FY2022 Third Quarter Revenues of $337.8 Million, Operating Income of $61.4 Million and AOI of $81.5 Million(1)
Strong FY2022 Third Quarter Results Driven by Revenues Well Above Pre-Pandemic Levels(2)
NEW YORK, N.Y., May 5, 2022 – Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal third quarter ended March 31, 2022.
During the quarter, the Company continued to benefit from robust consumer and corporate demand at New York Knicks (“Knicks”) and New York Rangers (“Rangers”) regular season games at the Madison Square Garden Arena (“The Garden”), which is reflected in strong results across all key revenue lines. Fiscal 2022 third quarter average per-game revenues across tickets, suites and sponsorship, as well as food, beverage and merchandise per-caps, all exceeded results for the fiscal 2020 third quarter, prior to the suspensions of the 2019-20 NBA and NHL seasons. Fiscal 2022 third quarter total revenues also exceeded results for the fiscal 2019 third quarter, which was the last full third quarter prior to the pandemic.(2) Subsequent to the end of the fiscal 2022 third quarter, both teams concluded their regular seasons, with the Rangers currently competing in the first round of the NHL playoffs.
As a result of this positive momentum, the Company generated revenues of $337.8 million, operating income of $61.4 million and adjusted operating income of $81.5 million for the fiscal 2022 third quarter.(1) The Company’s financial performance in the fiscal 2022 third quarter reflects significant improvement compared to the COVID-impacted fiscal 2021 third quarter in which the Company generated $183.0 million in revenues, operating income of $8.1 million and adjusted operating income of $30.0 million.
Madison Square Garden Sports Corp. President and CEO Andrew Lustgarten said, “We are proud of how we have navigated the last two years. Our business has demonstrated its resiliency and is now benefiting from robust corporate and consumer demand, which drove revenues well above pre-pandemic levels this quarter. As we look towards the end of this fiscal year and beyond, we see numerous opportunities on the horizon to continue driving sustained growth for our business as well as generate long-term shareholder value.”