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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, 2024

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.)

755 Battery Avenue SE
Atlanta, Georgia

30339

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (404614-2300

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, 2024 was:

Series A

Series B

Series C

Atlanta Braves Holdings, Inc. common stock

10,318,162

977,776

50,842,646

Table of Contents

Part I – Financial Information

Item 1. Financial Statements

I-3

Condensed Consolidated Balance Sheets (unaudited)

I-3

Condensed Consolidated Statements of Operations (unaudited)

I-5

Condensed Consolidated Statements of Comprehensive Earnings (Loss) (unaudited)

I-6

Condensed Consolidated Statements of Cash Flows (unaudited)

I-7

Condensed Consolidated Statements of Equity (unaudited)

I-8

Notes to Condensed Consolidated Financial Statements (unaudited)

I-10

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-34

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 and Use of Proceeds

II-2

Item 5. Other Information

II-2

Item 6. Exhibits

II-3

SIGNATURES

II-4

I-2

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets

(unaudited)

    

September 30, 

    

December 31, 

 

    

2024

    

2023

 

amounts in thousands

 

Assets

 

  

 

  

Current assets:

 

  

 

  

Cash and cash equivalents

$

100,852

 

125,148

Restricted cash

 

15,168

 

12,569

Accounts receivable and contract assets, net of allowance for credit losses of $468 and $332, respectively

 

88,053

 

62,922

Other current assets

 

20,065

 

17,380

Total current assets

 

224,138

 

218,019

Property and equipment, at cost (note 3)

 

1,159,685

 

1,091,943

Accumulated depreciation

 

(358,549)

 

(325,196)

 

801,136

 

766,747

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

 

113,929

 

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

 

118,577

 

120,884

Total assets

$

1,557,247

 

1,504,330

See accompanying notes to condensed consolidated financial statements.

I-3

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Balance Sheets (continued)

(unaudited)

    

September 30, 

    

December 31, 

 

    

2024

    

2023

 

amounts in thousands,

 

except share amounts

Liabilities and Equity

 

  

 

  

Current liabilities:

 

  

 

  

Accounts payable and accrued liabilities

$

92,525

 

73,096

Deferred revenue and refundable tickets

 

82,414

 

111,985

Current portion of debt (note 5)

 

137,626

 

42,153

Other current liabilities

 

9,093

 

6,439

Total current liabilities

 

321,658

 

233,673

Long-term debt (note 5)

 

502,473

 

527,116

Finance lease liabilities

 

103,520

 

103,586

Deferred income tax liabilities

 

40,489

 

50,415

Pension liability

 

11,007

 

15,222

Other noncurrent liabilities

 

35,633

 

33,676

Total liabilities

 

1,014,780

 

963,688

Equity:

 

  

 

  

Preferred stock, $.01 par value. Authorized 50,000,000 shares; zero shares issued at September 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 September 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 September 30, 2024 and December 31, 2023, respectively

10

10

Series C common stock, $.01 par value. Authorized 200,000,000 shares; issued and outstanding 50,842,646 and 50,577,776 at September 30, 2024 and December 31, 2023, respectively

508

506

Additional paid-in capital

1,103,820

1,089,625

Accumulated other comprehensive earnings (loss), net of taxes

 

(7,500)

 

(7,271)

Retained earnings (deficit)

 

(566,519)

 

(554,376)

Total stockholders' equity

 

530,422

 

528,597

Noncontrolling interests in equity of subsidiaries

12,045

12,045

Total equity

542,467

540,642

Commitments and contingencies (note 7)

 

 

Total liabilities and equity

$

1,557,247

 

1,504,330

See accompanying notes to condensed consolidated financial statements.

I-4

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Operations

(unaudited)

Three months ended

Nine months ended

September 30, 

September 30, 

    

2024

    

2023

    

2024

    

2023

 

amounts in thousands,

 

except per share amounts

Revenue:

 

  

 

  

  

 

  

Baseball revenue

$

273,262

 

256,266

561,233

 

528,762

Mixed-Use Development revenue

 

17,412

 

15,558

49,397

 

44,157

Total revenue

 

290,674

 

271,824

610,630

 

572,919

Operating costs and expenses:

 

  

 

  

  

 

  

Baseball operating costs

 

225,973

 

198,195

476,250

 

430,424

Mixed-Use Development costs

 

2,499

 

2,247

7,162

 

6,451

Selling, general and administrative, including stock-based compensation

37,122

34,380

97,566

94,903

Depreciation and amortization

 

18,678

 

21,286

50,669

 

55,215

 

284,272

 

256,108

631,647

 

586,993

Operating income (loss)

 

6,402

 

15,716

(21,017)

 

(14,074)

Other income (expense):

 

  

 

  

  

 

  

Interest expense

 

(9,561)

 

(9,657)

(28,717)

 

(28,017)

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

 

13,702

 

12,725

26,951

 

23,384

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

(20,392)

(83,178)

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

 

(2,476)

 

2,593

1,429

 

5,672

Other, net

 

1,838

 

1,224

5,824

 

5,381

Earnings (loss) before income taxes

 

9,905

 

2,209

(15,530)

 

(90,832)

Income tax benefit (expense)

 

115

 

(8,256)

3,387

 

(2,104)

Net earnings (loss)

$

10,020

 

(6,047)

(12,143)

 

(92,936)

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

$

0.16

 

(0.10)

(0.20)

 

(1.51)

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

$

0.16

 

(0.10)

(0.20)

 

(1.51)

See accompanying notes to condensed consolidated financial statements.

I-5

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Comprehensive Earnings (Loss)

(unaudited)

Three months ended

Nine months ended

    

September 30, 

September 30, 

 

    

2024

    

2023

    

2024

    

2023

 

amounts in thousands

 

Net earnings (loss)

$

10,020

 

(6,047)

(12,143)

 

(92,936)

Other comprehensive earnings (loss), net of tax:

 

  

 

  

  

 

  

Unrealized holdings gains (loss) arising during the period

(71)

(137)

(212)

(327)

Share of other comprehensive earnings (loss) of affiliates

 

 

683

(17)

 

575

Other comprehensive earnings (loss), net of tax

 

(71)

 

546

(229)

 

248

Comprehensive earnings (loss)

$

9,949

 

(5,501)

(12,372)

 

(92,688)

See accompanying notes to condensed consolidated financial statements.

I-6

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows

(unaudited)

    

Nine months ended

September 30, 

    

2024

    

2023

amounts in thousands

Cash flows from operating activities:

 

  

 

  

Net earnings (loss)

$

(12,143)

 

(92,936)

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

 

  

 

  

Depreciation and amortization

 

50,669

 

55,215

Stock-based compensation

 

13,789

 

9,653

Share of (earnings) losses of affiliates, net

 

(26,951)

 

(23,384)

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

83,178

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

 

(1,429)

 

(5,672)

Deferred income tax expense (benefit)

 

(10,902)

 

(6,086)

Cash receipts from returns on equity method investments

12,552

12,350

Net cash received (paid) for interest rate swaps

4,564

3,604

Other charges (credits), net

 

398

 

(1,266)

Net change in operating assets and liabilities:

 

  

 

  

Current and other assets

 

(42,539)

 

(67,475)

Payables and other liabilities

 

(280)

 

11,513

Net cash provided by (used in) operating activities

 

(12,272)

 

(21,306)

Cash flows from investing activities:

 

  

 

  

Capital expended for property and equipment

 

(73,922)

 

(45,313)

Other investing activities, net

(293)

(15)

Net cash provided by (used in) investing activities

 

(74,215)

 

(45,328)

Cash flows from financing activities:

 

  

 

  

Borrowings of debt

 

106,343

 

52,248

Repayments of debt

 

(39,284)

 

(38,997)

Contribution from noncontrolling interest

12,045

Other financing activities, net

 

(2,269)

 

(4,946)

Net cash provided by (used in) financing activities

 

64,790

 

20,350

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

 

(21,697)

 

(46,284)

Cash, cash equivalents and restricted cash at beginning of period

 

137,717

 

172,813

Cash, cash equivalents and restricted cash at end of period

$

116,020

 

126,529

Supplemental disclosure to the condensed consolidated statements of cash flows:

Property and equipment expenditures incurred but not yet paid

$

14,639

20,540

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, 

2024

2023

amounts in thousands

Cash and cash equivalents

    

$

100,852

    

125,148

Restricted cash

 

15,168

 

12,569

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

$

116,020

 

137,717

See accompanying notes to condensed consolidated financial statements.

I-7

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)

 

(12,143)

 

(12,143)

Other comprehensive earnings (loss)

(229)

 

(229)

Stock-based compensation

 

13,789

 

13,789

Other

2

406

 

408

Balance at September 30, 2024

$

103

10

508

1,103,820

(7,500)

(566,519)

 

12,045

542,467

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 June 30, 2024

$

103

10

507

1,096,021

(7,429)

(576,539)

12,045

524,718

Net earnings (loss)

10,020

10,020

Other comprehensive earnings (loss)

 

(71)

(71)

Stock-based compensation

6,365

6,365

Other

1

1,434

1,435

Balance at September 30, 2024

$

 

103

10

508

1,103,820

(7,500)

(566,519)

 

12,045

542,467

See accompanying notes to condensed consolidated financial statements

I-8

ATLANTA BRAVES HOLDINGS, INC.

Condensed Consolidated Statements of Equity (continued)

(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.

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. In September 2024, the Internal Revenue Service completed its review of the Split-Off and notified Liberty that it agreed with the non-taxable characterization of the transaction. 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 September 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 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”).

I-10

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.

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 $4.5 million during 2023 prior to the Split-Off 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.

I-11

Table of Contents

ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

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 included a reorganization agreement, a services agreement, aircraft time sharing agreements, a facilities sharing agreement, a tax sharing agreement and a registration rights agreement. The facilities sharing agreement and aircraft time sharing agreements were terminated as part of the Corporate Governance Transition (as defined below).

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 and prior to the Corporate Governance Transition (as defined below), components of Liberty Chief Executive Officer’s compensation were either 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 was 8% during the period from January 1, 2024 to August 31, 2024, when the Corporate Governance Transition (as defined below) occurred.

Pursuant to the registration rights agreement with Liberty, Atlanta Braves Holdings 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 $1.6 million and $4.1 million for the three and nine months ended September 30, 2024, respectively and $0.8 million for the three months ended September 30, 2023 after the Split-Off.

Related Party Transactions and Change in Corporate Governance

On August 21, 2024, Terence F. McGuirk (“McGuirk”), Chairman and CEO of Braves Holdings, LLC, entered into certain shareholder arrangements with Dr. John Malone (“Malone”), pursuant to which Malone has granted McGuirk a proxy (the “Malone Voting Agreement”) to vote 887,079 shares of the Company’s Series B Common Stock owned by Malone, representing 44% of the Company’s outstanding voting power, on director elections, the approval or authorization of executive compensation and other routine matters.  Malone has also granted McGuirk a right of first refusal with respect to future transfers of the Company shares beneficially owned by Malone as well as certain appreciation rights with respect to the value of Malone’s shares of Series B Common Stock.

The execution of the Malone Voting Agreement constituted a “Change in Control” of the Company as defined in Gregory B. Maffei’s Executive Employment Agreement, dated effective as of December 13, 2019, by and between Mr. Maffei and Liberty. As a result, on August 21, 2024, Mr. Maffei notified the Company of his resignation as President, Chief Executive Officer, Chairman of the Board and a director of the Company effective August 31, 2024. Mr. Maffei’s separation from employment with the Company was for “Good Reason” within the meaning of his Executive Employment Agreement. Additionally, Atlanta Braves Holdings and Liberty have begun transitioning various general and administrative services currently provided by Liberty to the management of Atlanta Braves Holdings, including legal, tax, accounting, treasury, information technology, cybersecurity and investor relations support. As part of that transition, the

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

then-current officers of the Company (with limited exceptions) stepped down from their officer positions, effective August 31, 2024, and members of the Braves operating team assumed these roles effective September 1, 2024 (the “Corporate Governance Transition”).

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 nine months ended September 30, 2024 that would have been antidilutive. 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.

Three months ended

Three months ended

Nine months ended

Nine months ended

    

September 30, 2024

    

September 30, 2023

    

September 30, 2024

September 30, 2023

(numbers of shares in thousands)

Basic WASO

 

62,021

61,720

61,950

61,720

Potentially dilutive shares (1)

 

1,018

868

895

868

Diluted WASO

 

63,039

62,588

62,845

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.

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ATLANTA BRAVES HOLDINGS, INC.

Notes to Condensed Consolidated Financial Statements (Continued)

(unaudited)

(3) Property and Equipment

Property and equipment consisted of the following: