Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil Hydroworld Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries Atlanta Braves Holdings Reports Third Quarter 2023 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire November 03, 2023 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported third quarter 2023 results. Headlines include(1): Total revenue grew 11% to $272 million in third quarter Baseball revenue up 11% to $256 million Mixed-use development revenue up 10% to $16 million Mixed-use development generated $11 million of Adjusted OIBDA(2) in third quarter Atlanta Braves secured sixth consecutive NL East Title 54 game sellouts and 3.2 million tickets sold for 2023 season Corporate Updates On July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities represent the combination of the historical financial information of the Braves Group until the date of the Split-Off. Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, it is now a consolidated company and all periods reported in this presentation are referred to as consolidated. Discussion of Results Three months ended Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 231,279 $ 256,266 11 % $ 478,037 $ 528,762 11 % Mixed-use development revenue 14,168 15,558 10 % 39,265 44,157 12 % Total revenue 245,447 271,824 11 % 517,302 572,919 11 % Operating costs and expenses: Baseball operating costs (194,216 ) (198,195 ) (2 ) % (390,027 ) (430,424 ) (10 ) % Mixed-use development costs (2,089 ) (2,247 ) (8 ) % (6,399 ) (6,451 ) (1 ) % Selling, general and administrative, excluding stock-based compensation (24,626 ) (31,037 ) (26 ) % (73,519 ) (84,686 ) (15 ) % Adjusted OIBDA $ 24,516 $ 40,345 65 % $ 47,357 $ 51,358 8 % Operating income (loss) $ (4,692 ) $ 15,716 NM $ (23,371 ) $ (14,074 ) 40 % Regular season home games in period 38 37 79 80 Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2023 to the same period in 2022. 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 Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 134,941 $ 160,794 19 % $ 281,144 $ 324,280 15 % Broadcasting 66,901 69,337 4 % 130,646 138,786 6 % Retail and licensing 17,590 20,904 19 % 39,200 45,026 15 % Other 11,847 5,231 (56 ) % 27,047 20,670 (24 ) % Baseball revenue 231,279 256,266 11 % 478,037 528,762 11 % Mixed-use development 14,168 15,558 10 % 39,265 44,157 12 % Total revenue $ 245,447 $ 271,824 11 % $ 517,302 $ 572,919 11 % There were 37 regular season home games played in the third quarter of 2023 compared to 38 regular season home games in the prior year period. Baseball revenue increased 11% in the third quarter. Baseball event and retail and licensing revenue grew primarily due to increased ticket demand and attendance at regular season home games. Broadcasting revenue increased due to contractual rate increases. Other revenue declined due to fewer concerts at the ballpark compared to the prior year period. Mixed-use development revenue increased 10% during the third quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher sponsorship revenue. Operating income and Adjusted OIBDA increased in the third quarter. Revenue growth more than offset increased baseball operating costs due to higher player salaries and minor league team and player expenses. Selling, general and administrative expense increased during the third quarter primarily driven by costs related to the Split-Off. FOOTNOTES 1) Atlanta Braves Holdings will be available to answer questions related to these headlines and other matters on Liberty Media Corporation’s earnings conference call that will begin at 10:00 a.m. (E.T.) on November 3, 2023. For information regarding how to access the call, please see “Important Notice” later in this document. 2) For a definition of Adjusted OIBDA (as defined by Atlanta Braves Holdings) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media Corporation’s third quarter earnings conference call which will begin at 10:00 a.m. (E. T.) on November 3, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736986 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 Atlanta Braves Holdings 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, Atlanta Braves Holdings’ ability to recognize anticipated benefits from the split-off, possible changes in the regulatory and competitive environment in which Atlanta Braves Holdings operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of Atlanta Braves Holdings and its business affiliates, including operations outside of the U.S., Atlanta Braves Holdings’ 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, 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 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 Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Atlanta Braves Holdings’ 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 Atlanta Braves Holdings, including Amendment No. 5 to the Registration Statement on Form S-4 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on June 8, 2023, the Registration Statement on Form S-1 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on September 8, 2023, and the most recent Form 10-Q, for additional information about Atlanta Braves Holdings and about the risks and uncertainties related to Atlanta Braves Holdings’ 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 Atlanta Braves Holdings together with reconciliations to operating income, as determined under GAAP. Atlanta Braves Holdings defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Atlanta Braves Holdings 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, Atlanta Braves Holdings 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 Atlanta Braves Holdings’ management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Atlanta Braves Holdings to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2022 and September 30, 2023. Three months ended Nine months ended September 30, September 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ (4,692 ) $ 15,716 $ (23,371 ) $ (14,074 ) Impairment of long-lived assets and other related costs 4,811 34 4,811 564 Stock-based compensation 3,062 3,309 9,188 9,653 Depreciation and amortization 21,335 21,286 56,729 55,215 Adjusted OIBDA $ 24,516 $ 40,345 $ 47,357 $ 51,358 Baseball $ 18,072 $ 36,918 $ 28,653 $ 38,796 Mixed-use development 9,696 10,661 26,093 29,980 Corporate and other (3,252 ) (7,234 ) (7,389 ) (17,418 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $24 million during the third quarter due to cash used in operations primarily due to seasonal working capital changes, as well as capital expenditures, partially offset by the release of restricted cash pursuant to the terms of various financial debt arrangements and net borrowing. Atlanta Braves Holdings debt increased $16 million in the third quarter primarily due to borrowings under the TeamCo revolver and mixed-use development credit facilities. (amounts in thousands) June 30, 2023 September 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 130,537 $ 106,715 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 41,400 TeamCo revolver — 10,000 Term debt 168,561 165,370 Mixed-use development 301,127 312,399 Total Atlanta Braves Holdings Debt $ 542,813 $ 559,169 Deferred financing costs (4,118 ) (3,898 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,695 $ 555,271 ___________________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $52 million and $20 million as of June 30, 2023 and September 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION September 30, 2023 (unaudited) September 30, December 31, 2023 2022 amounts in thousands except share amounts Assets Current assets: Cash and cash equivalents $ 106,715 150,664 Restricted cash 19,814 22,149 Accounts receivable and contract assets, net of allowance for credit losses 99,095 70,234 Other current assets 18,224 24,331 Total current assets 243,848 267,378 Property and equipment, at cost 1,061,776 1,007,776 Accumulated depreciation (312,286 ) (277,979 ) 749,490 729,797 Investments in affiliates, accounted for using the equity method 105,614 94,564 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 120,420 99,455 Total assets $ 1,518,839 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 68,339 54,748 Deferred revenue and refundable tickets 106,120 104,996 Current portion of debt 7,786 74,806 Other current liabilities 7,056 6,361 Total current liabilities 189,301 240,911 Long-term debt 547,485 467,160 Redeemable intergroup interests — 278,103 Finance lease liabilities 106,751 107,220 Deferred income tax liabilities 56,682 54,099 Pension liability 10,712 15,405 Other noncurrent liabilities 32,257 28,253 Total liabilities 943,188 1,191,151 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2023 and December 31, 2022 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,202 and zero at September 30, 2023 and December 31, 2022, respectively 103 — Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,795 and zero at September 30, 2023 and December 31, 2022, respectively 10 — Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,427,249 and zero at September 30, 2023 and December 31, 2022, respectively 504 — Additional paid-in capital 1,088,517 — Former parent’s investment — 732,350 Accumulated other comprehensive earnings (loss), net of taxes (3,510 ) (3,758 ) Retained earnings (deficit) (522,018 ) (429,082 ) Total stockholders' equity/former parent's investment 563,606 299,510 Noncontrolling interests in equity of subsidiaries 12,045 — Total equity 575,651 299,510 Commitments and contingencies Total liabilities and equity $ 1,518,839 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION September 30, 2023 (unaudited) Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 256,266 231,279 $ 528,762 478,037 Mixed-use development revenue 15,558 14,168 44,157 39,265 Total revenue 271,824 245,447 572,919 517,302 Operating costs and expenses: Baseball operating costs 198,195 194,216 430,424 390,027 Mixed-use development costs 2,247 2,089 6,451 6,399 Selling, general and administrative, including stock-based compensation 34,346 27,688 94,339 82,707 Impairment of long-lived assets and other related costs 34 4,811 564 4,811 Depreciation and amortization 21,286 21,335 55,215 56,729 256,108 250,139 586,993 540,673 Operating income (loss) 15,716 (4,692) (14,074) (23,371) Other income (expense): Interest expense (9,657) (7,999) (28,017) (20,528) Share of earnings (losses) of affiliates, net 12,725 9,975 23,384 22,118 Realized and unrealized gains (losses) on intergroup interests, net (20,392) (30,940) (83,178) 5,163 Realized and unrealized gains (losses) on financial instruments, net 2,593 5,778 5,672 12,238 Gains (losses) on dispositions, net 15 68 2,518 20,283 Other, net 1,209 161 2,863 329 Earnings (loss) before income taxes 2,209 (27,649) (90,832) 16,232 Income tax benefit (expense) (8,256) (2,248) (2,104) (5,465) Net earnings (loss) $ (6,047) (29,897) $ (92,936) 10,767 Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION September 30, 2023 (unaudited) Nine months ended September 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (92,936) 10,767 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 55,215 56,729 Stock-based compensation 9,653 9,188 Impairment of long-lived assets — 4,811 Share of (earnings) losses of affiliates, net (23,384) (22,118) Realized and unrealized (gains) losses on intergroup interests, net 83,178 (5,163) Realized and unrealized (gains) losses on financial instruments, net (5,672) (12,238) (Gains) losses on dispositions, net (2,518) (20,283) Deferred income tax expense (benefit) (6,086) (2,111) Cash receipts from returns on equity method investments 12,350 14,850 Other charges (credits), net 4,856 2,041 Net change in operating assets and liabilities: Current and other assets (67,475) (22,628) Payables and other liabilities 11,513 5,543 Net cash provided by (used in) operating activities (21,306) 19,388 Cash flows from investing activities: Capital expended for property and equipment (45,313) (13,174) Cash proceeds from dispositions — 47,840 Investments in equity method affiliates and equity securities (125) (5,273) Other investing activities, net 110 — Net cash provided by (used in) investing activities (45,328) 29,393 Cash flows from financing activities: Borrowings of debt 52,248 134,753 Repayments of debt (38,997) (235,368) Payments to settle intergroup interests — (13,828) Contribution from noncontrolling interest 12,045 — Other financing activities, net (4,946) (5,135) Net cash provided by (used in) financing activities 20,350 (119,578) Net increase (decrease) in cash, cash equivalents and restricted cash (46,284) (70,797) Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 126,529 173,316 View source version on businesswire.com: https://www.businesswire.com/news/home/20231102958609/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 Third Quarter 2023 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire November 03, 2023 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported third quarter 2023 results. Headlines include(1): Total revenue grew 11% to $272 million in third quarter Baseball revenue up 11% to $256 million Mixed-use development revenue up 10% to $16 million Mixed-use development generated $11 million of Adjusted OIBDA(2) in third quarter Atlanta Braves secured sixth consecutive NL East Title 54 game sellouts and 3.2 million tickets sold for 2023 season Corporate Updates On July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities represent the combination of the historical financial information of the Braves Group until the date of the Split-Off. Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, it is now a consolidated company and all periods reported in this presentation are referred to as consolidated. Discussion of Results Three months ended Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 231,279 $ 256,266 11 % $ 478,037 $ 528,762 11 % Mixed-use development revenue 14,168 15,558 10 % 39,265 44,157 12 % Total revenue 245,447 271,824 11 % 517,302 572,919 11 % Operating costs and expenses: Baseball operating costs (194,216 ) (198,195 ) (2 ) % (390,027 ) (430,424 ) (10 ) % Mixed-use development costs (2,089 ) (2,247 ) (8 ) % (6,399 ) (6,451 ) (1 ) % Selling, general and administrative, excluding stock-based compensation (24,626 ) (31,037 ) (26 ) % (73,519 ) (84,686 ) (15 ) % Adjusted OIBDA $ 24,516 $ 40,345 65 % $ 47,357 $ 51,358 8 % Operating income (loss) $ (4,692 ) $ 15,716 NM $ (23,371 ) $ (14,074 ) 40 % Regular season home games in period 38 37 79 80 Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2023 to the same period in 2022. 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 Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 134,941 $ 160,794 19 % $ 281,144 $ 324,280 15 % Broadcasting 66,901 69,337 4 % 130,646 138,786 6 % Retail and licensing 17,590 20,904 19 % 39,200 45,026 15 % Other 11,847 5,231 (56 ) % 27,047 20,670 (24 ) % Baseball revenue 231,279 256,266 11 % 478,037 528,762 11 % Mixed-use development 14,168 15,558 10 % 39,265 44,157 12 % Total revenue $ 245,447 $ 271,824 11 % $ 517,302 $ 572,919 11 % There were 37 regular season home games played in the third quarter of 2023 compared to 38 regular season home games in the prior year period. Baseball revenue increased 11% in the third quarter. Baseball event and retail and licensing revenue grew primarily due to increased ticket demand and attendance at regular season home games. Broadcasting revenue increased due to contractual rate increases. Other revenue declined due to fewer concerts at the ballpark compared to the prior year period. Mixed-use development revenue increased 10% during the third quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher sponsorship revenue. Operating income and Adjusted OIBDA increased in the third quarter. Revenue growth more than offset increased baseball operating costs due to higher player salaries and minor league team and player expenses. Selling, general and administrative expense increased during the third quarter primarily driven by costs related to the Split-Off. FOOTNOTES 1) Atlanta Braves Holdings will be available to answer questions related to these headlines and other matters on Liberty Media Corporation’s earnings conference call that will begin at 10:00 a.m. (E.T.) on November 3, 2023. For information regarding how to access the call, please see “Important Notice” later in this document. 2) For a definition of Adjusted OIBDA (as defined by Atlanta Braves Holdings) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media Corporation’s third quarter earnings conference call which will begin at 10:00 a.m. (E. T.) on November 3, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736986 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 Atlanta Braves Holdings 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, Atlanta Braves Holdings’ ability to recognize anticipated benefits from the split-off, possible changes in the regulatory and competitive environment in which Atlanta Braves Holdings operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of Atlanta Braves Holdings and its business affiliates, including operations outside of the U.S., Atlanta Braves Holdings’ 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, 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 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 Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Atlanta Braves Holdings’ 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 Atlanta Braves Holdings, including Amendment No. 5 to the Registration Statement on Form S-4 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on June 8, 2023, the Registration Statement on Form S-1 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on September 8, 2023, and the most recent Form 10-Q, for additional information about Atlanta Braves Holdings and about the risks and uncertainties related to Atlanta Braves Holdings’ 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 Atlanta Braves Holdings together with reconciliations to operating income, as determined under GAAP. Atlanta Braves Holdings defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Atlanta Braves Holdings 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, Atlanta Braves Holdings 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 Atlanta Braves Holdings’ management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Atlanta Braves Holdings to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2022 and September 30, 2023. Three months ended Nine months ended September 30, September 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ (4,692 ) $ 15,716 $ (23,371 ) $ (14,074 ) Impairment of long-lived assets and other related costs 4,811 34 4,811 564 Stock-based compensation 3,062 3,309 9,188 9,653 Depreciation and amortization 21,335 21,286 56,729 55,215 Adjusted OIBDA $ 24,516 $ 40,345 $ 47,357 $ 51,358 Baseball $ 18,072 $ 36,918 $ 28,653 $ 38,796 Mixed-use development 9,696 10,661 26,093 29,980 Corporate and other (3,252 ) (7,234 ) (7,389 ) (17,418 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $24 million during the third quarter due to cash used in operations primarily due to seasonal working capital changes, as well as capital expenditures, partially offset by the release of restricted cash pursuant to the terms of various financial debt arrangements and net borrowing. Atlanta Braves Holdings debt increased $16 million in the third quarter primarily due to borrowings under the TeamCo revolver and mixed-use development credit facilities. (amounts in thousands) June 30, 2023 September 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 130,537 $ 106,715 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 41,400 TeamCo revolver — 10,000 Term debt 168,561 165,370 Mixed-use development 301,127 312,399 Total Atlanta Braves Holdings Debt $ 542,813 $ 559,169 Deferred financing costs (4,118 ) (3,898 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,695 $ 555,271 ___________________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $52 million and $20 million as of June 30, 2023 and September 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION September 30, 2023 (unaudited) September 30, December 31, 2023 2022 amounts in thousands except share amounts Assets Current assets: Cash and cash equivalents $ 106,715 150,664 Restricted cash 19,814 22,149 Accounts receivable and contract assets, net of allowance for credit losses 99,095 70,234 Other current assets 18,224 24,331 Total current assets 243,848 267,378 Property and equipment, at cost 1,061,776 1,007,776 Accumulated depreciation (312,286 ) (277,979 ) 749,490 729,797 Investments in affiliates, accounted for using the equity method 105,614 94,564 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 120,420 99,455 Total assets $ 1,518,839 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 68,339 54,748 Deferred revenue and refundable tickets 106,120 104,996 Current portion of debt 7,786 74,806 Other current liabilities 7,056 6,361 Total current liabilities 189,301 240,911 Long-term debt 547,485 467,160 Redeemable intergroup interests — 278,103 Finance lease liabilities 106,751 107,220 Deferred income tax liabilities 56,682 54,099 Pension liability 10,712 15,405 Other noncurrent liabilities 32,257 28,253 Total liabilities 943,188 1,191,151 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2023 and December 31, 2022 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,202 and zero at September 30, 2023 and December 31, 2022, respectively 103 — Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,795 and zero at September 30, 2023 and December 31, 2022, respectively 10 — Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,427,249 and zero at September 30, 2023 and December 31, 2022, respectively 504 — Additional paid-in capital 1,088,517 — Former parent’s investment — 732,350 Accumulated other comprehensive earnings (loss), net of taxes (3,510 ) (3,758 ) Retained earnings (deficit) (522,018 ) (429,082 ) Total stockholders' equity/former parent's investment 563,606 299,510 Noncontrolling interests in equity of subsidiaries 12,045 — Total equity 575,651 299,510 Commitments and contingencies Total liabilities and equity $ 1,518,839 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION September 30, 2023 (unaudited) Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 256,266 231,279 $ 528,762 478,037 Mixed-use development revenue 15,558 14,168 44,157 39,265 Total revenue 271,824 245,447 572,919 517,302 Operating costs and expenses: Baseball operating costs 198,195 194,216 430,424 390,027 Mixed-use development costs 2,247 2,089 6,451 6,399 Selling, general and administrative, including stock-based compensation 34,346 27,688 94,339 82,707 Impairment of long-lived assets and other related costs 34 4,811 564 4,811 Depreciation and amortization 21,286 21,335 55,215 56,729 256,108 250,139 586,993 540,673 Operating income (loss) 15,716 (4,692) (14,074) (23,371) Other income (expense): Interest expense (9,657) (7,999) (28,017) (20,528) Share of earnings (losses) of affiliates, net 12,725 9,975 23,384 22,118 Realized and unrealized gains (losses) on intergroup interests, net (20,392) (30,940) (83,178) 5,163 Realized and unrealized gains (losses) on financial instruments, net 2,593 5,778 5,672 12,238 Gains (losses) on dispositions, net 15 68 2,518 20,283 Other, net 1,209 161 2,863 329 Earnings (loss) before income taxes 2,209 (27,649) (90,832) 16,232 Income tax benefit (expense) (8,256) (2,248) (2,104) (5,465) Net earnings (loss) $ (6,047) (29,897) $ (92,936) 10,767 Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION September 30, 2023 (unaudited) Nine months ended September 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (92,936) 10,767 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 55,215 56,729 Stock-based compensation 9,653 9,188 Impairment of long-lived assets — 4,811 Share of (earnings) losses of affiliates, net (23,384) (22,118) Realized and unrealized (gains) losses on intergroup interests, net 83,178 (5,163) Realized and unrealized (gains) losses on financial instruments, net (5,672) (12,238) (Gains) losses on dispositions, net (2,518) (20,283) Deferred income tax expense (benefit) (6,086) (2,111) Cash receipts from returns on equity method investments 12,350 14,850 Other charges (credits), net 4,856 2,041 Net change in operating assets and liabilities: Current and other assets (67,475) (22,628) Payables and other liabilities 11,513 5,543 Net cash provided by (used in) operating activities (21,306) 19,388 Cash flows from investing activities: Capital expended for property and equipment (45,313) (13,174) Cash proceeds from dispositions — 47,840 Investments in equity method affiliates and equity securities (125) (5,273) Other investing activities, net 110 — Net cash provided by (used in) investing activities (45,328) 29,393 Cash flows from financing activities: Borrowings of debt 52,248 134,753 Repayments of debt (38,997) (235,368) Payments to settle intergroup interests — (13,828) Contribution from noncontrolling interest 12,045 — Other financing activities, net (4,946) (5,135) Net cash provided by (used in) financing activities 20,350 (119,578) Net increase (decrease) in cash, cash equivalents and restricted cash (46,284) (70,797) Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 126,529 173,316 View source version on businesswire.com: https://www.businesswire.com/news/home/20231102958609/en/Contacts Shane Kleinstein (720) 875-5432
Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported third quarter 2023 results. Headlines include(1): Total revenue grew 11% to $272 million in third quarter Baseball revenue up 11% to $256 million Mixed-use development revenue up 10% to $16 million Mixed-use development generated $11 million of Adjusted OIBDA(2) in third quarter Atlanta Braves secured sixth consecutive NL East Title 54 game sellouts and 3.2 million tickets sold for 2023 season Corporate Updates On July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities represent the combination of the historical financial information of the Braves Group until the date of the Split-Off. Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, it is now a consolidated company and all periods reported in this presentation are referred to as consolidated. Discussion of Results Three months ended Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 231,279 $ 256,266 11 % $ 478,037 $ 528,762 11 % Mixed-use development revenue 14,168 15,558 10 % 39,265 44,157 12 % Total revenue 245,447 271,824 11 % 517,302 572,919 11 % Operating costs and expenses: Baseball operating costs (194,216 ) (198,195 ) (2 ) % (390,027 ) (430,424 ) (10 ) % Mixed-use development costs (2,089 ) (2,247 ) (8 ) % (6,399 ) (6,451 ) (1 ) % Selling, general and administrative, excluding stock-based compensation (24,626 ) (31,037 ) (26 ) % (73,519 ) (84,686 ) (15 ) % Adjusted OIBDA $ 24,516 $ 40,345 65 % $ 47,357 $ 51,358 8 % Operating income (loss) $ (4,692 ) $ 15,716 NM $ (23,371 ) $ (14,074 ) 40 % Regular season home games in period 38 37 79 80 Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2023 to the same period in 2022. 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 Nine months ended September 30, September 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 134,941 $ 160,794 19 % $ 281,144 $ 324,280 15 % Broadcasting 66,901 69,337 4 % 130,646 138,786 6 % Retail and licensing 17,590 20,904 19 % 39,200 45,026 15 % Other 11,847 5,231 (56 ) % 27,047 20,670 (24 ) % Baseball revenue 231,279 256,266 11 % 478,037 528,762 11 % Mixed-use development 14,168 15,558 10 % 39,265 44,157 12 % Total revenue $ 245,447 $ 271,824 11 % $ 517,302 $ 572,919 11 % There were 37 regular season home games played in the third quarter of 2023 compared to 38 regular season home games in the prior year period. Baseball revenue increased 11% in the third quarter. Baseball event and retail and licensing revenue grew primarily due to increased ticket demand and attendance at regular season home games. Broadcasting revenue increased due to contractual rate increases. Other revenue declined due to fewer concerts at the ballpark compared to the prior year period. Mixed-use development revenue increased 10% during the third quarter due to increases in rental income related to tenant recoveries and various new lease agreements, as well as higher sponsorship revenue. Operating income and Adjusted OIBDA increased in the third quarter. Revenue growth more than offset increased baseball operating costs due to higher player salaries and minor league team and player expenses. Selling, general and administrative expense increased during the third quarter primarily driven by costs related to the Split-Off. FOOTNOTES 1) Atlanta Braves Holdings will be available to answer questions related to these headlines and other matters on Liberty Media Corporation’s earnings conference call that will begin at 10:00 a.m. (E.T.) on November 3, 2023. For information regarding how to access the call, please see “Important Notice” later in this document. 2) For a definition of Adjusted OIBDA (as defined by Atlanta Braves Holdings) and the applicable reconciliation, see the accompanying schedule. Important Notice: Atlanta Braves Holdings (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media Corporation’s third quarter earnings conference call which will begin at 10:00 a.m. (E. T.) on November 3, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736986 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 Atlanta Braves Holdings 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, Atlanta Braves Holdings’ ability to recognize anticipated benefits from the split-off, possible changes in the regulatory and competitive environment in which Atlanta Braves Holdings operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of Atlanta Braves Holdings and its business affiliates, including operations outside of the U.S., Atlanta Braves Holdings’ 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, 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 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 Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Atlanta Braves Holdings’ 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 Atlanta Braves Holdings, including Amendment No. 5 to the Registration Statement on Form S-4 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on June 8, 2023, the Registration Statement on Form S-1 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on September 8, 2023, and the most recent Form 10-Q, for additional information about Atlanta Braves Holdings and about the risks and uncertainties related to Atlanta Braves Holdings’ 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 Atlanta Braves Holdings together with reconciliations to operating income, as determined under GAAP. Atlanta Braves Holdings defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges. Atlanta Braves Holdings 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, Atlanta Braves Holdings 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 Atlanta Braves Holdings’ management considers in assessing the results of operations and performance of its assets. The following table provides a reconciliation of Adjusted OIBDA for Atlanta Braves Holdings to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2022 and September 30, 2023. Three months ended Nine months ended September 30, September 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ (4,692 ) $ 15,716 $ (23,371 ) $ (14,074 ) Impairment of long-lived assets and other related costs 4,811 34 4,811 564 Stock-based compensation 3,062 3,309 9,188 9,653 Depreciation and amortization 21,335 21,286 56,729 55,215 Adjusted OIBDA $ 24,516 $ 40,345 $ 47,357 $ 51,358 Baseball $ 18,072 $ 36,918 $ 28,653 $ 38,796 Mixed-use development 9,696 10,661 26,093 29,980 Corporate and other (3,252 ) (7,234 ) (7,389 ) (17,418 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $24 million during the third quarter due to cash used in operations primarily due to seasonal working capital changes, as well as capital expenditures, partially offset by the release of restricted cash pursuant to the terms of various financial debt arrangements and net borrowing. Atlanta Braves Holdings debt increased $16 million in the third quarter primarily due to borrowings under the TeamCo revolver and mixed-use development credit facilities. (amounts in thousands) June 30, 2023 September 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 130,537 $ 106,715 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 41,400 TeamCo revolver — 10,000 Term debt 168,561 165,370 Mixed-use development 301,127 312,399 Total Atlanta Braves Holdings Debt $ 542,813 $ 559,169 Deferred financing costs (4,118 ) (3,898 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,695 $ 555,271 ___________________ a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $52 million and $20 million as of June 30, 2023 and September 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION September 30, 2023 (unaudited) September 30, December 31, 2023 2022 amounts in thousands except share amounts Assets Current assets: Cash and cash equivalents $ 106,715 150,664 Restricted cash 19,814 22,149 Accounts receivable and contract assets, net of allowance for credit losses 99,095 70,234 Other current assets 18,224 24,331 Total current assets 243,848 267,378 Property and equipment, at cost 1,061,776 1,007,776 Accumulated depreciation (312,286 ) (277,979 ) 749,490 729,797 Investments in affiliates, accounted for using the equity method 105,614 94,564 Intangible assets not subject to amortization: Goodwill 175,764 175,764 Franchise rights 123,703 123,703 299,467 299,467 Other assets, net 120,420 99,455 Total assets $ 1,518,839 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 68,339 54,748 Deferred revenue and refundable tickets 106,120 104,996 Current portion of debt 7,786 74,806 Other current liabilities 7,056 6,361 Total current liabilities 189,301 240,911 Long-term debt 547,485 467,160 Redeemable intergroup interests — 278,103 Finance lease liabilities 106,751 107,220 Deferred income tax liabilities 56,682 54,099 Pension liability 10,712 15,405 Other noncurrent liabilities 32,257 28,253 Total liabilities 943,188 1,191,151 Equity: Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2023 and December 31, 2022 — — Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,202 and zero at September 30, 2023 and December 31, 2022, respectively 103 — Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,795 and zero at September 30, 2023 and December 31, 2022, respectively 10 — Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,427,249 and zero at September 30, 2023 and December 31, 2022, respectively 504 — Additional paid-in capital 1,088,517 — Former parent’s investment — 732,350 Accumulated other comprehensive earnings (loss), net of taxes (3,510 ) (3,758 ) Retained earnings (deficit) (522,018 ) (429,082 ) Total stockholders' equity/former parent's investment 563,606 299,510 Noncontrolling interests in equity of subsidiaries 12,045 — Total equity 575,651 299,510 Commitments and contingencies Total liabilities and equity $ 1,518,839 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION September 30, 2023 (unaudited) Three months ended Nine months ended September 30, September 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 256,266 231,279 $ 528,762 478,037 Mixed-use development revenue 15,558 14,168 44,157 39,265 Total revenue 271,824 245,447 572,919 517,302 Operating costs and expenses: Baseball operating costs 198,195 194,216 430,424 390,027 Mixed-use development costs 2,247 2,089 6,451 6,399 Selling, general and administrative, including stock-based compensation 34,346 27,688 94,339 82,707 Impairment of long-lived assets and other related costs 34 4,811 564 4,811 Depreciation and amortization 21,286 21,335 55,215 56,729 256,108 250,139 586,993 540,673 Operating income (loss) 15,716 (4,692) (14,074) (23,371) Other income (expense): Interest expense (9,657) (7,999) (28,017) (20,528) Share of earnings (losses) of affiliates, net 12,725 9,975 23,384 22,118 Realized and unrealized gains (losses) on intergroup interests, net (20,392) (30,940) (83,178) 5,163 Realized and unrealized gains (losses) on financial instruments, net 2,593 5,778 5,672 12,238 Gains (losses) on dispositions, net 15 68 2,518 20,283 Other, net 1,209 161 2,863 329 Earnings (loss) before income taxes 2,209 (27,649) (90,832) 16,232 Income tax benefit (expense) (8,256) (2,248) (2,104) (5,465) Net earnings (loss) $ (6,047) (29,897) $ (92,936) 10,767 Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share $ (0.10) (0.48) $ (1.51) 0.17 ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION September 30, 2023 (unaudited) Nine months ended September 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (92,936) 10,767 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 55,215 56,729 Stock-based compensation 9,653 9,188 Impairment of long-lived assets — 4,811 Share of (earnings) losses of affiliates, net (23,384) (22,118) Realized and unrealized (gains) losses on intergroup interests, net 83,178 (5,163) Realized and unrealized (gains) losses on financial instruments, net (5,672) (12,238) (Gains) losses on dispositions, net (2,518) (20,283) Deferred income tax expense (benefit) (6,086) (2,111) Cash receipts from returns on equity method investments 12,350 14,850 Other charges (credits), net 4,856 2,041 Net change in operating assets and liabilities: Current and other assets (67,475) (22,628) Payables and other liabilities 11,513 5,543 Net cash provided by (used in) operating activities (21,306) 19,388 Cash flows from investing activities: Capital expended for property and equipment (45,313) (13,174) Cash proceeds from dispositions — 47,840 Investments in equity method affiliates and equity securities (125) (5,273) Other investing activities, net 110 — Net cash provided by (used in) investing activities (45,328) 29,393 Cash flows from financing activities: Borrowings of debt 52,248 134,753 Repayments of debt (38,997) (235,368) Payments to settle intergroup interests — (13,828) Contribution from noncontrolling interest 12,045 — Other financing activities, net (4,946) (5,135) Net cash provided by (used in) financing activities 20,350 (119,578) Net increase (decrease) in cash, cash equivalents and restricted cash (46,284) (70,797) Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 126,529 173,316 View source version on businesswire.com: https://www.businesswire.com/news/home/20231102958609/en/
