Atlanta Braves (BATRA) - 2025 Q3 - Quarterly Report

Revenue Performance - Total revenue for the three months ended September 30, 2025, was $311.5 million, an increase of 7.2% compared to $290.7 million in the same period of 2024[148]. - Baseball revenue increased to $284.4 million for the three months ended September 30, 2025, up from $273.3 million in 2024, driven by a $3.5 million increase in baseball event revenue and an $8.2 million increase in broadcasting revenue[149]. - Mixed-Use Development revenue rose to $27.2 million for the three months ended September 30, 2025, compared to $17.4 million in 2024, primarily due to an $8.5 million increase in rental income[150]. Profitability - Operating income for the three months ended September 30, 2025, was $38.9 million, significantly higher than $6.4 million in the same period of 2024[148]. - Net earnings for the three months ended September 30, 2025, were $30.1 million, compared to $10.0 million in 2024, reflecting improved operational performance[148]. - Adjusted OIBDA for the three months ended September 30, 2025, was $67.2 million, up from $31.4 million in the same period of 2024[148]. Cost Management - Baseball operating costs decreased by $15.5 million for the three months ended September 30, 2025, primarily due to a reduction in major league player salaries[151]. - Mixed-Use Development costs increased by $1.4 million for the three months ended September 30, 2025, primarily due to higher operating costs associated with newly acquired assets[152]. - Selling, general and administrative expenses decreased by $0.8 million for the three months ended September 30, 2025, compared to the same period in 2024[154]. - Depreciation and amortization increased by $4.8 million for the three months ended September 30, 2025, primarily due to new real estate assets acquired[156]. Year-over-Year Comparisons - Operating income increased by $32.5 million and $57.3 million for the three and nine months ended September 30, 2025, respectively, compared to the prior year[157]. - Adjusted OIBDA rose to $67.155 million and $104.310 million for the three and nine months ended September 30, 2025, respectively, reflecting increases of $35.7 million and $60.9 million year-over-year[158]. - Baseball Adjusted OIBDA increased by $25.6 million and $42.4 million during the three and nine months ended September 30, 2025, respectively, driven by fluctuations in revenue and operating costs[160]. - Mixed-Use Development Adjusted OIBDA increased by $7.6 million and $16.6 million during the three and nine months ended September 30, 2025, respectively[161]. Financial Position - Interest expense increased by $2.7 million and $5.6 million during the three and nine months ended September 30, 2025, primarily due to new borrowings related to acquisitions[163]. - Net earnings were $30.1 million for the three months ended September 30, 2025, compared to $10.0 million in the prior year, and net earnings were $18.2 million for the nine months ended September 30, 2025, compared to a net loss of $12.1 million in the prior year[167]. - As of September 30, 2025, the company had $82.2 million in cash and cash equivalents, primarily invested in highly rated financial instruments[168]. - The maximum amount available under the League Wide Credit Facility was $125.0 million as of September 30, 2025, which remains undrawn[172]. - The TeamCo Revolver had an availability of $90.0 million as of September 30, 2025, net of $60.0 million drawn[174]. - The company expects to fund projected cash uses through cash on hand, operations, and borrowings under construction loans and revolvers[170].