{"id":809780,"date":"2025-02-06T07:36:17","date_gmt":"2025-02-06T12:36:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/madison-square-garden-entertainment-corp-reports-fiscal-2025-second-quarter-results\/"},"modified":"2025-02-06T07:36:17","modified_gmt":"2025-02-06T12:36:17","slug":"madison-square-garden-entertainment-corp-reports-fiscal-2025-second-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/madison-square-garden-entertainment-corp-reports-fiscal-2025-second-quarter-results\/","title":{"rendered":"MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2025 SECOND QUARTER RESULTS"},"content":{"rendered":"
\n

PR Newswire<\/p>\n<\/p><\/div>\n

\n

\n
\n Christmas Spectacular Production Delivers Another Year of Record-Setting Revenues<\/i>
\n <\/b>\n <\/p>\n

\n
\n Approximately 1.1 Million Tickets Sold During 91st<\/sup> Holiday Season<\/i>
\n <\/b>\n <\/p>\n

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\n $25 Million<\/span> in MSGE Class A Shares Repurchased During Fiscal 2025 Second Quarter<\/i>
\n <\/b>\n <\/p>\n

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\n NEW YORK<\/span>
\n <\/span>, Feb. 6, 2025<\/span><\/span> \/PRNewswire\/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal second quarter ended December 31, 2024<\/span>.<\/p>\n

\n

\n
\n \"Madison
\n <\/a>\n <\/p>\n<\/p><\/div>\n

The fiscal 2025 second quarter was highlighted by another record-setting run for the Christmas Spectacular. <\/i>In its 91st holiday season, approximately 1.1 million tickets were sold across 200 shows, as compared to over 1 million tickets sold over 193 shows last season. During the quarter, the Company also welcomed a wide variety of other live events across its portfolio of venues, including the return of the New York Knicks (“Knicks”) and New York Rangers (“Rangers”) to the Madison Square Garden Arena (“The Garden”) for the start of their 2024-25 regular seasons. In addition, in December, the Company announced that it had repurchased approximately $25 million<\/span> of its\u00a0MSGE Class A common stock.<\/p>\n

For the fiscal 2025 second quarter, the Company reported revenues of $407.4 million<\/span>, an increase of $4.8 million<\/span>, or 1%, as compared to the prior year quarter. In addition, the Company reported operating income of $139.0 million<\/span>, an increase of $1.6 million<\/span>, or 1%, and adjusted operating income of $164.0 million<\/span>, an increase of $3.9 million<\/span>, or 2%, both as compared to the prior year quarter.(1)<\/sup> Fiscal 2025 second quarter operating income included $4.5 million<\/span> and adjusted operating income included $3.1 million<\/span>, respectively, in executive management transition costs. Excluding these costs, operating income would have been $143.5 million<\/span>, an increase of 4%, and adjusted operating income would have been $167.2 million<\/span>, an increase of 4%, both as compared to the prior year period.<\/p>\n

Executive Chairman and CEO James L. Dolan<\/span> said, “We continue to see strong demand for our live entertainment offerings, highlighted by another record-setting run for the Christmas Spectacular<\/i> production. We remain confident in the strength of our business and expect to deliver solid adjusted operating income growth this fiscal year.”<\/p>\n

\n Results for the Three and Six Months Ended December\u00a031, 2024 and 2023:<\/b>\n <\/p>\n

\n\n\n\n\n\n\n\n
\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n Three Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Six Months Ended<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n\n \n <\/td>\n\n

\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n December 31,<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n Change<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n $ millions<\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2024<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2023<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n %<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Revenues<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 407.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 402.7<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.8<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 546.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 544.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.3<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n \u2014\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Operating Income<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 139.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 137.4<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1.6<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 1\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 120.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 104.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0 16.5<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 16\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n

\n
\n Adjusted Operating Income (1)<\/sup><\/span><\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 164.0<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0 160.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 2\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 165.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0 159.9<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n $\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6.1<\/b>
\n <\/span>\n <\/p>\n<\/td>\n

\n \n <\/td>\n\n

\n
\n 4\u00a0%<\/b>
\n <\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n\n\n\n\n
\n

\n Note: Amounts may not foot due to rounding. NM – Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are not considered meaningful.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n

\n \n <\/td>\n<\/tr>\n
\n

\n (1)<\/span>\n <\/p>\n<\/td>\n

\n

\n See page 4 of this earnings release for the definition of adjusted operating income (loss) (“AOI”) included in the discussion of non-GAAP financial measures. During the fiscal 2024 third quarter, 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 six months ended December 31, 2024, the non-cash portion of operating lease revenue was $9.5 million and $10.0 million, respectively, and for the three and six months ended December 31, 2023, the non-cash portion of operating lease revenue was $9.1 million and $9.6 million, respectively.<\/span>\n <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n

\n
\n Entertainment Offerings, Arena License Fees and Other Leasing
<\/u>
\n <\/b>Fiscal 2025 second quarter revenues from entertainment offerings of $318.3 million<\/span> were essentially unchanged as compared to the prior year period, primarily due to lower-event related revenues, largely offset by an increase in revenues from the Christmas Spectacular<\/i> production and higher revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements.<\/p>\n