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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Atlanta Braves Holdings Inc | NASDAQ:BATRA | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.30 | 0.70% | 43.45 | 43.42 | 46.25 | 46.04 | 44.10 | 44.23 | 68,924 | 00:50:42 |
Thursday 7 November 2024
Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported third quarter 2024 results.
Headlines include:
Discussion of Results
Three months ended
Nine months ended
September 30,
September 30,
2023
2024
% Change
2023
2024
% Change
amounts in thousands
amounts in thousands
Baseball revenue
$
256,266
$
273,262
7
%
$
528,762
$
561,233
6
%
Mixed-use development revenue
15,558
17,412
12
%
44,157
49,397
12
%
Total revenue
271,824
290,674
7
%
572,919
610,630
7
%
Operating costs and expenses:
Baseball operating costs
(198,195
)
(225,973
)
(14
)%
(430,424
)
(476,250
)
(11
)%
Mixed-use development costs
(2,247
)
(2,499
)
(11
)%
(6,451
)
(7,162
)
(11
)%
Selling, general and administrative, excluding stock-based compensation
(31,071
)
(30,757
)
1
%
(85,250
)
(83,777
)
2
%
Adjusted OIBDA(1)
$
40,311
$
31,445
(22
)%
$
50,794
$
43,441
(14
)%
Operating income (loss)
$
15,716
$
6,402
(59
)%
$
(14,074
)
$
(21,017
)
(49
)%
Regular season home games in period
37
41
80
81
Unless otherwise noted, the following discussion compares financial information for the three months ended September 30, 2024, to the same period in 2023.
Baseball revenue is derived from two primary sources on an annual basis: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived from The Battery Atlanta mixed-use facilities and primarily includes rental income.
The following table disaggregates revenue by segment and by source:
Three months ended
Nine months ended
September 30,
September 30,
2023
2024
% Change
2023
2024
% Change
amounts in thousands
amounts in thousands
Baseball:
Baseball event
$
160,794
$
172,800
7
%
$
324,280
$
345,318
6
%
Broadcasting
69,337
70,992
2
%
138,786
144,043
4
%
Retail and licensing
20,904
16,512
(21
)%
45,026
41,789
(7
)%
Other
5,231
12,958
148
%
20,670
30,083
46
%
Baseball revenue
256,266
273,262
7
%
528,762
561,233
6
%
Mixed-use development
15,558
17,412
12
%
44,157
49,397
12
%
Total revenue
$
271,824
$
290,674
7
%
$
572,919
$
610,630
7
%
There were 41 home games played in the third quarter of 2024 compared to 37 home games in the prior year period.
Baseball revenue increased 7% in the third quarter. Baseball event revenue increased primarily due to new sponsorship agreements and contractual rate increases on season tickets and existing sponsorship contracts. This was partially offset by reduced attendance at regular season home games.
Broadcasting revenue was higher primarily due to an increase in the number of regular season games, as well as contractual rate increases. Retail and licensing revenue decreased due to a reduction in local revenue caused by reduced attendance at regular season home games. Other revenue increased due to additional concerts at the ballpark compared to the prior year period. Mixed-use development revenue increased 12% primarily due to higher parking revenue and increased rental income related to tenant recoveries.
Operating income and Adjusted OIBDA decreased in the third quarter due to increased baseball operating costs. Baseball operating costs increased due to higher major league player salaries as well as increases in MLB’s revenue sharing plan, minor league team and player expenses and concert related expenses. This was partially offset by decreases in variable concession and retail operating expenses due to reduced attendance at regular season home games. Selling, general and administrative expenses were relatively flat in the third quarter.
FOOTNOTES
1)
For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation to the most comparable GAAP measure, see “Non-GAAP Financial Measures and Supplemental Disclosures,” below.
Important Notice: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will discuss the company’s earnings release on a conference call which will begin at 10:00 a.m. (E.T.) on November 6, 2024. The call can be accessed by dialing (877) 407-9709 or +1 (201) 689-8542, passcode 13749388 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast, go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website.
During the conference call, ABH may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. The company’s responses to questions, as well as other matters discussed during the conference call, may contain or constitute information that has not been disclosed previously.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business, product and marketing strategies, future financial performance and prospects, trends and any other matters that are not historical facts. The words "believe," "estimate," "expect," "anticipate," "intend," "plan," "strategy," "continue," "seek," "may," "could" and similar expressions or statements regarding future periods are intended to identify forward-looking statements, although not all forward-looking statements may contain such words. Where, in any forward-looking statement, we express an expectation or belief as to future results or events, such expectation or belief is expressed in good faith and believed to have a reasonable basis, but such statements necessarily involve risks and uncertainties and there can be no assurance that the expectation or belief will result or be achieved or accomplished. Given these uncertainties, we caution you not to place undue reliance on these forward-looking statements. The risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, include, without limitation: ABH’s historical financial information not being representative of its future financial position, results of operations, or cash flows; ABH’s ability to recognize anticipated benefits from the split-off from Liberty Media Corporation; ABH’s ability to successfully transition responsibilities for various matters from Liberty Media Corporation to in-house or third party personnel and costs incurred in connection with operating as a standalone public company; ABH’s indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ABH’s ability to realize the benefits of acquisitions or other strategic investments; the impact of inflation and weak economic conditions on consumer demand for products, services and events offered by ABH; the outcome of pending or future litigation or investigations; operational risks of ABH and its business affiliates with operations outside of the U.S.; ABH’s ability to use net operating loss and disallowed business interest carryforwards; ABH’s ability to comply with government regulations and potential adverse outcomes of regulatory proceedings; the regulatory and competitive environment in which ABH operates; potential changes in the nature of key strategic relationships with partners, vendors and joint venturers; the achievement of on-field success and ability to develop, obtain and retain talented players; the impact of organized labor; the impact of the structure or an expansion of Major League Baseball; the level of broadcasting revenue that ABH and its subsidiaries receive, including any impact as a result of the outcome of the Diamond Sports Group bankruptcy; the performance and management of the mixed-use development; the impact of data losses or breaches or disruptions in ABH’s information systems and information system security; ABH’s processing, storage, sharing, use and protection of personal data and the impact of geopolitical incidents, accidents, terrorist acts, pandemics or epidemics, natural disasters, including the effects of climate change, or other events that cause one or more events to be cancelled or postponed, are not covered by insurance, or cause reputational damage to ABH and its affiliates. These forward-looking statements speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in ABH’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of ABH, including the most recently filed Forms 10-K and 10-Q, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges, if applicable. However, ABH’s definition of Adjusted OIBDA may differ from similarly titled measures disclosed by other companies.
ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets.
The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three and nine months ended September 30, 2023, and September 30, 2024.
Three months ended
Nine months ended
September 30,
September 30,
(amounts in thousands)
2023
2024
2023
2024
Operating income (loss)
$
15,716
$
6,402
$
(14,074
)
$
(21,017
)
Stock-based compensation
3,309
6,365
9,653
13,789
Depreciation and amortization
21,286
18,678
55,215
50,669
Adjusted OIBDA
$
40,311
$
31,445
$
50,794
$
43,441
Baseball
$
36,884
$
24,397
$
38,232
$
20,072
Mixed-use development
10,661
12,173
29,980
33,615
Corporate and other
(7,234
)
(5,125
)
(17,418
)
(10,246
)
SCHEDULE 2: Cash and Debt
The following presentation is provided to separately identify cash and debt information. ABH cash decreased $20 million during the third quarter due to cash used in operations primarily driven by 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. ABH debt increased $40 million in the third quarter primarily due to borrowings under the TeamCo revolver and mixed-use development credit facilities to support working capital and current capital projects.
(amounts in thousands)
June 30, 2024
September 30, 2024
ABH Cash (GAAP)(a)
$
121,239
$
100,852
Debt:
Baseball
League wide credit facility
$
—
$
—
MLB facility fund - term
30,000
30,000
MLB facility fund - revolver
40,250
39,675
TeamCo revolver
—
30,000
Term debt
162,119
158,806
Mixed-use development
370,908
384,641
Total ABH Debt
$
603,277
$
643,122
Deferred financing costs
(3,241
)
(3,023
)
Total ABH Debt (GAAP)
$
600,036
$
640,099
___________________
a)
Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $40 million and $15 million as of June 30, 2024, and September 30, 2024, respectively.
ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION
September 30, 2024 (unaudited)
September 30,
December 31,
2024
2023
amounts in thousands,
except share amounts
Assets
Current assets:
Cash and cash equivalents
$
100,852
125,148
Restricted cash
15,168
12,569
Accounts receivable and contract assets, net of allowance for credit losses of $468 and $332, respectively
88,053
62,922
Other current assets
20,065
17,380
Total current assets
224,138
218,019
Property and equipment, at cost
1,159,685
1,091,943
Accumulated depreciation
(358,549
)
(325,196
)
801,136
766,747
Investments in affiliates, accounted for using the equity method
113,929
99,213
Intangible assets not subject to amortization:
Goodwill
175,764
175,764
Franchise rights
123,703
123,703
299,467
299,467
Other assets, net
118,577
120,884
Total assets
$
1,557,247
1,504,330
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
92,525
73,096
Deferred revenue and refundable tickets
82,414
111,985
Current portion of debt
137,626
42,153
Other current liabilities
9,093
6,439
Total current liabilities
321,658
233,673
Long-term debt
502,473
527,116
Finance lease liabilities
103,520
103,586
Deferred income tax liabilities
40,489
50,415
Pension liability
11,007
15,222
Other noncurrent liabilities
35,633
33,676
Total liabilities
1,014,780
963,688
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2024, and December 31, 2023
—
—
Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at September 30, 2024, and December 31, 2023, respectively
103
103
Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at September 30, 2024, and December 31, 2023, respectively
10
10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,842,646 and 50,577,776 at September 30, 2024, and December 31, 2023, respectively
508
506
Additional paid-in capital
1,103,820
1,089,625
Accumulated other comprehensive earnings (loss), net of taxes
(7,500
)
(7,271
)
Retained earnings (deficit)
(566,519
)
(554,376
)
Total stockholders' equity
530,422
528,597
Noncontrolling interests in equity of subsidiaries
12,045
12,045
Total equity
542,467
540,642
Commitments and contingencies
Total liabilities and equity
$
1,557,247
1,504,330
ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION
September 30, 2024 (unaudited)
Three months ended
Nine months ended
September 30,
September 30,
2024
2023
2024
2023
amounts in thousands,
except per share amounts
Revenue:
Baseball revenue
$
273,262
256,266
$
561,233
528,762
Mixed-use development revenue
17,412
15,558
49,397
44,157
Total revenue
290,674
271,824
610,630
572,919
Operating costs and expenses:
Baseball operating costs
225,973
198,195
476,250
430,424
Mixed-use development costs
2,499
2,247
7,162
6,451
Selling, general and administrative, including stock-based compensation
37,122
34,380
97,566
94,903
Depreciation and amortization
18,678
21,286
50,669
55,215
284,272
256,108
631,647
586,993
Operating income (loss)
6,402
15,716
(21,017
)
(14,074
)
Other income (expense):
Interest expense
(9,561
)
(9,657
)
(28,717
)
(28,017
)
Share of earnings (losses) of affiliates, net
13,702
12,725
26,951
23,384
Realized and unrealized gains (losses) on intergroup interests, net
—
(20,392
)
—
(83,178
)
Realized and unrealized gains (losses) on financial instruments, net
(2,476
)
2,593
1,429
5,672
Other, net
1,838
1,224
5,824
5,381
Earnings (loss) before income taxes
9,905
2,209
(15,530
)
(90,832
)
Income tax benefit (expense)
115
(8,256
)
3,387
(2,104
)
Net earnings (loss)
$
10,020
(6,047
)
$
(12,143
)
(92,936
)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share
$
0.16
(0.10
)
$
(0.20
)
(1.51
)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share
$
0.16
(0.10
)
$
(0.20
)
(1.51
)
ATLANTA BRAVES HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION
September 30, 2024 (unaudited)
Nine months ended
September 30,
2024
2023
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
(12,143
)
(92,936
)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
50,669
55,215
Stock-based compensation
13,789
9,653
Share of (earnings) losses of affiliates, net
(26,951
)
(23,384
)
Realized and unrealized (gains) losses on intergroup interests, net
—
83,178
Realized and unrealized (gains) losses on financial instruments, net
(1,429
)
(5,672
)
Deferred income tax expense (benefit)
(10,902
)
(6,086
)
Cash receipts from returns on equity method investments
12,552
12,350
Net cash received (paid) for interest rate swaps
4,564
3,604
Other charges (credits), net
398
(1,266
)
Net change in operating assets and liabilities:
Current and other assets
(42,539
)
(67,475
)
Payables and other liabilities
(280
)
11,513
Net cash provided by (used in) operating activities
(12,272
)
(21,306
)
Cash flows from investing activities:
Capital expended for property and equipment
(73,922
)
(45,313
)
Other investing activities, net
(293
)
(15
)
Net cash provided by (used in) investing activities
(74,215
)
(45,328
)
Cash flows from financing activities:
Borrowings of debt
106,343
52,248
Repayments of debt
(39,284
)
(38,997
)
Contribution from noncontrolling interest
—
12,045
Other financing activities, net
(2,269
)
(4,946
)
Net cash provided by (used in) financing activities
64,790
20,350
Net increase (decrease) in cash, cash equivalents and restricted cash
(21,697
)
(46,284
)
Cash, cash equivalents and restricted cash at beginning of period
137,717
172,813
Cash, cash equivalents and restricted cash at end of period
$
116,020
126,529
View source version on businesswire.com: https://www.businesswire.com/news/home/20241106219179/en/
Jennifer Giglio (404) 614-1336
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