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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D. C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                to                

Commission File Number 001-41746

ATLANTA BRAVES HOLDINGS, INC.

(Exact name of Registrant as specified in its charter)

Nevada

92-1284827

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

12300 Liberty Boulevard
Englewood, Colorado

80112

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (720875-5500

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Series A common stock

BATRA

The Nasdaq Stock Market LLC

Series C common stock

BATRK

The Nasdaq Stock Market LLC

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes     No 

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer 

Accelerated Filer 

Non-accelerated Filer 

Smaller Reporting Company 

Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the Registrant is a shell company as defined in Rule 12b-2 of the Exchange Act. Yes     No 

The number of outstanding shares of Atlanta Braves Holdings, Inc. common stock as of October 31, 2023 was:

Series A

Series B

Series C

Atlanta Braves Holdings, Inc. common stock

10,318,202

977,795

50,427,832

Table of Contents

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

ATLANTA BRAVES HOLDINGS, INC. Condensed Consolidated Balance Sheets (unaudited)

I-3

ATLANTA BRAVES HOLDINGS, INC. Condensed Consolidated Statements of Operations (unaudited)

I-5

ATLANTA BRAVES HOLDINGS, INC. Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-6

ATLANTA BRAVES HOLDINGS, INC. Condensed Consolidated Statements of Cash Flows (unaudited)

I-7

ATLANTA BRAVES HOLDINGS, INC. Condensed Consolidated Statements of Equity (unaudited)

I-9

ATLANTA BRAVES HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements (unaudited)

I-11

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

I-26

Item 3. Quantitative and Qualitative Disclosures about Market Risk

I-33

Item 4. Controls and Procedures

I-34

Part II — Other Information

Item 1. Legal Proceedings

II-1

Item 1A. Risk Factors

II-1

Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities

II-1

Item 5. Other Information

II-1

Item 6. Exhibits

II-2

SIGNATURES

II-3

I-2

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(unaudited)

    

September 30, 

    

December 31, 

 

    

2023

    

2022

 

amounts in thousands

 

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

106,715

 

150,664

Restricted cash

 

19,814

 

22,149

Accounts receivable and contract assets, net of allowance for credit losses

 

99,095

 

70,234

Other current assets

 

18,224

 

24,331

Total current assets

 

243,848

 

267,378

Property and equipment, at cost (note 3)

 

1,061,776

 

1,007,776

Accumulated depreciation

 

(312,286)

 

(277,979)

 

749,490

 

729,797

Investments in affiliates, accounted for using the equity method (note 4)

 

105,614

 

94,564

Intangible assets not subject to amortization:

 

  

 

  

Goodwill

 

175,764

 

175,764

Franchise rights

 

123,703

 

123,703

 

299,467

 

299,467

Other assets, net

 

120,420

 

99,455

Total assets

$

1,518,839

 

1,490,661

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets (continued)

(unaudited)

    

September 30, 

    

December 31, 

 

    

2023

    

2022

 

amounts in thousands

 

except share amounts

Liabilities and Equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable and accrued liabilities

$

68,339

 

54,748

Deferred revenue and refundable tickets

 

106,120

 

104,996

Current portion of debt (note 5)

 

7,786

 

74,806

Other current liabilities

 

7,056

 

6,361

Total current liabilities

 

189,301

 

240,911

Long-term debt (note 5)

 

547,485

 

467,160

Redeemable intergroup interests

278,103

Finance lease liabilities

 

106,751

 

107,220

Deferred income tax liabilities

 

56,682

 

54,099

Pension liability

 

10,712

 

15,405

Other noncurrent liabilities

 

32,257

 

28,253

Total liabilities

 

943,188

 

1,191,151

Equity:

 

  

 

  

Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 30, 2023 and December 31, 2022

Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,202 and zero at September 30, 2023 and December 31, 2022, respectively

103

Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,795 and zero at September 30, 2023 and December 31, 2022, respectively

10

Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,427,249 and zero at September 30, 2023 and December 31, 2022, respectively

504

Additional paid-in capital

1,088,517

Former parent’s investment

 

 

732,350

Accumulated other comprehensive earnings (loss), net of taxes

 

(3,510)

 

(3,758)

Retained earnings (deficit)

 

(522,018)

 

(429,082)

Total stockholders' equity/former parent's investment

 

563,606

 

299,510

Noncontrolling interests in equity of subsidiaries

12,045

Total equity

575,651

299,510

Commitments and contingencies (note 7)

 

 

Total liabilities and equity

$

1,518,839

 

1,490,661

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

Nine months ended

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

amounts in thousands, except per share amounts

Revenue:

 

  

 

  

  

 

  

Baseball revenue

$

256,266

 

231,279

$

528,762

 

478,037

Mixed-Use Development revenue

 

15,558

 

14,168

 

44,157

 

39,265

Total revenue

 

271,824

 

245,447

 

572,919

 

517,302

Operating costs and expenses:

 

  

 

  

 

  

 

  

Baseball operating costs

 

198,195

 

194,216

 

430,424

 

390,027

Mixed-Use Development costs

 

2,247

 

2,089

 

6,451

 

6,399

Selling, general and administrative, including stock-based compensation

34,346

27,688

94,339

82,707

Impairment of long-lived assets and other related costs

34

4,811

564

4,811

Depreciation and amortization

 

21,286

 

21,335

 

55,215

 

56,729

 

256,108

 

250,139

 

586,993

 

540,673

Operating income (loss)

 

15,716

 

(4,692)

 

(14,074)

 

(23,371)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(9,657)

 

(7,999)

 

(28,017)

 

(20,528)

Share of earnings (losses) of affiliates, net (note 4)

 

12,725

 

9,975

 

23,384

 

22,118

Realized and unrealized gains (losses) on intergroup interests, net

(20,392)

(30,940)

(83,178)

5,163

Realized and unrealized gains (losses) on financial instruments, net

 

2,593

 

5,778

 

5,672

 

12,238

Gains (losses) on dispositions, net (note 1)

15

68

2,518

20,283

Other, net

 

1,209

 

161

 

2,863

 

329

Earnings (loss) before income taxes

 

2,209

 

(27,649)

 

(90,832)

 

16,232

Income tax benefit (expense)

 

(8,256)

 

(2,248)

 

(2,104)

 

(5,465)

Net earnings (loss)

$

(6,047)

 

(29,897)

$

(92,936)

 

10,767

Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)

$

(0.10)

 

(0.48)

$

(1.51)

 

0.17

Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)

$

(0.10)

 

(0.48)

$

(1.51)

 

0.17

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Nine months ended

    

September 30, 

September 30, 

    

2023

    

2022

    

2023

    

2022

amounts in thousands

Net earnings (loss)

$

(6,047)

 

(29,897)

$

(92,936)

 

10,767

Other comprehensive earnings (loss), net of tax:

 

  

 

  

 

  

 

  

Unrealized holdings gains (losses) arising during the period

(137)

1

(327)

(1)

Share of other comprehensive earnings (loss) of affiliates

 

683

 

 

575

 

Other comprehensive earnings (loss), net of tax

 

546

 

1

 

248

 

(1)

Comprehensive earnings (loss)

$

(5,501)

 

(29,896)

$

(92,688)

 

10,766

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)

    

Nine months ended

September 30, 

    

2023

    

2022

amounts in thousands

Cash flows from operating activities:

 

  

 

  

Net earnings (loss)

$

(92,936)

 

10,767

Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:

 

  

 

  

Depreciation and amortization

 

55,215

 

56,729

Stock-based compensation

 

9,653

 

9,188

Impairment of long-lived assets

4,811

Share of (earnings) losses of affiliates, net

 

(23,384)

 

(22,118)

Realized and unrealized (gains) losses on intergroup interests, net

83,178

(5,163)

Realized and unrealized (gains) losses on financial instruments, net

 

(5,672)

 

(12,238)

(Gains) losses on dispositions, net

(2,518)

(20,283)

Deferred income tax expense (benefit)

 

(6,086)

 

(2,111)

Cash receipts from returns on equity method investments

12,350

14,850

Other charges (credits), net

 

4,856

 

2,041

Net change in operating assets and liabilities:

 

  

 

  

Current and other assets

 

(67,475)

 

(22,628)

Payables and other liabilities

 

11,513

 

5,543

Net cash provided by (used in) operating activities

 

(21,306)

 

19,388

Cash flows from investing activities:

 

  

 

  

Capital expended for property and equipment

 

(45,313)

 

(13,174)

Cash proceeds from dispositions

47,840

Investments in equity method affiliates and equity securities

(125)

(5,273)

Other investing activities, net

110

Net cash provided by (used in) investing activities

 

(45,328)

 

29,393

Cash flows from financing activities:

 

  

 

  

Borrowings of debt

 

52,248

 

134,753

Repayments of debt

 

(38,997)

 

(235,368)

Payments to settle intergroup interests

(13,828)

Contribution from noncontrolling interest

12,045

Other financing activities, net

 

(4,946)

 

(5,135)

Net cash provided by (used in) financing activities

 

20,350

 

(119,578)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

(46,284)

 

(70,797)

Cash, cash equivalents and restricted cash at beginning of period

 

172,813

 

244,113

Cash, cash equivalents and restricted cash at end of period

$

126,529

 

173,316

Supplemental disclosure to the condensed consolidated statements of cash flows:

 

  

 

  

Property and equipment expenditures incurred but not yet paid

$

20,540

 

6,250

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Table of Contents

The following table reconciles cash and cash equivalents and restricted cash reported in our condensed consolidated balance sheets to the total amount presented in our condensed consolidated statements of cash flows:

September 30, 

December 31, 

2023

2022

Cash and cash equivalents

    

$

106,715

    

150,664

Restricted cash

 

19,814

 

22,149

Total cash, cash equivalents and restricted cash at end of period

$

126,529

 

172,813

See accompanying notes to condensed consolidated financial statements.

I-8

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity

(unaudited)

    

Accumulated

    

    

other

Noncontrolling

Former

Additional

comprehensive

Retained

interests

Preferred

Common Stock

parent's

paid-in

earnings

earnings

in equity of

Total

    

Stock

  

Series A

  

Series B

  

Series C

  

investment

  

capital

  

(loss)

  

(deficit)

  

subsidiaries

  

equity

amounts in thousands

Balance at January 1, 2023

$

732,350

(3,758)

(429,082)

 

299,510

Net earnings (loss)

 

(92,936)

 

(92,936)

Other comprehensive earnings (loss)

248

 

248

Stock-based compensation

 

6,294

3,309

 

9,603

Change in capitalization in connection with Atlanta Braves Holdings Split-Off

103

10

418

(724,115)

723,584

Tax sharing adjustment with Former parent

(7,354)

(7,354)

Contribution from noncontrolling interest

12,045

12,045

Settlement of intergroup interest

86

361,195

361,281

Other

(7,175)

429

 

(6,746)

Balance at September 30, 2023

$

103

10

504

1,088,517

(3,510)

(522,018)

 

12,045

575,651

Accumulated

other

Noncontrolling

 

Former

Additional

comprehensive

Retained

interests

 

Preferred

Common Stock

parent's

paid-in

earnings

earnings

in equity of

Total

 

    

Stock

  

Series A

  

Series B

  

Series C

  

investment

  

capital

  

(loss)

  

(deficit)

  

subsidiaries

  

equity

 

amounts in thousands

 

Balance at June 30, 2023

$

 

730,620

(4,056)

(515,971)

 

11,289

221,882

Net earnings (loss)

(6,047)

(6,047)

Other comprehensive earnings (loss)

 

546

546

Stock-based compensation

3,309

3,309

Change in capitalization in connection with Atlanta Braves Holdings Split-Off

103

10

418

(724,115)

723,584

Contribution from noncontrolling interest

756

756

Settlement of intergroup interest

86

361,195

361,281

Other

(6,505)

429

(6,076)

Balance at September 30, 2023

$

 

103

10

504

1,088,517

(3,510)

(522,018)

 

12,045

575,651

See accompanying notes to condensed consolidated financial statements

I-9

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity (continued)

(unaudited)

    

    

    

    

Accumulated

    

other

Former

Retained

comprehensive

parent's

earnings

earnings

Total

    

investment

    

(deficit)

    

(loss)

    

equity

amounts in thousands

Balance at January 1, 2022

$

720,023

 

(394,891)

 

(18,909)

 

306,223

Net earnings (loss)

 

10,767

 

 

10,767

Other comprehensive earnings (loss)

(1)

(1)

Stock-based compensation

 

9,188

 

 

 

9,188

Other

169

(18)

151

Balance at September 30, 2022

$

729,380

 

(384,142)

 

(18,910)

 

326,328

    

    

    

    

Accumulated

    

other

Former

Retained

comprehensive

parent's

earnings

earnings

Total

    

investment

    

(deficit)

    

(loss)

    

equity

amounts in thousands

Balance at June 30, 2022

$

726,300

 

(354,245)

 

(18,911)

 

353,144

Net earnings (loss)

(29,897)

 

(29,897)

Other comprehensive earnings (loss)

1

1

Stock-based compensation

 

3,062

 

3,062

Other

18

18

Balance at September 30, 2022

$

729,380

 

(384,142)

 

(18,910)

 

326,328

See accompanying notes to condensed consolidated financial statements.

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements

(unaudited)

(1)Basis of Presentation

During November 2022, the board of directors of Liberty Media Corporation (“Liberty” or “Former parent”) authorized Liberty management to pursue a plan to redeem each outstanding share of its Liberty Braves common stock in exchange for one share of the corresponding series of common stock of a newly formed entity, Atlanta Braves Holdings, Inc. (the “Split-Off”). The Split-Off was completed on July 18, 2023 and was intended to be tax-free to holders of Liberty Braves common stock. Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings” or the “Company”) is comprised of the businesses, assets and liabilities previously attributed to the Liberty Braves Group (“Braves Group”), which, as of September 30, 2023, included Atlanta Braves Holdings’ wholly-owned subsidiary Braves Holdings, LLC (“Braves Holdings”) and corporate cash.

The accompanying condensed consolidated financial statements represent the combination of the historical financial information of the Braves Group until the date of the Split-Off. Although Atlanta Braves Holdings was reported as a combined company until the date of the Split-Off, all periods reported herein are referred to as consolidated. These financial statements refer to the consolidation of Braves Holdings, cash and intergroup interests in the Braves Group (prior to settlement/extinguishment) as "Atlanta Braves Holdings," "the Company," "us," "we" and "our" in the notes to the condensed consolidated financial statements. The Split-Off is accounted for at historical cost due to the pro rata nature of the distribution to holders of Liberty Braves common stock. All significant intercompany accounts and transactions have been eliminated in the condensed consolidated financial statements.

The accompanying (a) condensed consolidated balance sheet as of December 31, 2022, which has been derived from audited financial statements, and (b) the interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP") for interim financial information and Article 10 of Regulation S-X as promulgated by the Securities and Exchange Commission. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the results for such periods have been included. The results of operations for any interim period are not necessarily indicative of results for the full year. Additionally, certain prior period amounts have been reclassified for comparability with current period presentation. These condensed consolidated financial statements should be read in conjunction with the combined financial statements and notes thereto for the year ended December 31, 2022 as presented in Amendment No. 5 to the Registration Statement on Form S-4 (File No. 333-268922) filed on June 8, 2023.

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company considers (i) fair value measurements of non-financial instruments and (ii) accounting for income taxes to be its most significant estimates.

Description of Business

Braves Holdings indirectly owns the Atlanta Braves Major League Baseball Club (“ANLBC,” the “Atlanta Braves,” the “Braves,” the “club,” or the “team”). In addition, Braves Holdings indirectly owned and operated three Professional Development League clubs (the Gwinnett Stripers, Mississippi Braves and Rome Braves) until they were sold in January 2022. ANLBC’s ballpark (“Truist Park” or the “Stadium”), is located in Cobb County, a suburb of Atlanta, and is leased from Cobb County, Cobb-Marietta Coliseum and Exhibit Hall Authority. Braves Holdings, through affiliated entities and third party development partners, has developed a significant portion of the land around Truist Park for a mixed-use development that features retail, office, hotel and entertainment opportunities (the “Mixed-Use Development”).

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

The Braves and 29 other Major League baseball clubs are collectively referred to as the Clubs. The Office of the Commissioner of Baseball (the “BOC”) is an unincorporated association also doing business as Major League Baseball (“MLB”) and has as its members the Clubs. The Clubs are bound by the terms and provisions of the Major League Constitution and all rules and regulations promulgated thereunder as well as a series of other agreements and arrangements that govern the operation and management of a Club, which among other things, require each Club to comply with limitations on the amount of debt a Club can incur, revenue sharing arrangements with the other Clubs, commercial arrangements with regard to the national broadcasting of its games and other programming and commercial arrangements relating to the use of its intellectual property.

In January 2022, Braves Holdings sold the three Professional Development League clubs to a third party and recognized a gain of approximately $20.3 million, which was allocated entirely to the baseball reportable segment. Each of the three clubs remain affiliated with Braves Holdings via player development license agreements with MLB Professional Development Leagues, LLC. Additionally, Braves Holdings granted an exclusive, royalty free, sub-licensable, and irrevocable license to use various tradenames and logos. The license fee is included within the total purchase price of approximately $49.4 million.

Split-Off of Atlanta Braves Holdings from Liberty

Prior to the Split-Off, a portion of Liberty’s general and administrative expenses, including legal, tax, accounting, treasury and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $4.5 million during 2023 prior to the Split-Off and paid $3.5 million and $6.0 million during the three and nine months ended September 30, 2022, respectively, for such expenses.

Prior to the Split-Off, the Liberty Formula One Group (the “Formula One Group”) and the Liberty SiriusXM Group held intergroup interests in the Braves Group. The intergroup interests represented quasi-equity interests which were not represented by outstanding shares of common stock; rather, the Formula One Group and Liberty SiriusXM Group had attributed interests in the Braves Group, which were generally stated in terms of a number of shares of Liberty Braves common stock. As of December 31, 2022, 6,792,903 notional shares represented an 11.0% intergroup interest in the Braves Group held by the Formula One Group and 1,811,066 notional shares represented a 2.9% intergroup interest in the Braves Group held by the Liberty SiriusXM Group. Historically, Liberty assumed that the notional shares (if and when issued) related to the Formula One Group interest in the Braves Group would be comprised of Series C Liberty Braves common stock and that the notional shares (if and when issued) related to the Liberty SiriusXM Group interest in the Braves Group would be comprised of Series A Liberty Braves common stock. Therefore, the market prices of Series C Liberty Braves and Series A Liberty Braves common stock were used for the mark-to-market adjustment for the intergroup interests held by the Formula One Group and the Liberty SiriusXM Group, respectively, through the condensed consolidated statements of operations. During the second quarter of 2023, Liberty determined that, in connection with the Split-Off, shares of Atlanta Braves Holdings Series C common stock would be used to settle and extinguish the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group. Accordingly, effective as of June 30, 2023 and through the Split-Off date, the market price of Series C Liberty Braves common stock was used for the mark-to market adjustment for the intergroup interest held by the Liberty SiriusXM Group.

The intergroup interests in the Braves Group remaining immediately prior to the Split-Off were settled and extinguished in connection with the Split-Off through the attribution, to the respective tracking stock group, of Atlanta Braves Holdings Series C common stock on a one-for-one basis equal to the number of notional shares representing the intergroup interest.

Following the Split-Off, Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and Liberty owns 1,811,066 shares of Atlanta Braves Holdings Series C common stock. Within one year following the Split-

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

Off, Liberty intends to either exchange the shares of Atlanta Braves Holdings Series C common stock with one or more third party lenders to satisfy certain of Liberty’s debt obligations or dispose of such shares in one or more public or private sale transactions. Following the exchange or disposal of such shares, neither Liberty nor Atlanta Braves Holdings is expected to have any continuing stock ownership, beneficial or otherwise, in the other.

In connection with the Split-Off, Liberty and Atlanta Braves Holdings entered into certain agreements in order to govern certain of the ongoing relationships between the two companies after the Split-Off and to provide for an orderly transition. These agreements include a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement.

The reorganization agreement provides for, among other things, the principal corporate transactions (including the internal restructuring) required to effect the Split-Off, certain conditions to the Split-Off and provisions governing the relationship between Atlanta Braves Holdings and Liberty with respect to and resulting from the Split-Off. The tax sharing agreement provides for the allocation and indemnification of tax liabilities and benefits between Liberty and Atlanta Braves Holdings and other agreements related to tax matters. Pursuant to the services agreement, Liberty provides Atlanta Braves Holdings with general and administrative services including legal, tax, accounting, treasury and investor relations support. Atlanta Braves Holdings will reimburse Liberty for direct, out-of-pocket expenses and will pay a services fee to Liberty under the services agreement that is subject to adjustment quarterly, as necessary. Additionally, pursuant to the services agreement with Liberty, in connection with Liberty’s employment arrangement with Gregory B. Maffei, the Company’s Chairman, President and Chief Executive Officer, components of Mr. Maffei’s compensation will either be paid directly to him by each of the Company, Liberty TripAdvisor Holdings, Inc., Liberty Broadband Corporation and Qurate Retail, Inc. (collectively, the “Service Companies”) or reimbursed to Liberty, in each case, based on allocations among Liberty and the Service Companies set forth in the amended services agreement, currently set at 7% for the Company but subject to adjustment on an annual basis and upon the occurrence of certain events. Under the facilities sharing agreement, Atlanta Braves Holdings shares office space with Liberty and related amenities at Liberty’s corporate headquarters. The aircraft time sharing agreements provide for Liberty to lease certain aircraft that it or its subsidiaries own to Atlanta Braves Holdings for use on a periodic, non-exclusive time sharing basis. Pursuant to the registration rights agreement with Liberty, Atlanta Braves Holdings has commenced a registration process to effect the registration of shares of Atlanta Braves Holdings’ Series C common stock that were issued to Liberty in settlement and extinguishment of the intergroup interest in the Braves Group attributed to the Liberty SiriusXM Group.

Under these various agreements, amounts reimbursable to Liberty aggregated $0.8 million for the three months ended September 30, 2023.

Seasonality

Braves Holdings revenue is seasonal, with the majority of revenue recognized during the second and third quarters which aligns with the baseball season.

(2)Earnings Attributable to Atlanta Braves Holdings Stockholders Per Common Share

Basic earnings (loss) per common share (“EPS”) is computed by dividing net earnings (loss) attributable to Atlanta Braves Holdings shareholders by the weighted average number of common shares outstanding (“WASO”) for the period. Diluted EPS presents the dilutive effect on a per share basis of potential common shares as if they had been

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

converted at the beginning of the periods presented. Excluded from diluted EPS for both the three and nine months ended September 30, 2023 are 3 thousand potential common shares because their inclusion would have been antidilutive.

The Company issued 61.7 million common shares, which is the aggregate number of shares of Series A, Series B and Series C common stock issued in connection with the Split-Off on July 18, 2023. The number of shares issued upon completion of the Split-Off was used to determine both basic and diluted earnings (loss) per share for the three and nine months ended September 30, 2022, as no Company equity awards were outstanding prior to the completion of the Split-Off.

Three months ended

Nine months ended

 

September 30,

September 30,

    

2023

    

2023

 

(numbers of shares in thousands)

Basic WASO

 

61,720

61,720

Potentially dilutive shares (1)

 

868

868

Diluted WASO

 

62,588

62,588

(1) Potentially dilutive shares are excluded from the computation of diluted EPS during periods in which losses are reported since the result would be antidilutive.

(3) Property and Equipment

Property and equipment consisted of the following:

    

    

September 30, 2023

    

December 31, 2022

Owned 

Owned 

Estimated 

assets 

assets 

Useful 

Owned 

available to

Owned 

available to

    

Life

    

assets

    

be leased

    

Total

    

assets

    

be leased

    

Total

in years

amounts in thousands

Land

 

NA

$

18,583

22,891

 

41,474

 

19,643

21,831

 

41,474

Buildings and improvements

 

15-39

 

281,450

355,272

 

636,722

 

282,314

354,959

 

637,273

Leasehold improvements

 

15-39

 

76,088

62,062

 

138,150

 

72,455

61,876

 

134,331

Furniture and equipment

 

5-7

 

179,845

8,265

 

188,110

 

176,227

8,061

 

184,288

Construction in progress

 

NA

 

313

57,007

 

57,320

 

886

9,524

 

10,410

Property and equipment, at cost

$

556,279

 

505,497

 

1,061,776

 

551,525

 

456,251

 

1,007,776

Depreciation expense was $13.7 million and $13.6 million for the three months ended September 30, 2023 and 2022, respectively, and $40.5 million and $42.3 million for the nine months ended September 30, 2023 and 2022, respectively.

I-14

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(4)Investments in Affiliates Accounted for Using the Equity Method

The following table includes the Company’s carrying amount and percentage ownership of its investments in affiliates:

September 30, 2023

December 31, 2022

Percentage

Carrying

Carrying

    

Ownership

    

amount

    

amount

amounts in thousands

MLBAM

3.3

%  

$

56,375

45,102

BELP

3.3

%  

 

34,674

33,224

Other

50.0

%  

 

14,565

16,238

Total

$

105,614

94,564

The following table presents the Company’s share of earnings (losses) of affiliates: