Revenue Performance - Total revenue for the three months ended March 31, 2025, was $47.2 million, an increase of 27.4% compared to $37.1 million for the same period in 2024[132]. - Baseball revenue increased to $28.6 million in Q1 2025, up 30.3% from $22.0 million in Q1 2024, primarily driven by a $2.2 million increase in broadcasting revenue[133]. - Mixed-Use Development revenue rose to $18.6 million, a 23.8% increase from $15.1 million in the prior year, mainly due to a $3.1 million increase in rental income[134]. Loss and Expenses - Operating loss decreased to $44.5 million in Q1 2025 from $52.4 million in Q1 2024, reflecting improved revenue performance[139]. - Net loss for the three months ended March 31, 2025, was $41.4 million, compared to a net loss of $51.3 million in the same period last year[132]. - Adjusted OIBDA improved to a loss of $28.5 million in Q1 2025, a $5.2 million improvement from a loss of $33.8 million in Q1 2024[140]. - Baseball operating costs increased by $3.6 million, primarily due to a $1.1 million rise in major league player salaries and $1.6 million in expenses for events held at Truist Park[135]. - Selling, general and administrative expenses rose by $1.2 million, mainly due to increased personnel costs[137]. - Stock-based compensation decreased by $1.1 million, reflecting a reduction in outstanding awards[138]. Adjusted OIBDA - Baseball Adjusted OIBDA increased by $2.1 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. - Mixed-Use Development Adjusted OIBDA increased by $3.0 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. Financial Position - The Company's cash and cash equivalents totaled $244.7 million as of March 31, 2025[147]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of March 31, 2025, which remains undrawn[151]. - The maximum amount available under the MLB Facility Fund Revolver was $38.5 million as of March 31, 2025, and was fully drawn[152]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with availability as of March 31, 2025, being $150.0 million[153]. Debt and Tax Provision - The Company had $259.9 million in aggregate principal amount of floating rate debt with a weighted average interest rate of 6.2% as of March 31, 2025[158]. - The Company had $442.6 million in aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.4% as of March 31, 2025[158]. - The Company's effective tax provision increased by $8.5 million for the three months ended March 31, 2025, compared to the same period in the prior year[145]. Corporate Structure - The company completed a tax-free Split-Off transaction on July 18, 2023, transitioning to a standalone public company[124].

Atlanta Braves Holdings, Inc. (BATRA) came out with a quarterly loss of $0.66 per share versus the Zacks Consensus Estimate of a loss of $0.94. This compares to loss of $0.83 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 29.79%. A quarter ago, it was expected that this company would post a loss of $0.78 per share when it actually produced a loss of $0.31, delivering a surprise of 60.26%.Over the last four quarters, the compa ...

Revenue Performance - Total revenue for Q1 2025 reached $47.2 million, a 27% increase compared to Q1 2024[5] - Baseball revenue increased by 30% to $28.6 million, driven primarily by a 104% rise in broadcasting revenue[6][7] - Mixed-use development revenue grew 23% to $18.6 million, attributed to higher rental income and increased parking and sponsorship revenue[8] - Total revenue for Q1 2025 was $47,211,000, an increase of 27.4% compared to $37,080,000 in Q1 2024[27] - Baseball revenue increased to $28,621,000 in Q1 2025, up 30.5% from $21,970,000 in Q1 2024[27] - Mixed-use development revenue rose to $18,590,000, a 23.8% increase from $15,110,000 in the same period last year[27] Financial Performance - Adjusted OIBDA improved to $(28.5) million, a 15% increase from $(33.8) million in the prior year[5][20] - Operating income loss decreased by 15% to $(44.5) million from $(52.4) million year-over-year[5][20] - Operating loss for Q1 2025 was $44,452,000, compared to a loss of $52,355,000 in Q1 2024, reflecting an improvement of 15.5%[27] - Net loss for Q1 2025 was $41,391,000, an improvement from a net loss of $51,272,000 in Q1 2024[27] - The company reported a basic net loss per share of $0.66 for Q1 2025, improving from a loss of $0.83 per share in Q1 2024[27] Cash and Debt Management - Cash increased by $135 million during Q1 2025, reaching $244.7 million[21][22] - Cash and cash equivalents increased to $244,679,000 as of March 31, 2025, compared to $110,144,000 at the end of 2024[25] - Total debt rose by $82 million to $699.5 million, primarily due to borrowings for mixed-use development projects[21][22] Asset and Liability Overview - Total assets grew to $1,681,439,000 as of March 31, 2025, up from $1,523,846,000 at the end of 2024[25] - Total liabilities increased to $1,183,273,000 as of March 31, 2025, compared to $987,622,000 at the end of 2024[26] Operational Highlights - Mixed-use development generated $13 million of Adjusted OIBDA, up 30% from the previous year[5] - The Braves recorded seven sellout games through the first three homestands of the season[5] - Operating costs increased due to higher major league player salaries and shared expenses, while mixed-use development costs remained relatively flat[9] Cash Flow Analysis - Cash flows from operating activities for Q1 2025 were $95,770,000, compared to $91,064,000 in Q1 2024[28]

Group 1: Stock Performance - Atlanta Braves Holdings, Inc. (BATRA) shares increased by 6.7% to close at $42.51, with notable trading volume compared to typical sessions, following a 6.3% loss over the past four weeks [1] - The stock currently holds a Zacks Rank 1 (Strong Buy), indicating positive market sentiment [4] Group 2: Acquisition and Real Estate Strategy - Braves Development Company acquired Pennant Park, a six-building office complex, which is expected to be immediately accretive due to strong tenant credit and over 80% occupancy [2] - This acquisition is a strategic move to enhance BATRA's real estate portfolio [2] Group 3: Earnings Expectations - The company is projected to report a quarterly loss of $0.94 per share, reflecting a year-over-year decline of 13.3%, with expected revenues of $35.2 million, down 5.1% from the previous year [3] - The consensus EPS estimate for the quarter has remained unchanged over the last 30 days, suggesting that stock price movements may be influenced by trends in earnings estimate revisions [4]

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) is a notable stock within the Conglomerates sector, which currently ranks 1 in the Zacks Sector Rank [2] - The Zacks Rank system indicates that BATRA has a strong buy rating, reflecting positive earnings estimates and revisions [3] - Over the past 90 days, the consensus estimate for BATRA's full-year earnings has increased by 24.1%, indicating improved analyst sentiment [4] Group 2 - Year-to-date, BATRA has returned approximately 6.2%, outperforming the average return of -3.8% for the Conglomerates sector [4] - Another stock, Atlanta Braves Holdings (BATRK), has also shown positive performance with a year-to-date return of 2.7% [5] - The consensus EPS estimate for BATRA has risen by 28.5% over the past three months, further supporting its strong buy rating [5] Group 3 - Atlanta Braves Holdings, Inc. is part of the Diversified Operations industry, which includes 21 stocks and currently ranks 22 in the Zacks Industry Rank [6] - The average return for the Diversified Operations industry has been -3.8% year-to-date, indicating that BATRA is performing better than its peers [6] - Investors should continue to monitor both BATRA and BATRK for potential sustained performance in the Conglomerates sector [7]

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) is a notable stock in the Conglomerates sector, currently outperforming its peers with a year-to-date return of 5% compared to the sector average of 0.2% [4] - The Zacks Rank system indicates that BATRA has a strong earnings outlook, currently holding a Zacks Rank of 1 (Strong Buy) [3][5] - Analyst sentiment for BATRA has improved, with the consensus estimate for full-year earnings increasing by 24.1% in the past quarter [4] Group 2 - Atlanta Braves Holdings, Inc. is part of the Diversified Operations industry, which includes 25 stocks and currently ranks 40 in the Zacks Industry Rank [6] - Another stock in the same group, Atlanta Braves Holdings (BATRK), has also shown strong performance with a year-to-date increase of 2.6% [5] - The consensus EPS estimate for BATRK has risen by 28.5% over the past three months, indicating positive analyst sentiment [5]

Group 1: Sterling Infrastructure, Inc. (STRL) - The company operates in e-infrastructure, transportation, and building solutions [1] - It has a Zacks Rank of 1 and a 14% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [1] - Sterling's shares increased by 16.3% over the last six months, outperforming the S&P 500's 7.8% gain [1] - The company has a Momentum Score of A [1] Group 2: Atlanta Braves Holdings, Inc. (BATRA) - The company owns and operates mixed-use real estate developments and the Atlanta Braves Major League Baseball Club [2] - It holds a Zacks Rank of 1 with a 24.1% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [2] - Atlanta Braves' shares rose by 6.1% over the past three months, while the S&P 500 declined by 2.2% [2] - The company has a Momentum Score of B [2] Group 3: Jazz Pharmaceuticals plc (JAZZ) - The company specializes in biopharmaceuticals, focusing on neurosciences and oncology [3] - It has a Zacks Rank of 1 and a 4.8% increase in the Zacks Consensus Estimate for current year earnings over the last 60 days [3] - Jazz's shares gained 16.2% over the past three months, compared to a 2.2% decline in the S&P 500 [3] - The company possesses a Momentum Score of A [3]

Group 1 - Atlanta Braves Holdings, Inc. (BATRA) has shown strong year-to-date performance, returning 8.2%, outperforming the average gain of 5.2% in the Conglomerates sector [4] - The Zacks Consensus Estimate for BATRA's full-year earnings has increased by 24.1% in the past quarter, indicating improved analyst sentiment and a positive earnings outlook [4] - Atlanta Braves Holdings, Inc. holds a Zacks Rank of 1 (Strong Buy), suggesting it has characteristics that may lead to outperformance in the market over the next one to three months [3][5] Group 2 - Atlanta Braves Holdings (BATRK) has also outperformed the sector with a year-to-date return of 5.5% [5] - The consensus EPS estimate for Atlanta Braves Holdings has risen by 28.5% over the past three months, reflecting a positive trend in earnings expectations [5] - Both BATRA and BATRK belong to the Diversified Operations industry, which includes 25 companies and has an average gain of 5.2% this year, indicating that BATRA is performing well within its industry [6]

Financial Performance and Revenue - The Braves generated net revenue from postseason play of approximately $2.0 million in 2024, $11.3 million in 2023, and $8.4 million in 2022, with postseason appearances in 2 out of 18 potential games in 2024 and 4 out of 18 in 2023[100]. - The company faced significant revenue impacts due to extraordinary events like COVID-19, with all MLB games postponed in 2020 and limitations on fan attendance in 2021[130]. - The company's revenue is significantly derived from discretionary spending, which may decline during economic downturns, impacting overall financial performance[151]. - The Mixed-Use Development is expected to result in a material increase in revenue, but there is no assurance that attendance will increase as anticipated[122]. Player Contracts and Salaries - The Braves' Annual Player Salary Budget impacts their ability to enter into new player contracts, with flexibility increasing when existing obligations are below the budget limit[51]. - The MLB Collective Bargaining Agreement (CBA) mandates a minimum Major League contract salary of $740,000 for the 2024 season, with annual increases[65]. - The Competitive Balance Tax thresholds are set at $241 million for 2025 and $244 million for 2026, with penalties for exceeding these thresholds[69]. - The Braves were required to pay the Competitive Balance Tax for the 2024 and 2023 seasons due to exceeding payroll thresholds[104]. - The Braves' long-term contracts require annual payments aggregating to $221.1 million in 2025, $169.2 million in 2026, $120.9 million in 2027, $105.2 million in 2028, and $63.1 million in 2029[103]. Facilities and Infrastructure - The total cost of Truist Park was approximately $722 million, with $392 million funded by Cobb County and $330 million by Braves Holdings[56]. - Truist Park features 41,100 seats, including 63 suites and 4,700 premium seats, and spans approximately 1.1 million square feet[57]. - The Braves operate a new spring training facility in North Port, Florida, which includes an 8,200 capacity stadium and various training facilities[59]. - The Battery Atlanta is a 2.25 million square-foot mixed-use development surrounding Truist Park, featuring various entertainment and commercial facilities[60]. - The Stadium Operating Agreement obligates the Braves to play all home games in Truist Park through the 2046 season, with a 5-year extension option to 2051[117]. Operational Challenges and Risks - The company is transitioning away from services previously provided by Liberty Media, which may lead to increased costs and operational challenges[88]. - Braves Holdings has incurred and expects to continue incurring material costs related to its separation from Liberty Media, impacting financial reporting and compliance[93]. - The company faces risks related to its historical financial information, which may not accurately reflect future performance due to its previous status as a subsidiary of Liberty Media[87]. - The organization faces risks related to injuries, which could significantly impact financial results and team performance, especially if key players are affected[103]. - The company is competing with various forms of entertainment and other MLB clubs for talent, impacting its competitiveness and revenue generation[75]. Debt and Financial Obligations - Braves Holdings is subject to a Debt Service Rule requiring outstanding indebtedness to be at or below 8.0x available cash flow, or 12.0x for clubs with new stadiums, with excludable indebtedness set at $100 million for fiscal years 2024-2026[73]. - Braves Holdings has a combined borrowing capacity of $275.0 million under two credit facilities, with no amounts outstanding as of December 31, 2024[113]. - Braves Holdings had approximately $197.9 million outstanding under various debt instruments for construction and other stadium-related costs as of December 31, 2024[121]. - As of December 31, 2024, the company had $173.5 million in floating rate debt with a weighted average interest rate of 6.2% and $446.6 million in fixed rate debt with a weighted average interest rate of 4.4%[239]. - If cash flows become insufficient, Braves Holdings may be required to take on additional indebtedness, but applicable CBA rules limit the aggregate amount of indebtedness[113]. Governance and Ownership - John C. Malone owns approximately 48.3% of the aggregate voting power, which may influence significant corporate actions and discourage potential change of control transactions[99]. - The company has restrictions on share ownership that could limit potential changes in control, requiring MLB approval for any person or group seeking to acquire a controlling interest[144]. - The company’s multi-series share structure may lead to a lower or more volatile market price for its common stock, as certain index providers exclude such companies from their indices[141]. - The board of directors may prioritize interests other than those of common stockholders, which could lead to disparate impacts on different series of common stock[150]. Compliance and Regulatory Risks - The company is subject to various privacy regulations, including the California Consumer Privacy Act, which became effective on January 1, 2020, and the California Privacy Rights Act, effective January 1, 2023[138]. - The company operates in international markets, including the Dominican Republic, which exposes it to operational risks and compliance challenges with local regulations[139]. - The company is subject to various operational risks associated with compliance with privacy and data security laws, which may increase costs and liabilities[137]. - The company's internal controls over financial reporting may not be adequate, potentially leading to material misstatements and loss of investor confidence[157]. Market and Economic Conditions - Economic uncertainty may adversely affect consumer demand for the company's products and services, particularly during times of economic instability[151]. - Viewership of professional baseball has experienced declines in recent years, which could adversely affect financial results if future declines occur[110]. - The potential for MLB expansion could dilute revenue from national broadcasting agreements and increase competition for talented players[109]. - Significant risks associated with the Mixed-Use Development include adverse changes in national market conditions and increases in interest rates[123]. Employee Development and Corporate Culture - As of December 31, 2024, Braves Holdings had approximately 1,450 full-time, seasonal, and part-time employees, emphasizing a commitment to diverse and inclusive workplaces[77]. - The company is investing in employee development through training programs and initiatives to enhance talent retention and growth[79]. - The company is working to replicate or replace critical services and systems previously provided by Liberty, which may lead to service interruptions and increased management focus on operational challenges[91].

Core Insights - Five stocks have been added to the Zacks Rank 1 (Strong Buy) List, indicating strong potential for investment opportunities Group 1: Company Earnings Estimates - Sterling Infrastructure, Inc. (STRL) has seen a nearly 14% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [1] - CrossAmerica Partners LP (CAPL) has experienced a significant increase of 72.7% in the Zacks Consensus Estimate for its current year earnings over the last 60 days [2] - Atlanta Braves Holdings, Inc. (BATRA) has had a 24.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - China Yuchai International Limited (CYD) has seen a 19.1% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [3] - Jazz Pharmaceuticals plc (JAZZ) has experienced a 4.8% increase in the Zacks Consensus Estimate for its current year earnings over the last 60 days [4]