Atlanta Braves Holdings, Inc. Q4 FY2024 earnings call

• Spring training for the 2025 season is well underway in Northport, Florida, with key players like Ronald Acuna, Austin Riley, etc., returning healthy. The season kicks off March 27th with an away game and home opener on April 4th. - Partnerships: FanDuel Sports Network acquired streaming rights and will stream games via its app, while Gray Media will produce spring training games and simulcast 15 regular season games. - Truist Park updates: New Children's Healthcare of Atlanta Park (30,000 sq ft) in left field plaza and Outfield Market food hall. - Battery Atlanta: 2024 saw 8.7 million visitors, $130 million in retail revenue; Shake Shack and Walk-On's Sports Bistro coming, and Five Ballpark Center nearing completion for Truist Securities.

For the Baseball segment, revenue was $595.4 million in 2024, up from $581.7 million in 2023. This increase was driven by baseball event revenue and broadcasting revenue, with new sponsorship agreements and contractual rate increases on season tickets contributing, partially offset by reduced regular season home game attendance. Broadcast revenue also increased due to contractual rate increases. For the Mixed-Use Development segment, revenue was $67.3 million in 2024, up from $59 million in 2023, primarily driven by increases in rental income and parking revenue. Fourth quarter adjusted OIBDA improved to negative $3.8 million, up from negative $13 million in the prior year's fourth quarter, due to reduced baseball operating expenses. Full-year adjusted OIBDA increased to $39.7 million in 2024, an increase of $1.9 million.

Forward-looking statements are subject to risks and uncertainties that may cause actual results to differ from those discussed, including factors set forth in the risk factor section of annual and quarterly reports filed with the SEC.

Q: Touch on local media rights in 2025 and capital structure.

A: Derek Schiller discusses media rights reengineering to increase game accessibility via streaming and over-the-air partnership with Gray Media; Jill Robinson mentions debt structure with secured debt tied to Battery real estate projects and focus on maintaining liquidity.

Q: Development front and concerts.

A: Mike Plant talks about undeveloped land opportunities and aggressive pursuit of non-game day events, noting strong non-game day event business and master plan projects benefiting both game day and non-game day use.

Q: Broadcasting rights environment and off-season trades.

A: Terry McGuirk states ESPN-MLB breakup is a non-event for Braves' economics and expects strong interest in upcoming rights; talks about Braves being a top ten salary organization, with Alex Anthopoulos having resources to build a championship team.

Q: Social media engagement and international expansion.

A: Derek Schiller addresses media consumption by focusing on maximizing game accessibility across territories, engaging fans on social media platforms, and mentions international fan base and hosting the All-Star Game as a showcase for global exposure