Atlanta Braves Holdings, Inc. Q1 FY2025 earnings call

• Team on-field: The team had a slow start to the season but showed resilience with an 8-win streak in 10 games recently. There's optimism about the roster evolving, and the near-term return of fully healthy players like Spencer Strider and Ronald Acuna Jr. - MLB outlook: 2025 is an exciting year for MLB with abundant talent, and confidence in the commissioner's ability to negotiate new media agreements. Believes in a positive CBA prospect. - Business model: Driven by multiple revenue streams supporting baseball and the growing mixed-use real estate, Battery Atlanta. - Real estate: Acquired Pennant Park, a 6-building office complex adjacent to Battery Atlanta, which offers over 2,700 parking spaces and enhances guest experience. - Stadium events: The Savanna Bananas played at Truist Park in March, attracting over 140,000 visitors. Preparing for the 95th annual All-Star game and the 2025 MLB Speedway Classic. Partnered with FanDuel and Gray Media to reach more fans. - Fan experience: Opened the outfield market in the ballpark, which has been enthusiastically embraced by fans.

In the first quarter of 2025, baseball revenue was $28.6 million, an increase from $22 million in the first quarter of 2024. This rise was driven by increased broadcast revenue (due to 2 additional games in the quarter and contractual rate hikes) and other revenue ($4.3 million growth). Mixed-use development revenue stood at $18.6 million in the first quarter of 2025, up from $15.1 million in the same period of the prior year. This was mainly due to higher rental income from new lease start-ups, sponsorship, and parking revenue. Baseball revenue accounted for approximately 60.6% of total revenue ($28.6M / $47.2M), while mixed-use development contributed around 39.4% ($18.6M / $47.2M).

• Optimistic about the organization's continued growth and success, with a focus on excellence in all aspects. - Pennant Park acquisition is expected to be accretive immediately and contribute to future financials. - Confident in maintaining momentum for the rest of the season and long-term success due to the strong business model.

No specific risks were discussed in detail in the provided transcript.

Q: Barton Crockett inquired about the sustainability of mixed-use and baseball revenue growth over quarters or longer term.

A: Jill Robinson responded that it's hard to evaluate quarterly due to seasonality; annually, the goal is revenues growing faster than expenses, and baseball growth is tied to the real estate footprint growth. Also mentioned Pennant Park acquisition will contribute going forward.

Q: Ben Swinburne asked about the media outlook, both local and national.

A: Derek Schiller said Main Street Sports reemergence is positive, FanDuel Sports Network streaming has seen success with Braves games, and the Braves are promoting the availability of games. Terry McGuirk added local media rights are strong and aligning with MLB national rights expiration provides optionality for future growth.