BALTIMORE, Nov. 8, 2024 /PRNewswire/ — Jensen Hughes, a global leader in engineering, consulting and technology that make the world safe, secure and resilient, announced today that its board of directors appointed Dominic Casserley as its Executive Chair.

As Executive Chair, Casserley will work closely with the Jensen Hughes management team to reinforce the company’s key priorities.

“We are thrilled to welcome Dominic to our board,” said Raj Arora, CEO of Jensen Hughes. “His extensive experience and strategic insight will be instrumental in supporting our company’s continued growth.”

Casserley’s career began at McKinsey & Company (1983-2013), where he held influential leadership positions in various practices and positions across the globe. He served on the Shareholders Council of McKinsey from 1998 to 2013, and for five years oversaw the global finances of the company. In 2013, Casserley became the CEO of Willis, the global corporate insurance broker. He initiated and oversaw the merger with Towers Watson to create Willis Towers Watson, a $10 billion revenue company listed on NASDAQ. He served as President of Willis Towers Watson until December 2016. Casserley was also the Chairman of ERM, the environmental consulting firm, from 2019 to 2022. More recently, Casserley has served on multiple private equity portfolio company boards across various industries.

“I am honored to be taking on the position of Executive Chair at Jensen Hughes,” said Casserley. “I look forward to working with the entire team to capitalize on growth opportunities and activate strategies that set the company up for continuing success.”

Gryphon Investors, a San Francisco-based middle-market private equity firm, is the lead investor in Jensen Hughes.

Gryphon Deal Partner Leigh Abramson and Operating Partner Scott Hearn said, “We are excited to partner with Dominic as Jensen Hughes moves forward. He will play a critical role as we continue our strategic growth plan and enable positive experiences for all our clients and employees.”

About Jensen Hughes
Jensen Hughes is a global leader in engineering, consulting and technology that make our world safe, secure and resilient. Worldwide, Jensen Hughes is recognized most widely for its leadership in fire protection engineering – a legacy of responsibility the company has advanced with honor and pride since 1939. Jensen Hughes’ commitment to safety, security and resilience extends to other critical competencies core to its purpose. These include accessibility consulting, risk and hazard analysis, process safety, forensic investigations, security risk, and emergency management as well as digital innovation across many of its services. Today, the Company has 1,700+ engineers, consultants, analysts and strategists who work from 90+ offices supporting clients in 100+ countries across all end markets.

About Gryphon Investors
Gryphon Investors is a leading middle-market private equity firm focused on profitably growing and competitively advantaged companies in the Business Services, Consumer, Healthcare, Industrial Growth, Software, and Technology Services and Solutions sectors. With approximately $9+ billion of assets under management, Gryphon prioritizes investments in which it can form strong partnerships with founders, owners, and executives to accelerate the building of leading companies and generate enduring value through its integrated deal and operations business model. Gryphon’s highly differentiated model integrates its well-proven Operations Resources Group, which is led by full-time, Gryphon senior operating executives with general management, human capital acquisition and development, treasury, finance, and accounting expertise. Gryphon’s three core investment strategies include its Flagship, Heritage, and Junior Capital strategies, each with dedicated funds of capital. The Flagship and Heritage strategies target equity investments of $50 million to $500 million per portfolio company. The Junior Capital strategy targets investments in junior securities of credit facilities, arranged by leading middle-market lenders, in both Gryphon-controlled companies, as well as in other private equity-backed companies operating in Gryphon’s targeted investment sectors.

Contact:

Caroline Luz
Lambert
cluz@lambert.com
203-570-6462

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SOURCE Jensen Hughes

NEW YORK, Nov. 8, 2024 /PRNewswire/ — Madison Square Garden Entertainment Corp. (NYSE: MSGE) (“MSG Entertainment” or the “Company”) today reported financial results for the fiscal first quarter ended September 30, 2024.

Since the start of fiscal 2025, the Madison Square Garden Arena (“The Garden”) has hosted a record number of concerts for a fiscal first quarter and, last month, welcomed back the New York Knicks (“Knicks”) and the New York Rangers (“Rangers”) for the start of their 2024-25 regular seasons at The Garden. Later today, the Christmas Spectacular production kicks off its 2024 holiday season at Radio City Music Hall with 199 performances currently on sale as compared to 193 shows in fiscal 2024. In addition, new sales and renewal activity in the Company’s premium hospitality business remains strong, while the Company also recently announced new multi-year sponsorship deals with Lenovo and its subsidiary Motorola Mobility and the Department of Culture and Tourism – Abu Dhabi, as well as a multi-year extension of its sponsorship deal with Verizon.

For the fiscal 2025 first quarter, the Company reported revenues of $138.7 million, a decrease of $3.5 million, or 2%, as compared to the prior year quarter. In addition, the Company reported an operating loss of $18.5 million, an improvement of $14.9 million, or 45%, and adjusted operating income of $1.9 million, an increase of $2.1 million, both as compared to the prior year quarter.(1)

Executive Chairman and CEO James L. Dolan said, “With fiscal ’25 underway, we expect our portfolio of assets and brands to continue benefiting from demand for shared experiences, including this year’s Christmas Spectacular production. Looking ahead, we remain confident in the strength of our Company and believe we are well positioned to generate long-term value for our shareholders.”

Entertainment Offerings, Arena License Fees and Other Leasing
Fiscal 2025 first quarter revenues from entertainment offerings of $115.1 million decreased $1.4 million, or 1%, as compared to the prior year period, primarily due to lower event-related revenues.

Event-related revenues decreased $1.5 million, primarily due to lower revenues from concerts. This reflects lower per-concert revenues primarily due to a shift in the mix of events at The Garden from promoted events to rentals and a decrease in the number of concerts at the Company’s theaters, partially offset by an increase in the number of concerts at The Garden.

Fiscal 2025 first quarter arena license fees and other leasing revenues of $4.7 million increased $2.2 million, or 90%, as compared to the prior year period, due to an increase in other leasing revenues.

Fiscal 2025 first quarter direct operating expenses associated with entertainment offerings, arena license fees and other leasing of $86.5 million decreased $4.1 million, or 5%, as compared to the prior year quarter, primarily due to lower event-related expenses of $3.5 million. The decrease in event-related expenses was primarily due to lower expenses from concerts, mainly driven by lower per-concert expenses due to a shift in the mix of events at The Garden from promoted events to rentals, partially offset by an increase in the number of events at The Garden.

Food, Beverage and Merchandise
Fiscal 2025 first quarter food, beverage and merchandise revenues of $19.0 million decreased $4.3 million, or 18%, as compared to the prior year period. This was primarily due to lower food and beverage sales at concerts held at the Company’s venues as compared to the prior year quarter, primarily due to lower per-concert food and beverage revenues and, to a lesser extent, the decrease in the number of events at the Company’s theaters, partially offset by the increase the number of events at The Garden.

Fiscal 2025 first quarter food, beverage and merchandise direct operating expenses of $11.2 million increased $0.1 million, or 1%, as compared to the prior year period.

Selling, General and Administrative Expenses
Fiscal 2025 first quarter selling, general and administrative expenses of $45.7 million decreased $3.1 million, or 6%, as compared to the prior year period. The decrease was primarily due to (i) lower professional fees, mainly due to the absence of non-recurring costs incurred by the Company in the prior year period in connection with the registration and sale of the Company’s Class A common stock by Sphere Entertainment Co.; (ii) a decrease in employee compensation and benefits; and (iii) lower other costs, all as compared to the prior year period. These decreases were partially offset by higher rent expense as compared to the prior year period.

Operating Loss and Adjusted Operating Income (Loss)
Fiscal 2025 first quarter operating loss of $18.5 million improved $14.9 million, or 45%, as compared to the prior year period, primarily due to lower restructuring charges and, to a lesser extent, the decrease in direct operating expenses and selling, general and administrative expenses, partially offset by the decrease in revenues. Fiscal 2025 first quarter adjusted operating income of $1.9 million increased $2.1 million as compared to the prior year quarter, primarily due to lower direct operating expenses and selling, general and administrative expenses (excluding merger, spin-off and acquisition-related costs), partially offset by the decrease in revenues. 

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 more than 90 years. More information is available at www.msgentertainment.com.

Non-GAAP Financial Measures
During the fiscal 2024 third quarter the Company amended its 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.

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) amortization for capitalized cloud computing arrangement costs and (viii) gains and losses related to the remeasurement of liabilities under the executive deferred compensation plan. 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:

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 November 15, 2024
Investor presentation available at investor.msgentertainment.com/events-and-presentations

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 loss in arriving at adjusted operating income (loss) 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 and stock options granted under the Company’s Employee Stock Plan and the Company’s Non-Employee Director Plan.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.

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SOURCE Madison Square Garden Entertainment Corp.

– Hybrid Practitioner training to increase an organizations’ threat modeling maturity

– Toreon’s hands-on training equips teams with the knowledge to threat model and effectively manage risk for their products

– This exclusive training offer with Toreon is specifically to level up threat modeling skills within the IriusRisk platform for medium to large enterprises with global teams

LONDON, Nov. 8, 2024 /PRNewswire/ — IriusRisk, the world’s leading Open Threat Modeling platform, has announced its partnership with Toreon, a European cybersecurity organization. Together with an exclusive training offer, global customers are able to reach a higher level of threat modeling and risk management maturity, using IriusRisk’s Threat Modeling Tool and Toreon’s hands-on training framework.

CEO of IriusRisk, Stephen de Vries, added: “This partnership with Toreon exemplifies our joint commitment to empowering enterprises with the knowledge and tools they need to strengthen their security posture. By combining IriusRisk’s robust threat modeling platform with Toreon’s expert training, we’re enabling global teams to not only adopt but truly master the practice of threat modeling. This collaboration ensures organizations can scale their security efforts efficiently and effectively, driving real impact in managing risk at every stage of development.”

It is true that one-size doesn’t fit all, and this is why the IriusRisk Practitioner Course is flexible and based upon a mixture of self-paced activities as well as interactive labs within a group. This training has been developed by Toreon for different use cases, industries and needs.

“The IriusRisk and Threat Modeling training from Toreon was a game changer. The trainers were experts, answering all our questions in a complex environment. The hands-on sessions and clear, structured approach boosted our team’s confidence in using IriusRisk, whether they were beginners or experienced. It’s helping us protect the bank and get more from the tool.” Maxine McFarlane, Application Security SME, Lloyds Banking Group

The IriusRisk Practitioner course is a hybrid online training designed for developers, architects, product managers, and security professionals. It offers 20 hours of learning, split between self-paced modules and interactive labs over 8 weeks, focusing on advanced threat modeling using IriusRisk and Toreon’s whiteboard hacking. Through practical exercises on a cloud-native case study, participants will develop product diagrams, triage threats, and apply techniques like STRIDE.

Sebastien Deleersnyder, CTO of Toreon, stated: “This is a pivotal moment for our industry, as we merge best-in-class training with the most advanced tool to effectively scale threat modeling for our customers. By integrating IriusRisk into our training, we empower development and product teams to embed security into their workflows from the outset, simplifying processes, reducing complexity, and maintaining consistency—even in the fastest-moving environments.”

For more information please visit https://www.iriusrisk.com/toreon

About IriusRisk
IriusRisk is the industry’s leading threat modeling and secure design solution in Application Security. With enterprise clients including Fortune 500 banks, payments, and technology providers, it empowers security and development teams to ensure applications have security built-in from the start – using its powerful threat modeling platform.

About Toreon
Toreon is a Belgian cyberconsulting company located in Antwerp, with a focus on security strategy and governance. Toreon helps companies assess their security maturity and develop customized roadmaps for improving their security posture. The company also offers CISO as a service, providing clients with ongoing support and expertise. Toreon has expertise in helping product companies institute security-by-design.

Threat Modeling Made Scalable with IriusRisk TrainingIriusRisk PartnersIriusRisk Threat Modeling Platform

Jenna Starmer
Senior Demand Generation Manager
IriusRisk
jstarmer@iriusrisk.com

This release was issued through WebWire®. For more information, visit http://www.webwire.com.

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