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 June 30, 2024


☐	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: (720) 875-5500

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 July 31, 2024 was:


	Series A	Series B	Series C
Atlanta Braves Holdings, Inc. common stock	10,318,162	977,776	50,676,231

Table of Contents

Table of Contents


Part I – Financial Information
Item 1. Financial Statements		I-3

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-8
ATLANTA BRAVES HOLDINGS, INC. Notes to Condensed Consolidated Financial Statements (unaudited)		I-10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations		I-25
Item 3. Quantitative and Qualitative Disclosures about Market Risk		I-32
Item 4. Controls and Procedures		I-33

Part II — Other Information
Item 1. Legal Proceedings		II-1
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		II-1
Item 5. Other Information		II-1
Item 6. Exhibits		II-1

SIGNATURES		II-2

I-2

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(unaudited)


	June 30,		December 31,
	2024		2023

	amounts in thousands
Assets
Current assets:
Cash and cash equivalents	$	121,239	125,148
Restricted cash		40,117	12,569
Accounts receivable and contract assets, net of allowance for credit losses of $523 and $332, respectively		58,730	62,922
Other current assets		28,210	17,380
Total current assets		248,296	218,019

Property and equipment, at cost (note 3)		1,149,681	1,091,943
Accumulated depreciation		(348,617)	(325,196)
		801,064	766,747

Investments in affiliates, accounted for using the equity method (note 4)		107,321	99,213
Intangible assets not subject to amortization:
Goodwill		175,764	175,764
Franchise rights		123,703	123,703
		299,467	299,467

Other assets, net		117,669	120,884
Total assets	$	1,573,817	1,504,330

See accompanying notes to condensed consolidated financial statements.

I-3

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ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets (continued)

(unaudited)


	June 30,		December 31,
	2024		2023

	amounts in thousands,
	except share amounts
Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	99,483	73,096
Deferred revenue and refundable tickets		146,281	111,985
Current portion of debt (note 5)		137,673	42,153
Other current liabilities		4,733	6,439
Total current liabilities		388,170	233,673

Long-term debt (note 5)		462,363	527,116
Finance lease liabilities		102,450	103,586
Deferred income tax liabilities		47,566	50,415
Pension liability		13,262	15,222
Other noncurrent liabilities		35,288	33,676
Total liabilities		1,049,099	963,688
Equity:
Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at June 30, 2024 and December 31, 2023		—	—
Series A common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 10,318,162 and 10,318,197 at June 30, 2024 and December 31, 2023, respectively		103	103
Series B common stock, $.01 par value. Authorized 7,500,000 shares; issued and outstanding 977,776 and 977,776 at June 30, 2024 and December 31, 2023, respectively		10	10
Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,676,231 and 50,577,776 at June 30, 2024 and December 31, 2023, respectively		507	506
Additional paid-in capital		1,096,021	1,089,625
Accumulated other comprehensive earnings (loss), net of taxes		(7,429)	(7,271)
Retained earnings (deficit)		(576,539)	(554,376)
Total stockholders' equity		512,673	528,597
Noncontrolling interests in equity of subsidiaries		12,045	12,045
Total equity		524,718	540,642
Commitments and contingencies (note 7)
Total liabilities and equity	$	1,573,817	1,504,330

See accompanying notes to condensed consolidated financial statements.

I-4

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(unaudited)


	Three months ended			Six months ended
	June 30,			June 30,
	2024		2023	2024	2023

	amounts in thousands,
	except per share amounts
Revenue:
Baseball revenue	$	266,001	254,935	287,971	272,496
Mixed-Use Development revenue		16,875	15,188	31,985	28,599
Total revenue		282,876	270,123	319,956	301,095
Operating costs and expenses:
Baseball operating costs		205,070	195,458	250,277	232,229
Mixed-Use Development costs		2,410	2,273	4,663	4,204
Selling, general and administrative, including stock-based compensation		33,351	33,675	60,444	60,523
Depreciation and amortization		17,109	19,250	31,991	33,929
		257,940	250,656	347,375	330,885
Operating income (loss)		24,936	19,467	(27,419)	(29,790)
Other income (expense):
Interest expense		(9,713)	(9,448)	(19,156)	(18,360)
Share of earnings (losses) of affiliates, net (note 4)		11,622	11,462	13,249	10,659
Realized and unrealized gains (losses) on intergroup interests, net		—	(49,409)	—	(62,786)
Realized and unrealized gains (losses) on financial instruments, net		931	3,840	3,905	3,079
Other, net		2,217	3,316	3,986	4,157
Earnings (loss) before income taxes		29,993	(20,772)	(25,435)	(93,041)
Income tax benefit (expense)		(884)	(8,141)	3,272	6,152
Net earnings (loss)	$	29,109	(28,913)	(22,163)	(86,889)
Basic net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.47	(0.47)	(0.36)	(1.41)
Diluted net earnings (loss) attributable to Series A, Series B and Series C Atlanta Braves Holdings, Inc. shareholders per common share (note 2)	$	0.46	(0.47)	(0.36)	(1.41)

See accompanying notes to condensed consolidated financial statements.

I-5

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ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)


	Three months ended			Six months ended
	June 30,			June 30,
	2024		2023	2024	2023

	amounts in thousands
Net earnings (loss)	$	29,109	(28,913)	(22,163)	(86,889)
Other comprehensive earnings (loss), net of tax:
Unrealized holdings gains (loss) arising during the period		(71)	(190)	(141)	(190)
Share of other comprehensive earnings (loss) of affiliates		(17)	(108)	(17)	(108)
Other comprehensive earnings (loss), net of tax		(88)	(298)	(158)	(298)
Comprehensive earnings (loss)	$	29,021	(29,211)	(22,321)	(87,187)

See accompanying notes to condensed consolidated financial statements.

I-6

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ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)


	Six months ended
	June 30,
	2024		2023

	amounts in thousands
Cash flows from operating activities:
Net earnings (loss)	$	(22,163)	(86,889)
Adjustments to reconcile net earnings (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization		31,991	33,929
Stock-based compensation		7,424	6,344
Share of (earnings) losses of affiliates, net		(13,249)	(10,659)
Realized and unrealized (gains) losses on intergroup interests, net		—	62,786
Realized and unrealized (gains) losses on financial instruments, net		(3,905)	(3,079)
Deferred income tax expense (benefit)		(2,801)	(7,014)
Cash receipts from returns on equity method investments		5,838	6,225
Net cash received (paid) for interest rate swaps		3,036	2,200
Other charges (credits), net		(1,480)	(3,754)
Net change in operating assets and liabilities:
Current and other assets		(8,574)	(14,338)
Payables and other liabilities		60,635	50,141
Net cash provided by (used in) operating activities		56,752	35,892
Cash flows from investing activities:
Capital expended for property and equipment		(57,432)	(29,700)
Investments in equity method affiliates and equity securities		(714)	—
Other investing activities, net		41	110
Net cash provided by (used in) investing activities		(58,105)	(29,590)
Cash flows from financing activities:
Borrowings of debt		33,405	15,815
Repayments of debt		(4,787)	(18,893)
Contribution from noncontrolling interest		—	11,289
Other financing activities, net		(3,626)	(4,756)
Net cash provided by (used in) financing activities		24,992	3,455
Net increase (decrease) in cash, cash equivalents and restricted cash		23,639	9,757
Cash, cash equivalents and restricted cash at beginning of period		137,717	172,813
Cash, cash equivalents and restricted cash at end of period	$	161,356	182,570

Supplemental disclosure to the condensed consolidated statements of cash flows:
Property and equipment expenditures incurred but not yet paid	$	23,103	15,300

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:


	June 30,		December 31,
	2024		2023

	amounts in thousands
Cash and cash equivalents	$	121,239	125,148
Restricted cash		40,117	12,569
Total cash, cash equivalents and restricted cash at end of period	$	161,356	137,717

See accompanying notes to condensed consolidated financial statements.

I-7

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ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity

(unaudited)


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2024	$	—	103	10	506	1,089,625	(7,271)	(554,376)	12,045	540,642
Net earnings (loss)		—	—	—	—	—	—	(22,163)	—	(22,163)
Other comprehensive earnings (loss)		—	—	—	—	—	(158)	—	—	(158)
Stock-based compensation		—	—	—	—	7,424	—	—	—	7,424
Other		—	—	—	1	(1,028)	—	—	—	(1,027)
Balance at June 30, 2024	$	—	103	10	507	1,096,021	(7,429)	(576,539)	12,045	524,718


							Accumulated
							other		Noncontrolling
						Additional	comprehensive	Retained	interests
	Preferred		Common Stock			paid-in	earnings	earnings	in equity of	Total
	Stock		Series A	Series B	Series C	capital	(loss)	(deficit)	subsidiaries	equity

	amounts in thousands
Balance at March 31, 2024	$	—	103	10	506	1,091,572	(7,341)	(605,648)	12,045	491,247
Net earnings (loss)		—	—	—	—	—	—	29,109	—	29,109
Other comprehensive earnings (loss)		—	—	—	—	—	(88)	—	—	(88)
Stock-based compensation		—	—	—	—	3,705	—	—	—	3,705
Other		—	—	—	1	744	—	—	—	745
Balance at June 30, 2024	$	—	103	10	507	1,096,021	(7,429)	(576,539)	12,045	524,718

See accompanying notes to condensed consolidated financial statements

I-8

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ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity (continued)

(unaudited)


				Accumulated
				other	Noncontrolling
	Former		Retained	comprehensive	interests
	parent's		earnings	earnings	in equity of	Total
	investment		(deficit)	(loss)	subsidiaries	equity

	amounts in thousands
Balance at January 1, 2023	$	732,350	(429,082)	(3,758)	—	299,510
Net earnings (loss)		—	(86,889)	—	—	(86,889)
Other comprehensive earnings (loss)		—	—	(298)	—	(298)
Stock-based compensation		6,294	—	—	—	6,294
Tax sharing adjustment with Former parent		(7,354)	—	—	—	(7,354)
Contribution from noncontrolling interest		—	—	—	11,289	11,289
Other		(670)	—	—	—	(670)
Balance at June 30, 2023	$	730,620	(515,971)	(4,056)	11,289	221,882


				Accumulated
				other	Noncontrolling
	Former		Retained	comprehensive	interests
	parent's		earnings	earnings	in equity of	Total
	investment		(deficit)	(loss)	subsidiaries	equity

	amounts in thousands
Balance at March 31, 2023	$	727,287	(487,058)	(3,758)	6,645	243,116
Net earnings (loss)		—	(28,913)	—	—	(28,913)
Other comprehensive earnings (loss)		—	—	(298)	—	(298)
Stock-based compensation		3,153	—	—	—	3,153
Contribution from noncontrolling interest		—	—	—	4,644	4,644
Other		180	—	—	—	180
Balance at June 30, 2023	$	730,620	(515,971)	(4,056)	11,289	221,882

See accompanying notes to condensed consolidated financial statements.

I-9

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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”) is comprised of the businesses, assets and liabilities previously attributed to the Liberty Braves Group (“Braves Group”), which, as of June 30, 2024, 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 was 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, 2023, 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 consolidated financial statements and notes thereto contained in Atlanta Braves Holdings’ Annual Report on Form 10-K for the year ended December 31, 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”). 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 primarily 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”).

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

I-10

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(“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.

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, information technology, cybersecurity and investor relations support was allocated to the Braves Group each reporting period based on an estimate of time spent. The Braves Group paid $2.6 million and $4.5 million during the three and six months ended June 30, 2023, 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 and subsequent Liberty Media Exchange (as defined below), Liberty and Atlanta Braves Holdings operate as separate, publicly traded companies and neither has any continuing stock ownership, beneficial or otherwise, in the other. Liberty owned 1,811,066 shares of Atlanta Braves Holdings Series C common stock following the Split-Off. In November 2023, Liberty exchanged 1,811,066 shares of Atlanta Braves Holdings Series C common stock with a third party in satisfaction of certain of Liberty’s debt obligations and an affiliate of such third party then sold the shares in a secondary public offering (the “Liberty Media Exchange”). Atlanta Braves Holdings did not receive any of the proceeds from the Liberty Media Exchange.

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

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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, information technology, cybersecurity 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, components of Liberty Chief Executive Officer’s compensation will either be paid directly to him or reimbursed to Liberty, in each case, based on allocations set forth in the services agreement. The allocation percentage was 7% for Atlanta Braves Holdings during the period from July 18, 2023 to December 31, 2023 and is currently set at 8% 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 registered the 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 and then exchanged by Liberty with a third party in satisfaction of certain debt obligations.

Under these various agreements, amounts reimbursable to Liberty aggregated $1.8 million and $2.5 million for the three and six months ended June 30, 2024, respectively.

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 converted at the beginning of the periods presented. There were no potential common shares excluded from diluted EPS for the three and six months ended June 30, 2024 that 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

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

completion of the Split-Off was used to determine both basic and diluted earnings (loss) per share for the three and six months ended June 30, 2023, as no Company equity awards were outstanding prior to the completion of the Split-Off.


	Three months ended	Six months ended
	June 30, 2024	June 30, 2024

	(numbers of shares in thousands)
Basic WASO	61,948	61,913
Potentially dilutive shares (1)	844	835
Diluted WASO	62,792	62,748

(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:


		June 30, 2024				December 31, 2023
				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	18,583	22,891	41,474
Buildings and improvements	15-39		281,450	355,437	636,887	281,450	355,300	636,750
Leasehold improvements	15-39		85,858	66,159	152,017	76,169	64,657	140,826
Furniture and equipment	5-7		191,717	10,116	201,833	179,828	8,518	188,346
Construction in progress	NA		804	116,666	117,470	4,911	79,636	84,547
Property and equipment, at cost		$	578,412	571,269	1,149,681	560,941	531,002	1,091,943

Depreciation expense was $10.0 million and $13.3 million for the three months ended June 30, 2024 and 2023, respectively, and $23.6 million and $26.8 million for the six months ended June 30, 2024 and 2023, respectively.

(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:


	June 30, 2024				December 31, 2023
	Percentage		Carrying		Carrying
	Ownership		amount		amount

			amounts in thousands
MLBAM	3.3	%	$	54,138	49,338
BELP	3.3	%		38,157	34,988
Other	50.0	%		15,026	14,887
Total			$	107,321	99,213

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Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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


	Three months ended			Six months ended
	June 30,			June 30,
	2024		2023	2024	2023

	amounts in thousands
MLBAM	$	9,478	10,577	8,691	9,334
BELP		1,456	514	3,169	711
Other		688	371	1,389	614
Total	$	11,622	11,462	13,249	10,659

MLBAM

MLB Advanced Media, L.P. (“MLBAM”) was formed in January 2000 pursuant to a vote of the 30 owners of the Clubs, whereby each Club agreed to cede substantially all of its individual Club internet and interactive media rights to MLBAM for an indirect 3.3% interest in MLBAM. The Company’s investment in MLBAM is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist.

At the time of the acquisition of ANLBC by a predecessor of Liberty in 2007, the fair value of the MLBAM investment exceeded ANLBC’s proportionate share of MLBAM’s net assets, resulting in excess basis in the investment in MLBAM. The excess basis as of June 30, 2024 and December 31, 2023 was indefinite lived and aggregated approximately $10.3 million.

BELP

Baseball Endowment, L.P. (“BELP”) is an investment fund formed by the Clubs principally for the purpose of investing, on a long-term basis, assets on their behalf intended to provide a competitive market rate investment return while minimizing investment volatility. The Company’s investment in BELP is considered an equity method investment as the investment is in a limited partnership where significant influence is generally presumed to exist. The Company records its share of BELP’s earnings (losses) on a one month lag.

Other Affiliates

Braves Holdings has 50% interests in three joint ventures that were formed to develop, own and operate hotels in the Mixed-Use Development. The equity method of accounting is applied to these investments as Braves Holdings does not have the ability to direct the most significant activities that impact their economic performance. In addition, Braves Holdings records its share of the earnings (losses) of these investments on a three month lag.

I-14

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(5)Debt

Debt is summarized as follows:


	June 30,		December 31,
	2024		2023

	amounts in thousands
Baseball
League wide credit facility	$	—	—
MLB facility fund – term		30,000	30,000
MLB facility fund – revolver		40,250	41,400
TeamCo revolver		—	—
Term debt		162,119	165,370
Mixed-Use Development
Credit facilities