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Jun 30, 2024
Sphere Entertainment Co Q4 2024 Earnings Report
Sphere Entertainment Co reported Q4 results with $273.4M revenue, a net loss of $46.6M, and an operating loss of $71.4M.
Key Takeaways
Q4 revenue more than doubled year over year to $273.4M as Sphere Las Vegas drove results, but the company posted a GAAP net loss of $46.6M and operating loss of $71.4M. Adjusted operating income was $25.7M, reflecting higher revenues offset by elevated operating costs and depreciation.
Total Q4 revenue was $273.4M, up from $129.1M a year ago.
GAAP diluted EPS was -$1.31 for the quarter.
Adjusted operating income was $25.7M vs. a loss of $59.8M last year.
Sphere segment revenue reached $151.2M, including $74.5M from The Sphere Experience and $58.4M in event-related revenues.
Revenue by Segment
Forward Guidance
Management highlighted continued programming at Sphere and upcoming events while noting MSG Networks is pursuing a refinancing through a work-out with its lenders; no quantitative guidance was issued.
Positive Outlook
- Robust event pipeline at Sphere (Eagles residency, Afterlife/Anyma shows).
- Strong traction of The Sphere Experience with >$1M average daily ticket sales on operating days in Q4.
- Corporate and marquee events (HPE keynote, NHL Draft) broaden venue use cases.
- First live sports event at Sphere (UFC 306) slated for September, expanding formats.
- Q4 adjusted operating income turned positive year over year.
Challenges Ahead
- No formal quantitative outlook provided.
- MSG Networks subscriber declines pressured distribution revenue in Q4.
- Sphere segment still posted a GAAP operating loss in Q4 due to high costs and depreciation.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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