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Sep 30, 2023
MSG Sports Q1 2024 Earnings Report
MSG Sports' first quarter of fiscal year 2024 was marked by a significant revenue increase and improved operating loss.
Key Takeaways
MSG Sports reported a strong start to fiscal year 2024, with a 79% increase in revenues to $43.0 million compared to the prior year period. The company also significantly reduced its operating loss by 59% to $14.8 million and its adjusted operating loss by 64% to $10.0 million.
Revenues increased by $19.0 million, or 79%, compared to the prior year period, driven by higher league distributions.
Operating loss improved by $21.1 million, or 59%, compared to the prior year period.
Adjusted operating loss improved by $17.8 million, or 64%, compared to the prior year period.
The combined season ticket renewal rate for the Knicks and Rangers is over 94%.
Forward Guidance
MSG Sports anticipates continued growth in both local and national media rights fees in fiscal 2024 due to ongoing annual contractual rate escalators.
Positive Outlook
- Continued positive operating momentum across its business.
- Combined season ticket renewal rate for the Knicks and Rangers is over 94%, which is on a larger renewable base than the prior year.
- Renewal and new sales activity remains robust in suites.
- Signed a number of new marketing partners leading into the seasons.
- Anticipates continued growth in both local and national media rights fees in fiscal 2024 due to ongoing annual contractual rate escalators.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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