Executive Summary

Q4 is a seasonal trough: total revenue fell 23% year over year to $52.1M as there were zero home games and no concerts versus three home games (incl. postseason) and two concerts in Q4’23; adjusted OIBDA improved materially to $(3.8)M from $(13.0)M on lower off‑season baseball operating costs .
Full‑year 2024 revenue rose 3% to $662.7M, with baseball +2% to $595.4M and mixed‑use +14% to $67.3M; mixed‑use adjusted OIBDA grew 15% to $45.4M, supporting the “venue + real estate” thesis .
Media distribution broadened: FanDuel Sports Network obtained streaming rights for 2025 and Gray Media will simulcast 15 regular‑season games and produce 10 spring training games, expanding reach across one of MLB’s largest TV territories .
Balance sheet exited Q4 with $110.1M cash and total debt (GAAP) of $617.1M; Q4 cash rose $9M and debt fell $23M versus Q3 on revolver paydown, partially offset by mixed‑use borrowings for capex .
Street consensus (S&P Global) for Q4’24 EPS/revenue was not retrievable due to data limit; therefore, beat/miss vs estimates cannot be assessed this quarter (S&P Global consensus unavailable).

What Went Well and What Went Wrong

What Went Well
- Mixed‑use strength: Q4 mixed‑use revenue +21% YoY to $17.9M; FY mixed‑use adjusted OIBDA +15% to $45.4M, reflecting tenant recoveries, higher parking, and lease commencements .
- Operating leverage in off‑season: Q4 adjusted OIBDA improved to $(3.8)M from $(13.0)M as baseball operating costs and SG&A declined versus prior year’s off‑season period .
- Distribution tailwinds: “For the first time...stream games through the FanDuel Sports Network app,” and Gray Media will “simulcast 15 regular season games,” expanding accessibility across Braves Country (Derek Schiller) .
What Went Wrong
- Seasonal revenue compression: With zero home games in Q4’24 (vs three in Q4’23) and no concerts, total revenue decreased 23% YoY to $52.1M; baseball event revenue fell 83% YoY in Q4 .
- Retail and licensing softness: Q4 baseball retail/licensing revenue declined 8% YoY; FY retail/licensing also decreased on lower attendance and apparel demand .
- Profitability still negative: Q4 diluted EPS was $(0.31) vs $(0.52) in Q4’23; FY diluted EPS $(0.50) reflecting higher baseball costs (player salaries, revenue sharing, minor league expenses) despite revenue growth .

Financial Results

Quarterly performance trend (seasonality shown across the 2024 season)

Metric	Q2 2024	Q3 2024	Q4 2024
Total Revenue ($M)	$282.876	$290.674	$52.118
Baseball Revenue ($M)	$266.001	$273.262	$34.197
Mixed‑Use Revenue ($M)	$16.875	$17.412	$17.921
Adjusted OIBDA ($M)	$45.750	$31.445	$(3.758)
Operating Income (Loss) ($M)	$24.936	$6.402	$(18.648)
Diluted EPS ($)	$0.46	$0.16	$(0.31)

Quarterly YoY comparison (Q4 focus)

Metric	Q4 2023	Q4 2024
Total Revenue ($M)	$67.748	$52.118
Baseball Revenue ($M)	$52.909	$34.197
Mixed‑Use Revenue ($M)	$14.839	$17.921
Adjusted OIBDA ($M)	$(13.033)	$(3.758)
Operating Income (Loss) ($M)	$(32.366)	$(18.648)
Diluted EPS ($)	$(0.52)	$(0.31)
Home Games in Period (reg/post)	1 / 2	0 / 0

Q4 segment and revenue source breakdown

Baseball Revenue Detail ($M)	Q4 2023	Q4 2024
Baseball Event	$15.205	$2.607
Broadcasting	$22.158	$22.051
Retail & Licensing	$6.507	$5.965
Other	$9.039	$3.574
Total Baseball Revenue	$52.909	$34.197
Mixed‑Use Development	$14.839	$17.921
Total Revenue	$67.748	$52.118

Full‑year summary

Metric	FY 2023	FY 2024
Total Revenue ($M)	$640.667	$662.748
Baseball Revenue ($M)	$581.671	$595.430
Mixed‑Use Revenue ($M)	$58.996	$67.318
Adjusted OIBDA ($M)	$37.761	$39.683
Baseball Adjusted OIBDA ($M)	$20.661	$6.625
Mixed‑Use Adjusted OIBDA ($M)	$39.499	$45.448
Operating Income (Loss) ($M)	$(46.440)	$(39.665)

KPIs and activity indicators

KPI	FY 2024	Notes
Battery Atlanta Visitors (Millions)	8.7	Year‑round destination with strong dwell time; tenant retail revenue >$130M for tenants in 2024
Avg Dwell Time (Minutes)	165
Tenant Retail Revenue (for tenants)	>$130M
Home Games (Full Year)	81 (vs 83 in 2023)

Balance sheet and liquidity (quarter‑end)

Metric	Sep 30, 2024	Dec 31, 2024
Cash & Equivalents ($M)	$100.852	$110.144
Total Debt (GAAP) ($M)	$640.099	$617.120

Non‑GAAP note: Adjusted OIBDA = Operating income (loss) + D&A + stock‑based compensation + certain unusual items; reconciliations provided by the company .

Guidance Changes

No formal numeric financial guidance (revenue, margins, opex, tax, EPS, or segment targets) was issued in the 8‑K press release or on the earnings call for Q4 2024; management focused commentary on distribution reach, Ballpark/Battery enhancements, and event programming .

Metric	Period	Previous Guidance	Current Guidance	Change
Financial guidance (revenue, OIBDA, EPS, etc.)	FY 2025	N/A	None provided	N/A
Distribution reach/visibility	2025 season	N/A	Streaming via FanDuel Sports Network app; 15 OTA simulcasts via Gray Media	Expanded reach
Events/All‑Star hosting	2025	N/A	Hosting MLB All‑Star Game July 15 in Atlanta	Visibility catalyst

Earnings Call Themes & Trends

Topic	Previous Mentions (Q2 2024)	Previous Mentions (Q3 2024)	Current Period (Q4 2024)	Trend
Local media rights and distribution	Focus on fan experience/upgrades ahead of 2025; no detailed rights updates in Q2 PR	Monitoring Diamond Sports bankruptcy; studying options; very large TV territory	Reengineered local deal: added streaming via FanDuel Sports Network app; Gray Media to simulcast 15 games, 10 spring games	Improving access/optionality
Fan experience and ballpark upgrades	Announced new/expanded seating options at Truist Park for 2025	Master plan projects; #1 MLB fan experience survey result; 20k season‑ticket waitlist	New “Outfield Market” food hall; CHOA Park family space; continued enhancements	Continued investment
Mixed‑use (The Battery Atlanta)	Steady growth; parking and rental income tailwinds	Live‑work‑play anchor; non‑gameday events expansion discussed	8.7M visitors in 2024; >$130M tenant retail revenue; new tenants (Shake Shack; Walk‑On’s); Truist Securities HQ in H1’25	Strengthening KPI base
Non‑gameday events/concerts	Not emphasized in Q2 PR	Aggressive pursuit of concerts/special events; tour routing variability	“Very aggressive” on nongame events at ballpark/Battery in 2025	Pipeline building
National media rights	Not discussed	Cautious watch; upside if rights return; large territory	ESPN/MLB chatter viewed as “nonevent” for Braves economics near term (McGuirk)	Neutral
Capital structure/liquidity	Not discussed	—	Comfortable with real estate debt; maintain baseball liquidity via borrowing capacity	Stable

Management Commentary

“For the first time, [fans] will...stream games through the FanDuel Sports Network app… The goal has always been to increase the viewing opportunities for our growing fan base.” — Derek Schiller .
“We continue to be incredibly proud of The Battery Atlanta… 8.7 million visitors [in 2024]… >$130 million of retail revenue for our tenants.” — Mike Plant .
“Our operating loss improved… primarily due to an increase in revenue… adjusted OIBDA increased to $39.7 million in 2024.” — Jill Robinson .
“The ESPN‑MLB breakup is… a nonevent [for us]. It will have no effect… on our economics.” — Terence McGuirk .
“We’re going to be very aggressive in trying to get as many non‑gameday events in our ballpark… and throughout The Battery as possible.” — Derek Schiller .

Q&A Highlights

Local media rights economics: Reengineered local deal adds streaming (FanDuel app) and OTA simulcasts (Gray), broadening reach across a very large territory; management characterizes Main Street Sports Group’s emergence as net positive .
Capital structure: Comfortable with secured mixed‑use (real estate) debt; on the baseball side, priority is liquidity and borrowing capacity to invest opportunistically in team and stadium .
Non‑gameday events and development: Aggressive pursuit of concerts/special events; some undeveloped land remains at The Battery; Truist Securities HQ opening in H1’25 .
National rights: ESPN/MLB headlines viewed as non‑impact for Braves; confidence in broader market interest for upcoming rights packages (McGuirk) .
Fan engagement/social: Strategy to meet fans where they are with short‑form and platform‑specific content; international interest persists, with All‑Star Game as a showcase moment .

Estimates Context

S&P Global (Capital IQ) consensus for Q4’24 EPS and revenue could not be retrieved at this time due to API/daily limit constraints; therefore, we cannot provide beat/miss analysis vs Street estimates this quarter (S&P Global consensus unavailable).
Historical pattern suggests wide seasonal variability; investors should re‑anchor models on full‑year cadence (Q2–Q3 heavy) and the impact of expanded distribution and non‑gameday events on FY25 trajectory .

Key Takeaways for Investors

Distribution expansion is the 2025 narrative: first‑time streaming rights plus OTA simulcasts should improve accessibility and potentially drive sponsorship, engagement, and long‑run monetization without near‑term economic downside flagged by management .
Mixed‑use flywheel remains durable: revenue +14% in 2024 and adjusted OIBDA +15% underscore resilient year‑round economics and provide ballast against baseball seasonality .
Seasonality and events matter: Q4 softness was calendar‑driven (no home games/concerts); management intends to “be very aggressive” on non‑gameday events to mitigate seasonality in 2025 .
Cost discipline in off‑season: Q4 adjusted OIBDA improved despite revenue decline, reflecting controllable off‑season baseball costs; watch FY25 player payroll/revenue sharing trajectory .
Liquidity and capex: $110.1M cash and reduced debt (GAAP) to $617.1M into year‑end; mixed‑use borrowings fund development while maintaining baseball liquidity for opportunistic spend .
2025 catalysts: All‑Star Game in July and expanded distribution could lift sponsorship, ticketing, and content engagement; near‑term catalysts are execution on streaming/OTA reach and event calendar .
Next steps: Reconcile model once S&P Global consensus is available; focus on FY cadence (Q2–Q3), distribution monetization, Battery tenant momentum, and non‑gameday event mix .

Additional References (Q2 and Q3 for trend context)

Q3 2024 PR: Revenue $290.7M (+7% YoY), baseball revenue $273.3M (+7%), mixed‑use $17.4M (+12%); adjusted OIBDA $31.4M; 41 home games (vs 37) .
Q2 2024 PR: Revenue $282.9M (+5% YoY), baseball $266.0M (+4%), mixed‑use $16.9M (+11%); adjusted OIBDA $45.8M; ballpark seating enhancements announced for 2025 .

Atlanta Braves Holdings, Inc. (BATRA)·Q4 2024 Earnings Summary