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Madison Square Garden Entertainment Corp. Class A (MSGE-1.13%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing details the company's financial performance, including total revenues of $407.4 million for the quarter, a slight increase from $402.7 million in the same period the previous year. The increase was attributed to higher arena license fees and other leasing revenue.
Revenues from entertainment offerings were stable at $318.3 million, while food, beverage, and merchandise revenues increased slightly to $59.3 million. Arena license fees and other leasing revenue rose to $29.8 million.
Direct operating expenses decreased to $197.1 million, down from $202.8 million in the prior year quarter. This was driven by lower event-related expenses and a decrease in food, beverage, and merchandise direct operating expenses.
Selling, general, and administrative expenses increased to $57.2 million from $48.4 million, due to higher employee compensation and benefits, including executive management transition costs.
Operating income was reported at $139 million, a slight increase from $137.4 million in the previous year. The increase was primarily due to a decrease in direct operating expenses and an increase in revenues.
Net income for the quarter was $75.9 million, down from $125.2 million in the previous year, primarily due to higher income tax expense.
Cash provided by operating activities was $85.5 million, while cash used in investing and financing activities was $16.3 million and $47.6 million, respectively.
The company had unrestricted cash and cash equivalents of $54.9 million as of December 31, 2024, and $131.2 million of available borrowing capacity under its revolving credit facility.
Madison Square Garden Entertainment Corp. continues to focus on its portfolio of iconic venues and marquee entertainment content, while managing its financial operations and obligations.
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 February 6, 2025. To report an error, please email earnings@qz.com.