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Madison Square Garden Sports Corp. Class A (New) (MSGS-0.75%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports revenues of $357,759,000 for the quarter, an increase from $326,898,000 in the same quarter the previous year. This increase is attributed to higher ticket-related revenues, suite revenues, and sponsorship and signage revenues.
Direct operating expenses rose to $275,753,000 from $232,225,000, primarily due to increased team personnel compensation and provisions for league revenue sharing expense and NBA luxury tax.
Selling, general, and administrative expenses increased slightly to $67,900,000 from $65,066,000, driven by higher operating lease costs and professional fees.
Operating income for the quarter was $13,315,000, a decrease from $28,817,000 in the previous year, primarily due to higher operating expenses.
Interest income increased to $690,000 from $619,000, while interest expense decreased to $5,587,000 from $7,419,000, reflecting lower average borrowings and interest rates.
The company reported a net income of $1,111,000 for the quarter, down from $14,224,000 in the previous year, due to increased expenses and lower operating income.
Cash provided by operating activities was $35,621,000, while cash used in investing and financing activities was $2,302,000 and $12,373,000, respectively.
Madison Square Garden Sports Corp. had cash and cash equivalents of $107,823,000 as of December 31, 2024. The company continues to rely on revenues from its NBA and NHL teams, with a significant portion of its revenues earned in the second and third quarters.
The company maintains a revolving credit facility of up to $275,000,000, with an outstanding balance of $275,000,000 as of December 31, 2024. The facility is secured by certain assets, including membership rights in the NBA and NHL.
The filing also notes potential risks related to the solvency of MSG Networks, a significant revenue stream for the company, which is undergoing a work-out of its indebtedness.
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 Sports Corp. Class A (New) quarterly 10-Q report dated February 4, 2025. To report an error, please email earnings@qz.com.