Atlanta Braves Holdings Reports Second Quarter 2025 Financial Results
Highlights include:
-
Total revenue grew to
$312 million 10% from the prior year period.-
Baseball revenue increased
8% from the prior year period to$287 million -
Mixed-use development revenue grew
49% from the prior year period to$25 million
-
Baseball revenue increased
-
Total Adjusted OIBDA(1) grew to
$66 million 44% from the prior year period.-
Baseball Adjusted OIBDA grew
39% from the prior year period to$52 million -
Mixed-Use Development Adjusted OIBDA grew
53% from the prior year period to$18 million
-
Baseball Adjusted OIBDA grew
Discussion of Results
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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2025 |
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2024 |
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% Change |
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2025 |
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2024 |
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% Change |
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amounts in thousands |
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amounts in thousands |
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||||||||||||
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|
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|
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||||||||||||
Baseball revenue |
|
$ |
287,319 |
|
|
$ |
266,001 |
|
|
8 |
% |
|
|
$ |
315,940 |
|
|
$ |
287,971 |
|
|
10 |
% |
Mixed-use development revenue |
|
|
25,121 |
|
|
|
16,875 |
|
|
49 |
% |
|
|
|
43,711 |
|
|
|
31,985 |
|
|
37 |
% |
Total revenue |
|
|
312,440 |
|
|
|
282,876 |
|
|
10 |
% |
|
|
|
359,651 |
|
|
|
319,956 |
|
|
12 |
% |
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Baseball operating costs |
|
|
(210,809 |
) |
|
|
(205,070 |
) |
|
3 |
% |
|
|
|
(259,572 |
) |
|
|
(250,277 |
) |
|
4 |
% |
Mixed-use development costs |
|
|
(3,633 |
) |
|
|
(2,410 |
) |
|
51 |
% |
|
|
|
(6,041 |
) |
|
|
(4,663 |
) |
|
30 |
% |
Selling, general and administrative, excluding stock-based compensation |
|
|
(32,294 |
) |
|
|
(29,646 |
) |
|
9 |
% |
|
|
|
(56,883 |
) |
|
|
(53,020 |
) |
|
7 |
% |
Adjusted OIBDA(1) |
|
$ |
65,704 |
|
|
$ |
45,750 |
|
|
44 |
% |
|
|
$ |
37,155 |
|
|
$ |
11,996 |
|
|
210 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Operating income (loss) |
|
$ |
41,787 |
|
|
$ |
24,936 |
|
|
68 |
% |
|
|
$ |
(2,665 |
) |
|
$ |
(27,419 |
) |
|
90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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||||
Regular season home games in period |
|
|
40 |
|
|
|
40 |
|
|
|
|
|
|
|
40 |
|
|
|
40 |
|
|
|
|
Unless otherwise noted, the following discussion compares financial information for three months ended June 30, 2025 to the same period in 2024.
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 primarily from a real estate portfolio including the mixed-use facility The Battery Atlanta and primarily includes rental income.
The following table disaggregates revenue by segment and by source:
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Three months ended |
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Six months ended |
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June 30, |
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|
June 30, |
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|
|
||||||||||
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|
2025 |
|
2024 |
|
% Change |
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|
2025 |
|
2024 |
|
% Change |
||||||||
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|
amounts in thousands |
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amounts in thousands |
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||||||||||
Baseball: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Baseball event |
|
$ |
180,349 |
|
$ |
171,350 |
|
5 |
|
% |
|
|
$ |
181,232 |
|
$ |
172,518 |
|
5 |
|
% |
Broadcasting |
|
|
81,068 |
|
|
70,950 |
|
14 |
|
% |
|
|
|
85,359 |
|
|
73,051 |
|
17 |
|
% |
Retail and licensing |
|
|
18,566 |
|
|
19,624 |
|
(5 |
) |
% |
|
|
|
24,646 |
|
|
25,277 |
|
(2 |
) |
% |
Other |
|
|
7,336 |
|
|
4,077 |
|
80 |
|
% |
|
|
|
24,703 |
|
|
17,125 |
|
44 |
|
% |
Baseball revenue |
|
|
287,319 |
|
|
266,001 |
|
8 |
|
% |
|
|
|
315,940 |
|
|
287,971 |
|
10 |
|
% |
Mixed-use development |
|
|
25,121 |
|
|
16,875 |
|
49 |
|
% |
|
|
|
43,711 |
|
|
31,985 |
|
37 |
|
% |
Total revenue |
|
$ |
312,440 |
|
$ |
282,876 |
|
10 |
|
% |
|
|
$ |
359,651 |
|
$ |
319,956 |
|
12 |
|
% |
There were 40 regular season home games played in both the second quarter of 2025 and the comparable prior year period.
Baseball revenue increased
Mixed-use development revenue increased
Operating income and Adjusted OIBDA(1) increased in the second quarter of 2025 compared to the prior year period as revenue growth outpaced increases in operating and selling, general and administrative expenses. Baseball operating costs increased primarily due to increases in MLB’s revenue sharing plan, expenses for events held at Truist Park, and minor league related expenses partially offset by a decrease in major league player salaries. Mixed-use development costs increased during the second quarter of 2025 compared to the prior period as a result of operating costs associated with the assets within the Acquisition. Selling, general and administrative expenses increased due to increased property taxes, insurance and other professional fees as well as personnel costs.
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. |
Conference Call Information: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) will discuss ABH’s financial results on a conference call which will begin at 10:00 a.m. (E.T.) on August 7, 2025. The call can be accessed by dialing (800) 715-9871 or +1 (646) 307-1963, passcode 7251864 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.
About Atlanta Braves Holdings, Inc.: Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) consists primarily of the Major League Baseball franchise the Atlanta Braves and a real estate portfolio including the mixed-use development The Battery Atlanta, which is located adjacent to the Braves stadium, Truist Park. For more information, please visit our website at https://www.bravesholdings.com/investors.
During the conference call, ABH may discuss and answer questions concerning business and financial developments and trends that have occurred after quarter-end. ABH’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 regarding the business, product and marketing strategies, new service offerings, 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 is not necessarily representative of its future financial position, future results of operations or future cash flows; ABH’s ability to recognize anticipated benefits from the split-off from Liberty Media Corporation (“Liberty”); the incurrence of costs as a standalone public company following the split-off from Liberty; the ability of ABH to successfully transition responsibilities for various matters from Liberty to ABH or third-party personnel; ABH’s ownership, management and board of directors structure; ABH’s ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations; ABH’s indebtedness could adversely affect operations and could limit its ability to react to changes in the economy or its industry; 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; the operational risks of ABH and its business affiliates with operations outside of
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 stock-based compensation, depreciation and amortization, 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 six months ended June 30, 2025 and 2024.
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Three months ended |
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Six months ended |
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June 30, |
|
June 30, |
|
||||||||||||
(amounts in thousands) |
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||||||
Operating income (loss) |
|
$ |
41,787 |
|
|
$ |
24,936 |
|
|
$ |
(2,665 |
) |
|
$ |
(27,419 |
) |
|
Stock-based compensation |
|
|
2,646 |
|
|
|
3,705 |
|
|
|
5,292 |
|
|
|
7,424 |
|
|
Depreciation and amortization |
|
|
21,271 |
|
|
|
17,109 |
|
|
|
34,528 |
|
|
|
31,991 |
|
|
Adjusted OIBDA |
|
$ |
65,704 |
|
|
$ |
45,750 |
|
|
$ |
37,155 |
|
|
$ |
11,996 |
|
|
Baseball |
|
$ |
52,047 |
|
|
$ |
37,391 |
|
|
$ |
12,447 |
|
|
$ |
(4,325 |
) |
|
Mixed-Use Development |
|
|
17,566 |
|
|
|
11,509 |
|
|
|
30,453 |
|
|
|
21,442 |
|
|
Corporate and other |
|
|
(3,909 |
) |
|
|
(3,150 |
) |
|
|
(5,745 |
) |
|
|
(5,121 |
) |
|
SCHEDULE 2: Cash and Debt
The following presentation is provided to separately identify cash and debt information. ABH cash decreased
|
|||||||||
(amounts in thousands) |
|
June 30, 2025 |
|
March 31, 2025 |
|
||||
ABH Cash (GAAP)(a) |
|
$ |
96,196 |
|
|
$ |
244,679 |
|
|
|
|
|
|
|
|
||||
Debt: |
|
|
|
|
|
|
|
||
Baseball |
|
|
|
|
|
|
|
||
League wide credit facility |
|
$ |
— |
|
|
$ |
— |
|
|
MLB facility fund - term |
|
|
30,000 |
|
|
|
30,000 |
|
|
MLB facility fund - revolver |
|
|
37,950 |
|
|
|
38,525 |
|
|
TeamCo revolver |
|
|
— |
|
|
|
— |
|
|
Term debt |
|
|
155,431 |
|
|
|
155,431 |
|
|
Mixed-Use Development |
|
|
482,651 |
|
|
|
478,583 |
|
|
Total ABH Debt |
|
$ |
706,032 |
|
|
$ |
702,539 |
|
|
Deferred financing costs |
|
|
(2,931 |
) |
|
|
(3,073 |
) |
|
Total ABH Debt (GAAP) |
|
$ |
703,101 |
|
|
$ |
699,466 |
|
|
|
||
a) |
Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of |
|
CONDENSED CONSOLIDATED BALANCE SHEET (unaudited) |
||||||||
|
||||||||
|
|
June 30, |
|
December 31, |
|
|||
|
|
2025 |
|
2024 |
|
|||
|
|
amounts in thousands |
|
|||||
|
|
|
|
|||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
96,196 |
|
$ |
110,144 |
|
|
Restricted cash |
|
|
57,425 |
|
|
2,455 |
|
|
Accounts receivable and contract assets, net of allowance for credit losses of |
|
|
60,662 |
|
|
49,991 |
|
|
Other current assets |
|
|
22,250 |
|
|
16,556 |
|
|
Total current assets |
|
|
236,533 |
|
|
179,146 |
|
|
|
|
|
|
|
|
|
||
Property and equipment, at cost |
|
|
1,259,862 |
|
|
1,161,803 |
|
|
Accumulated depreciation |
|
|
(378,795 |
) |
|
(354,318 |
) |
|
|
|
|
881,067 |
|
|
807,485 |
|
|
|
|
|
|
|
|
|
||
Investments in affiliates, accounted for using the equity method |
|
|
114,606 |
|
|
108,786 |
|
|
Intangible assets not subject to amortization: |
|
|
|
|
|
|
||
Goodwill |
|
|
175,764 |
|
|
175,764 |
|
|
Franchise rights |
|
|
123,703 |
|
|
123,703 |
|
|
|
|
|
299,467 |
|
|
299,467 |
|
|
|
|
|
|
|
|
|
||
Other assets, net |
|
|
152,188 |
|
|
128,962 |
|
|
Total assets |
|
$ |
1,683,861 |
|
$ |
1,523,846 |
|
|
CONDENSED CONSOLIDATED BALANCE SHEET (continued) (unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
June 30, |
|
December 31, |
|
|||
|
|
2025 |
|
2024 |
|
|||
|
|
amounts in thousands |
|
|||||
|
|
except share amounts |
|
|||||
|
|
|
|
|||||
Liabilities and Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable and accrued liabilities |
|
$ |
111,043 |
|
$ |
63,711 |
|
|
Deferred revenue and refundable tickets |
|
|
144,442 |
|
|
111,851 |
|
|
Current portion of debt |
|
|
104,445 |
|
|
104,193 |
|
|
Other current liabilities |
|
|
11,232 |
|
|
6,905 |
|
|
Total current liabilities |
|
|
371,162 |
|
|
286,660 |
|
|
|
|
|
|
|
|
|
||
Long-term debt |
|
|
598,656 |
|
|
512,927 |
|
|
Finance lease liabilities |
|
|
100,839 |
|
|
103,845 |
|
|
Deferred income tax liabilities |
|
|
37,755 |
|
|
43,516 |
|
|
Pension liability |
|
|
4,393 |
|
|
6,558 |
|
|
Other noncurrent liabilities |
|
|
36,183 |
|
|
34,116 |
|
|
Total liabilities |
|
|
1,148,988 |
|
|
987,622 |
|
|
Equity: |
|
|
|
|
|
|
||
Preferred stock, |
|
|
— |
|
|
— |
|
|
Series A common stock, |
|
|
103 |
|
|
103 |
|
|
Series B common stock, |
|
|
10 |
|
|
10 |
|
|
Series C common stock, |
|
|
513 |
|
|
511 |
|
|
Additional paid-in capital |
|
|
1,123,091 |
|
|
1,112,551 |
|
|
Accumulated other comprehensive earnings (loss), net of taxes |
|
|
(3,348 |
) |
|
(3,352 |
) |
|
Retained earnings (deficit) |
|
|
(597,541 |
) |
|
(585,644 |
) |
|
Total stockholders' equity |
|
|
522,828 |
|
|
524,179 |
|
|
Noncontrolling interests in equity of subsidiaries |
|
|
12,045 |
|
|
12,045 |
|
|
Total equity |
|
|
534,873 |
|
|
536,224 |
|
|
Commitments and contingencies |
|
|
|
|
|
|
||
Total liabilities and equity |
|
$ |
1,683,861 |
|
$ |
1,523,846 |
|
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (unaudited) |
|||||||||||||||
|
|||||||||||||||
|
|
Three months ended |
|
Six months ended |
|
||||||||||
|
|
June 30, |
|
June 30, |
|
||||||||||
|
|
2025 |
|
2024 |
|
2025 |
|
2024 |
|
||||||
|
|
amounts in thousands, |
|
||||||||||||
|
|
except per share amounts |
|
||||||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
||||
Baseball revenue |
|
$ |
287,319 |
|
|
266,001 |
|
|
$ |
315,940 |
|
|
287,971 |
|
|
Mixed-Use Development revenue |
|
|
25,121 |
|
|
16,875 |
|
|
|
43,711 |
|
|
31,985 |
|
|
Total revenue |
|
|
312,440 |
|
|
282,876 |
|
|
|
359,651 |
|
|
319,956 |
|
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
||||
Baseball operating costs |
|
|
210,809 |
|
|
205,070 |
|
|
|
259,572 |
|
|
250,277 |
|
|
Mixed-Use Development costs |
|
|
3,633 |
|
|
2,410 |
|
|
|
6,041 |
|
|
4,663 |
|
|
Selling, general and administrative, including stock-based compensation |
|
|
34,940 |
|
|
33,351 |
|
|
|
62,175 |
|
|
60,444 |
|
|
Depreciation and amortization |
|
|
21,271 |
|
|
17,109 |
|
|
|
34,528 |
|
|
31,991 |
|
|
|
|
|
270,653 |
|
|
257,940 |
|
|
|
362,316 |
|
|
347,375 |
|
|
Operating income (loss) |
|
|
41,787 |
|
|
24,936 |
|
|
|
(2,665 |
) |
|
(27,419 |
) |
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
||||
Interest expense |
|
|
(11,652 |
) |
|
(9,713 |
) |
|
|
(21,996 |
) |
|
(19,156 |
) |
|
Share of earnings (losses) of affiliates, net |
|
|
10,613 |
|
|
11,622 |
|
|
|
10,935 |
|
|
13,249 |
|
|
Realized and unrealized gains (losses) on financial instruments, net |
|
|
(640 |
) |
|
931 |
|
|
|
(1,277 |
) |
|
3,905 |
|
|
Other, net |
|
|
1,673 |
|
|
2,217 |
|
|
|
2,886 |
|
|
3,986 |
|
|
Earnings (loss) before income taxes |
|
|
41,781 |
|
|
29,993 |
|
|
|
(12,117 |
) |
|
(25,435 |
) |
|
Income tax benefit (expense) |
|
|
(12,287 |
) |
|
(884 |
) |
|
|
220 |
|
|
3,272 |
|
|
Net earnings (loss) |
|
$ |
29,494 |
|
|
29,109 |
|
|
$ |
(11,897 |
) |
|
(22,163 |
) |
|
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 |
|
|
$ |
(0.19 |
) |
|
(0.36 |
) |
|
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share |
|
$ |
0.46 |
|
|
0.46 |
|
|
$ |
(0.19 |
) |
|
(0.36 |
) |
|
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (unaudited) |
||||||||
|
||||||||
|
|
Six months ended |
|
|||||
|
|
June 30, |
|
|||||
|
|
2025 |
|
2024 |
|
|||
|
|
amounts in thousands |
|
|||||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net earnings (loss) |
|
$ |
(11,897 |
) |
|
(22,163 |
) |
|
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
34,528 |
|
|
31,991 |
|
|
Stock-based compensation |
|
|
5,292 |
|
|
7,424 |
|
|
Share of (earnings) losses of affiliates, net |
|
|
(10,935 |
) |
|
(13,249 |
) |
|
Realized and unrealized (gains) losses on financial instruments, net |
|
|
1,277 |
|
|
(3,905 |
) |
|
Deferred income tax expense (benefit) |
|
|
(5,761 |
) |
|
(2,801 |
) |
|
Cash receipts from returns on equity method investments |
|
|
5,095 |
|
|
5,838 |
|
|
Net cash received (paid) for interest rate swaps |
|
|
1,632 |
|
|
3,036 |
|
|
Other charges (credits), net |
|
|
4,071 |
|
|
(1,480 |
) |
|
Net change in operating assets and liabilities: |
|
|
|
|
|
|
||
Current and other assets |
|
|
(30,545 |
) |
|
(8,574 |
) |
|
Payables and other liabilities |
|
|
94,883 |
|
|
60,635 |
|
|
Net cash provided by (used in) operating activities |
|
|
87,640 |
|
|
56,752 |
|
|
Cash flows from investing activities: |
|
|
|
|
|
|
||
Capital expended for property and equipment |
|
|
(36,400 |
) |
|
(57,432 |
) |
|
Acquisition of real estate assets |
|
|
(93,709 |
) |
|
— |
|
|
Investments in equity method affiliates and equity securities |
|
|
— |
|
|
(714 |
) |
|
Other investing activities, net |
|
|
4 |
|
|
41 |
|
|
Net cash provided by (used in) investing activities |
|
|
(130,105 |
) |
|
(58,105 |
) |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Borrowings of debt |
|
|
88,509 |
|
|
33,405 |
|
|
Repayments of debt |
|
|
(5,702 |
) |
|
(4,787 |
) |
|
Proceeds (disbursements) from exercise of stock options and other stock issuances |
|
|
5,250 |
|
|
(1,027 |
) |
|
Other financing activities, net |
|
|
(4,570 |
) |
|
(2,599 |
) |
|
Net cash provided by (used in) financing activities |
|
|
83,487 |
|
|
24,992 |
|
|
Net increase (decrease) in cash, cash equivalents and restricted cash |
|
|
41,022 |
|
|
23,639 |
|
|
Cash, cash equivalents and restricted cash at beginning of period |
|
|
112,599 |
|
|
137,717 |
|
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
153,621 |
|
|
161,356 |
|
|
|
|
|
|
|
|
|
||
Supplemental disclosure to the condensed consolidated statements of cash flows: |
|
|
|
|
|
|
||
Property and equipment expenditures incurred but not yet paid |
|
$ |
5,081 |
|
|
23,103 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20250807994310/en/
Cameron Rudd – Investor Relations
(404) 614-2300 or investorrelations@braves.com
Source: Atlanta Braves Holdings, Inc.
