Total Revenue: $47.2 million in Q1 2025, up from $37.1 million in Q1 2024.

Baseball Revenue: $28.6 million in Q1 2025, up from $22 million in Q1 2024.

Mixed-Use Development Revenue: $18.6 million in Q1 2025, up from $15.1 million in Q1 2024.

Adjusted OIBDA: Loss of $28.5 million, improved from a loss of $33.8 million in Q1 2024.

Operating Loss: $44.5 million in Q1 2025, improved from $52.4 million in Q1 2024.

Cash and Cash Equivalents: $244.7 million as of March 31, 2025.

Untapped Liquidity: $275 million in the form of two baseball revolvers.

Release Date: May 12, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Atlanta Braves Holdings Inc (NASDAQ:BATRA) reported a significant increase in total revenue, rising to $47.2 million in Q1 2025 from $37.1 million in Q1 2024.

The company experienced robust fan attendance and ticket sales, with 7 sellouts since the start of the season.

The acquisition of Pennant Park is expected to enhance guest experience and provide additional revenue streams, contributing to strategic growth.

The mixed-use development revenue increased to $18.6 million in Q1 2025, driven by new lease commencements and increased sponsorship and parking revenue.

The company has $275 million of untapped liquidity, providing flexibility for future growth and expansion opportunities.

The first quarter is seasonally weak for revenue due to the timing of the baseball season, with no regular season home games played.

Despite improvements, the company still reported an operating loss of $44.5 million in Q1 2025.

Increased baseball operating costs, including player salaries and revenue share expenses, impacted financial performance.

The company faces uncertainties related to media rights negotiations and the potential impact of national versus local rights aggregation.

The financial impact of the Pennant Park acquisition has not been fully disclosed, leaving some uncertainty about its immediate effects on the P&L.

Q: Can you discuss the sustainability of the growth in mixed-use and baseball revenues compared to expenses? A: Jill Robinson, CFO, explained that while quarterly results are influenced by seasonality, the goal is to have revenues grow faster than expenses. The growth in mixed-use revenue is driven by the expansion of their real estate footprint, and baseball revenue growth is partly due to the number of games in the season.

Q: What impact will the Pennant Park acquisition have on the P&L, and is the cost disclosed in the financials? A: Jill Robinson stated that while they won’t provide specific guidance on Pennant Park, it is immediately accretive, and the purchase price is disclosed in their filings.

Story Continues

Q: Can you provide insights into the media outlook, particularly regarding the direct-to-consumer business and local rights? A: Derek Schiller, EVP and CEO of Atlanta Braves, noted that the reemergence of Diamond Sports Group as Main Street Sports and the unlocking of D2C rights for streaming is positive. The Braves represent a significant portion of D2C subscriptions, indicating strong fan interest. Terence McGuirk, CEO, added that the local media rights are strong and aligned with MLB national rights, offering future growth opportunities.

Q: How does the organization view the potential reaggregation of local rights into national packages? A: Terence McGuirk expressed confidence in the strength of the Braves’ local media rights and their growth potential. The alignment of local and national rights expiration provides optionality for future growth.

Q: Are there any surprises or learnings from the early season performance of the FanDuel Sports Networks streaming Braves games? A: Derek Schiller mentioned that while specific team data isn’t disclosed, the Braves are a significant part of the streaming success. The availability of streaming options has been well-received by fans, and the organization is actively promoting these options.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

This article first appeared on GuruFocus.