Atlanta Braves (BATRK) - 2025 Q1 - Quarterly Report

Revenue Performance - Total revenue for the three months ended March 31, 2025, was $47.211 million, an increase of 27.4% compared to $37.080 million in the same period of 2024[132]. - Baseball revenue increased to $28.621 million in Q1 2025, up 30.2% from $21.970 million in Q1 2024, primarily driven by a $2.2 million increase in broadcasting revenue[133]. - Mixed-Use Development revenue rose to $18.590 million, a 23.8% increase from $15.110 million in the prior year, mainly due to a $3.1 million increase in rental income[134]. Operating Performance - Operating loss decreased to $44.452 million in Q1 2025, improving by $7.9 million from a loss of $52.355 million in Q1 2024[139]. - Adjusted OIBDA improved to a loss of $28.549 million in Q1 2025, a $5.2 million increase compared to a loss of $33.754 million in Q1 2024[140]. - Baseball operating costs increased by $3.6 million in Q1 2025, primarily due to a $1.1 million rise in major league player salaries[135]. - Selling, general and administrative expenses rose by $1.2 million in Q1 2025, attributed to increased personnel costs[137]. - Stock-based compensation decreased by $1.1 million in Q1 2025, reflecting a reduction in outstanding awards[138]. Net Loss - The company reported a net loss of $41.391 million for Q1 2025, compared to a net loss of $51.272 million in Q1 2024[132]. - The Company's net losses were $41.4 million for the three months ended March 31, 2025, an improvement from net losses of $51.3 million in the same period of the prior year[146]. Tax and Cash Position - 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]. - The Company's cash and cash equivalents totaled $244.7 million as of March 31, 2025, primarily invested in U.S. Treasury securities and other highly rated financial instruments[147]. Debt and Credit Facilities - As of March 31, 2025, the Company had $259.9 million in floating rate debt with a weighted average interest rate of 6.2%[158]. - The Company had $442.6 million in fixed rate debt with a weighted average interest rate of 4.4% as of March 31, 2025[158]. - The maximum amount available under the League Wide Credit Facility (LWCF) was $125.0 million as of March 31, 2025, which remains undrawn[151]. - The MLB Facility Fund Revolver had a maximum availability of $38.5 million as of March 31, 2025, and was fully drawn[152]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with full availability as of March 31, 2025[153]. 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]. Corporate Structure - The company completed a tax-free Split-Off transaction on July 18, 2023, transitioning to a standalone public company[124].