Atlanta Braves (BATRA) - 2024 Q2 - Quarterly Report

Revenue Performance - Baseball revenue for the three months ended June 30, 2024, was $266.0 million, an increase of 4.2$254.9 million in the same period of 2023[136]. - Mixed-Use Development revenue increased to $16.9 million for the three months ended June 30, 2024, up 11.1$15.2 million in the prior year[136]. - Total revenue for the three months ended June 30, 2024, reached $282.9 million, a 4.1$270.1 million in the same period of 2023[136]. Income and Earnings - Operating income for the three months ended June 30, 2024, was $24.9 million, compared to$19.5 million in the same period of 2023, reflecting a 27.5% increase[136]. - Net earnings for the three months ended June 30, 2024, were $29.1 million, a significant recovery from a net loss of$28.9 million in the same period of 2023[136]. - Adjusted OIBDA for the three months ended June 30, 2024, was $45.8 million, up from$41.9 million in the same period of 2023[136]. Costs and Expenses - Baseball operating costs increased by $9.6 million for the three months ended June 30, 2024, primarily due to higher player salaries and MLB revenue sharing costs[141]. - Mixed-Use Development costs rose by$0.1 million for the three months ended June 30, 2024, attributed to general repair expenses[142]. - Stock-based compensation increased by $0.6 million and$1.1 million for the three and six months ended June 30, 2024, respectively, compared to the prior year[145]. - Interest expense increased by $0.3 million and$0.8 million during the three and six months ended June 30, 2024, respectively, due to increased interest rates on variable rate debt[150]. Attendance and Future Outlook - The average number of attendees per regular season home game decreased to 30,837 in the three months ended June 30, 2024, from 32,556 in the same period of 2023[136]. - The company anticipates continued growth in both baseball and mixed-use development segments, driven by new sponsorship agreements and increased attendance at events[140]. Financial Position - As of June 30, 2024, the company had $121.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[155]. - The maximum amount available under the League Wide Credit Facility was$125.0 million as of June 30, 2024, which remains undrawn[159]. - The company had $118.0 million in floating rate debt with a weighted average interest rate of 7.1$485.2 million in fixed rate debt with a weighted average interest rate of 4.4% as of June 30, 2024[166]. Internal Controls and Stock Activity - There has been no change in the Company's internal control over financial reporting during the three months ended June 30, 2024[168]. - No common stock repurchases occurred during the three months ended June 30, 2024[171]. - No shares of Atlanta Braves Holdings common stock were surrendered by officers and employees for tax payments during the three months ended June 30, 2024[171].