HF Foods Group Inc. Rebrands and Launches Innovative E-Commerce Platform Dedicated to International Foodservice Solutions in the U.S.
Latest milestone in Company's transformation plan expands access to specialty products through a seamless digital experience and new branding
LAS VEGAS, May 06, 2025 (GLOBE NEWSWIRE) -- HF Foods Group Inc. (NASDAQ: HFFG) ('HF Foods' or the 'Company'), a leading distributor of international foodservice solutions to Asian restaurants and other businesses across the United States, today announced the launch of a new e-commerce platform – a unique offering within the specialty foodservice industry to directly serve restaurant employees alongside HF Foods' existing restaurant deliveries. Paired with the launch, HF Foods also debuted a new company logo and tagline that will update on the Company's website and other applications in the coming weeks.
HF Foods will roll out access to this new, innovative platform to selective customers over the coming months. It will enable restaurant employees and owners to directly purchase HF Foods' authentic, high-quality specialty products using the same delivery infrastructure already serving their restaurants. This model leverages HF Foods' established global network of suppliers and robust distribution infrastructure to offer a cost-efficient, value-added channel in a seamless digital experience.
In addition, HF Foods' new refreshed logo features a green and gold design, reflecting the Company's innovative direction and high-quality product offerings. The infinity symbol embedded in the logo also underscores HF Foods' renewed focus on technology and logistics – core strengths that enable it to serve a growing customer base with greater efficiency and scale. Its tagline, 'Specialty Food is Our Specialty,' signals the Company's plans to expand into additional international restaurant verticals.
'We are proud of this incredible milestone that will be available to our customers in the United States,' Felix Lin, President and CEO of HF Foods, said. 'Our e-commerce platform represents the latest step in our digital transformation, aimed at delivering more value to our customers. They, along with our global suppliers, are the bedrock of our success as a full-service, broadline supplier and distributor of everything customers need. We're expanding our service model in a way that drives growth, strengthens customer loyalty and operates with virtually no incremental delivery cost. This platform launch is a key part of our transformation plan and a meaningful catalyst for our continued operational excellence.'
HF Foods will initially launch the e-commerce platform at its North Carolina, Florida and Utah locations, making it available to thousands of existing customers. The platform utilizes the same fulfilment capabilities already offered to the Company's growing portfolio of customers, allowing for better market penetration without incurring additional logistics costs.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Wire
29 minutes ago
- Business Wire
New Era Helium Rebrands as New Era Energy & Digital, Inc. to Reflect Strategic Focus on Powering Next-Generation AI Data Center Infrastructure; Trading to Begin Under New Nasdaq Ticker NUAI
MIDLAND, Texas--(BUSINESS WIRE)--New Era Helium, Inc. (Nasdaq: NEHC) ('NEHC' or the 'Company'), a next-generation energy exploration and production platform in the Permian Basin, today announced it has changed its corporate name to New Era Energy & Digital, Inc., and will begin trading under its new Nasdaq symbol NUAI, effective August 13, 2025. This rebrand reflects the Company's recent strategic transformation into a vertically integrated energy supplier, creating a platform for next-generation digital infrastructure and integrated power assets, including powered land and powered shells. The Company delivers turnkey solutions that will enable hyperscale, enterprise, and edge operators to accelerate data center deployment, optimize total cost of ownership and future-proof their infrastructure investments. New Era Energy & Digital, Inc. (Nasdaq: NUAI), projects generational AI infrastructure demand will grow exponentially over the next decade, driven by rising capacity and significant increases in sector investment. The Company remains under the same leadership team and continues to execute the strategy it introduced with its Texas Critical Data Centers ('TCDC') project focused on integrating behind-the-meter power (off-grid) and real estate ('Powered Land'), and digital infrastructure tailored for the rapidly expanding AI compute market. Texas Critical Data Centers, currently under development in Ector County, Texas is a scalable, up to 1 gigawatt (GW) AI and high-performance computing (HPC) campus designed to meet accelerating demand for compute capacity and clean energy. Located in one of North America's leading AI corridors, TCDC will deliver liquid-cooled, high-efficiency compute infrastructure with speed, resilience, and sustainability. In line with its strategic focus on power and compute infrastructure, the Company is in discussions with various parties on how best to maximize its natural gas and helium assets. The Company remains committed to the global AI ecosystem, where helium continues to play a crucial role in semiconductor manufacturing and the future growth of AI. The Company will seek to maximize shareholder value of its natural gas and helium assets while pivoting to AI infrastructure development efforts. Updates will be provided as developments occur. An updated website featuring new branding and messaging, along with a revised investor presentation, will be available shortly. E. Will Gray II, CEO of New Era Helium, Inc. commented: 'This name change marks the next chapter. It's a clear signal of who we are and where we're headed. We are the bridge between Silicon Valley and Houston, connecting the compute demands of tomorrow with the energy systems of today, for a shared digital future. With a growing base of vertically integrated assets, from powered land to powered shells, we bring deep infrastructure and energy expertise to help hyperscale, enterprise, and edge operators deploy future-ready HPC campuses faster. Our new name: New Era Energy & Digital, perfectly captures the full breadth of our expanded strategic vision: delivering the physical foundation that powers American innovation.' About New Era Helium, Inc. New Era Helium, Inc. (Nasdaq: NEHC) which will rebrand as New Era Energy & Digital, Inc. (Nasdaq: NUAI) effective August 13, 2025, is a next-generation platform delivering integrated solutions across energy, power, and digital infrastructure. The Company controls over 137,000 acres in Southeastern New Mexico with helium and natural gas reserves. Through its joint venture, Texas Critical Data Centers (TCDC, New Era is advancing a scalable, up to 1GW AI and high-performance computing (HPC) campus to meet surging demand for compute capacity and energy-efficient infrastructure. For more information, visit and follow on LinkedIn and X. Cautionary Note Regarding Forward-Looking Statements This press release contains 'forward-looking statements.' Forward-looking statements reflect the current view about future events. When used in this press release, the words 'anticipate,' 'believe,' 'estimate,' 'expect,' 'future,' 'intend,' 'plan' or the negative of these terms and similar expressions, as they relate to us or our management, identify forward-looking statements. Such statements include, but are not limited to, statements contained in this press release relating to our business strategy, our future operating results and liquidity and capital resources outlook. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward–looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Our actual results may differ materially from those contemplated by the forward-looking statements. They are neither statements of historical fact nor guarantees of assurance of future performance. We caution you therefore against relying on any of these forward-looking statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, without limitation: (a) our ability to effectively operate our business segments; (b) our ability to manage our research, development, expansion, growth and operating expenses; (c) our ability to evaluate and measure our business, prospects and performance metrics; (d) our ability to compete, directly and indirectly, and succeed in a highly competitive and evolving industry; (e) our ability to respond and adapt to changes in technology and customer behavior; (f) our ability to protect our intellectual property and to develop, maintain and enhance a strong brand; and (g) other factors (including the risks contained in the 'Risk Factors' section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended or planned. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.
Business Wire
29 minutes ago
- Business Wire
Eagle Point Credit Company Inc. Announces Second Quarter 2025 Financial Results and Declares Fourth Quarter 2025 Common and Preferred Distributions
GREENWICH, Conn.--(BUSINESS WIRE)--Eagle Point Credit Company Inc. (the 'Company') (NYSE: ECC, ECCC, ECC PRD, ECCF, ECCU, ECCV, ECCW, ECCX) today announced financial results for the quarter ended June 30, 2025 and certain additional activity through July 31, 2025, and declared distributions on shares of the Company's common and preferred stock. 'We took advantage of the market dislocation in the second quarter to acquire discounted CLO equity investments that will enhance the Company's returns over the long-term,' said Thomas P. Majewski, Chief Executive Officer. 'Despite the dislocation, recurring cash flows from our portfolio remained robust during the quarter, comfortably exceeding our distributions and operating expenses.' 'Looking forward, we remain focused on lengthening our weighted average remaining reinvestment period, maintaining strong recurring cash flows and deploying capital opportunistically to further enhance net investment income over time,' concluded Mr. Majewski. SECOND QUARTER 2025 RESULTS Net asset value ('NAV') per common share of $7.31 as of June 30, 2025, compared to $7.23 as of March 31, 2025. Net investment income ('NII') of $0.23 per weighted average common share. 1,2 NII less realized losses from investments of $0.16 per weighted average common share compares to $0.33 of NII and realized gains per weighted average common share for the quarter ended March 31, 2025, and $0.16 of NII less realized losses per weighted average common share for the quarter ended June 30, 2024. 3 Realized losses from forward currency contracts of $0.08 per weighted average common share, which were substantially offset by unrealized gains on non-U.S. dollar-denominated investments, resulting in little to no impact to NAV. GAAP net income (inclusive of unrealized mark-to-market gains) of $57.5 million, or $0.47 per weighted average common share. Received $85.2 million in recurring cash distributions 4 from the Company's investment portfolio, or $0.69 per weighted average common share, exceeding the Company's aggregate distributions on its common stock and operating costs for the quarter. from the Company's investment portfolio, or $0.69 per weighted average common share, exceeding the Company's aggregate distributions on its common stock and operating costs for the quarter. Deployed $86.1 million in gross capital into collateralized loan obligation ('CLO') equity, CLO debt, loan accumulation facilities and other investments. The weighted average effective yield of new CLO equity investments made by the Company during the quarter, which includes a provision for credit losses, was 17.3% as measured at the time of investment. As of June 30, 2025: The weighted average effective yield of the Company's CLO equity portfolio (excluding called CLOs), based on amortized cost, was 11.45%. This compares to 13.66% as of March 31, 2025 and 15.28% as of June 30, 2024. 5 The weighted average expected yield of the Company's CLO equity portfolio (excluding called CLOs), based on fair market value, was 18.81%. This compares to 19.69% as of March 31, 2025 and 22.36% as of June 30, 2024. 5 Issued approximately 5.3 million shares of common stock pursuant to the Company's 'at-the-market' offering program for total net proceeds of $40.7 million. The common stock issuance resulted in $0.02 per share of NAV accretion during the quarter. Issued approximately 1.6 million shares of Series AA and 69,040 shares of Series AB 7.00% Convertible Perpetual Preferred Stock for total proceeds of $37.6 million pursuant to the Company's continuous offering of Series AA and Series AB 7.00% Convertible Perpetual Preferred Stock (the 'Convertible Perpetual Preferred Stock'). Formed a second CLO collateral manager partnership with a long-established credit platform. Similar to the Company's existing strategic relationship, this new partnership includes a meaningful, perpetual top-line revenue share in the CLO business, which is expected to generate recurring revenue to the Company. As of June 30, 2025, the Company had debt and preferred equity securities outstanding which totaled 41.1% of its total assets (less current liabilities). 6 As of June 30, 2025, on a look-through basis, and based on the most recent CLO trustee reports received by such date: The Company, through its investments in CLO equity securities, had indirect exposure to approximately 1,906 unique corporate obligors. The largest look-through obligor represented 0.6% of the loans underlying the Company's CLO equity portfolio. The top-ten largest look-through obligors together represented 4.8% of the loans underlying the Company's CLO equity portfolio. The look-through weighted average spread of the loans underlying the Company's CLO equity portfolio was 3.33% as of June 2025, down 3 basis points from March 2025. GAAP net income was comprised of total investment income of $48.4 million and total net unrealized gains on investments of $54.8 million, offset by financing costs and operating expenses of $20.4 million, realized losses from forward currency contracts of $9.8 million, realized capital losses on investments of $8.3 million, distributions and amortization of offering costs on temporary equity of $4.1 million and net unrealized losses on certain liabilities held at fair value of $3.1 million. Recorded other comprehensive income of $2.3 million. THIRD QUARTER 2025 PORTFOLIO ACTIVITY THROUGH JULY 31, 2025 AND OTHER UPDATES As previously published on the Company's website, management's estimate of the range of the Company's NAV per common share is estimated to be between $7.44 and $7.54 as of July 31, 2025. Received $65.5 million of recurring cash distributions from the Company's investment portfolio. As of July 31, 2025, some of the Company's investments had not yet reached their payment date for the quarter. Deployed $37.8 million of net capital into CLO equity, loan accumulation facilities and other investments. FOURTH QUARTER 2025 DISTRIBUTIONS The Company is pleased to declare three separate monthly distributions of $0.14 per share on its common stock for the fourth quarter of 2025.7 The following schedule applies to the distributions: Amount per Common Share Record Date Payable Date $0.14 October 14, 2025 October 31, 2025 $0.14 November 10, 2025 November 28, 2025 $0.14 December 11, 2025 December 31, 2025 Expand The Company evaluates its ongoing common stock distributions based on a number of factors, including recurring cash flows generated from the Company's investment portfolio, GAAP earnings and the Company's requirement to distribute substantially all of its taxable income. The Company is also pleased to announce the declaration of distributions on its 6.50% Series C Term Preferred Stock due 2031 (the 'Series C Term Preferred Stock'), 6.75% Series D Preferred Stock (the 'Series D Preferred Stock') and 8.00% Series F Term Preferred Stock due 2029 (the 'Series F Term Preferred Stock') as follows: Preferred Stock Type Amount per Share Record Date Payable Date Series C Term Preferred Stock $0.135417 October 14, 2025 November 10, 2025 December 11, 2025 October 31, 2025 November 28, 2025 December 31, 2025 Series D Preferred Stock $0.140625 Series F Term Preferred Stock $0.166667 Expand The distributions on the Series C Term Preferred Stock, Series D Preferred Stock and Series F Term Preferred Stock reflect an annual distribution rate of 6.50%, 6.75% and 8.00%, respectively, of the $25 liquidation preference per share. The Company is also pleased to announce the declaration of distributions on shares of the Convertible Perpetual Preferred Stock as follows: Preferred Stock Type Amount per Share Record Dates Payable Dates 7.00% Series AA Convertible and Perpetual Preferred Stock $0.145834 October 14, 2025 November 10, 2025 December 11, 2025 October 31, 2025 November 28, 2025 December 31, 2025 7.00% Series AB Convertible and Perpetual Preferred Stock $0.145834 Expand The distributions on shares of the Convertible Perpetual Preferred Stock reflect an annual distribution rate of 7.00% of the $25 liquidation preference per share and accumulate from the date of original issue. CONFERENCE CALL The Company will host a conference call at 10:00 a.m. (Eastern Time) today to discuss the Company's financial results for the quarter ended June 30, 2025, as well as a portfolio update. All interested parties may participate in the conference call by dialing (877) 407-0789 (toll-free) or (201) 689-8562 (international). Please reference Conference ID 13754633 when calling, and the Company recommends dialing in approximately 10 to 15 minutes prior to the call. A live webcast will also be available on the Company's website ( Please go to the Investor Relations section at least 15 minutes prior to the call to register, download and install any necessary audio software. An archived replay of the call will be available shortly afterwards until September 11, 2025. To hear the replay, please dial (844) 512-2921 (toll-free) or (412) 317-6671 (international). For the replay, enter Conference ID 13754633. ADDITIONAL INFORMATION The Company has made available on the investor relations section of its website, (in the financial statements and reports section), its unaudited consolidated financial statements for the period ended June 30, 2025. The Company also published on its website (in the presentations and events section) an investor presentation, which contains additional information about the Company and its portfolio for the quarter ended June 30, 2025. The Company has filed these reports with the Securities and Exchange Commission ('SEC'). ABOUT EAGLE POINT CREDIT COMPANY The Company is a non-diversified, closed-end management investment company. The Company's primary investment objective is to generate high current income, with a secondary objective to generate capital gains. The Company seeks to achieve its investment objectives by investing primarily in equity and junior debt tranches of CLOs. The Company is externally managed and advised by Eagle Point Credit Management LLC. In addition to the Company's regulatory requirement to file certain portfolio information with the SEC, the Company makes certain additional financial information available to investors via its website ( press releases and other public disclosures. FORWARD-LOOKING STATEMENTS This press release may contain 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described in the prospectus and the Company's other filings with the SEC. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release. ______________________ 1 'Per weighted average common share' is based on the average daily number of shares of common stock outstanding for the period and 'per common share' refers to per share of the Company's common stock. 2 NII does not reflect distributions and amortization of offering costs on the Series D Preferred Stock and the Series AA/AB Convertible Perpetual Preferred Stock (collectively with the Series D Preferred Stock, the 'temporary equity') of $0.03 per weighted average common share. 3 Commencing Q2 2025, realized gains/losses from forward currency contracts are reported separately from NII and realized gains/losses per share. For the quarter ended March 31, 2025 and June 30, 2024, NII and realized gains/losses per share included $0.03 and $0.01 per share of realized gains from forward currency contracts, respectively. 4 'Recurring cash distributions' refers to the quarterly distributions received by the Company from its CLO equity, CLO debt and other investments and distributions from loan accumulation facilities in excess of capital invested and excludes funds received from CLOs called. 5 'Weighted average effective yield' is based on an investment's amortized cost whereas 'weighted average expected yield' is based on an investment's fair market value as of the applicable period end as disclosed in the Company's financial statements, which is subject to change from period to period. Please refer to the Company's quarterly unaudited financial statements for additional disclosures. 6 Over the long term, management expects to generally operate the Company with leverage within a range of 27.5% to 37.5% of total assets (less current liabilities) under normal market conditions. The Company may incur leverage outside of this range, subject to applicable regulatory limits. 7 The ability of the Company to declare and pay distributions on its common stock is subject to a number of factors, including the Company's results of operations. Distributions on its common stock are generally paid from net investment income (regular interest and dividends) and may also include capital gains and/or a return of capital. The actual components of the Company's distributions for US tax reporting purposes can only be finally determined as of the end of each fiscal year of the Company and are thereafter reported on Form 1099-DIV. Expand
Business Wire
an hour ago
- Business Wire
Madison Square Garden Sports Corp. Reports
NEW YORK--(BUSINESS WIRE)--Madison Square Garden Sports Corp. (NYSE: MSGS) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2025. The fiscal 2025 fourth quarter was highlighted by the New York Knicks' (the 'Knicks') participation in the NBA playoffs, which included nine home playoff games at the Madison Square Garden Arena ('The Garden') and culminated with the team's appearance in the Eastern Conference Finals. This compared to fifteen combined home playoff games for the Knicks and the New York Rangers (the 'Rangers') in the prior year quarter. In addition, fiscal 2025 fourth quarter and full-year results reflect increases in average regular season per-game revenues, including tickets, sponsorship and suites; the impact of reductions in local media rights fees as a result of amendments to the Knicks' and Rangers' local media rights agreements with MSG Networks Inc. ("MSG Networks"); the impact of the Knicks' and Rangers' rosters for the 2024-25 seasons; and the impact of certain team personnel transactions. For fiscal 2025, the Company reported revenues of $1,039.2 million, an increase of $12.1 million, or 1%, as compared to the prior year. In addition, the Company reported operating income of $14.8 million, a decrease of $131.2 million, and adjusted operating income of $38.2 million, a decrease of $134.1 million, both as compared to the prior year. (1) For the fiscal 2025 fourth quarter, the Company generated revenues of $204.0 million, a decrease of $23.3 million, or 10%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $22.6 million and an adjusted operating loss of $16.8 million, as compared to operating income of $52.3 million and adjusted operating income of $56.5 million in the prior year quarter. (1) Madison Square Garden Sports Corp. Executive Chairman and CEO James L. Dolan said, 'Fiscal 2025 was highlighted by growth in per-game revenues and the Knicks' postseason run to the Eastern Conference Finals, while it also reflected our investment in our teams and the changing local media landscape. Looking ahead, we expect continued strong demand for the Knicks and Rangers and remain confident in the value of owning two professional sports franchises.' Financial Results for the Three and Twelve Months Ended June 30, 2025 and 2024: Note: Does not foot due to rounding 1. See page 4 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. Expand Summary of Financial Results For the fiscal 2025 fourth quarter, revenues of $204.0 million decreased $23.3 million, or 10%, as compared to the prior year quarter. The decrease was primarily due to lower playoff-related revenues, lower revenues from leagues distributions and, to a lesser extent, lower food, beverage and merchandise sales and local media rights fees. During the fiscal 2025 fourth quarter, the Rangers and the Knicks played a combined one fewer regular season game and six fewer playoff games at The Garden, both as compared to the prior year quarter. Playoff-related revenues decreased $12.9 million as compared to the prior year quarter, primarily due to the Rangers playing eight home playoff games in the prior year quarter as compared to not qualifying for the playoffs in the current year quarter. This decrease was partially offset by higher per-game Knicks playoff revenue and two additional Knicks home playoff games as compared to the prior year quarter. Revenues from league distributions decreased $6.8 million as compared to the prior year quarter, primarily due to the absence of a non-recurring territorial fee from the NHL of approximately $7 million recognized in the prior year quarter, partially offset by higher national media rights fees. Food, beverage and merchandise sales decreased $1.8 million as compared to the prior year quarter, primarily due to lower average per-game revenue, lower online sales of merchandise and the Knicks and Rangers playing a combined one fewer regular season game at The Garden during the fiscal 2025 fourth quarter. Merchandise sales in the fiscal 2024 fourth quarter included the positive impact of new Rangers' jersey launches. Local media rights fees decreased $1.1 million as compared to the prior year period, primarily due to a reduction in local media rights fees for the 2024-25 season as a result of amendments to the Knicks' and Rangers' local media rights agreements with MSG Networks. This decrease was partially offset by net lower reductions in rights fees as compared to the prior year quarter related to the number of telecasts exclusively available to MSG Networks. Direct operating expenses of $154.8 million increased $47.1 million, or 44%, as compared to the prior year quarter. This increase was primarily driven by higher net provisions for certain team personnel transactions of $42.8 million, higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax of $9.8 million and higher team personnel compensation of $2.9 million, all as compared to the prior year period. These increases were partially offset by lower playoff-related expenses of $5.5 million, as well as other cost decreases. Selling, general and administrative expenses of $70.9 million increased $4.5 million, or 7%, as compared to the prior year quarter. This increase was primarily driven by higher professional fees of $3.7 million, higher playoff-related expenses of $1.5 million, as well as higher other general and administrative expenses, partially offset by lower sales and marketing costs of $1.3 million and lower employee compensation and related benefits of $1.2 million. Operating income decreased by $74.9 million to an operating loss of $22.6 million and adjusted operating income decreased by $73.3 million to an adjusted operating loss of $16.8 million, both as compared to the prior year quarter, primarily due to the increase in direct operating expenses and, to a lesser extent, the decrease in revenues. Other Matters On June 27, 2025, the Knicks and Rangers amended their respective media rights agreements with MSG Networks, which included: (i) 28% and 18% reductions in annual rights fees payable to the Knicks and Rangers, respectively, effective January 1, 2025; (ii) an elimination of annual rights fee escalators; and (iii) a change to the contract expiration dates to the end of the 2028-29 seasons, subject to a right of first refusal in favor of MSG Networks. Concurrent with the amendments to the media rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9% of the equity interests in MSG Networks. About Madison Square Garden Sports Corp. Madison Square Garden Sports Corp. (MSG Sports) is a leading professional sports company, with a collection of assets that includes the New York Knicks (NBA) and the New York Rangers (NHL), as well as two development league teams – the Westchester Knicks (NBAGL) and the Hartford Wolf Pack (AHL). 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. MADISON SQUARE GARDEN SPORTS CORP. ADJUSTMENTS TO RECONCILE OPERATING (LOSS) INCOME TO ADJUSTED 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. MADISON SQUARE GARDEN SPORTS CORP. (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 Expand MADISON SQUARE GARDEN SPORTS CORP. (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 Expand 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 Expand
