Delivered First Full Year of Live Events at
the Company's Venues Since Fiscal 2019
Hosted More
than 5.5 Million Guests at Nearly 900 Live Events in Fiscal
2023
$90 Million in
MSGE Class A Shares Repurchased Since Becoming a Standalone Company
in April
2023
Company Issues Fiscal 2024 Revenue,
Operating Income and Adjusted Operating Income Guidance
NEW
YORK, Aug. 18, 2023 /PRNewswire/ -- Madison
Square Garden Entertainment Corp. (NYSE: MSGE) ("MSG
Entertainment" or the "Company") today reported financial results
for the fiscal fourth quarter and full-year ended June 30,
2023.
Fiscal 2023 marked the first full year of live events at the
Company's portfolio of venues since the onset of the COVID-19
pandemic. The Company hosted more than 5.5 million guests at nearly
900 events across its venues during the fiscal year. In addition,
the Christmas Spectacular returned for 181 shows in its
first full holiday season run in three years, generating record
revenues for the production. In addition, suites and sponsorship
revenues both exceeded pre-pandemic levels for fiscal 2023,
reflecting robust corporate demand for the company's live
entertainment assets and brands.
The Company's fiscal 2023 and 2022 results for all periods
through the date of the spin-off (April 20,
2023) from Sphere Entertainment Co. ("Sphere Entertainment")
are presented in accordance with generally accepted accounting
principles ("GAAP") for the preparation of carve-out financial
statements. These results (through April 20,
2023) do not include all of the expenses that would have
been incurred by MSG Entertainment had it been a standalone company
for the periods presented.
For fiscal 2023, the Company reported revenues of $851.5 million, an increase of $198.0 million, or 30%, as compared to the prior
year. In addition, the Company reported operating income of
$105.0 million, an increase of
$110.7 million, and adjusted
operating income of $175.0 million,
an increase of $95.9 million, both as
compared to the prior year.(1)
Executive Chairman and CEO James L.
Dolan said, "Throughout fiscal 2023, we saw robust demand
for our portfolio of live entertainment offerings. Looking ahead,
we see this momentum carrying into fiscal 2024 and believe we are
well positioned to generate ongoing growth and value creation for
shareholders."
Results for the Three and Twelve Months Ended June 30, 2023 and 2022:
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
June
30,
|
|
Change
|
|
June
30,
|
|
Change
|
$ millions
|
|
2023
|
|
2022
|
|
$
|
|
%
|
|
2023
|
|
2022
|
|
$
|
|
%
|
Revenues
|
|
$
147.9
|
|
$
178.3
|
|
$
(30.4)
|
|
(17) %
|
|
$
851.5
|
|
$
653.5
|
|
$
198.0
|
|
30 %
|
Operating Income
(Loss)
|
|
$
(21.8)
|
|
$
(5.5)
|
|
$
(16.3)
|
|
NM
|
|
$
105.0
|
|
$
(5.6)
|
|
$
110.7
|
|
NM
|
Adjusted Operating
Income (Loss)
|
|
$
(0.8)
|
|
$
19.0
|
|
$
(19.8)
|
|
NM
|
|
$
175.0
|
|
$
79.1
|
|
$ 95.9
|
|
121 %
|
Note: Amounts may not
foot due to rounding. NM — Absolute percentages greater than 200%
and comparisons from positive to negative values or to zero values
are considered not meaningful.
|
(1)
|
See page 4 of this
earnings release for the definition of adjusted operating income
(loss) included in the discussion of non-GAAP financial
measures.
|
Summary of Reported Results of Operations for the Fiscal 2023
Fourth Quarter
For the fiscal 2023 fourth quarter, the Company reported
revenues of $147.9 million, a
decrease of $30.4 million, or 17%, as
compared to the prior year quarter.
In December 2022, the Company sold
its controlling interest in Boston Calling Events LLC.
Results for the fiscal 2023 fourth quarter reflect the absence of
$18.4 million of revenues related to
the Boston Calling Music Festival recorded in the prior year
quarter.
Revenues related to the Company's arena license agreements with
the New York Knicks ("Knicks") and New York Rangers ("Rangers")
decreased $15.5 million, primarily
due the timing of the NHL 2021-22 regular season in the prior year,
which resulted in the teams playing a combined eight fewer regular
season games at the Madison Square Garden Arena ("The Garden") in
the fiscal 2023 fourth quarter and, to a lesser extent, the impact
of two fewer playoff games played at The Garden as compared to the
prior year quarter. The $15.5 million
decline in revenues consisted of a $10.0
million decrease in revenues subject to the sharing of
economics with Madison Square Garden Sports Corp. ("MSG Sports"),
primarily reflecting lower Knicks and Rangers food, beverage and
merchandise sales and suite license fee revenues, and a
$5.5 million decrease in arena
license fee revenues.
Advertising sales commissions decreased $3.9 million in the fiscal 2023 fourth quarter
due to the termination of the Company's advertising sales
representation agreement with MSG Networks which was effective
December 31, 2022.
The overall decrease in revenues was partially offset by an
increase in event-related revenues of $8.1
million. The increase was primarily due to a higher number
of events held at the Company's venues, as compared to the prior
year quarter.
Fiscal 2023 fourth quarter direct operating expenses of
$102.5 million decreased $22.6 million, or 18%, as compared to the prior
year quarter. The decrease primarily reflects the absence of
$19.4 million in expenses recorded in
the prior year quarter related to the Boston Calling Music Festival
and lower expenses of $6.2 million
associated with the sharing of economics with MSG Sports pursuant
to the arena license agreements, partially offset by higher
event-related expenses of $4.8
million.
Fiscal 2023 fourth quarter selling, general and administrative
expenses of $52.7 million increased
$14.3 million, or 37%, as compared
with the prior year quarter. Results for the entire fiscal 2022
fourth quarter reflect the allocation of corporate and
administrative costs based on the accounting requirements for the
preparation of carve-out financial statements. These results do not
include all of the expenses that would have been incurred by MSG
Entertainment had it been a standalone company for the fiscal 2022
fourth quarter. The fiscal 2023 fourth quarter reflects the
impact of carve-out accounting for the first 20 days of the quarter
through the April 20, 2023 spin-off
date and, thereafter, reflects the results of the Company on a
fully standalone basis. This was the primary driver of the overall
increase in selling, general and administrative expenses, partially
offset by the impact of the Company's post-spin-off transition
services agreement with Sphere Entertainment.
Fiscal 2023 fourth quarter operating loss increased by
$16.3 million to a loss of
$21.8 million, and adjusted operating
income decreased by $19.8 million to
a loss of $0.8 million, both as
compared to the prior year quarter. The decreases in operating
income and adjusted operating income were primarily due to the
decrease in revenues and higher selling, general and administrative
expenses, partially offset by lower direct operating expenses.
Financial Guidance
For fiscal year 2024, the Company currently expects the
following:
- Revenues of $900 million to
$930 million.
- Operating income of $100 million
to $110 million.
- Adjusted operating income of $160
million to $170
million(2).
Other Matters
Since becoming a standalone company in April 2023, the Company has repurchased
$90 million of MSGE Class A common
stock from Sphere Entertainment Co., the Company's parent company
prior to the spin-off, reducing Class A shares outstanding by
approximately 6%. This includes (i) repurchasing $25 million, or 840,053 shares, of its Class A
common stock at a price of $29.76 per
share during the fiscal fourth quarter and (ii) following the end
of the quarter, accepting the repayment of the $65 million delayed draw term loan facility,
including accrued fees and interest, from Sphere Entertainment Co.
with 1,922,750 shares of MSGE Class A common stock.
For fiscal 2024, the Company remains focused on its capital
allocation priorities of debt paydown and opportunistically
returning capital to shareholders.
An updated version of the MSG Entertainment investor
presentation is now available at investor.msgentertainment.com.
(2)
|
See appendix for a
reconciliation of operating income to adjusted operating income for
fiscal 2024 financial guidance.
|
About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is
a leader in live entertainment, delivering unforgettable
experiences while forging deep connections with diverse and
passionate audiences. The Company's portfolio includes a collection
of world-renowned venues – New
York's Madison Square Garden, The Theater at Madison Square
Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago
Theatre – that showcase a broad array of sporting events, concerts,
family shows, and special events for millions of guests annually.
In addition, the Company features the original production, the
Christmas Spectacular Starring the Radio City Rockettes,
which has been a holiday tradition for 89 years. More information
is available at www.msgentertainment.com.
Non-GAAP Financial Measures
We define adjusted operating income (loss), which is a
non-GAAP financial measure, as operating income (loss) excluding
(i) the impact of non-cash straight-line leasing revenue associated
with the arena license agreements with MSG Sports, (ii)
depreciation, amortization and impairments of property and
equipment, goodwill and other intangible assets, (iii) share-based
compensation expense or benefit, (iv) restructuring charges or
credits, (v) merger and acquisition-related costs, including
litigation expenses, (vi) gains or losses on sales or dispositions
of businesses and associated settlements, (vii) the impact of
purchase accounting adjustments related to business acquisitions,
(viii) gains and losses related to the remeasurement of liabilities
under the executive deferred compensation plan, and (ix)
amortization for capitalized cloud computing arrangement costs. We
believe that given the length of the arena license agreements and
resulting magnitude of the difference in leasing revenue recognized
and cash revenue received, the exclusion of non-cash leasing
revenue provides investors with a clearer picture of the Company's
operating performance. We believe that this adjustment is
beneficial for other incremental reasons as well. This adjustment
provides senior management, investors and analysts with important
information regarding a long-term related party agreement with MSG
Sports. In addition, this adjustment is included under the
Company's debt covenant compliance calculations and is a component
of the performance measures used to evaluate, and compensate,
senior management of the Company. We believe that the exclusion of
share-based compensation expense or benefit allows investors to
better track the performance of the various operating units of our
business without regard to the settlement of an obligation that is
not expected to be made in cash. We eliminate merger and
acquisition-related costs, when applicable, because the Company
does not consider such costs to be indicative of the ongoing
operating performance of the Company as they result from an event
that is of a non-recurring nature, thereby enhancing comparability.
In addition, management believes that the exclusion of gains and
losses related to the remeasurement of liabilities under the
executive deferred compensation plan, provides investors with a
clearer picture of the Company's operating performance given that,
in accordance with U.S. generally accepted accounting principles,
gains and losses related to the remeasurement of liabilities under
the executive deferred compensation plan are recognized in
Operating (income) loss whereas gains and losses related to the
remeasurement of the assets under the executive deferred
compensation plan, which are equal to and therefore fully offset
the gains and losses related to the remeasurement of liabilities,
are recognized in Other income (expense), net, which is not
reflected in Operating income (loss).
We believe adjusted operating income (loss) is an appropriate
measure for evaluating the operating performance of the Company on
a consolidated and combined basis. Adjusted operating income (loss)
and similar measures with similar titles are common performance
measures used by investors and analysts to analyze our performance.
Internally, we use revenues and adjusted operating income (loss) as
the most important indicators of our business performance, and
evaluate management's effectiveness with specific reference to
these indicators. Adjusted operating income (loss) should be viewed
as a supplement to and not a substitute for operating income
(loss), net income (loss), cash flows from operating activities,
and other measures of performance and/or liquidity presented in
accordance with GAAP. Since adjusted operating income (loss) is not
a measure of performance calculated in accordance with GAAP, this
measure may not be comparable to similar measures with similar
titles used by other companies. For a reconciliation of operating
income (loss) to adjusted operating income (loss), please see page
6 of this release.
Forward-Looking Statements
This press release may contain statements that constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Investors are cautioned
that any such forward-looking statements are not guarantees of
future performance or results and involve risks and uncertainties,
and that actual results, developments or events may differ
materially from those in the forward-looking statements as a result
of various factors, including financial community perceptions of
the Company and its business, operations, financial condition and
the industries in which it operates and the factors described in
the Company's filings with the Securities and Exchange Commission,
including the sections titled "Risk Factors" and "Management's
Discussion and Analysis of Financial Condition and Results of
Operations" contained therein. The Company disclaims any obligation
to update any forward-looking statements contained herein.
# # #
Contacts:
Ari Danes,
CFA
Senior Vice President,
Investor Relations, Financial Communications &
Treasury
Madison Square Garden
Entertainment Corp.
(212)
465-6072
|
Justin
Blaber
Vice President,
Financial Communications
Madison Square Garden
Entertainment Corp.
(212)
465-6109
|
Grace
Kaminer
Vice President,
Investor Relations & Treasury
Madison Square Garden
Entertainment Corp.
(212)
631-5076
|
Conference Call Information:
The conference call
will be Webcast live today at 10:00 a.m.
ET at investor.msgentertainment.com
Conference
call dial-in number is 888-660-6386 / Conference ID Number
8020251
Conference call replay number is 800-770-2030 /
Conference ID Number 8020251 until August
25, 2023
MADISON SQUARE
GARDEN ENTERTAINMENT CORP.
|
CONDENSED
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
|
Three Months
Ended
June
30,
|
|
Twelve Months
Ended
June
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenues
|
|
$
147,935
|
|
$
178,340
|
|
$
851,496
|
|
$
653,490
|
Direct operating
expenses
|
|
(102,531)
|
|
(125,103)
|
|
(499,929)
|
|
(417,301)
|
Selling, general and
administrative expenses
|
|
(52,679)
|
|
(38,407)
|
|
(180,216)
|
|
(167,132)
|
Depreciation and
amortization
|
|
(14,094)
|
|
(20,368)
|
|
(60,463)
|
|
(69,534)
|
Gains, net on
dispositions
|
|
—
|
|
—
|
|
4,361
|
|
—
|
Restructuring
charges
|
|
(421)
|
|
—
|
|
(10,241)
|
|
(5,171)
|
Operating income
(loss)
|
|
(21,790)
|
|
(5,538)
|
|
105,008
|
|
(5,648)
|
Interest
income
|
|
1,440
|
|
2,005
|
|
7,244
|
|
7,150
|
Interest
expense
|
|
(13,814)
|
|
(13,306)
|
|
(51,869)
|
|
(53,110)
|
Loss on extinguishment
of debt
|
|
—
|
|
(35,629)
|
|
—
|
|
(35,629)
|
Other income
(expense), net
|
|
10,605
|
|
(21,291)
|
|
17,389
|
|
(49,033)
|
Income (loss) from
operations before income taxes
|
|
(23,559)
|
|
(73,759)
|
|
77,772
|
|
(136,270)
|
Income tax (expense)
benefit
|
|
(924)
|
|
70
|
|
(1,728)
|
|
70
|
Net income
(loss)
|
|
(24,483)
|
|
(73,689)
|
|
76,044
|
|
(136,200)
|
Less: Net loss
attributable to nonredeemable noncontrolling
interest
|
|
—
|
|
(2,285)
|
|
(553)
|
|
(2,864)
|
Net income (loss)
attributable to MSG Entertainment's
stockholders
|
|
$
(24,483)
|
|
$
(71,404)
|
|
$
76,597
|
|
$ (133,336)
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share attributable to MSG
Entertainment's stockholders:
|
|
|
|
|
|
|
|
|
Basic
|
|
$
(0.47)
|
|
$
(1.38)
|
|
$
1.48
|
|
$
(2.58)
|
Diluted
|
|
$
(0.47)
|
|
$
(1.38)
|
|
$
1.47
|
|
$
(2.58)
|
|
|
|
|
|
|
|
|
|
Weighted-average
number of shares of common stock:
|
|
|
|
|
|
|
|
|
Basic
|
|
51,819
|
|
51,768
|
|
51,819
|
|
51,768
|
Diluted
|
|
51,819
|
|
51,768
|
|
52,278
|
|
51,768
|
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS)
TO
ADJUSTED OPERATING INCOME (LOSS)
(in
thousands)
(Unaudited)
The following is a description of the adjustments to operating
income (loss) in arriving at adjusted operating income as described
in this earnings release:
- Non-cash portion of arena license fees from MSG Sports. This
adjustment removes the impact of non-cash straight-line leasing
revenue associated with the arena license agreements with MSG
Sports.
- Share-based compensation. This adjustment eliminates the
compensation expense relating to restricted stock units and stock
options granted under the Company's Employee Stock Plan, Sphere
Entertainment's Employee Stock Plan, the Company's Non-Employee
Director Plan and Sphere Entertainment's Non-Employee Director Plan
in all periods.
- Depreciation and amortization. This adjustment eliminates
depreciation and amortization of property and equipment and
intangible assets in all periods.
- Restructuring charges. This adjustment eliminates costs related
to termination benefits provided to employees as part of the
Company's full-time workforce reductions.
- Gains (loss), net on dispositions. This adjustment eliminates
non-cash impairment charges and the impact of gains or losses from
the disposition of assets or businesses in all periods.
- Amortization for capitalized cloud computing arrangement costs.
This adjustment eliminates amortization of capitalized cloud
computing arrangement costs.
- Remeasurement of deferred compensation plan liabilities. This
adjustment eliminates the impact of gains and losses related to the
remeasurement of liabilities under the executive deferred
compensation plan.
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
June
30,
|
|
June
30,
|
$ thousands
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating income
(loss)
|
|
$
(21,790)
|
|
$
(5,538)
|
|
$ 105,008
|
|
$
(5,648)
|
Non-cash portion of
arena license fees from MSG Sports(1)
|
|
(1,467)
|
|
(3,792)
|
|
(26,545)
|
|
(27,754)
|
Share-based
compensation
|
|
7,541
|
|
7,878
|
|
29,521
|
|
37,746
|
Depreciation and
amortization
|
|
14,094
|
|
20,368
|
|
60,463
|
|
69,534
|
Restructuring
charges
|
|
421
|
|
—
|
|
10,241
|
|
5,171
|
Gains, net on
dispositions
|
|
—
|
|
—
|
|
(4,361)
|
|
—
|
Amortization for
capitalized cloud computing arrangement costs
|
|
431
|
|
27
|
|
600
|
|
39
|
Remeasurement of
deferred compensation plan liabilities
|
|
(11)
|
|
46
|
|
121
|
|
46
|
Adjusted operating
income (loss)
|
|
$
(781)
|
|
$
18,989
|
|
$ 175,048
|
|
$
79,134
|
_________________
|
(1)
|
This adjustment
represents the non-cash portion of operating lease revenue related
to the Company's Arena License Agreements with MSG Sports. Pursuant
to GAAP, recognition of operating lease revenue is recorded on a
straight-line basis over the term of the agreement based upon the
value of total future payments under the arrangement. As a result,
operating lease revenue is comprised of a contractual cash
component plus or minus a non-cash component for each period
presented. Operating income on a GAAP basis includes lease income
of (i) $2,290 and $41,524 of revenue collected in cash for the
three and twelve months ended June 30, 2023, respectively, and
$5,483 and $40,319 of revenue collected in cash for the three and
twelve months ended June 30, 2022, respectively, and (ii) a
non-cash portion of $1,467 and $26,545 for the three and twelve
months ended June 30, 2023, respectively, and $3,792 and $27,754
for the three and twelve months ended June 30, 2022,
respectively.
|
MADISON SQUARE
GARDEN ENTERTAINMENT CORP.
|
CONDENSED
CONSOLIDATED AND COMBINED BALANCE SHEETS
|
(in
thousands)
|
|
|
|
|
|
|
|
June
30,
|
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
|
Current
Assets:
|
|
|
|
|
Cash and cash
equivalents and restricted cash
|
|
$
84,355
|
|
$
62,573
|
Accounts receivable,
net
|
|
63,898
|
|
102,501
|
Related party
receivables, current
|
|
69,466
|
|
96,938
|
Prepaid expenses and
other current assets
|
|
77,562
|
|
79,441
|
Total current
assets
|
|
295,281
|
|
341,453
|
Non-Current
Assets:
|
|
|
|
|
Property and equipment,
net
|
|
628,888
|
|
696,079
|
Right-of-use lease
assets
|
|
235,790
|
|
271,154
|
Goodwill
|
|
69,041
|
|
69,041
|
Intangible assets,
net
|
|
63,801
|
|
65,439
|
Other non-current
assets
|
|
108,356
|
|
83,535
|
Total
assets
|
|
$
1,401,157
|
|
$
1,526,701
|
LIABILITIES AND
DEFICIT
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
Accounts payable,
accrued and other current liabilities
|
|
$
214,725
|
|
$
221,961
|
Related party
payables, current
|
|
47,281
|
|
72,683
|
Long-term debt,
current
|
|
16,250
|
|
8,762
|
Operating lease
liabilities, current
|
|
36,529
|
|
39,006
|
Deferred
revenue
|
|
225,855
|
|
202,678
|
Total current
liabilities
|
|
540,640
|
|
545,090
|
Non-Current
Liabilities:
|
|
|
|
|
Long-term debt, net of
deferred financing costs
|
|
630,184
|
|
654,912
|
Operating lease
liabilities, non-current
|
|
219,955
|
|
254,114
|
Deferred tax
liabilities, net
|
|
23,518
|
|
23,253
|
Other non-current
liabilities
|
|
56,332
|
|
50,921
|
Total
liabilities
|
|
1,470,629
|
|
1,528,290
|
Commitments and
contingencies
|
|
|
|
|
Deficit:
|
|
|
|
|
Class A Common Stock
(a)
|
|
450
|
|
—
|
Class B Common Stock
(b)
|
|
69
|
|
—
|
Additional paid-in
capital
|
|
17,727
|
|
—
|
Treasury stock at cost
(840 shares as of June 30, 2023)
|
|
(25,000)
|
|
—
|
Sphere Entertainment
Co. investment
|
|
—
|
|
33,265
|
Accumulated
deficit
|
|
(28,697)
|
|
—
|
Accumulated other
comprehensive loss
|
|
(34,021)
|
|
(34,740)
|
Total MSG
Entertainment stockholders' deficit
|
|
(69,472)
|
|
(1,475)
|
Nonredeemable
noncontrolling interests
|
|
—
|
|
(114)
|
Total
deficit
|
|
(69,472)
|
|
(1,589)
|
Total liabilities and
deficit
|
|
$
1,401,157
|
|
$
1,526,701
|
_________________
|
(a) Class A Common Stock, $0.01 par
value per share, 120,000 shares authorized; 45,024 shares
outstanding as of June 30, 2023.
|
(b) Class B Common Stock, $0.01 par
value per share, 30,000 shares authorized; 6,867 shares outstanding
as of June 30, 2023.
|
MADISON SQUARE
GARDEN ENTERTAINMENT CORP.
|
SELECTED CASH FLOW
INFORMATION
|
(in
thousands)
|
(Unaudited)
|
|
|
|
Twelve Months
Ended
|
|
|
June
30,
|
|
|
2023
|
|
2022
|
Net cash provided by
operating activities
|
|
$
135,694
|
|
$
95,351
|
Net cash provided by
investing activities
|
|
30,305
|
|
45,440
|
Net cash used in
financing activities
|
|
(144,217)
|
|
(396,287)
|
Net increase (decrease)
in cash, cash equivalents and restricted cash
|
|
21,782
|
|
(255,496)
|
Cash, cash equivalents
and restricted cash, beginning of period
|
|
62,573
|
|
318,069
|
Cash, cash equivalents
and restricted cash, end of period
|
|
$
84,355
|
|
$
62,573
|
MADISON SQUARE
GARDEN ENTERTAINMENT CORP.
|
|
APPENDIX
|
FISCAL 2024
FINANCIAL GUIDANCE
|
ADJUSTMENTS TO
RECONCILE OPERATING INCOME TO
|
ADJUSTED OPERATING
INCOME
|
(in
millions)
|
|
|
|
Fiscal Year
2024
|
Operating
income
|
|
$100 - $110
|
Non-cash portion of
arena license fees from MSG Sports
|
|
(25)
|
Depreciation and
amortization
|
|
55
|
Share-based
compensation
|
|
30
|
Gains, net on
dispositions
|
|
—
|
Amortization for
capitalized cloud computing costs
|
|
—
|
Adjusted operating
income
|
|
$160 - $170
|
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SOURCE Madison Square Garden Entertainment Corp.