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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Atlanta Braves Holdings Inc | NASDAQ:BATRK | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.58 | 1.46% | 40.19 | 39.10 | 40.88 | 40.45 | 39.65 | 39.73 | 358,518 | 21:25:01 |
From May 2024 to Nov 2024
Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today reported second quarter 2024 results.
Headlines include:
Discussion of Results
Three months ended
Six months ended
June 30,
June 30,
2023
2024
% Change
2023
2024
% Change
amounts in thousands
amounts in thousands
Baseball revenue
$
254,935
$
266,001
4
%
$
272,496
$
287,971
6
%
Mixed-use development revenue
15,188
16,875
11
%
28,599
31,985
12
%
Total revenue
270,123
282,876
5
%
301,095
319,956
6
%
Operating costs and expenses:
Baseball operating costs
(195,458
)
(205,070
)
(5
)%
(232,229
)
(250,277
)
(8
)%
Mixed-use development costs
(2,273
)
(2,410
)
(6
)%
(4,204
)
(4,663
)
(11
)%
Selling, general and administrative, excluding stock-based compensation
(30,522
)
(29,646
)
3
%
(54,179
)
(53,020
)
2
%
Adjusted OIBDA
$
41,870
$
45,750
9
%
$
10,483
$
11,996
14
%
Operating income (loss)
$
19,467
$
24,936
28
%
$
(29,790
)
$
(27,419
)
8
%
Regular season home games in period
43
40
43
40
Unless otherwise noted, the following discussion compares financial information for the three months ended June 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
Six months ended
June 30,
June 30,
2023
2024
% Change
2023
2024
% Change
amounts in thousands
amounts in thousands
Baseball:
Baseball event
$
162,368
$
171,350
6
%
$
163,486
$
172,518
6
%
Broadcasting
68,558
70,950
3
%
69,449
73,051
5
%
Retail and licensing
19,747
19,624
(1
)%
24,122
25,277
5
%
Other
4,262
4,077
(4
)
15,439
17,125
11
%
Baseball revenue
254,935
266,001
4
%
272,496
287,971
6
%
Mixed-use development
15,188
16,875
11
%
28,599
31,985
12
%
Total revenue
$
270,123
$
282,876
5
%
$
301,095
$
319,956
6
%
There were 40 home games played in the second quarter of 2024 compared to 43 home games in the prior year period.
Baseball revenue increased 4% in the second quarter due to growth in baseball event and broadcasting revenue. Baseball event revenue grew primarily due to new sponsorship agreements and contractual rate increases on season tickets and existing sponsorship contracts, partially offset by fewer regular season home games. Broadcasting revenue increased primarily due to more regular season games played (home and away) as well as contractual rate increases. Mixed-use development revenue grew 11% during the second quarter due to increases in rental income related to tenant recoveries and higher parking revenue.
Operating income and Adjusted OIBDA increased in the second quarter as revenue growth more than offset increased baseball operating costs. Baseball operating costs increased due to higher player salaries, increases under MLB’s revenue sharing plan and increased minor league team and player expenses, partially offset by lower variable concessions and retail expenses driven by fewer regular season home games. Selling, general and administrative expense was relatively flat in the second quarter.
FOOTNOTES
1)
For a definition of Adjusted OIBDA (as defined by ABH) and the applicable reconciliation, see the accompanying schedule.
Important Notice: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media’s earnings conference call which will begin at 10:00 a.m. (E.T.) on August 8, 2024. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13742818 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the ABH website.
This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, ABH’s historical financial information not being representative of its future financial position, results of operations, or cash flows, ABH’s ability to recognize anticipated benefits from the Split-Off, possible changes in the regulatory and competitive environment in which ABH operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of ABH and its business affiliates, including operations outside of the U.S., ABH’s indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, ABH’s ability to use net operating loss and disallowed business interest carryforwards, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development, disruptions in ABH’s information systems and information system security, ABH’s use and protection of personal data and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and ABH expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in ABH’s expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of ABH, including the most recently filed Forms 10-K and 10-Q, for additional information about ABH and about the risks and uncertainties related to ABH’s business which may affect the statements made in this press release.
NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES
SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)
To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for ABH together with reconciliations to operating income, as determined under GAAP. ABH defines Adjusted OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges.
ABH believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, ABH views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that ABH management considers in assessing the results of operations and performance of its assets.
The following table provides a reconciliation of Adjusted OIBDA for ABH to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2023 and June 30, 2024.
Three months ended
Six months ended
June 30,
June 30,
(amounts in thousands)
2023
2024
2023
2024
Operating income (loss)
$
19,467
$
24,936
$
(29,790
)
$
(27,419
)
Stock-based compensation
3,153
3,705
6,344
7,424
Depreciation and amortization
19,250
17,109
33,929
31,991
Adjusted OIBDA
$
41,870
$
45,750
$
10,483
$
11,996
Baseball
$
37,183
$
37,391
$
1,348
$
(4,325
)
Mixed-use development
10,166
11,509
19,319
21,442
Corporate and other
(5,479
)
(3,150
)
(10,184
)
(5,121
)
SCHEDULE 2: Cash and Debt
The following presentation is provided to separately identify cash and debt information. ABH cash decreased $60 million during the second quarter due to cash used in operations primarily driven by seasonal working capital changes as well as increases in restricted cash held and capital expenditures, partially offset by net borrowings. ABH debt increased $20 million in the second quarter primarily due to borrowings on the mixed-use development credit facilities to support current capital projects.
(amounts in thousands)
March 31, 2024
June 30, 2024
ABH Cash (GAAP)(a)
$
181,461
$
121,239
Debt:
Baseball
League wide credit facility
$
—
$
—
MLB facility fund - term
30,000
30,000
MLB facility fund - revolver
40,825
40,250
TeamCo revolver
—
—
Term debt
162,119
162,119
Mixed-use development
350,428
370,908
Total ABH Debt
$
583,372
$
603,277
Deferred financing costs
(3,459
)
(3,241
)
Total ABH Debt (GAAP)
$
579,913
$
600,036
a)
Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $28 million and $40 million as of March 31, 2024 and June 30, 2024, respectively.
ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED BALANCE SHEET INFORMATION June 30, 2024 (unaudited)
June 30,
December 31,
2024
2023
amounts in thousands,
except share amounts
Assets
Current assets:
Cash and cash equivalents
$
121,239
125,148
Restricted cash
40,117
12,569
Accounts receivable and contract assets, net of allowance for credit losses of $523 and $332, respectively
58,730
62,922
Other current assets
28,210
17,380
Total current assets
248,296
218,019
Property and equipment, at cost
1,149,681
1,091,943
Accumulated depreciation
(348,617
)
(325,196
)
801,064
766,747
Investments in affiliates, accounted for using the equity method
107,321
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
117,669
120,884
Total assets
$
1,573,817
1,504,330
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities
$
99,483
73,096
Deferred revenue and refundable tickets
146,281
111,985
Current portion of debt
137,673
42,153
Other current liabilities
4,733
6,439
Total current liabilities
388,170
233,673
Long-term debt
462,363
527,116
Finance lease liabilities
102,450
103,586
Deferred income tax liabilities
47,566
50,415
Pension liability
13,262
15,222
Other noncurrent liabilities
35,288
33,676
Total liabilities
1,049,099
963,688
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at June 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 June 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 June 30, 2024 and December 31, 2023, respectively
10
10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,676,231 and 50,577,776 at June 30, 2024 and December 31, 2023, respectively
507
506
Additional paid-in capital
1,096,021
1,089,625
Accumulated other comprehensive earnings (loss), net of taxes
(7,429
)
(7,271
)
Retained earnings (deficit)
(576,539
)
(554,376
)
Total stockholders' equity
512,673
528,597
Noncontrolling interests in equity of subsidiaries
12,045
12,045
Total equity
524,718
540,642
Commitments and contingencies
Total liabilities and equity
$
1,573,817
1,504,330
ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS INFORMATION June 30, 2024 (unaudited)
Three months ended
Six months ended
June 30,
June 30,
2024
2023
2024
2023
amounts in thousands,
except per share amounts
Revenue:
Baseball revenue
$
266,001
254,935
$
287,971
272,496
Mixed-use development revenue
16,875
15,188
31,985
28,599
Total revenue
282,876
270,123
319,956
301,095
Operating costs and expenses:
Baseball operating costs
205,070
195,458
250,277
232,229
Mixed-use development costs
2,410
2,273
4,663
4,204
Selling, general and administrative, including stock-based compensation
33,351
33,675
60,444
60,523
Depreciation and amortization
17,109
19,250
31,991
33,929
257,940
250,656
347,375
330,885
Operating income (loss)
24,936
19,467
(27,419
)
(29,790
)
Other income (expense):
Interest expense
(9,713
)
(9,448
)
(19,156
)
(18,360
)
Share of earnings (losses) of affiliates, net
11,622
11,462
13,249
10,659
Realized and unrealized gains (losses) on intergroup interests, net
—
(49,409
)
—
(62,786
)
Realized and unrealized gains (losses) on financial instruments, net
931
3,840
3,905
3,079
Other, net
2,217
3,316
3,986
4,157
Earnings (loss) before income taxes
29,993
(20,772
)
(25,435
)
(93,041
)
Income tax benefit (expense)
(884
)
(8,141
)
3,272
6,152
Net earnings (loss)
$
29,109
(28,913
)
$
(22,163
)
(86,889
)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share
$
0.47
(0.47
)
$
(0.36
)
(1.41
)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share
$
0.46
(0.47
)
$
(0.36
)
(1.41
)
ATLANTA BRAVES HOLDINGS CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS INFORMATION June 30, 2024 (unaudited)
Six months ended
June 30,
2024
2023
amounts in thousands
Cash flows from operating activities:
Net earnings (loss)
$
(22,163
)
(86,889
)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization
31,991
33,929
Stock-based compensation
7,424
6,344
Share of (earnings) losses of affiliates, net
(13,249
)
(10,659
)
Realized and unrealized (gains) losses on intergroup interests, net
—
62,786
Realized and unrealized (gains) losses on financial instruments, net
(3,905
)
(3,079
)
Deferred income tax expense (benefit)
(2,801
)
(7,014
)
Cash receipts from returns on equity method investments
5,838
6,225
Net cash received (paid) for interest rate swaps
3,036
2,200
Other charges (credits), net
(1,480
)
(3,754
)
Net change in operating assets and liabilities:
Current and other assets
(8,574
)
(14,338
)
Payables and other liabilities
60,635
50,141
Net cash provided by (used in) operating activities
56,752
35,892
Cash flows from investing activities:
Capital expended for property and equipment
(57,432
)
(29,700
)
Investments in equity method affiliates and equity securities
(714
)
—
Other investing activities, net
41
110
Net cash provided by (used in) investing activities
(58,105
)
(29,590
)
Cash flows from financing activities:
Borrowings of debt
33,405
15,815
Repayments of debt
(4,787
)
(18,893
)
Contribution from noncontrolling interest
—
11,289
Other financing activities, net
(3,626
)
(4,756
)
Net cash provided by (used in) financing activities
24,992
3,455
Net increase (decrease) in cash, cash equivalents and restricted cash
23,639
9,757
Cash, cash equivalents and restricted cash at beginning of period
137,717
172,813
Cash, cash equivalents and restricted cash at end of period
$
161,356
182,570
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807965906/en/
Shane Kleinstein (720) 875-5432
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