Q1 2025 Atlanta Braves Holdings Inc Earnings Call

Operator: Greetings, welcome to the Atlanta Braves Holdings first quarter 2025 earnings call at this time. All participants are in a listen only mode.

Operator: Greetings. Welcome to the Atlanta Braves Holdings Q1 2025 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Cameron Rudd, Vice President of Investor Relations. Thank you. You may begin.

Greetings and welcome to the Atlanta Braves Holdings first quarter 2025 earnings call. At this time all participants are in a listen only mode. A question and answer session will follow the formal presentation.

Operator: A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded.

Anyone should require operator assistance. Please press star zero on your telephone keypad.

As a reminder, this conference is being recorded and is now my pleasure to introduce your host Cameron Red faced.

Cameron Rudd: It is now my pleasure to introduce your host, Cameron Rudd, Vice President of Investor Relations. Thank you. You may begin.

Speaker Change: Vice President of Investor Relations. Thank you you may begin.

Cameron Rudd: Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties and may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the Risk Factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions, and beliefs, as well as information available to us at this time, and speak only as of the date they are made and management undertakes no obligation to update publicly any of them in light of new information or future events.

Cameron Rudd: Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties and may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the risk factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions, and beliefs, as well as information available to us at this time, and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events. During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA.

Before we begin we'd like to remind everyone that on today's call management's prepared remarks may contain forward looking statements forward looking.

Speaker Change: Statements address matters that are subject to risks and uncertainties and may cause actual results to differ from those discussed today.

Speaker Change: Number of factors could cause actual results to differ materially from those anticipated.

Speaker Change: Putting those set forth in the risk factors section of our annual and quarterly reports filed with the SEC.

Speaker Change: Forward looking statements are based on current expectations assumptions and beliefs as well as information available to us at this time and speak only as of the date. They are made and management undertakes no obligation to update publicly any of them in light of new information or future events.

Cameron Rudd: During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website.

Speaker Change: During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA.

Cameron Rudd: The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website. Now I'd like to turn the call over to Terry McGuirk, Chairman, President, and CEO of Atlanta Braves Holdings.

The definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in our Form 10-Q and earnings press release available on the company's website.

Terry McGurk: Now I'd like to turn the call over to Terry McGurk, Chairman, President, and CEO of Atlanta Braves Holdings. Good morning and welcome to the Atlanta Braves Holding first quarter 2025 earnings call. I want to share just a few brief comments before turning the call over to Derek, Mike, and Jill, who will provide more specific operational and financial updates from the first quarter.

Speaker Change: Now I'd like to turn the call over to Terry Mcguirk, Chairman, President and CEO of Atlanta Braves Holdings.

Terry McGuirk: Good morning, welcome to the Atlanta Braves Holdings Q1 2025 Earnings Call. I want to share just a few brief comments before turning the call over to Derek, Mike, and Jill, who will provide more specific operational and financial updates from Q1. I'd like to begin by discussing the team on the field and how we feel about the early results of the 2025 season. We got off to a slow start this season while facing a very difficult stretch of road games. That being said, we have seen the team demonstrate real resilience and begin to move in the right direction. We had a nice streak of 8 wins in 10 games recently, which jumped the team back into contention in the National League East, the team has continued to play at a high level since then.

Speaker Change: Good morning, and welcome to the Atlanta Braves, holding first quarter 2025 earnings call.

Speaker Change: I wanted to share just a few brief comments before turning the call over to Derek Mike and Jill who will provide more specific operational and financial updates from the first quarter.

Terry McGurk: I'd like to begin by discussing the team on the field and how we feel about the early results of the 2025 season. We got off to a slow start this season while facing a very difficult stretch of road game. That being said, we have seen the team demonstrate real resilience and begin to move in the right direction. We had a nice streak of eight wins in ten games recently, which jumped the team back into contention in the National League East. And the team has continued to play at a high level since then. In addition, the emergence of Alex Verdugo and Eli White is a great reflection of the job Alex Anthopoulos, President of Baseball Operations, does to fill holes.

Speaker Change: I'd like to begin by discussing the team on the field and how we feel about the early results of the 2025 season.

Speaker Change: We got off to a slow start to season, while facing a very difficult stretch of road games.

Speaker Change: That being said, we have seen the team demonstrate real resilience and begin to move in the right direction. We had a nice streak of eight wins in 10 games recently, which jumped the team back into contention in the National League East and the team has continued to play at a high level since then.

Terry McGuirk: In addition, the emergence of Alex Verdugo and Eli White is a great reflection of the job Alex Anthopoulos, President of Baseball Operations, does to fill holes when one or more of our starting players goes down. We remain optimistic that with the continued evolution of our roster, the near-term return of a fully healthy Spencer Strider and Ronald Acuna Jr., and the continued strong performance from our players on the field, that this team can make a real run in the playoffs in 2025. We appreciate the support of our incredibly loyal fan base, which is a critical element to the success of our team. I always want to thank our fans for their patience, passion, and commitment to our success. With that, let me talk just briefly about our sport. 2025 is an exciting year for Major League Baseball.

Speaker Change: In addition, the emergence of Alex Verdugo, and Eli White is a great reflection of the job Alexander topless President of baseball operations does to fill holes.

Terry McGurk: when one or more of our starting players goes down. We remain optimistic that with the continued evolution of our roster, the near-term return of a fully healthy Spencer Strider and Ronald Acuna Jr., and the continued strong performance from our players on the field, that this team can make a real run in the playoffs in 2025. We appreciate the support of our incredibly loyal fan base, which is a critical element to the success of our team. I always want to thank our fans for their patience, passion, and commitment to our success.

Speaker Change: When one or more of our starting players goes down.

Speaker Change: We remain optimistic that with the continued evolution of our roster the near term return of a fully healthy Spencer Strider and Ronald Attune Your junior and the continued strong performance from our players on the field that this team can make a real run in the playoffs in 2025.

Speaker Change: We appreciate the support of our incredibly loyal fan base, which is a critical element to the success of our team I always want to thank our fans for their patients passion and commitment to our success.

Terry McGurk: With that, let me talk just briefly about our sport. 2025 is an exciting year for Major League Baseball. There has never been more talent across the league, and the play on the field is highly competitive and entertaining. This will attract significant interest in the League's media rights, and I have confidence in the Commissioner and his ability to negotiate successful new media agreements in the coming years. With respect to the Collective Bargaining Agreement It is early, but I firmly believe the players and owners have respect for each other and a desire to reach an agreement that works for all of us.

Speaker Change: With that let me talk just briefly about our sport.

Speaker Change: 2025 is an exciting year for major League baseball there has never been more talent across the league and the play on the field is highly competitive entrants and entertaining.

Terry McGuirk: There has never been more talent across the league. The play on the field is highly competitive and entertaining. This will attract significant interest in the league's media rights. I have confidence in the Commissioner and his ability to negotiate successful new media agreements in the coming years. With respect to the collective bargaining agreement, it is early. I firmly believe the players and owners have respect for each other and a desire to reach an agreement that works for all of us. With all of that said, we are optimistic about the continued growth and success of the sport. Importantly, we are confident that the organization is well-positioned for long-term success. Our goal is excellence in everything we do. That will remain our focus on the field and in our business. We have a business model that works very well.

Speaker Change: This will attract significant interest in the league's media rights and I have confidence in the commissioner and his ability to negotiate successful new media agreements in the coming years.

Speaker Change: With respect to the collective bargaining agreement.

Speaker Change: It is early but I firmly believe the players and owners have respect for each other and a desire to reach an agreement that works for all of US with all of that said we are optimistic about the continued growth and success of the sport.

Terry McGurk: With all of that said, we are optimistic about the continued growth and success of the sport. Importantly, we are confident that the organization is well-positioned for long-term success. Our goal is excellence in everything we do, and that will remain our focus on the field and in our business. We have a business model that works very well. It is driven by multiple revenue streams supporting baseball and our growing mixed-use real estate development, the Battery Atlanta.

Speaker Change: Fortunately, we are confident that the organization is well positioned for long term long term success.

Speaker Change: Our goal is excellence in everything we do and that will remain our focus on the field and in our business.

Speaker Change: We have a business model that works very well it is driven by multiple revenue streams supporting baseball and our growing mixed used real estate development the battery Atlanta.

Terry McGuirk: It is driven by multiple revenue streams supporting baseball and our growing mixed-use real estate development, The Battery Atlanta. We also look forward to welcoming analysts and institutional investors to Investor Day in Atlanta in June. It will give everyone an opportunity to see this high-performing baseball organization up close, as well as experience the great game-day experience in The Battery Atlanta and Truist Park. With that, I will turn it over to Derek, Mike, and Jill, who will walk through the results from the quarter.

Terry McGurk: We also look forward to welcoming analysts and institutional investors to Investor Day in Atlanta in June. It will give everyone an opportunity to see this high-performing baseball organization up close as well as experience the great game day experience in the Battery Atlanta in Truist Park.

Speaker Change: We also look forward to welcoming analyst and institutional investors to Investor day in Atlanta in June.

Speaker Change: It will give everyone an opportunity to see this high performing baseball organization up close as well as experience the great game day experience in the battery Atlanta and Truest Park.

Derek: With that, I will turn it over to Derek, Mike, and Jill, who will walk through the results from the quarter. Thanks, Terry, and good morning to all. As a reminder, the first quarter is really at the outset of our season, and so revenue from ticket sales, concessions, and merchandise is less meaningful than the rest of the year based on the timing of the season. As Terry mentioned, our team has battled back from a difficult start to the year and has shown tremendous light since mid-April. We're excited about the season and are confident that we can maintain our momentum the rest of the year.

Speaker Change: With that I will turn it over to Derek Mike and Jill who will walk through the results from the quarter.

Derek Schiller: Thanks, Terry, good morning to all. As a reminder, the Q1 is really at the outset of our season, revenue from ticket sales, concessions, and merchandise is less meaningful than the rest of the year based on the timing of the season. As Terry mentioned, our team has battled back from a difficult start to the year and has shown tremendous life since mid-April. We're excited about the season and are confident that we can maintain our momentum the rest of the year. Early trends in terms of fan attendance and ticket sales have been robust, we've had 7 sellouts since the start of the season. Beyond that, we are excited to have the Savannah Bananas play at Truist Park in March. Their brand of baseball entertainment attracted more than 140,000 visitors to Truist Park in The Battery Atlanta over the course of 2 days.

Speaker Change: Thanks, Terry and good morning to all as a reminder, the first quarter is really at the outset of our season and so revenue from ticket sales concessions and merchandise is less meaningful than the rest of the year based on the timing of the season.

Speaker Change: As Terry mentioned, our team is battle back from a difficult start to the year and has shown tremendous life since mid April.

Speaker Change: Excited about the season and are confident that we can maintain our momentum the rest of the year early trends in terms of fan attendance and ticket sales have been robust and we've had seven sellouts since the start of the season.

Derek: Early trends in terms of fan attendance and ticket sales have been robust, and we've had seven sellouts since the start of the season. Beyond that, we are excited to have the Savannah Bananas play at Truist Park in March. Their brand of baseball entertainment attracted more than 140,000 visitors to Truist Park in Nevada, Atlanta over the course of two days.

Speaker Change: Beyond that we are excited to have the Savannah bananas play at <unk> Park in March their brand of baseball entertainment attracted more than 140000 visitors to choose park in the battery Atlanta over the course of two days finding ways to use our ballpark and attract people to our campus at all times of the year is core to our strategy and we will continue to look for ways to do that.

Derek Schiller: Finding ways to use our ballpark and attract people to our campus at all times of the year is core to our strategy, and we will continue to look for ways to do that moving forward. Looking ahead, we continue to be hard at work alongside Major League Baseball as we prepare to host the 95th annual All-Star Game, which will put The Battery Atlanta and Truist Park on display for baseball fans from around the world. In addition, we're excited to be part of the 2025 MLB Speedway Classic, which will take place on 2 August at Bristol Motor Speedway, one of NASCAR's most iconic tracks. We'll face off against the Cincinnati Reds in a special regular season showdown at the Last Great Coliseum in Bristol, Tennessee.

Derek: Finding ways to use our ballpark and attract people to our campus at all times of the year is core to our strategy, and we will continue to look for ways to do that moving forward.

Speaker Change: Moving forward.

Derek: Looking ahead, we continue to be hard at work alongside Major League Baseball as we prepare to host the 95th annual All-Star Game, which will put the Battery Atlanta and Truist Park on display for baseball fans from around the world. In addition, we're excited to be part of the 2025 MLB Speedway Classic, which will take place on August 2nd at Bristol Motor Speedway, one of NASCAR's most iconic tracks. We'll face off against the Cincinnati Reds in a special regular season showdown at the Last Great Coliseum in Bristol, Tennessee. We were excited to start the season with FanDuel Sports Network and Gray Media bringing our games to more fans than ever before.

Speaker Change: Looking ahead, we continue to be hard at work alongside Major League baseball as we prepare to host the 95th annual all Star game, which will put the battery Atlanta interest part on display for baseball fans from around the world.

Speaker Change: In addition, we're excited to be part of the 2025 and it'll be Speedway classic, which will take place on August 2nd at Bristol Motor Speedway, one of Nascar's, most iconic tracks will face off against the Cincinnati Reds and special regular season showdown at the last great Coliseum in Bristol, Tennessee, we.

Derek Schiller: We were excited to start the season with FanDuel Sports Network and Gray Media bringing our games to more fans than ever before. The Braves are an important piece of FanDuel's early success on the direct-to-consumer streaming front. In addition, our Gray Media relationship is giving us new opportunities to share content with fans across our territory. As the season progresses, we believe that interest will grow, and our audiences will expand with that. In terms of the fan experience, we recently opened the outfield market located in the ballpark. Fans have enthusiastically embraced the local restaurant fare, and is becoming a must-visit for our fans. We continue to believe that we are exceptionally well-positioned to have a successful season and are grateful for the continued support of our fans and partners.

Speaker Change: We were excited to start the season with valuable sports network and great media, bringing our games to more fans than ever before.

Derek: The Braves are an important piece of FanDuel's early success on the direct-to-consumer streaming front. In addition, our Gray Media relationship is giving us new opportunities to share content with fans across our territory. As the season progresses, we believe that interest will grow and our audiences will expand with that.

Speaker Change: <unk> are an important piece of <unk> early success on the direct to consumer streaming front. In addition, our great media relationship has given us new opportunities to share content with fans across our territory.

Speaker Change: As the season progresses, we believe that interest will grow and our audiences will expand with that in terms of the fan experience. We recently opened the outfield market located in the ballpark fans have enthusiastically embraced the local restaurant fair and is becoming a must visit for our fans.

Derek: In terms of the fan experience, we recently opened the Outfield Market located in the ballpark. Fans have enthusiastically embraced the local restaurant fair and it is becoming a must visit for our fans. We continue to believe that we are exceptionally well-positioned to have a successful season and are grateful for the continued support of our fans and partners.

Speaker Change: We continue to believe that we are exceptionally well positioned to have a successful season and are grateful for the continued support of our fans and partners with that let me now turn it over to Mike plant, who can discuss our acquisition of pennant Park and recent updates to the battery Atlanta Mike.

Mike Plant: With that, let me now turn it over to Mike Plant who can discuss our acquisition of Pennant Park and recent updates to the Battery Atlanta. Mike? Thank you, Derek. First and foremost, I want to acknowledge that this quarter truly marked a significant milestone in our strategic growth plan for our real estate portfolio with our recently announced acquisition of Pennant Park. This six-building office complex adjacent to the Battery Atlanta will surely enhance guest experience as it offers over 2,700 parking spaces available for the approximately 9 million visitors the Battery Atlanta sees throughout the year. This acquisition is a testament to the success we have had as an operator of office real estate despite the challenging market.

Derek Schiller: With that, let me now turn it over to Mike Plant, who can discuss our acquisition of Pennant Park and recent updates to The Battery Atlanta. Mike?

Mike Plant: Thank you, Derek. First and foremost, I want to acknowledge that this quarter truly marked a significant milestone in our strategic growth plan for our real estate portfolio with our recently announced acquisition of Pennant Park. This 6-building office complex adjacent to The Battery Atlanta will surely enhance guest experience as it offers over 2,700 parking spaces available for the approximately 9 million visitors The Battery Atlanta sees throughout the year. This acquisition is a testament to the success we have had as an operator of office real estate despite the challenging market. With our existing office space at 99% occupancy, Pennant Park allows for continued growth and expansion to this important piece of our business. From a portfolio standpoint, this acquisition is a strategic diversification that aligns with our long-term vision of transforming our broader campus into a fully integrated destination.

Mike Plant: Thank you Derek first and foremost I want to acknowledge that this quarter truly marked a significant milestone in our strategic growth plan for our real estate portfolio with our recently announced acquisition of pennant Park.

Mike Plant: The six building office complex adjacent to the battery Atlanta will surely enhanced guest experience as it offers over 2700 parking spaces available for the approximately 9 million visitors the battery Atlanta <unk> throughout the year. This acquisition is a testament to the success, we have had as an operator of <unk>.

Mike Plant: Office real estate, despite the challenging market with our existing office space at 99% occupancy pennant Park allows for continued growth and expansion through this important piece of our business from a portfolio standpoint. This acquisition is a strategic diversification that aligns with our <unk>.

Mike Plant: With our existing office space at 99% occupancy, Pennant Park allows for continued growth and expansion to this important piece of our business. From a portfolio standpoint, this acquisition is a strategic diversification that aligns with our long-term vision of transforming our broader campus into a fully integrated desk. This acquisition adds an additional revenue stream to our core business while also helping reduce the seasonal nature of baseball revenue. We continue to see strong interest from big brands who want to be part of the Battery Atlanta.

Mike Plant: Long term vision of transforming our broader campus into a fully integrated destination.

Mike Plant: This acquisition adds an additional revenue stream to our core business while also helping reduce the seasonal nature of baseball revenue. We continue to see strong interest from big brands who want to be part of The Battery Atlanta. Just last week, Shake Shack announced it will open its second US support center here later this year. The new Atlanta office will join the brand's original support center in New York and its international support center in Hong Kong, forming a global network that supports Shake Shack's 336 domestic company-owned Shacks, roughly 13,000 US-based team members, and more than 250 licensed Shacks across 20 countries. In addition to the new support center opening later this year, Shake Shack will debut a new flagship restaurant at The Battery Atlanta this summer, introducing an exciting evolution of the brand.

Mike Plant: This acquisition adds an additional revenue stream to our core business, while also helping reduce the seasonal nature of baseball revenue.

We continued to see strong interest from big brands, who want to be part of the battery Atlanta, just last week Shake Shack announced it will open its second U S. Support center here later this year the new Atlanta Office will join the brand's original support Center in New York and its international support Center in Hong Kong.

Mike Plant: Just last week, Shake Shack announced it will open its second U.S. support center here later this year. The new Atlanta office will join the brand's original support center in New York and its international support center in Hong Kong, forming a global network that supports ShakeSac's 336 domestic company-owned shacks and roughly 13,000 U.S.-based team members and more than 250 licensed shacks across 20 countries. In addition to the new support center opening later this year, Shake Shack will debut a new flagship restaurant at the Battery Atlanta this summer, introducing an exciting evolution of the brand. This is yet another example of our ability to attract and retain high quality tenants to our campus as we continue to develop.

Mike Plant: Forming a global network that supports shakes X 336 domestic company owned shacks and roughly 13000 U S based team members and more than 250 licensed shacks across 20 countries.

Mike Plant: In addition to the new support center opening later this year Shake Shack will debut a new flagship restaurant at the battery Atlanta. This summer introducing an exciting evolution of the brand. This is yet. Another example of our ability to attract and retain high quality tenants to our campus as we continue to grow.

Mike Plant: This is yet another example of our ability to attract and retain high-quality tenants to our campus as we continue to grow. Lastly, I want to highlight that it is top of mind for us to strengthen our reoccurring revenue streams and create long-term shareholder value. Therefore, we continue to evaluate assets and opportunities in the surrounding area of Truist Park and The Battery Atlanta that advance our core mission of delivering the best sports and entertainment experiences. With that, I'll turn things over to Jill to discuss the company's financials.

Mike Plant: Lastly, I want to highlight that it is top of mind for us to strengthen our reoccurring revenue streams and create long-term shareholder value.

Mike Plant: Lastly, I want to highlight that it is top of mind for us to strengthen our reoccurring revenue streams and create long term shareholder value.

Mike Plant: Therefore, we continue to evaluate assets and opportunities in the surrounding area of Truist Park and the Battery Atlanta that advance our core mission of delivering the best sports and entertainment experience.

Mike Plant: Therefore, we continue to evaluate assets and opportunities and the surrounding area of <unk> Park in the battery Atlanta.

Mike Plant: Add advance our core mission of delivering the best sports and entertainment experiences and with that I'll turn things over to Joe to discuss the company's financials.

Jill: And with that, I'll turn things over to Jill to discuss the company's financial Thanks Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. In the first quarter of 2025, there were no regular-season home games played and five away games, versus in 2024, when we also had no regular home games played and three away games. Total revenue was $47.2 million in the first quarter of 2025, up from $37.1 million in the first quarter of 2024. We are very pleased with our performance.

Jill Robinson: Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. In Q1 2025, there were no regular season home games played and 5 away games, versus in 2024 when we also had no regular home games played and 3 away games. Total revenue was $47.2 million in Q1 2025, up from $37.1 million in Q1 2024. We are very pleased with our performance. As a reminder, the company manages its business based on the following reportable segments: Baseball and Mixed-Use Development. Baseball revenue was $28.6 million in Q1 2025, up from $22 million in Q1 2024. This revenue increase was driven by a combination of increased broadcast revenue and other revenue.

Joe: Thanks, Mike before I begin I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season.

Joe: In the first quarter of 2025, there were no regular season home games played and five away games versus in 'twenty floor. When we also had no regular home games played and three away games.

Joe: Total revenue was $47 2 million in the first quarter of 2025 up from $37 1 million in the first quarter of 2024.

Joe: We're very pleased with our performance.

Jill: As a reminder, the company manages its business based on the following reportable segments, baseball and mixed-use development. Baseball revenue was $28.6 million in the first quarter of 2025, up from $22 million in the first quarter of 2024. This revenue increase was driven by a combination of increased broadcast revenue and other revenue. Broadcast revenue increased $2.2 million due to two additional games held in the first quarter of 2025 compared to the prior year and the impact of contractual rate increases. Other revenue increased $4.3 million during the first quarter of 2025, as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including hosting two games for the Savannah Bananas.

Joe: As a reminder, the company manages its business based on the following reportable segments baseball and mixed use development.

Joe: Baseball revenue was $28 6 million in the first quarter of 2025.

Joe: From $22 million in the first quarter of 2020 for this revenue increase was driven by a combination of increased broadcast revenue and other revenue.

Jill Robinson: Broadcast revenue increased to $2.2 million due to 2 additional games held in Q1 2025 compared to the prior year and the impact of contractual rate increases. Other revenue increased to $4.3 million during Q1 2025 as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including hosting 2 games for the Savannah Bananas. Mixed-use development revenue was $18.6 million in Q1 2025, up from $15.1 million from the same period last year, and was primarily driven by increases in rental income from new lease commencements, sponsorship, and parking revenue. Adjusted OIBDA improved to a loss of $28.5 million, up from a loss of $33.8 million in Q1 2024.

Joe: Broadcast revenue increased $2 2 million due to two additional games held in the first quarter of 2025 compared to the prior year and the impact of contractual rate increases.

Joe: Other revenue increased $4 3 million during the first quarter of 2025 as compared to the corresponding period in the prior year, primarily due to events held at <unk> park, including hosting two gains for the savanna bananas.

Jill: Mixed-use development revenue was $18.6 million in the first quarter of 2025, up from $15.1 million from the same period last year, and was primarily driven by increases in rental income from new lease commencements, sponsorship, and parking revenue. Adjusted OEBDA improved to a loss of $28.5 million, up from a loss of $33.8 million in the first quarter of 2024. This improvement was due to an increase in both baseball and mixed-use development revenue partially offset by an increase in baseball operating costs, including increased player salaries, increased revenue share expenses, and expenses for events held at Truist Park.

Joe: Mixed use development revenue was $18 6 million in the first quarter of 2025 up from $15 1 million from the same period last year and was primarily driven by increases in rental income from new lease commencement commencements sponsorship and parking revenue.

Joe: Adjusted OIBDA improved to a loss of $28 5 million up from a loss of $33 8 million in the first quarter of 2024.

Jill Robinson: This improvement was due to an increase in both baseball and mixed-use development revenue, partially offset by an increase in baseball operating costs, including increased player salaries, increased revenue share expenses, and expenses for events held at Truist Park. Our operating loss improved to $44.5 million in Q1 2025 as compared to an operating loss of $52.4 million in Q1 2024, primarily due to an increase in revenue. As of 31 March 2025, the company had $244.7 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government-guaranteed funds, AAA-rated money market funds, and other highly rated financial and corporate debt instruments. As of 31 March 2025, our mixed-use borrowings have increased due to construction draws and to support the expansion of our real estate footprint.

Joe: This improvement was due to an increase in both baseball and mixed use development revenue, partially offset by an increase in baseball operating costs, including increased player salaries increased revenue share expenses and expenses for events held at <unk> Park.

Jill: Our operating loss improved to $44.5 million in the first quarter of 2025 as compared to an operating loss of $52.4 million in the first quarter of 2024, primarily due to an increase in revenue. As of March 31, 2025, the company had $244.7 million of cash-in-cash equivalent. Nearly all of our cash and cash equivalents are invested in U.S. Treasury securities, other government securities or government-guaranteed funds, AAA-rated money market funds, and other highly-rated financial and corporate debt institutions. As of March 31, 2025, our mixed-use borrowings have increased due to construction draws and to support the expansion of our real estate footprint.

Joe: Our operating loss improved to $44 5 million in the first quarter of 2025 as compared to an operating loss of $52 4 million in the first quarter of 2024, primarily due an increase in revenue.

Joe: As of March 31, 2025, the company had $244 7 million of cash and cash equivalents nearly all of our cash and cash equivalents are invested in U S Treasury Securities.

Joe: Other government securities or government guaranteed funds AAA rated money market funds and other highly rated financial and corporate debt instruments.

Joe: As of March 31, 2025 are mixed used borrowings have increased due to construction draws and to support the expansion of our real estate footprint.

Jill: We have $275 million of untapped liquidity in the form of two baseball revolvers, which we believe provides us flexibility for the future.

Jill Robinson: We have $275 million of untapped liquidity in the form of 2 baseball revolvers, which we believe provides us flexibility for the future. With that, operator, let's open the line for questions.

Joe: We have $275 million of untapped liquidity in the form of two baseball revolvers, which we believe provides us flexibility for the future.

Operator: And with that, Operator, let's open the line for questions. Thank you. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star again. One moment while we pull for questions.

And with that operator, let's open the line for questions.

Operator: Thank you. Our first question is from Barton Crockett with Rosenblatt Securities. Please proceed.

Speaker Change: Thank you I would like to ask a question. Please press star one on your telephone keypad.

Speaker Change: Confirmation tone will indicate your line is in the question queue. You May press star two if he would like to remove your question from the queue.

Speaker Change: For participants using speaker equipment may be necessary to pick up your handset before pressing the star keys, one moment, while we poll for questions.

Barton Crockett: Our first question is from Barton Crockett with Rosenblatt Securities, please proceed. Hi. Thank you for taking the question. And I guess a couple of things I was curious about, if we could touch on it. One is, you know, just looking at this quarter's results, I understand it's a small quarter seasonally, but, you know, you had your mixed-use revenues growing faster than the mixed-use expenses. and it's a similar trend, I think, in baseball revenues.

Speaker Change: Our first question is from Barton Crockett with Rosenblatt Securities. Please proceed.

Barton Crockett: Hi. Thank you for taking the question. I guess a couple of things I was curious about, if we could touch on it. One is just looking at this quarter's results. I understand it's a small quarter seasonally, but you had your mixed-use revenues growing faster than the mixed-use expenses, and it's a similar trend, I think, in baseball revenues. I'm just wondering how sustainable that is for any period of time, a couple of quarters or longer-term, how you feel about that type of trajectory.

Barton Crockett: Hi, Thank you for taking the question and.

Speaker Change: I guess, a couple of things I was curious about that.

Speaker Change: If we could touch on it.

Speaker Change: One is you know just looking at this quarters results I understand it's a small quarter seasonally but you had.

Speaker Change: Mixed use revenues growing faster than the mixed use expenses.

Speaker Change: And you know it's a similar trend I think in baseball revenues I'm, just wondering how sustainable that is for.

Derek: I'm just wondering how sustainable that is for any period of time, couple of quarters or longer term, how you feel about that type of trajectory. Yeah, thanks Barton for the question. I think if you were to look at our results on an annual basis, it's really hard to evaluate these things on a quarterly basis due to our seasonality. You would see that, you know, that's really our goal is to have revenues grow faster than and we certainly try to manage that number. You know, the baseball, the Braves' development, year-over-year growth is really a factor of our continuing growth in our real estate footprint.

Speaker Change: For a for any period of time, a couple of quarters or longer term.

Speaker Change: How you feel about that type of trajectory.

Speaker Change: Okay.

Jill Robinson: Yeah. Thanks, Barton, for the question. I think if you were to look at our results on an annual basis, it's really hard to evaluate these things on a quarterly basis due to our seasonality. You would see that's really our goal is to have revenues grow faster than expenses, and we certainly try to manage to that number. The Braves' development year-over-year growth is really a factor of our continuing growth in our real estate footprint. Baseball is just, as we talked about, a bit of an anomaly because of the number of games in the season.

Martin: Yeah. Thanks, Martin for the question I think if you were to look at our results on an annual basis, it's really hard to evaluate these things on a quarterly basis due to our seasonality.

Martin: You would see that that's really our goal is to have revenues grow faster than.

Martin: Expenses, and we certainly try to manage to that number.

Speaker Change: The baseball.

Speaker Change: This development year over year growth is really a factor of our continuing growth.

Speaker Change: Our real estate footprint.

Derek: Baseball is just, as we talked about, a bit of an anomaly because of the number of games.

Speaker Change: Baseball is just as we talked about it a bit of anomaly because of the number of games in the season.

Derek: Okay, but it sounds like that there is some confidence that the mixed use that this is, you know, some form of this could be a trajectory going forward. revenue growth, margin growth. Right. Well, we haven't we haven't layered in the Pennant Park acquisition yet, so you can certainly expect to see favorability. from that front going forward.

Speaker Change: Okay, but it sounds like that there is some confidence at the mixed use.

Barton Crockett: Okay. It sounds like that there is some confidence that the mixed-use, that some form of this could be a trajectory going forward, revenue growth, margin growth.

Speaker Change: But this is some form of this could be a trajectory going forward.

Speaker Change: Revenue gross margin growth.

Speaker Change: Right well, we haven't we haven't layered in the pennant Park acquisition, yet. So you can certainly expect to see favorability.

Jill Robinson: Right. Well, we haven't layered in the Pennant Park acquisition yet, so you can certainly expect to see favorability from that front going forward.

Frank: From that Frank going forward.

Derek: Okay, and then I was wondering on Pennant Park. Is there any kind of color you can give us on the impact that we'll have on the P&L? And also, is the cost of that acquisition disclosed or in the first quarter financial We're not going to provide any guidance going forward on Pennant Park, although we have said that it is accretive immediately and the purchase price is disclosed in the Okay. All right. And great. Great. Those were the main questions. I'll leave it there. Thank you.

Barton Crockett: Okay. I was wondering on Pennant Park, is there any kind of color you can give us on the impact that will have on the P&L? Is the cost of that acquisition disclosed or in the Q1 financials?

Speaker Change: Okay, and then I was wondering on pennant park.

Speaker Change: Is there any any kind of color you can give us on the impact that will have on the P&L and also as the cost of that acquisition disclosed or in the first quarter.

Speaker Change: Financial.

Speaker Change: Yes, we're not going to provide any guidance going forward on a pennant park. Although we have said that it is accretive immediately and the purchase price is disclosed in the filings.

Jill Robinson: We're not going to provide any guidance going forward on Pennant Park, although we have said that it is accretive immediately, and the purchase price is disclosed in the filings.

Speaker Change: Okay Alright.

Barton Crockett: Okay. All right. Great. Those were the main questions. I'll leave it there. Thank you.

Speaker Change: <unk>.

Speaker Change: Great Great that was those are the main questions I'll leave it there. Thank you.

Operator: As a reminder, just star 1 on your telephone keypad if you would like to ask a question.

Speaker Change: As a reminder to star one on your telephone keypad, if he would like to ask a question. Our next question is from Ben Swinburne with Morgan Stanley. Please proceed.

Operator: As a reminder, it is star one on your telephone keypad if you would like to ask a question. Our next question is from Benjamin Swinburne with Morgan Stanley. Please proceed.

Ben Slimburn: Our next question is from Ben Slimburn with Morgan Stanley. Please proceed. Hey, good morning, everyone.

Benjamin Swinburne: Hey, good morning, everyone. I want to ask about the media outlook both I guess local and then thinking more nationally. Obviously, there's a big debate in the business about the opportunity with the direct-to-consumer business. I don't know if there's anything you can share, either in terms of number of subscribers early in the season to the FanDuel Sports Network that are accessing Braves games in market, or anything you've learned so far that might have surprised you, or how much the Braves team itself and the organization is sort of marketing that service. Anything you could share would be really interesting given it's obviously an important strategic opportunity for the business.

Ben Swinburne: Hey, good morning, everyone.

Ben Slimburn: I want to ask about the media outlook, both, I guess, local and then thinking more nationally. Obviously, there's a big debate in the business about the opportunity with the direct-to-consumer business. I don't know if there's anything you can share, either in terms of number of subscribers early in the season to the FanDuel Sports Network that are accessing Braves games in market or anything you've learned so far that might have surprised you or how much the Braves team itself and the organization is sort of. marketing that service anything you can share would be would be really interesting given it's obviously an important strategic opportunity for the business and then uh...

Ben Swinburne: I wanted to ask about the media outlook, both I guess local and then thinking more nationally.

Ben Swinburne: Obviously, there's a big debate in the business about the opportunity with the direct to consumer.

Ben Swinburne: Business I don't know if theres anything you can share either in terms of number of subscribers early in the season to the sandals sports networks that are accessing Braves games and market or.

Ben Swinburne: Anything you've learned so far that might have surprised you or how much the braves team itself and the organization is sort of you know.

Marketing that service that anything you could share would be it would be really interesting given it's obviously an important strategic opportunity for the business.

Benjamin Swinburne: There's a lot in the press focused on sort of not just for baseball, but for all the leagues or many of the leagues trying to re-aggregate local rights into national packages, and I think we've got a couple of years before that probably turns into a reality. I'm just curious how the Braves think about the idea of sort of contributing more and more of your local exclusive rights into a national package, if that's something you're amenable to, how you think about kind of the pros and cons as a team with a big local opportunity that might lead to maybe greater revenue share with smaller market teams. Thanks so much for your thoughts.

Ben Swinburne: And then yeah Theres a lot in the press focused on sort of.

Ben Slimburn: there's a lot in the press focused on sort of not just for baseball but for all the leagues or many of the leagues trying to aggregate re-aggregate local rights into national packages and I think we got a couple years you know before that probably turns into a reality but I'm just curious how the Braves think about uh... the idea of sort of contributing more and more of your local exclusive rights into a national package if that's what you're amenable to how you think about kind of the pros and cons as a as a team with a with a big local opportunity where that might lead to uh...

Not just for baseball, but for all the leagues or many of the leagues trying to aggregate re aggregate local rights international packages and I think we've got a couple of years before that probably turns into a reality, but I'm just curious how the Braves think about.

Ben Swinburne: The ideas of sort of contributing more and more of your local exclusive rights into a national package. If that's something you're amenable to how you think about kind of the pros and cons as a as a team with a with a big local opportunity where that might lead to maybe greater revenue share with smaller market teams. Thanks, so much for your thoughts.

Derek: maybe greater revenue share with with smaller markets Thanks so much for your time. Thanks, Ben. Hey, it's Derek.

Derek Schiller: Thanks, Ben. Hey, it's Derek. I'm going to try to answer the H1 of that, and then I'm going to let Terry jump in and get to the H2. On the H1, really asking about our local or regional media outlook. Obviously, when Diamond Sports Group reemerged as Main Street Sports from their bankruptcy, that's a positive. It's positive for them, but it's also a positive for us. It gives us some certainty about what their outlook is, and that was something that we were absolutely looking forward to. As a reminder that when they did that, as part of that reemergence, we reformulated that agreement with them slightly, where we unlocked D2C rights, the streaming option for them, which is the first time that the Atlanta Braves have been offering streaming as part of our regional sports network package.

Ben Swinburne: Thanks, Matt Hey, it's Derek I'm going to try to answer the first half of that minimum Terry jump in and get to the second half. So on the first half really asking about <unk>.

Derek: I'm going to try to answer the first half of that, and then I'm going to let Terry jump in and get to the second half. So on the first half, you know, really asking about our local or regional media outlook. Obviously, when Diamond Sports Group reemerged as Main Street Sports from their bankruptcy, you know, that's a positive. It's positive for them, but it's also a positive for us. It gives us some certainty about what their outlook is, and that was something that we were absolutely looking forward to. And as a reminder that when they did that, as part of that reemergence, we reformulated that agreement with them slightly, where we unlocked D2C rights, the streaming option for them, which is the first time that the Atlanta Braves have been offering streaming as part of our regional sports network package.

Speaker Change: Our local or regional media outlook obviously.

Speaker Change: When Diamond Sports group reemerged as main streets Foertsch from their bankruptcy. That's a positive it's positive for them, but it's also a positive for us it gives us some certainty about what their outlook is and.

Speaker Change: And that was something that we were.

Speaker Change: Absolutely looking forward to.

Speaker Change: As a reminder, that when when they did that as part of that reemergence, we reformulated that agreement with them slightly.

Speaker Change: Where are we unlocked DTC rights the streaming option for them, which is a first time that the Atlanta Braves have been offering streaming for our as part of our regional sports network package.

Derek: So they've been in the marketplace for a few months now on that streaming. They did push out a press release that Main Street Sports did that talked about the successes of their streaming subscription business. And while they did not specify and itemize team by team, I think it's safe to say that the Atlanta Braves represent a significant portion of those D2C subscriptions. So we look at that as something that's a very good trend, something that is favorable not just for them, but maybe most importantly for our fans, because, you know, more and more of our fans are looking for that option.

Derek Schiller: They've been in the marketplace for a few months now on that streaming. They did push out a press release, Main Street Sports did, that talked about the successes of their streaming subscription business. While they did not specify and itemize team by team, I think it's safe to say that the Atlanta Braves represent a significant portion of those D2C subscriptions. We look at that as something that's a very good trend, something that is favorable, not just for them, but maybe most importantly for our fans. Because more and more of our fans are looking for that option, and being able to unlock that has created viewership options for them that they didn't previously have.

Speaker Change: So they've been in the marketplace for a few months now and that streaming.

Speaker Change: They did push out our press release.

The main street sports did that talked about the successes of their streaming subscription business.

Speaker Change: And while they did not specify.

Speaker Change: An itemized team by team I think it's safe to say that the Atlanta Braves represent a significant portion of those DTC subscription so.

Speaker Change: We look at that as something that's a very.

Speaker Change: A good trend.

Speaker Change: Matt as favorable not just for them, but maybe most importantly for our fans because you know.

Speaker Change: More and more of our fans are looking for that option and being able to unlock that has created viewership options for them that they didn't previously have so were seeing that anecdotally and hearing from our fans anecdotally, but we're also seeing some of the numbers that they're providing to us and are quite pleased with where things stand I think thats going to be a continued.

Derek: And being able to unlock that has created viewership options for them that they didn't previously have. So we're seeing that anecdotally and hearing from our fans anecdotally, but we're also seeing some of the numbers that they're providing to us and are quite pleased with where things stand. I think that's going to be a continued evolution. I think you're going to see more and more of that occur. And we're obviously helping with them in trying to promote to our fans the availability of those broadcasts and all the ways that you can watch the Atlanta Braves. So I'll leave that there.

Derek Schiller: We're seeing that anecdotally and hearing from our fans anecdotally, but we're also seeing some of the numbers that they're providing to us and are quite pleased with where things stand. I think that's going to be a continued evolution. I think you're going to see more and more of that occur, and we're obviously helping with them in trying to promote to our fans the availability of those broadcasts and all the ways that you can watch the Atlanta Braves. I'll leave that there. Terence, you want to touch on the national?

Speaker Change: Evolution, I think youre going to see more and more of that occur and we're obviously, helping with with them.

Speaker Change: And trying to promote to our fans the availability of those broadcasts in all the ways that you can watch the Atlanta Braves. So are we.

Terry: And Terry, you want to touch on the national? Yeah, Ben, I would start off saying that, you know, I think you're correct in your view that the local territorial rights, media rights of the Atlanta Braves are very strong. That's, you know, on a steady state basis going forward, we like our position and we like the growth a lot. It's no coincidence that our rights in the territory with FanDuel expire at the same time as the MLB national rights. I think that provides some optionality and some opportunities for the future, which really signal even more growth.

Speaker Change: <unk> got there and Jerry you want to touch on the National Yes, Ben.

Terry McGuirk: Yeah, Ben, I'd start off saying that I think you're correct in your view that the local territorial media rights of the Atlanta Braves are very strong. On a steady-state basis going forward, we like our position and we like the growth a lot. It's no coincidence that our rights in the territory with FanDuel expire at the same time as the MLB national rights. I think that provides some optionality and some opportunities for the future, which really signal even more growth. We're all about focusing on the growth of these media rights, and we'll see how it all breaks down into the future.

I would I'd start off saying that I think youre correct in.

Speaker Change: Your view that.

Speaker Change: Is that the.

Speaker Change: Local territorial rights media rights of the Atlanta Braves are very strong.

Speaker Change: We.

Speaker Change: That's on a steady state basis going forward.

Speaker Change: We like our position and we like the growth a lot.

Speaker Change: It's no coincidence that our rights and the territory within dual expire at.

Speaker Change: But at the same time as the MLP national rates.

Speaker Change: I think that provides some optionality.

Speaker Change: And some opportunities for the future.

Speaker Change: Which really signal even more growth in <unk>.

Terry: And so we're all about... focusing on the growth of these media rights, and we'll see how it all breaks down into the future. Thanks, Terry.

Speaker Change: So we're.

Speaker Change: We're all about.

Speaker Change: Focusing on the growth of these media rights and we'll see how it all breaks down into the future.

Benjamin Swinburne: Thanks, Terence.

Speaker Change: Thanks Terry.

Operator: There are no further questions at this time.

Operator: There are no further questions at this time. I would like to turn the floor back over to management for closing remarks.

Speaker Change: There are no further questions at this time I would like to turn the floor back over to management for closing remarks.

Terry: I would like to turn the floor back over to management for closing remarks. Thank you, Operator, and I'd like to thank everybody for joining the call. We appreciate you jumping in and listening to what we have going on.

Derek Schiller: Thank you, operator. I'd like to thank everybody for joining the call. We appreciate you jumping in and listening to what we have going on. We look forward to seeing some of you on Investor Day, which is 18 June, as a reminder. With that, this concludes the call. Thank you very much.

Speaker Change: Thank you operator, and I'd like to thank everybody for joining the call.

Speaker Change: We appreciate you jumping in and listening to what we have going on we look forward to seeing some of you on Investor Day, which is June 18th as a reminder, and we've got this.

Terry: We look forward to seeing some of you on Investor Day, which is June 18th, as a reminder.

Operator: And with that, this concludes the call. Thank you very much. Thank you. We thank you for your participation.

Speaker Change: This concludes the call. Thank you very much.

Operator: Thank you. We thank you for your participation. You may disconnect your lines at this time.

Speaker Change: Thank you we thank you for your participation you may disconnect your lines at this time.

Operator: You may disconnect your lines at this time.

Speaker Change: Sure.

Speaker Change: Okay.

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Operator: Shabbat Salaat

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