ENGLEWOOD, COLORADO — (BUSINESS WIRE)Atlanta Braves Holdings, Inc. (“ABH”) (Nasdaq: BATRA, BATRK) today announced its first-quarter 2024 results.
Headlines include:
Total revenue increased by 20% to $37 million in the first quarter.
Baseball income increased 25% to $22 million.
Mixed-use development revenue increased 13% to $15 million.
Mixed-use development generated $10 million of Adjusted OIBDA(1) in the first quarter.
Completed major capital enhancement initiatives in advance of the 2024 season, including new venues such as Lexus Premium Boxes, Blue Moon Beer Garden, Jim Beam Bourbon Decks, and an expanded retail store.
Unless otherwise specified, the following discussion compares financial data from the three months ending March 31, 2024 to the same period in 2023.
Baseball revenue is generated annually from two main sources: (i) baseball event revenue (ticket sales, concessions, advertising sponsorships, suites, and premium seat fees) and (ii) broadcasting revenue (national and local broadcast rights). Mixed-use development revenue is derived by the Battery Atlanta mixed-use facilities, which largely involve rental income.
The following table breaks down revenue by segment and source:
There were no regular-season home games in the first quarter of 2024 or the previous year.
Baseball revenue increased by 25% in the first quarter, owing to increased broadcasting revenue from more regular season games played due to the timing of the regular season’s start this year, as well as higher other revenue from increased ticket demand and attendance at spring training home games. Mixed-use development revenue increased 13% in the first quarter, owing to increases in rental income from tenant recoveries and various new lease agreements, as well as greater parking revenue.
