MSG Sports Q3 2021 Earnings Report

Revenues decreased primarily due to declines in ticket-related revenues, suite license fee revenue, and food, beverage, and merchandise sales due to capacity restrictions.

Operating income decreased due to the decrease in revenues, largely offset by lower selling, general, and administrative expenses and direct operating expenses.

Adjusted operating income increased primarily as a result of lower direct operating expenses and selling, general and administrative expenses, largely offset by the decrease in revenues.

The company had $289.1 million of liquidity as of March 31, 2021, including cash and cash equivalents, and borrowing capacity under credit facilities.