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Total Revenue: $291 million in Q3 2024, up from $272 million in Q3 2023.
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Baseball Revenue: $273 million in Q3 2024, up from $256 million in the prior year period.
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Mixed-Use Development Revenue: $17 million in Q3 2024, up from $16 million in the prior year period.
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Operating Income: $6 million in Q3 2024, down from $16 million in the prior year period.
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Adjusted OIBDA: $31 million in Q3 2024, down from $49 million in the prior year period.
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Cash and Cash Equivalents: $100.9 million as of September 30, 2024.
Release Date: November 06, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Atlanta Braves Holdings Inc (NASDAQ:BATRA) reported a revenue increase to $291 million in Q3 2024, up from $272 million in the same period last year.
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The company successfully sold over 3 million tickets for the third consecutive year, ranking fifth in Major League Baseball for ticket sales.
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The Battery Atlanta continues to thrive as a top destination, contributing to increased mixed-use development revenue.
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The Braves ranked number one in overall guest experience in a league-wide fan survey conducted by MLB.
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The company is set to host the Major League Baseball All-Star game, which is expected to enhance visibility and revenue opportunities.
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Operating income decreased to $6 million in Q3 2024 from $16 million in the prior year period, primarily due to higher baseball operating costs.
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Adjusted OIBDA fell to $31 million in Q3 2024 from $49 million in the prior year period, impacted by increased player salaries and revenue sharing payments.
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The pending bankruptcy proceedings of Diamond Sports Group LLC pose a potential risk to future revenue streams.
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Despite revenue growth, the company experienced a decline in cash from operations due to increased capital expenditures.
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The company faces challenges in expanding sports betting opportunities due to the lack of legalization in Georgia.
Q: What are the biggest growth opportunities for Atlanta Braves Holdings over the next several years? A: Derek Schiller, President and CEO, highlighted that the company is investing in both the ballpark and the Battery Atlanta, with a focus on projects that offer a return on investment. The goal is to enhance fan experiences, which in turn should drive business growth. There is also potential for growth in the Battery Atlanta through better tenant arrangements and new opportunities.
Q: How does Atlanta Braves Holdings plan to create value as a public company, and why not remain private? A: Terry McGuirk, President and CEO, emphasized that the goal is to win the World Series, which drives both financial and statistical value. Derek Schiller added that the focus is on growing top-line revenue through various initiatives, including media opportunities and leveraging their large territory. The company is not looking to roll up other sports teams but is focused on maximizing growth within the Braves organization.