FY2022 Second Quarter Revenues of $289.6 Million, Operating Income of $35.9 Million and AOI of $55.7 Million(1)
FY2022 Second Quarter Regular Season Per-Game Revenues Above Pre-Pandemic Levels(2)
NEW YORK, N.Y., February 3, 2022 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal second quarter ended December 31, 2021.
The New York Knicks (“Knicks”) and New York Rangers (“Rangers”) began their 2021-22 regular seasons in October, which include full season schedules and no capacity restrictions at the Madison Square Garden Arena (“The Garden”). The Company is seeing positive results across its key revenue lines driven by robust consumer and corporate demand. For the fiscal 2022 second quarter, regular season average per-game ticket revenue was in line with pro-forma results for the fiscal 2020 second quarter, the most recent pre-pandemic period.(2) In addition, regular season average per-game suite and sponsorship revenues as well as food, beverage and merchandise per-caps exceeded results for that same pre-pandemic period. Local and national media rights fees were also higher, reflecting contractual rate increases and the impact of the NHL’s new U.S. media rights agreements.
As a result of this positive momentum, the Company generated revenues of $289.6 million, operating income of $35.9 million and adjusted operating income of $55.7 million for the fiscal 2022 second quarter.(1) The comparability of fiscal 2022 and 2021 second quarter results is impacted by the COVID-19 pandemic, which, in the prior year period, caused the delayed starts to the 2020-21 NBA and NHL seasons. During the second quarter of fiscal 2022, the Knicks and Rangers played a combined 35 pre/regular season home games with no capacity restrictions, as compared with four Knicks home games without fans in attendance and no Rangers home games in the prior year period. As a result, the Company’s financial performance in the fiscal 2022 second quarter reflects significant improvements compared to the fiscal 2021 second quarter in which the Company generated $28.8 million in revenues, an operating loss of $38.4 million and an adjusted operating loss of $19.0 million.
Madison Square Garden Sports Corp. President and CEO Andrew Lustgarten said, “We are pleased with how quickly our business has returned to pre-pandemic levels, with our second quarter results reflecting robust ongoing demand for the Knicks and Rangers. We will look to build on this momentum through the rest of the fiscal year and remain confident in the value of owning iconic professional sports franchises.”