UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41627 MADISON SQUARE GARDEN ENTERTAINMENT CORP. (Exact name of registrant as s ...

Financial Data and Key Metrics Changes - For the fiscal 2025 second quarter, the company reported revenues of $407 million, an increase of 1% compared to the prior year quarter [21] - Adjusted operating income for the second quarter was $103.9 million, reflecting a 2% increase year-over-year [25] - The increase in adjusted operating income was primarily due to lower direct operating expenses and increased revenues, partially offset by higher selling, general, and administrative costs [25] Business Line Data and Key Metrics Changes - Revenues from entertainment offerings were essentially unchanged year-over-year, with lower concert revenues impacting overall performance [21][22] - The Christmas Spectacular achieved record revenues of over $170 million, marking a low double-digit percentage increase compared to fiscal 2024 [13][22] - Average per cap spending on food, beverage, and merchandise reached record levels during the Christmas Spectacular [13] Market Data and Key Metrics Changes - The company hosted nearly 2.7 million guests at over 440 live entertainment and sporting events during the quarter [10] - The Knicks and Rangers played a combined three more home games during the fiscal second quarter compared to the prior year [16][24] - The majority of concerts sold out during the quarter, leading to over 90% sell-through for concerts at the venues [70] Company Strategy and Development Direction - The company is focused on returning capital to shareholders, having repurchased $25 million of Class A common stock during the quarter [9][26] - There is an emphasis on growing the Christmas Spectacular and exploring opportunities for additional performances in the future [39] - The company is committed to improving the surrounding area of Penn Station and collaborating with stakeholders for redevelopment [53] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving mid to high single-digit adjusted operating income growth for the fiscal year [9] - The company noted strong demand for in-person experiences, indicating a positive outlook for the remainder of fiscal 2025 and into fiscal 2026 [7][19] - There are positive signs in bookings for fiscal 2026, with a diverse set of acts expected to perform [32] Other Important Information - The company has approximately $55 million of unrestricted cash and a debt balance of approximately $618 million [26] - The company continues to have $85 million remaining under its current buyback authorization [27] Q&A Session Summary Question: Update on concert bookings for fiscal 2025 and 2026 - Management noted tough year-over-year comparisons at The Garden but indicated positive signs for fiscal 2026 bookings, with a meaningful sample size showing an increase [30][32] Question: Insights on Christmas Spectacular pricing demand and audience trends - Strong demand was driven by individual ticket sales, with a high teens percentage increase in tourists attending the show, leading to additional performances [37][39] Question: Update on stock buyback strategy - The company is in a strong position with significant free cash flow and plans to continue opportunistically returning capital to shareholders [43][46] Question: Renovation of Penn Station and property tax exemption concerns - The company emphasized its role in job creation and economic activity, stating that any repeal of the tax exemption would require legislative action [50][52] Question: Update on cancellations and dynamic pricing for Christmas Spectacular - Cancellations have returned to normal levels, and the company continues to optimize pricing strategies to maximize revenue [58][60] Question: Opportunities for residencies at venues - The company is in discussions with various artists for future residencies, with upcoming shows planned at multiple venues [66][68] Question: Consumer demand outlook - There is no observed slowdown in consumer demand, with strong sell-through rates and increased per cap spending noted [70]

FEBRUARY 2025 FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company" or "MSG Entertainment") has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended June 30, 2024 (the "Annual Report") and Quarterly Reports on Form 10-Q for the quarters ended September 30, 2024 and December 31, 2024 (the "Quarterly Reports"). The Annual Report and the Quarterly Reports contain extensive disclosure about the Company and its business, ...

Core Insights - Madison Square Garden Entertainment (MSGE) reported quarterly earnings of $1.56 per share, missing the Zacks Consensus Estimate of $2.16 per share, and down from $2.59 per share a year ago, representing an earnings surprise of -27.78% [1] - The company posted revenues of $407.42 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 1.62% and showing a slight increase from $402.67 million year-over-year [2] - The stock has added about 0.8% since the beginning of the year, underperforming the S&P 500's gain of 3.1% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.16 on revenues of $230.37 million, and for the current fiscal year, it is $1.58 on revenues of $958.87 million [7] - The estimate revisions trend for MSG Entertainment is mixed, leading to a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Media Conglomerates industry, to which MSGE belongs, is currently in the top 30% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Another company in the same industry, Endeavor Group (EDR), is expected to report quarterly earnings of $0.36 per share, reflecting a year-over-year change of +125%, with revenues anticipated to be $1.5 billion, down 5% from the previous year [9][10]

Financial Performance - For the fiscal 2025 second quarter, the company reported revenues of $407.4 million, an increase of $4.8 million, or 1%, compared to the prior year quarter[3]. - Operating income for the fiscal 2025 second quarter was $139.0 million, an increase of $1.6 million, or 1%, compared to the prior year period[3]. - Adjusted operating income for the fiscal 2025 second quarter was $164.0 million, an increase of $3.9 million, or 2%, compared to the prior year quarter[3]. - Revenues from entertainment offerings were $318.3 million, essentially unchanged compared to the prior year period, primarily due to lower event-related revenues[7]. - Total revenues for the three months ended December 31, 2024, were $407,417 thousand, a slight increase from $402,666 thousand in the same period of 2023[26]. - Net income for the three months ended December 31, 2024, was $75,893 thousand, down from $125,249 thousand in the prior year, representing a decrease of 39.5%[26]. - Adjusted operating income for the three months ended December 31, 2024, was $164,012 thousand, compared to $160,080 thousand in 2023, reflecting a year-over-year increase of 2.4%[28]. - Basic earnings per share for the three months ended December 31, 2024, were $1.57, down from $2.61 in the same period of 2023, a decrease of 39.7%[26]. Cash and Debt Management - Cash, cash equivalents, and restricted cash at the end of the period increased to $55,219 thousand from $37,572 thousand in the prior year, marking a significant increase of 47.0%[33]. - The company reported a decrease in net cash provided by operating activities to $85,499 thousand for the six months ended December 31, 2024, down from $105,232 thousand in 2023, a decline of 18.8%[33]. - The company paid down the full outstanding principal balance of $55 million under its revolving credit facility during the fiscal 2025 second quarter[15]. - The company’s long-term debt, net of deferred financing costs, was $584,701 thousand as of December 31, 2024, a decrease from $599,248 thousand as of June 30, 2024[31]. Expenses and Liabilities - Direct operating expenses associated with entertainment offerings decreased by $7.7 million, or 4%, compared to the prior year quarter[9]. - Selling, general and administrative expenses increased by $8.8 million, or 18%, primarily due to higher employee compensation and benefits[12]. - The company’s total current liabilities decreased slightly to $501,685 thousand as of December 31, 2024, from $505,823 thousand as of June 30, 2024[31]. - The company incurred $1,361 thousand in merger, spin-off, and acquisition-related costs during the six months ended December 31, 2024[28]. Ticket Sales and Events - Approximately 1.1 million tickets were sold during the 91st holiday season of the Christmas Spectacular, compared to over 1 million tickets sold during 193 shows last season[2]. - Arena license fees and other leasing revenues increased by $4.2 million, or 16%, to $29.8 million, due to three more Knicks and Rangers games played at The Garden[8].

Core Viewpoint - Madison Square Garden Entertainment Corp. will host a conference call to discuss its fiscal second quarter results for the period ending December 31, 2024, on February 6, 2025, at 10:00 a.m. Eastern Time [1]. Group 1 - The conference call will be accessible via telephone and webcast, with a specific conference ID provided for participants [2]. - A recording of the call will be available for those unable to attend, with details on how to access the replay [2]. - Madison Square Garden Entertainment Corp. is recognized as a leader in live entertainment, operating several iconic venues and hosting a variety of events annually [3]. Group 2 - The company's portfolio includes renowned venues such as Madison Square Garden, Radio City Music Hall, and The Chicago Theatre, showcasing sporting events, concerts, and family shows [3]. - The Christmas Spectacular Starring the Radio City Rockettes is highlighted as a long-standing holiday tradition, celebrating over 90 years [3].

Financial Data and Key Metrics Changes - For Q1 fiscal 2025, the company reported revenues of $138.7 million, a decrease from $142.2 million in the prior year quarter, primarily due to lower revenues in entertainment offerings and food, beverage, and merchandise categories [20][21][22] - Adjusted operating income for the first quarter was $1.9 million, an increase of $2.1 million compared to the prior year quarter, driven by a decrease in direct operating and SG&A expenses [23] Business Line Data and Key Metrics Changes - The bookings business experienced lower concert-related revenues year-over-year, attributed to a shift from promoted events to rentals, resulting in lower per concert revenues [7][21] - The number of concerts at the Garden increased, including more first-time acts, which is part of the strategy to enhance utilization [8][10] - Family shows, such as "Annie," are set to begin with 64 performances, indicating strong demand in this segment [11][41] Market Data and Key Metrics Changes - The company hosted nearly 800,000 guests at over 120 events during the quarter, with a majority of concerts sold out [7][9] - Advanced ticket sales for the Christmas Spectacular are up 15% year-over-year, with expectations to welcome over one million guests this holiday season [13][15][38] Company Strategy and Development Direction - The company is focused on enhancing guest experiences through investments in productions like the Christmas Spectacular and renovations of event spaces [17][15] - There is a strategic emphasis on bringing sponsorship sales back in-house to improve long-term profitability [49][50] Management's Comments on Operating Environment and Future Outlook - Management noted a slowdown in concert bookings recently, citing a shortage of supply in the spring and an increase in cancellations [30][32] - Despite the challenges, management remains optimistic about the overall demand for live events and expects a mid to high single-digit percentage increase in adjusted operating income for fiscal 2025 [19][26] Other Important Information - The company ended the quarter with $37 million in unrestricted cash and a debt balance of $677 million, reflecting ongoing capital allocation priorities focused on debt paydown and returning capital to shareholders [24][25][73] Q&A Session Summary Question: What are the causes for the slowing concert bookings? - Management indicated a spike in cancellations and a shortage of supply in the spring as key factors affecting concert bookings [31][32] Question: Can you provide more details on ticket sale trends for the Christmas Spectacular? - Ticket sales are up 15% year-over-year, with the potential to add more shows if demand warrants [38][40] Question: How does the booking pipeline look for family shows and other sporting events? - The pipeline appears strong with upcoming family shows and marquee sports events scheduled, including UFC and college basketball matchups [41][43] Question: What are the factors influencing the adjusted operating income guidance? - The guidance is influenced by concert booking pacing, the performance of the Christmas show, and the costs associated with bringing sponsorship sales in-house [45][46] Question: Why did the company part ways with Oak View Group? - The decision to bring sponsorship sales back in-house was based on the belief that the initial structure was more beneficial for long-term growth [49] Question: What is the outlook for consumer health across various markets? - Management expressed confidence in consumer demand, citing strong sell-through rates and positive trends in ticket sales for upcoming events [69] Question: Why was food and beverage revenue down while operating expenses remained flat? - The decline in revenue was due to lower per caps, while operating expenses remained flat due to consistent cost of goods sold and increased labor costs from a new collective bargaining agreement [70][72]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ____________________ FORM 10-Q ________________________ (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-41627 Two Penn Plaza New York , NY 10121 (Address of principal executive offi ...

MADISON SQUARE GARDEN ENTERTAINMENT NOVEMBER 2024 FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company" or "MSG Entertainment") has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended June 30, 2024 (the "Annual Report") and a Quarterly Report (the "Quarterly Report") on Form 10-Q for the quarter ended September 30, 2024. The Annual Report and the Quarterly Report contain extensive disclosure about the Company and it ...

Madison Square Garden Entertainment (MSGE) came out with a quarterly loss of $0.40 per share versus the Zacks Consensus Estimate of a loss of $0.78. This compares to loss of $0.73 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 48.72%. A quarter ago, it was expected that this live entertainment company would post a loss of $0.57 per share when it actually produced earnings of $1.41, delivering a surprise of 347.37%.Over the la ...