MSGエンターテインメント（MSGE）2026年度第4四半期決算説明会：売上高は10億ドルを突破

主要ハイライト

• MSGエンターテインメントの2026会計年度の売上高は前年比13%増の10億ドル超となり、調整後営業利益は18%増の2億6,200万ドルに増加しました。
• 第4四半期の売上高は、マディソン・スクエア・ガーデンでのコンサート開催数の増加が主因となり、前年同期比27%増の1億9,630万ドルに増加しました。調整後営業利益は、前年同期の130万ドルの赤字から1,860万ドルへと改善しました。
• 同社は2026会計年度に約960件のライブイベントを開催し、約640万人の観客を動員しました。第4四半期のコンサートの大部分は完売となりました。
• 「クリスマス・スペクタキュラー」は、215回の有料公演で120万枚以上のチケットを販売し、過去25年間で最高の動員数を記録、約1億9,500万ドルの過去最高売上高を達成しました。
• 経営陣は、イベント数の増加、イベントあたりの収益性向上、プレミアムホスピタリティおよびスポンサーシップの成長に支えられ、2027会計年度も売上高と調整後営業利益が引き続き成長すると予想しています。
• MSGエンターテインメントは2026会計年度に約2,500万ドルのクラスA自社株買いを実施し、6月末時点の使途制限のない現金残高は2億9,400万ドル、負債は約5億7,900万ドルとなりました。

主要財務データ

事業および業績の動向

第4四半期の成長を牽引したのはコンサート事業でした。MSGエンターテインメントは、NBAプレーオフの期間中に会場の稼働率を高めることで、マディソン・スクエア・ガーデンでのコンサート開催数を前年同期の2倍以上に増やしました。劇場公演の減少が一部相殺要因となったものの、コンサート数の増加により飲食やグッズの売上高も押し上げられました。

ニックスのNBA優勝争いは、同社とMSGスポーツとの協定に基づくレベニューシェア収入を後押ししました。MSGエンターテインメントは前年同期と同数となる9回のニックスのプレーオフ試合を主催しましたが、これに関連する第4四半期の売上高は740万ドル増加しました。同社は飲食の利益配分、チームグッズの販売、単日スイートルーム貸出のコミッション収入を得ています。

「クリスマス・スペクタキュラー」は2026会計年度に120万枚以上のチケットを販売しました。2026年のホリデーシーズンに向けて、同社は販売公演数を前年の215回から230回に増やし、ロケッツの新しい演目や没入型テクノロジーの導入を計画しています。

マーケティング・パートナーシップでは、Kalshiとの新たな複数年契約や、レクサス、アンハイザー・ブッシュ、インフォシスとの契約更新が含まれます。また、MSGエンターテインメントはスイートルームの販売および契約更新が好調であったと報告しており、マディソン・スクエア・ガーデンでのスイートルームの追加改修を計画しています。

経営陣の見通し

経営陣は、2027会計年度において売上高と調整後営業利益が堅調に成長すると見込んでいます。同社は、イベントあたりの収益性を改善しつつ、コンサート、特別イベント、注目のスポーツイベント全般でイベント開催数を増加させる計画です。

電話会議の時点で、マディソン・スクエア・ガーデンは2027会計年度の予約目標の90%近くに達しており、劇場は約60%に達していました。経営陣は、8月から10月にかけて行われるハリー・スタイルズの30公演におよぶレジデンシー公演（長期連続公演）に支えられ、第1四半期のガーデンでのコンサート開催数が過去最高を記録すると予想しています。

同社は2027会計年度の予約の成長がコンサートによって牽引され、特別イベントや注目スポーツイベントも寄与すると見込んでいます。3月にはNCAA男子バスケットボールのイースト・リージョナル（東部地区大会）がガーデンに戻ってきます。また電話会議の時点で劇場の予約状況が9月期および12月期に伸び悩んでいたものの、経営陣は通期でガーデンと劇場の双方が成長すると見込んでいます。

「クリスマス・スペクタキュラー」について、経営陣は公演数の増加と平均チケット単価の向上により、チケット売上高が増加すると見込んでいます。同社は収益を最大化するため、公演ごとに価格設定とチケット在庫の管理を行う方針です。

アリーナ・ライセンス料の現金収入分は、2027会計年度に約4,700万ドルとなり、2055会計年度まで毎年3%増加する見込みです。また、経営陣は利息支払い、税金、設備投資、運転資金のタイミングによる一部相殺はあるものの、調整後営業利益の成長に支えられた大幅な実質フリー・キャッシュ・フローの創出を見込んでいます。

リスクと注目点

インフォシス・シアターの売却・譲渡提案は、依然として交渉および最終契約書の策定段階にあります。売却益の使途については決定していません。経営陣は、潜在的な税負担を最小限に抑える主な手段として、別の会場への再投資を挙げています。

同社は、インフォシス・シアターに関連するイベント、スポンサーシップ、看板・広告枠を、ニューヨークにある他の資産に振り替えられるかどうかを検討しています。財務上の影響や回収の規模は依然として不確実です。

劇場の予約ペースは、9月期および12月期において前年を下回っていました。経営陣は、劇場の一般的な予約期間は3〜6か月であるため、格差を縮める時間は残されていると述べています。

2億9,400万ドルの使途制限のない現金残高には、プロモーターへの支払未済金が多額に含まれています。予定されているイベントの開催に伴いこれが一部解消される見込みであり、運転資金の面でフリー・キャッシュ・フローの逆風になると予想されています。

アナリスト質疑応答の要点

• インフォシス・シアターの取引：経営陣はペン・トランスフォーメーション・パートナーズとの最終契約書の作成を進めています。イベントやパートナーシップ枠をニューヨークの他の会場へシフトする機会を評価しています。
• 売却益の使途可能性：配分決定はまだなされていません。バランスシートの強化、魅力的な機会に対する柔軟性の確保、機動的な株主還元が引き続き優先事項となります。
• レジデンシー戦略：経営陣は、アーティストのレジデンシー（長期連続公演）を継続的な事業活動を生み出し、予約の可視性を高める手段と捉えています。ハリー・スタイルズに加え、2027会計年度のレジデンシーには、ボン・ジョヴィ、フィッシュ、久石譲、セス・マイヤーズ＆ジョン・オリヴァー、ジェリー・サインフェルドが同社の各会場で予定されています。
• ニックス関連の収益構造：MSGエンターテインメントはチームグッズの純売上の30%を保有し、ニックスおよびレンジャーズと飲食の純利益の50%を分配するほか、単日スイートルーム販売のコミッションを獲得しています。
• ファミリー向けショー：以前のホリデーシーズンにあったシルク・ドゥ・ソレイユの公演がないため前年比較が難しくなっていますが、経営陣は他のファミリー向け演目や舞台芸術のアトラクションがほぼそれを相殺すると見込んでいます。

決算説明会（文字起こし）全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good morning. Thank you for standing by, and welcome to the Madison Square Garden Entertainment Corp. Fiscal 2026 Fourth Quarter and Year-End Earnings Conference Call. [Operator Instructions]

I would now like to turn the call over to Ari Danes, Senior Vice President, Investor Relations and Treasury. Ari, please go ahead.

Ari Danes

Thank you. Good morning, and welcome to MSG Entertainment's fiscal 2026 fourth quarter and year-end earnings conference call. On today's call, David Collins, our EVP and Chief Financial Officer, will provide an update on the company's operations and review our financial results for the period. After our prepared remarks, we'll open up the call for questions. If you do not have a copy of today's earnings release, it is available in the Investors section of our corporate website. Please take note of the following.

Today's discussion may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking statements. Please refer to the company's filings with the SEC for a discussion of risks and uncertainties. The company disclaims any obligation to update any forward-looking statements that may be discussed during this call. On Pages 4 and 5 of today's earnings release, we provide consolidated statements of operations and a reconciliation of operating income to adjusted operating income, or AOI, a non-GAAP financial measure.

With that, I'll now turn the call over to David.

David Collins

Thank you, Ari, and good morning, everyone. Fiscal 2026 was an outstanding year for our company with full year revenues of more than $1 billion and adjusted operating income of $262 million. This represented increases of 13% and 18%, respectively, driven by growth across all key areas of our business. In addition, we continue to execute on one of our core capital allocation priorities during the year, repurchasing approximately $25 million of our Class A common stock. And in June, we announced the proposed transfer of the Infosys Theater at Madison Square Garden as part of the Penn Station redevelopment project, a transaction that, if finalized, would further our goal of creating long-term shareholder value.

As we head into fiscal '27, we look to build on our operating momentum with a continued focus on growing the number of events across our venues, increasing per event profitability, delivering another record-setting year for the Christmas Spectacular and advancing our sponsorship and premium hospitality businesses. We also anticipate strong ongoing demand from consumers and partners alike, which we believe sets us up for another year of solid growth in revenues and AOI in fiscal '27. Let's now review some key operational highlights.

During fiscal '26, we hosted approximately 6.4 million guests at nearly 960 live events. That included a strong fiscal fourth quarter where we more than doubled the number of concerts at the Garden year-over-year, reflecting our efforts to drive utilization within the NBA playoff window. And in terms of consumer demand, the majority of our concerts were again sold out during the quarter. Looking ahead to fiscal '27, we expect to grow the number of events at our venues year-over-year as we host a wide range of bookings across concerts, special events, family shows and marquee sports. This includes a number of high-profile upcoming events such as Harry Styles residency with 30 dates from August through October and return of the NCAA Men's Basketball East Regionals to the Garden in March.

Turning to the Christmas Spectacular production. During fiscal '26 across 215 paid performances, we sold over 1.2 million tickets, the highest attendance in 25 years, leading to another record-setting year for the production with approximately $195 million in revenue. We are currently on sale with 230 shows for the 2026 holiday season, a new high in terms of number of performances in a year. This year's show will feature the addition of a new Rockettes scene as well as new immersive technology that will give audiences different perspectives of the production as we continue innovating going into our 93rd season.

In terms of our agreements with MSG Sports, the Knicks and Rangers completed their '25, '26 regular seasons during the quarter with the Knicks advancing to the NBA playoffs and ultimately going on to win the NBA Championship. For both our fourth quarter and full year, we saw robust growth on a per game basis in our Knicks and Rangers shared revenue streams, including suites and food, beverage and merchandise, which all benefit from the Knicks post-season run. We expect this momentum to carry forward into fiscal '27. In addition, the cash component of the Arena license fees will be approximately $47 million in fiscal '27 and will continue to grow 3% each year through fiscal 2055.

On the marketing partnerships front, we capitalized on several notable opportunities in fiscal '26. We welcome new partners, including most recently a multiyear deal with Kalshi, while also reaching multiyear renewals with Lexus, Anheuser-Busch and Infosys. And in terms of premium hospitality, we again saw strong new sales and renewal activity for suites at the Garden. That included a number of Lexus level suites that were renovated at the start of the fiscal year. We're continuing to build on the successful initiative by renovating several more suites to drive incremental revenue in fiscal '27. So as we look to the next fiscal year, we expect the positive momentum in both marketing partnerships and premium hospitality to continue.

Turning to the Penn Station redevelopment. In May, Amtrak selected Penn Transformation Partners, led by Halmar International and Skanska as the master developer team to redevelop Penn Station. We then announced in June that we had entered into a nonbinding MOU with a master developer to transfer the Infosys Theater at Madison Square Garden. Our proposed agreement will also acknowledge that the Arena will remain fully operational during the redevelopment. We believe the potential transaction, which remains subject to negotiation and definitive documents, makes strategic and financial sense for the company as we look to create long-term value for our shareholders. We look forward to working with the master developer team, and we'll keep you updated as we have more to share.

Now let's turn to our financial results. For the fiscal '26 fourth quarter, revenues were $196.3 million, up 27% year-over-year. This primarily reflected an increase in revenues from entertainment offerings and to a lesser extent, higher food, beverage and merchandise revenues. The increase in revenues from entertainment offerings as well as food, beverage and merchandise primarily reflected the increase in number of concerts at the Garden during the quarter. In addition, we benefited from higher revenues subject to the sharing of economics with MSG Sports, including the benefit of the next championship run in areas such as merchandise.

Revenues from venue-related sponsorships, signage and suite license fees also grew year-over-year. These increases were partially offset by fewer concerts at our theaters. Fourth quarter adjusted operating income of $18.6 million increased $19.9 million from an adjusted operating loss of $1.3 million in the prior year quarter. This significant year-over-year growth primarily reflects the robust increase in revenues, partially offset by higher direct operating and SG&A expenses.

Turning to our balance sheet. As of June 30, we had $294 million of unrestricted cash, while our debt balance was approximately $579 million. This cash balance includes a significant amount due to promoters, which reflects the robust concert activity ahead at our venues led by the Garden. With respect to fiscal '27, we anticipate generating significant free cash flow on an underlying basis. This will primarily be driven by our substantial and growing adjusted operating income, partially offset by ongoing net interest payments related to our credit facilities, which totaled $32 million in fiscal '26, our status as a full cash taxpayer, capital expenditures, which will reflect some incremental spend related to technology investments across the company and select suite renovations at the Garden and the timing of working capital, including the partial reversal of our cash due to promoters balance as a result of the timing of events.

As I touched on earlier, we repurchased approximately 623,000 shares of our Class A common stock for $25 million during fiscal '26. Since our spin-off in 2023, we have repurchased approximately 6.1 million shares in total for $205 million. And going forward, we'll continue to explore ways to opportunistically return capital to shareholders. So in summary, we saw strong demand across our business in fiscal 2026. We see this momentum continuing in fiscal 2027 and remain confident in our ability to deliver long-term shareholder value.

I'll now turn the call back over to Ari.

Ari Danes

Thanks, David. Operator, can we now open up the call for questions?

Operator

[Operator Instructions] Your first question comes from the line of Peter Henderson with Bank of America.

質疑応答

Peter Henderson

Two, if I can, related. Can you just update us on the status of the Infosys Theater sale process? And if that sale occurs, how much of the venues event volume and associated economics like the sponsorship, do you believe you can recapture elsewhere in your portfolio?

David Collins

Sure. Peter, thanks for the question. First, I'd like to congratulate Penn Transformation Partners on being selected to redevelop Penn Station. And as I had mentioned earlier, we believe that this potential transaction is in line with our goal of creating long-term value for our shareholders. So currently, we're working through the definitive documents with their team and we will keep you posted on that progress.

As it relates to our ability to redirect the theaters business, first, I would remind you that a significant majority of our company's economics are driven by the Garden and the Christmas Spectacular production. The theaters in aggregate follow those 2 revenue streams. That said, we are exploring all opportunities to maximize the economic benefit of this potential transaction, which does include analyzing our ability to shift events from the Infosys theater to our other theaters in New York. And I would say in terms of sponsorship and signage, our partnerships do generally allow us the flexibility within our business while protecting the value delivered to our partners. So similar to events, we are evaluating ways to leverage our other live entertainment assets for sponsorship and signage.

Operator

Your next question comes from the line of Brandon Ross with LightShed.

Brandon Ross

Just maybe a follow-up on the last one. Assuming the Infosys sale does go through, how do you guys expect to use the proceeds and limit tax leakage at the same time? And do those options include partnering with Sphere potentially on New York Sphere or Sphere elsewhere?

David Collins

Thanks, Brandon. I would say with regard to the proposed transfer of the theater, our focus right now currently is on completing the proposed transaction. No decisions have been made at this stage in terms of the use of those proceeds should the transfer be completed. But with that said, we are certainly mindful of the potential tax implications related to the transfer of the theater. And as you may know, the primary way to minimize the tax leakage would be to reinvest the potential proceeds in another venue. So of course, we would evaluate venue opportunities in New York City market if they presented to us in the future. But I don't think we're in a position to speculate on any hypothetical venue transactions at this time.

I'd also add that any decision that we do make will be in line with our core priorities for capital allocation, which, as you know, are ensuring that we continue to have a strong balance sheet, that we maintain our flexibility to pursue compelling opportunities when they arise and lastly, to opportunistically return capital to our shareholders. So we will continue to make our decisions based on these priorities and we'll have more to share as we move through that process.

Ari Danes

Thanks, Brandon. Operator, we'll take the next question.

Operator

Your next question comes from Stephen Laszczyk with Goldman Sachs.

Stephen Laszczyk

I wanted to see if you could provide an update on the pacing of event bookings in 2027 across the portfolio. Just to be curious how much visibility you have into bookings potentially growing at the Garden year-over-year? And then I wanted to check in on the pacing of bookings around the theater footprint since we last caught up in the third quarter, how that's progressed since.

David Collins

Sure, Stephen. In terms of our progress, we're almost 90% to our bookings goal for this year for the Garden and about 60% of the way there for -- 60% to our goal for our theaters. Our fiscal first quarter is already underway and we remain on track to shatter our record for the number of concerts in any quarter at the Garden. Obviously, that includes the impact of the Harry Styles residency. At our theaters, we are currently pacing behind for the September quarter. And looking at the December quarter, we are again pacing ahead at the Garden in terms of the number of concerts, but still behind at the theaters.

However, as I've discussed in the past, the booking window at our theaters is typically a 3 to 6 months in advance window. So we do still have time and we are definitely working to narrow that gap. So I would say, overall, all in, we feel good about our start to the year and expect to drive growth at both the Garden and our theaters in fiscal '27.

Operator

Your next question comes from the line of David Karnovsky with JPMorgan.

David Karnovsky

Thank you for the color on the upcoming year. As it relates to the Christmas show, can you just update on the sales pacing and price strategy? And you mentioned 230 show count. Is there any room to move that higher if the demand is there?

David Collins

Sure, David. While it's still early in the sales cycle, our expectation is that we will grow ticketing revenue this year, which reflects both more shows and higher average ticket yields. As you mentioned, we are on sale with 230 performances right now for the 2026 holiday season, which is up from 215 last year and that translates to a mid-single-digit percentage increase in show count year-over-year. In addition, the Christmas Spectacular continues to be a premium entertainment product and is still priced well below average ticket prices for comparable entertainment options in the city. So given all that, we will continue to thoughtfully manage and market and price our ticketing inventory to maximize revenue for every show.

I would again note that this year's show will feature the addition of a new Rockettes scene as well as new immersive technology, which we believe will give audiences a different perspective of the production. So we continue to believe that our efforts to continue innovating the show will help drive increased interest and we remain confident in the growth opportunity for the '26 holiday season.

Operator

Your next question comes from the line of Cameron Mansson-Perrone with Morgan Stanley.

Cameron Mansson-Perrone

I wanted to ask a general one on residency models. Specifically, when you lost the Billy Joel residency, it took you some time to replace that activity. Obviously, found a great replacement in Harry Styles. But looking back on that, why was the situation with Billy Joel maybe unique? And what do you think you can do or have you done operationally to try to reduce similar volatility around residency changes year-to-year going forward?

David Collins

That's a good question, Cameron. We believe there is great value, obviously, in bringing residencies to our venues. We believe it builds more of a recurring base of our business and it really also increases the visibility into our forward calendar. So bringing residency remains a really important area for our bookings business and a key focus of our team. With that said, every residency is going to look a little different, right? Artists want to put their own unique structure and spin on their residency. For example, Billy Joel, that was one concert per month where with Harry Styles, that means every Wednesday, Friday, Saturday for 10 straight weeks. So each one is going to look a little different.

I would also note that we also have a number of other residencies across our venues in the first half of fiscal '27. Bon Jovi and Fish have been at the Garden both this past month. Joe Hisaishi currently at Radio City and Seth Meyers and John Oliver as well as Jerry Seinfeld have each extended their long-running residencies at the Beacon Theatre. So I would reiterate that we are off to a strong start in terms of our concert bookings for fiscal 2027. And while it's a little early to discuss fiscal 2028 and beyond, we continue to have discussions with other artists about future residencies at all our venues, including the Garden. So we will certainly keep working on that and keep you updated on the progress.

Operator

Your next question comes from the line of David Joyce with Seaport.

David Joyce

I appreciate the color that you had an increase in Madison Square Garden sharing revenue from the Knicks championship run. Could you please detail the revenue and AOI components on the various business lines that contribute to that? Did the sponsorship provide some of that? I know you did mention merchandise, food and beverage, suites. If you could please help us understand what that contribution was?

David Collins

Sure, David. First of all, I would say that we were very excited to see the Knicks win the NBA championship. As you mentioned, we benefit from those playoff games at the Garden through our agreements with MSG Sports. We share in revenue streams like F&B, merchandise, single night suite rentals. First of all, we operate and manage the F&B services during all team events. And MSG shares 50% of the net profits with the Knicks and Rangers. We also operate and manage the team merchandise sales at the Garden and retain 30% of net revenues. And we also earn commission on sales of single night suites at the Garden during Knicks and Rangers games.

So this year, we hosted 9 Knicks playoff games during the Teams Championship run. While that compares to the same number of games in the year ago period when the team advanced to the Eastern Conference finals, today's results reflect a $7.4 million increase in fourth quarter revenues related to our agreements with MSG Sports, which includes the impact of the championship run. So we believe that this reflects the enthusiasm we saw from fans throughout this year's championship run in those areas such as merchandise and F&B sales. And one thing I'd also like to say is we believe that, that strong team performance will benefit this upcoming year in the form of continued strong in arena attendance, which will further benefit our shared revenue streams with MSG Sports.

Ari Danes

Thanks for the question, David. Operator, we'll take one last caller.

Operator

Your last question comes from the line of Joe Stauff with Susquehanna.

Eric Mondelblatt

This is Eric Mondelblatt on for Joe. Just one from us. You gave some helpful details on the fiscal 2027 bookings outlook in aggregate. But could you talk about the bookings outlook by category across concerts, special events, family shows and marquee sporting events?

David Collins

Thanks for the question, Eric. As I mentioned earlier, we expect to increase the number of bookings in fiscal '27. We expect that growth to be driven primarily by concerts and to a lesser extent, special events and marquee sports. For our concert category, our expectations include another year of concert growth at the Garden as well as increases across our theaters. I would say in terms of special events, we are also expecting an increase in the number of events along with improved per event economics. Looking at marquee sports, we expect to see modest event growth this coming year, which will include the NCA East Regional tournament returning to the garden in March, and that will be a significant multi-day event in our fiscal third quarter. And lastly, in terms of our family show category, I would say we faced a tough year-over-year comparison with the absence of Cirque du Soleil's holiday run at the Infosys Theater and the Chicago Theater that took place this past year.

However, we expect that to be largely offset by a variety of family and performing arts attractions in the year ahead, including the [indiscernible] production that just ran at Radio City Music Hall. So overall, we are expecting growth across a number of our bookings categories and feel really good about our bookings calendar for fiscal '27.

Operator

We have reached the end of the question-and-answer session. I will now turn the call back to Ari for closing remarks.

Ari Danes

Thank you all for joining us. We look forward to speaking with you on our fiscal '27 first quarter earnings conference call. Have a good day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.