Atlanta Braves (BATRK) - 2024 Q4 - Annual Results

Revenue Performance - Total revenue for the fourth quarter of 2024 was $52.1 million, a decrease of 23% compared to $67.7 million in the same period of 2023[2] - For the full year 2024, total revenue grew to $662.7 million, up 3% from $640.7 million in 2023[3] - 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 - Baseball revenue decreased by 35% in Q4 2024 to $34.2 million, down from $52.9 million in Q4 2023, primarily due to the lack of home games[5] - Baseball revenue decreased to $34,197,000 in Q4 2024 from $52,909,000 in Q4 2023, reflecting a decline of 35.6%[23] Mixed-Use Development Revenue - Mixed-use development revenue increased by 21% in Q4 2024 to $17.9 million, compared to $14.8 million in Q4 2023[6] - Mixed-use development generated $45 million of Adjusted OIBDA in 2024, reflecting a 15% increase from the prior year[3] - Mixed-use development revenue increased to $17,921,000 in Q4 2024, up 20.0% from $14,839,000 in Q4 2023[23] - The company opened a new eight-stall food hall named the Outfield Market, contributing to mixed-use development revenue growth[3] Financial Performance - Adjusted OIBDA improved by 71% in Q4 2024, reaching a loss of $3.8 million, compared to a loss of $13.0 million in Q4 2023[16] - Operating income loss for the full year improved by 15%, with a loss of $39.7 million in 2024 compared to a loss of $46.4 million in 2023[16] - Net loss for the year ended December 31, 2024, was $31,268,000, an improvement from a net loss of $125,294,000 in 2023[24] - Operating income for the year ended December 31, 2024, was a loss of $39,665,000, compared to a loss of $46,440,000 in 2023, indicating a narrowing of losses[23] - 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 per share in 2023, showing significant improvement[23] Cash and Debt Management - Cash increased by $9 million during Q4 2024, primarily due to seasonal working capital changes[17] - Debt decreased by $23 million in Q4 2024, mainly due to repayments under the TeamCo revolver[17] - Total current assets decreased to $179,146,000 as of December 31, 2024, down from $218,019,000 in 2023, a decline of 17.8%[21] - Total liabilities increased to $987,622,000 as of December 31, 2024, compared to $963,688,000 in 2023, an increase of 2.5%[21] - Cash and cash equivalents at the end of the period were $110,144,000, down from $125,148,000 at the end of 2023, a decrease of 12.0%[21] - Total ABH Debt (GAAP) decreased to $617,120,000 as of December 31, 2024, from $640,099,000 as of September 30, 2024, a reduction of 3.6%[18]