Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Atlanta Braves Holdings Reports First Quarter 2024 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire May 08, 2024 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported first quarter 2024 results. Headlines include: Total revenue grew 20% to $37 million in first quarter Baseball revenue up 25% to $22 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(1) in first quarter Completed several capital improvement projects in advance of the 2024 season, including new spaces such as Lexus Premium Boxes, Blue Moon Beer Garden and Jim Beam Bourbon Decks and expanded retail store Discussion of Results Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball revenue $ 17,561 $ 21,970 25 % Mixed-use development revenue 13,411 15,110 13 % Total revenue 30,972 37,080 20 % Operating costs and expenses: Baseball operating costs (36,771 ) (45,207 ) (23 )% Mixed-use development costs (1,931 ) (2,253 ) (17 )% Selling, general and administrative, excluding stock-based compensation (23,657 ) (23,374 ) 1 % Adjusted OIBDA $ (31,387 ) $ (33,754 ) (8 )% Operating income (loss) $ (49,257 ) $ (52,355 ) (6 )% Regular season home games in period — — Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023. Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income. The following table disaggregates revenue by segment and by source: Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball: Baseball event $ 1,118 $ 1,168 4 % Broadcasting 891 2,101 136 % Retail and licensing 4,375 5,653 29 % Other 11,177 13,048 17 % Baseball revenue 17,561 21,970 25 % Mixed-use development 13,411 15,110 13 % Total revenue $ 30,972 $ 37,080 20 % No regular season home games were played in either the first quarter of 2024 or the prior year period. Baseball revenue increased 25% in the first quarter primarily driven by growth in broadcasting revenue due to more regular season games played based on the timing of the regular season start this year and higher other revenue due to increased ticket demand and attendance at spring training home games. Mixed-use development revenue grew 13% during the first quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher parking revenue. Operating loss and Adjusted OIBDA loss increased in the first quarter. Baseball operating costs increased primarily due to higher player salaries and minor league team and player expenses, as well as increased spring training related expenses. Selling, general and administrative expense was relatively flat in the first quarter. FOOTNOTES 1) For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.T.) on May 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742817 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, ABH’s historical financial information not being representative of its future financial position, results of operations, or cash flows, ABH’s ability to recognize anticipated benefits from the Split-Off, possible changes in the regulatory and competitive environment in which ABH operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of ABH and its business affiliates, including operations outside of the U.S., ABH’s indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, ABH’s ability to use net operating loss and disallowed business interest carryforwards, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development, disruptions in ABH’s information systems and information system security, ABH’s use and protection of personal data and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in ABH’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of ABH, including the most recently filed Forms 10-K and 10-Q, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss) To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2023 and March 31, 2024. Three months ended March 31, (amounts in thousands) 2023 2024 Operating income (loss) $ (49,257 ) $ (52,355 ) Stock-based compensation 3,191 3,719 Depreciation and amortization 14,679 14,882 Adjusted OIBDA $ (31,387 ) $ (33,754 ) Baseball $ (35,835 ) $ (41,716 ) Mixed-use development 9,153 9,933 Corporate and other (4,705 ) (1,971 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. ABH cash increased $56 million during the first quarter as cash from operations and net borrowings more than offset capital expenditures. ABH debt increased $10 million in the first quarter primarily due to borrowings on the mixed-use development credit facilities to support current capital projects. (amounts in thousands) December 31, 2023 March 31, 2024 ABH Cash (GAAP)(a) $ 125,148 $ 181,461 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 41,400 40,825 TeamCo revolver — — Term debt 165,370 162,119 Mixed-use development 336,177 350,428 Total ABH Debt $ 572,947 $ 583,372 Deferred financing costs (3,678 ) (3,459 ) Total ABH Debt (GAAP) $ 569,269 $ 579,913 _______________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $13 million and $28 million as of December 31, 2023 and March 31, 2024, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION March 31, 2024 (unaudited) March 31, December 31, 2024 2023 amounts in thousands, except share amounts Assets Current assets: Cash and cash equivalents $ 181,461 125,148 Restricted cash 27,556 12,569 Accounts receivable and contract assets, net of allowance for credit losses of $424 and $332, respectively 40,242 62,922 Other current assets 38,182 17,380 Total current assets 287,441 218,019 Property and equipment, at cost 1,126,995 1,091,943 Accumulated depreciation (338,745 ) (325,196 ) 788,250 766,747 Investments in affiliates, accounted for using the equity method 100,140 99,213 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 126,891 120,884 Total assets $ 1,602,189 1,504,330 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 99,118 73,096 Deferred revenue and refundable tickets 212,367 111,985 Current portion of debt 42,547 42,153 Other current liabilities 5,839 6,439 Total current liabilities 359,871 233,673 Long-term debt 537,366 527,116 Finance lease liabilities 105,844 103,586 Deferred income tax liabilities 57,162 50,415 Pension liability 13,042 15,222 Other noncurrent liabilities 37,657 33,676 Total liabilities 1,110,942 963,688 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at March 31, 2024 and December 31, 2023 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at March 31, 2024 and December 31, 2023, respectively 103 103 Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at March 31, 2024 and December 31, 2023, respectively 10 10 Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,611,586 and 50,577,776 at March 31, 2024 and December 31, 2023, respectively 506 506 Additional paid-in capital 1,091,572 1,089,625 Accumulated other comprehensive earnings (loss), net of taxes (7,341 ) (7,271 ) Retained earnings (deficit) (605,648 ) (554,376 ) Total stockholders' equity 479,202 528,597 Noncontrolling interests in equity of subsidiaries 12,045 12,045 Total equity 491,247 540,642 Commitments and contingencies Total liabilities and equity $ 1,602,189 1,504,330 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 21,970 17,561 Mixed-use development revenue 15,110 13,411 Total revenue 37,080 30,972 Operating costs and expenses: Baseball operating costs 45,207 36,771 Mixed-use development costs 2,253 1,931 Selling, general and administrative, including stock-based compensation 27,093 26,848 Depreciation and amortization 14,882 14,679 89,435 80,229 Operating income (loss) (52,355 ) (49,257 ) Other income (expense): Interest expense (9,443 ) (8,912 ) Share of earnings (losses) of affiliates, net 1,627 (803 ) Realized and unrealized gains (losses) on intergroup interests, net — (13,377 ) Realized and unrealized gains (losses) on financial instruments, net 2,974 (761 ) Other, net 1,769 841 Earnings (loss) before income taxes (55,428 ) (72,269 ) Income tax benefit (expense) 4,156 14,293 Net earnings (loss) $ (51,272 ) (57,976 ) Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (51,272 ) (57,976 ) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 14,882 14,679 Stock-based compensation 3,719 3,191 Share of (earnings) losses of affiliates, net (1,627 ) 803 Realized and unrealized (gains) losses on intergroup interests, net — 13,377 Realized and unrealized (gains) losses on financial instruments, net (2,974 ) 761 Deferred income tax expense (benefit) 6,772 (7,715 ) Cash receipts from returns on equity method investments 700 200 Net cash received (paid) for interest rate swaps 1,511 1,222 Other charges (credits), net (542 ) 318 Net change in operating assets and liabilities: Current and other assets 11,191 20,350 Payables and other liabilities 108,704 95,355 Net cash provided by (used in) operating activities 91,064 84,565 Cash flows from investing activities: Capital expended for property and equipment (27,642 ) (13,647 ) Other investing activities, net 47 110 Net cash provided by (used in) investing activities (27,595 ) (13,537 ) Cash flows from financing activities: Borrowings of debt 13,789 — Repayments of debt (4,018 ) (3,893 ) Contribution from noncontrolling interest — 6,645 Other financing activities, net (1,940 ) (1,050 ) Net cash provided by (used in) financing activities 7,831 1,702 Net increase (decrease) in cash, cash equivalents and restricted cash 71,300 72,730 Cash, cash equivalents and restricted cash at beginning of period 137,717 172,813 Cash, cash equivalents and restricted cash at end of period $ 209,017 245,543 View source version on businesswire.com: https://www.businesswire.com/news/home/20240507254217/en/Contacts Shane Kleinstein (720) 875-5432 Data & News supplied by www.cloudquote.io Stock quotes supplied by Barchart Quotes delayed at least 20 minutes. 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Atlanta Braves Holdings Reports First Quarter 2024 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire May 08, 2024 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported first quarter 2024 results. Headlines include: Total revenue grew 20% to $37 million in first quarter Baseball revenue up 25% to $22 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(1) in first quarter Completed several capital improvement projects in advance of the 2024 season, including new spaces such as Lexus Premium Boxes, Blue Moon Beer Garden and Jim Beam Bourbon Decks and expanded retail store Discussion of Results Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball revenue $ 17,561 $ 21,970 25 % Mixed-use development revenue 13,411 15,110 13 % Total revenue 30,972 37,080 20 % Operating costs and expenses: Baseball operating costs (36,771 ) (45,207 ) (23 )% Mixed-use development costs (1,931 ) (2,253 ) (17 )% Selling, general and administrative, excluding stock-based compensation (23,657 ) (23,374 ) 1 % Adjusted OIBDA $ (31,387 ) $ (33,754 ) (8 )% Operating income (loss) $ (49,257 ) $ (52,355 ) (6 )% Regular season home games in period — — Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023. Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income. The following table disaggregates revenue by segment and by source: Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball: Baseball event $ 1,118 $ 1,168 4 % Broadcasting 891 2,101 136 % Retail and licensing 4,375 5,653 29 % Other 11,177 13,048 17 % Baseball revenue 17,561 21,970 25 % Mixed-use development 13,411 15,110 13 % Total revenue $ 30,972 $ 37,080 20 % No regular season home games were played in either the first quarter of 2024 or the prior year period. Baseball revenue increased 25% in the first quarter primarily driven by growth in broadcasting revenue due to more regular season games played based on the timing of the regular season start this year and higher other revenue due to increased ticket demand and attendance at spring training home games. Mixed-use development revenue grew 13% during the first quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher parking revenue. Operating loss and Adjusted OIBDA loss increased in the first quarter. Baseball operating costs increased primarily due to higher player salaries and minor league team and player expenses, as well as increased spring training related expenses. Selling, general and administrative expense was relatively flat in the first quarter. FOOTNOTES 1) For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.T.) on May 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742817 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, ABH’s historical financial information not being representative of its future financial position, results of operations, or cash flows, ABH’s ability to recognize anticipated benefits from the Split-Off, possible changes in the regulatory and competitive environment in which ABH operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of ABH and its business affiliates, including operations outside of the U.S., ABH’s indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, ABH’s ability to use net operating loss and disallowed business interest carryforwards, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development, disruptions in ABH’s information systems and information system security, ABH’s use and protection of personal data and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in ABH’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of ABH, including the most recently filed Forms 10-K and 10-Q, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss) To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2023 and March 31, 2024. Three months ended March 31, (amounts in thousands) 2023 2024 Operating income (loss) $ (49,257 ) $ (52,355 ) Stock-based compensation 3,191 3,719 Depreciation and amortization 14,679 14,882 Adjusted OIBDA $ (31,387 ) $ (33,754 ) Baseball $ (35,835 ) $ (41,716 ) Mixed-use development 9,153 9,933 Corporate and other (4,705 ) (1,971 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. ABH cash increased $56 million during the first quarter as cash from operations and net borrowings more than offset capital expenditures. ABH debt increased $10 million in the first quarter primarily due to borrowings on the mixed-use development credit facilities to support current capital projects. (amounts in thousands) December 31, 2023 March 31, 2024 ABH Cash (GAAP)(a) $ 125,148 $ 181,461 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 41,400 40,825 TeamCo revolver — — Term debt 165,370 162,119 Mixed-use development 336,177 350,428 Total ABH Debt $ 572,947 $ 583,372 Deferred financing costs (3,678 ) (3,459 ) Total ABH Debt (GAAP) $ 569,269 $ 579,913 _______________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $13 million and $28 million as of December 31, 2023 and March 31, 2024, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION March 31, 2024 (unaudited) March 31, December 31, 2024 2023 amounts in thousands, except share amounts Assets Current assets: Cash and cash equivalents $ 181,461 125,148 Restricted cash 27,556 12,569 Accounts receivable and contract assets, net of allowance for credit losses of $424 and $332, respectively 40,242 62,922 Other current assets 38,182 17,380 Total current assets 287,441 218,019 Property and equipment, at cost 1,126,995 1,091,943 Accumulated depreciation (338,745 ) (325,196 ) 788,250 766,747 Investments in affiliates, accounted for using the equity method 100,140 99,213 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 126,891 120,884 Total assets $ 1,602,189 1,504,330 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 99,118 73,096 Deferred revenue and refundable tickets 212,367 111,985 Current portion of debt 42,547 42,153 Other current liabilities 5,839 6,439 Total current liabilities 359,871 233,673 Long-term debt 537,366 527,116 Finance lease liabilities 105,844 103,586 Deferred income tax liabilities 57,162 50,415 Pension liability 13,042 15,222 Other noncurrent liabilities 37,657 33,676 Total liabilities 1,110,942 963,688 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at March 31, 2024 and December 31, 2023 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at March 31, 2024 and December 31, 2023, respectively 103 103 Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at March 31, 2024 and December 31, 2023, respectively 10 10 Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,611,586 and 50,577,776 at March 31, 2024 and December 31, 2023, respectively 506 506 Additional paid-in capital 1,091,572 1,089,625 Accumulated other comprehensive earnings (loss), net of taxes (7,341 ) (7,271 ) Retained earnings (deficit) (605,648 ) (554,376 ) Total stockholders' equity 479,202 528,597 Noncontrolling interests in equity of subsidiaries 12,045 12,045 Total equity 491,247 540,642 Commitments and contingencies Total liabilities and equity $ 1,602,189 1,504,330 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 21,970 17,561 Mixed-use development revenue 15,110 13,411 Total revenue 37,080 30,972 Operating costs and expenses: Baseball operating costs 45,207 36,771 Mixed-use development costs 2,253 1,931 Selling, general and administrative, including stock-based compensation 27,093 26,848 Depreciation and amortization 14,882 14,679 89,435 80,229 Operating income (loss) (52,355 ) (49,257 ) Other income (expense): Interest expense (9,443 ) (8,912 ) Share of earnings (losses) of affiliates, net 1,627 (803 ) Realized and unrealized gains (losses) on intergroup interests, net — (13,377 ) Realized and unrealized gains (losses) on financial instruments, net 2,974 (761 ) Other, net 1,769 841 Earnings (loss) before income taxes (55,428 ) (72,269 ) Income tax benefit (expense) 4,156 14,293 Net earnings (loss) $ (51,272 ) (57,976 ) Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (51,272 ) (57,976 ) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 14,882 14,679 Stock-based compensation 3,719 3,191 Share of (earnings) losses of affiliates, net (1,627 ) 803 Realized and unrealized (gains) losses on intergroup interests, net — 13,377 Realized and unrealized (gains) losses on financial instruments, net (2,974 ) 761 Deferred income tax expense (benefit) 6,772 (7,715 ) Cash receipts from returns on equity method investments 700 200 Net cash received (paid) for interest rate swaps 1,511 1,222 Other charges (credits), net (542 ) 318 Net change in operating assets and liabilities: Current and other assets 11,191 20,350 Payables and other liabilities 108,704 95,355 Net cash provided by (used in) operating activities 91,064 84,565 Cash flows from investing activities: Capital expended for property and equipment (27,642 ) (13,647 ) Other investing activities, net 47 110 Net cash provided by (used in) investing activities (27,595 ) (13,537 ) Cash flows from financing activities: Borrowings of debt 13,789 — Repayments of debt (4,018 ) (3,893 ) Contribution from noncontrolling interest — 6,645 Other financing activities, net (1,940 ) (1,050 ) Net cash provided by (used in) financing activities 7,831 1,702 Net increase (decrease) in cash, cash equivalents and restricted cash 71,300 72,730 Cash, cash equivalents and restricted cash at beginning of period 137,717 172,813 Cash, cash equivalents and restricted cash at end of period $ 209,017 245,543 View source version on businesswire.com: https://www.businesswire.com/news/home/20240507254217/en/Contacts Shane Kleinstein (720) 875-5432
Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported first quarter 2024 results. Headlines include: Total revenue grew 20% to $37 million in first quarter Baseball revenue up 25% to $22 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(1) in first quarter Completed several capital improvement projects in advance of the 2024 season, including new spaces such as Lexus Premium Boxes, Blue Moon Beer Garden and Jim Beam Bourbon Decks and expanded retail store Discussion of Results Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball revenue $ 17,561 $ 21,970 25 % Mixed-use development revenue 13,411 15,110 13 % Total revenue 30,972 37,080 20 % Operating costs and expenses: Baseball operating costs (36,771 ) (45,207 ) (23 )% Mixed-use development costs (1,931 ) (2,253 ) (17 )% Selling, general and administrative, excluding stock-based compensation (23,657 ) (23,374 ) 1 % Adjusted OIBDA $ (31,387 ) $ (33,754 ) (8 )% Operating income (loss) $ (49,257 ) $ (52,355 ) (6 )% Regular season home games in period — — Unless otherwise noted, the following discussion compares financial information for the three months ended March 31, 2024 to the same period in 2023. Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived from the Battery Atlanta mixed-use facilities and primarily includes rental income. The following table disaggregates revenue by segment and by source: Three months ended March 31, 2023 2024 % Change amounts in thousands Baseball: Baseball event $ 1,118 $ 1,168 4 % Broadcasting 891 2,101 136 % Retail and licensing 4,375 5,653 29 % Other 11,177 13,048 17 % Baseball revenue 17,561 21,970 25 % Mixed-use development 13,411 15,110 13 % Total revenue $ 30,972 $ 37,080 20 % No regular season home games were played in either the first quarter of 2024 or the prior year period. Baseball revenue increased 25% in the first quarter primarily driven by growth in broadcasting revenue due to more regular season games played based on the timing of the regular season start this year and higher other revenue due to increased ticket demand and attendance at spring training home games. Mixed-use development revenue grew 13% during the first quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher parking revenue. Operating loss and Adjusted OIBDA loss increased in the first quarter. Baseball operating costs increased primarily due to higher player salaries and minor league team and player expenses, as well as increased spring training related expenses. Selling, general and administrative expense was relatively flat in the first quarter. FOOTNOTES 1) For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.T.) on May 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742817 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website. This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, ABH’s historical financial information not being representative of its future financial position, results of operations, or cash flows, ABH’s ability to recognize anticipated benefits from the Split-Off, possible changes in the regulatory and competitive environment in which ABH operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of ABH and its business affiliates, including operations outside of the U.S., ABH’s indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, ABH’s ability to use net operating loss and disallowed business interest carryforwards, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development, disruptions in ABH’s information systems and information system security, ABH’s use and protection of personal data and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in ABH’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of ABH, including the most recently filed Forms 10-K and 10-Q, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release. NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss) To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three months ended March 31, 2023 and March 31, 2024. Three months ended March 31, (amounts in thousands) 2023 2024 Operating income (loss) $ (49,257 ) $ (52,355 ) Stock-based compensation 3,191 3,719 Depreciation and amortization 14,679 14,882 Adjusted OIBDA $ (31,387 ) $ (33,754 ) Baseball $ (35,835 ) $ (41,716 ) Mixed-use development 9,153 9,933 Corporate and other (4,705 ) (1,971 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. ABH cash increased $56 million during the first quarter as cash from operations and net borrowings more than offset capital expenditures. ABH debt increased $10 million in the first quarter primarily due to borrowings on the mixed-use development credit facilities to support current capital projects. (amounts in thousands) December 31, 2023 March 31, 2024 ABH Cash (GAAP)(a) $ 125,148 $ 181,461 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 41,400 40,825 TeamCo revolver — — Term debt 165,370 162,119 Mixed-use development 336,177 350,428 Total ABH Debt $ 572,947 $ 583,372 Deferred financing costs (3,678 ) (3,459 ) Total ABH Debt (GAAP) $ 569,269 $ 579,913 _______________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $13 million and $28 million as of December 31, 2023 and March 31, 2024, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION March 31, 2024 (unaudited) March 31, December 31, 2024 2023 amounts in thousands, except share amounts Assets Current assets: Cash and cash equivalents $ 181,461 125,148 Restricted cash 27,556 12,569 Accounts receivable and contract assets, net of allowance for credit losses of $424 and $332, respectively 40,242 62,922 Other current assets 38,182 17,380 Total current assets 287,441 218,019 Property and equipment, at cost 1,126,995 1,091,943 Accumulated depreciation (338,745 ) (325,196 ) 788,250 766,747 Investments in affiliates, accounted for using the equity method 100,140 99,213 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 126,891 120,884 Total assets $ 1,602,189 1,504,330 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 99,118 73,096 Deferred revenue and refundable tickets 212,367 111,985 Current portion of debt 42,547 42,153 Other current liabilities 5,839 6,439 Total current liabilities 359,871 233,673 Long-term debt 537,366 527,116 Finance lease liabilities 105,844 103,586 Deferred income tax liabilities 57,162 50,415 Pension liability 13,042 15,222 Other noncurrent liabilities 37,657 33,676 Total liabilities 1,110,942 963,688 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at March 31, 2024 and December 31, 2023 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at March 31, 2024 and December 31, 2023, respectively 103 103 Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at March 31, 2024 and December 31, 2023, respectively 10 10 Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,611,586 and 50,577,776 at March 31, 2024 and December 31, 2023, respectively 506 506 Additional paid-in capital 1,091,572 1,089,625 Accumulated other comprehensive earnings (loss), net of taxes (7,341 ) (7,271 ) Retained earnings (deficit) (605,648 ) (554,376 ) Total stockholders' equity 479,202 528,597 Noncontrolling interests in equity of subsidiaries 12,045 12,045 Total equity 491,247 540,642 Commitments and contingencies Total liabilities and equity $ 1,602,189 1,504,330 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 21,970 17,561 Mixed-use development revenue 15,110 13,411 Total revenue 37,080 30,972 Operating costs and expenses: Baseball operating costs 45,207 36,771 Mixed-use development costs 2,253 1,931 Selling, general and administrative, including stock-based compensation 27,093 26,848 Depreciation and amortization 14,882 14,679 89,435 80,229 Operating income (loss) (52,355 ) (49,257 ) Other income (expense): Interest expense (9,443 ) (8,912 ) Share of earnings (losses) of affiliates, net 1,627 (803 ) Realized and unrealized gains (losses) on intergroup interests, net — (13,377 ) Realized and unrealized gains (losses) on financial instruments, net 2,974 (761 ) Other, net 1,769 841 Earnings (loss) before income taxes (55,428 ) (72,269 ) Income tax benefit (expense) 4,156 14,293 Net earnings (loss) $ (51,272 ) (57,976 ) Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.83 ) (0.94 ) ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION March 31, 2024 (unaudited) Three months ended March 31, 2024 2023 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (51,272 ) (57,976 ) Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 14,882 14,679 Stock-based compensation 3,719 3,191 Share of (earnings) losses of affiliates, net (1,627 ) 803 Realized and unrealized (gains) losses on intergroup interests, net — 13,377 Realized and unrealized (gains) losses on financial instruments, net (2,974 ) 761 Deferred income tax expense (benefit) 6,772 (7,715 ) Cash receipts from returns on equity method investments 700 200 Net cash received (paid) for interest rate swaps 1,511 1,222 Other charges (credits), net (542 ) 318 Net change in operating assets and liabilities: Current and other assets 11,191 20,350 Payables and other liabilities 108,704 95,355 Net cash provided by (used in) operating activities 91,064 84,565 Cash flows from investing activities: Capital expended for property and equipment (27,642 ) (13,647 ) Other investing activities, net 47 110 Net cash provided by (used in) investing activities (27,595 ) (13,537 ) Cash flows from financing activities: Borrowings of debt 13,789 — Repayments of debt (4,018 ) (3,893 ) Contribution from noncontrolling interest — 6,645 Other financing activities, net (1,940 ) (1,050 ) Net cash provided by (used in) financing activities 7,831 1,702 Net increase (decrease) in cash, cash equivalents and restricted cash 71,300 72,730 Cash, cash equivalents and restricted cash at beginning of period 137,717 172,813 Cash, cash equivalents and restricted cash at end of period $ 209,017 245,543 View source version on businesswire.com: https://www.businesswire.com/news/home/20240507254217/en/