Atlanta Braves (BATRA) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for the fourth quarter decreased by 23% to $52.1 million, while total revenue for the full year increased by 3% to $662.7 million[2]. - Baseball revenue for the fourth quarter decreased by 35% to $34.2 million, but increased by 2% for the full year to $595.4 million[2][5]. - Mixed-use development revenue grew by 21% in the fourth quarter to $17.9 million and by 14% for the full year to $67.3 million[2][6]. - Total revenue for the year ended December 31, 2024, was $662,748,000, an increase of 3.4% compared to $640,667,000 in 2023[23]. - Baseball revenue decreased to $34,197,000 in Q4 2024 from $52,909,000 in Q4 2023, representing a decline of 35.6%[23]. - Mixed-use development revenue increased to $17,921,000 in Q4 2024 from $14,839,000 in Q4 2023, a growth of 20.0%[23]. Financial Performance - Adjusted OIBDA improved by 71% in the fourth quarter to $(3.8) million and increased by 5% for the full year to $39.7 million[2][16]. - Operating income loss for the fourth quarter improved by 42% to $(18.6) million, while the full year loss decreased by 15% to $(39.7) million[2][16]. - Operating loss for the year ended December 31, 2024, was $39,665,000, an improvement from a loss of $46,440,000 in 2023[23]. - Net loss for the year ended December 31, 2024, was $31,268,000, compared to a net loss of $125,294,000 in 2023[24]. - The company reported a basic net loss per share of $0.50 for the year ended December 31, 2024, compared to a loss of $2.03 in 2023[23]. Cash and Debt Management - Cash increased by $9 million during the fourth quarter due to seasonal working capital changes and distributions from equity method affiliates[17]. - Debt decreased by $23 million in the fourth quarter primarily due to repayments under the TeamCo revolver[17]. - Cash and cash equivalents at the end of the period were $110,144,000, down from $125,148,000 at the end of 2023[21]. - Cash flows from operating activities for the year ended December 31, 2024, were $16,631,000, an increase from $1,626,000 in 2023[24]. Assets and Liabilities - Total assets as of December 31, 2024, were $1,523,846,000, a slight increase from $1,504,330,000 in 2023[21]. - Total liabilities as of December 31, 2024, were $987,622,000, compared to $963,688,000 in 2023[21]. Operational Highlights - The opening of a new eight-stall food hall named the Outfield Market contributed to mixed-use development revenue growth[3]. - The company experienced reduced attendance at regular season home games, impacting baseball event revenue[5].