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    Antares Tobelem • Goldman Sachs

    Antares Tobelem's questions to Madison Square Garden Entertainment Corp (MSGE) leadership

    Antares Tobelem's questions to Madison Square Garden Entertainment Corp (MSGE) leadership • Q4 2025

    Question

    Antares Tobelem from Goldman Sachs asked about the company's approach to capital returns in fiscal 2026, questioning whether share buybacks would remain opportunistic or become more methodical.

    Answer

    David Collins, EVP & CFO, reiterated the company's three capital allocation priorities: maintaining a strong balance sheet, investing in the core business, and opportunistically returning capital to shareholders. He confirmed they repurchased $40 million of stock in fiscal 2025, have $70 million remaining on the authorization, and will continue to explore opportunistic ways to return capital.

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    Antares Tobelem's questions to Sphere Entertainment Co (SPHR) leadership

    Antares Tobelem's questions to Sphere Entertainment Co (SPHR) leadership • Q2 2025

    Question

    Antares Tobelem, on behalf of Steven Lasik, asked about the outlook for concert genre diversification in 2026 and the potential upper limit for the number of concert residencies the venue could host annually.

    Answer

    Executive Chairman & CEO James Dolan explained that the venue's flexibility allows for Sphere Experience shows during the day and concerts at night. He highlighted that the business model intentionally creates 'contention' for dates between original content, concerts, and corporate events, with scheduling decisions driven by which event generates the best gross revenue. A highly successful original show could potentially displace concert dates if it proves more profitable.

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