Financial Performance - For fiscal 2025 first quarter, Sphere Entertainment reported total revenues of $227.9 million, an increase of $109.9 million or 93% compared to the prior year quarter[2]. - The Sphere segment generated revenues of $127.1 million, up $119.3 million from the prior year quarter, primarily due to a full quarter of operations at the Las Vegas venue[5]. - Event-related revenues increased by $36.8 million to $40.9 million, driven by concerts and a marquee sporting event held at Sphere[5]. - Revenues for the three months ended September 30, 2024, increased to $227.9 million from $118.0 million for the same period in 2023, representing a growth of 93.5%[19]. - Interest income increased to $7.0 million for the three months ended September 30, 2024, compared to $4.4 million for the same period in 2023, reflecting a growth of 60.5%[19]. Operating Loss and Adjusted Operating Loss - The adjusted operating loss for the first quarter improved by $56.8 million to $26.3 million compared to the prior year quarter, reflecting increased revenues[7]. - Operating loss for the three months ended September 30, 2024, was $117.6 million, compared to an operating loss of $69.8 million for the same period in 2023, indicating a deterioration of 68.6%[19]. - Adjusted operating loss for the three months ended September 30, 2024, was $10.2 million, an improvement from an adjusted operating loss of $57.9 million in the same period of 2023[22]. Stockholder Equity and Current Assets - Basic loss per share attributable to Sphere Entertainment Co.'s stockholders for continuing operations was $(2.95) for the three months ended September 30, 2024, compared to earnings of $1.92 for the same period in 2023[19]. - Total current assets decreased to $736.1 million as of September 30, 2024, from $865.7 million as of June 30, 2024, a decline of 14.9%[26]. - Total stockholders' equity decreased to $2.3 billion as of September 30, 2024, from $2.4 billion as of June 30, 2024, a decline of 4.2%[26]. Cash Flow - Net cash provided by operating activities for the three months ended September 30, 2024, was $34,094, compared to a net cash used of $94,641 in the same period of 2023[27]. - Net cash used in investing activities was $(19,586) for the current period, a decrease from $66,498 in the previous period[27]. - Net cash used in financing activities was $(35,622), down from $50,854 in the prior year[27]. - The net decrease in cash, cash equivalents, and restricted cash was $(20,016), compared to an increase of $22,628 in the same period last year[27]. - Cash, cash equivalents, and restricted cash at the beginning of the period were $573,233, up from $429,114 at the start of the previous period[27]. - Cash, cash equivalents, and restricted cash at the end of the period totaled $553,217, compared to $451,742 at the end of the previous period[27]. Venue and Events - The Company announced plans for a second Sphere location in Abu Dhabi, marking a significant milestone towards a global network of venues[1]. - Sphere hosted its first live sports event, UFC 306, which became the highest single grossing event at the venue to date[1]. - The Eagles are currently in a 28-show residency at Sphere, which has been extended multiple times due to high demand[1]. MSG Networks Performance - MSG Networks reported total revenues of $100.8 million, a decrease of $9.4 million or 9% compared to the prior year quarter, primarily due to a 13% decline in total subscribers[8]. - MSG Networks is pursuing a refinancing of its credit facilities, with approximately $829.1 million of principal amount outstanding as of September 30, 2024[13].
Sphere Entertainment (SPHR) - 2025 Q1 - Quarterly Results