0001628280-26-051125
SEC filingSphere Entertainment 营收大增但净亏损扩大，The Sphere Experience 驱动增长，MSG Networks 持续下滑。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Revenue | $313.6M | $282.7M | +11% |
| Gross Profit | $162.6M | $151.4M | +7% |
| Gross Margin | 51.8% | 53.5% | -170 bps |
| Operating Income | -$61.3M | -$50.2M | -22% |
| Operating Margin | -19.5% | -17.7% | -180 bps |
| Net Income | -$38.3M | $151.8M | -125% |
| Diluted EPS | -$1.07 | $3.39 | -132% |
| Adjusted Operating Income (AOI) | $50.9M | $61.5M | -17% |
| Operating Cash Flow | $102.6M | -$52.7M | 转正 |
| Free Cash Flow | $83.2M | -$84.9M | 转正 |
本季度营收增长主要由 Sphere 分部驱动，The Sphere Experience 收入增加 $53.8M，得益于 The Wizard of Oz at Sphere 的上映，per-show 收入提升至约 $553。然而，SG&A 费用大幅增加 $26.2M（+23%），主要由于股票薪酬的 mark-to-market 调整和诉讼费用，导致经营亏损扩大。
盈利质量方面，尽管净亏损扩大，但经营现金流大幅转正至 $102.6M，主要受益于运营资本改善和成本控制。剔除一次性项目（如债务重组费用和保险诉讼计提）后，调整后经营利润（AOI）为 $50.9M，同比下降 17%，反映 Sphere 分部盈利改善被 MSG Networks 的持续下滑所抵消。
| 分部 | 营收 | 同比 | 经营利润/EBITDA | 利润率 | 驱动 |
|---|---|---|---|---|---|
| Sphere | $226.4M | +29% | -$69.6M | -30.7% | The Sphere Experience 驱动，但 SG&A 费用大增 |
| MSG Networks | $87.3M | -18% | $8.3M | 9.5% | 订阅用户减少 16.5%，广告收入下滑 |
| 项目 | 本期 | 上期/变化 |
|---|---|---|
| Cash & ST investments | $552.0M | +$30.8M |
| Total Debt | $780.4M | -$52.9M |
| Operating Cash Flow | $102.6M | +$155.3M |
| Capex | $19.4M | -$12.8M |
| Free Cash Flow | $83.2M | +$168.1M |