BATRA - Earnings call transcript Q4 2024 | The Liberty Braves Group

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Operator

Greetings, and welcome to the Atlanta Braves Holdings Q4 and Year-End 2024 Earnings Call. [Operator Instructions]

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Cameron Rudd, Vice President, Investor Relations. Cameron, please go ahead.

Unknown Executive

like management's by forward-looking prepared we'd on everyone statements. start, call, today's remarks we to reminding begin that Before may contain

filed uncertainties and differ today. in section A the Forward-looking to of set factors with results that forth matters actual number quarterly those differ that results of anticipated, cause and those to to discussed statements Factors actual from may our the those are from reports Risk could annual cause materially address SEC. risks subject including

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

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

call like to turn the Holdings. and over Atlanta I'd Now President Terence McGuirk, CEO of to Chairman, Braves

Terence McGuirk

Good Braves Quarter Full Holdings XXXX the to and morning, Earnings Fourth Call. welcome Year and Atlanta

impressed is am about by season excited prepare, camp what in the I've have We are spent time I in where I well spring XXXX North training underway some Florida. team Port, watching and seen. our

work ready this Our and arrived season. players to for hard another camp XX, February Series on compete World Ring in

on are welcome Marlins. can't and kick agents Diego, XX night. season on off the the Braves see San With the wait March Truist was and and sure Miami him Park working in welcomed when entire the month. Jurickson outfielder, opener to baseball every for both market, business opening in to we our last on April we operations and of away, top we the are We X only We Atlanta All-Star hard Profar, lineup on off home will we take our field. He on day teams fans make the the days X XX at ready, one to

excited a up confident Austin the well our deep namely of positions Strider, top Ozzie Murphy many that our Spencer players at field. starting this and Michael last fresh feel highest Acuña, Albies talent to get and on Ronald returning, level. compete which are compete our the and way with talent in are season our following We Riley, year, and and well Harris, the to injuries roster healthy We to down being we the on remain their all win so with We October. us back Sean lineup, to are and season roster into ability back

will League Baseball to Atlanta, from the and the Major is will Truist we Braves July, selected Game the world. where baseball host This fans Battery the The Park host a showcase around we honor as All-Star for tremendous Atlanta team. be It to

experience we'll alongside here working Our fans leadership MLB the Atlanta. and possible best to in are with ensure tirelessly staff provide

out every and to the to set the We win goal: achieve Series. each year same and compete World for

both We off about and year are field. on the the excited ahead,

fans, the ballpark highest always, we work our provide world-class as you, ourselves And that to and to for standards to a experience Battery our benefit the continue hard ensure Atlanta our We fans. shareholders. partners we in The all hold and to

you results Plant, I will Derek through And will and Schiller quarter. walk the to who now from over the it turn Mike

Derek Schiller

last quarterly call. good few and Terry, since morning to I'd a like all. updates recent to Thanks, touch on our

development Street are start partnership. from position. Main Braves. of Sports an Sports bankruptcy Diamond into I new the specifics season, Group out not the any First, the important in as a excellent give we we entity, will the of an The for Group of to is look reemergence

We are they certainty for Network stability get watch with our and FanDuel fans' throughout Sports the with Braves the as territory. games outcome our pleased ability to

partnership, rights opportunities this for Network Network with to believe Sports of Braves the does part get new FanDuel and exactly games and growing fans will, to the Atlanta that. streaming acquired this our fan the been increase the time, we our has goal stream through FanDuel the As The app. base, access Sports first viewing always partnership for

and our This to air partnership multiyear announced available, regular and Baseball simulcast season in games, watch alongside fans makes allowing Country Braves this addition a Gray [indiscernible] throughout even broadcast FanDuel, games Braves on also TV. independently Gray December we FanDuel Beginning In to partnership Media. produce partnership more with XX games will with year, Network. Media Sports

Sports is experience, of represents Overall, television Media access largest top-rated the and first Gray its kind for [indiscernible] games and lead opportunities stations Network nation's fans. are games very first Gray of across excited and leadership FanDuel allow the assets this local ability the owner for a our through a we platform. digital the view new will partnerships to importantly, time. increased our Media Country that to everyone will Most Braves Braves

for XX,XXX size Turning Will's Atlanta Park Field Battery Base now will existing family to be area. day Sandlot. Left Truist will activity. Children's the Park's Children's in over square on events of Left Atlanta of open Healthcare fans new Braves foot Hope from Truist Park, game and between Field the Xx Gate. youngest Gate Park This The & the Atlanta Third space nongame and of new Plaza days The Country accessible located measure to Healthcare the the some In dedication we and our November, reaffirmed with and to updates surrounding in our

announce Truist Southeast. which top Truist of Park. Park, populated across commitment best-in-class a at here excited our for the offerings to new Outfield the are to example hall with named we is Inside Market. from our be fans another the food This experience some providing of the will

Braves discuss updates to to to call like I'd to President CEO over of Atlanta. Battery Company, The and turn Next, the Development Plant, Mike

Mike Plant

Thanks, XXXX, million a In The expansion Derek. start The to visitors to of generate saw throughout million we X.X proud average tenants. I year, continue time over Battery more of the and be Battery by average, visitors success. saying wanted helping incredibly Atlanta an visit. On The than for X.Xx, our with $XXX revenue XXX Battery minutes our of of frequented total dwell to retail per

quarter impacted at the compared by metrics concerts Braves encouraged well were prior XXXX the as year-over-year to year, of as by fewer we While X Park home games fewer Truist fourth growth. in are X the

we professional is of year-round outside Atlanta even the benefited destination The baseball nearly sports games. The Battery a have that of draws season. the Atlanta venues, Notably, visitors of Unlike attraction being flagship all Battery other regardless

visitors example as to brands for our franchises, in celebration, with Battery and its Atlanta an attract we access unique appeal to gives and we our over us The Atlanta. hosted look to Eve tenants. Year's in As to XX,XXX Atlanta, partner top footprint fans fans Battery the and continues city highlighting our New advantage The of a

The walk we full announced that Shake Battery bistro Shack be bar is and set open in former quarter, co-owned the to Battery, by [indiscernible] United This will States NFL this summer. quarterback, first the The sports coming in on to featuring

facility will XXX,XXX at floor foot Atlanta. Center, Securities our accommodate the features Ballpark as employees We're here square trading also Five new of roughly Truist and the square Battery which campus. completion a The The foot X,XXX serve coming headquarters the soon nearing to XX,XXX will for national

to We also Truist the in of Securities expect occupancy half first begin its XXXX.

financials. I'll to to that, company's discuss the Jill things turn over with And

Jill Robinson

to want remind I begin, is aligned majority I Before is to revenue that everyone of baseball the our season. seasonal and a

XXXX third did Given in game quarter, final our year-over-year in was revenue home the comparable not quarter. fourth the we have

fourth and quarterly for was $XXX.X by XXXX. down of up home in absence concerts postseason, X fourth full to and $XXX.X home the games year $XX.X of quarter held the games million $XX.X in fourth in decline full including year quarter but Total was X million and The XXXX, in from This 'XX quarter mainly the XXXX. or from compared concerts revenue XXXX million of fourth the the of driven was and million any quarter respectively.

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

XXXX, broadcasting XXXX. revenue baseball combination was $XXX.X from This revenue increase driven a was revenue in revenue. of in up and baseball, For $XXX.X event million by million

partially Baseball tickets, reduced revenue home games. on to increased to contractual at due season regular increases offset new sponsorship season by and rate contractual agreements increased revenue rate due increases. attendance Broadcast

was million development from revenue primarily driven $XX in Mixed-use XXXX, parking income in and revenue. XXXX increases and by rental $XX.X was million in up

from salaries and revenue was increase somewhat operating increased XXXX, due negative expense. up the Our adjusted larger in million a improvement $XX negative OIBDA $XX.X share offset and baseball revenue player full million quarter our as activity. $X.X year to an off-season of increased from an In million fourth costs, $X.X including player improved increase OIBDA the the quarter, in increased operations salaries This operating were fourth of baseball various adjusted trade by to XXXX. million, expenses, a in in including reduction to

loss in XXXX. the fourth quarter $XX.X to Our of to the quarter an improved operating million fourth $XX.X XXXX in of of million loss operating as compared

million primarily revenue. For increase the $XX.X improved full operating due operating XXXX, as an loss our to to compared to $XX.X XXXX, million year loss in an of in

and and cash AAA-rated cash debt million equivalents. the are instruments. equivalents and invested or XXXX, treasury funds, XX, other in rated and highly December cash money funds Nearly financial of all securities, of As market government $XXX.X our guaranteed government company securities other U.S. of corporate cash had

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

Operator

from question coming first today Ben Our Stanley. Instructions] [Operator Swinburne Morgan is from

Benjamin Swinburne

and and in the Maybe two One kind on structure I media business capital 'XX topics. wanted local maybe on of of sort rights to the other and your touch is sheet. on balance that

got So FanDuel 'XX, you've TV. an into with agreement going

the streaming first the rights being available. talked You about made time for

is one the revenue that other your trend And Maybe continues kind don't the of restructuring through Gray. 'XX? put to broadcasting does to does been lines the financially, that last I seeing? -- we've And have run or FanDuel mean in as agreement way of structure if then versus new the part that all with what wanted that know that 'XX should you for strategically, Can just this You a I growth changed impact that confirm year. this business? deal together? activity

for delever of this thoughts you probably like to I'll -- looking of trying debt maybe then business? free to think Derek. for Any and leverage? sheet cash you do up Are to level would positive? Is throw there balance my question, right the be helpful. try how over time? flow right the Are the structure about this capital you And get sort guys just to Is

Derek Schiller

Street -- we of question. very the so us of specifically, Sports we a that reengineering of feel the you on accessibility deal bankruptcy, our Obviously, as Main media in slightly. for we Yes, we're to very remain much gave I local from of Thank more fans. that Derek. relates say our reemergence the Ben, and topic the opportunity see the games a deal really like would position. creating strong reengineer media also positive. It for net And to

couple that's So different ways. a done in of

of first that is streaming by into foremost The and which deal. adding opportunities

previously that in that wasn't So deal.

of So distribution rights. have linear now we streaming traditional the coupled with those

together So all games. coupled that a those not And the accessibility remind in have and Braves to the the strongest, inside this reminder means Baseball. that League of a to if television you one of is theoretically, Major good our Country time everybody territories we of home strongest, things good see has

we're now that penetrate marketplace. So entire to able effectively

to gave over-the-air about The the reengineering with we Gray partner, which go is talked ability what deal. an Media to other us the

us deal people. gives also important it accessibility that is more further those So to of games because

of done spring training have ways. couple spring games. in tomorrow, have first and with total different broadcast We that's training So we'll a our XX Gray actually

fans. So spring as the we And that available XX lot simulcast. have more games games going into you we training will regular season, our have to doing a be then

that's games, that fans our together the to So our a to more there's our And content. our view to ultimately, business. all follow means and benefit fans of ways for

who Jill, a to of it that turn one. probably little give I'll you highlight on structure, can capital as far As bit

Jill Robinson

repeating mind structure? capital you question your would Ben, about

Benjamin Swinburne

Yes.

Your a professional company unique company with is real support team estate a assets. public as

think as cash positive to operations an think debt And less the important so right level comparables flow from CapEx the of whether kind company. of kind we of generating of priority don't have a about I for free lot cash is and about

if would like could for you share anything So the just comfortable trying and are have to sense time? a with today get the helpful. be you to less profile? financial you debt If guys see over structure Or you'd

Jill Robinson

Yes.

categories. and goal two the which are construction comfortable into the Battery. on would on tied assets debt secured debt, real our break all The is in I baseball So assets, borrowing an capacity all the goal in then The in there. side baseball invest opportunistic really where is with we estate us slightly that's And our having move debt as we team, feel our us Obviously, stadium that to associated the much is like to forward. in allows as with And the we're is side, on possible. the flexibility as liquidity to available manner different. maintain invest We to

we So yes, are. question, to where your comfortable answer we're with

Operator

Your Joyce from Seaport David question is coming Partners. next from Research

David Joyce

or I surrounding the park? it within what the development And wondering the can was do concert have you venues? I would there call was in of your fourth -- since front in that can you you quarter. the what's season do what on wondering didn't just guess you footprint what on outside mostly season the there? out have the be any park, did opportunity set I in you either the

Mike Plant

example Shake that great as that bringing Mike up come this to The said still is the remain about Shack we've that new undeveloped continue through have campus. past that, efforts, to an this is Truist Thanks opportunities. Securities, to here and campus years that And X,XXX land of Battery. a to I new available. of is earlier, some is employees brand we for our the David, we example us, many your incredible to great we And this Plant. opportunities in in opportunistic headquarters brings, question. that, said see Look, our a

demonstrated year-round look as year-round way. our impact I come years the and to look, very So opportunities we over are X we'll because use, at think that we've we've -- last we continue the of create, that the they attractive

Derek Schiller

in non-gameday We're concerts. I'll possible. many day very as to and in nongame It's going in Battery frame events. Derek. touch throughout on I'll And and be events the aggressive as The ballpark, trying in in fact, get this more to our

concerts, example. on concerts Some schedules or that for with tour particular what everything and It routing are month. that of that is has out timing just particular tour year with do in to and

from So master strong. year going But is it's be a to business in of our the randomized plan year. little projects extremely some to event day And bit that nongame overall, baseball on the the are Braves touched and also to game for about day addition purposes, helping the baseball talked we've use. with nongame important they of in or business team and fact,

of the and we're So looking things those at for outlook return the strongly on investment with about day both very events. nongame feel

Operator

Rosenblatt question Next Crockett from is Barton from Securities.

Barton Crockett

trajectory. reports rights but the a there's we'll Okay. some that process, I'm national I I which Great. local, kind environment. there's And some maybe you its obviously, press broadcasting addressed walking ESPN the have curious are in be of been of downward and in about may overpriced thoughts And thought interested for but is from that deal. MLB rights the some I kind national, the guess on still was know

if just possibility, some need that that. something And you on of think national contracts of to interesting. you it was guys how the just be you as could address think your would of wondering a I exposure Do sense thoughts those prepare to And TV you about and you for?

that's one So question.

kind a the a of trade on completely then wondering, off-season moves. different talk just of there's was been subject. lot I And about

guys been have You quiet.

very competitors your been have Some of active.

think been the of we terms of If also about worries you player quiet. what maybe guess, salaries could the, the [indiscernible] for P&L, address year? terms in of in some that I too But has should

Terence McGuirk

is This responding. Okay. Terry

really standpoint, effect is coming breakup make this It coming year. no on in comments I the nonevent. surprised from that have is scrutiny. on Obviously, that But think rights MLB on I'm Rob on economics. the outsized from strong, really next I will sets and enthusiasm market public this Braves its hear be I just is in And that is this. to for ESPN the I weeks. our that has a Atlanta think MLP observation the the getting of interest uptake the whatsoever Manfred these the going So had are interest would very know at you'll sure more and the available own

year. to remember last I same And this on the over again or -- expect salaries. -- X years, if we been, are it was question, we XX how X be have always Second baseball. that correctly, the top a in where the organization been we that we deploy salary And the in

have tax we We our or we come to balance element it X the in a strategic when we top that, the It's our this again year. That levels. years. consideration each could spend competitive isn't issues last a of crossed is as salary do how X X possible

had I to a to has Alex has situation on had championship what do he see resources needs this the different -- always do Alex to group Anthopoulos put year. always field. the no

We the that of a every have out powder. dry XXX. are tremendous are there available marketplace. monitor day, year, agents the some This still XX/X, in there free talent number We field

Just signed XX. March we as example, an Adam year, on Duvall last

And you is we who exactly this knows exactly top salary forward generalizations training so being going -- XX salary how standpoint. where will think a from organization shakes I I from But spring be. out gave of I the a

Operator

is coming Matthew the Next from from question Benchmark Harrigan Company.

Matthew Harrigan

got goldfish. they're on the who or monitoring may if so just demographics social bets goldfish, One. And equated And media sports and you've on a We've that in and to are a literally bet it have games engagement game. attention be prop apps, particular disparate insulting of betting as span viewing then people certainly, NBA seen linear higher younger some necessarily in hasn't remarkable to the spikes for as Formula maybe

monetizable whatever, old-school Is in model. MLB kind addressing behavioral conveys go you the or it of about in necessarily How it this just or isn't on NBA an interest the of do So but part change fans? a lot a of that?

secondly, call time have on as doing would about you of what you're a contribute the side following. sport be then And Braves to any the on the there. international know well that the big last clearly And that I asked But to thoughts the welcome. I on popularity international

Derek Schiller

those. happy It's Derek. be answer Matthew. to I'll Thanks,

which to of try territory. of on our really consumption and So the is what bit of sort want whole, I one relative pro-sports. we media rights the maximum front all I'll possible, the media before to to said we a our as of reiterate content approach, a little social again, territories have And create of extent throughout available to our accessibility the largest in local

So our large. opportunity is quite

I you're seeing trying is media So It's them to accessibility the give maximum local the the what to to exactly really think of wherever to you're our are a they relationship find what in to. our and part approach alluding games. fans

a Specific our we is sports say where of to lot our media, social are. they Like rather professional would fans I robust. teams, approach meet

whether And content so in fans we're towards. or our whatever Instagram that's generating are, Facebook that's or what

that's used in fact, YouTube that. as content on launching have some for have, YouTube examples We and

that going that ways be there's reach lot lot wide out a media occurring So to things we a there's spectrum across of and of landscape, disruption that. to on and fans are of a the

somewhat the United wherever actually in they social that fans from again topic, As international is all world. to it relates media, this the States, the development, the particular are. they're we case of And and to try extent our get possible, to across to to relates coming

of, little were a we extremely emerged large is fan frankly, quite base TBS from places. a I us international when has back superstation. this think as that different on all followings way have coming the And continuation are those of bit how We a to

where could as that. the that's the years -- you of we all globe benefits the enjoy early find country of a result on us and So across the

there's then are significant a this is everybody example, this far as just the remind probably we're that international time year. on. baseball. with on Baseball And there's things going lot hosting is a as but call, Classic The the And All-Star approach Game to development baseball a good goes, of World one

Atlanta baseball XX. the of eyes will and all world, world is this sports July Truist be so come descending the Park upon And

is do what result. showcase we fans garner do as more perfect this a how So of all opportunity and a to we and it, hopefully

Matthew Harrigan

consumer following period a particular advertising like if lag betting persistent. someone's who in Because is direct free-rider people time? of the that just aren't there's just that's be players more there on But a some watching engagement? TV feels Can monetizing broadcast a get effect it games, that you on for to over

Derek Schiller

to Yes. game. X.X I look. -- and going X-hour down not is There's a hour mean, watch or everybody sit

is addition So do, extent them media that short giving content at that team to really of has players shape developing good directly we the we a need job been nature to the something tools we've our in that possible, doing. form Baseball social opportunities to what done level. do in help

to I following become follow think basis. to a social on content ultimately those team emerge long-form continue develop. things will hopefully, in the of us will might form, a be possible bigger and is when and short fan And our So a somebody extent that setting they media the

Matthew Harrigan

I a great have hope season. you

Operator

end session. like the to further comments. the over reached closing I'd any question-and-answer floor for to We Derek turn our of back

Derek Schiller

just want us everybody to I for today. joining thank

ahead we lot a that us. reminder As have of a

call. of as season, look Game to for when April And comes I X All-Star our home We to you Atlanta. you, joining XX the XX, for seeing forward next you we're mentioned, the days I first and course, of March from the everybody, opener hearing we to time. to think July XX opening the XX, days season. our have Thank

Operator

does That webcast. today's conclude teleconference and you. Thank

You you at wonderful have We may day. line time, a for disconnect and today. thank your your participation this

The Liberty Braves Group (BATRA) 26 Feb 252024 Q4 Earnings call transcript