Madison Square Garden Entertainment (MSGE) - 2025 Q3 - Quarterly Results

Financial Performance - FY25 third quarter revenues reached $242.5 million, an increase of 6% compared to the prior year quarter[3] - FY25 third quarter operating income was $27.3 million, reflecting a 63% year-over-year increase[3] - Adjusted operating income for FY25 third quarter was $57.9 million, up 50% from the prior year quarter[3] - Revenues from entertainment offerings increased by $14.0 million, or 10%, to $160.2 million in FY25 third quarter[6] - The Christmas Spectacular production revenues increased by $4.9 million, primarily due to higher ticket-related revenues[12] - Total revenues for the three months ended March 31, 2025, increased to $242.465 million, up from $228.313 million in the same period of 2024, representing a growth of 6.3%[24] - Net income for the three months ended March 31, 2025, was $8.036 million, compared to $2.795 million in the same period of 2024, reflecting a significant increase of 187.5%[24] - Adjusted operating income for the three months ended March 31, 2025, was $57.871 million, up from $38.537 million in the same period of 2024, marking a growth of 50.4%[27] - Basic earnings per share for the three months ended March 31, 2025, was $0.17, compared to $0.06 for the same period in 2024, reflecting an increase of 183.3%[24] Cash and Assets - Cash, cash equivalents, and restricted cash at the end of the period on March 31, 2025, totaled $89.474 million, a substantial increase from $33.555 million at the beginning of the period[32] - Total current assets increased to $307.594 million as of March 31, 2025, compared to $219.084 million as of June 30, 2024, representing a growth of 40.4%[30] - The company reported a net cash provided by operating activities of $142.308 million for the nine months ended March 31, 2025, compared to $111.054 million for the same period in 2024, indicating a growth of 28.1%[32] Debt and Liabilities - Long-term debt, net of deferred financing costs, was $577.409 million as of March 31, 2025, down from $599.248 million as of June 30, 2024, indicating a reduction of 3.0%[30] - Total liabilities as of March 31, 2025, were $1,729.886 million, compared to $1,575.872 million as of June 30, 2024, representing an increase of 9.8%[30] Share Repurchase - The company repurchased approximately $15 million of its Class A common stock in March 2025, totaling $40 million year-to-date[15][16] - The company has approximately $70 million remaining under its existing share repurchase authorization[16] Operational Efficiency - Direct operating expenses associated with entertainment offerings decreased by $5.0 million, or 4%, to $108.0 million in FY25 third quarter[8] - The company remains on track to deliver solid adjusted operating income growth for the fiscal year[3] - The company incurred impairment of long-lived assets amounting to $9.700 million for the three months ended March 31, 2025[27]