Madison Square Garden Sports Corp (MSGS)
Receivables turnover
| 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 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (ttm) | US$ in thousands | 1,039,220 | 1,062,514 | 1,068,271 | 1,037,410 | 1,027,149 | 926,818 | 879,608 | 906,404 | 887,447 | 935,732 | 890,762 | 826,649 | 821,354 | 793,051 | 638,287 | 377,477 | 415,721 | 261,859 | 502,811 | 1,102,845 |
| Receivables | US$ in thousands | 29,437 | 167,252 | 99,389 | 80,653 | 80,090 | 157,699 | 109,136 | 66,866 | 74,029 | 106,888 | 96,452 | 66,928 | 76,948 | 163,074 | 93,351 | 38,229 | 53,696 | 92,515 | 41,108 | 28,759 |
| 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 |
June 30, 2025 calculation
Receivables turnover = Revenue (ttm) ÷ Receivables
= $1,039,220K ÷ $29,437K
= 35.30
The receivables turnover of Madison Square Garden Sports Corp exhibits significant fluctuations across the analyzed periods, reflecting changes in how efficiently the company collects its accounts receivable.
Initially, as of September 30, 2020, the receivables turnover was notably high at 38.35, indicating a very rapid collection process. This elevated figure sharply declined to 12.23 by December 31, 2020, and further dropped to 2.83 on March 31, 2021. Such a steep decrease suggests a substantial slowdown in collection efficiency during that interval, possibly linked to operational challenges or shifts in revenue recognition.
Subsequently, the ratio demonstrates a partial recovery, reaching 7.74 on June 30, 2021, and continuing upward to 9.87 on September 30, 2021, and 6.84 on December 31, 2021. This trend indicates a gradual improvement in receivables collection efficiency over this period, although the ratios still remain below the earlier high levels.
From March 31, 2022, onward, there is a trend of gradual increases with some fluctuations. The ratio peaks at 12.35 on September 30, 2022, followed by a slight decrease to 9.24 in December 2022, and then to 8.75 in March 2023. The upward movement resumes, with values reaching 11.99 (June 30, 2023) and further increasing to 13.56 (September 30, 2023), indicating periods of improving collection performance.
In the more recent periods, the ratios exhibit variability, with a decrease to 8.06 on December 31, 2023, and subsequent declines to 5.88 (March 31, 2024), then recovery to 12.82 (June 30, 2024), and a slight increase to 12.86 (September 30, 2024). The latest data points show a drop to 10.75 (December 31, 2024), then to 6.35 (March 31, 2025), before surging dramatically to an exceptionally high level of 35.30 on June 30, 2025.
Overall, the receivables turnover has demonstrated considerable volatility over the analyzed time frame. The initial extremely high ratio suggests a period of very efficient collections, which then declined significantly. Periodic recoveries indicate attempts at improving receivables management, but the ratios remained inconsistent. The recent sharp increase to 35.30 may reflect a temporary or exceptional improvement in collection practices or a change in revenue composition, warranting further analysis to determine underlying causes. The observable fluctuations highlight the importance for the company to maintain consistent receivables management strategies to ensure stable cash flow and operational efficiency.
Peer comparison
Jun 30, 2025