Atlanta Braves Holdings (BATRK) Q3 2024 earnings summary

Executive summary

• Achieved an 89-73 record in the 2024 season, reaching the MLB Playoffs for the seventh consecutive year, though eliminated in the Wild Card Series.

• Total revenue rose 7% year-over-year to $291 million in Q3 2024, with baseball and mixed-use development segments both contributing to growth.

• Over three million tickets sold for the third consecutive year, with a 20,000-person waiting list for season tickets and top MLB ranking for guest experience.

• Major upgrades planned for Truist Park and The Battery Atlanta, including new seating and enhanced guest experiences.

• Significant management transition occurred with the CEO and other officers resigning, and the Braves operating team assuming management roles effective September 1, 2024.

Financial highlights

• Q3 2024 revenue was $291 million, up from $272 million in Q3 2023, driven by new sponsorships and higher ticket rates.

• Baseball segment revenue increased to $273 million, and mixed-use development revenue rose to $17.4 million, mainly from higher parking and rental income.

• Operating income declined to $6.4 million from $15.7 million due to higher baseball operating costs, including player salaries and revenue sharing.

• Adjusted EBITDA/OIBDA fell to $31.4 million from $40.3 million year-over-year.

• Net earnings for the quarter were $10 million, or $0.16 per share, compared to a net loss of $6 million, or $(0.10) per share, in the prior year.

Outlook and guidance

• Management expects to fund future cash needs through cash on hand, operations, and available credit facilities.

• High season ticket renewal rates and continued demand expected to support future revenue.

• Monitoring the Diamond Sports Group bankruptcy for potential impacts on future broadcasting revenue and liquidity.

• Ongoing investments in fan experience and real estate at the ballpark and The Battery Atlanta.

• Forward-looking statements highlight risks from economic conditions and regulatory changes.