MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 FOURTH QUARTER AND FULL YEAR RESULTS
Madison Square Garden Entertainment Corp. (NYSE: MSGE) reported strong financial results for fiscal 2024, exceeding guidance. Revenues increased 13% to $959.3 million, while operating income rose 7% to $111.9 million. The company hosted 6.3 million guests at over 960 events, including a record-setting Christmas Spectacular. For Q4, revenues grew 26% to $186.1 million, with operating loss improving by $12.9 million to $8.9 million. Key drivers included increased event-related revenues, higher arena license fees, and growth in food, beverage, and merchandise sales. The company's unique portfolio of live entertainment offerings positions it for robust adjusted operating income growth in fiscal 2025.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) ha riportato risultati finanziari solidi per l'anno fiscale 2024, superando le previsioni. I ricavi sono aumentati del 13% a 959,3 milioni di dollari, mentre l'utile operativo è salito del 7% a 111,9 milioni di dollari. L'azienda ha ospitato 6,3 milioni di ospiti durante oltre 960 eventi, incluso un Christmas Spectacular che ha registrato record. Per il quarto trimestre, i ricavi sono aumentati del 26% a 186,1 milioni di dollari, con una perdita operativa che è migliorata di 12,9 milioni di dollari, portandosi a 8,9 milioni di dollari. I principali fattori trainanti includono l'aumento dei ricavi legati agli eventi, maggiori tariffe per le licenze delle arene e la crescita nelle vendite di cibo, bevande e merchandise. Il portafoglio unico dell'azienda di offerte di intrattenimento dal vivo la posiziona per una crescita robusta dell'utile operativo rettificato nel 2025.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) reportó resultados financieros sólidos para el año fiscal 2024, superando las expectativas. Los ingresos aumentaron un 13% a 959.3 millones de dólares, mientras que el ingreso operativo creció un 7% a 111.9 millones de dólares. La empresa recibió a 6.3 millones de invitados en más de 960 eventos, incluyendo un Christmas Spectacular que estableció récords. Para el cuarto trimestre, los ingresos crecieron un 26% a 186.1 millones de dólares, con la pérdida operativa mejorando en 12.9 millones de dólares, alcanzando los 8.9 millones de dólares. Los motores clave incluyeron ingresos relacionados con eventos, tarifas más altas por licencias de arenas y un aumento en las ventas de alimentos, bebidas y mercancías. El singular portafolio de ofertas de entretenimiento en vivo de la compañía la posiciona para un fuerte crecimiento del ingreso operativo ajustado en el año fiscal 2025.
매디슨 스퀘어 가든 엔터테인먼트 주식회사 (NYSE: MSGE)는 2024 회계 연도에 대한 강력한 재무 결과를 보고하며 가이던스를 초과 달성했습니다. 수익은 13% 증가하여 9억 5,930만 달러에 이르렀습니다, 운영 소득은 7% 증가하여 1억 1,190만 달러에 도달했습니다. 이 회사는 960개 이상의 이벤트에서 630만 명의 고객을 맞이했으며, 기록을 세운 크리스마스 스펙타큘러를 포함했습니다. 4분기 동안 수익은 26% 증가하여 1억 8,610만 달러에 달했습니다, 운영 손실은 1,290만 달러 개선되어 890만 달러가 되었습니다. 주요 요인은 이벤트 관련 수익 증가, 더 높은 경기장 라이센스 수수료 및 음식, 음료, 상품 판매의 성장입니다. 이 회사의 독특한 라이브 엔터테인먼트 포트폴리오는 2025 회계 연도에 강력한 조정 운영 소득 성장을 위한 기반을 마련하고 있습니다.
Madison Square Garden Entertainment Corp. (NYSE: MSGE) a rapporté de solides résultats financiers pour l'exercice 2024, dépassant ses prévisions. Les revenus ont augmenté de 13 % pour atteindre 959,3 millions de dollars, tandis que le résultat opérationnel a progressé de 7 % pour atteindre 111,9 millions de dollars. L'entreprise a accueilli 6,3 millions de visiteurs lors de plus de 960 événements, dont un Christmas Spectacular qui a battu des records. Pour le quatrième trimestre, les revenus ont augmenté de 26 % pour totaliser 186,1 millions de dollars, la perte opérationnelle s'étant améliorée de 12,9 millions de dollars pour atteindre 8,9 millions de dollars. Les principaux moteurs ont été l'augmentation des revenus liés aux événements, des frais de licence d'arena plus élevés et une croissance des ventes de nourriture, de boissons et de marchandises. Le portefeuille unique d'offres de divertissement en direct de l'entreprise la positionne pour une forte croissance du résultat opérationnel ajusté pour l'exercice 2025.
Die Madison Square Garden Entertainment Corp. (NYSE: MSGE) hat für das Geschäftsjahr 2024 starke Finanzergebnisse gemeldet und die eigenen Erwartungen übertroffen. Die Einnahmen stiegen um 13 % auf 959,3 Millionen US-Dollar, während das Betriebsergebnis um 7 % auf 111,9 Millionen US-Dollar zulegte. Das Unternehmen begrüßte 6,3 Millionen Gäste bei über 960 Veranstaltungen, darunter ein rekordverdächtiges Christmas Spectacular. Für das vierte Quartal wachsten die Einnahmen um 26 % auf 186,1 Millionen US-Dollar, während sich der Betriebsverlust um 12,9 Millionen US-Dollar auf 8,9 Millionen US-Dollar verbesserte. Wichtige Faktoren waren gestiegene Einnahmen aus Veranstaltungen, höhere Lizenzgebühren für die Arena und ein Wachstum bei den Verkäufen von Speisen, Getränken und Merchandise. Das einzigartige Portfolio des Unternehmens an Live-Entertainment-Angeboten positioniert es für ein starkes Wachstum des bereinigten Betriebsergebnisses im Geschäftsjahr 2025.
- Fiscal 2024 revenues of $959.3 million, up 13% year-over-year and above high-end of guidance
- Operating income increased 7% to $111.9 million, exceeding guidance
- Adjusted operating income grew 5% to $211.5 million, above guidance
- Q4 revenues up 26% to $186.1 million
- Christmas Spectacular generated record-setting revenues in fiscal 2024
- Hosted 6.3 million guests at over 960 events in fiscal 2024
- Q4 operating loss of $8.9 million, despite improvement from previous year
Insights
MSG Entertainment's fiscal 2024 results demonstrate strong performance, with revenues of
- Robust event attendance, with 6.3 million guests at over 960 events
- Record-setting revenues from the Christmas Spectacular production
26% increase in Q4 revenues to$186.1 million - Improved Q4 operating loss and adjusted operating income
The company's unique portfolio of live entertainment offerings positions it well for future growth. However, investors should note that year-over-year comparisons are not fully comparable due to the spin-off from Sphere Entertainment in April 2023.
MSG Entertainment's fiscal 2024 results reflect a robust recovery in the live entertainment sector. The
- Diversification of revenue streams across sports, concerts and theatrical productions
- Increased food, beverage and merchandise sales, up
48% in Q4 - Growth in venue-related sponsorship and suite license fees
The company's ability to exceed guidance twice during the fiscal year suggests effective management and adaptability to market conditions. However, investors should monitor potential headwinds such as inflationary pressures on consumer discretionary spending and any lingering pandemic-related uncertainties affecting large gatherings.
Fiscal 2024 Revenues of
Fiscal 2024 Operating Income of
Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the Company hosted approximately 6.3 million guests at over 960 events, which reflects robust growth in the number of events in the Company's bookings business, as well as regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024. Positive operating momentum throughout the year led the Company to increase its financial guidance twice during fiscal 2024. A strong fiscal fourth quarter led by The Garden resulted in full year financial results that exceeded the high-end of the Company's guidance ranges for revenues, operating income and adjusted operating income.(1)(2)
Financial results for the three and twelve months ended June 30, 2024 reflect the Company on a fully standalone basis. Results for the prior year through April 20, 2023, which was the date of the spin-off from Sphere Entertainment Co. ("Sphere Entertainment"), are presented in accordance with generally accepted accounting principles ("GAAP") for the preparation of carve-out financial statements. These prior year results (through April 20, 2023) do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and twelve months ended June 30, 2024 are not fully comparable with results for the prior year periods.
For fiscal 2024, the Company reported revenues of
For the fiscal 2024 fourth quarter, the Company reported revenues of
Executive Chairman and CEO James L. Dolan said, "We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our Company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025."
Results for the Three and Twelve Months Ended June 30, 2024 and 2023: | ||||||||||||||||
Three Months Ended | Twelve Months Ended | |||||||||||||||
June 30, | Change | June 30, | Change | |||||||||||||
$ millions | 2024 | 2023 | $ | % | 2024 | 2023 | $ | % | ||||||||
Revenues | $ 186.1 | $ 147.9 | $ 38.1 | 26 % | $ 959.3 | $ 851.5 | $ 107.8 | 13 % | ||||||||
Operating Income (Loss) | $ (8.9) | $ (21.8) | $ 12.9 | 59 % | $ 111.9 | $ 105.0 | $ 6.9 | 7 % | ||||||||
Adjusted Operating Income | $ 13.1 | $ 0.7 | $ 12.4 | NM | $ 211.5 | $ 201.6 | $ 9.9 | 5 % | ||||||||
Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than | |
(1) | The Company's most recent financial guidance for fiscal 2024 was for revenues of |
(2) | See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. During the third quarter of fiscal 2024, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company's Arena License Agreements with Madison Square Garden Sports Corp. ("MSG Sports") is no longer excluded in all periods presented. For the three and twelve months ended June 30, 2024, the non-cash portion of operating lease revenue was |
Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2024 fourth quarter revenues from entertainment offerings of
- Event-related revenues increased
$13.2 million - Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased
$7.7 million - Venue-related sponsorship, signage and suite license fees revenues increased
$1.5 million
Fiscal 2024 fourth quarter arena license fees and other leasing revenues of
Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of
- Event-related expenses increased
$5.1 million - Expenses associated with the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased
$5.8 million
Food, Beverage and Merchandise
Fiscal 2024 fourth quarter food, beverage and merchandise revenues of
Fiscal 2024 fourth quarter food, beverage and merchandise direct operating expenses of
Selling, General and Administrative Expenses
Fiscal 2024 fourth quarter selling, general and administrative expenses of
Operating Income and Adjusted Operating Income
Fiscal 2024 fourth quarter operating loss of
About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company's portfolio includes a collection of world-renowned venues –
Non-GAAP Financial Measures
During the third quarter of fiscal 2024, the Company amended its definition of adjusted operating income (loss) so that the impact of the non-cash portion of operating lease revenue related to the Company's Arena License Agreements with MSG Sports is no longer excluded in the calculation of adjusted operating income (loss) in all periods presented.
We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, and (viii) amortization for capitalized cloud computing arrangement costs. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, provides investors with a clearer picture of the Company's operating performance given that, in accordance with
We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company on a consolidated and combined basis. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this release.
Forward-Looking Statements
This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries in which it operates and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein.
Contacts:
Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072
Justin Blaber
Vice President, Financial Communications
Madison Square Garden Entertainment Corp.
(212) 465-6109
Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076
Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until August 23, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations/
MADISON SQUARE GARDEN ENTERTAINMENT CORP. | ||||||||
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS | ||||||||
(In thousands, except per share data) | ||||||||
(Unaudited) | ||||||||
Three Months Ended June 30, | Twelve Months Ended June 30, | |||||||
2024 | 2023 | 2024 | 2023 | |||||
Revenues | ||||||||
Revenues from entertainment offerings | $ 142,872 | $ 119,554 | $ 723,897 | $ 643,885 | ||||
Food, beverage, and merchandise revenues | 34,713 | 23,521 | 162,092 | 135,933 | ||||
Arena license fees and other leasing revenue | 8,489 | 4,860 | 73,276 | 71,678 | ||||
Total revenues | $ 186,074 | 147,935 | 959,265 | 851,496 | ||||
Direct operating expenses | ||||||||
Entertainment offerings, arena license fees, and other leasing | (99,716) | (88,011) | (475,502) | (420,301) | ||||
Food, beverage, and merchandise direct operating expenses | (22,661) | (14,520) | (93,334) | (79,628) | ||||
Total direct operating expenses | (122,377) | (102,531) | (568,836) | (499,929) | ||||
Selling, general and administrative expenses | (55,807) | (52,679) | (206,963) | (180,216) | ||||
Depreciation and amortization | (13,904) | (14,094) | (53,876) | (60,463) | ||||
Gains, net on dispositions | — | — | — | 4,361 | ||||
Restructuring charges | (2,846) | (421) | (17,649) | (10,241) | ||||
Operating (loss) income | (8,860) | (21,790) | 111,941 | 105,008 | ||||
Interest income | 701 | 1,440 | 2,976 | 7,244 | ||||
Interest expense | (14,193) | (13,814) | (57,954) | (51,869) | ||||
Other (expense) income, net | (3,127) | 10,605 | (4,672) | 17,389 | ||||
(Loss) income from operations before income taxes | (25,479) | (23,559) | 52,291 | 77,772 | ||||
Income tax benefit (expense) | 92,406 | (924) | 92,009 | (1,728) | ||||
Net income (loss) | 66,927 | (24,483) | 144,300 | 76,044 | ||||
Less: Net loss attributable to nonredeemable noncontrolling | — | — | — | (553) | ||||
Net income (loss) attributable to MSG Entertainment's | $ 66,927 | $ (24,483) | $ 144,300 | $ 76,597 | ||||
Earnings (loss) per share attributable to MSG | ||||||||
Basic | $ 1.42 | $ (0.47) | $ 2.99 | $ 1.48 | ||||
Diluted | $ 1.41 | $ (0.47) | $ 2.97 | $ 1.47 | ||||
Weighted-average number of shares of common stock: | ||||||||
Basic | 47,067 | 51,819 | 48,275 | 51,819 | ||||
Diluted | 47,599 | 51,819 | 48,589 | 52,278 | ||||
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)
The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:
- Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.
- Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Company's Employee Stock Plan, Sphere Entertainment's Employee Stock Plan, the Company's Non-Employee Director Plan and Sphere Entertainment's Non-Employee Director Plan.
- Gains, net on dispositions. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.
- Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.
- Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.
- Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.
- Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.
Three Months Ended | Twelve Months Ended | |||||||
June 30, | June 30, | |||||||
$ thousands | 2024 | 2023 | 2024 | 2023 | ||||
Operating (loss) income | $ (8,860) | $ (21,790) | $ 111,941 | $ 105,008 | ||||
Depreciation and amortization | 13,904 | 14,094 | 53,876 | 60,463 | ||||
Share-based compensation | 4,983 | 7,541 | 24,544 | 29,521 | ||||
Gains, net on dispositions | — | — | — | (4,361) | ||||
Restructuring charges | 2,846 | 421 | 17,649 | 10,241 | ||||
Merger, spin-off, and acquisition related costs(1) | — | — | 2,035 | — | ||||
Amortization for capitalized cloud computing arrangement costs | 172 | 431 | 1,008 | 600 | ||||
Remeasurement of deferred compensation plan liabilities | 63 | (11) | 452 | 121 | ||||
Adjusted operating income(2) | $ 13,108 | $ 686 | $ 211,505 | $ 201,593 | ||||
_________________
(1) | This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co. |
(2) | During the third quarter of fiscal 2024, the Company amended the definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company's Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) |
MADISON SQUARE GARDEN ENTERTAINMENT CORP. | ||||
CONSOLIDATED BALANCE SHEETS (unaudited) | ||||
(in thousands) | ||||
June 30, | ||||
2024 | 2023 | |||
ASSETS | ||||
Current Assets: | ||||
Cash, cash equivalents and restricted cash | $ 33,555 | $ 84,355 | ||
Accounts receivable, net | 77,259 | 63,898 | ||
Related party receivables, current | 17,469 | 69,466 | ||
Prepaid expenses and other current assets | 90,801 | 77,562 | ||
Total current assets | 219,084 | 295,281 | ||
Non-Current Assets: | ||||
Property and equipment, net | 633,533 | 628,888 | ||
Right-of-use lease assets | 388,658 | 235,790 | ||
Goodwill | 69,041 | 69,041 | ||
Indefinite-lived intangible assets | 63,801 | 63,801 | ||
Deferred tax assets, net | 68,307 | — | ||
Other non-current assets | 110,283 | 108,356 | ||
Total assets | $ 1,552,707 | $ 1,401,157 | ||
LIABILITIES AND DEFICIT | ||||
Current Liabilities: | ||||
Accounts payable, accrued and other current liabilities | $ 203,750 | $ 214,725 | ||
Related party payables, current | 42,506 | 47,281 | ||
Long-term debt, current | 16,250 | 16,250 | ||
Operating lease liabilities, current | 27,736 | 36,529 | ||
Deferred revenue | 215,581 | 225,855 | ||
Total current liabilities | 505,823 | 540,640 | ||
Non-Current Liabilities: | ||||
Long-term debt, net of deferred financing costs | 599,248 | 630,184 | ||
Operating lease liabilities, non-current | 427,014 | 219,955 | ||
Deferred tax liabilities, net | — | 23,518 | ||
Other non-current liabilities | 43,787 | 56,332 | ||
Total liabilities | 1,575,872 | 1,470,629 | ||
Commitments and contingencies | ||||
Deficit: | ||||
Class A Common Stock (a) | 456 | 450 | ||
Class B Common Stock (b) | 69 | 69 | ||
Additional paid-in capital | 33,481 | 17,727 | ||
Treasury stock at cost (4,365 and 840 shares as of June 30, 2024 and June 30, 2023, | (140,512) | (25,000) | ||
Retained earnings (deficit) | 115,603 | (28,697) | ||
Accumulated other comprehensive loss | (32,262) | (34,021) | ||
Total deficit | (23,165) | (69,472) | ||
Total liabilities and deficit | $ 1,552,707 | $ 1,401,157 | ||
_________________
(a) | Class A Common Stock, |
(b) | Class B Common Stock, |
MADISON SQUARE GARDEN ENTERTAINMENT CORP. | ||||
SELECTED CASH FLOW INFORMATION | ||||
(in thousands) | ||||
(Unaudited) | ||||
Twelve Months Ended | ||||
June 30, | ||||
2024 | 2023 | |||
Net cash provided by operating activities | $ 111,266 | $ 135,694 | ||
Net cash (used in) provided by investing activities | (62,371) | 30,305 | ||
Net cash used in financing activities | (99,695) | (144,217) | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (50,800) | 21,782 | ||
Cash, cash equivalents and restricted cash, beginning of period | 84,355 | 62,573 | ||
Cash, cash equivalents and restricted cash, end of period | $ 33,555 | $ 84,355 | ||
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SOURCE Madison Square Garden Entertainment Corp.
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