26 slides from Madison Square Garden Entertainment's earnings presentation, May 6, 2025
Slide 1: Madison Square Garden Entertainment May 2025
ous MADISON - © SQUARE y GARDEN 7 || aeeaecasaeer= eames MAY 2025
Slide 2: Forward Looking Statements and Market Data
FORWARD LOOKING STATEMENTS AND MARKET DATA Madison Square Garden Entertainment Corp. (the "Company“ or “MSG Entertainment”) has filed with the Securities and Exchange Commission an Annual Report on Form 10-K for the year ended June 30, 2024 (the “Annual Report”) and Quarterly Reports on Form 10 -Q f
Slide 3: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES We define AOI, which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other long-lived assets, including right of use assets and related lease costs, (ii) share-bas
Slide 4: Legendary Brands, Iconic Venues, Compelling Opportunities
LEGENDARY ICONIC COMPELLING BRANDS VENUES OPPORTUNITIES 4
Slide 5: Overview of MSG Entertainment Spin-Off
OVERVIEW OF MSG ENTERTAINMENT SPIN-OFF ◼ On April 20, 2023, MSG Entertainment (NYSE: MSGE) was spun-off by Sphere Entertainment Co. ◼ ~67% of shares were distributed to shareholders, while 33% were retained by Sphere Entertainment Co. ◼ As of September 22, 2023, Sphere Entertainment Co. no longer ow
Slide 6: Key Investment Highlights
KEY INVESTMENT HIGHLIGHTS ENDURING PROFITABLE WORLD-CLASS POPULARITY OF BUSINESS ENTERTAINMENT CHRISTMAS POISED FOR VENUES SPECTACULAR GROWTH LEADING PRESENCE POTENTIAL FOR IN ONGOING NEW YORK MARKET RETURN OF CAPITAL 6
Slide 7: Our Portfolio
OUR PORTFOLIO 7
Slide 8: 960+ Live Events, 5 Iconic Venues, ~6.3 Million Guests
5 ICONIC VENUES 960+ LIVE EVENTS ACROSS NEW YORK AND CHICAGO IN FISCAL 2024 ~6.3 MILLION GUESTS IN FISCAL 2024 35 YEAR DEALS 90+ YEARS TO HOST HOME GAMES FOR OF THE CHRISTMAS SPECTACULAR NEW YORK KNICKS & RANGERS STARRING THE RADIO CITY ROCKETTES 8
Slide 9: Madison Square Garden
MADISON SQUARE GARDEN “The World’s Most Famous Arena” #2 grossing venue of its size in the world 1 ~21,000 seat maximum capacity 1 BI L L BOAR D M AGAZ I N E AS OF Y E AR E N D 2 0 2 4 9
Slide 10: Radio City Music Hall and The Theater at Madison Square Garden
RADIO CITY MUSIC HALL THE THEATER #1 grossing venue of its size in the world 1 AT MADISON SQUARE GARDEN New York City and national landmark Versatile venue in central New York City location ~6,000 seat maximum capacity ~5,600 seat maximum capacity 1 BI L L BOAR D M AGAZ I N E AS OF Y E AR E N D 2 0
Slide 11: Beacon Theatre and The Chicago Theatre
BEACON THEATRE THE CHICAGO THEATRE #2 grossing venue of its size in the world 1 #4 grossing venue of its size in the world 1 Iconic rock and roll landmark venue Chicago landmark ~2,800 seat maximum capacity ~3,600 seat maximum capacity 1 BI L L BOAR D M AGAZ I N E AS OF Y E AR E N D 2 0 2 4 11
Slide 12: Christmas Spectacular Starring the Radio City Rockettes
CHRISTMAS SPECTACULAR STARRING THE RADIO CITY ROCKETTES Own the Radio City Rockettes and Christmas Spectacular brands Over 90 years as New York’s cherished holiday tradition 12
Slide 13: Valuable Real Estate Holdings: Our Venues
VALUABLE REAL ESTATE HOLDINGS OUR VENUES VENUE MARKET SIZE OWNED NEW YORK CITY ~1.1M SQ. FT. BUILDING NEW YORK CITY PART OF THE GARDEN CHICAGO ~73K SQ. FT. BUILDING VENUE MARKET SIZE EXPIRATION LEASED NEW YORK CITY ~577K SQ. FT. BUILDING 2038 1 NEW YORK CITY ~57K SQ. FT. BUILDING 2036 2 1 R AD I O C
Slide 14: Our Business
OUR BUSINESS 14
Slide 15: Leading Presence in New York City Metro Area
LEADING PRESENCE IN NEW YORK CITY METRO AREA THE ENTERTAINMENT CAPITAL OF THE WORLD 23 MILLION+ 64 MILLION+ POPULATION 1 ANNUAL TOURISTS 2 HOME TO GREATEST # RANKED #1 OF 210 OF FORTUNE 500 COMPANIES 3 DESIGNATED MARKET AREAS4 #1 CONCERT MARKET IN THE U.S.5 1 N E W- Y ORK -NEWAR K ( U NI TE D ST AT
Slide 16: Established Leader in Live Entertainment
ESTABLISHED LEADER IN LIVE ENTERTAINMENT UNIQUE APPROACH DRIVES BOOKING SUCCESS OPPORTUNITIES UNMATCHED EXPERIENCES • Grow per-event revenue and • World-class facilities and operations profitability • Leveraging innovative technology • Drive repeat visitation to increase sell-through ARTIST-FIRST AP
Slide 17: The Enduring Popularity of the Christmas Spectacular
THE ENDURING POPULARITY OF THE CHRISTMAS SPECTACULAR OVER 90 YEARS AS NEW YORK’S CHERISHED HOLIDAY TRADITION PAID ATTENDANCE TOTAL REVENUE IN MILLIONS $ IN MILLIONS 1.1 1.1 1.1 1.1 1.0 1.1 $172 1.0 1.0 1.0 1.0 1.0 1.0 1.0 0.9 $149 $128 $130 $132 $114 $109 $101 $102 $95 $93 $90 $84 $82 0.4 $56 FY10 F
Slide 18: Valuable Long-Term Arena License Agreements with MSG Sports
VALUABLE LONG-TERM ARENA LICENSE AGREEMENTS WITH MSG SPORTS MADISON SQUARE GARDEN SERVES AS HOME TO MARQUEE SPORTS FRANCHISES ARENA LICENSE FEE CASH PAYMENTS $ IN MILLIONS Knicks Rangers ORIGINAL NBA “ORIGINAL SIX" $107 TEAM NHL TEAM $80 $46 35 YEAR DEALS STARTING IN FY2021 $59 $34 88 PRE / REGULAR
Slide 19: Strong Marketing Partnership Track Record
STRONG MARKETING PARTNERSHIP TRACK RECORD SPONSORSHIP RELATIONSHIPS DELIVER COMPELLING VALUE INNOVATIVE MARKETING PARTNERSHIP OFFERINGS • Sought-after entertainment brands • Significant exposure in NYC • Cross-selling opportunities with MSG Sports VALUABLE MULTI-YEAR PARTNERSHIPS • Signature and Mar
Slide 20: Exceptional Hospitality Offerings
EXCEPTIONAL HOSPITALITY OFFERINGS DELIVERING FIRST-CLASS EXPERIENCES WIDE ARRAY OF PREMIUM PRODUCTS 23 58 • Over 100 premium hospitality offerings EVENT LEVEL LEXUS LEVEL SUITES1 SUITES • Range of exclusive private spaces, first-class amenities and premier seating locations PRIME POSITIONING IN NEW
Slide 21: Financial Overview
FINANCIAL OVERVIEW en —
Slide 22: Fiscal 2024 Reported Financial Results
FISCAL 2024 REPORTED FINANCIAL RESULTS DIVERSIFIED REVENUE BASE SPONSORSHIP, FISCAL 2024 REVENUE SIGNAGE, & SUITES $959.3 MILLION 26% +13% GROWTH Y/Y FISCAL 2024 OPERATING INCOME2 REVENUE FOOD, BEVERAGE TICKETING & & MERCHANDISE $111.9 MILLION VENUE LICENSE $959.3M FEES 17% 48% OTHER ADJUSTED OPERAT
Slide 23: Balance Sheet Snapshot
BALANCE SHEET SNAPSHOT POTENTIAL FOR ONGOING RETURN OF CAPITAL CAPITAL ALLOCATION PRIORITIES 3/31/25 • Focus on debt paydown and opportunistic return of capital to shareholders TOTAL DEBT OUTSTANDING $613M • $180M Class A Shares repurchased since April 2023 1 UNRESTRICTED CASH • $70M remaining under
Slide 24: Appendix
APPENDIX 24
Slide 25: FY2024 Reconciliation of Operating Income to Adjusted Operating Income
APPENDIX FY2024 RECONCILIATION OF OPERATING INCOME TO ADJUSTED OPERATING INCOME FY2024 OPERATING INCOME (U.S.GAAP) $111.9M Depreciation and Amortization $53.9M Share-based compensation $24.5M Restructuring charges $17.6M Merger, spin-off and acquisition-related costs 1 $2.0M Other 2 $1.5M FY2024 ADJ
Slide 26: Madison Square Garden Entertainment
e/ | MADISON SQUARE GARDEN ENTERTAINMENT