, which operates over 70 entertainment dining and nightlife locations across 20 markets globally[131] Employee and Workforce Information - As of June 30, 2022, the company employed approximately 2,200 full-time and 8,700 part-time employees, highlighting its substantial workforce[126] - Approximately 38% of the company's employees are represented by unions, with 7% of union employees under collective bargaining agreements that expired as of June 30, 2022[129] Competition and Market Landscape - The company faces significant competition in the entertainment sector, particularly in New York City, which is one of the most competitive markets globally, with numerous live performances and attractions[108] - The competitive landscape for programming networks is intense, with challenges in securing distribution and programming rights against larger networks and direct-to-consumer services[114] - The company competes for advertising revenue, which is influenced by factors such as viewer preferences and the performance of sports teams[119] Financial and Regulatory Considerations - The Company is subject to potential interest rate risk exposure, with a hypothetical 200 basis point increase in floating interest rates potentially increasing interest expense by $35,247[522] - The GBP/USD exchange rate fluctuated between 1.1999 and 1.3967 during Fiscal Year 2022, with a hypothetical 10% fluctuation resulting in a change of $18,315 in the Company's net asset value[524] - The weighted-average discount rates for the Company's Pension Plans and Postretirement Plan were 4.85% and 4.64% as of June 30, 2022, respectively[527] - A 25 basis point decrease in the assumed discount rates would increase projected benefit obligations by $4,640 for the Pension Plans and $50 for the Postretirement Plan[527] - The expected long-term rate of return on plan assets for the Company's funded pension plans was 4.79% for Fiscal Year 2022[529] - A 25 basis point decrease in the long-term return on pension plan assets assumption would increase net periodic pension benefit cost by $290 for Fiscal Year 2022[530] Community and Social Responsibility - The Company has committed over $5.8 million in aid through the Inspire Scholarship program to support high school seniors with college expenses[90] - The company aims to enhance diversity and inclusion through initiatives led by its Diversity and Inclusion Council, focusing on workforce, workplace, and community[122] Health and Safety Protocols - The company has implemented health and safety protocols in response to COVID-19 to protect employees and guests at its venues[130] Regulatory Compliance - The company is subject to various regulations regarding its websites and mobile applications, including privacy laws and consumer protection regulations[107]

Madison Square Garden Entertainment Corp (MSGE) Q4 2022 Earnings Conference Call August 19, 2022 10:00 AM ET Company Participants Ari Danes - SVP, Investor Relations, Financial Communications and Treasury David Byrnes - EVP and CFO Andrea Greenberg - President and CEO, MSG Networks Conference Call Participants Brandon Ross - Lightshed Partners Arshad Jhavar - Jefferies David Karnovsky - JPMorgan Paul Golding - Macquarie Capital Ben Swinburg - Morgan Stanley Operator Good morning. Thank you for standing by, ...

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: 001-39245 MADISON SQUARE GARDEN ENTERTAINMENT CORP. (Exact name of ...

Madison Square Garden Entertainment Corp. (MSGE) Q3 2022 Earnings Conference Call May 9, 2022 10:00 AM ET Company Participants Ari Danes - Senior Vice President, Investor Relations David Byrnes - Executive Vice President & Chief Financial Officer Andrea Greenberg - President & Chief Executive Officer, MSG Networks Conference Call Participants Brandon Ross - LightShed Partners David Karnovsky - JPMorgan Paul Golding - Macquarie Capital David Katz - Jefferies Operator Good morning. Thank you for standing by ...

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: 001-39245 MADISON SQUARE GARDEN ENTERTAINMENT CORP. (Exact name ...

Madison Square Garden Entertainment Corp. (MSGE) Q2 2022 Earnings Conference Call February 9, 2022 10:00 AM ET Company Participants Ari Danes - Senior Vice President Investor Relations & Treasury Andy Lustgarten - President Andrea Greenberg - President & Chief Executive Officer, MSG Networks David Byrnes - Executive Vice President & Chief Financial Officer Conference Call Participants Brandon Ross - LightShed Partners David Karnovsky - JPMorgan Ben Swinburne - Morgan Stanley Curry Baker - Guggenheim Securit ...