Sphere Entertainment Co. Reports Fiscal 2024 Fourth Quarter And Full Year Results

NEW YORK, N.Y., August 14, 2024 - Sphere Entertainment Co. (NYSE: SPHR) ("Sphere Entertainment" or the "Company") today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2024.

Recent Sphere highlights include:

• Dead & Co. completed a successful 30-show residency in early August, while the Eagles residency begins in September and is slated for 20 shows after multiple extensions due to demand;
• Afterlife presents Anyma 'The End Of Genesys' will be the first electronic dance music performances at the venue with 6 shows starting in late December;
• The Sphere Experience featuring Postcard from Earth generated over one million dollars in average daily ticket sales on the days it ran during the fiscal fourth quarter;
• In June, Sphere hosted its first corporate keynote event with Hewlett Packard Enterprise, as well as the NHL Draft, which was the first live television event broadcast from Sphere; and
• In September, Sphere will host UFC 306, the first live sports event at the venue.

During the fiscal 2024 fourth quarter, MSG Networks concluded full regular season coverage of its five NBA and NHL professional sports teams followed by extensive programming around the New York Knicks, Rangers and Islanders postseason runs. This included telecasts of first-round playoff games, along with additional comprehensive pre/post-game coverage of the Knicks, Rangers and Islanders playoff series across its linear and digital platforms.

For fiscal 2024, the Company reported revenues of $1,026.9 million, an increase of $453.1 million as compared to the prior year.In addition, the Company had an operating loss of $341.2 million, an increase of $68.2 million, and adjusted operating income of $80.7 million, an improvement of $203.3 million, both as compared to the prior year.⁽¹⁾

For the fiscal 2024 fourth quarter, the Company reported revenues of $273.4 million, an increase of $144.3 million as compared to the prior year quarter. In addition, the Company reported an operating loss of $71.4 million, an increase of $1.0 million, and adjusted operating income of $25.7 million, an improvement of $85.5 million, both as compared to the prior year quarter.⁽¹⁾

Executive Chairman and CEO James L. Dolan said, "Fiscal 2024 marked the opening of Sphere in Las Vegas and a new chapter for our Company. Sphere has already welcomed millions of guests, world-renowned artists and numerous global brands. We are confident that we are on the right path to execute on our vision for this next-generation medium."

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