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 Second Quarter 2023 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire August 04, 2023 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results. Headlines include(1): Atlanta Braves Holdings began trading July 19th following split-off of Braves and associated mixed-use development from Liberty Media Corporation Total revenue grew 8% to $270 million in second quarter Baseball revenue up 8% to $255 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter “Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.” 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 are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta Braves Holdings financial results for the three and six months ended June 30, 2022 include immaterial adjustments compared to results previously reported by the Braves Group tracking stock of Liberty Media for the corresponding periods. The outstanding basic share count of Atlanta Braves Holdings as of July 31, 2023 is 62 million shares. Discussion of Results Three months ended Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 236,918 $ 254,935 8 % $ 246,758 $ 272,496 10 % Mixed-use development revenue 13,407 15,188 13 % 25,097 28,599 14 % Total revenue 250,325 270,123 8 % 271,855 301,095 11 % Operating costs and expenses: Baseball operating costs (169,585 ) (195,458 ) (15 )% (195,811 ) (232,229 ) (19 )% Mixed-use development costs (2,567 ) (2,273 ) 11 % (4,310 ) (4,204 ) 2 % Selling, general and administrative, excluding stock-based compensation (29,932 ) (30,290 ) (1 )% (48,893 ) (53,649 ) (10 )% Adjusted OIBDA $ 48,241 $ 42,102 (13 )% $ 22,841 $ 11,013 (52 )% Operating income (loss) $ 27,561 $ 19,467 (29 )% $ (18,679 ) $ (29,790 ) (59 )% Regular season home games in period 41 43 41 43 Unless otherwise noted, the following discussion compares financial information for the three months ended June 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 Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 145,116 $ 162,368 12 % $ 146,203 $ 163,486 12 % Broadcasting 63,745 68,558 8 % 63,745 69,449 9 % Retail and licensing 17,755 19,747 11 % 21,610 24,122 12 % Other 10,302 4,262 (59 )% 15,200 15,439 2 % Baseball revenue 236,918 254,935 8 % 246,758 272,496 10 % Mixed-use development 13,407 15,188 13 % 25,097 28,599 14 % Total revenue $ 250,325 $ 270,123 8 % $ 271,855 $ 301,095 11 % There were 43 home games played in the second quarter of 2023 compared to 41 home games in the prior year period. Baseball revenue increased 8% in the second quarter. Baseball event and retail and licensing revenue grew primarily due to the increased number of regular season home games as well as increased ticket demand and attendance at games. Broadcasting revenue increased due to the increased number of games as well as contractual rate increases. Retail and licensing revenue also benefited from demand for City Connect apparel, partially offset by a reduction in demand for World Series Champions apparel compared to the prior season. Other revenue declined due to fewer concerts at the stadium compared to the prior year period. Mixed-use development revenue increased 13% during the second quarter due to increases in rental income related to tenant recoveries and various new lease agreements. Operating income and Adjusted OIBDA decreased in the second quarter. Revenue growth was more than offset by increased baseball operating costs due to higher player salaries, increases under MLB’s revenue sharing plan and variable concession and retail operating costs attributable to more games held with increased ticket demand and attendance. Selling, general and administrative expense was relatively flat. 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 August 4, 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 second quarter earnings conference call which will begin at 10:00 a.m. (E.T.) on August 4, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736985 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, the split-off of Atlanta Braves Holdings from Liberty Media, 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 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 six months ended June 30, 2022 and June 30, 2023. Three months ended Six months ended June 30, June 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ 27,561 $ 19,467 $ (18,679 ) $ (29,790 ) Impairment of long-lived assets and other related costs — 232 — 530 Stock-based compensation 3,063 3,153 6,126 6,344 Depreciation and amortization 17,617 19,250 35,394 33,929 Adjusted OIBDA $ 48,241 $ 42,102 $ 22,841 $ 11,013 Baseball $ 41,685 $ 37,415 $ 10,581 $ 1,878 Mixed-use development 8,480 10,166 16,397 19,319 Corporate and other (1,924 ) (5,479 ) (4,137 ) (10,184 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $85 million during the second quarter due to cash used in operations primarily due to seasonal working capital changes, increases in restricted cash and capital expenditures. Atlanta Braves Holdings debt was flat in the second quarter. In May 2023, a subsidiary of Braves Holdings, LLC refinanced an $80 million construction loan agreement that was used to construct the retail portion of the mixed-use development with a new term loan with $80 million in commitments. (amounts in thousands) March 31, 2023 June 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 215,515 $ 130,537 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 43,125 TeamCo revolver — — Term debt 168,562 168,561 Mixed-use development 300,313 301,127 Total Atlanta Braves Holdings Debt $ 542,000 $ 542,813 Deferred financing costs (3,704 ) (4,118 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,296 $ 538,695 a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $30 million and $52 million as of March 31, 2023 and June 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED COMBINED BALANCE SHEET INFORMATION June 30, 2023 (unaudited) June 30, December 31, 2023 2022 amounts in thousands Assets Current assets: Cash and cash equivalents $ 130,537 150,664 Restricted cash 52,033 22,149 Accounts receivable and contract assets, net of allowance for credit losses 54,491 70,234 Other current assets 27,068 24,331 Total current assets 264,129 267,378 Property and equipment, at cost 1,037,399 1,007,776 Accumulated depreciation (298,542 ) (277,979 ) 738,857 729,797 Investments in affiliates, accounted for using the equity method 98,890 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 107,759 99,455 Total assets $ 1,509,102 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 65,426 54,748 Deferred revenue and refundable tickets 142,010 104,996 Current portion of debt 7,205 74,806 Other current liabilities 5,524 6,361 Total current liabilities 220,165 240,911 Long-term debt 531,490 467,160 Redeemable intergroup interests 340,889 278,103 Finance lease liabilities 106,014 107,220 Deferred income tax liabilities 46,965 54,099 Pension liability 10,450 15,405 Other noncurrent liabilities 31,247 28,253 Total liabilities 1,287,220 1,191,151 Equity: Parent’s investment 730,620 732,350 Retained earnings (deficit) (515,971 ) (429,082 ) Accumulated other comprehensive earnings (loss), net of taxes (4,056 ) (3,758 ) Total parent's investment 210,593 299,510 Noncontrolling interests in equity of subsidiaries 11,289 — Total equity 221,882 299,510 Commitments and contingencies Total liabilities and equity $ 1,509,102 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF OPERATIONS INFORMATION June 30, 2023 (unaudited) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 254,935 236,918 $ 272,496 246,758 Mixed-use development revenue 15,188 13,407 28,599 25,097 Total revenue 270,123 250,325 301,095 271,855 Operating costs and expenses: Baseball operating costs 195,458 169,585 232,229 195,811 Mixed-use development costs 2,273 2,567 4,204 4,310 Selling, general and administrative, including stock-based compensation 33,443 32,995 59,993 55,019 Impairment of long-lived assets and other related costs 232 — 530 — Depreciation and amortization 19,250 17,617 33,929 35,394 250,656 222,764 330,885 290,534 Operating income (loss) 19,467 27,561 (29,790 ) (18,679 ) Other income (expense): Interest expense (9,448 ) (6,402 ) (18,360 ) (12,529 ) Share of earnings (losses) of affiliates, net 11,462 15,022 10,659 12,143 Unrealized gains (losses) on intergroup interests (49,409 ) 34,881 (62,786 ) 36,103 Realized and unrealized gains (losses) on financial instruments, net 3,840 1,659 3,079 6,460 Gains (losses) on dispositions, net 2,503 28 2,503 20,215 Other, net 813 143 1,654 168 Earnings (loss) before income taxes (20,772 ) 72,892 (93,041 ) 43,881 Income tax benefit (expense) (8,141 ) (9,193 ) 6,152 (3,217 ) Net earnings (loss) $ (28,913 ) 63,699 $ (86,889 ) 40,664 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF CASH FLOWS INFORMATION June 30, 2023 (unaudited) Six months ended June 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (86,889 ) 40,664 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 33,929 35,394 Stock-based compensation 6,344 6,126 Share of (earnings) losses of affiliates, net (10,659 ) (12,143 ) Unrealized (gains) losses on intergroup interests, net 62,786 (36,103 ) Realized and unrealized (gains) losses on financial instruments, net (3,079 ) (6,460 ) (Gains) losses on dispositions, net (2,503 ) (20,215 ) Deferred income tax expense (benefit) (7,014 ) (9,454 ) Cash receipts from returns on equity method investments 6,225 7,550 Other charges (credits), net 949 1,687 Net change in operating assets and liabilities: Current and other assets (14,338 ) 21,184 Payables and other liabilities 50,141 69,798 Net cash provided by (used in) operating activities 35,892 98,028 Cash flows from investing activities: Capital expended for property and equipment (29,700 ) (7,638 ) Cash proceeds from dispositions — 47,175 Investments in equity method affiliates and equity securities — (5,273 ) Other investing activities, net 110 — Net cash provided by (used in) investing activities (29,590 ) 34,264 Cash flows from financing activities: Borrowings of debt 15,815 39,753 Repayments of debt (18,893 ) (138,113 ) Contribution from noncontrolling interest 11,289 — Other financing activities, net (4,756 ) (6,074 ) Net cash provided by (used in) financing activities 3,455 (104,434 ) Net increase (decrease) in cash, cash equivalents and restricted cash 9,757 27,858 Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 182,570 271,971 View source version on businesswire.com: https://www.businesswire.com/news/home/20230803221159/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 Second Quarter 2023 Financial Results By: Atlanta Braves Holdings, Inc. via Business Wire August 04, 2023 at 08:15 AM EDT Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results. Headlines include(1): Atlanta Braves Holdings began trading July 19th following split-off of Braves and associated mixed-use development from Liberty Media Corporation Total revenue grew 8% to $270 million in second quarter Baseball revenue up 8% to $255 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter “Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.” 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 are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta Braves Holdings financial results for the three and six months ended June 30, 2022 include immaterial adjustments compared to results previously reported by the Braves Group tracking stock of Liberty Media for the corresponding periods. The outstanding basic share count of Atlanta Braves Holdings as of July 31, 2023 is 62 million shares. Discussion of Results Three months ended Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 236,918 $ 254,935 8 % $ 246,758 $ 272,496 10 % Mixed-use development revenue 13,407 15,188 13 % 25,097 28,599 14 % Total revenue 250,325 270,123 8 % 271,855 301,095 11 % Operating costs and expenses: Baseball operating costs (169,585 ) (195,458 ) (15 )% (195,811 ) (232,229 ) (19 )% Mixed-use development costs (2,567 ) (2,273 ) 11 % (4,310 ) (4,204 ) 2 % Selling, general and administrative, excluding stock-based compensation (29,932 ) (30,290 ) (1 )% (48,893 ) (53,649 ) (10 )% Adjusted OIBDA $ 48,241 $ 42,102 (13 )% $ 22,841 $ 11,013 (52 )% Operating income (loss) $ 27,561 $ 19,467 (29 )% $ (18,679 ) $ (29,790 ) (59 )% Regular season home games in period 41 43 41 43 Unless otherwise noted, the following discussion compares financial information for the three months ended June 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 Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 145,116 $ 162,368 12 % $ 146,203 $ 163,486 12 % Broadcasting 63,745 68,558 8 % 63,745 69,449 9 % Retail and licensing 17,755 19,747 11 % 21,610 24,122 12 % Other 10,302 4,262 (59 )% 15,200 15,439 2 % Baseball revenue 236,918 254,935 8 % 246,758 272,496 10 % Mixed-use development 13,407 15,188 13 % 25,097 28,599 14 % Total revenue $ 250,325 $ 270,123 8 % $ 271,855 $ 301,095 11 % There were 43 home games played in the second quarter of 2023 compared to 41 home games in the prior year period. Baseball revenue increased 8% in the second quarter. Baseball event and retail and licensing revenue grew primarily due to the increased number of regular season home games as well as increased ticket demand and attendance at games. Broadcasting revenue increased due to the increased number of games as well as contractual rate increases. Retail and licensing revenue also benefited from demand for City Connect apparel, partially offset by a reduction in demand for World Series Champions apparel compared to the prior season. Other revenue declined due to fewer concerts at the stadium compared to the prior year period. Mixed-use development revenue increased 13% during the second quarter due to increases in rental income related to tenant recoveries and various new lease agreements. Operating income and Adjusted OIBDA decreased in the second quarter. Revenue growth was more than offset by increased baseball operating costs due to higher player salaries, increases under MLB’s revenue sharing plan and variable concession and retail operating costs attributable to more games held with increased ticket demand and attendance. Selling, general and administrative expense was relatively flat. 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 August 4, 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 second quarter earnings conference call which will begin at 10:00 a.m. (E.T.) on August 4, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736985 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, the split-off of Atlanta Braves Holdings from Liberty Media, 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 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 six months ended June 30, 2022 and June 30, 2023. Three months ended Six months ended June 30, June 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ 27,561 $ 19,467 $ (18,679 ) $ (29,790 ) Impairment of long-lived assets and other related costs — 232 — 530 Stock-based compensation 3,063 3,153 6,126 6,344 Depreciation and amortization 17,617 19,250 35,394 33,929 Adjusted OIBDA $ 48,241 $ 42,102 $ 22,841 $ 11,013 Baseball $ 41,685 $ 37,415 $ 10,581 $ 1,878 Mixed-use development 8,480 10,166 16,397 19,319 Corporate and other (1,924 ) (5,479 ) (4,137 ) (10,184 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $85 million during the second quarter due to cash used in operations primarily due to seasonal working capital changes, increases in restricted cash and capital expenditures. Atlanta Braves Holdings debt was flat in the second quarter. In May 2023, a subsidiary of Braves Holdings, LLC refinanced an $80 million construction loan agreement that was used to construct the retail portion of the mixed-use development with a new term loan with $80 million in commitments. (amounts in thousands) March 31, 2023 June 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 215,515 $ 130,537 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 43,125 TeamCo revolver — — Term debt 168,562 168,561 Mixed-use development 300,313 301,127 Total Atlanta Braves Holdings Debt $ 542,000 $ 542,813 Deferred financing costs (3,704 ) (4,118 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,296 $ 538,695 a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $30 million and $52 million as of March 31, 2023 and June 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED COMBINED BALANCE SHEET INFORMATION June 30, 2023 (unaudited) June 30, December 31, 2023 2022 amounts in thousands Assets Current assets: Cash and cash equivalents $ 130,537 150,664 Restricted cash 52,033 22,149 Accounts receivable and contract assets, net of allowance for credit losses 54,491 70,234 Other current assets 27,068 24,331 Total current assets 264,129 267,378 Property and equipment, at cost 1,037,399 1,007,776 Accumulated depreciation (298,542 ) (277,979 ) 738,857 729,797 Investments in affiliates, accounted for using the equity method 98,890 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 107,759 99,455 Total assets $ 1,509,102 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 65,426 54,748 Deferred revenue and refundable tickets 142,010 104,996 Current portion of debt 7,205 74,806 Other current liabilities 5,524 6,361 Total current liabilities 220,165 240,911 Long-term debt 531,490 467,160 Redeemable intergroup interests 340,889 278,103 Finance lease liabilities 106,014 107,220 Deferred income tax liabilities 46,965 54,099 Pension liability 10,450 15,405 Other noncurrent liabilities 31,247 28,253 Total liabilities 1,287,220 1,191,151 Equity: Parent’s investment 730,620 732,350 Retained earnings (deficit) (515,971 ) (429,082 ) Accumulated other comprehensive earnings (loss), net of taxes (4,056 ) (3,758 ) Total parent's investment 210,593 299,510 Noncontrolling interests in equity of subsidiaries 11,289 — Total equity 221,882 299,510 Commitments and contingencies Total liabilities and equity $ 1,509,102 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF OPERATIONS INFORMATION June 30, 2023 (unaudited) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 254,935 236,918 $ 272,496 246,758 Mixed-use development revenue 15,188 13,407 28,599 25,097 Total revenue 270,123 250,325 301,095 271,855 Operating costs and expenses: Baseball operating costs 195,458 169,585 232,229 195,811 Mixed-use development costs 2,273 2,567 4,204 4,310 Selling, general and administrative, including stock-based compensation 33,443 32,995 59,993 55,019 Impairment of long-lived assets and other related costs 232 — 530 — Depreciation and amortization 19,250 17,617 33,929 35,394 250,656 222,764 330,885 290,534 Operating income (loss) 19,467 27,561 (29,790 ) (18,679 ) Other income (expense): Interest expense (9,448 ) (6,402 ) (18,360 ) (12,529 ) Share of earnings (losses) of affiliates, net 11,462 15,022 10,659 12,143 Unrealized gains (losses) on intergroup interests (49,409 ) 34,881 (62,786 ) 36,103 Realized and unrealized gains (losses) on financial instruments, net 3,840 1,659 3,079 6,460 Gains (losses) on dispositions, net 2,503 28 2,503 20,215 Other, net 813 143 1,654 168 Earnings (loss) before income taxes (20,772 ) 72,892 (93,041 ) 43,881 Income tax benefit (expense) (8,141 ) (9,193 ) 6,152 (3,217 ) Net earnings (loss) $ (28,913 ) 63,699 $ (86,889 ) 40,664 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF CASH FLOWS INFORMATION June 30, 2023 (unaudited) Six months ended June 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (86,889 ) 40,664 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 33,929 35,394 Stock-based compensation 6,344 6,126 Share of (earnings) losses of affiliates, net (10,659 ) (12,143 ) Unrealized (gains) losses on intergroup interests, net 62,786 (36,103 ) Realized and unrealized (gains) losses on financial instruments, net (3,079 ) (6,460 ) (Gains) losses on dispositions, net (2,503 ) (20,215 ) Deferred income tax expense (benefit) (7,014 ) (9,454 ) Cash receipts from returns on equity method investments 6,225 7,550 Other charges (credits), net 949 1,687 Net change in operating assets and liabilities: Current and other assets (14,338 ) 21,184 Payables and other liabilities 50,141 69,798 Net cash provided by (used in) operating activities 35,892 98,028 Cash flows from investing activities: Capital expended for property and equipment (29,700 ) (7,638 ) Cash proceeds from dispositions — 47,175 Investments in equity method affiliates and equity securities — (5,273 ) Other investing activities, net 110 — Net cash provided by (used in) investing activities (29,590 ) 34,264 Cash flows from financing activities: Borrowings of debt 15,815 39,753 Repayments of debt (18,893 ) (138,113 ) Contribution from noncontrolling interest 11,289 — Other financing activities, net (4,756 ) (6,074 ) Net cash provided by (used in) financing activities 3,455 (104,434 ) Net increase (decrease) in cash, cash equivalents and restricted cash 9,757 27,858 Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 182,570 271,971 View source version on businesswire.com: https://www.businesswire.com/news/home/20230803221159/en/Contacts Shane Kleinstein (720) 875-5432
Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results. Headlines include(1): Atlanta Braves Holdings began trading July 19th following split-off of Braves and associated mixed-use development from Liberty Media Corporation Total revenue grew 8% to $270 million in second quarter Baseball revenue up 8% to $255 million Mixed-use development revenue up 13% to $15 million Mixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter “Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.” 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 are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta Braves Holdings financial results for the three and six months ended June 30, 2022 include immaterial adjustments compared to results previously reported by the Braves Group tracking stock of Liberty Media for the corresponding periods. The outstanding basic share count of Atlanta Braves Holdings as of July 31, 2023 is 62 million shares. Discussion of Results Three months ended Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball revenue $ 236,918 $ 254,935 8 % $ 246,758 $ 272,496 10 % Mixed-use development revenue 13,407 15,188 13 % 25,097 28,599 14 % Total revenue 250,325 270,123 8 % 271,855 301,095 11 % Operating costs and expenses: Baseball operating costs (169,585 ) (195,458 ) (15 )% (195,811 ) (232,229 ) (19 )% Mixed-use development costs (2,567 ) (2,273 ) 11 % (4,310 ) (4,204 ) 2 % Selling, general and administrative, excluding stock-based compensation (29,932 ) (30,290 ) (1 )% (48,893 ) (53,649 ) (10 )% Adjusted OIBDA $ 48,241 $ 42,102 (13 )% $ 22,841 $ 11,013 (52 )% Operating income (loss) $ 27,561 $ 19,467 (29 )% $ (18,679 ) $ (29,790 ) (59 )% Regular season home games in period 41 43 41 43 Unless otherwise noted, the following discussion compares financial information for the three months ended June 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 Six months ended June 30, June 30, 2022 2023 % Change 2022 2023 % Change amounts in thousands amounts in thousands Baseball: Baseball event $ 145,116 $ 162,368 12 % $ 146,203 $ 163,486 12 % Broadcasting 63,745 68,558 8 % 63,745 69,449 9 % Retail and licensing 17,755 19,747 11 % 21,610 24,122 12 % Other 10,302 4,262 (59 )% 15,200 15,439 2 % Baseball revenue 236,918 254,935 8 % 246,758 272,496 10 % Mixed-use development 13,407 15,188 13 % 25,097 28,599 14 % Total revenue $ 250,325 $ 270,123 8 % $ 271,855 $ 301,095 11 % There were 43 home games played in the second quarter of 2023 compared to 41 home games in the prior year period. Baseball revenue increased 8% in the second quarter. Baseball event and retail and licensing revenue grew primarily due to the increased number of regular season home games as well as increased ticket demand and attendance at games. Broadcasting revenue increased due to the increased number of games as well as contractual rate increases. Retail and licensing revenue also benefited from demand for City Connect apparel, partially offset by a reduction in demand for World Series Champions apparel compared to the prior season. Other revenue declined due to fewer concerts at the stadium compared to the prior year period. Mixed-use development revenue increased 13% during the second quarter due to increases in rental income related to tenant recoveries and various new lease agreements. Operating income and Adjusted OIBDA decreased in the second quarter. Revenue growth was more than offset by increased baseball operating costs due to higher player salaries, increases under MLB’s revenue sharing plan and variable concession and retail operating costs attributable to more games held with increased ticket demand and attendance. Selling, general and administrative expense was relatively flat. 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 August 4, 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 second quarter earnings conference call which will begin at 10:00 a.m. (E.T.) on August 4, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736985 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, the split-off of Atlanta Braves Holdings from Liberty Media, 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 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 six months ended June 30, 2022 and June 30, 2023. Three months ended Six months ended June 30, June 30, (amounts in thousands) 2022 2023 2022 2023 Operating income (loss) $ 27,561 $ 19,467 $ (18,679 ) $ (29,790 ) Impairment of long-lived assets and other related costs — 232 — 530 Stock-based compensation 3,063 3,153 6,126 6,344 Depreciation and amortization 17,617 19,250 35,394 33,929 Adjusted OIBDA $ 48,241 $ 42,102 $ 22,841 $ 11,013 Baseball $ 41,685 $ 37,415 $ 10,581 $ 1,878 Mixed-use development 8,480 10,166 16,397 19,319 Corporate and other (1,924 ) (5,479 ) (4,137 ) (10,184 ) SCHEDULE 2: Cash and Debt The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $85 million during the second quarter due to cash used in operations primarily due to seasonal working capital changes, increases in restricted cash and capital expenditures. Atlanta Braves Holdings debt was flat in the second quarter. In May 2023, a subsidiary of Braves Holdings, LLC refinanced an $80 million construction loan agreement that was used to construct the retail portion of the mixed-use development with a new term loan with $80 million in commitments. (amounts in thousands) March 31, 2023 June 30, 2023 Atlanta Braves Holdings Cash (GAAP)(a) $ 215,515 $ 130,537 Debt: Baseball League wide credit facility $ — $ — MLB facility fund - term 30,000 30,000 MLB facility fund - revolver 43,125 43,125 TeamCo revolver — — Term debt 168,562 168,561 Mixed-use development 300,313 301,127 Total Atlanta Braves Holdings Debt $ 542,000 $ 542,813 Deferred financing costs (3,704 ) (4,118 ) Total Atlanta Braves Holdings Debt (GAAP) $ 538,296 $ 538,695 a) Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $30 million and $52 million as of March 31, 2023 and June 30, 2023, respectively. ATLANTA BRAVES HOLDINGS CONDENSED COMBINED BALANCE SHEET INFORMATION June 30, 2023 (unaudited) June 30, December 31, 2023 2022 amounts in thousands Assets Current assets: Cash and cash equivalents $ 130,537 150,664 Restricted cash 52,033 22,149 Accounts receivable and contract assets, net of allowance for credit losses 54,491 70,234 Other current assets 27,068 24,331 Total current assets 264,129 267,378 Property and equipment, at cost 1,037,399 1,007,776 Accumulated depreciation (298,542 ) (277,979 ) 738,857 729,797 Investments in affiliates, accounted for using the equity method 98,890 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 107,759 99,455 Total assets $ 1,509,102 1,490,661 Liabilities and Equity Current liabilities: Accounts payable and accrued liabilities $ 65,426 54,748 Deferred revenue and refundable tickets 142,010 104,996 Current portion of debt 7,205 74,806 Other current liabilities 5,524 6,361 Total current liabilities 220,165 240,911 Long-term debt 531,490 467,160 Redeemable intergroup interests 340,889 278,103 Finance lease liabilities 106,014 107,220 Deferred income tax liabilities 46,965 54,099 Pension liability 10,450 15,405 Other noncurrent liabilities 31,247 28,253 Total liabilities 1,287,220 1,191,151 Equity: Parent’s investment 730,620 732,350 Retained earnings (deficit) (515,971 ) (429,082 ) Accumulated other comprehensive earnings (loss), net of taxes (4,056 ) (3,758 ) Total parent's investment 210,593 299,510 Noncontrolling interests in equity of subsidiaries 11,289 — Total equity 221,882 299,510 Commitments and contingencies Total liabilities and equity $ 1,509,102 1,490,661 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF OPERATIONS INFORMATION June 30, 2023 (unaudited) Three months ended June 30, Six months ended June 30, 2023 2022 2023 2022 amounts in thousands, except per share amounts Revenue: Baseball revenue $ 254,935 236,918 $ 272,496 246,758 Mixed-use development revenue 15,188 13,407 28,599 25,097 Total revenue 270,123 250,325 301,095 271,855 Operating costs and expenses: Baseball operating costs 195,458 169,585 232,229 195,811 Mixed-use development costs 2,273 2,567 4,204 4,310 Selling, general and administrative, including stock-based compensation 33,443 32,995 59,993 55,019 Impairment of long-lived assets and other related costs 232 — 530 — Depreciation and amortization 19,250 17,617 33,929 35,394 250,656 222,764 330,885 290,534 Operating income (loss) 19,467 27,561 (29,790 ) (18,679 ) Other income (expense): Interest expense (9,448 ) (6,402 ) (18,360 ) (12,529 ) Share of earnings (losses) of affiliates, net 11,462 15,022 10,659 12,143 Unrealized gains (losses) on intergroup interests (49,409 ) 34,881 (62,786 ) 36,103 Realized and unrealized gains (losses) on financial instruments, net 3,840 1,659 3,079 6,460 Gains (losses) on dispositions, net 2,503 28 2,503 20,215 Other, net 813 143 1,654 168 Earnings (loss) before income taxes (20,772 ) 72,892 (93,041 ) 43,881 Income tax benefit (expense) (8,141 ) (9,193 ) 6,152 (3,217 ) Net earnings (loss) $ (28,913 ) 63,699 $ (86,889 ) 40,664 ATLANTA BRAVES HOLDINGS CONDENSED COMBINED STATEMENT OF CASH FLOWS INFORMATION June 30, 2023 (unaudited) Six months ended June 30, 2023 2022 amounts in thousands Cash flows from operating activities: Net earnings (loss) $ (86,889 ) 40,664 Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: Depreciation and amortization 33,929 35,394 Stock-based compensation 6,344 6,126 Share of (earnings) losses of affiliates, net (10,659 ) (12,143 ) Unrealized (gains) losses on intergroup interests, net 62,786 (36,103 ) Realized and unrealized (gains) losses on financial instruments, net (3,079 ) (6,460 ) (Gains) losses on dispositions, net (2,503 ) (20,215 ) Deferred income tax expense (benefit) (7,014 ) (9,454 ) Cash receipts from returns on equity method investments 6,225 7,550 Other charges (credits), net 949 1,687 Net change in operating assets and liabilities: Current and other assets (14,338 ) 21,184 Payables and other liabilities 50,141 69,798 Net cash provided by (used in) operating activities 35,892 98,028 Cash flows from investing activities: Capital expended for property and equipment (29,700 ) (7,638 ) Cash proceeds from dispositions — 47,175 Investments in equity method affiliates and equity securities — (5,273 ) Other investing activities, net 110 — Net cash provided by (used in) investing activities (29,590 ) 34,264 Cash flows from financing activities: Borrowings of debt 15,815 39,753 Repayments of debt (18,893 ) (138,113 ) Contribution from noncontrolling interest 11,289 — Other financing activities, net (4,756 ) (6,074 ) Net cash provided by (used in) financing activities 3,455 (104,434 ) Net increase (decrease) in cash, cash equivalents and restricted cash 9,757 27,858 Cash, cash equivalents and restricted cash at beginning of period 172,813 244,113 Cash, cash equivalents and restricted cash at end of period $ 182,570 271,971 View source version on businesswire.com: https://www.businesswire.com/news/home/20230803221159/en/