Revenue Performance - Total revenue for the three months ended March 31, 2025, was $47.2 million, an increase of 27.4% compared to $37.1 million for the same period in 2024[132]. - Baseball revenue increased to $28.6 million in Q1 2025, up 30.3% from $22.0 million in Q1 2024, primarily driven by a $2.2 million increase in broadcasting revenue[133]. - Mixed-Use Development revenue rose to $18.6 million, a 23.8% increase from $15.1 million in the prior year, mainly due to a $3.1 million increase in rental income[134]. Loss and Expenses - Operating loss decreased to $44.5 million in Q1 2025 from $52.4 million in Q1 2024, reflecting improved revenue performance[139]. - Net loss for the three months ended March 31, 2025, was $41.4 million, compared to a net loss of $51.3 million in the same period last year[132]. - Adjusted OIBDA improved to a loss of $28.5 million in Q1 2025, a $5.2 million improvement from a loss of $33.8 million in Q1 2024[140]. - Baseball operating costs increased by $3.6 million, primarily due to a $1.1 million rise in major league player salaries and $1.6 million in expenses for events held at Truist Park[135]. - Selling, general and administrative expenses rose by $1.2 million, mainly due to increased personnel costs[137]. - Stock-based compensation decreased by $1.1 million, reflecting a reduction in outstanding awards[138]. Adjusted OIBDA - Baseball Adjusted OIBDA increased by $2.1 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. - Mixed-Use Development Adjusted OIBDA increased by $3.0 million for the three months ended March 31, 2025, compared to the same period in the prior year[141]. Financial Position - The Company's cash and cash equivalents totaled $244.7 million as of March 31, 2025[147]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of March 31, 2025, which remains undrawn[151]. - The maximum amount available under the MLB Facility Fund Revolver was $38.5 million as of March 31, 2025, and was fully drawn[152]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with availability as of March 31, 2025, being $150.0 million[153]. Debt and Tax Provision - The Company had $259.9 million in aggregate principal amount of floating rate debt with a weighted average interest rate of 6.2% as of March 31, 2025[158]. - The Company had $442.6 million in aggregate principal amount of fixed rate debt with a weighted average interest rate of 4.4% as of March 31, 2025[158]. - The Company's effective tax provision increased by $8.5 million for the three months ended March 31, 2025, compared to the same period in the prior year[145]. Corporate Structure - The company completed a tax-free Split-Off transaction on July 18, 2023, transitioning to a standalone public company[124].
Atlanta Braves (BATRA) - 2025 Q1 - Quarterly Report