Company Overview and Performance - MSG Entertainment's spin-off from Sphere Entertainment Co was completed on April 20, 2023[10] - In fiscal year 2025, the company hosted over 975 live events[14] and welcomed nearly 6 million guests[15] - The company reported total revenue of $942.7 million in fiscal year 2025[52] - Operating income for fiscal year 2025 was $122.1 million[52], while adjusted operating income (AOI) reached $222.5 million[52] Key Assets and Agreements - The company has 35-year deals to host home games for the New York Knicks & Rangers[15] - Madison Square Garden is the 2 grossing venue of its size in the world[16, 17] - Radio City Music Hall is the 1 grossing venue of its size in the world[18, 19] - The company has valuable long-term arena license agreements with MSG Sports, including 3% annual escalators[40, 41] Financial Position and Strategy - As of June 30, 2025, total debt outstanding was $609 million, with unrestricted cash and cash equivalents of $43 million, resulting in net debt of $566 million[56] - Net debt leverage is 2.5x, calculated using fiscal 2025 AOI of $222.5 million[56, 57] - The company repurchased $180 million of Class A shares since April 2023 and has $70 million remaining under share repurchase authorization[58]
Madison Square Garden Entertainment (MSGE) - 2025 Q4 - Earnings Call Presentation