Earnings call transcript: Atlanta Braves Holdings Q1 2025 sees revenue boost
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
Overview
The earnings call highlights positive financial performance with increased revenue and improved operating loss. The partnership with FanDuel and strong media rights outlook are also positives. However, management's reluctance to provide specific guidance on key issues like PennantPark's impact and FanDuel subscriptions may raise some concerns. Despite these, the stock's small market cap and positive elements suggest a likely price increase of 2% to 8% over the next two weeks.
Key Financial Performance
Total Revenue $47,200,000 in Q1 2025, up from $37,100,000 in Q1 2024 (increase of $10,100,000). This increase was attributed to higher baseball and mixed-use development revenues.
Baseball Revenue $28,600,000 in Q1 2025, up from $22,000,000 in Q1 2024 (increase of $6,600,000). The increase was driven by higher broadcast revenue due to two additional games and contractual rate increases, as well as other revenue from events.
Mixed Use Development Revenue $18,600,000 in Q1 2025, up from $15,100,000 in Q1 2024 (increase of $3,500,000). This growth was primarily due to increases in rental income from new leases, sponsorship, and parking revenue.
Adjusted OIBDA Loss of $28,500,000 in Q1 2025, improved from a loss of $33,800,000 in Q1 2024 (improvement of $5,300,000). The improvement was due to increased revenues, partially offset by higher operating costs.
Operating Loss $44,500,000 in Q1 2025, improved from an operating loss of $52,400,000 in Q1 2024 (improvement of $7,900,000). This improvement was primarily due to an increase in revenue.
Cash and Cash Equivalents $244,700,000 as of 03/31/2025. Nearly all cash is invested in highly rated financial instruments.
Untapped Liquidity $275,000,000 in the form of two baseball revolvers, providing flexibility for future operations.
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Operating Highlights
Outfield Market Opening: The Outfield Market located in the ballpark has been opened, offering local restaurant fare that fans have enthusiastically embraced.
Savannah Bananas Event: The Savannah Bananas played at Truist Park, attracting over 140,000 visitors in two days.
All-Star Game Hosting: The Braves are preparing to host the 95th Annual All-Star Game, showcasing the Battery Atlanta and Truist Park.
MLB Speedway Classic: The Braves will participate in the 2025 MLB Speedway Classic at Bristol Motor Speedway.
FanDuel Sports Network Partnership: The Braves partnered with FanDuel Sports Network to bring games to more fans, enhancing direct-to-consumer streaming.
PennantPark Acquisition: The acquisition of PennantPark, a six-building office complex, enhances guest experience and adds an additional revenue stream.
Shake Shack Opening: Shake Shack will open its second U.S. support center and a flagship restaurant at the Battery Atlanta.
Revenue Diversification: The acquisition of PennantPark aligns with the long-term vision of transforming the campus into a fully integrated destination.
Focus on Media Rights Growth: The Braves are optimistic about the growth of media rights, with local rights expiring simultaneously with MLB national rights.
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Risk or Challenges
Competitive Pressures: The Atlanta Braves face competitive pressures from other teams in Major League Baseball, particularly as the league experiences a high level of talent and competitiveness in 2025.
Regulatory Issues: The ongoing collective bargaining agreement discussions between players and owners may pose risks if an agreement is not reached that satisfies both parties.
Economic Factors: The company is navigating a challenging economic environment, which could impact revenue streams, particularly in the context of seasonal fluctuations in baseball revenue.
Supply Chain Challenges: The acquisition of PennantPark and the expansion of the Battery Atlanta may face supply chain challenges, particularly in construction and real estate development.
Seasonality of Revenue: The majority of the company's revenue is seasonal, which can lead to significant fluctuations in financial performance, particularly in the first quarter when no regular season home games are played.
Operational Costs: Increased operating costs, including player salaries and revenue share expenses, may impact profitability despite revenue growth.
Market Conditions: The real estate market conditions may affect the success of the mixed-use development strategy and the ability to attract tenants.
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Guidance & Outlook
Acquisition of PennantPark: The acquisition of PennantPark, a six-building office complex adjacent to the Battery Atlanta, is a significant milestone in the strategic growth plan for the real estate portfolio. This acquisition enhances guest experience and adds an additional revenue stream, aligning with the long-term vision of transforming the campus into a fully integrated destination.
Hosting Major Events: The Braves are preparing to host the 95th Annual All-Star Game and the 2025 MLB Speedway Classic, which will showcase the Battery Atlanta and Truist Park to a global audience.
Fan Engagement Initiatives: The Braves have opened the Outfield Market at the ballpark, which has been well-received by fans, enhancing the overall game day experience.
Direct-to-Consumer Streaming: The Braves have unlocked D2C rights for streaming through their partnership with Main Street Sports, which is expected to increase viewership and fan engagement.
Revenue Expectations: Total revenue for Q1 2025 was $47.2 million, up from $37.1 million in Q1 2024, with baseball revenue at $28.6 million and mixed-use development revenue at $18.6 million.
Adjusted OIBDA: Adjusted OIBDA improved to a loss of $28.5 million in Q1 2025, an improvement from a loss of $33.8 million in Q1 2024.
Operating Loss: Operating loss improved to $44.5 million in Q1 2025 from $52.4 million in Q1 2024.
Cash Position: As of March 31, 2025, the company had $244.7 million in cash and cash equivalents, with $275 million of untapped liquidity available.
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Shareholder Return Plan
Shareholder Return Plan: The company is focused on strengthening recurring revenue streams and creating long-term shareholder value. They are evaluating assets and opportunities in the surrounding area of Truist Park and the Battery Atlanta to advance their core mission of delivering the best sports and entertainment experiences.
Cash and Cash Equivalents: As of 03/31/2025, the company had $244,700,000 of cash and cash equivalents, primarily invested in U.S. Treasury securities and other highly rated financial instruments.
Untapped Liquidity: The company has $275,000,000 of untapped liquidity in the form of two baseball revolvers, providing flexibility for future investments.
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Key Q&A
Q:How sustainable is the trend of mixed use revenues growing faster than mixed use expenses?
A:It's hard to evaluate these things on a quarterly basis due to our seasonality. Our goal is to have revenues grow faster than expenses, and we certainly try to manage that number.
Q:Can you provide any color on the impact of the PennantPark acquisition on the P&L?
A:We’re not going to provide any guidance going forward on PennantPark, although we have said that it is accretive immediately and the purchase price is disclosed in the filings.
Q:What is the media outlook for local and national rights?
A:The local territorial rights are strong, and we like our position. Our rights with FanDuel expire at the same time as the MLB national rights, which provides optionality for future growth.
Q:What can you share about the number of subscribers to the FanDuel Sports Network?
A:While they did not specify team by team, it’s safe to say that the Atlanta Braves represent a significant portion of those D2C subscriptions.
Q:Review of Unclear Management Responses
A:Management avoided providing specific guidance on the impact of the PennantPark acquisition on the P&L and did not disclose subscriber numbers for the FanDuel Sports Network.
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Earnings Word Cloud
The most frequently occurring keywords in this quarter's earning call
Atlanta Braves
Battery Atlanta
Braves Holdings
Crockett Rosenblatt
Derek Executive
Executive Atlanta
Financial Executive
Holdings PennantPark
Morgan Stanley
Shacks
Sports
Swinburne Morgan
Truist Park
acquisition
baseball
basis
couple
estate footprint
event Truist
financials Financial
future
medium outlook
office
option
period
revenue
right package
streaming
support center
term
trajectory
use development
BATRK Transcript
Atlanta Braves Holdings, Inc. (BATRK) Q3 2025 Earnings Call Transcript
Positive11-5
The earnings call highlights strong revenue growth across key areas, including a significant increase in mixed-use development revenue and adjusted OIBDA. Despite some concerns about player injuries and attendance decline, the company's proactive strategies in ticket pricing and player salary spending, along with optimism in media rights negotiations, suggest positive sentiment. Given the market cap, the stock price is likely to react positively, but not excessively, due to the mixed outlook on risks and operational costs.
Earnings call transcript: Atlanta Braves Holdings Q1 2025 sees revenue boost
Positive5-12
The earnings call highlights positive financial performance with increased revenue and improved operating loss. The partnership with FanDuel and strong media rights outlook are also positives. However, management's reluctance to provide specific guidance on key issues like PennantPark's impact and FanDuel subscriptions may raise some concerns. Despite these, the stock's small market cap and positive elements suggest a likely price increase of 2% to 8% over the next two weeks.
Atlanta Braves Holdings, Inc. (BATRA) Q4 2024 Earnings Call Transcript
Neutral2-26
The Liberty Braves Group (BATRA) Q4 2023 Earnings Call Transcript
Positive2-28
The earnings call indicates a strong financial position with manageable leverage and positive contributions from events like the Las Vegas Grand Prix. The Q&A reveals growth opportunities in media rights, sponsorships, and hospitality, along with cost optimization plans. The market cap suggests a moderate reaction, and while there are some uncertainties in guidance, the overall sentiment is optimistic, likely resulting in a positive stock price movement.
BATRK Report
Frequently Asked Questions
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