ATLANTA BRAVES HOLDINGS REPORTS FOURTH QUARTER AND YEAR END 2024 FINANCIAL RESULTS Atlanta, Georgia, February 26, 2025 – Atlanta Braves Holdings, Inc. ("ABH") (Nasdaq: BATRA, BATRK) today reported fourth quarter and year end 2024 results. Headlines include: Discussion of Results | | Three months ended | | | Twelve months ended | | | | --- | --- | --- | --- | --- | --- | --- | | | December 31, | | | December 31, | | | | | 2023 | 2024 | % Change | 2023 | 2024 | % Change | | | amounts in thousands | | | amount ...

Revenue Performance - Total revenue for Q3 2024 reached $291 million, a 7% increase from $272 million in Q3 2023[1] - Baseball revenue increased by 7% to $273 million, while mixed-use development revenue grew by 12% to $17 million[1][3] - Total revenue for the three months ended September 30, 2024, was $290,674, an increase of 6.3% compared to $271,824 for the same period in 2023[24] - Baseball revenue for the nine months ended September 30, 2024, reached $561,233, up 6.1% from $528,762 in the prior year[24] Operating Income and Expenses - Adjusted OIBDA for Q3 2024 was $31.4 million, a decrease of 22% compared to $40.3 million in Q3 2023[3][7] - Operating income for Q3 2024 was $6.4 million, down 59% from $15.7 million in Q3 2023[3][7] - Baseball operating costs rose by 14% to $226 million, primarily due to higher player salaries and increased expenses[3][7] - Operating income for the three months ended September 30, 2024, was $6,402, down from $15,716 in the same period of 2023[24] Cash Flow and Debt - Cash decreased by $20 million in Q3 2024, while debt increased by $40 million due to borrowings for working capital[17] - Cash and cash equivalents decreased to $100,852 as of September 30, 2024, from $125,148 as of December 31, 2023[19] - The company reported a net cash used in operating activities of $12,272 for the nine months ended September 30, 2024, compared to $21,306 in the prior year[26] - Long-term debt decreased to $502,473 as of September 30, 2024, from $527,116 at the end of 2023[22] Assets and Liabilities - Total current assets increased to $224,138 as of September 30, 2024, compared to $218,019 as of December 31, 2023[19] - Total liabilities rose to $1,014,780 as of September 30, 2024, compared to $963,688 at the end of 2023, reflecting an increase of 5.3%[22] - Total assets increased to $1,557,247 as of September 30, 2024, compared to $1,504,330 at the end of 2023[20] Performance Highlights - The number of tickets sold exceeded three million for the third consecutive year[2] - The team made its 7th consecutive postseason appearance, indicating strong performance[2] - Mixed-use development revenue increased primarily due to higher parking revenue and increased rental income[6]

Revenue Performance - Atlanta Braves Holdings reported total revenue of $290.7 million for the three months ended September 30, 2024, compared to $271.8 million for the same period in 2023, representing a 6.5% increase [124]. - Baseball event revenue increased by $12.0 million (7.5%) to $172.8 million for the three months ended September 30, 2024, driven by new sponsorship agreements and contractual rate increases [125]. - Broadcasting revenue rose by $1.7 million (2.5%) to $70.99 million for the three months ended September 30, 2024, attributed to an increase in the number of regular season games and contractual rate increases [126]. - Retail and licensing revenue decreased by $4.4 million (21.1%) to $16.5 million for the three months ended September 30, 2024, primarily due to reduced attendance at regular season home games [126]. - Other revenue increased by $7.7 million (147.0%) to $12.96 million for the three months ended September 30, 2024, mainly due to additional concerts at the Stadium [126]. Expenses and Losses - The company experienced a net loss of $9.56 million for the three months ended September 30, 2024, compared to a net loss of $9.66 million for the same period in 2023 [124]. - Total expenses for the three months ended September 30, 2024, were $225.97 million, up from $198.20 million in the same period in 2023, reflecting a 14.0% increase [124]. - Baseball operating expenses rose by $27.8 million and $45.8 million for the three and nine months ended September 30, 2024, respectively, primarily due to increases in major league player salaries and MLB's revenue sharing plan [128]. - Adjusted OIBDA decreased by $8.9 million and $7.4 million during the three and nine months ended September 30, 2024, respectively, compared to the prior year [136]. Cash and Debt Management - The Company had $100.9 million in cash and cash equivalents as of September 30, 2024, primarily invested in highly rated financial instruments [147]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2024, which remains undrawn [152]. - The Company expects to fund projected uses of cash through cash on hand, operations, and borrowings under construction loans and revolvers [149]. - As of September 30, 2024, Braves Facility Fund LLC had fully drawn $39.7 million under the MLB facility fund - revolver, with a repayment date of July 10, 2026 [155]. - The TeamCo Revolver has revolving commitments of $150 million, with $120.0 million available as of September 30, 2024, after $30 million was drawn [155]. Interest Rate Exposure - Interest expense increased by $0.7 million during the three and nine months ended September 30, 2024, primarily due to higher interest rates on variable rate debt [140]. - As of September 30, 2024, the company had $161.9 million in floating rate debt with a weighted average interest rate of 6.6% [159]. - The company also had $481.2 million in fixed rate debt with a weighted average interest rate of 4.4% as of September 30, 2024 [159]. - The company manages interest rate exposure by maintaining a mix of fixed and variable rate debt, including interest rate swap arrangements when deemed appropriate [158]. - The nature and amount of long-term and short-term debt are expected to vary based on future requirements and market conditions [158]. Strategic Focus - The company is transitioning various general and administrative services from Liberty Media Corporation to its own management team following the Split-Off completed on July 18, 2023 [112]. - The company is facing potential impacts from the Diamond Sports Group bankruptcy, which could affect its local broadcasting revenue [120]. - Atlanta Braves Holdings is focused on expanding its mixed-use development segment, which includes retail, office, hotel, and entertainment operations within The Battery Atlanta [121]. - Mixed-Use Development revenue increased by $1.9 million and $5.2 million for the three and nine months ended September 30, 2024, respectively, driven by increases in parking revenue and rental income [127]. - Mixed-Use Development Adjusted OIBDA increased by $1.5 million and $3.6 million for the three and nine months ended September 30, 2024, respectively [138]. - Corporate and Other Adjusted OIBDA loss decreased by $2.1 million and $7.2 million during the three and nine months ended September 30, 2024, respectively [139]. Earnings Performance - Net earnings for the three months ended September 30, 2024, were $10.0 million, a significant improvement from a net loss of $6.0 million in the same period of 2023 [146].

Core Viewpoint - Atlanta Braves Holdings reported quarterly earnings of $0.16 per share, missing the Zacks Consensus Estimate of $0.50 per share, and compared to a loss of $0.10 per share a year ago [1][2] Financial Performance - The company posted revenues of $290.67 million for the quarter ended September 2024, missing the Zacks Consensus Estimate by 3.46%, and compared to year-ago revenues of $271.82 million [3] - The earnings surprise for the quarter was -68%, and the company has surpassed consensus EPS estimates just once over the last four quarters [2][3] Stock Performance - Atlanta Braves Holdings shares have added about 3% since the beginning of the year, while the S&P 500 has gained 21.2% [4] - The current Zacks Rank for the stock is 4 (Sell), indicating expected underperformance in the near future [7] Earnings Outlook - The current consensus EPS estimate for the coming quarter is -$0.59 on $62.44 million in revenues, and -$0.44 on $683.45 million in revenues for the current fiscal year [8] - The estimate revisions trend for the company is currently unfavorable, which may impact future stock movements [6][7] Industry Context - The Diversified Operations industry, to which Atlanta Braves Holdings belongs, is currently in the top 24% of over 250 Zacks industries, indicating a favorable industry outlook [9]

Core Viewpoint - The market anticipates Atlanta Braves Holdings (BATRK) to report a year-over-year increase in earnings driven by higher revenues for the quarter ending September 2024, with actual results being crucial for stock price movement [1][2]. Earnings Expectations - The consensus estimate for quarterly earnings is $0.50 per share, reflecting a significant year-over-year increase of +600% [3]. - Expected revenues are projected at $301.09 million, which is an increase of 10.8% compared to the same quarter last year [3]. Estimate Revisions - Over the last 30 days, the consensus EPS estimate has been revised down by 36.05%, indicating a reassessment by analysts [4]. - The Most Accurate Estimate is higher than the Zacks Consensus Estimate, resulting in a positive Earnings ESP of +30% [10]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that a positive reading indicates a likely earnings beat, particularly when combined with a strong Zacks Rank [8]. - However, Atlanta Braves Holdings currently holds a Zacks Rank of 4, complicating predictions of an earnings beat despite the positive Earnings ESP [10]. Historical Performance - In the last reported quarter, the company exceeded the expected earnings of $0.41 per share by delivering $0.46, resulting in a surprise of +12.20% [11]. - Over the past four quarters, the company has only beaten consensus EPS estimates once [12]. Conclusion - While the company is not positioned as a compelling earnings-beat candidate, investors should consider various factors beyond earnings expectations when making investment decisions [15].

Group 1 - The Atlanta Braves were eliminated from the playoffs in a best-of-three series against the San Diego Padres, losing in just two games [1] - Catalyst Hedge Investing provides its members with early access to articles, a chat board for updates, and a best ideas portfolio [1] - Cashfow Hunter, with over 25 years of market experience, leads the investing group and focuses on asymmetric risk/reward investment ideas [1]

Group 1 - Atlanta Braves Holdings (BATRK) is currently outperforming its peers in the Conglomerates sector, which has a Zacks Sector Rank of 1 [1] - The Zacks Rank for Atlanta Braves Holdings is 2 (Buy), indicating a positive earnings outlook with a 32.6% increase in the full-year earnings estimate over the past quarter [2] - Year-to-date, Atlanta Braves Holdings has returned approximately 3.7%, while the average return for stocks in the Conglomerates group is a loss of about 6.9% [2] Group 2 - Federal Signal (FSS) is another stock in the Conglomerates sector that has outperformed, with a year-to-date return of 16.6% [3] - Both Atlanta Braves Holdings and Federal Signal belong to the Diversified Operations industry, which ranks 38 in the Zacks Industry Rank, with the industry experiencing an average loss of 6.9% this year [3] - Investors should monitor Atlanta Braves Holdings and Federal Signal for potential continued strong performance in the Conglomerates sector [3]

Group 1 - Atlanta Braves Holdings (BATRK) is outperforming the Conglomerates sector with a year-to-date return of 8.3%, while the sector has returned an average of -6.8% [2][3] - The Zacks Consensus Estimate for BATRK's full-year earnings has increased by 32.6% over the past quarter, indicating improved analyst sentiment and a stronger earnings outlook [2] - Atlanta Braves Holdings is part of the Diversified Operations industry, which has seen an average loss of 6.8% this year, further highlighting BATRK's superior performance within its industry [3] Group 2 - Federal Signal (FSS) is another stock in the Conglomerates sector that has outperformed, with a year-to-date return of 23.1% [2] - The consensus EPS estimate for Federal Signal has increased by 5% over the past three months, reflecting positive analyst sentiment [3] - Both Atlanta Braves Holdings and Federal Signal are expected to maintain solid performance, making them attractive options for investors interested in Conglomerates stocks [3]

Group 1 - Atlanta Braves Holdings (BATRK) is part of the Conglomerates sector, which includes 24 individual stocks and holds a Zacks Sector Rank of 2 [1] - The Zacks Consensus Estimate for BATRK's full-year earnings has increased by 32.6% in the past quarter, indicating stronger analyst sentiment and an improving earnings outlook [2] - BATRK has returned 5.3% year-to-date, outperforming the Conglomerates sector average return of -0.6% [2] - Federal Signal (FSS) is another stock in the Conglomerates sector that has outperformed, with a year-to-date return of 21.6% [2] Group 2 - Atlanta Braves Holdings belongs to the Diversified Operations industry, which also includes 24 stocks and currently ranks 72 in the Zacks Industry Rank [3] - Stocks in the Diversified Operations industry have lost about 0.6% year-to-date, indicating that BATRK is performing better than its peers in this group [3] - Both Atlanta Braves Holdings and Federal Signal are expected to continue their solid performance, making them noteworthy for investors interested in Conglomerates stocks [3]

Core Viewpoint - Atlanta Braves Holdings (BATRK) has been upgraded to a Zacks Rank 2 (Buy) due to an upward trend in earnings estimates, which is a significant factor influencing stock prices [1][2]. Earnings Outlook - The Zacks rating upgrade reflects a positive earnings outlook for Atlanta Braves Holdings, which could positively impact its stock price [2]. - For the fiscal year ending December 2024, Atlanta Braves Holdings is expected to earn -$0.31 per share, representing a change of 84.7% from the previous year's reported number [5]. Earnings Estimate Revisions - Over the past three months, the Zacks Consensus Estimate for Atlanta Braves Holdings has increased by 32.6%, indicating a steady rise in analysts' earnings estimates [5]. - The correlation between earnings estimate revisions and near-term stock movements is strong, suggesting that tracking these revisions can be beneficial for investment decisions [4]. Zacks Rating System - The Zacks Rank stock-rating system classifies stocks into five groups based on earnings estimates, with Zacks Rank 1 (Strong Buy) stocks generating an average annual return of +25% since 1988 [4]. - The upgrade to Zacks Rank 2 places Atlanta Braves Holdings in the top 20% of Zacks-covered stocks, indicating its superior earnings estimate revision feature and potential for market-beating returns [7].