Atlanta Braves (BATRK) - 2024 Q3 - Quarterly Results

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]