Atlanta Braves (BATRA) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenue for Q3 2025 reached $311.5 million, a 7% increase compared to Q3 2024[3]. - Baseball revenue increased by 4% to $284.4 million, driven by a 12% rise in broadcasting revenue[3][7]. - Mixed-Use Development revenue surged 56% to $27.2 million, primarily due to increased rental income from new leases[3][8]. - Total revenue for the three months ended September 30, 2025, increased to $311,538,000, up 7.4% from $290,674,000 in the same period of 2024[26]. - Baseball revenue for the nine months ended September 30, 2025, reached $600,302,000, a 6.9% increase compared to $561,233,000 in 2024[26]. Operating Income and Earnings - Adjusted OIBDA for Q3 2025 was $67.2 million, reflecting a 114% increase from the prior year[3][19]. - Operating income rose significantly to $38.9 million, compared to $6.4 million in Q3 2024, marking a 508% increase[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, significantly up from $6,402,000 in the prior year[26]. - Net earnings attributable to Atlanta Braves Holdings' shareholders for the three months ended September 30, 2025, were $29,978,000, compared to $10,020,000 in 2024[26]. Costs and Expenses - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[3][9]. - Mixed-Use Development costs increased by 58% to $3.9 million, linked to operating costs from recent acquisitions[3][9]. Cash Flow and Debt - Cash decreased by $14 million during Q3 2025, while debt increased by $57 million due to borrowings for working capital[21]. - The company reported a net cash used in operating activities of $1,175,000 for the nine months ended September 30, 2025, compared to $12,272,000 used in the same period of 2024[27]. - Long-term debt rose to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Assets and Liabilities - Total assets as of September 30, 2025, amounted to $1,671,466,000, an increase from $1,523,846,000 at the end of 2024[25]. - Total liabilities increased to $1,099,007,000 as of September 30, 2025, compared to $987,622,000 at the end of 2024[25]. - Cash and cash equivalents decreased to $82,237,000 as of September 30, 2025, down from $110,144,000 at the end of 2024[24]. Future Outlook - The company anticipates continued growth in both baseball and mixed-use development segments, supported by strategic initiatives and market expansion[13].