Atlanta Braves (BATRA) - 2025 Q2 - Quarterly Report

Revenue Performance - Total revenue for the three months ended June 30, 2025, was $312.4 million, an increase of 10.5% compared to $282.9 million in the same period of 2024[150]. - Baseball revenue increased to $287.3 million for the three months ended June 30, 2025, up from $266.0 million in 2024, driven by a $9.0 million increase in baseball event revenue and a $10.1 million increase in broadcasting revenue[151]. - Mixed-Use Development revenue rose to $25.1 million for the three months ended June 30, 2025, compared to $16.9 million in 2024, primarily due to a $7.7 million increase in rental income[152]. Operating Income and Earnings - Operating income for the three months ended June 30, 2025, was $41.8 million, compared to $24.9 million in the same period of 2024, reflecting improved revenue performance[150]. - Net earnings for the three months ended June 30, 2025, were $29.5 million, compared to $29.1 million in 2024, indicating stable profitability despite increased operating costs[150]. - Net earnings were $29.5 million for the three months ended June 30, 2025, compared to $29.1 million for the same period in 2024, while net losses for the six months were $11.9 million in 2025 compared to $22.2 million in 2024[168]. Operating Costs - Baseball operating costs increased by $5.7 million for the three months ended June 30, 2025, primarily due to higher MLB revenue sharing expenses[153]. - Selling, general and administrative expenses rose by $2.6 million for the three months ended June 30, 2025, mainly due to increased property taxes and professional fees[156]. - Stock-based compensation decreased by $1.1 million for the three months ended June 30, 2025, attributed to a reduction in average outstanding awards[157]. Adjusted OIBDA - Adjusted OIBDA increased by $20.0 million and $25.2 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[161]. - Baseball Adjusted OIBDA increased by $14.7 million and $16.8 million for the three and six months ended June 30, 2025, respectively, primarily due to fluctuations in revenue and operating costs[161]. - Mixed-Use Development Adjusted OIBDA increased by $6.1 million and $9.0 million for the three and six months ended June 30, 2025, respectively, due to revenue and cost fluctuations[162]. Interest and Depreciation - Interest expense increased by $1.9 million and $2.8 million for the three and six months ended June 30, 2025, respectively, due to new borrowings related to the Acquisition[164]. - Depreciation and amortization increased by $4.2 million and $2.5 million for the three and six months ended June 30, 2025, respectively, compared to the prior year[158]. Cash and Credit Facilities - As of June 30, 2025, the Company had $96.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[169]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of June 30, 2025, which remains undrawn[173]. - The TeamCo Revolver provides revolving commitments of $150.0 million, with full availability as of June 30, 2025[175]. Attendance Impact - The average number of attendees per regular season home game decreased to 29,551 in 2025 from 30,837 in 2024, impacting concession revenue[150]. Acquisition Impact - The company completed the acquisition of certain real estate assets in April 2025, contributing to revenue growth in the Mixed-Use Development segment[148].