Executive Highlights: MSGS delivered a strong Q4 2024 accompanied by a record FY2024 with total revenues of about $1.0 billion and adjusted operating income (AOI) of $172.2 million, driven by robust demand for the Knicks and Rangers, higher in-arena spend, and stronger merchandise activity. The quarter’s revenue of $227.3 million surged 79% year over year, aided by playoff-related events and an expanded playoff slate, though sequential QoQ momentum softened into Q4 as playoff depth was lapping a lighter prior-year quarter. Net income of $25.5 million and EPS of $1.06 in the quarter reflect the leverage of a high-visibility sports property with a diversified monetization mix encompassing tickets, F&B, merchandise, suites, sponsorship, and media rights. Management underscored the enduring appeal of live sports, banner-season ticket renewals (about 94% combined renewal rate for Knicks and Rangers), and ongoing capital allocation discipline, including debt paydown and opportunistic share repurchase. Looking forward, MSGS anticipates organic ticket revenue growth in fiscal 2025 through pricing tactics on new tickets and flexible plans, while the NBA’s national media rights deals are expected to lift national rights fees starting in 2025–26; however, reductions in local live telecasts under MSG Networks could partially offset that uplift. Management also highlighted capacity expansions in premium hospitality and suite renovations to drive incremental monetization, alongside continued emphasis on fan engagement across digital platforms. The balance sheet remains highly leveraged with total debt around $1.105B and negative stockholders’ equity, though operating cash flow remained strong at $108.4 million for the year, underpinning free cash flow of about $108.0 million in the period.