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Atlanta Braves (BATRK) - 2024 Q3 - Quarterly Results
BATRKAtlanta Braves (BATRK)2024-11-07 01:34

Revenue Performance - Total revenue for Q3 2024 reached 291million,a7291 million, a 7% increase from 272 million in Q3 2023[1] - Baseball revenue increased by 7% to 273million,whilemixed−usedevelopmentrevenuegrewby12273 million, while mixed-use development revenue grew by 12% to 17 million[1][3] - Total revenue for the three months ended September 30, 2024, was 290,674,anincreaseof6.3290,674, an increase of 6.3% compared to 271,824 for the same period in 2023[24] - Baseball revenue for the nine months ended September 30, 2024, reached 561,233,up6.1561,233, up 6.1% from 528,762 in the prior year[24] Operating Income and Expenses - Adjusted OIBDA for Q3 2024 was 31.4million,adecreaseof2231.4 million, a decrease of 22% compared to 40.3 million in Q3 2023[3][7] - Operating income for Q3 2024 was 6.4million,down596.4 million, down 59% from 15.7 million in Q3 2023[3][7] - Baseball operating costs rose by 14% to 226million,primarilyduetohigherplayersalariesandincreasedexpenses[3][7]−OperatingincomeforthethreemonthsendedSeptember30,2024,was226 million, primarily due to higher player salaries and increased expenses[3][7] - Operating income for the three months ended September 30, 2024, was 6,402, down from 15,716inthesameperiodof2023[24]CashFlowandDebt−Cashdecreasedby15,716 in the same period of 2023[24] Cash Flow and Debt - Cash decreased by 20 million in Q3 2024, while debt increased by 40millionduetoborrowingsforworkingcapital[17]−Cashandcashequivalentsdecreasedto40 million due to borrowings for working capital[17] - Cash and cash equivalents decreased to 100,852 as of September 30, 2024, from 125,148asofDecember31,2023[19]−Thecompanyreportedanetcashusedinoperatingactivitiesof125,148 as of December 31, 2023[19] - The company reported a net cash used in operating activities of 12,272 for the nine months ended September 30, 2024, compared to 21,306intheprioryear[26]−Long−termdebtdecreasedto21,306 in the prior year[26] - Long-term debt decreased to 502,473 as of September 30, 2024, from 527,116attheendof2023[22]AssetsandLiabilities−Totalcurrentassetsincreasedto527,116 at the end of 2023[22] Assets and Liabilities - Total current assets increased to 224,138 as of September 30, 2024, compared to 218,019asofDecember31,2023[19]−Totalliabilitiesroseto218,019 as of December 31, 2023[19] - Total liabilities rose to 1,014,780 as of September 30, 2024, compared to 963,688attheendof2023,reflectinganincreaseof5.3963,688 at the end of 2023, reflecting an increase of 5.3%[22] - Total assets increased to 1,557,247 as of September 30, 2024, compared to $1,504,330 at the end of 2023[20] Performance Highlights - The number of tickets sold exceeded three million for the third consecutive year[2] - The team made its 7th consecutive postseason appearance, indicating strong performance[2] - Mixed-use development revenue increased primarily due to higher parking revenue and increased rental income[6]