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- **Revenue Surge**: Fiscal 2026 first quarter revenue up 15% YoY, driven by record concert attendance and sold-out events.
- **Strategic Investments**: $25 million share repurchase program and Sphere Immersive Sound technology enhancements.
- **Sponsorship Expansion**: New partnerships with Sephora and Dove boost premium entertainment offerings.
- **Operational Efficiency**: Strong cash flow generation and cost management measures implemented.

**【CEO Summary Section】**
- **Revenue Growth**: Fiscal 2026 first quarter revenue increased by 15% year-over-year, driven by higher concert and family show revenues.
- **Concert Activity**: Over 140 events hosted, including record-breaking concert attendance and sold-out multi-night runs at The Garden.
- **Strategic Initiatives**: Continued investment in Sphere Immersive Sound technology and suite renovations to enhance guest experience.

**【CFO Financial Commentary】**
- **Financial Performance**: Fiscal 2026 first quarter revenue up 15% YoY, with strong cash flow generation and $622 million debt balance.
- **Cost Management**: $13.8 million noncash impairment charge offset by higher food, beverage, and merchandise sales.
- **Capital Allocation**: $25 million share repurchase program, with $45 million remaining under buyback authorization.

**【Q&A Key Highlights】**
- **Concert Bookings**: Fiscal 2026 first quarter bookings ahead of prior year, with 215 planned performances.
- **Sponsorship Growth**: New partnerships with Sephora and Dove, aligning with premium entertainment strategy.
- **Penn Station Redevelopment**: Collaborative efforts to enhance area appeal, supporting MSG's long-term growth.
- **Market Sentiment**: Positive momentum in concert and family show demand, with 2026 first quarter bookings up 15% YoY.

Madison Square Garden Entertainment Corp. (MSGE) Q1 2026 Earnings Call Transcript

- **Record Revenue Growth**: FY2025 AOI up 5% to $222.5 million, driven by special events and the Christmas Spectacular ($170M record). Q4 revenue down 17% due to event mix shifts.
- **Event Expansion Plans**: FY2026 targets include 211 Christmas Spectacular shows, Garden concert growth, and Cirque du Soleil return. Potential residency for FY27.
- **Financial Strength**: $70M remaining under buyback authorization; free cash flow expected to support AOI growth and capital returns.
- **Consumer Resilience**: Double-digit F&B per cap growth at the Garden; advanced ticket sales pacing ahead for FY2026.

**【Management Opening Remarks】**
- Ari Danes welcomed participants and outlined the call's purpose, noting the availability of the earnings release and the inclusion of forward-looking statements. She emphasized the company's focus on delivering long-term shareholder value through organic growth and prudent capital allocation.

**【CFO Financial Commentary】**
- **Full Year 2025 Performance**: Revenues of $942.7 million and adjusted operating income (AOI) of $222.5 million, a 5% year-over-year increase. The company repurchased $40 million in shares, aligning with its capital return strategy.
- **Operational Highlights**: Hosted nearly 6 million guests across 975 events, with growth in special events (e.g., SNL 50th Anniversary, Tony Awards) and sports bookings (UFC 309, college basketball). The Christmas Spectacular set a record with $170 million in revenue from 200 shows.
- **Q4 2025 Financials**: Revenues decreased 17% to $154.1 million due to fewer concerts at the Garden and lower shared revenue with MSG Sports. AOI fell to a loss of $1.3 million, driven by lower revenues and higher expenses.
- **Balance Sheet**: $43 million in cash and $609 million in debt. A refinanced credit facility extended maturity to 2030. Fiscal 2026 is expected to generate substantial free cash flow, supporting AOI growth and capital returns.

**【Q&A Highlights】**
- **Christmas Spectacular Growth**: Advanced ticket revenue pacing ahead of last year, with 211 shows planned for FY26. Management expects revenue growth through increased show count and strategic pricing.
- **Booking Trends**: Fiscal 2026 concerts at the Garden are 80% booked, with theaters 67% booked. Family shows (e.g., Cirque du Soleil) and sports events are expected to drive growth. A potential residency for FY27 could fill Billy Joel's gap.
- **Garden Utilization**: 65% utilization in FY25, with plans to increase through event growth and multi-night runs. Renovations to suites and clubs aim to enhance revenue.
- **Capital Allocation**: $70 million remaining under share buyback authorization. Priorities include balance sheet strength, business investments (e.g., Radio City renovations), and shareholder returns.
- **Sponsorship Outlook**: New partners (Lenovo, Abu Dhabi Tourism) and renewals (Verizon, Pepsi) signal momentum. In-house sales team targets premium assets like outdoor signage and event naming rights.
- **Consumer Demand**: Strong F&B per cap spending at the Garden (double-digit growth) and sold-out concerts suggest robust demand despite macroeconomic concerns.

Madison Square Garden Entertainment Corp. (MSGE) Q4 2025 Earnings Call Transcript

- **Record Q3 Growth**: $242M revenue (+6% YoY), $58M AOI (+50% YoY) driven by event diversification and Christmas Spectacular success. 
- **Christmas Spectacular Expansion**: 2025 season on sale with 211 shows, advanced ticket sales up 60%. 
- **Concert Booking Momentum**: 2026 Q4 Garden bookings near record levels, despite Q4 FY25 headwinds. 
- **Shareholder Returns**: $40M buybacks YTD, $70M remaining; net leverage at 2.5x. 
- **Domestic Dominance**: <10% of tickets sold to international tourists; U.S. demand resilient. 


**【CEO Business Update】**
- **Revenue and AOI Growth**: Q3 FY25 revenue of $242M (+6% YoY), AOI of $58M (+50% YoY). Growth driven by special events (e.g., SNL 50th Anniversary, Tony Awards), family shows (Westminster Dog Show), and sports bookings (sold-out WWE event). 
- **Christmas Spectacular Success**: 91st season generated $170M in revenue across 200 shows, with Q3 performance up in attendance and ticket prices. 2025 season on sale with 211 shows, pacing 60% ahead in advanced ticket sales.
- **Capital Allocation**: $40M share buybacks YTD, $70M remaining under authorization. 

**【CFO Financial Review】**
- **Revenue Breakdown**: +10% growth in event-related revenue (higher per-event revenue, more events), offset by -14% decline in concert revenue (mix shift to rentals, fewer shows). 
- **AOI Drivers**: Cost control (lower direct expenses, SG&A) and revenue growth. Non-cash impairment charge of $9.7M on 2 Penn Plaza lease. 
- **Balance Sheet**: $89M cash, $613M debt. Net leverage at 2.5x, expected to delever organically. 

**【Q&A Key Takeaways】**
1. **Q4 AOI Outlook**: Despite tough comps (3 Billy Joel shows, 15 playoff games), confident in mid-single-digit AOI growth for FY25. 
2. **2026 Concert Bookings**: Pacing ahead at theaters, Garden Q4 bookings near record levels. Actively closing gap for Garden. 
3. **Christmas Spectacular Growth**: 2025 season could expand beyond 211 shows. Pricing below Broadway peers, focusing on yield optimization. 
4. **Capital Returns**: Prioritize balance sheet strength, business investments, and shareholder returns. No major capex projects on horizon. 
5. **International Exposure**: <10% of ticket sales from international tourists, primarily Canada and UK. U.S. domestic demand dominant. 
6. **Penn Station Project**: No theater sale plans; focused on community collaboration and area improvements. 


Madison Square Garden Entertainment (MSGE)-6 May 25-2025 Q3 Earnings call transcript

- **Record-Q2 Performance**: $170M Christmas Spectacular revenue, 15% ticket sales growth, and 5% higher per-cap spending.
- **2026 Booking Momentum**: Garden Q1 2026 bookings up 10% YoY, driven by multi-night residencies and new acts.
- **Share Buyback Restart**: $25M repurchased in Q2, $85M remaining under authorization.
- **Dynamic Pricing Opportunity**: Christmas Spectacular pricing still 30% below Broadway, with plans to add shows next season.
- **Residency Expansion**: Hugh Jackman, Mike Birbiglia, and Taylor Tomlinson residencies booked through 2025.

**【Management Opening Remarks】**
- Q2 2025 revenue reached $407 million, with adjusted operating income (AOI) of $164 million, up 2% year-over-year.
- The Christmas Spectacular set records with 200 performances, 1.1 million tickets sold, and $170 million in revenue, driven by 15% growth in individual ticket sales and 5% higher per-cap spending on food, beverage, and merchandise.
- The company resumed share buybacks with $25 million repurchased in Q2, and remains on track for mid- to high-single-digit AOI growth for the year.

**【CFO Financial Highlights】**
- Entertainment revenue was flat year-over-year, offset by 10% growth in food, beverage, and merchandise revenue due to increased Knicks and Rangers games and expanded seating capacity.
- Arena license fees and other leasing revenues rose 8%, supported by 3 additional home games by the Knicks and Rangers compared to Q2 2024.
- SG&A expenses increased 3% due to one-time executive transition costs, but operating expenses were 5% lower year-over-year.

**【Q&A Key Takeaways】**
- **Concert Bookings Outlook**: Despite a challenging 2025 comp (Billy Joel's final residency), Q1 2026 Garden bookings are up 10% year-over-year, driven by multi-night residencies and new headliners.
- **Christmas Spectacular Expansion**: Plans to add performances next season as tourism exceeds pre-pandemic levels, with pricing still 30% below Broadway.
- **Capital Allocation**: $85 million remaining under buyback authorization; net debt leverage at 3x, with quarterly debt repayments of $4.1 million.
- **Residency Growth**: Hugh Jackman's 24-show residency at Radio City, Mike Birbiglia at the Beacon, and Taylor Tomlinson in Chicago demonstrate diversification of venue utilization.
- **Consumer Demand**: 90%+ concert sell-through rates, with F&B and merchandise per-cap spending up 7% year-over-year.

Madison Square Garden Entertainment Corp. (MSGE) Q2 2025 Earnings Call Transcript

Madison Square Garden Entertainment (MSGE)-8 Nov 24-2025 Q1 Earnings call transcript

Madison Square Garden Entertainment (MSGE)-16 Aug 24-2024 Q4 Earnings call transcript

- **Revenue Growth**: Q3 2024 revenue up 13% YoY to $228M, driven by 19% growth in Entertainment Offerings and 15% increase in Food/Beverage.
- **AOI Adjustment**: Updated FY24 AOI guidance to $200-210M (vs. prior $195-205M) after including $25M non-cash Arena License fees.
- **Christmas Spectacular Momentum**: 2024 season sales up 35% vs. prior year, with 197 shows booked and 90% sell-through rate.
- **Margin Expansion**: Long-term opportunities in premium hospitality (new suites), sponsorship, and dynamic pricing.
- **Share Buybacks**: $140M repurchased since spin-off, with $110M remaining authorization.

**【Management Remarks】**
- Ari Danes highlighted the company's strong performance in its first full year as a standalone public entity, emphasizing robust growth and operational momentum.
- The company updated its fiscal 2024 guidance, increasing the AOI range to reflect stronger-than-expected performance across key business segments.
- Key drivers included record-setting revenue from the Christmas Spectacular and double-digit growth in the bookings business.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 2024 revenue reached $228 million, up 13% YoY, driven by Entertainment Offerings (+concerts, suite fees), Food/Beverage (+5 more Knicks games), and Arena License fees.
- **AOI Adjustment**: Redefined AOI to include $25 million non-cash Arena License fees, resulting in updated FY24 AOI guidance of $200-210 million (vs. prior $195-205M).
- **Guidance Update**: Raised FY24 revenue to $940-950M (midpoint +11% YoY) and AOI to $100-110M, reflecting higher-than-expected demand across venues.
- **Balance Sheet**: $28M cash, $630M debt with $4M quarterly repayments. Repurchased $140M shares (10% of Class A) since spin-off, with $110M remaining buyback authorization.

**【Q&A Highlights】**
- **Christmas Spectacular Outlook**: 2024 season sales pacing up 35% vs. prior year, with 197 shows booked and potential for additional shows. Ticket yield and sell-through rates near all-time highs.
- **Margin Expansion**: Long-term opportunities in venue utilization (esp. arena), premium hospitality (new suites), and high-margin revenue streams (sponsorship, signage).
- **Playoff Risk Management**: Minimal booking conflicts (low single-digit shows at risk), with flexibility to reschedule or add new acts during playoff windows.
- **Oak View Group Partnership**: Early-stage success in sponsorship pipeline, with Crown Properties driving incremental deals while MSG retains fulfillment control.
- **Capital Allocation**: Prioritize debt paydown ($4M/quarter) and share buybacks, with plans to rebuild cash balance post-Townsquare Media sale.

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