- MSG Networks (NYSE:MSGN +0.9%) reports Q2 revenue growth of 6.5% Y/Y to $192.9M.
- Operating margin declined 108 bps to 40.6% and Adj. operating margin too declined 122 bps to 44.5%.
- But direct operating expenses grew 3% Y/Y to $81.5M amid higher rights fees, mainly a result of annual contractual rate increases.
- SG&A expenses rose 29% Y/Y to $31.3M due to higher advertising and marketing costs, employee compensation and related benefits.
- “We delivered solid second quarter results, highlighted by increases in both affiliate and advertising revenues. Looking ahead, we remain focused on capitalizing on our unique live content to create long-term shareholder value." said President and CEO Andrea Greenberg.
- Cash and equivalents were down to $174.6M from June $205.3M.
- Net debt of $909.1M; Leverage ratio of 2.7x.
- Previously: MSG Networks misses by $0.07, beats on revenue (Feb. 5)