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Madison Square Garden Entertainment Corp. Class A (MSGE-1.83%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenues to $138,714,000 from $142,212,000 in the same quarter the previous year, primarily due to lower food, beverage, and merchandise revenues.
Revenues from entertainment offerings slightly decreased to $115,081,000 from $116,505,000, while arena license fees and other leasing revenue increased to $4,658,000 from $2,446,000.
Total direct operating expenses decreased to $97,709,000 from $101,677,000, reflecting lower event-related expenses.
Selling, general, and administrative expenses decreased to $45,746,000 from $48,822,000, attributed to lower professional fees and employee compensation.
The company reported an operating loss of $18,482,000, an improvement from the loss of $33,425,000 in the previous year, due to lower restructuring charges and reduced expenses.
Interest expense slightly decreased to $14,043,000 from $14,287,000, while interest income decreased to $372,000 from $851,000.
The company recorded a net loss of $19,321,000, compared to a net loss of $50,671,000 in the previous year, with an income tax benefit of $13,601,000.
Adjusted operating income was reported at $1,909,000, compared to a loss of $220,000 in the prior year, reflecting improvements in operational efficiency.
Cash used in operating activities was $27,359,000, while cash used in investing activities was $6,690,000. Financing activities provided $38,107,000 in cash.
As of September 30, 2024, the company had $37,307,000 in cash and cash equivalents, with $76,174,000 available under its revolving credit facility.
The company did not repurchase any shares under its stock repurchase program during the quarter, leaving approximately $110,000,000 available for future repurchases.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Madison Square Garden Entertainment Corp. Class A quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.