Madison Square Garden Sports Corp (MSGS)
Days of sales outstanding (DSO)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Receivables turnover | 35.30 | 6.35 | 10.75 | 12.86 | 12.82 | 5.88 | 8.06 | 13.56 | 11.99 | 8.75 | 9.24 | 12.35 | 10.67 | 4.86 | 6.84 | 9.87 | 7.74 | 2.83 | 12.23 | 38.35 | |
| DSO | days | 10.34 | 57.46 | 33.96 | 28.38 | 28.46 | 62.11 | 45.29 | 26.93 | 30.45 | 41.69 | 39.52 | 29.55 | 34.19 | 75.05 | 53.38 | 36.97 | 47.14 | 128.95 | 29.84 | 9.52 |
June 30, 2025 calculation
DSO = 365 ÷ Receivables turnover
= 365 ÷ 35.30
= 10.34
The analysis of Madison Square Garden Sports Corp’s Days of Sales Outstanding (DSO) over the specified period reveals notable fluctuations that can be interpreted as indicators of changes in the company's receivables collection efficiency and revenue recognition policies.
Initially, as of September 30, 2020, the DSO was relatively low at 9.52 days, suggesting prompt collection of receivables. This figure increased significantly by December 31, 2020, reaching 29.84 days, indicating a slowdown in receivables collection during that period. The trend continues with a marked escalation on March 31, 2021, when DSO surged to 128.95 days, signaling a substantial delay in collecting receivables, which could reflect collection challenges or changes in revenue cycle management.
Subsequent quarters display oscillations in DSO: a decrease to 47.14 days on June 30, 2021, followed by a rise to 36.97 days by September 30, 2021, and an increase to 53.38 days at year-end 2021. Early 2022 witnesses a further rise with DSO peaking at 75.05 days on March 31, 2022. This upward trend may suggest periods of slower collections, potential receivables aging, or strategic accounting adjustments.
From mid-2022 onwards, there is a notable decline in DSO, with measurements such as 34.19 days at June 30, 2022, and 29.55 days at September 30, 2022, indicating improved receivables collection efficiency. The subsequent quarters maintain relatively lower DSO figures, exemplified by 39.52 days at December 31, 2022, and 41.69 days at March 31, 2023. A further reduction is observed with 30.45 days at June 30, 2023, and 26.93 days at September 30, 2023, suggesting ongoing improvements in receivables management.
However, a rise occurs again by December 31, 2023, with DSO reaching 45.29 days, followed by an increase to 62.11 days at March 31, 2024, and a modest decline to 28.46 days at June 30, 2024. The trend continues with a slight increase to 28.38 days in September 2024. Notably, DSO rises sharply to 33.96 days at year-end 2024 and peaks at 57.46 days as of March 31, 2025. Interestingly, the DSO drops significantly to 10.34 days at June 30, 2025—the lowest in this period—before rising again to 57.46 days.
Overall, the DSO exhibits periods of instability with alternating increases and decreases. Fluctuations may reflect operational adjustments, changes in contractual terms, seasonal revenue cycles, or external factors impacting customer payment behaviors. The overall trend indicates an initial phase of extended collection periods, followed by mid-term improvements, and recent volatility. The lowest DSO value observed in June 2025 suggests a period of highly efficient receivables collection, whereas the high values earlier and later in the period point to periods of collection delays.
In summary, Madison Square Garden Sports Corp’s DSO history reflects dynamic receivables management with periods of both efficiency and challenge, warranting continuous monitoring for implications on liquidity and working capital management.
Peer comparison
Jun 30, 2025