MSG 엔터테인먼트(MSGE) 2026 회계연도 4분기 실적 발표회: 매출 10억 달러 돌파

핵심 요약

• MSG 엔터테인먼트(MSG Entertainment)는 2026 회계연도 매출이 전년 대비 13% 증가한 10억 달러 이상을 기록했으며, 조정 영업이익은 18% 늘어난 2억 6,200만 달러를 달성했다.
• 4분기 매출은 매디슨 스퀘어 가든에서의 콘서트 개최 증가에 힘입어 전년 동기 대비 27% 증가한 1억 9,630만 달러를 기록했다. 조정 영업이익은 전년 동기 130만 달러 손실에서 1,860만 달러로 흑자 전환했다.
• 회사는 2026 회계연도 동안 약 960건의 라이브 이벤트에서 약 640만 명의 관람객을 맞이했다. 4분기 콘서트의 대부분은 매진되었다.
• '크리스마스 스펙타큘러(Christmas Spectacular)'는 215회 유료 공연 동안 120만 장 이상의 티켓을 판매하며 약 1억 9,500만 달러라는 역대 최고 매출을 올렸으며, 관람객 수는 25년 만에 최고치를 기록했다.
• 경영진은 이벤트 수 증가, 건당 수익성 개선, 프리미엄 호스피탈리티 및 스폰서십 성장에 힘입어 2027 회계연도에도 매출과 조정 영업이익의 성장이 이어질 것으로 예상하고 있다.
• MSG 엔터테인먼트는 2026 회계연도에 약 2,500만 달러 규모의 클래스 A 자사주를 매입했으며, 6월 말 기준 비제한성 현금 2억 9,400만 달러, 부채 약 5억 7,900만 달러를 보유하고 있다.

주요 재무 데이터

사업 및 운영 성과

콘서트 부문이 4분기 성장의 주요 동력이었다. MSG 엔터테인먼트는 NBA 플레이오프 기간 경기장 활용도를 높여 매디슨 스퀘어 가든에서의 콘서트 개최 횟수를 전년 동기 대비 2배 이상 늘렸다. 콘서트 증가로 식음료 및 상품 매출도 늘었으나, 극장 콘서트 감소가 이를 일부 상쇄했다.

뉴욕 닉스(Knicks)의 NBA 챔피언십 경기는 MSG 스포츠와의 계약에 따른 공동 매출 창출에 기여했다. MSG 엔터테인먼트는 전년과 동일한 9번의 닉스 플레이오프 경기를 개최했지만, 관련 4분기 매출은 740만 달러 증가했다. 회사는 식음료 수익 분배, 팀 상품 판매, 1일 스위트룸 대여 수수료 등을 통해 이익을 얻는다.

'크리스마스 스펙타큘러'는 2026 회계연도 동안 120만 장 이상의 티켓을 판매했다. 2026년 연말 연시 시즌을 위해 회사는 공연 횟수를 215회에서 230회로 늘려 티켓 판매를 시작했으며, 새로운 로켓츠(Rockettes) 공연 장면과 몰입형 기술을 도입할 계획이다.

마케팅 파트너십에는 칼시(Kalshi)와의 신규 다년간 계약 및 렉서스(Lexus), 앤하이저부시(Anheuser-Busch), 인포시스(Infosys)와의 계약 갱신이 포함되었다. MSG 엔터테인먼트는 스위트룸 판매 및 갱신 실적도 호조를 보였으며, 매디슨 스퀘어 가든의 스위트룸 추가 리노베이션을 계획 중이라고 밝혔다.

경영진 전망

경영진은 2027 회계연도에 매출과 조정 영업이익이 견조하게 성장할 것으로 전망하고 있다. 회사는 이벤트 건당 수익성을 개선하는 한편 콘서트, 특별 이벤트, 대형 스포츠 경기의 개최 건수를 늘릴 계획이다.

실적 발표 당시 매디슨 스퀘어 가든은 2027 회계연도 대관 목표의 약 90%를 달성했고, 극장 부문은 목표의 약 60%를 달성했다. 경영진은 8월부터 10월까지 진행되는 해리 스타일스(Harry Styles)의 30회 장기 공연(residency)에 힘입어 회계연도 1분기 가든 콘서트 개최량이 역대 최고치를 기록할 것으로 기대하고 있다.

회사는 2027 회계연도 대관 성장을 콘서트가 견인하고, 특별 이벤트와 대형 스포츠 경기가 추가 기여할 것으로 예상한다. 오는 3월에는 NCAA 남자 농구 동부 지역 예선이 매디슨 스퀘어 가든에서 다시 열린다. 경영진은 실적 발표 당시 극장 부문의 9월 및 12월 분기 실적이 전년보다 뒤처지고 있음에도 불구하고 연간 전체로는 가든과 극장 모두 성장할 것으로 전망했다.

'크리스마스 스펙타큘러'의 경우, 경영진은 공연 횟수 증가와 평균 티켓 단가 상승에 힘입어 티켓 매출이 증가할 것으로 예상한다. 회사는 매출을 극대화하기 위해 공연별 가격 및 판매 수량을 관리할 방침이다.

아레나 라이선스 수수료 중 현금 요소는 2027 회계연도에 약 4,700만 달러를 기록한 후 2055 회계연도까지 매년 3%씩 증가할 것으로 예상된다. 경영진은 또한 조정 영업이익의 증가에 힘입어 실질 잉여현금흐름(FCF)이 호조를 보일 것으로 예상하지만, 이자 지급, 세금, 자본 지출 및 운전자본 시점 차이 등으로 인해 일부 상쇄될 수 있다고 설명했다.

리스크 및 주시 영역

인포시스 극장(Infosys Theater)의 매각 추진 건은 아직 협상 및 최종 계약서 작성 단계에 있다. 잠재적 매각 대금의 사용처에 대해서는 결정된 바 없다. 경영진은 다른 공연장에 재투자하는 것이 잠재적 세금 누수를 최소화하는 주요 방법이 될 것이라고 언급했다.

회사는 인포시스 극장과 관련된 이벤트, 스폰서십, 광고판 등을 뉴욕 내 다른 자산으로 이전할 수 있는지 검토하고 있다. 재무적 영향 및 기존 수익의 회수 수준은 여전히 불확실하다.

극장 부문의 9월 및 12월 분기 실적 추이는 전년에 뒤처지고 있었다. 경영진은 일반적인 극장 대관 예약 기간이 3~6개월이므로 격차를 줄일 시간이 남아 있다고 밝혔다.

2억 9,400만 달러의 비제한성 현금 잔액에는 기획사에 지급할 상당한 금액이 포함되어 있다. 경영진은 예정된 이벤트가 진행됨에 따라 이 잔액이 일부 감소하면서 잉여현금흐름에 운전자본 측면의 부담으로 작용할 것으로 보고 있다.

애널리스트 Q&A 하이라이트

• 인포시스 극장 매각 건: 경영진은 펜 트랜스포메이션 파트너스(Penn Transformation Partners)와 최종 계약서를 작성 중이다. 이벤트 및 파트너십 물량을 뉴욕 내 다른 공연장으로 이전할 수 있는 기회를 검토하고 있다.
• 잠재적 매각 대금 활용 방안: 배분 결정은 아직 내려지지 않았다. 최우선 과제는 여전히 재무건전성 강화, 매력적인 기회를 위한 유연성 확보 및 기회주의적 주주 환원이다.
• 장기 공연 전략: 경영진은 아티스트 장기 공연을 지속적인 수익 활동을 창출하고 대관 예측 가능성을 높이는 방법으로 보고 있다. 해리 스타일스 외에도 2027 회계연도에는 본 조비(Bon Jovi), 피시(Phish), 히사이시 조(Joe Hisaishi), 세스 메이어스(Seth Meyers) 및 존 올리버(John Oliver), 제리 사인펠드(Jerry Seinfeld)의 장기 공연이 회사 보유 공연장 전반에서 진행된다.
• 닉스 관련 수익 구조: MSG 엔터테인먼트는 팀 순 상품 매출의 30%를 수취하고, 식음료 순이익의 50%를 닉스 및 레인저스(Rangers)와 배분하며, 1일 스위트룸 판매에 따른 수수료를 수취한다.
• 패밀리 쇼: 지난 연말 연시 태양의 서커스(Cirque du Soleil) 공연 부재로 인해 기저효과 부담이 존재하지만, 경영진은 다른 패밀리 및 공연 예술 프로그램이 이를 대부분 상쇄할 것으로 기대하고 있다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

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.

질의응답

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.