Notable performers in Bengals vs. Eagles
Indianapolis Colts quarterback Anthony Richardson dislocated the pinky finger on his throwing hand as the opening week of the NFL preseason began tonight.
Baltimore beat Indianapolis 24-16, with Ravens wideout LaJohntay Wester's 87-yard punt return touchdown the play of the night. Richardson left the game early in the first quarter after David Ojabo's blind-side sack, with head coach Shane Steichen calling the quarterback 'day-to-day' afterward.
Philadelphia secured a 34-27 win over Cincinnati in a game that saw two touchdown passes each for Joe Burrow and Tanner McKee.
Finally, Daniel Carlson's 51-yard field goal capped Las Vegas' comeback to secure a 23-23 tie with Seattle in Pete Carroll's return to Lumen field, wrapping up the Thursday action. Three more games will take place Friday night. Share your thoughts: live@theathletic.com
While Tanner McKee, Joe Burrow and Ja'Marr Chase were the standout performers in tonight's Eagles win over the Bengals, here are a few other players who performed well: Eagles RB ShunDerrick Powell — 6 carries for 32 yards, TD
— 6 carries for 32 yards, TD Eagles WR Darius Cooper — 6 catches for 82 yards, TD
— 6 catches for 82 yards, TD Eagles WR Johnny Wilson — 3 catches for 73 yards
— 3 catches for 73 yards Bengals TE Tanner Hudson — 3 catches for 62 yards, 2 TDs
— 3 catches for 62 yards, 2 TDs Kickers Evan McPherson and Jake Elliott — both 2-2 on FGs
...the Seahawks' social media admin is having some fun tonight at the expense of Ashton Jeanty. Getty Images
Q2 6:37 - Seahawks 13, Raiders 3
Really nice job from two rookies on that play. Running back Damien Martinez splits out wide and draws the secondary deep, giving Drew Lock space to hit Tory Horton on a short stick route.
Horton then spins away from a defender — another missed tackle for the Raiders' defense in an ugly first half — and scampers into the end zone for his first NFL touchdown! It's deserved for the training camp standout.
However, the Seahawks miss the ensuing extra point. Getty Images
Q2 7:35 - Seahawks 7, Raiders 3
Seattle followed up that screen pass Tashan just mentioned with another chunk play as Drew Lock found another open receiver downfield to get the Seahawks into the red zone.
Pete Carroll has his work cut out for him with this defense. Getty Images
Raiders defense started well... and then lost George Holani on a screen. He's been killing them today.
Seattle fans will have to wait a bit to see them on the field together, but here's your first look at Sam Darnold and Cooper Kupp in navy blue game uniforms for the Seahawks...
One time star safety Jamal Adams rejuvenated his career once under Pete Carroll. He appears to be making the most of his opportunity to do so again with the Raiders, if his play early on is any indication. Imagn Images
Tonight, Joe Burrow and Ja'Marr Chase picked up exactly where they left off last season — creating chaos for opposing defenses.
The Bengals starters only played two drives on offense but both possessions were efficient and effective. Burrow went 9-for-10 passing for 123 yards and two touchdowns, one to Tanner Hudson and the other to Chase, who reeled in all four of his targets for 77 yards and a score.
On his touchdown catch, Chase caught an out route, pivoted back inside and outran the entire Eagles' secondary into the end zone for the score.
Q2 9:22 - Seahawks 7, Raiders 3
Nice response from the Seahawks' defense in the red zone, drawing praise on the broadcast from 'Legion of Boom' legend Michael Bennett.
A pass breakup on third down forces the Raiders to take a short field goal, which Daniel Carlson converts. Getty Images
Tanner McKee is already penciled in as the Eagles backup quarterback and he left little doubt as to why in his first game action of the preseason.
The 25-year-old out of Stanford completed 20 of his 25 passes for 252 yards and two scores. He even added a touchdown on the ground in the first quarter on the Eagles patented 'Tush Push.'
McKee played well into the third quarter, accumulating valuable reps in case Philadelphia is ever without their QB1, Jalen Hurts. Imagn Images
Q2 10:30 - Seahawks 7, Raiders 0
Now the Raiders are cooking! Back-to-back beautiful seam passes from Aidan O'Connell have Las Vegas down to Seattle's 11-yard line.
Marshawn Lynch is shown on the broadcast, and former Seahawks teammates Michael Robinson and Michael Bennett can't help but have fun at his expense, joking about all the products he endorses.
'I don't want to use any soap he uses,' Robinson cracks as Bennett chuckles. Getty Images
Joe Burrow and the first-team offense were electric.
The rest? Well, I'm guessing there's going to be a lot of teachable moments in the film room.
Cincinnati is now winless in seven straight preseason games, for those who care about such things.
Q2 13:03 - Seahawks 7, Raiders 0
This is... certainly a preseason game. Drew Lock responds to Aidan O'Connell's ugly interception with a just-as-ugly fumbled snap.
Lock falls on the ball to prevent a turnover, but the loss of yardage leads to a Seahawks punt.
Seattle was flagged for nearly the entire defense leaving the bench to celebrate the Josh Jobe interception. Why flag that in the preseason? I do not know.
And here's what that interception (and celebration) looked like... Getty Images
Final - Eagles 34, Bengals 27
After the turnover on downs, the Eagles run the ball three times and the Bengals let the clock run out, presumably because it is only the preseason. Regardless, this ballgame is over.
Strong showing from Tanner McKee and the Bengals first-team offense, though they were only on the field for two possessions.
Q2 14:47 - Seahawks 7, Raiders 0
Now it's Josh Jobe who's in perfect position to snag a horribly underthrown ball from Aidan O'Connell! Each team has an interception now.
The Seahawks are then flagged — because the ENTIRE Seattle starting defense ran onto the field to celebrate with the backup safety.
Colts head coach Shane Steichen says linebacker Jaylon Carlies has an ankle injury. No timeline for his return.
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MSG Sports also operates a professional sports team performance center – the MSG Training Center in Greenburgh, NY. More information is available at Non-GAAP Financial Measures We define adjusted operating income (loss), which is a non-GAAP financial measure, as operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) gains or losses on sales or dispositions of businesses, (v) the impact of purchase accounting adjustments related to business acquisitions, and (vi) gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan. Because it is based upon operating income (loss), adjusted operating income (loss) also excludes interest expense (including cash interest expense) and other non-operating income and expense items. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of our business without regard to the settlement of an obligation that is not expected to be made in cash. In addition, we believe that the exclusion of gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan provides investors with a clearer picture of the Company's operating performance given that, in accordance with U.S. generally accepted accounting principles ("GAAP"), gains and losses related to the remeasurement of liabilities under the Company's Executive Deferred Compensation Plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the Company's Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Miscellaneous income (expense), net, which is not reflected in Operating income (loss). We believe adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of our Company. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze our performance. Internally, we use revenues and adjusted operating income (loss) as the most important indicators of our business performance, and evaluate management's effectiveness with specific reference to these indicators. Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. For a reconciliation of operating income (loss) to adjusted operating income (loss), please see page 5 of this earnings release. Forward-Looking Statements This press release may contain statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that any such forward-looking statements are not guarantees of future performance or results and involve risks and uncertainties, and that actual results, developments and events may differ materially from those in the forward-looking statements as a result of various factors, including financial community and rating agency perceptions of the Company and its business, operations, financial condition and the industry in which it operates, and the factors described in the Company's filings with the Securities and Exchange Commission, including the sections titled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained therein. The Company disclaims any obligation to update any forward-looking statements contained herein. Conference Call Information:The conference call will be Webcast live today at 10:00 a.m. ET at Conference call dial-in number is 888-660-6386 / Conference ID Number 6996895Conference call replay number is 800-770-2030 / Conference ID Number 6996895 until August 19, 2025 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share data) (Unaudited) Three Months Ended Twelve Months Ended June 30, June 30, 2025 2024 2025 2024 Revenues $ 203,957 $ 227,251 $ 1,039,220 $ 1,027,149 Direct operating expenses 154,819 107,743 755,118 616,514 Selling, general and administrative expenses 70,892 66,413 266,076 261,433 Depreciation and amortization 822 792 3,218 3,164 Operating (loss) income (22,576 ) 52,303 14,808 146,038 Other income (expense): Interest income 1,429 1,238 4,034 2,787 Interest expense (4,990 ) (6,320 ) (21,652 ) (27,589 ) Miscellaneous expense, net (984 ) (4,491 ) (14,462 ) (15,568 ) Loss (income) before income taxes (27,121 ) 42,730 (17,272 ) 105,668 Income tax benefit (expense) 25,341 (17,239 ) (5,166 ) (46,897 ) Net (loss) income $ (1,780 ) $ 25,491 $ (22,438 ) $ 58,771 Basic (loss) earnings per common share attributable to Madison Square Garden Sports Corp.'s stockholders $ (0.07 ) $ 1.06 $ (0.93 ) $ 2.45 Diluted (loss) earnings per common share attributable to Madison Square Garden Sports Corp.'s stockholders $ (0.07 ) $ 1.06 $ (0.93 ) $ 2.44 Basic weighted-average number of common shares outstanding 24,105 24,030 24,089 24,011 Diluted weighted-average number of common shares outstanding 24,105 24,156 24,089 24,096 MADISON SQUARE GARDEN SPORTS TO RECONCILE OPERATING (LOSS) INCOME TOADJUSTED OPERATING (LOSS) INCOME(In thousands)(Unaudited) The following is a description of the adjustments to operating (loss) income in arriving at adjusted operating (loss) income as described in this earnings release: Depreciation and amortization. This adjustment eliminates depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets in all periods. Share-based compensation. This adjustment eliminates the compensation expense related to restricted stock units and stock options granted under the Company's employee stock plan and non-employee director plan in all periods. Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the Company's executive deferred compensation plan. Three Months Ended Twelve Months Ended June 30, June 30, 2025 2024 2025 2024 Operating (loss) income $ (22,576 ) $ 52,303 $ 14,808 $ 146,038 Depreciation and amortization 822 792 3,218 3,164 Share-based compensation 3,776 3,222 17,935 21,291 Remeasurement of deferred compensation plan liabilities 1,222 193 2,195 1,749 Adjusted operating (loss) income $ (16,756 ) $ 56,510 $ 38,156 $ 172,242 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED BALANCE SHEETS (In thousands, except per share data) (Unaudited) June 30, 2025 June 30, 2024 ASSETS Current Assets: Cash and cash equivalents $ 144,617 $ 89,136 Restricted cash 8,571 5,771 Accounts receivable, net 25,855 33,781 Net related party receivables 3,582 32,255 Prepaid expenses 43,417 30,956 Other current assets 25,053 25,043 Total current assets 251,095 216,942 Property and equipment, net 28,962 28,541 Right-of-use lease assets 760,456 694,566 Indefinite-lived intangible assets 103,644 103,644 Goodwill 226,523 226,523 Investments 54,720 62,543 Deferred tax assets, net 34,821 — Other assets 12,753 13,533 Total assets $ 1,472,974 $ 1,346,292 MADISON SQUARE GARDEN SPORTS CORP. CONSOLIDATED BALANCE SHEETS (continued) (In thousands, except per share data) (Unaudited) June 30, 2025 June 30, 2024 LIABILITIES AND EQUITY Current Liabilities: Accounts payable $ 9,336 $ 9,900 Net related party payables 4,807 6,718 Debt 24,000 30,000 Accrued liabilities: Employee-related costs 98,924 133,930 League-related accruals 196,567 120,876 Other accrued liabilities 13,093 21,613 Operating lease liabilities, current 52,618 50,267 Deferred revenue 164,178 148,678 Total current liabilities 563,523 521,982 Long-term debt 267,000 275,000 Operating lease liabilities, noncurrent 841,050 749,952 Defined benefit obligations 4,086 4,103 Other employee-related costs 78,092 43,493 Deferred tax liabilities, net — 16,925 Deferred revenue, noncurrent 662 1,147 Total liabilities 1,754,413 1,612,602 Commitments and contingencies Class A Common stock, par value $0.01, 120,000 shares authorized; 19,488 and 19,423 shares outstanding as of June 30, 2025 and 2024, respectively 204 204 Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2025 and 2024 45 45 Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2025 and 2024 — — Additional paid-in capital 15,348 19,079 Treasury stock, at cost, 960 and 1,025 shares as of June 30, 2025 and 2024, respectively (158,543 ) (169,547 ) Accumulated deficit (137,596 ) (115,139 ) Accumulated other comprehensive loss (897 ) (952 ) Total equity (281,439 ) (266,310 ) Total liabilities and equity $ 1,472,974 $ 1,346,292 MADISON SQUARE GARDEN SPORTS CORP. SELECTED CASH FLOW INFORMATION (In thousands) (Unaudited) Twelve Months Ended June 30, 2025 2024 Net cash provided by operating activities $ 91,607 $ 92,131 Net cash used in investing activities (6,920 ) (8,898 ) Net cash used in financing activities (26,406 ) (28,785 ) Net increase in cash, cash equivalents and restricted cash 58,281 54,448 Cash, cash equivalents and restricted cash at beginning of period 94,907 40,459 Cash, cash equivalents and restricted cash at end of period $ 153,188 $ 94,907 View source version on Contacts Ari Danes, CFAInvestor Relations and Financial Communications(212) 465-6072 Grace KaminerInvestor Relations(212) 631-5076 Justin BlaberFinancial Communications(212) 465-6109 Sign in to access your portfolio
