Technology
MADISON SQUARE GARDEN ENTERTAINMENT CORP. REPORTS FISCAL 2024 FOURTH QUARTER AND FULL YEAR RESULTS
Published
2 years agoon
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Fiscal 2024 Revenues of $959.3 Million, up 13% Versus Prior Year and Above High-End of Guidance Range(1)
Fiscal 2024 Operating Income of $111.9 Million and AOI of $211.5 Million, Both Above High-End of Guidance Range(1)(2)
NEW YORK, Aug. 16, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal fourth quarter and full-year ended June 30, 2024.
Fiscal 2024 marked the first full year of operations for MSG Entertainment as a standalone public company. During the year, the Company hosted approximately 6.3 million guests at over 960 events, which reflects robust growth in the number of events in the Company’s bookings business, as well as regular season and playoff games at The Garden for both the Knicks and Rangers. It also reflects over 1 million tickets sold across 193 shows for the Christmas Spectacular production, which generated record-setting revenues in fiscal 2024. Positive operating momentum throughout the year led the Company to increase its financial guidance twice during fiscal 2024. A strong fiscal fourth quarter led by The Garden resulted in full year financial results that exceeded the high-end of the Company’s guidance ranges for revenues, operating income and adjusted operating income.(1)(2)
Financial results for the three and twelve months ended June 30, 2024 reflect the Company on a fully standalone basis. Results for the prior year through April 20, 2023, which was the date of the spin-off from Sphere Entertainment Co. (“Sphere Entertainment”), are presented in accordance with generally accepted accounting principles (“GAAP”) for the preparation of carve-out financial statements. These prior year results (through April 20, 2023) do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the periods presented. Therefore, results for the three and twelve months ended June 30, 2024 are not fully comparable with results for the prior year periods.
For fiscal 2024, the Company reported revenues of $959.3 million, an increase of $107.8 million, or 13%, as compared to the prior year. In addition, the Company reported operating income of $111.9 million, an increase of $6.9 million, and adjusted operating income of $211.5 million, an increase of $9.9 million, both as compared to the prior year.(2)
For the fiscal 2024 fourth quarter, the Company reported revenues of $186.1 million, an increase of $38.1 million, or 26%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $8.9 million and adjusted operating income of $13.1 million, representing improvements of $12.9 million and $12.4 million, respectively, as compared to the prior year quarter.(2)
Executive Chairman and CEO James L. Dolan said, “We delivered strong financial results in our first full year as a standalone entertainment company. Looking ahead, we believe our Company – with its unique portfolio of live entertainment offerings – is well positioned to generate robust adjusted operating income growth in fiscal 2025.”
Results for the Three and Twelve Months Ended June 30, 2024 and 2023:
Three Months Ended
Twelve Months Ended
June 30,
Change
June 30,
Change
$ millions
2024
2023
$
%
2024
2023
$
%
Revenues
$ 186.1
$ 147.9
$ 38.1
26 %
$ 959.3
$ 851.5
$ 107.8
13 %
Operating Income (Loss)
$ (8.9)
$ (21.8)
$ 12.9
59 %
$ 111.9
$ 105.0
$ 6.9
7 %
Adjusted Operating Income
$ 13.1
$ 0.7
$ 12.4
NM
$ 211.5
$ 201.6
$ 9.9
5 %
Note: Amounts may not foot due to rounding. NM — Absolute percentages greater than 200% and comparisons from positive to negative values or to zero values are considered not meaningful.
(1)
The Company’s most recent financial guidance for fiscal 2024 was for revenues of $940-$950 million, operating income of $100-$110 million, and adjusted operating income of $200-210 million.
(2)
See page 3 of this earnings release for the definition of adjusted operating income (loss) included in the discussion of non-GAAP financial measures. During the third quarter of fiscal 2024, the Company amended this definition so that the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with Madison Square Garden Sports Corp. (“MSG Sports”) is no longer excluded in all periods presented. For the three and twelve months ended June 30, 2024, the non-cash portion of operating lease revenue was $2.5 million and $25.3 million, respectively, and for the three and twelve months ended June 30, 2023 the non-cash portion of operating lease revenue was $1.5 million and $26.5 million, respectively.
Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2024 fourth quarter revenues from entertainment offerings of $142.9 million increased $23.3 million, or 20%, as compared to the prior year period, primarily due to higher event-related revenues, an increase in revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements and, to a lesser extent, an increase in venue-related sponsorship, signage and suite license fees.
Event-related revenues increased $13.2 million, primarily due to an increase in the number of concerts at The Garden as compared to the prior year quarter.Revenues subject to the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $7.7 million, primarily due to higher suite license fee revenues as compared to the prior year quarter.Venue-related sponsorship, signage and suite license fees revenues increased $1.5 million as compared to the prior year quarter.
Fiscal 2024 fourth quarter arena license fees and other leasing revenues of $8.5 million increased $3.6 million, or 75%, as compared to the prior year period, primarily due to higher arena license fees, the result of more Rangers and Knicks regular season games played at The Garden as compared to the prior year quarter.
Fiscal 2024 fourth quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $99.7 million increased $11.7 million, or 13%, as compared to the prior year quarter.
Event-related expenses increased $5.1 million, primarily due to higher expenses incurred as a result of the increase in event-related revenues.Expenses associated with the sharing of economics with MSG Sports pursuant to the Arena License Agreements increased $5.8 million, primarily due to higher expenses incurred as a result of the increase in suite license fee revenues.
Food, Beverage and Merchandise
Fiscal 2024 fourth quarter food, beverage and merchandise revenues of $34.7 million increased $11.2 million, or 48%, as compared to the prior year period. This reflects higher food and beverage sales at Rangers and Knicks games at The Garden (primarily due to more regular season and playoff home games) and, to a lesser extent, an increase in food and beverage sales at concerts and other live sporting and entertainment events at the Company’s venues, all as compared to the prior year quarter.
Fiscal 2024 fourth quarter food, beverage and merchandise direct operating expenses of $22.7 million increased $8.1 million, or 56%, as compared to the prior year quarter, primarily driven by the related increase in food and beverage revenues.
Selling, General and Administrative Expenses
Fiscal 2024 fourth quarter selling, general and administrative expenses of $55.8 million increased $3.1 million, or 6%, as compared with the prior year period. Fiscal 2024 fourth quarter results reflect the Company on a fully standalone basis. Results for the fiscal 2023 fourth quarter reflect the allocation of corporate and administrative costs based on the accounting requirements for the preparation of carve-out financial statements through the April 20, 2023 spin-off date and reflect the Company on a fully standalone basis for the balance of the fiscal 2023 fourth quarter. Therefore, results for the fiscal 2023 fourth quarter do not include all of the expenses that would have been incurred by MSG Entertainment had it been a standalone company for the entire period.
Operating Income and Adjusted Operating Income
Fiscal 2024 fourth quarter operating loss of $8.9 million improved $12.9 million and adjusted operating income of $13.1 million increased $12.4 million, both as compared to the prior year quarter. The improvement in operating loss and the increase in adjusted operating income were primarily due to higher revenues, partially offset by higher direct operating expenses and, to a lesser extent, higher selling, general and administrative expenses.
About Madison Square Garden Entertainment Corp.
Madison Square Garden Entertainment Corp. (MSG Entertainment) is a leader in live entertainment, delivering unforgettable experiences while forging deep connections with diverse and passionate audiences. The Company’s portfolio includes a collection of world-renowned venues – New York’s Madison Square Garden, The Theater at Madison Square Garden, Radio City Music Hall, and Beacon Theatre; and The Chicago Theatre – that showcase a broad array of sporting events, concerts, family shows, and special events for millions of guests annually. In addition, the Company features the original production, the Christmas Spectacular Starring the Radio City Rockettes, which has been a holiday tradition for 90 years. More information is available at www.msgentertainment.com.
Non-GAAP Financial Measures
During the third quarter of fiscal 2024, the Company amended its definition of adjusted operating income (loss) so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in the calculation of adjusted operating income (loss) in all periods presented.
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) merger, spin-off, and acquisition-related costs, including merger-related litigation expenses, (v) gains or losses on sales or dispositions of businesses and associated settlements, (vi) the impact of purchase accounting adjustments related to business acquisitions, (vii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan, and (viii) amortization for capitalized cloud computing arrangement costs. We believe that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the various operating units of our business without regard to the settlement of an obligation that is not expected to be made in cash. We eliminate merger, spin-off, and acquisition-related costs, when applicable, because the Company does not consider such costs to be indicative of the ongoing operating performance of the Company as they result from an event that is of a non-recurring nature, thereby enhancing comparability. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the 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, gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan are recognized in Operating (income) loss whereas gains and losses related to the remeasurement of the assets under the 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 Other 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 the Company on a consolidated and combined basis. 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 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 or events may differ materially from those in the forward-looking statements as a result of various factors, including financial community perceptions of the Company and its business, operations, financial condition and the industries 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.
Contacts:
Ari Danes, CFA
Senior Vice President, Investor Relations, Financial Communications & Treasury
Madison Square Garden Entertainment Corp.
(212) 465-6072
Justin Blaber
Vice President, Financial Communications
Madison Square Garden Entertainment Corp.
(212) 465-6109
Grace Kaminer
Vice President, Investor Relations & Treasury
Madison Square Garden Entertainment Corp.
(212) 631-5076
Conference Call Information:
The conference call will be Webcast live today at 8:30 a.m. ET at investor.msgentertainment.com
Conference call dial-in number is 888-660-6386 / Conference ID Number 8020251
Conference call replay number is 800-770-2030 / Conference ID Number 8020251 until August 23, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations/
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED AND COMBINED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
June 30,
Twelve Months Ended
June 30,
2024
2023
2024
2023
Revenues
Revenues from entertainment offerings
$ 142,872
$ 119,554
$ 723,897
$ 643,885
Food, beverage, and merchandise revenues
34,713
23,521
162,092
135,933
Arena license fees and other leasing revenue
8,489
4,860
73,276
71,678
Total revenues
$ 186,074
147,935
959,265
851,496
Direct operating expenses
Entertainment offerings, arena license fees, and other leasing
direct operating expenses
(99,716)
(88,011)
(475,502)
(420,301)
Food, beverage, and merchandise direct operating expenses
(22,661)
(14,520)
(93,334)
(79,628)
Total direct operating expenses
(122,377)
(102,531)
(568,836)
(499,929)
Selling, general and administrative expenses
(55,807)
(52,679)
(206,963)
(180,216)
Depreciation and amortization
(13,904)
(14,094)
(53,876)
(60,463)
Gains, net on dispositions
—
—
—
4,361
Restructuring charges
(2,846)
(421)
(17,649)
(10,241)
Operating (loss) income
(8,860)
(21,790)
111,941
105,008
Interest income
701
1,440
2,976
7,244
Interest expense
(14,193)
(13,814)
(57,954)
(51,869)
Other (expense) income, net
(3,127)
10,605
(4,672)
17,389
(Loss) income from operations before income taxes
(25,479)
(23,559)
52,291
77,772
Income tax benefit (expense)
92,406
(924)
92,009
(1,728)
Net income (loss)
66,927
(24,483)
144,300
76,044
Less: Net loss attributable to nonredeemable noncontrolling
interest
—
—
—
(553)
Net income (loss) attributable to MSG Entertainment’s
stockholders
$ 66,927
$ (24,483)
$ 144,300
$ 76,597
Earnings (loss) per share attributable to MSG
Entertainment’s stockholders:
Basic
$ 1.42
$ (0.47)
$ 2.99
$ 1.48
Diluted
$ 1.41
$ (0.47)
$ 2.97
$ 1.47
Weighted-average number of shares of common stock:
Basic
47,067
51,819
48,275
51,819
Diluted
47,599
51,819
48,589
52,278
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
ADJUSTMENTS TO RECONCILE OPERATING INCOME (LOSS) TO
ADJUSTED OPERATING INCOME (LOSS)
(in thousands)
(Unaudited)
The following is a description of the adjustments to operating income (loss) in arriving at adjusted operating income as described in this earnings release:
Depreciation and amortization. This adjustment eliminates depreciation and amortization of property and equipment and intangible assets.Share-based compensation. This adjustment eliminates the compensation expense relating to restricted stock units, performance stock units and stock options granted under the Company’s Employee Stock Plan, Sphere Entertainment’s Employee Stock Plan, the Company’s Non-Employee Director Plan and Sphere Entertainment’s Non-Employee Director Plan.Gains, net on dispositions. This adjustment eliminates the impact of gains or losses from the disposition of assets or businesses.Restructuring charges. This adjustment eliminates costs related to termination benefits provided to certain corporate executives and employees.Merger, spin-off, and acquisition-related costs. This adjustment eliminates costs related to mergers, spin-offs and acquisitions, including merger-related litigation expenses.Amortization for capitalized cloud computing arrangement costs. This adjustment eliminates amortization of capitalized cloud computing arrangement costs.Remeasurement of deferred compensation plan liabilities. This adjustment eliminates the impact of gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan.
Three Months Ended
Twelve Months Ended
June 30,
June 30,
$ thousands
2024
2023
2024
2023
Operating (loss) income
$ (8,860)
$ (21,790)
$ 111,941
$ 105,008
Depreciation and amortization
13,904
14,094
53,876
60,463
Share-based compensation
4,983
7,541
24,544
29,521
Gains, net on dispositions
—
—
—
(4,361)
Restructuring charges
2,846
421
17,649
10,241
Merger, spin-off, and acquisition related costs(1)
—
—
2,035
—
Amortization for capitalized cloud computing arrangement costs
172
431
1,008
600
Remeasurement of deferred compensation plan liabilities
63
(11)
452
121
Adjusted operating income(2)
$ 13,108
$ 686
$ 211,505
$ 201,593
_________________
(1)
This adjustment represents non-recurring costs incurred and paid by the Company for the sale of the retained interest by Sphere Entertainment Co.
(2)
During the third quarter of fiscal 2024, the Company amended the definition of adjusted operating income so that the impact of the non-cash portion of operating lease revenue related to the Company’s Arena License Agreements with MSG Sports is no longer excluded in all periods presented. Pursuant to GAAP, recognition of operating lease revenue is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. As a result, operating lease revenue is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Adjusted operating income includes operating lease revenue of (i) $4,159 and $42,769 of revenue collected in cash for the three and twelve months ended June 30, 2024, respectively, and $2,290 and $41,524 of revenue collected in cash for the three and twelve months ended June 30, 2023, respectively, and (ii) a non-cash portion of $2,467 and $25,299 for the three and twelve months ended June 30, 2024, respectively, and $1,467 and $26,545 for the three and twelve months ended June 30, 2023, respectively.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
CONSOLIDATED BALANCE SHEETS (unaudited)
(in thousands)
June 30,
2024
2023
ASSETS
Current Assets:
Cash, cash equivalents and restricted cash
$ 33,555
$ 84,355
Accounts receivable, net
77,259
63,898
Related party receivables, current
17,469
69,466
Prepaid expenses and other current assets
90,801
77,562
Total current assets
219,084
295,281
Non-Current Assets:
Property and equipment, net
633,533
628,888
Right-of-use lease assets
388,658
235,790
Goodwill
69,041
69,041
Indefinite-lived intangible assets
63,801
63,801
Deferred tax assets, net
68,307
—
Other non-current assets
110,283
108,356
Total assets
$ 1,552,707
$ 1,401,157
LIABILITIES AND DEFICIT
Current Liabilities:
Accounts payable, accrued and other current liabilities
$ 203,750
$ 214,725
Related party payables, current
42,506
47,281
Long-term debt, current
16,250
16,250
Operating lease liabilities, current
27,736
36,529
Deferred revenue
215,581
225,855
Total current liabilities
505,823
540,640
Non-Current Liabilities:
Long-term debt, net of deferred financing costs
599,248
630,184
Operating lease liabilities, non-current
427,014
219,955
Deferred tax liabilities, net
—
23,518
Other non-current liabilities
43,787
56,332
Total liabilities
1,575,872
1,470,629
Commitments and contingencies
Deficit:
Class A Common Stock (a)
456
450
Class B Common Stock (b)
69
69
Additional paid-in capital
33,481
17,727
Treasury stock at cost (4,365 and 840 shares as of June 30, 2024 and June 30, 2023,
respectively)
(140,512)
(25,000)
Retained earnings (deficit)
115,603
(28,697)
Accumulated other comprehensive loss
(32,262)
(34,021)
Total deficit
(23,165)
(69,472)
Total liabilities and deficit
$ 1,552,707
$ 1,401,157
_________________
(a)
Class A Common Stock, $0.01 par value per share, 120,000 shares authorized; 45,556 and 45,024 shares issued as of June 30, 2024 and June 30, 2023, respectively.
(b)
Class B Common Stock, $0.01 par value per share, 30,000 shares authorized; 6,867 shares issued as of June 30, 2024 and June 30, 2023.
MADISON SQUARE GARDEN ENTERTAINMENT CORP.
SELECTED CASH FLOW INFORMATION
(in thousands)
(Unaudited)
Twelve Months Ended
June 30,
2024
2023
Net cash provided by operating activities
$ 111,266
$ 135,694
Net cash (used in) provided by investing activities
(62,371)
30,305
Net cash used in financing activities
(99,695)
(144,217)
Net (decrease) increase in cash, cash equivalents and restricted cash
(50,800)
21,782
Cash, cash equivalents and restricted cash, beginning of period
84,355
62,573
Cash, cash equivalents and restricted cash, end of period
$ 33,555
$ 84,355
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SOURCE Madison Square Garden Entertainment Corp.
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With the rapid popularization of OLED display technology, basic screen indicators including resolution, color gamut and brightness keep improving. Meanwhile, display transparency — a core experience metric that determines visual comfort , image authenticity and premium visual quality — has drawn growing attention across the industry.
Recently, BOE has empowered the launch of the industry’s first flagship high-transparency OLED display panel, setting an industry-leading benchmark in four key dimensions: color, depth , clarity and dynamic range. It ushers high-end display into a new era, shifting from purely numerical technical specifications to ultimate user-centric visual experience.
In addition, BOE officially unveiled its in-depth research achievements on OLED display transparency. It has identified the core underlying factors affecting visual transparency through scientific research, pioneered the industry’s first display transparency index formula, and facilitated the release of the first authoritative evaluation standard for OLED display transparency. This marks an industry’s transformation from specs-oriented to experience-driven development. This marks a full-process breakthrough covering underlying technical analysis, scientifically guided image quality development and mass production application.
At present, the group standard 《Standard of Associations Organic light emitting diode display —Evaluation method for display clarity》, led and formulated by BOE based on relevant research outcomes, has been officially issued. As the world’s first dedicated evaluation standard focusing on OLED display transparency, it fills the long-standing industry gap in correlating subjective visual perception with objective image quality parameters.
Leveraging this standard and transparency research results, BOE has assisted partners in developing the industry’s first flagship high-transparency OLED screen. The company has built a comprehensive technical system for OLED visual transparency. Supported by cutting-edge technologies such as tandem, LTPO and high-precision Demura crosstalk optimization algorithms, BOE and its partners have carried out full-link optimization from display panels to end devices.
Going forward, BOE will continue to deepen research on display human factors engineering and visual experience. Through technological innovation and standard leadership, it will bring more ultimate, high-transparency premium display experiences to users worldwide.
2、BOE Beneficial “Natural” Light Technology (BNL): Solving Visual Health Pain Points and Leading the Display Industry Trend
In an era of ubiquitous displays, users are spending increasingly longer hours on screens. Nevertheless, the luminous properties of conventional displays poorly align with the human visual system, sparking widespread consumer concerns over visual health. To address such challenges, BOE draws inspiration from natural light. By deeply analyzing natural light and extracting beneficial features highly consistent with health and comfort, BOE established the Beneficial “Natural” Light Technology (BNL) architecture. Evolving from single technical upgrades to a systematic solution, BNL replicates the merits of natural light across four core dimensions: Depolarization Adjustment, Spectrum Optimization, Light Profile Optimization and Time-varying Adaptation, advancing display technology toward healthy viewing.
BNL & Visual Health
Depolarization Adjustment: The linearly polarized light of traditional displays causes targeted stimulation to retinal lutein, resulting in dry eyes, eyelid redness and other discomforts. Based on the mainstream Circular Polarization (QWP) solution, BOE BNL has developed a series of technologies like BSF/RDF Random Depolarization technology and un-Polarization,which convert linearly polarized light into randomly polarized light, enabling balanced lutein utilization across the entire visual field, and deliver natural-light-level eye protection.
Spectrum Optimization: Conventional narrow-band RGB spectra feature poor continuity and imbalanced energy distribution, with excessive high-energy blue light that induces eye strain and increases risks of macular damage. Beyond Low Blue Light solutions, BOE BNL has developed Natural-like Spectrum, Beneficial Red Light, Infrared Light and Circadian Rhythm technologies. Multiple clinical studies have verified that Beneficial Red Light and Infrared Light can effectively inhibit axial elongation and accelerate eye microcirculation. BOE takes the lead in integrating such optics into displays,achieving a spectral distribution matching degree of over 60%, an energy ratio of Beneficial Red Light (650–670 nm) exceeding 50%, and independent on/off switching and energy adjustment of Infrared Light. Meanwhile, Circadian Rhythm technology regulates melatonin secretion to safeguard sleep quality. Shifting from passive harm reduction to active eye benefits, BOE BNL delivers all-round visual health protection.
Light Profile Optimization: Conventional screens are prone to surface reflection and glare, which interfere with visual recognition and cause cumulative eye fatigue. Powered by industry-leading Anti-Glare, Low Reflection and Wide Viewing Angle technologies, BOE BNL accurately simulates the diffuse reflection of natural light to deliver consistent visual comfort across diverse viewing angles. For instance, BOE UB Cell technology achieves a DGR value below 5 with negligible glare and reflection, ensuring sustained visual comfort.
Time-varying Adaptation: Conventional displays tend to produce low-frequency flicker and fixed brightness and color temperature that fail to adapt to ambient changes, forcing frequent eye muscle adjustments and leading to discomfort. By adopting Flicker Free and Light Self-adaptive technologies, BOE BNL delivers stable, ultra-smooth visuals that replicate the comfort of natural light.
SID 2026: BOE Launches New BNL Display Products
At SID Display Week 2026, BOE launched new BNL health display products. The highlight product is the industry’s first 13.8-inch BNL health display tablet. It integrates all four core dimensions,supported by 7 core BNL technologies, to deliver a healthy and comfortable visual experience.
As a global leader in the display industry, BOE has led the development and officially issued the world’s first “Natural Light” display standard via the Zhongguancun Standardization Association,and has jointly issued the White Paper on Natural Light Display Technologies (Engineering Considerations, Application Value and Challenges) with TÜV Rheinland to drive standardized and high-quality industrial development. In the future, BOE will continue to iterate on technologies, diversify product forms and application scenarios, advance the grading standards for Beneficial “Natural” Light displays, and protect users’ visual health.
View original content to download multimedia:https://www.prnewswire.com/news-releases/boe-continues-to-launch-new-products-and-solutions-in-the-field-of-high-end-displays-302767491.html
SOURCE BOE Technology Group Co., Ltd.
Technology
BitradeX BXC First Two Subscription Rounds Sell Out, Total Subscriptions Exceed 14M USDT
Published
2 days agoon
May 9, 2026By
LONDON, May 9, 2026 /PRNewswire/ — BitradeX Capital’s ecosystem equity token, BXC, has completed its first and second subscription rounds, selling a total of 50 million BXC with subscriptions exceeding 14 million USDT. The first round sold out in 90 seconds, while the second closed within 48 hours.
While the fundraising size is not unusually large by crypto standards, the structure of the sale has attracted market attention. The first two rounds were not open to the public, but limited to high-tier BitradeX users. The first round was available only to V5 users and above, while the second round expanded access to V3 users and above.
According to BitradeX’s tier system, V3+ users typically have higher recurring investment activity through AiBot, longer platform usage history, and stronger ecosystem participation. This means the early BXC allocation was absorbed mainly by the platform’s internal high-value user base, rather than short-term speculative participants.
This approach differs from many token fundraising campaigns that prioritize broad public participation and market hype. BitradeX instead adopted a more selective, staged model, gradually lowering the participation threshold while keeping the sale within its active ecosystem community.
BXC is positioned as more than a standard platform token. Its value framework is linked to BitradeX Capital’s broader ecosystem, including its exchange business, AiBot quantitative strategies, BTX Card payments, and Labs incubation platform. Public information indicates that BXC holders may receive staking rewards, benefit from ecosystem buybacks and burns, and gain priority access to Launchpad projects and governance participation.
The third subscription round is launched on April 30 at $0.35 USDT per BXC, with a total supply of 100 million BXC. It is now open to users participating in AiBot recurring investment. The fourth round price is expected to rise to $0.45 USDT.
The long-term value of BXC will ultimately depend on the growth of BitradeX’s underlying businesses, including exchange profitability, AiBot user expansion, and BTX Card adoption. However, the rapid sellout of the first two rounds suggests that BitradeX’s core user base has already shown strong confidence in the ecosystem’s future.
View original content:https://www.prnewswire.com/news-releases/bitradex-bxc-first-two-subscription-rounds-sell-out-total-subscriptions-exceed-14m-usdt-302767467.html
SOURCE BitradeX Capital
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