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Madison Square Garden Entertainment (MSGE) - 2024 Q4 - Annual Results

Financial Performance - Fiscal 2024 revenues reached 959.3million,anincreaseof959.3 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 111.9million,up111.9 million, up 6.9 million or 7% year-over-year, and adjusted operating income was 211.5million,anincreaseof211.5 million, an increase of 9.9 million or 5%[1][2] - In Q4 2024, revenues were 186.1million,a26186.1 million, a 26% increase from 147.9 million in Q4 2023, with an operating loss of 8.9millionimprovingby8.9 million improving by 12.9 million[2][7] - Q4 2024 revenues from entertainment offerings were 142.9million,a20142.9 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 119.6millionintheprioryear[13]NetincomeattributabletoMSGEntertainmentsstockholdersforthethreemonthsendedJune30,2024,was119.6 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 24.5millioninthesameperiodof2023[13]AdjustedoperatingincomeforthethreemonthsendedJune30,2024,was24.5 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 0.7millioninthesameperiodof2023[16]Thecompanyreportedabasicearningspershareof0.7 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 0.47inthesameperiodof2023[13]GuestAttendanceandEventsThecompanyhostedapproximately6.3millionguestsatover960eventsduringfiscal2024,includingover1millionticketssoldfortheChristmasSpectacular[1]RevenueSourcesFood,beverage,andmerchandiserevenuesinQ42024were0.47 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 11.2millionor4811.2 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 55.8million,anincreaseof55.8 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 99.7million,anincreaseof99.7 million, an increase of 11.7 million or 13% year-over-year[3] - Direct operating expenses for entertainment offerings increased to 99.7million,upfrom99.7 million, up from 88.0 million in the prior year[13] - The company incurred restructuring charges of 2.8millionforthethreemonthsendedJune30,2024,comparedto2.8 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 33.6millionasofJune30,2024,downfrom33.6 million as of June 30, 2024, down from 84.4 million a year earlier[17] - Total assets increased to 1.55billionasofJune30,2024,comparedto1.55 billion as of June 30, 2024, compared to 1.40 billion in the prior year[17] - Total liabilities rose to 1.58billionasofJune30,2024,upfrom1.58 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 111.266million,adecreasefrom111.266 million, a decrease from 135.694 million in the previous period[19] - Net cash used in investing activities was (62.371)million,comparedto(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,animprovementfrom(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,contrastingwithanincreaseof(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 84.355million,whiletheendoftheperiodbalancedroppedto84.355 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]