Atlanta Braves Holdings (BATRK) Q4 2024 earnings summary

Executive summary

• Spring Training for the 2025 season is underway, with key players returning from injury and a major free agent addition to the roster.

• The organization will host the 2024 MLB All-Star Game, highlighting Atlanta and its facilities.

• Partnerships with FanDuel Sports Network and Gray Media expand game accessibility via streaming and over-the-air broadcasts.

• The Battery Atlanta continues to grow as a year-round destination, with new tenants, developments, and the opening of the Outfield Market food hall.

• Total revenue for 2024 rose 3% year-over-year to $662.7 million, with baseball revenue up 2% and mixed-use development revenue up 14%.

Financial highlights

• Full year 2024 revenue was $662.7 million, up from $640.7 million in 2023.

• Q4 2024 revenue was $52.1 million, down from $67.7 million in Q4 2023 due to no home games or concerts.

• Baseball segment revenue rose to $595.4 million in 2024, driven by new sponsorships and higher broadcast rates.

• Mixed-use development revenue increased to $67.3 million, mainly from higher rental, parking income, and new leases.

• Adjusted OIBDA increased 5% to $39.7 million for the year, with Q4 Adjusted OIBDA improving to negative $3.8 million from negative $13 million in Q4 2023.

• Operating loss for 2024 improved to $39.7 million from $46.4 million in 2023, and net loss narrowed to $31.3 million from $125.3 million in 2023.

• Cash and cash equivalents stood at $110.1 million as of December 31, 2024, with total debt at $617.1 million.

Outlook and guidance

• Confident in roster strength and ability to compete for a World Series title in 2025.

• Expect to remain a top 10 salary organization, with flexibility for further player acquisitions.

• Aggressive pursuit of non-game day events and further development opportunities at The Battery Atlanta.

• Forward-looking statements highlight risks from economic conditions, transition from Liberty Media, and operational uncertainties.