Atlanta Braves (BATRK) - 2025 Q3 - Quarterly Results

Revenue Performance - Total revenue for the third quarter of 2025 reached $311.5 million, a 7% increase compared to the same period in 2024[3]. - Baseball revenue increased by 4% year-over-year 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, was $311,538,000, an increase of 7.5% compared to $290,674,000 for the same period in 2024[26]. - Baseball revenue increased to $284,362,000 for the three months ended September 30, 2025, up from $273,262,000 in the prior year, reflecting a growth of 4.0%[26]. - Mixed-Use Development revenue rose significantly by 56% to $27,176,000 for the three months ended September 30, 2025, compared to $17,412,000 in the same quarter of 2024[26]. Operating Performance - Adjusted OIBDA for the third quarter grew 114% to $67.2 million, with Baseball Adjusted OIBDA rising 105% to $50 million[3][19]. - Operating income improved significantly to $38.9 million, compared to a loss of $6.4 million in the prior year[3][19]. - Operating income for the three months ended September 30, 2025, was $38,930,000, compared to $6,402,000 in the same period last year, marking a substantial improvement[26]. Cost Management - Baseball operating costs decreased by 7% to $210.4 million, attributed to lower player salaries and variable expenses[9]. - Mixed-Use Development costs increased by 58% to $3.9 million, reflecting operational costs from recent acquisitions[9]. Financial Position - Cash decreased by $14 million during the third quarter, while debt increased by $57 million due to borrowings for working capital[21]. - Total assets as of September 30, 2025, were $1,671,466,000, an increase from $1,523,846,000 as of December 31, 2024[24]. - 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]. - Long-term debt increased to $655,088,000 as of September 30, 2025, compared to $512,927,000 at the end of 2024[25]. Shareholder Returns - 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 the prior year, representing a 199% increase[26]. Future Outlook - The company anticipates continued growth in both Baseball and Mixed-Use Development segments, supported by strategic initiatives and market expansion[13]. Cash Flow - 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].