Madison Square Garden Entertainment Corp. (MSGE) Q1 2023 Earnings Conference Call November 9, 2022 10:00 AM ET

Company Representatives

Andrea Greenberg - President, Chief Executive Officer

Dave Byrnes - EVP, Chief Financial Officer

Ari Danes - Senior Vice President, Investor Relations, Financial Communications and Treasury

Conference Call Participants

Brandon Ross - LightShed Partners

David Katz - Jefferies

David Karnovsky - JP Morgan

Devin Brisco - Wolfe Research

Paul Golding - Macquarie

Operator

Good morning! Thank you for standing by and welcome to the Madison Square Garden Entertainment Corp, Fiscal 2023 First Quarter Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers remarks there will be a question-and-answer session. [Operator Instructions].

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

Ari Danes

Thank you. Good morning and welcome to MSG Entertainment’s Fiscal 2023 first quarter earnings conference call. Dave Byrnes, our EVP and Chief Financial Officer, will begin today’s call with an update on the company’s proposed spin-off transaction, as well as a discussion of our entertainment and TAO Group segments.

This will be followed by an update from Andrea Greenberg, President and CEO of MSG Networks. Dave will then conclude with a review of our financial results for the period. After our prepared remarks we will 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 five and six 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.

And with that, I will now turn the call over to Dave.

David Byrnes

Thank you, Ari, and good morning. Since our last call I’m pleased to share that we have made significant progress on the potential separation of our businesses into two publicly traded companies. As you know, in August we announced that our Board of Directors authorized the exploration of a potential tax free spin-off of our traditional live entertainment and media businesses. Last month our company submitted an initial confidential Form-10 registration statement with the SEC regarding the proposed transaction.