Madison Square Garden Sports Corp. reported financial results for its fiscal first quarter ended September 30, 2024, on November 1, 2024. The company generated revenues of $53.3 million, marking a 24% increase, or $10.3 million, compared to the prior year period.
The operating loss improved by 44%, or $6.6 million, to $8.3 million, while the adjusted operating loss improved by 77%, or $7.7 million, to $2.3 million. This improvement was primarily driven by a $9.7 million increase in certain league distributions, unrelated to national media rights fees.
Direct operating expenses increased by $4.7 million, mainly due to higher net provisions for league revenue sharing expense and NBA luxury tax of $4.1 million. Selling, general and administrative expenses saw a modest decrease of $1.0 million, or 2%, compared to the prior year period.
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