Loading...
•
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%.
MSG Sports
MSG Sports
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.