Atlanta Braves Holdings, Inc. Q4 FY2024 earnings call

• Spring training for the 2025 season is well underway in North Port, Florida, with the team preparing for the season. Opening day is March 27 and home opener at Truist Park is April 4. - Welcomed Jurickson Profar, and key players like Ronald Acuña, Austin Riley, etc., are healthy and returning. - To host the Major League Baseball All-Star Game in July 2025. - Broadcast partnerships: FanDuel Sports Network and Gray Media deals increase viewership opportunities. FanDuel adds streaming, Gray Media simulcasts games. - Updates to Truist Park: New Children's Healthcare of Atlanta Park and Outfield Market food hall. - The Battery Atlanta had 8.7 million visitors in 2024, generating over $130 million in retail revenue. Upcoming additions like Shake Shack and Walk-On's Sports Bistreaux, and Truist Securities headquarters nearing completion.

The company has two reportable segments: Baseball and Mixed-use development. For Baseball, revenue was $595.4 million in 2024, up from $581.7 million in 2023. This increase was driven by a combination of baseball event revenue and broadcasting revenue. For Mixed-use development, revenue was $67.3 million in 2024, up from $59 million in 2023, primarily driven by increases in rental income and parking revenue.

• Confident in the 2025 season with key players returning and set to compete for a World Series. - Broadcast partnerships are expected to increase viewership opportunities for fans across Braves country.

Q: Touch on local media rights in 2025 and capital structure.

A: Local media rights: Reengineered deals with FanDuel (adding streaming) and Gray Media (over-the-air partner) increase viewership. Capital structure: Debt associated with real estate is secured and comfortable; on baseball side, goal is to maintain liquidity for flexibility.

Q: Thoughts on broadcasting rights environment, especially national, and offseason trade moves.

A: ESPN MLB breakup is a nonevent for Braves; market will be surprised by interest in new rights. On salaries, Braves are a top 10 salary organization, expect to be same this year, monitor free agents.

Q: Address social media engagement and international side.

A: On social media, meet fans where they are across various platforms; international side ties to wide fan base, and hosting All-Star Game is an opportunity to showcase and gain fans.