Exhibit 99.1

Graphic

ATLANTA BRAVES HOLDINGS REPORTS
SECOND QUARTER 2023 FINANCIAL RESULTS

Englewood, Colorado, August 4, 2023 – Atlanta Braves Holdings, Inc. (“Atlanta Braves Holdings”) (Nasdaq: BATRA, BATRK) today reported second quarter 2023 results.

Headlines include(1):

Atlanta Braves Holdings began trading July 19th following split-off of Braves and associated mixed-use development from Liberty Media Corporation
Total revenue grew 8% to $270 million in second quarter
oBaseball revenue up 8% to $255 million
oMixed-use development revenue up 13% to $15 million
Mixed-use development generated $10 million of Adjusted OIBDA(2) in second quarter

“Atlanta Braves Holdings is the first MLB team to trade publicly in 25 years. We believe our new structure will better highlight the value of the Braves and the associated mixed-use development for the benefit of our team, fans, employees and shareholders,” said Greg Maffei, Chairman, President and CEO of Atlanta Braves Holdings. “The Braves are an iconic franchise with demonstrated on-field and financial success, and the Battery Atlanta development has become a model embraced and emulated by professional sports teams. Our leadership team will continue to support the Braves executives in Atlanta in their successful management of the club.”

Corporate Updates

On July 18, 2023, Liberty Media Corporation (“Liberty Media”) completed the split-off of the Braves and its associated mixed-use development (the “Split-Off”) into the separate public company Atlanta Braves Holdings. The businesses and assets at Atlanta Braves Holdings consist of Braves Holdings, LLC, the owner and operator of the Atlanta Braves Major League Baseball Club, and certain assets and liabilities associated with the Braves’ ballpark and mixed-use development, called The Battery Atlanta, which were previously attributed to the Braves Group tracking stock of Liberty Media. For purposes of this presentation, Atlanta Braves Holdings standalone results, assets and liabilities are shown for the three and six months ended June 30, 2023 and the prior year periods as though the Split-Off had occurred prior to such date, as well as certain historical financial information of the Braves Group tracking stock of Liberty Media, where applicable, including the financial impact of the Braves Group intergroup interests that were settled subsequent to quarter end. Atlanta Braves Holdings financial results for the three and six months ended June 30, 2022 include immaterial adjustments compared to results previously reported


by the Braves Group tracking stock of Liberty Media for the corresponding periods. The outstanding basic share count of Atlanta Braves Holdings as of July 31, 2023 is 62 million shares.

Discussion of Results

Three months ended

Six months ended

June 30,

 

June 30,

 

    

2022

    

2023

 

% Change

2022

    

2023

 

% Change

    

amounts in thousands

amounts in thousands

Baseball revenue

$

236,918

$

254,935

8

%

 

 

$

246,758

$

272,496

10

%

Mixed-use development revenue

13,407

15,188

13

%

25,097

28,599

14

%

Total revenue

250,325

270,123

8

%

 

 

271,855

301,095

11

%

Operating costs and expenses:

 

 

Baseball operating costs

(169,585)

(195,458)

(15)

%

 

 

(195,811)

(232,229)

(19)

%

Mixed-use development costs

(2,567)

(2,273)

11

%

(4,310)

(4,204)

2

%

Selling, general and administrative, excluding stock-based compensation

(29,932)

(30,290)

(1)

%

(48,893)

(53,649)

(10)

%

Adjusted OIBDA

$

48,241

$

42,102

(13)

%

 

 

$

22,841

$

11,013

(52)

%

Operating income (loss)

$

27,561

$

19,467

(29)

%

$

(18,679)

$

(29,790)

(59)

%

Regular season home games in period

41

43

41

43

Unless otherwise noted, the following discussion compares financial information for the three months ended June 30, 2023 to the same period in 2022.

Baseball revenue is derived from two primary sources on an annual basis: (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 from the Battery Atlanta mixed-use facilities and primarily includes rental income.

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The following table disaggregates revenue by segment and by source:

Three months ended

Six months ended

June 30,

 

June 30,

 

    

2022

    

2023

 

% Change

2022

    

2023

 

% Change

    

amounts in thousands

amounts in thousands

Baseball:

    

    

Baseball event

$

145,116

$

162,368

12

%

$

146,203

$

163,486

12

%

Broadcasting

63,745

68,558

8

%

63,745

69,449

9

%

Retail and licensing

17,755

19,747

11

%

21,610

24,122

12

%

Other

10,302

4,262

(59)

%

 

 

15,200

15,439

2

%

Baseball revenue

236,918

254,935

8

%

 

 

246,758

272,496

10

%

Mixed-use development

13,407

15,188

13

%

25,097

28,599

14

%

Total revenue

$

250,325

$

270,123

8

%

$

271,855

$

301,095

11

%

There were 43 home games played in the second quarter of 2023 compared to 41 home games in the prior year period.

Baseball revenue increased 8% in the second quarter. Baseball event and retail and licensing revenue grew primarily due to the increased number of regular season home games as well as increased ticket demand and attendance at games. Broadcasting revenue increased due to the increased number of games as well as contractual rate increases. Retail and licensing revenue also benefited from demand for City Connect apparel, partially offset by a reduction in demand for World Series Champions apparel compared to the prior season. Other revenue declined due to fewer concerts at the stadium compared to the prior year period. Mixed-use development revenue increased 13% during the second quarter due to increases in rental income related to tenant recoveries and various new lease agreements.

Operating income and Adjusted OIBDA decreased in the second quarter. Revenue growth was more than offset by increased baseball operating costs due to higher player salaries, increases under MLB’s revenue sharing plan and variable concession and retail operating costs attributable to more games held with increased ticket demand and attendance. Selling, general and administrative expense was relatively flat.

FOOTNOTES

1)Atlanta Braves Holdings will be available to answer questions related to these headlines and other matters on Liberty Media Corporation’s earnings conference call that will begin at 10:00 a.m. (E.T.) on August 4, 2023. For information regarding how to access the call, please see “Important Notice” later in this document.

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2)For a definition of Adjusted OIBDA (as defined by Atlanta Braves Holdings) and the applicable reconciliation, see the accompanying schedule.

Important Notice: Atlanta Braves Holdings (Nasdaq: BATRA, BATRK) will be available to answer questions on Liberty Media Corporation’s second quarter earnings conference call which will begin at 10:00 a.m. (E. T.) on August 4, 2023. The call can be accessed by dialing (877) 704-2829 or (215) 268-9864, passcode 13736985 at least 10 minutes prior to the start time. The call will also be broadcast live across the Internet and archived on our website. To access the webcast go to https://www.bravesholdings.com/investors/news-events/ir-calendar. Links to this press release will also be available on the Atlanta Braves Holdings website.

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements about business strategies, product and marketing strategies, future financial performance and prospects, the split-off of Atlanta Braves Holdings from Liberty Media, and other matters that are not historical facts. These forward-looking statements involve many risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements, including, without limitation, Atlanta Braves Holdings’ ability to recognize anticipated benefits from the split-off, possible changes in the regulatory and competitive environment in which Atlanta Braves Holdings operates (including an expansion of MLB), the unfavorable outcome of pending or future litigation, operational risks of Atlanta Braves Holdings and its business affiliates, including operations outside of the U.S., Atlanta Braves Holdings’ indebtedness and its ability to obtain additional financing on acceptable terms and cash in amounts sufficient to service debt and other financial obligations, tax matters, compliance with government regulations and potential adverse outcomes of regulatory proceedings, changes in the nature of key strategic relationships with broadcasters, partners, vendors and joint venturers, the impact of organized labor, the performance and management of the mixed-use development and the impact of inflation and weak economic conditions on consumer demand. These forward-looking statements speak only as of the date of this press release, and Atlanta Braves Holdings expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in Atlanta Braves Holdings’ expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based. Please refer to the publicly filed documents of Atlanta Braves Holdings, including Amendment No. 5 to the Registration Statement on Form S-4 filed by Atlanta Braves Holdings with the Securities and Exchange Commission on June 8, 2023 and the most recent Form 10-Q, for additional information about Atlanta Braves Holdings and about the risks and uncertainties related to Atlanta Braves Holdings’ business which may affect the statements made in this press release.

Contact: Shane Kleinstein (720) 875-5432

NON-GAAP FINANCIAL MEASURES AND SUPPLEMENTAL DISCLOSURES

SCHEDULE 1: Reconciliation of Adjusted OIBDA to Operating Income (Loss)

To provide investors with additional information regarding our financial results, this press release includes a presentation of Adjusted OIBDA, which is a non-GAAP financial measure, for Atlanta Braves Holdings together with reconciliations to operating income, as determined under GAAP. Atlanta Braves Holdings defines Adjusted

4


OIBDA as operating income (loss) plus depreciation and amortization, stock-based compensation, separately reported litigation settlements, restructuring, acquisition and impairment charges.

Atlanta Braves Holdings believes Adjusted OIBDA is an important indicator of the operational strength and performance of its businesses by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. Because Adjusted OIBDA is used as a measure of operating performance, Atlanta Braves Holdings views operating income as the most directly comparable GAAP measure. Adjusted OIBDA is not meant to replace or supersede operating income or any other GAAP measure, but rather to supplement such GAAP measures in order to present investors with the same information that Atlanta Braves Holdings’ management considers in assessing the results of operations and performance of its assets.

The following table provides a reconciliation of Adjusted OIBDA for Atlanta Braves Holdings to operating income (loss) calculated in accordance with GAAP for the three and six months ended June 30, 2022 and June 30, 2023.

Three months ended

Six months ended

June 30,

June 30,

(amounts in thousands)

    

2022

    

2023

 

2022

    

2023

Operating income (loss)

$

27,561

$

19,467

$

(18,679)

$

(29,790)

Impairment of long-lived assets and other related costs

232

530

Stock-based compensation

3,063

3,153

6,126

6,344

Depreciation and amortization

17,617

19,250

35,394

33,929

Adjusted OIBDA

$

48,241

$

42,102

$

22,841

$

11,013

Baseball

$

41,685

$

37,415

$

10,581

$

1,878

Mixed-use development

8,480

10,166

16,397

19,319

Corporate and other

(1,924)

(5,479)

(4,137)

(10,184)

5


SCHEDULE 2: Cash and Debt

The following presentation is provided to separately identify cash and debt information. Atlanta Braves Holdings cash decreased $85 million during the second quarter due to cash used in operations primarily due to seasonal working capital changes, increases in restricted cash and capital expenditures. Atlanta Braves Holdings debt was flat in the second quarter. In May 2023, a subsidiary of Braves Holdings, LLC refinanced an $80 million construction loan agreement that was used to construct the retail portion of the mixed-use development with a new term loan with $80 million in commitments.

(amounts in thousands)

    

March 31, 2023

    

June 30, 2023

Atlanta Braves Holdings Cash (GAAP)(a)

$

215,515

$

130,537

Debt:

Baseball

League wide credit facility

$

$

MLB facility fund - term

30,000

30,000

MLB facility fund - revolver

43,125

43,125

TeamCo revolver

Term debt

168,562

168,561

Mixed-use development

300,313

301,127

Total Atlanta Braves Holdings Debt

 

$

542,000

 

$

542,813

Deferred financing costs

(3,704)

 

(4,118)

Total Atlanta Braves Holdings Debt (GAAP)

$

538,296

$

538,695


a)Excludes restricted cash held in reserves pursuant to the terms of various financial obligations of $30 million and $52 million as of March 31, 2023 and June 30, 2023, respectively.

6


ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED BALANCE SHEET INFORMATION

June 30, 2023 (unaudited)

    

June 30, 

    

December 31, 

    

2023

    

2022

amounts in thousands

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

130,537

 

150,664

Restricted cash

 

52,033

 

22,149

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

 

54,491

 

70,234

Other current assets

 

27,068

 

24,331

Total current assets

 

264,129

 

267,378

Property and equipment, at cost

 

1,037,399

 

1,007,776

Accumulated depreciation

 

(298,542)

 

(277,979)

 

738,857

 

729,797

Investments in affiliates, accounted for using the equity method

 

98,890

 

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

 

107,759

 

99,455

Total assets

$

1,509,102

 

1,490,661

Liabilities and Equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable and accrued liabilities

$

65,426

 

54,748

Deferred revenue and refundable tickets

 

142,010

 

104,996

Current portion of debt

 

7,205

 

74,806

Other current liabilities

 

5,524

 

6,361

Total current liabilities

 

220,165

 

240,911

Long-term debt

 

531,490

 

467,160

Redeemable intergroup interests

340,889

278,103

Finance lease liabilities

 

106,014

 

107,220

Deferred income tax liabilities

 

46,965

 

54,099

Pension liability

 

10,450

 

15,405

Other noncurrent liabilities

 

31,247

 

28,253

Total liabilities

 

1,287,220

 

1,191,151

Equity:

 

  

 

  

Parent’s investment

 

730,620

 

732,350

Retained earnings (deficit)

 

(515,971)

 

(429,082)

Accumulated other comprehensive earnings (loss), net of taxes

 

(4,056)

 

(3,758)

Total parent's investment

 

210,593

 

299,510

Noncontrolling interests in equity of subsidiaries

11,289

Total equity

221,882

299,510

Commitments and contingencies

 

 

Total liabilities and equity

$

1,509,102

 

1,490,661

7


ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED STATEMENT OF OPERATIONS INFORMATION

June 30, 2023 (unaudited)

Three months ended June 30, 

Six months ended June 30, 

    

2023

    

2022

    

2023

    

2022

amounts in thousands, except per share amounts

Revenue:

 

  

 

  

  

 

  

Baseball revenue

$

254,935

 

236,918

$

272,496

 

246,758

Mixed-use development revenue

 

15,188

 

13,407

 

28,599

 

25,097

Total revenue

 

270,123

 

250,325

 

301,095

 

271,855

Operating costs and expenses:

 

  

 

  

 

  

 

  

Baseball operating costs

 

195,458

 

169,585

 

232,229

 

195,811

Mixed-use development costs

 

2,273

 

2,567

 

4,204

 

4,310

Selling, general and administrative, including stock-based compensation

33,443

32,995

59,993

55,019

Impairment of long-lived assets and other related costs

232

530

Depreciation and amortization

 

19,250

 

17,617

 

33,929

 

35,394

 

250,656

 

222,764

 

330,885

 

290,534

Operating income (loss)

 

19,467

 

27,561

 

(29,790)

 

(18,679)

Other income (expense):

 

  

 

  

 

  

 

  

Interest expense

 

(9,448)

 

(6,402)

 

(18,360)

 

(12,529)

Share of earnings (losses) of affiliates, net

 

11,462

 

15,022

 

10,659

 

12,143

Unrealized gains (losses) on intergroup interests

(49,409)

34,881

(62,786)

36,103

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

 

3,840

 

1,659

 

3,079

 

6,460

Gains (losses) on dispositions, net

2,503

28

2,503

20,215

Other, net

 

813

 

143

 

1,654

 

168

Earnings (loss) before income taxes

 

(20,772)

 

72,892

 

(93,041)

 

43,881

Income tax benefit (expense)

 

(8,141)

 

(9,193)

 

6,152

 

(3,217)

Net earnings (loss)

$

(28,913)

 

63,699

$

(86,889)

 

40,664

8


ATLANTA BRAVES HOLDINGS

CONDENSED COMBINED STATEMENT OF CASH FLOWS INFORMATION

June 30, 2023 (unaudited)

    

Six months ended June 30, 

    

2023

    

2022

amounts in thousands

Cash flows from operating activities:

 

  

 

  

Net earnings (loss)

$

(86,889)

 

40,664

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

 

  

 

  

Depreciation and amortization

 

33,929

 

35,394

Stock-based compensation

 

6,344

 

6,126

Share of (earnings) losses of affiliates, net

 

(10,659)

 

(12,143)

Unrealized (gains) losses on intergroup interests, net

62,786

(36,103)

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

 

(3,079)

 

(6,460)

(Gains) losses on dispositions, net

(2,503)

(20,215)

Deferred income tax expense (benefit)

 

(7,014)

 

(9,454)

Cash receipts from returns on equity method investments

6,225

 

7,550

Other charges (credits), net

 

949

 

1,687

Net change in operating assets and liabilities:

 

  

 

  

Current and other assets

 

(14,338)

 

21,184

Payables and other liabilities

 

50,141

 

69,798

Net cash provided by (used in) operating activities

 

35,892

 

98,028

Cash flows from investing activities:

 

  

 

  

Capital expended for property and equipment

 

(29,700)

(7,638)

Cash proceeds from dispositions

47,175

Investments in equity method affiliates and equity securities

(5,273)

Other investing activities, net

110

Net cash provided by (used in) investing activities

 

(29,590)

 

34,264

Cash flows from financing activities:

 

  

 

  

Borrowings of debt

 

15,815

 

39,753

Repayments of debt

 

(18,893)

(138,113)

Contribution from noncontrolling interest

11,289

Other financing activities, net

 

(4,756)

 

(6,074)

Net cash provided by (used in) financing activities

 

3,455

 

(104,434)

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

 

9,757

 

27,858

Cash, cash equivalents and restricted cash at beginning of period

 

172,813

 

244,113

Cash, cash equivalents and restricted cash at end of period

$

182,570

 

271,971

9