Atlanta Braves Holdings In-a Aktie

Greetings. Welcome to the Atlanta Braves Holdings First Quarter 2026 Earnings Conference Call. [Operator Instructions]. As a reminder, this call is being recorded. At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements that represent our beliefs or expectations about future events. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

A number of factors could cause actual results to differ materially from those anticipated including those set forth in the Risk Factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time. and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website.

Now I'd like to turn the call over to Terry McGuirk, Chairman, President and CEO of Atlanta Braves Holdings.

Welcome, everyone, and thank you for joining our first quarter 2026 earnings conference call. Joining me today are Derek Schiller, President and CEO of the Atlanta Braves; Mike Plant, President and CEO of the Braves Development Company; and Jill Robinson, our CFO.

Before we begin, I'd like to take a moment to remember 2 Braves icons who passed away last week. Our good friend and former owner, Ted Turner, and the best manager to ever wear a Braves Uniform, Bobby Cox. Ted was one of a kind of brilliant businessman, consummate showman and passionate fan of his beloved Braves. His visionary leadership and innovative approach to broadcast television transform the Braves into Americas team.

Under his stewardship, the ball club experienced one of the greatest runs of sustained excellence in Major League Baseball history and brought a World Series championship to Atlanta in 1995. It was also a legendary philanthropist whose compassion and generosity extended around the world.

Bobby Cox, led our team to 14 straight division titles, 5 National League Pennant and the unforgettable World Series title in 1995. He garnered 2,149 wins as Braves manager, the most in franchise history and delivered the longest period of sustained success for our ball club. Bobby was a 4-time winner of the Manager of the Year award. His Braves managerial legacy will never be matched.

He was a favorite among all in baseball, especially those who played for him. His wealth of knowledge on player development and the intricacies of managing the game were rewarded with the sports ultimate prize in 2014 enshrinement into the Baseball Hall of Fame. Our sincere condolences go out to the Turner family and to the Cox family.

Back to the season, we're off to a terrific start this year, both on and off the field. As we start May, we have one of the best records in baseball and are in first place in the National East. This is the kind of fast start that we were hoping for and we are doing this while still awaiting the return of several impact players who have been recovering from injuries during the early stages of the season.

On the mound, we finished the month of April, leading the National League in ERA and a strong performance by our both starting rotation and bullpen. And at the plate, we led the majors in run scored and sat third in home runs. We outscored our competition by 66 runs in March and April, tied for the best run differential in the sport, which I consider one of the best power ranking metrics in baseball. Alex Anthopoulos has put together an exceptional roster and our new manager, Walt Weiss is bringing a competitive spirit and enthusiasm that is working well with the players in the club house.

As we have said on a number of occasions, our ultimate goal every year is to compete for and win another world series for our fans. This start puts us in an outstanding position to continue focusing on the playoffs, which is the first step on that championship journey.

Baseball continues to grow and cultivate fans across the country and around the world. In addition to the recent MLB world tour series in Mexico City just a few weeks ago, fans from across the globe tuned in for the World Baseball Classic which was held earlier this spring and featured star performances from several of our current brazed players, including Ronald Acuña Jr.. and Ozzie Albies.

The focus and commitment to building a worldwide audience will pay huge dividends as MLB markets itself internationally over the next decade. The pitch clock and the introduction of the automated ball strike challenge system have harnessed technology and strategy enhancing competitiveness and improving the fan experience, especially for the younger demographic.

Our sport is enjoying great momentum and popularity with the fans. In addition to the Braves strong on the field performance off the field, we have grown revenue and made a number of investments that are focused on the fans and their experience. In particular, I'd like to commend our entire organization for the launch of BravesVision, we were able to accomplish in an incredibly short amount of time, something that most organizations would take a year or more to develop. The Herculean effort by the Braves to build an organization in 3 months that we expect to meet or exceed the economics generated under our prior RSN agreement is management excellence in my opinion, and a big victory for the fans.

Now as I turn the call over to Derek, I would like to thank our fans. Attendance has been great to start the year we know as an organization that we have the greatest fans in baseball, and everything we do is focused on delivering for them. We are steadfast in that commitment, and we do not take their passion and loyalty for granted.

With that, I will turn it over to Derek to walk through in more detail the launch of BravesVision and additional details on our operating performance in the first quarter.

Thank you, Terry, and good morning, everyone. I want to start by offering more details on BravesVision. When we developed the plan to launch BravesVision, we recognized that we had an opportunity to create something from the ground up and do it in a way that made the most sense operationally and financially. We have organized the business around 5 core operating units.

They include production, distribution, advertising sales, programming, and direct-to-consumer streaming. We are incredibly pleased with the progress that we have made in short order since launching against each of these areas. From a production standpoint, we were able to leverage existing relationships with Gray Media and Raycom to assist in building out the immediate areas of our focus.

By combining these efforts with our existing Braves team across production, marketing, graphics and others, we're able to control and produce games and create content that is best for our fans. We have seen and heard from fans who appreciate the fact that their favorite team is running the network without somebody else in between. In terms of distribution, we've enhanced the reach of our broadcast through linear distribution deals and expanded our over-the-air partnerships with Gray Media.

We reached agreements prior to opening day that essentially preserved our linear distribution of BravesVision across cable and satellite. In addition, we expanded our over-the-air broadcast reach with grade of 25 games this season, up from only 15 games last season. In terms of advertising, we have made substantial progress in attracting advertisers by leveraging our sponsorship and marketing teams.

The presentation of our network, the popularity and success of the team and the ability to deliver a robust audience is something that we know is critically important to our advertisers, and we're proving our value to them. The Atlanta Braves are well known as a premier franchise across professional sports and one that companies want to partner with as evidenced by our impressive growth in corporate partnerships. We believe that this is a real opportunity for us, and we will continue to focus our efforts on bringing the right brands into our network.

On the programming front, we are working to expand existing programming beyond just pregame, in-game and postgame coverage though we have additional hours of content. Our focus is on delivering a broadcast by the Braves and for the fans and the control we have over that presentation on BravesVision allows us to do just that.

Our direct-to-consumer product has proven to be best-in-class, and we hear from fans in our footprint and across the country that experience has been seamless, easy to use, and it delivers our games to fans wherever and whenever they want to watch them. We have attracted a very strong subscriber base and are investing in marketing to grow that base as the season continues.

Simultaneously, we understand the importance of preserving subscribers and minimizing churn. Just a word on our fans and to echo some of what Terry shared. Our fans have been incredibly appreciative of the direct control the team has over the broadcast. We recognize this, and we will continue to innovate and execute to ensure that BravesVision is the best presentation of Major League Baseball.

We built in a matter of only a few weeks what would typically take 12 to 18 months to assemble and did so with the team leaner than nearly anyone else in the industry by leveraging our in-house experience and top-tier staff. This tremendous achievement is a testament to our vision to control our rights again and be in a position to maximize not only our economics, but the complete fan experience across our geographic territory, Braves Country.

Given that this is an earnings call, we know that many of you will want significant details on the financials at BravesVision. We also know you'll likely want metrics to measure our success. We understand that's important. But it is early days in the launch of BravesVision. So we're going to be thoughtful around which metrics we choose to focus on so that we can give you the best picture of our results.

This is only the first quarter with an extremely limited percentage of our total 162 game season. So look for us to share more when we present Q2 earnings. As mentioned on our year-end call, we see our business in baseball strategies is aligned. A competitive team supports demand and our broader development platform supports revenue throughout the year. There is no doubt that the performance on the field in 26 has been fantastic.

We are thrilled with the way the team has started the season. While the first quarter had a limited number of home games, we opened the season at home and attendance has been strong through April. Through the first 18 home games, we are currently averaging approximately 33,000 tickets sold per game and had 7 sell ups. Our new ticketing strategy is working well and ensuring that we are maximizing revenue opportunities as we sell additional tickets on a game-by-game basis.

Regarding other events outside our regular season, just last week, we welcomed the Eagles to Truist Park as part of their farewell tour and welcome tens of thousands of fans to our ballpark for their concert series. This is only one of our upcoming concerts that have been announced throughout the rest of the year. We're also excited to have Braves Country Fest presented by Truist on June 13 in partnership with Live Nation, featuring performances by Cody Johnson, Ella Langley, ERNEST and Mackenzie Carpenter, among others.

Lastly, just this past weekend, we hosted a 3-game series with the Savannah Bananas, whose product remains exceptionally popular. With 3 sellouts across products at are in Sunday, we were thrilled to welcome more than 100,000 fans to Truist Park and the battery.

Mike will touch on our real estate development strategy and business in a moment, but I'd like to emphasize that as we head into the summer months, we have a number of exciting events ahead that will drive visitors to the Battery Atlanta. It is clear that we are off to an exceptionally busy start to 2026 and the hard work of everyone in the organization is paying off. We look forward to many exciting developments in the months ahead. Go Braves. And now over to you, Mike.

Thanks, Derek. The start of the baseball season was clearly reflected across the Battery Atlanta with increased activity throughout the district as fans return to Truist Park and visitors engage with the broader mix of restaurants, entertainment venues, retail, office, hotel and residential offerings.

The strength of the multiuse nature of the battery continues to be one of the key differentiators of the portfolio. We also continue to focus on enhancing the guest experience and further strengthening the tenant mix. We announced earlier this year that a new restaurant will debut at the Battery. The restaurant, Hundredfold, is an American brasserie headed by James Beard award-winning chef, Timothy Hollingsworth, that will offer an upscale dining experience, which will add another attractive dining option to our portfolio.

The restaurant slated to open the fall at 5 ballpark Center, the office tower housing, the Truist Securities division across the street from the third base gate at Truist Park. This new restaurant will join J. Alexander's as our 2 new premium dining experiences at the Battery Atlanta. As we previously announced, J. Alexander's is a high-end American cuisine restaurant, which recently opened.

From a leasing and development perspective, demand for high-quality space at the battery remains strong. We currently have 5 new or extended deals signed, which represent nearly 50,000 square feet of new tenant base. In addition, we have 75,000 square feet currently under redevelopment. The Battery Atlanta on nearly 1.4 million visitors in the first quarter as our evolving campus continues to be a premier destination for visitors across Atlanta and the Southeast.

We operate one of the most unique locations in the country and with multiple opportunities throughout the rest of the year for concerts, viewing events, markets and more are looking forward to our campus continue to be an important piece of the Atlanta Braves. This campus has grown to become a landmark in Atlanta and across the entire Southeast as we continue to see dozens of teams in professional and collegiate sports attempt to replicate the model we have built. We have fostered an incredibly strong community and are proud to be approaching the 10-year anniversary of our move to Cobb County.

This move was strategic for numerous reasons, and our partnership with Cobb County has only strengthened in the last several years. In fact, just last year, the Braves and Battery Atlanta generated more than $41 million in total tax revenue for the county, Cobb Board of Education, CID and State of Georgia. We look forward to continuing to make a positive impact on the county and the community. With that, I will turn over the call to Jill to walk through the financials in more detail.

Thanks, Mike. Before I start, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. Towards the end of the first quarter of 2026, there were 5 regular season home games played. That being said, we are pleased to report a strong start to our year.

Total revenue was $72 million in the first quarter of 2026, up from $47.2 million in the first quarter of 2025. As a reminder, the company manages its business based on the following reportable segments: baseball and mixed-use development.

Baseball revenue was $45.7 million in the first quarter of 2026, up from $28.6 million in the first quarter of 2025. This revenue increase was driven by an increase in baseball event revenue due to the 5 regular season home games in Q1 2026 versus no home games in the same period last year. This increase was partially offset by a decrease in other revenue due to 2 Savannah Banana games hosted at Truist Park in Q1 2025, but not in Q1 2026.

Mixed-use development revenue was $26.3 million in the first quarter of 2026, up from $18.6 million from the same period last year and was primarily driven by increases in rental income, primarily as a result of the in-place leases associated with the Pennant Park acquisition. Given that the launch of BravesVision occurred late in the first quarter, we are still working through the reporting elements within our financials and the manner with which we can share details with our analysts and investors.

We expect to have more clarity on that when we report our second quarter earnings. That being said, we believe we are on pace to meet or exceed the economics generated under our prior RSN agreement, but the timing of the cash flows will be different based on the timing of payments for the different revenue streams.

For example, in our prior relationship with Main Street FanDuel Sports Network, we received a license fee with payments being received equally over the first 9 months of the year. The revenue and cash flow were predictable, albeit there was uncertainty given the financial health of our partner.

In the case of BravesVision, our distribution agreements commenced at the time we signed our contracts with our various distribution partners at the start of the season. Distribution revenue payments will come in on a slower cadence than our traditional rights fee model payments were received, creating a sizable shift in the timing of cash receipts. Advertising revenue will be paid following the month when the ad errors.

Direct-to-consumer payments will also be paid monthly. We are going to work over the coming months to identify the best way to report our financial results and give our investors and analysts the best way to model that going forward. We are being cautious and thoughtful around this given the early few weeks of this new business.

Turning back to specific results. Adjusted OIBDA improved to a loss of $17.6 million, up from a loss of $28.5 million in the first quarter of 2025. This improvement was due to an increase in both baseball and mixed-use development revenue, partially offset by an increase in baseball operating costs, including increased player salaries and variable stadium operating expenses, due to the increase in regular season home games in Q1 2026 versus the same period last year and an increase in mixed-use development operating expenses due to the PennantPark acquisition.

Our operating loss improved to $41.3 million in the first quarter of 2026 as compared to an operating loss of $44.5 million in the first quarter of 2025, primarily due to revenue outpacing increases in operating and SG&A expenses. As of March 31, 2026, the company had $135.2 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. treasury securities, other government securities or government guaranteed funds, AAA-rated money market funds and other highly rated financial and corporate debt instruments. And with that, operator, let's open the line for questions.

[Operator Instructions] Your first question comes from the line of David Joyce from Seaport Research Partners.

Congratulations on launching BravesVision. And I appreciate that you're not ready to provide too many new KPIs, but could you help us think through kind of what the differences are in the -- beyond what you've said so far on the contract and offerings from the programming last year versus this -- and then what incremental production and platform investments were required to launch this in terms of like what the financial implications might be.

David, it's Derek Schiller, I'll take this one. Thank you for the question. Let's first give a little context it's important to reemphasize why we've done what we've done. First and foremost is we think it's going to be in the best interest of our fans, delivering the best product for them on TV. It gives us control, which we always like that in our business. And with control, we have optionality with what we do today and in the future for that.

And then I think really importantly, I want to emphasize some of the things that Terry and I touched on in our remarks is that we're very bullish about what this management team can do. And this is a great example of that in standing up BravesVision. When we did so, we stood it up with the intent to focus initially primarily on the gain with the direct adjacent programming being a pregame show in post game.

I think there's some opportunity for us, as we mentioned, to extend some of the programming. But really, at the end of the day, I mean, that is what the fans want first and foremost is the ability to watch the game, watch the pre and post game shows with that. So we're focused on that. That's gone really well. The fan feedback has been fantastic.

And I want to emphasize from an economics perspective, at this point in time, we can safely say that we're going to meet or exceed the economics which unto itself is a pretty large statement that we can make. We will see some expenses as it relates to additional programming. We're going to be mindful of that, and we're going to be very selective. So at this point in time, I think we're giving you the best glimpse into the economics. Jill, I don't know if you want to give any more commentary on that. But that's basically what we've got.

The one thing I would add, David, is that because of our partnership with Raycom, our upfront investment, particularly capital investment was relatively minimal.

Your next question comes from the line of Barton Crockett from Rosenblatt.

Congratulations on a great start to the season here. I wanted to ask about an element of the BravesVision set up, and I understand there's a limit on what you can really say at this point. But could you tell us about the TV kind of footprint. I've noticed you've got all the major kind of distributors in there, but there is a notable name, Cox, which I haven't seen in the lineup. And anything you could say about the reach you've got now on TV versus what you had before and if there's scope for that to change as we go through the season or into next year?

Sure. I'll take that again. It's Derek. First, our -- part of the reason why we took on this television project and launching BravesVision ourselves is in addition to what I said about our belief that we could do it, it's the marketplace. have the benefit of having one of the largest television territories in all of sports. And so we want to try to capture that.

We think we're in the best position to do so. The way that I would describe it, to answer your question is there's really a couple of ways that we approach the marketplace and it's largely very similar to what Main Street did. It would be described as a linear distributed network, adding on over-the-air components. In our case, we're extending the number of over-the-air games from 15 to 25 as we mentioned.

And then also allowing fans to have a direct-to-consumer streaming option via the Braves.TV. In the linear distributed product, which is what you were asking about, we have replicated the amount of distributors that were previously with us are all largely the same from what we had, including Cox. They have partnered with Charter. As you know, there's been a combination of those. So that may be why you're looking at that. But we can say at this point in time, all of the major distributors that distribute into the Braves television territory, are carrying BravesVision.

Okay. Now if I could ask one other kind of thing about this, just to get some just adjectives around this. I understand you may not give numbers. But as you've taken control of the streaming, can you give us any sense of how large the streaming kind of audience is relative to linear, just some adjective sense of that and whether that's changed much as you've taken it over versus what it was under the prior regime.

For context, we are streaming through Major League Baseball's MLB.TV, or, in our case, Braves.TV element. They do a fantastic job as we called it, a best-in-class approach to the marketplace. Our fans have really enjoyed that. We -- last year, also for additional contacts last year was the first year that we added streaming into the marketplace. In that case, it was handled by Main Street.

We didn't have an exact glimpse into how many subscribers were subscribed to the product because it was them that was managing that. So it's a little bit difficult to look at comparisons. I can give you just general terms is that we're very happy with the amount of fans that have signed up for subscriptions to Braves.TV.

We are currently working on ways to report on the information and the amount of people that are watching our product because, again, you can watch via linear, you can watch via OTA or the streaming. So as referenced in our earlier commentary, we're continuing to build on how we are going to showcase the amount of people that watch. So look for that information to come in the future.

Okay. That's great. And if I could just ask one last question, kind of shifting gears. Just as I kind of look at your free cash flow and your net debt, your free cash flow is traditionally defined cash flow from operations less CapEx has been negative for the past couple of years. And your net debt has gone up from the 400-ish range in the 2022, '23 ZIP code to $600 million-ish now including some spending on tenant.

How should we think about this going forward? I mean, obviously, there's some constraints on how much that you'd want to add and -- but also a need to kind of invest in your business. So how should we kind of think about how you guys balance this going forward?

Well, thanks for the question, Barton. As we -- I'll tackle the debt question first. As you look at the increase in debt over the past couple of years, keep in mind that on the real estate side of our portfolio, we've added not just Pennant Park but 5 ballpark. So both of those increases in debt are tied to revenue-generating assets that have been extremely profitable for us.

On the baseball side, our -- most of our debt on the stadium and otherwise is pretty well set. We're not looking to increase leverage on that. And we have 2 revolving debt instruments, which as of March 31 is about $265 million of borrowing capacity. We believe that creates a lot of flexibility for us in the future.

From a free cash flow perspective, over the past couple of years, we've been very focused on improvements in the ballpark, which increase the fan experience for our fans and also our revenue generating. It's our master planning project that we've talked about in Investor Days and other such events. Those have been capital projects that have largely been spent in Q4 and Q3. So that's been an impact to our free cash flow as well.

So the implication is the free cash flow trajectory should be perhaps less negative or positive going forward?

Yes. I mean I think we've done the big master planning projects that generate the highest returns. So going forward in the future, I would expect that those would come down a little bit. That spending would come down a little bit, although we're still in the early stages of planning for that.

Your next question comes from the line of Matthew Harrigan from Benchmark.

Your friends at Live Nation have talked about premiumization in terms of getting more efficiency on pricing. Clearly, that's particularly appropriate when the Braves are having a playoff run, which things are looking good for you. But do you feel like you're optimally priced at this point? I mean, in terms of assuring access for everyone and at the same time, really taking the cream on the high end as well? Or do you think you have latitude in your pricing structure over a period of time? And obviously, the amenities, I'm sure it's not the Miami Grand Prix with $200 nachos. But -- just any thoughts on that?

Matthew, it's Derek. I'll take that. Thanks for the question. Yes, I think one of the great things about the Braves in baseball as a whole is that we do have a wide variety of ticketing options and price points that we can offer our fans. And that is absolutely the truth here at Truist Park as well. And we believe, and we've stated this in the past that there was room for growth on the average ticket price over the past years and we certainly have worked on that.

We're still a fan-friendly as I call it, situation where if you're looking for something that is more value offered we can certainly give you that option. But we have also done very well at optimizing our premium, our premium is defined as largely those tickets that have some level of amenity associated with them, whether it be a club or something else, a food and beverage component to that.

And in fact, relating to Jill's previous commentary, some of the additions that we have made to the ballpark in the form of our master planning projects have included expanding upon some of the premium as well as hospitality space related offerings that we have because we are meeting what the fans had wanted, and that's where we have seen the highest demand.

So our premium seats as of now continue to be sold out. And we're seeing high demand on those and feel very good about the price points that we are offering those as we stand today.

And I know you're reticent on commenting on league issues. But when you look at parity and obviously, maintaining the growth of the league and keeping the players happy. What's your perspective on floors, caps and revenue sharing? I know you got some ossification as a result of past experiences. But you got so much going on with baseball right now, be a shame to done it with a lockout as everyone knows.

This is Terry. I would steer those questions to Rob Manfred for the commissioner of baseball. We're in pretty active discussions at his office with the Players Association. And as you know, the CBA concludes that on December 1 of this year, and baseball will be engaging as it normally does throughout this year to culminate at that point with either a new deal or other activities.

So there's been lots of discussion as to what might be included in that -- in those talks. I'm not in a position today to discuss them.

You could mention also Bobby Cox as one of the unbreakable sports records with post game explosions, quite the character. Anyway, thanks for your tolerance on the question.

We love Bobby. He's 1 of our icons and every player whoever played for them would walk across hot coals for them. So we're -- where he's an amazing guy and we'll be honoring him further as the season goes on.

And we have reached the end of our question-and-answer session. I will now turn the call back over to management for closing remarks.

Well, thank you for joining us on today's call. Appreciate it. A reminder that our next home game is tomorrow versus the Cubs and we look forward to you watching us in the stands or maybe on BravesVision. And then a final point is prior to tomorrow's game, we will be doing a pregame tribute for both Bobby Cox as well as Ted Turner. So appreciate you joining us for that. And with that, I want to thank everybody for the call and see you next time.

This concludes today's conference call. Thank you for your participation. You may now disconnect.

Greetings. Welcome to the Atlanta Braves Holdings Fourth Quarter and Year-end 2025 Earnings Call. [Operator Instructions] As a reminder, this call is being recorded.

At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today.

A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the Risk Factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions and beliefs, as well as information available to us at this time and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-K and earnings press release available on the company's website.

Now I'd like to turn the call over to Terry McGuirk, Chairman, President and CEO of Atlanta Braves Holdings.

Welcome, everyone, and thank you for joining our fourth quarter and year-end 2025 call today. With Spring Training underway, we are energized about the year ahead. I've been to our North Port, Florida spring training facility over the past two weeks and I'm pleased with the progress of the team and the pieces we have in place.

Walt Weiss, our new manager is working hard in building team momentum as we look towards opening day. We believe we are well positioned with a strong roster in the organizational depth to be competitive this season. We continue to focus on improving our team with the ultimate goal of competing and winning another world series for our fans.

As I stated on our last call, we are driven to return to our long tradition of winning and championships. And Alex Anthopoulos, our President of Baseball Operations, has done an excellent job navigating this off-season and adding some key free agents to the team. To that end, we're excited about the addition of Robert Suarez, who was just named by ESPN as the believer in baseball and will form one of the best back ends of a bullpen in the majors when paired with Raisel Iglesias.

We also have Jorge Mateo and Mauricio Dubón, who both can play anywhere on the diamond and will be anchoring the shortstop position until mid-May. When Gold Glover and newly signed Ha-Seong Kim, returns from a finger entry. Dubon has also won a Gold Glove as a utility infielder in two of the last three seasons. We were also pleased to strengthen our formidable bullpen with the signings of Tyler Kinley and Joel Payamps. We are adding these talented players to an already elite roster that includes Reigning National League Rookie the Year, Drake Baldwin, Reigning Gold Glove winner, Matt Olson, former National League MVP, Ronald Acuña Jr., and former Cy Young winner, Chris Sale, who we signed to an extension earlier this week, along with the standout players and fan favorites, Austin Riley, Spencer Strider, and many, many more. Also, catcher Sean Murphy is recovering nicely from hip surgery last September and is making great strides towards rejoining the team in the early part of the season.

We firmly believe we have all the pieces we need to make a postseason run this year and compete for a World Series title. And we're not alone in that belief. Fan graphs picked us to compete for a World Series title and named us the #2 preseason team in the entire majors in their power rankings just behind the Dodgers.

Now let me address one more important issue that emerged as we started this year, local media broadcast. As you all know, the industry has been working through the ongoing saga of the decline of Main Street Sports. With Main Street out of the way, the Braves now have our local TV rights back and instead of going through a third-party regional sports network to monetize these rights, we will be stepping into the Main Street role in directly handling the distribution, production and revenue generation of the full season of gains ourselves. We are fortunate to have much of this expertise in-house at the Braves and are confident that we will be able to produce, distribute and deliver our games and additional Braves content in a way that is compelling and serves our fans very well.

We have one of the largest television territories in baseball, spanning multiple states, which affords us the opportunity to optimize our financial outcome, a factor that provides us an advantage that no other Main Street team has. Our goal to be sure that every fan who wants to watch an Atlanta Braves game can do so. The demand for our product remains incredibly high, which makes the job of reengineering the distribution system much easier.

Yesterday, we announced the launch of our new distribution and streaming platform, BravesVision, introducing our fans to the new platform for Braves broadcast. Before I turn the call over to Derek, I would like to thank our fans, our team, the entire organization for their continued support and efforts and recognize that it is through hard work and dedication that we continue to be one of the elite franchises in all of Major League Baseball and across all professional sports.

With that, I'll turn it over to Derek to walk through our operating performance ticketing trends and outlook, including more detail on the local media rights topic.

Thank you, Terry, and good morning, everyone. I will start with one of our most pressing topics as we head into the final weeks before the start of the regular season. For our organization, our priority throughout the whole process around media rights has been clear. We wanted to maximize reach and availability for fans, while protecting our economics given the popularity and value of our team.

As Terry mentioned, we are excited to launch BravesVision, a multimedia platform owned and operated by the team, which will serve as the official home of our local television broadcast beginning this season. And bringing our broadcast back under control, our initial focus in 2026 will be our pregame show, our in-game presentation and post-game content.

Importantly, we will maintain full creative oversight of the production, as well as the sales, marketing and distribution of the venture. We have an experienced team that is talented and motivated so we are confident in our ability to deliver for our fans and excited to see what our operating team can do. BravesVision will allow fans to watch us on multiple platforms, including many of the same television providers where fans are used to watching our games. With all games available on a streaming platform in partnership with MLB.

Importantly, Gray Media will remain our partner. Starting already with spring training, Gray Media will broadcast 15 spring training games, a 50% increase after the successful partnership last year. In addition, Braves will partner with Gray Media to simulcast a selection of regular season games alongside BravesVision. These free over-the-air telecasts will be available on Peachtree TV's Atlanta's CW and Peachtree Sports Network in Atlanta and throughout the Southeast through Gray's network of broadcast stations. This broadcast partnership highlights the Braves commitment to engaging fans across Braves Country.

In addition to local Braves television broadcast, the team will appear in nationally televised games this season with various MLB broadcast partners, including FOX, FS1, ESPN, TVS, NBC Peacock, and Apple TV. As we have said in the past, there is tremendous value in our expansive fan base and serving our fans is our top priority. We believe this is also in the best long-term interest of our team and our shareholders. With this resolution in place, our focus now shifts to execution, optimizing outcomes across subscriber reach, distribution, advertising and streaming options while continuing to ensure fan access.

I'd like to turn now to last season and what we're taking it from as we head into the new year. Despite the season on the field in 2025, we delivered record-breaking regular season ticket sales and sponsorship revenue underscoring the enduring strength of the Braves brand and the unwavering passion of our fans and partners. We also sold the fourth highest number of tickets in the past 25 years, which reinforces the tremendous loyalty we have from our Braves country fan base.

Heading into the 2026 season, we're encouraged by strong ticket demand, having already sold more than 1.9 million tickets across seasons, groups, hospitality packages and single game inventory. Our premium clubs continue to be sold out, and there is a robust wait list on all seasoned product offerings, exemplifying one of the most sought-after season ticket memberships in MLB.

Within ticketing, we have also been able to optimize our process through a combination of pricing strategy, product segmentation and improved inventory management. We are continuing to invest in ticketing analytics so we can better measure demand elasticity by game, opponent, day of week and seating category. That work is already improving marketing efficiency and conversion helping us put the right offer in front of the right fan at the right time. Importantly, it also supports our premium and group strategy, which we view as meaningful leverage for revenue quality.

Looking ahead, we are focused on improving our on-field competitives, while also building momentum in the Battery Atlanta as a multi-use destination that drives year-round engagement and revenue. We see our business and baseball strategies as aligned. A competitive team supports demand and our broader development platform supports durability across cycles.

The Battery also continues to perform as a multi-use destination and our strategy centered on diversifying demand drivers and broadening our calendar to increase repeat visitation is working. With over 380 total events and concerts held in 2025, we reinforced the Battery Atlanta and Truist Park as a premier destination in the Southeast, even outside of the Braves home schedule. Of these 380, we hosted 144 events across the common areas of our campus, held 147 events at the Coca-Cola Roxy and added another 95 game day in Truist Park events.

This breadth of year-round events is another shining example of why we believe we operate one of the most unique partnerships in professional sports. To that point, we continue to expand our nongame day schedule events throughout the season. As an example, after a successful 2-game series last year, we're excited to host the Savannah Bananas for three games this year, further expanding this unique experience at our ballpark. We also recently announced that we will be hosting Braves Country Fest on June 13 in partnership with Live Nation.

This features performances by Cody Johnson, Ella Langley, Ernest and Mackenzie Carpenter, among others. And in addition, Noah Kahan will be performing at Truist Park on July 27. These examples then more reiterate our ability to attract top-tier events to our ballpark and campus throughout the year and we look forward to continuing our positive momentum with additional concerts, community events and other activations.

Looking forward to 2026, we are confident on our ability to deliver to our fans across Atlanta and across the entire Southeast. We continue to focus on improving our fan experience at the ballpark, as well as the overall experience across our campus. The launch of BravesVision is something that we believe will be a defining moment for our franchise and our fans. Our expansive television market territory is one of the largest professional sports and gives our team options that few others do. With our media rights resolved ahead of the season, we are excited about the future this brings and focusing on creating the best possible product.

With that, I'll turn it over to Mike to provide updates on the Battery and our real estate strategy.

Thank you, Derek, and good morning, everyone. Let me start by reinforcing Derek's comments on our real estate strategy. We continue to view the Battery as a long-term platform that diversifies our business, broadens our audience and supports durable growth over time. In 2025, we welcomed nearly 9 million visitors to the Battery mostly in line with our levels from 2024, even as baseball attendance was softer last season.

For us, that's a strong indicator that our awareness is increasing, given all the events we've hosted and other offerings we've added around the Battery and that the destination value proposition is resonating beyond game days. From a tenant perspective, in the Battery, 2025 was a record year. Our tenants collectively achieved a new annual sales milestone of approximately $137 million across just 30 doors, which we believe ranks among the most successful mixed-use operations in the country.

We also continue to strengthen our tenant lineup with the openings of the new Truist Securities building, walk on Sports Bistro and Shake Shack, among others. We are excited about J. Alexander joining the Battery in 2026. From a portfolio standpoint, PennantPark was a key contributor this year. We successfully acquired and closed the property and ended the year at approximately 90% occupancy, an impressive increase from the low 80% range at closing in April.

In the fourth quarter alone, we closed just under 50,000 square feet of new deals and have a very strong tenant pipeline into 2026. Across the Battery more broadly, we had a strong year of continued transformation, including meaningful capital investments aimed at improving the guest experience and long-term functionality of the campus. The pedestrian bridge connecting the Henry project to the Battery is nearing completion, which will further enhance connectivity, expand our parking operations, and improve overall flow throughout our growing footprint. We are still opportunistic as we evaluate future transactions and believe our record speaks for itself as we look to optimize the portfolio over time.

Importantly, we continue to command rent premiums across our retail, office and hotel assets, with rates above markets supported by demand, engagement and performance. Tenant engagement also remains strong. We continue to secure early lease extensions and receive daily inbound interest from prospective tenants, which gives us confidence in the depth and quality of our pipeline.

From a financial standpoint, I'm pleased to report that mixed-use development revenue continues to perform well and represented approximately 13% of the company's total revenue in 2025. We are currently generating over $100 million in revenue on an annualized basis as our mixed-use development revenue continues to expand its role as a meaningful contributor to our team and franchise value.

With that, I'll now turn over the call to Jill to walk through our financials in detail.

Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. Our final 2025 home game was in the third quarter. We are pleased to report that 2025 was a strong financial year for our organization.

Total revenue in 2025 was $732 million, this was an increase of nearly $70 million from $663 million in 2024. As a reminder, the company manages its business based on the following reportable segments, baseball and mixed-use development. Baseball revenue was $635 million in 2025, up from $595 million in 2024. This revenue increase was driven by a combination of increased event, broadcasting and other revenue.

Baseball event revenue was $358 million in 2025, up from $348 million in 2024, primarily due to contractual rate increases on season tickets and existing sponsorship contracts, as well as new premium seating and sponsorship agreements, offset by attendance-related reductions in revenue. Broadcasting revenue, which includes national and regional revenue, was $189 million in 2025, up from $166 million in 2024.

Other revenue was up by $8 million to $42 million in 2025 compared to $34 million in 2024, primarily due to events held at Truist Park, including two Savannah Bananas games. Next, our mixed-use development revenue was $97 million in 2025, a $30 million increase from $67 million in 2024. This was primarily driven by a $27 million increase in rental income due to new lease commencements and in-place leases acquired with PennantPark and, to a lesser extent, sponsorship and parking revenue.

Adjusted OIBDA was $108 million in 2025, an increase of nearly $70 million from $40 million in 2024. This improvement was driven by an increase of $44 million in baseball adjusted OIBDA and an increase of $23 million in mixed-use development adjusted OIBDA due mainly to the increases in revenue in both segments and reduced baseball operating costs. Mixed-use development adjusted OIBDA serves as a proxy for net operating income.

Additionally, we have invested in two Battery hotel properties as 50% joint ventures, which are accounted for as equity method investments. Our share of earnings in these investments is not included in mixed-use development adjusted OIBDA but still represents an important part of our operations. Our operating loss was $14 million in 2025 compared to a loss of $40 million in 2024.

This improvement was primarily due to increased revenue, partially offset by a $30 million noncash impairment expense associated with the termination of the long-term local broadcasting agreement, and increased depreciation and amortization. As of December 31, 2025, the company had $100 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. treasury securities, other government securities or government guaranteed funds, AAA-rated money market funds and other highly rated financial and corporate debt instruments.

And with that, operator, let's open the line for questions.

[Operator Instructions] Your first question today comes from the line of David Joyce from Seaport Research Partners.

Congratulations on standing up BravesVision. I was wondering what sort of OpEx or CapEx was reflected in your financials before sort of getting that up and running? Or is it more going to be reflected here in the first quarter? And then secondly, if you could remind us, please, on the blackout rules for the local TV and streaming opportunities. I know that your press release mentioned that there was some no blackout issues. But just remind us of that, please.

David, this is Jill. In response to your first question about OpEx and CapEx for the broadcasting business, historically, we haven't shared information at that level in our financial statements. We do share with you broadcast revenue. So I really can't speak to that at this time. Looking forward, as we launch BravesVision, you should expect to see more detail about the financial results of this new operation starting in Q2.

Yes. And I'll take the second one. It's Derek. The blackout rules and the way that we referenced them really pertain primarily to the streaming platform. So as we launch Braves.TV, which is in partnership with Major League Baseball. In effect, if you are a subscriber of Braves.TV, you can watch anywhere inside of the territory as part of our local broadcast opportunities. And should you leave the home television territory outside of the Southeast, our five, six state area. So long as you're a Braves.TV subscriber, you will be able to watch the Braves games wherever you travel inside of the United States.

If you are an MLB.TV subscriber, so you have an out-of-market package, you can watch both inside and outside the territory, which is why we referenced the blackout restrictions the way that we did.

Appreciate it. And if I could kind of follow on to the media rights aspect. Obviously, with the CBA coming up later this year and other leagues looking to redo their national rights deals. What are your updated thoughts on how things are evolving? And what's the probability that Major League Baseball would want to perhaps negotiate back these local media rights from you later on since they are handling a number of other teams?

This is Terry responding. Yes. As you know, our next national media opportunity is 1/1/29. That will be the next time all of our national rights come up. Rob Manfred, the commissioner, has been quoted, I think, in saying that our best opportunity to possible -- best opportunity would be to aggregate all of our rights like the NBA, like the NFL, like CACI. And that is still a strategy that is not clear yet as to how we'll play that. But the commissioner will be leading that negotiation and that strategy discussion among the owners, and we will surely keep our shareholders and our analysts up to speed when that happens.

[Operator Instructions] Your next question comes from the line of Barton Crockett from Rosenblatt Securities.

Let me see, one of the things that I -- just stepping back, I'm just kind of curious about in terms of the financial cash flow profile of the Braves this year versus years past. In this year, you just reported, you -- the free cash flow was, I guess, a negative $25 million or so, if I've got that right.

And when you look ahead to '26, there's $100 million-ish or so of local broadcast revenue that might be somewhat less as you go through this transition, maybe, maybe not. And then you've got some incremental tax impacts that could be coming up from the tax laws that limit kind of deductibility of salaries to high-paid employees like your star baseball players.

And so I was just wondering if you could talk a little bit about how you see free cash flow trending going forward? And if there's a deficit, how you see kind of financing that? And given your position as kind of a public company versus others where you've got the pockets of billionaires to kind of finance it, does this put any pressure on you guys competitively, do you think?

Yes. Thanks for the question. As we think about cash flows, we do tend to think about this in terms of our two businesses, baseball and the real estate business. On the baseball side, what we've said on a few occasions is that our goal is always to reinvest the profits from our team performance and from the operations of baseball into the team. We believe the team is the biggest asset we have that can drive top line growth for the company, and that's generally what our focus is.

Now that said, over the past couple of years, we have launched master planning project across the stadium, we're adding increased offerings to the stadium, specifically in premium areas and other hospitality areas we believe those things are already driving great returns and paying dividends for us.

On the baseball side, we think of things a little bit differently as we're continuously evaluating opportunistic investments in real estate that we can add to our portfolio, similar to what we did last year on PennantPark.

Now as you look forward, I think without disclosing too much here, you may see a difference in how the cash flow comes in with us running the business now as opposed to outsourcing the media business to FanDuel like I said earlier, you'll begin to see a little bit more of how that plays out when the business really begins to operate in Q2.

Okay. But I guess I'll leave some of that aside. Maybe just one more kind of detailed question.

I think there's been some discussion about the changes in tax laws around deductibility of high salary kind of employees and that being a new kind of tax impact for maybe a publicly traded sports franchise like the Braves that the privately owned franchises don't face.

I was wondering if you could talk about the materiality of that for you guys. And given that there are -- there is at least maybe another corporate enterprise out there that has some teams that's publicly traded, is there any possibility for you guys to get together with others to lobby for that law to be treating both private and public ownership more fairly?

It's Derek. I'll jump in on this one. We're obviously aware of the 162(m) issue that you're referencing. We've looked into it. We understand what's out there, and we're working on that. I don't think it's appropriate at this point in time to comment on that because we're still in the midst of those discussions and what we're trying to do with that. But certainly aware of what's out there and what we need to do to try to figure that out.

And at this time, there are no more questions in queue. I will now turn the call back to management for closing remarks.

So I'll close it out. It's Derek. On behalf of the entire management team, I want to thank everybody for participating in today's call, and we look forward to seeing you -- hearing from you again soon. We're 30 days from opening day. I hope you're all paying attention. We're excited to get the season started and look forward to seeing you on March 27 for our opener. Bye-bye.

This concludes today's conference call. Thank you for your participation. You may now disconnect.

Greetings. Welcome to the Atlanta Braves Holdings Third Quarter Earnings Call. [Operator Instructions]. As a reminder, this call is being recorded.

At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the Risk Factors section of our annual and quarterly reports filed with the SEC.

Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future results. During this call, we will discuss certain non-GAAP financial measures, including adjusted EBITDA.

The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website.

Now I'd like to turn the call over to Terry McGuirk, Chairman, President and CEO of Atlanta Braves Holdings.

Thanks for joining the call today, and we appreciate your continued interest and support. In a rare year where we did not make the playoffs, the strength of our brand and the passion of our fans remain strong. That gives us great confidence as we enter the off season and look ahead to 2026. We did have some notable highlights that will help build momentum going into next season.

Rookie Drake Baldwin had a breakout season hitting 274 with 19 home runs and 80 RBIs. He became the first Braves' Catcher ever to debut as an opening day starter and then go on to win nationally Rookie of the month in May. Drake is now a top contender for Rookie of the Year, which is an exciting milestone for our organization.

Chris Sale, despite dealing with a nonthrowing injury while covering first pace remained one of the top performers in the league and achieved a major career milestone by becoming the fastest picture in MLB history to reach 2,500 strike outs. He finished strong and is ready for 2026.

Matt Olson showcased remarkable consistency and durability and became 1 of only 5 MLB players to appear in all 162 games. He led the team with a 6.1 war and ranked among MLB's top defensive first basement. And earlier this week, he was awarded a Gold Glove Award his first as a Brave and third in his 10 season MLB career. He also represented the Braves in the Home Run Derby during the All-Star week here in his hometown.

While our pictures lost a lot of time due to injuries, it did give us an opportunity to see some of our young talent and how they perform and we were greatly encouraged by that. Newcomer, Herston Waldrip, a 2023 first round pick out of Florida sees the opportunity and ended up with a 6 and 1 record with a 2.8 ERA intense game started. You will likely see him again in 2026.

Now that we're in the off season and our focus is shifting towards our strategic priorities which include adding a couple of key players to a veteran win now squad that has so many years of success ahead. Turning to our field manager position after 10 seasons, Brian Snitker transitioned from our manager to a senior adviser role Brian led our team to a World Series championship in 2021 and has spent his entire career with our organization, 49 years and all. We are grateful for his dedication to our franchise, and we look forward to having him around to advise us on baseball matters into the future.

This past Monday, Walt Wise was named the 49th Manager in franchise history, after spending the previous 8 seasons as the club's Major League bench coach. Walt previously served as a manager for the Colorado Rockies has twice been a World Series champion first as a player with the Oakland athletics in '89 and then as a base bench coach in 2021. He has been a part of the Braves organization for 11 seasons as both a player and coach. Since joining the staff, the Brave have made 7 postseason appearances, earned 6 national Leagues division titles and won the 2021 World Series.

On the MLB front, there remains a lot of positivity on the broader state of baseball as we look to the 2026 season. across Major League Baseball national viewership continues to grow, ESPN's MLB coverage is up roughly 21% year-over-year. TNT Sports is up 29% and MLB.TV consumption has grown by 24%. These trends further reinforce the growing engagement across the sport and underscore the strength of baseball's fan connection.

We continue to see positive momentum following the regular season, including the highest post-season viewership since 2017 and an increase of 13% year-over-year. This all culminated in one of the most exciting World Series finishes in recent memory only a few days ago, which saw an extra innings come back in Game 7. Early indications have this as one of the highest-rated World Series games since 2017 with over 25 million fans tuning in to watch the final.

The global audience was on full display as well, welcoming millions of viewers from Japan and across Asia that coupled with our domestic audience highlight the state of baseball, which is an exciting upwards trajectory. Total MLB attendance for 2025 exceeded 71 million fans, making the third consecutive year of growth for the first time in 18 years and reaffirming MLB's position as the most attended sports league in the world.

This is a testament to America's favorite past time, and the Braves Country continues to play a major role in that success. So what we're doing within this organization is truly unique, not only in baseball, but in all of professional sports. The continued momentum and strategic interplay between our baseball and real estate segments remains remarkable and really reflects the long-term vision that has set the Atlanta Braves organization apart. Most every sports organization is trying to emulate our success in combining a stadium environment with a large bustling mixed-use development.

And with that, I'll turn the call over to Derek, who will discuss in more detail how our season has shaped up and share more on our outlook heading into next year.

Thanks, Terry. Although this season has brought its challenges, our team played their hearts out until the very end, and we're extremely proud of their achievements. The Atlanta Braves have a history of success on the field, and we remain focused and optimistic on returning to our winning ways and getting back to the post season again next season.

Despite the challenges on the field, we continue to provide great times for our fans and their families, and we accomplished a great deal as an organization. First, despite the inconsistent season on the field, we've navigated adverse fee to deliver record-breaking ticket sales and sponsorship revenue, underscoring the enduring strength of the Braves brand and the unwavering passion of our fans and partners.

The Braves sold the fourth highest number of tickets in the past 25 years, highlighting both the depth of our fan base and the effectiveness of our sales and marketing strategies. Similarly, secondary market activity and ancillary revenues in retail and concessions remain strong, and our team remains disciplined and adaptive in driving demand and maintaining engagement. We also added and renovated several areas of the ballpark as part of a continuing innovation of the Gameday experience, which resulted in new and enhanced revenue streams.

Lastly, we extended our partnership with FanDuel sports networks to include our first-ever direct-to-consumer streaming opportunity for fans. In addition, our new arrangement with Gray Media provided enhanced broadcast opportunities and more fans able to watch games in our territory. The result of the revised media approach resulted in strong ratings and allowed our entire Braves country television territory among the largest in sports to follow their favorite.

Ticketing remains a top priority for us as a meaningful driver of revenue, and we are proud to have our premium and full season ticket inventory sold out through the end of the season, our third straight year of doing so. While -- tunes moderated slightly in late August and September, primarily from lower single-game tickets, demand for season, group and hospitality package offerings remains robust. We sold out 24 games this year and had high record revenue from a number of those games. We sold over 2.9 million tickets in 2025 and a level that puts the bridge inside the top 10 highest NMV for the fifth consecutive year.

As we transition into the off-season and begin the planning for next year, our team is still actively evaluating pricing and inventory strategies to further optimize our ticket mix. These changes will better optimize how we manage our ticketing process from start to finish, and we are hopeful that this will make a meaningful change in our operations.

We remain committed to our growing and loyal fan base and are focused on enhancing the fan experience, including more innovative changes to the ballpark while driving continued growth around Truist Park and the Battery Atlanta.

Elsewhere around Truist Park, we recently announced an extension with our incumbent food and beverage partner, industry-leading Delaware North for an additional 10 years beyond our current term. Over the last 10 years, we've worked with Delaware North to elevate the fan experience through high-quality, locally inspired food options. They share our vision of perfecting the ballpark classics, while also offering innovative food, beverage and premium hospitality and putting a creative Braves country spin on fan favorite. I'm excited about this extension and expansion of our partnership which will enable us to further leverage Delaware North.

As part of this renewal, we will also lean into Delaware North's restaurant and trading experience division, Patina to provide best-in-class food options for every guest in the Battery Atlanta and Truist Park. In addition, our recent master planning projects completed throughout the end of the 24 season and into the start of the 25 season are performing particularly well, both in terms of generating significant additional revenue but importantly, further enhancing our fan experience here at the ballpark.

This multiyear capital improvement process uses a proprietary ROI evaluation process to ensure successful implementation which drives both a better fan experience and, in most cases, more revenue to our top line. We have a truly unique fan experience on and off the field, and we continue to be grateful for the support we received from our fan base as well as our many corporate partners.

Our park operates as much more than just the baseball field and including events already booked in the fourth quarter, we expect to host over 150 separate events this year with in Truist Park. These events include conferences, corporate seminars, client entertainment and company celebrations, among others. Some use the field and some use our variety of premium and expanded facilities to create memorable events.

In addition to the park itself, we held over 195 events in the battery through the end of September, including movies on the lawn, concerts at the Roxy, Yoga mornings, 5Ks, farmer markets and more. We believe that our unique business model remains the gold standard across professional franchises, and we have seen countless organizations attempt to replicate what we have built here. This was on full display in this year's successful Major League Baseball All-Star week, where thousands of fans and industry executives from across the globe were able to see our entire project in action, many for the first time.

This campus is not only home to thousands of employees, but work in the approximately 1.7 million square feet of office space we operate but a destination for millions of visitors who grace the battery each year, which continues to grow.

And with that, I will now turn the call over to Mike, who will provide an update on this growth and the developments within our extending and strong real estate portfolio.

Thank you, Derek. As you all know, the Battery Atlanta were conceived to not just be a destination for Braves games, but year on lifestyle, entertainment and commercial campus built to complement and derisk the dependence on game day revenue. And now that we are outside of the baseball season, it's becoming more evident just how important this is to our organization.

As Derek mentioned, we have hosted and activated 195 events at the Battery Atlanta, in addition to 81 baseball games through the end of September, including a variety of concerts and common are events. Of this number, Roxy has held 72 concerts this year including 28 concerts in the third quarter alone. The total events hosted at the Roxy are expected to exceed 150 by year-end.

As we head into the fourth quarter, we are looking forward to the battery's presence in the community highlighted by our various holiday events. These events include our tree lighting ceremony as well as our New Year's Eve celebrations, which saw over 33,000 attendees across both events last year. I'm pleased to report that our mixed-use development revenue continues to perform well and represents approximately 11% of the company's total revenue year-to-date.

Notably, in the third quarter of 2025, we saw an impressive 56% increase in mixed-use development revenue compared to the prior year period reaching $27 million driven by the performance of our recent acquisition, Penn Park, strong leasing activity and enhanced tenant engagement. On a go-forward basis, we are now generating more than $100 million annually in revenue from our real estate holdings, an incredible achievement as we grew this from 0, less than only 8 years ago.

One of the most significant moves this year was our strategic acquisition of Pennon Park. This acquisition greatly expanded our office footprint and brought significant leasable square footage to our existing 100% lease battery office space. We continue to receive incredible positive responses from the Penn and Park tenants since taking over the complex earlier this year. with relative minimum capital improvements, we anticipate Penn and Park being 90% leased by year-end, a substantial improvement from the sub-85% occupancy the building was at when we acquired it back in April.

This is a testament to our team and brand as we attract top tenant profiles and companies who wish to partner with us and know the operational expertise we bring to our campus. Our purchase has reinvigorated the market in this area, we have seen the results of this catalyst and our existing tenants who continue to expand and extend as well as new tenants who are looking to work with us for the first time.

Looking ahead, we will continue to focus on improving tenant experience and operational efficiency with amenities such as fitness centers, conference facilities enhanced security and recreational options that make our properties highly attractive. Our ability for tenant improvements allows us to further optimize our footprint.

And as an example of this, we are excited to welcome J. Alexander's, a high-end American cuisine restaurant to the Battery next year, replacing the space of a tenant who was underperforming in their location. Additionally, our ongoing partnership with local and regional stakeholders ensures we maintain strong community ties and continue to position the Battery Atlanta as a premier destination. Elsewhere around our extended campus, the Henry development across from Truist Park is well underway as construction ramps up for the 2 tower complex, which will bring additional apartments, hotel rooms and condos adjacent to the battery to be connected with a newly constructed pedestrian bridge.

In closing, I want to thank our leasing, property management and development teams for their execution this quarter as well as the broader Braves organization for their support. The success of the Battery Atlanta is a testament to the vision of embedding a mixed-use destination adjacent to the stadium, and our Q3 results reflect that strategy bearing fruit.

Our portfolio of high occupancy assets also brings a level of stability and certainty to the far more seasonal nature of baseball and our financials. We remain a beacon in the market and region for continued expansion opportunities, which allows us to be thoughtful about the best future for our campus. I'm proud of what we have done, and I'm excited for all that is to come.

With that, I'll turn the call over to Jill to discuss our financial results in more detail.

Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. During the third quarter of 2025, we placed 41 home games. Despite on-field performance, we continue to be encouraged with our revenue growth. In the third quarter, total revenue was $312 million, up over 7% from $291 million in the third quarter of 2024.

As a reminder, the company manages its business based on the following reportable segments, baseball and mixed-use development.

Total baseball revenue was $284 million in the third quarter of 2025, up from $273 million in the third quarter of 2024. Baseball net revenue increased to $176 million during the third quarter of 2025 compared to $173 million during the corresponding period in the prior year primarily due to contractual rate increases on seasoned tickets and existing sponsorship contracts as well as new premium seating and sponsorship agreements, offset by attendance-related reductions in concessions revenue.

Broadcasting revenue increased to $79 million in the third quarter of 2025 compared to $71 million during the corresponding period in the prior year. due primarily to the impact of our renegotiated local rights agreement signed at the end of 2024. Next, our mixed-use development revenue was $27 million in the third quarter of 2025 and up over 56% from $17 million in the third quarter of 2024. This was primarily driven by a $9 million increase in rental income, which includes revenue from our Pennant Park acquisition, and new lease commencements, including the Truist Securities building and to a lesser extent, sponsorship and parking revenue.

Adjusted OIBDA was $67 million in the third quarter of 2025 and an increase of over 113% from $31 million in the same period last year. This improvement was due to an increase in both baseball and mixed-use development revenue and a reduction in baseball operating costs partially offset by increases in mixed-use development operating costs and SG&A expenses.

Baseball operating costs decreased primarily due to lower-than-expected Major League player salaries and variable concession and retail expenses. This decrease was partially offset by increases in MLB's revenue sharing plan, expenses for events held at Truth Park and Myer League-related expenses.

Our operating income was $39 million in the third quarter of 2025, up from $6 million in the third quarter of 2024, primarily due to increased revenue. As of September 30, 2025, the company had $115 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. treasury securities other government securities or government guaranteed funds, AAA-rated money market funds and other highly rated financial and corporate debt instruments. As of September 30, 2025, we have $215 million of untapped liquidity in the form of 2 baseball revolvers, which we believe provides us flexibility for the future.

And with that, operator, let's open the line for questions.

[Operator Instructions]. Our first question today comes from the line of Barton Crockett from Rosenblatt.

Okay. Great. And I guess 1 of the things I was just wanting to drill into a little bit is you mentioned you're doing some work on tickets and ticket pricing. And really, I think there's a little bit of interest from this for a number of quarters. And I was wondering if you could address a couple of things. One is, there's been some reports about some people having to pay much higher season pass prices. I just wonder if you could address just what's going on there?

And just more generally, how should we think about kind of average kind of revenue per ticket trajectory for you guys in the upcoming season in 2026? And how do you guys think about kind of pricing in terms of your leverage and how you think about delivering incremental value relative to incremental pricing and whether kind of Antea performance has any kind of role in that or whether it's more kind of amenities driven?

Hi, barton. It's Derek. Thanks for the question. Yes. So first off, that last part, yes, there is a relationship between team performance and ticketing and attendance. And we saw that a little bit. But I would remind you and everybody that our revenue is relatively stable and predictable. A substantial amount of our revenue is in -- whether it be a full season package or a premium seat, which, in many cases, most cases, is multiyear. So the commitment is longer term. So that's why we can predict what that revenue is going to be over a period of time. As it relates to the seasoned pricing.

We, like all teams are studying what our pricing is each and every year and trying to understand what's the best pricing options than products that we can go into the marketplace with. Many years, we make changes to that. In some cases, we go up a little bit. In some cases, we go down a little bit. One of the important parts for us is that we have packages and offerings that are available at every price point. We're continuing to be proud of that. And so you might see certain packages that are well below $20 and on par would say, going out to a movie or something like that.

And if you're interested in a premium offering, you can certainly pay more than that, but the amenities and the location and other things are going to be different. We are continuing to watch about how the average ticket price looks. And how we compare, contrast with other teams across Major League Baseball or even in our marketplace. And I would still say there's room for growth in that while still protecting some of those lower price points as we talked about.

Okay. But is it reasonable to presume that there's going to be some inflation plus kind of growth in average revenue per ticket in the upcoming season as part of a base plan?

I think if you obviously, you, like others, have watched us and seen what's happened with the event revenues over the course of the past few years, number of years, our goal is going to be to continue to grow that because the cost of running a baseball team. In most cases, it doesn't go down every year. So we're trying to keep up with that and trying to make sure that we again have prices available for everybody.

But I think it's fair to say we're continuing to monitor that. and also looking at how secondary ticketing continues to influence that. I think that's really important when you -- when we get the data from a secondary ticket, we understand not just what we sell it to that, but what the ticket ultimately gets sold at in the marketplace. That informs of what the supply and demand is, if you will, of that. And so what we've continued to see is that the secondary ticketing marketplace is very strong for our tickets has been for the past several years. And that does a really good job of helping us understand what we're capable of ultimately pricing our product at.

Okay. And then just 1 other kind of topic I wanted to ask about, and that is how to think about player salaries. Now that you've completed this season, and we've seen the Dodgers "run baseball" by winning 4 more games with a high kind of player salary. You guys are in a place of kind of maybe able to rethink how you approach the upcoming year. How would you think about kind of positioning player salary spending? I mean, is there any argument for a substantial change in your approach to what it's been historically? Or any thoughts about that as we look at the upcoming year?

Barton, this is Terry McGuirk. Well, I won't comment on the expenses that the Los Angeles Dodgers had. And -- but back to the Braves, we've always professed to try and be a leader in player compensation from a team standpoint. I think I've stated in the past that our goals are to be a top 5 salary team. We're currently a top 10 and haven't been out of that in quite some time out of that range. I think aiming back to the top 5 is a place that I want to get to. I think we're capable of doing that.

This is a very fluid decision-making concept last year, as you've seen from our financials, we were below where we were the previous year. previous year, but I think it's a good aspiration to get back to those goals in the coming year and years. And I think you'll see us quite active in the free agent market and the trade market. As I stated in my remarks, we're a win now team we want to fill in the places where we might have players that need replacing. But the majority of the reason for last year was injuries, as we know and even back into the previous year. So everybody is back at full speed, except Smith Scharmer, who's coming back probably about midyear from Tommy John. So we're very, very optimistic about what the team looks like for next year.

Your next question comes from the line of Stephen Sikes from Citi.

I just wanted to get your general thoughts on skin's appetite to take on some of the local media rights deals, both media rights and just the potential implications this might have for your next renewal cycle?

So the next major national media deal for MLB is in -- is 1129. And I do think that's going to be a major inflection point for the industry and the values created. Between now and then, I think MLB will be in lots of discussions with their teams with the 30 teams about how the best way to structure our offerings into the future. And we certainly know that local games rate incredibly high compared to national games and that a component of that offering in '29 will include local games. And I think that will be very attractive to many like ESPN and to the entire digital streaming universe. And be assured that we're going to spend a lot of time in this rapidly evolving media environment, trying to tailor how we structure our offering to meet that contract term.

And who knows what the media business will look like in 2035. And so it's very hard to say exactly how we'll structure today, but we'll be a lot closer to understanding that in as we lead into 1129 when we have to make that deal. So we're -- it's a fluid set of decisions, and we will be ready to make those good decisions at that time.

And that concludes our question-and-answer session. I will now turn the call back over to management for closing remarks.

Well, on behalf of everybody here at the Atlanta Braves, we appreciate you listening in. Thank you and look forward to seeing you and talking to you next time around.

This concludes today's conference call. Thank you for your participation. You may now disconnect.

Greetings, and welcome to the Atlanta Braves Holdings Second Quarter Earnings Call. [Operator Instructions] Thank you. And as a reminder, this call is being recorded.

At this time, I would like to turn the call over to Cameron Rudd, Vice President of Investor Relations.

Before we begin, we'd like to remind everyone that on today's call, management's prepared remarks may contain forward-looking statements. Forward-looking statements address matters that are subject to risks and uncertainties that may cause actual results to differ from those discussed today. A number of factors could cause actual results to differ materially from those anticipated, including those set forth in the Risk Factors section of our annual and quarterly reports filed with the SEC. Forward-looking statements are based on current expectations, assumptions and beliefs as well as information available to us at this time and speak only as of the date they are made, and management undertakes no obligation to update publicly any of them in light of new information or future events.

During this call, we will discuss certain non-GAAP financial measures, including adjusted OIBDA. The full definition of non-GAAP financial measures and reconciliations to the comparable GAAP financial measures are contained in the Form 10-Q and earnings press release available on the company's website.

Now I'd like to turn the call over to Terry McGuirk, Chairman, President and CEO of Atlanta Braves Holdings.

Good morning, and welcome to the Atlanta Braves Holdings Second Quarter 2025 Earnings Call. Before diving into our results, I wanted to take a moment to thank everyone who joined us virtually and in person for our first Investor Day in June. It was a special moment for our entire organization, and I speak on behalf of the full team when I say how proud we were to finally show you what we have achieved in building the battery and the ballpark, and creating such an outstanding experience for baseball fans in the general public. It was a great opportunity to highlight how our sports, entertainment and real estate businesses come together to create something truly unique and powerful.

A few short weeks later, we were honored to host MLB's All-Star game right here at Truist Park. Notably, 3 of our own players were selected to participate for the National League: Ronald Acuna Jr, started in the outfield; Matt and Chris were both named to the team and Matt also competed in the Home Run Derby.

We also honored the Great Hank Aaron in a moving tribute during the game on Tuesday night. The energy around the event was incredible. Over the course of All-Star week, more than 137,000 tickets were purchased for events inside Truist Park, and over 250,000 people visited the Battery. And experience firsthand our world-class neighborhood and all the food and entertainment that we have to offer. It was truly another great opportunity to showcase Atlanta, Truist Park and the Battery to baseball fans from around the world.

In addition to All-Star week hosted here in Atlanta, we were incredibly proud to have been selected to participate in MLB's Speedway Classic at the Bristol Motor Speedway in Tennessee last weekend. The game broke the single game regular season attendance record with more than 92,000 fans in attendance, 70,000 of which were Braves fans, again, underscoring the strength of Braves country as well as the game of baseball.

Now turning to our performance on the field. This season has been a difficult one from the beginning. We started the season without 3 stars Jurkson-Profar, Ronald Lacuna, Jr. and Spencer Strider and endured a very tough opening road trip. And while we were fortunate to get these 3 back on the field, we have endured some of the hardest injury news I have ever witnessed. Since opening day, we have lost all 5 of our opening days starting pictures to injuries, and Ronald is once again on the Baseball is unpredictable. And while we continue to try and weather the storm these tough injuries have definitely impacted our team record in a significant way. While it's a challenge to compete in the short run, we are doing everything we can to get our players back on the field and finish the season strong.

Now that's the bad news. The good news is that almost all of our injured players are expected to be healthy and ready for the 2026 season. So our hope is that we can return to national dominance by next spring. Our goal is to compete for a World Series title every year, and anything short of that is a disappointment. We will be doing everything we can in the off-season to return to our winning ways.

Before I turn it over to Derek, Mike and Jill, I'd like to make the observation that the business model that we have created here at the Battery, the ballpark and the array of entertainment options drives consistent fan loyalty and economic success in a game where winning and losing can turn on the luck of an injury. What we have built in Atlanta is the model that every other MLB franchise is chasing because of our ability to deliver consistent results in a cyclical sports team environment.

As the Wall Street Journal on July 15 said in an article on the Braves and I quote, "They have become an economic charter-out and have turbocharged perhaps the most profound change in professional sports in a generation." I want to thank the Wall Street Journal. I couldn't have said it better. So this is the concept that I would direct your focus to. Not only is our new business model successful, but more importantly, it fuels our efforts to return to perennial world series contenders again.

And with that, I will now turn it over to Derek, Mike and Jill, who will walk through the results from the quarter.

Thank you, Terry, and good morning to you all. As Terry mentioned earlier, we are fortunate to have a strong and loyal fan base, many of whom come to Truist Park in the Battery to watch games and experience the festivities around our games. We are also fortunate to have a strong and loyal ticket base which we call the A-List. Their commitment underscores the strength of Braves country. Our premium and regular season tickets are sold out for the rest of the year as are most of our single game hospitality spaces, and these represent a significant portion of our ticketing revenues for any given season. We continue to see strong demand for our tickets overall, but we do expect to see some reductions in attendance now that school has started and given our team performance. And while show rates are down slightly compared to last year, a significant portion of our event revenue is relatively stable and predictable.

We continually evaluate our ticketing marketplace as we look to optimize our mix in the stadium between season tickets, group tickets and single game options. This is an evolving process and one that we focus on to maximize our fan experience and opportunities for ticketing offerings around the ballpark. Our season ticket package, in particular, continues to offer exclusive benefits to our A-List members and has one of the highest discounts against market demand in all of Major League Baseball.

Our broadcast changes have been well received led by the new offerings FanDuel Sports Network is bringing to the marketplace, including their direct-to-consumer streaming service. This streaming subscription allows all fans with Internet service in our defined television territory to be able to watch games and FanDuel Sports Network has indicated that the Braves games are among the most watched in MOB via Fanduel streaming platform.

Additionally, we added an over-the-air broadcast option in partnership with Gray Media that adds 15 Somicast games this season with about half of those already broadcast in the first half of the season. Gray has added additional brave programming to these broadcasts, which has opened up a new audience who has shown great interest in following Braves related programming. Overall, the broadcast changes we have made with these 2 partners have been well received and have given us significant insights into the robust fandom throughout Braves country.

Back here at the ballpark, we are proud of having what we believe is one of the top experiences in baseball. And some of our recently completed master planning projects further emphasize this point. Our new Children's Healthcare of Atlanta Park located inside the stadium has quickly become a favorite with some of our youngest fans and parents alike. The ball field and climbing wall are some of the most popular attractions. Our outfield market continues to be a successful addition to the ballpark expanding our food offerings beyond the classic stadium experience and featuring local restaurants from across Braves country. Coupled with the growing entertainment options at the Battery, the experience of attending a Braves game continues to be a strong drop.

To close, as Terry mentioned, we are coming off of a very successful All-Star week, where the baseball world shine a spotlight on what we have built here, and they were all amazed. We continue to be operationally strong, strategically adaptable and focused on creating great experiences and lifelong memories for our fans. So on behalf of the entire organization, thank you to our staff. We've worked tirelessly with all that has been going on to our players for their perseverance, to our shareholders for your continued support and most of all to those fans who were they, a, proudly on their hats.

With that, I will now turn the call over to Mike, who will walk you through our real estate business and results in detail.

Thank you, Derek. Our real estate strategy remains a cornerstone of the Braves business model designed not only to support our team on the field, but also to drive consistent reoccurring revenue. The strength and versatility of our real estate portfolio were on full display during All-Star Week. We had the opportunity to show the world what we've built, a dynamic multiuse hub for sports and entertainment. The Battery Atlanta played a key role in why we were selected as host reinforcing our reputation as a premier destination.

Now on to a few key real estate development updates. First, we're proud to announce the official opening of the new Truist Securities headquarters at the Battery Atlanta, where employees have started to move in. Approximately 1,000 employees will populate the office at full capacity, creating both incremental revenue and increased foot traffic for surrounding retail, dining and entertainment offerings.

Second, Shake Shack has officially opened its stores to their newest flagship location beaching the brand's first of its kind bar as well as their second U.S. support center office space locating over 25,000 square feet of 2 ballpark center. This partnership is both strategic and brand aligned, and we're excited to welcome Shake Shack fans and staff.

Third, at Pennant Park, we've made meaningful progress. We've invested over $1 million on capital infrastructure and amenity upgrades and are actively pursuing over 100,000 square feet in new or renewal deals which we hope to announce later this year. As an example of the strong tenant profile we have, Home Depot, one of our largest tenants in Pennant Park, just spent over $1 million in improvements to their current footprint, including adding a new restaurant cafeteria.

Moving on to overall performance of the Braves development company. We're seeing strong demand across retail entertainment and office segment, highlighted by both renewed leases and new tenants that align with our premium positioning. We are constantly evolving our tenant mix to provide the best experience to millions of fans and visitors who visit the Battery Atlanta. Recent example of this are the new Shake Shack replacing Wallburger, walk on sports Bistro replacing the older McMacGes Irish pub. This highlights both the draw we have for our highly coveted location and the ability we have to continuously optimize our campus.

We're incredibly proud of what we've built. As always, we remain opportunistic about our pursuit of projects and partnerships that reflect our vision for future development. We believe we're building something truly unique and lasting, not just for our fans, but for the broader community, driving engagement, economic growth and value creation.

With that, I will now turn the call over to Jill Robinson to discuss the company's financials.

Thanks, Mike. Before I begin, I want to remind everyone that a majority of our revenue is seasonal and is aligned to the baseball season. During the second quarter of 2025, we played 40 home games and 38 away games. In the second quarter, total revenue was $312 million, up over 10% from $283 million in the second quarter of 2024.

We continue to be very pleased with our revenue growth. As a reminder, the company manages its business based on the following reportable segments: Baseball and mixed-use development. Baseball revenue was $287 million in the second quarter of 2025, up from $266 million in the second quarter of 2024. This revenue increase was driven by a combination of increased event, broadcasting and other revenues.

Baseball event revenue increased $9 million during the second quarter of 2025 as compared to the corresponding period in the prior year, primarily due to contractual rate increases on seasoned tickets and existing sponsorship contracts as well as new premium seating and sponsorship agreements, offset by attendance-related reductions in concessions revenue.

Broadcasting revenue increased to $81 million in the second quarter of 2025 compared to $71 million the prior year, primarily due to the impact of our renegotiated local rights agreement signed at the end of 2024. As a reminder, the second quarter represents the first full quarter of broadcast revenue under our new agreement and includes additional streaming rights granted to our regional broadcast partner.

Other revenue increased $3 million during the second quarter of 2025 as compared to the corresponding period in the prior year, primarily due to events held at Truist Park, including one concert.

Next, our mixed-use development revenue was $25 million in the second quarter of 2025, up from $17 million from the same period last year. This was primarily driven by an $8 million increase in rental income and, to a lesser extent, sponsorship and parking revenue. Notably, the second quarter includes the first full quarter of revenue from our Pennant Park acquisition, which closed on April 1 of this year. We are on track to deliver approximately $20 million in additional net operating income this year due to our acquisition of Pennant Park and the new Truist Securities headquarters. This is in line with previous estimates provided during our Investor Day event.

Adjusted OIBDA was $66 million in the second quarter of 2025, up from $46 million from the same period last year. This improvement was due to an increase in both baseball and mixed-use development revenue, partially offset by an increase in baseball operating costs, including increased revenue share expenses and expenses for events held at Truist Park and increases in mixed-use development operating expenses and SG&A expenses.

Our operating income was $42 million in the second quarter of 2025, up from $25 million in the second quarter of 2024, primarily due to increased revenue. As of June 30, 2025, the company had $96 million of cash and cash equivalents. Nearly all of our cash and cash equivalents are invested in U.S. treasury securities, other government securities or government guaranteed funds, AAA rated money market funds and other highly rated financial and corporate debt instruments. As of June 30, 2025, our mixed-use borrowings have increased in the quarter to support capital projects.

We have $275 million of untapped liquidity in the form of 2 baseball revolvers, which we believe provides us flexibility for the future.

And with that, operator, let's open the line for questions.

[Operator Instructions] And our first question comes from the line of David Joyce with Seaport Research Partners.

I appreciate your comments on the new San dula and Grade TV rights agreement. But with some of the major league baseball rights coming up in a Disney renegotiation. And with industry buzz that MLB could look to do something on a localized rights package, what would the impact be on you and on the current local media rights that you have?

Well, David, thank you. The -- we think that our media rights are -- continue to be very valuable. And the current news out there does nothing but enhance the marketplace for sports programming in the future. We are in a very, very favorable position in the Southeast. And MLP's leadership, I think, will drive continued enthusiasm for our product.

Your next question comes from the line of Barton Crockett with Rosenblatt.

Okay. Great. And -- yes, I wanted to ask a little bit more about the media arrangement there, the new local arrangement. You spoke about the streaming being included in the contract for the first time and some constructive kind of thoughts around that. But I was just wondering, is there any more detail you could give us in terms of the uptake of subscription streaming that would include the Braves and the overall kind of streaming audience. If you could give us a little bit more detail on that, I'd be kind of curious.

And then Secondarily, I mean, your business is growing like maybe I've never seen in terms of the figures you've reported, which is great. But is this a situation where this also maybe presents an opportunity to reinvest some of this growth in cash flow into payroll or the team as you look ahead?

Yes. Barton, Derek here. I'll answer the first part. Terry might want to expand a little bit on that second part. So -- as it relates to our media deal, just as a reminder, we essentially restructured the agreement, which was already, as Terry indicated, pretty favorable for us. We've got this really large footprint or defined television territories, one of the largest in baseball. And so in taking advantage of that part of the restructuring allowed us to do two things: One is it opened up the direct-to-consumer streaming opportunities with FanDuel. And while we're not going to go into the specifics of the audiences or the subscriptions, that's something that's the FanDuel reported entity. Those subscriptions, we believe, based upon what FanDuel has indicated publicly are quite substantial for the Atlanta Braves. And essentially, the way that you should look at this is we've opened up for all intents and purposes, the entirety of that defined television territory by having that streaming audience. So we think that's been very robust. FanDuel is very pleased with that. We're very pleased with that.

The second piece of that restructure was allowing us to have a certain number of games that we could go out into the marketplace and potentially secure an over-the-air partner, which is exactly what we did with Gray Media. And so this year, in addition to that direct-to-consumer stream, as well as the traditional distribution, we now have 15 games that are available to our fans via -- over the air. And Gray has been a terrific partner. They've supplemented that with additional ancillary programming. And if you think about those 2 audiences and looking at the ratings, they're incremental to one another. They're not cannibalizing each other. And so for those 15 games, we're seeing even more of an audience get delivered, which really emphasizes the point about how Braves programming is sought after and it's something that when we give the opportunities, our fans are really clamoring for, we're seeing those audiences delivered for us. So -- been very good for us.

I'll let Terry take the payroll question.

So I think -- if I could restate, I think the question was, as we have the continuing upward trend of our business, will those dollars be reinvested in payroll. And I'd start off saying that we have been a top 10 payroll team for some period of time. I see us continuing to maybe move up that ladder. We're -- we had dry powder in our arsenal for trade deadline this year for payroll. Our threshold for investment there was basically that investment either needed to move us towards a playoff position this year or help us dramatically in '26. And our limited activity during that period are reflected the inability of the market to meet those 2 requirements. We're disappointed with the year. We -- it's -- there's some underperformance, but the majority of it is injuries and missing players. Everyone is back for spring training '26. We expect to have a team that can be -- this -- earlier this year, we were favorite to potentially be in the World Series this year. I think we will line up in that kind of a mode again next spring. And we will take a very hard look at the team and at everything that contributes to winning and losing during this off-season. And of course, this is not the time to comment on those things. But -- we take -- we know what our mandate is, and investment in the team is part of that.

And your next question comes from the line of Steven Sheeckutz with Citi.

I know you just closed on the Pennant Park acquisition, but just curious, any updated thoughts on how investors should be thinking about the scope and timing of potential future real estate development opportunities?

Steven, this is Mike Plant. We -- one of the things we've reminded ourselves is that we've owned this acquisition for a little more than 4 months now. But in that period of time, we've invested over $1 million in capital. We've actually met with all of the tenants on several occasions. And I will say that's the first interaction they've had with a landlord in about 2 years. So -- what I think is unique about our acquisition is that they are now part of the Battery and the Atlanta Braves organization. They've -- they're starting to understand the value of that and being connected with us, the strength of what this organization can certainly provide to them from a real estate standpoint and just even an interaction of landlord tenant relationships. We have about 100,000 square feet of renewal and new lease activity that is currently in play. We expect to announce some of those in the next couple of months. As I said earlier in my comments, Home Depot, for example, has invested over $1 million and putting a new cafeteria and restaurant in their operation. We think that's a pretty good indication of some long-term opportunities with them for Pennant Park as well. So we're really happy where we are in a short period of time, and I believe I could speak where the tenants they are as well.

I'm with -- to the last question in today's queue. I will turn the call back over to Cameron for closing remarks.

Okay. Thank you. It's Derek. On behalf of the organization and all of us are joined here today, thank you very much for participating in today's call. We look forward to closing the season off as strong as we can. And thank you for your participation.

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

Good afternoon, and welcome to the Atlanta Braves Holding Investor Day 2025. We're excited to have you all here in Atlanta for our first Investor Day hosted here and looking forward to showcase all that the Atlanta Braves have to offer.

Now before we begin, I'd like to refer you to the forward-looking statements and disclosures both here in the room and for those webcast participants who joined in. As you can see, we have a great lineup today. We're going to have presentations from our executive teams, highlighting the various sections of our business.

In addition, we're very excited and grateful to have Commissioner Manfred here, who will be joining our Chairman, President and CEO, Terry McGuirk, to speak about the business of baseball and happenings around the league.

And with that, I'd now like to turn it over to Terry, Rob and Jen to get us started.

Thank you, Cameron. Good afternoon. I'm Jennifer Mastin Giglio, and I'm the Senior Vice President of Communications and Investor Relations here at the Atlanta Braves. And it's my distinct pleasure to moderate a conversation today with the 10th Commissioner of Major League Baseball, Rob Manfred, and Chairman and CEO of Atlanta Braves Holdings Terry McGuirk. Gentlemen, we appreciate you both being here and for taking the time today.

Terry, as you and I were preparing for this event today, you shared some thoughts with me around the importance of our investors hearing directly from Rob and the close relationship that the Braves have with Major League Baseball.

Thanks, Jen. As I was trying to think of what we should start off with today, it occurred to me that the word growth is a great topic and one that I think we can sort of coalesce around as something to point to. And today, you're going to hear in all the presentations, a lot about the organic growth of the Atlanta Braves. Everything that we do inside the ballpark and in the development with the real estate, we've got a wonderful future to talk about today.

But that's really only half the story. And that's why I so appreciate Rob being here today because it's the part that I can't talk about so well, and he can. And it's the sort of macro industry-wide changes and what I call an inflection point that's coming for baseball. And I would -- I'll hold that thought for Rob, but I think he's so uniquely suited to lead us through the changes that are coming. His labor relations background, he's a media expert, financially savvy, great strategic thinker, a guy who has led the 30 owners and the 30 teams so well over the last 10, 11 years and a much longer history than that in baseball.

But I think baseball, macro-wise, has some amazing moments coming in the next bunch of years. And I think that's a sort of a great segue to hand to my friend, Rob, who -- we spend a lot of time with each other. And there's hardly a day goes by that we don't talk.

This would be true. Look, I'm happy to be here, first of all, and I think the vast majority of the conversation today will be about the sort of macro issues that the industry is facing. But I would be remiss if I didn't say at the outset that the Atlanta Braves from our perspective, are really a model franchise. It starts at the top with vision. My friend, not short on that characteristic.

When you think about the development here at Truist, it really has changed the way our clubs think about stadium development and what goes on around it. We had a whole wave where clubs tried to go downtown because they understood that they needed development and entertainment around them. And the Braves were the first one to come up with the idea, I can go where my fan base lives, and I can build my own development, and I can control all those economics.

So absolutely a phenomenal change for baseball, in that it created 2 options. For some teams, it's still downtown is the best. But everybody looks at this model, frankly, with envy. The second thing that I would say is it is not easy to find quality executives, particularly on the baseball operations side. And Terry has done a great job finding Alex. He's built a consistent winner. The one thing that I think sometimes gets overlooked is he's built a consistent winner with the type of financial discipline that is often lacking in some of our clubs. And that's really the daily double.

And then last, I would say, I have relied on Terry. I don't think there's really an important project that we've had in the last decade that he was not one of the owner leaders. And that does give an advantage to a team to a club. That inside being involved in those decisions, I think, really is an important advantage for the Braves.

Yes. Rob, MLB has some great economic indicators that we've seen in recent years, ticket sales, attendance, fan demographics, TV ratings, both domestically and internationally. Tell us a little bit about what you're seeing on that front?

Yes. Look, when we -- when I was elected, we did a deep dive with our fans and tried to think about the product we are putting on the field. We were convinced it all begins there in terms of your growth and financial success. I think the rule changes that took us a while to get to because as most of you probably understand baseball is not the quickest to change. A lot of history and tradition in our game that you got to work your way through. But the product we're putting out there today is much better as a result of the research, the listening we did with our fans.

Our goal from the day I was elected was to get 70 million people going to ballparks. We finally achieved that goal 2 years ago. We did it again last year. And based on how things are running, we're going to do it again this year. And maybe more important than that, we are getting younger. In the ballpark, our average age of the ticket buyer has decreased about 7 years in the last 3 years, which when you're talking about 70 million tickets is a seismic shift in terms of age. We're up on all of our media platforms and again, up double digits in our 18 to 34 audience.

And maybe the best story is we've invested heavily in international play. And it's not just the money, it's the toll that it takes on clubs to do some of these events, London, Tokyo, whatever, but we've had great success there. We had 3 games in the world series last year where more people watch the game in Japan and Korea, then watch the game in the U.S. and Canada. Our opening games in Tokyo this year had an audience of over 25 million people just in Japan when the country is 125 million, that's a pretty good number for us.

And those numbers are crucial to our growth going forward. The media companies that we deal with every day are so different today. They're not really interested in local rights. They want at least national, if not international. And when you can command the kind of audience we do in developed economies like Korea and Japan, those media companies really -- their ears perk up, and hopefully, their wallets will open.

Exactly. You bring up TV rights. So let's go there for a minute. Obviously, a topic you both are well versed in. Terry, I know your deep knowledge of this space has been integral to both the team's success there, but also with our recent negotiations, Rob, that you all are handling at the league level. We've all read about ESPN's deal coming to a close with several interested suitors lining up to take their place. And it's no secret that the regional sports network model has been under pressure. So how is MLB adopting its media strategy to reach fans directly but also maintain revenue stability?

Yes. Look, I think that everything we're doing right now is focused on the renewal of our national contracts, all of them after the 28 season. We are pursuing a strategy not dissimilar from what the NBA did. We'd like to have all of our rights available. The national rights that traditionally have sat with baseball, but in addition, local rights that historically have gone to RSNs. Reason for that's twofold. We want to be in a position to say to our broadcast partners, look, here's all our rights. You tell us what packages are best for you, where you're prepared to pay the most, number one.

Number two, it's a response to the market. I said it a while ago. It used to be if you were the Milwaukee Brewers and you had Wisconsin in couple of counties in Michigan, you could find somebody to buy those rights. Those buyers are not there anymore. And everything we're doing is focused on having as much flexibility after the 28 season as possible.

With respect to the ESPN piece, it's really a stub from our perspective, but we do think if we find the right partner and pick the right partner because we do have alternatives that we -- it can be part of the positioning for 2028 that could be really significant for us.

We're sort of -- Rob has done a good job at steering baseball and the teams through a period of unbelievable change. I know many people in this room who I go back to my running a media company period. And from 2019 to today, the pace of change is so unparalleled in the last 50 years that no one foresaw when the -- I'm going to go a little off of the script, but the -- when Fox sold the RSNs to Disney as part of the overall Fox package, I think the nominal number was $19 billion, $20 billion on the 11 RSNs. Within a short period of time, Disney had to [disgorge] those and sold them to Sinclair.

We bid on them. Sinclair overbid us very unwisely within a couple of years -- within a year, they wrote off $4 billion. They -- as it's well known, the price has gone to 0. They so overburdened it with debt. But the no one, including us, foresaw the change in the linear media business. The cable industry losing 10% of subscribers a quarter was scary and still happening.

And so Rob is -- Rob's become a subject matter specialist on this because he has to. Not only are we trying to fill the gap on this 3-year stub period but we're playing the long game of what happens in 2029 and beyond. And it's -- it could be -- the NBA just did a 10-year deal, we could do a 10-year deal. I mean who knows what we do. But we have the opportunity to have -- the NBA went from $2.7 billion a year, midpoint of the last deal to $77 billion in the midpoint of the new deal. Just startling numbers, and that was in this very fractionated depressed marketplace as we are moving through linear to digital.

When we get up the bat in 2029, it's going to be a lot more sophisticated. And Rob is going to have to be -- his vision is going to have to say, oh, what is it going to look like in 2033 and '35? As we -- I think it's going to be incredibly valuable, incredibly healthy. And...

I do. And I agree with Terry. I think there's a huge opportunity for us. And let me just talk about 2 things. The RSN model was great for us financially. I mean, made a ton of money. It gave the club security. They knew what was coming in each year. But what it did do to the game is it drove everything more and more local. And that becomes a problem in your post season because when people are solely focused on that local team, that team doesn't go on in the playoffs. It's hard to drag that audience into your post season, which obviously, a huge revenue stream for us. I think the opportunity that exists out there, one of them is for our product to become more national. We're very interested in reach.

I think one of the things that I've learned from my friend that I think over time, historically, we probably emphasized revenue overreach in a way that was not good for us.

The second thing in terms of opportunity is you learn during a period of crisis. So in the last couple of years, we've had to step in for 5 teams that completely lost their RSN coverage. One of the things that was a huge benefit to us was the fact that we had the MLB network and its broadcast capability, and we had MLB.TV, our out-of-market package. So when we went -- pick San Diego as an example, when we took over San Diego's local rights, it was the middle of the season. The glow was kind of off the team. They hadn't performed particularly well in the first half. We went in mid-season, we lit up -- which literally for us is a switch. We lit up in-market games digitally. In the first 3 weeks, we sold about 25,000 subscriptions for that in-market product.

So what does that tell you? That tells me that there were 25,000 people in San Diego who wanted to watch baseball and were prepared to pay for it.

And I do think the -- another opportunity that exists for us is if we can clean up our broadcast program in a way that makes it more fan-friendly, gets rid of blackouts, which really had been a plague for us for years, I think that we will start to unlock the real value of our media rights going forward.

Yes.

And the media is one of the big inflection points this 2029, and there's a previous inflection point of -- which is obvious the CBA at the end of next year. And they play in together. They are part of a philosophy and a strategy that Rob has of uniting the industry in a way that takes up value. And so here we are back on this value growth thing. This -- we have lagged. It's no secret that we've lagged behind the other sports.

And I'll give it to Rob to sort of talk about that. But we see the opportunity to catch that way back up. And...

So let's talk about -- I mean, I think it is important to talk about franchise values. We've had sort of a purposely mysterious process that we've referred to as the Committee on Economic Reform and purposely mysterious in the sense that not everybody needs to know exactly what you're doing all the time despite the press interest.

Terry is a member of that committee. And really, the focus of that committee from day 1 was franchise values. Where are we? Why are we where we are and what can we do to fix our situation? And we spent a lot of time kind of analyzing internally the way we saw our business. But maybe most important, we went outside. There's a pretty small group of bankers that deal with the sale of franchises in professional sports, and we kind of leaned on their expertise. And they gave us a pretty nice road map in terms of what do you need to do to unlock what they see as unrealized franchise values in baseball.

And it really comes down to 3 things. One, we've talked about already. Just because of the changes in the media market, it's clear we need to have a more national media strategy. And what that means is you're going to generate more central revenue. When franchises get valued, the more central revenue you have, the higher multiple is applied to the revenue. And the reason for that is simple, they see it as more predictable as opposed to local things like ticket sales that go up and down. You make these 10-year deals. Everybody knows you're getting X and central money that increases the multiple that gets applied.

Secondly is the one that Terry referred to. We do not have the kind of cost certainty, predictability and competitive balance mechanisms in our player comp system that the 3 other major professional sports have. That's just a fact. And we're not at the point where I can tell you the proposal from the clubs in 2026 is going to look like X. I can tell you, we are going to be focused on those topics that I just mentioned.

The last one is an interesting one, and that's the system of revenue sharing that we have in baseball. Probably guilty as charged because I was there when we kind of came up with and implemented this system. But there's 2 pieces of our revenue sharing system that are significant in terms of franchise values. Number one, when they value a franchise, they take into account that a large market club has an obligation to pay. Interestingly, they do not give full credit for the money that is received by the small market club. And the reason for that is it's contractual and it can go away, right? So there's a franchise value problem there.

And the little team is already getting a smaller multiple than the big team and then it reduce the small multiple.

Exactly. I mean there you go, right? He's been along for the whole ride. The last one is, it is -- I am not a big believer in high tax rates, but the fact of the matter is we have a high marginal tax rate in this plan and literally a big market club like Atlanta, when they earn $1, they're giving up $0.48 to the industry. That has created incentives that are not great for us. And this is where the media plan is kind of the daily double. If you can grow your central revenue and level out your revenue disparity, it then gives you the flexibility to either dramatically reduce or get out of this revenue sharing business altogether.

So we are focused on those 3 items. And we think we have a plan that ultimately could produce real change and unlock significant franchise value.

This is -- it's a calculus question because there's so many moving parts. But let me go back to your -- the media [changes] and the 30 teams. And we -- when you nationalize and create more, more media than national media companies can purchase and digital companies and the West Coast Big Silicon Valley types. We still are going to be left with lots of games in our local market. And what we found is that our local market games are worth way more than every other sport and that certainly basketball and hockey. And that, frankly, we were driving the RSNs in that area. And your new theories about how we come out of the CBA to strengthen those smaller markets across the country, create a competitive balance and that graduates into this media plan, I think, is an elegant solution.

Yes. I mean, people often say that when you make a deal bigger, it's harder to get it done. I think this is one of those areas where a bigger deal in terms of media, labor, revenue sharing actually gives you trade-offs to accomplish things that people say, why are the big markets going to do X. Well, the big markets are going to do X because they're getting Y over here. And more issues in play, it is complicated, but I do think it creates a real opportunity for reform.

And look, if we get to a multiple that is more in line with how we see the strength of the business, you're unlocking a tremendous increase in franchise values.

We're going to demonstrate this in some of the presentations later today. But baseball runs in multiples of revenue in the $4 million to $9 million category. And the NBA because of their new media deal is in the 10 to 15 range. And we -- our big markets get these high multiples, but we have -- and this is right out of SBJ, the small markets, there's 9 teams that are at a 5 multiple or less. Rob can fix that. And I think that's part of the general -- and when the water rises, it's going to raise all the boats. Not only will those small markets get to fairly reasonable -- we're valued at a 6 today. I think that's way low because there are similar teams in other big markets that are at 9 and it makes no sense because we have similar net revenue. So the whole thing is sort of potshot in how these are valued on a public basis. But this is the challenge that the commissioner has when he looks at all this stuff.

Let's talk CBA just for a second. So obviously, end of 2026, what will be different about this negotiation would you see coming down?

I think the single biggest thing is where we are strategically, and it began at the end of the last negotiation. At the end of the last negotiation, we had gone the whole winter. I had actually announced that we were going to miss games, which didn't turn out to be true. But sometimes, you got to do what you got to do. In any event, we made a last and final offer. I have never been a last and final bargainer. It's just not my thing. And did it reluctantly because of the situation. And the result was really, really interesting. The MLB PA's Executive Board recommended against accepting the proposal and 29 out of the 30 clubs, the players on 29 out of 30 clubs, voted in favor of accepting the offer and going back to work.

So in the postmortem, one of the things that occurred to me is there seems to be kind of a mismatch between what we see at the union leadership level and what the players are thinking. So I started 3 years ago, going to meet directly with the players on each team over the course of the season. And it doesn't sound like that big a deal, but do the math, there's 26 weeks in the season. There's 30 teams. So that means kind of once a week, I did 2 yesterday because I had been a little off my schedule. But it's really important in terms of letting the players see who's running the game, giving them an opportunity to talk to you.

And over the 3 years, I've had a pretty disciplined plan of talking -- coming off the last agreement is all kind of positive. And then the next year, you start to talk a little bit about what's going to -- well, this year, it's really pretty pointed. And the message I kind of summarize in 4 points, right? You have to -- what does the current system do for players. Forget owners because they don't care what it does for owners. And forget me, they don't care what it does for me, but they care what it does for them.

And so these 4 points are kind of interesting. Number one, over the last 20 years, the slowest growing salaries, among the 4 major professional sports, baseball. And when I make that point, I usually -- what I usually say to the players, look, to me, that's a failure on our part, how it can be that our salaries are growing slower than other major sports. It's a failure on our part. Number one.

Number two, 10% of our players earn 72% of the money. And so literally, I usually try to avoid the high earning guy at this point and find a younger player and say, look, if you're one of the 10%, it's a great deal. But if you're the other 90%, it ain't so good.

And then I talk about our free agency and compare it to other sports. Other sports, they have free agency, it's about a month. There's lots of bidders, it's a great marketing opportunity for the sport, players have their choice of where to go, all positive. Our free agency is like the Bataan Death March. It starts the day after the world series. And in February, really, really good players are still wandering around the landscape.

And then the last thing I'd point out to, my first deal where I was the chief negotiator in 2002, we were spending 63% of our revenue on players. Today, we spend about 47% on players. So what does that mean? I said the math means you are getting, you the players, are getting a smaller and smaller percentage of each dollar. And in fact, if we had made the deal 10 years ago to share 50-50, you would have made $2.5 billion more than you made.

And just to get -- so the strategy is to get directly to the players. I don't think the leadership of this union is anxious to lead the way to change. So we need to energize the workforce in order to get them familiar with or supportive of the idea that maybe change in the system could be good for everybody.

That's right. Right. Got about a minute left. One final question. So can each of you share what you are most excited about as a baseball fan and as leaders of multibillion-dollar organizations. Terry, you want to go first?

Well, I mean, I will go back to my first comments, which is I sort of -- I operate on a micro and a macro basis from a strategic standpoint, I think we are uniquely suited as an organization to our territory, what we built here, the platform. We've got years of great growth. The team we've built and the management that is -- has the DNA to go and attack opportunities and to execute and excellence. And so I got that part, and I'm feeling pretty good that we do that day in and day out.

And then I look at what we've talked about with Rob in -- I just think the opportunities are unbelievable, what the next 10 years look like for baseball. And I think we got the right guy leading us.

Thank you. That's a nice thing. I got one vote, right?

For today.

Yes, right? Depends on how it goes. I do -- I'm going to steal a phrase that Terry often uses about blocking and tackling kind of the basics. And to me, the basics begin with what are you selling to your fans? And the thing that I'm most excited about is the product that we have on the field right now. I think the rule changes have made the game better. It's more athletic, there's more action, there's less downtime. And you combine that with the fact that we have been blessed with an unbelievable influx of talent into our games, both domestic and international.

And I think that the great athletes, combined with the game -- the way the game is being played is going to serve us really well when we go into that difficult media environment, and I do believe that there is tremendous upside available for this game going forward.

Yes. Well, Commissioner Manfred, Terry, thank you both for your time. We appreciate it.

Thanks.

Thanks.

[Presentation]

All right. I hope your juices are flowing after that. Yes, Braves won -- Braves won last night. That's the way to start this. Thank goodness. We have that before here Investor Day. I want to welcome you yet again. We're really excited that you've made the trip for those that are here in person to come see what we have in store for you today.

I'm going to talk to you a little bit about the business areas. I want to once again thank Commissioner Manfred, for making the trip. That was really I thought great fireside chat, if you will, with he and Terry. So hopefully, you got a little bit out of that, really cool.

Just to dive in here a little bit, just a reminder, and Terry talked a little bit about it, the marketplace that we have, this home television territory, the defined marketing territory that Braves is one of the largest in sports. You have 35 million people, 29 metered markets in that, representing over 14 million homes. So it's one of the largest territories in all of Pro Sports. It gives us an automatic built-in advantage perhaps compared to others.

And looking at our history, we've got a history of success, both on and off the field. On the field, just commenting on that a little bit, we've had an unbelievable run. We were actually started in 1871. So I'm not going to take you all the way back to the history of 1871. But in recent times, especially over the past couple of decades, we've had tremendous success on the field. Having won 23 division titles, which is a record in Major League Baseball.

And then we've gone to the post season. You heard Alex talk a little bit about this earlier during lunch. We've had -- every year we've been here at Truist Park. We've gone to the post season, which is a remarkable record unto itself. And we're certainly looking forward to more of that to come.

And speaking of that history, it starts with the players. We've had terrific players wear the Braves uniform. And of course, the most terrific of them all, the greatest of them all, the home run king, Hank Aaron, which we continue to celebrate. We have a lot of different areas in our Ballpark that celebrates his history as well as others. You'll see his statute if you walk around, which is a great testament to his legacy and what he accomplished in a Braves uniform.

And then a number of the guys in the '90s and into the 2000s. Fast forwarding to today, it's an exciting team. Chris Sale, one of the best pitchers in baseball, won the Cy Young last year and then who couldn't forget Ronald Acuna Jr. If any of you tuned in last night, you saw Acuna, make that catch right up against the wall, really important pivotal catch, fires it back to first base and got to double up on Juan Soto. That was a pretty damn good play. We like the way that worked. So we got a lot of great players, Alex talked about them. And the key is really keeping those players in the uniform and continuing to make players want to play for the Atlanta Braves.

Since we moved into Truist Park, speaking of players, our payroll has continued to go up. And it sort of correlates with our business success. You'll hear a little bit more about that. I think this graph tries to illustrate for you though, while we may not have the highest payroll, we certainly crept into the top 10, which we think is an important statistic and standard we can continue to fuel the team, and we've had a history of having, since Truist Park and since Alex has been here, an increase in the player payroll.

But remember, payroll doesn't always correlate with team success. So in '21, just using that great year for us, we had the 11th highest payroll and we won the World Series. And if you look back over the past couple of decades, of all the teams that have won the World Series, invariably, and certainly, the far majority of them did not have the highest payroll. So these aren't always a direct correlation and that is certainly important to us.

So the reason why we have moved up in payroll is partly because of the business success that I mentioned. This graph tries to illustrate that. Starting with Turner Field, you can see, as we left Turner Field and in 2017, the very first year of what was in SunTrust Park and now Truist Park, we've increased steadily the percent of capacity of tickets that we sold. And I think if you look particularly at the last 3 years, one of the things that you'll see is that we're reaching what I would think and what I consider to be the tipping point of that supply-demand equation. We're reaching a point where the demand is certainly outpacing the supply.

And if you just look at those last 3 years, those are among, if not the league leaders in the percentage capacity sold. So if you combine that with all the other event revenues that happened during the course of a baseball game, which the primary drivers for that would be ticketing concessions and our sponsorships, you can see the steady growth that we've had. A CAGR of over 8% during the course of the past 7 years since we've been there.

And as Terry mentioned this, he talked a little bit about that. You take those total revenues, and you're starting to look like major professional sports in all the leagues being at the top tier of those. So we're setting ourselves up for, I think, real success and expect to continue to have that growth based upon the way that we've managed the business thus far.

So one of the important points, though, is despite that revenue growth and despite that business success, there's still some room for growth here. And that's why we'll illustrate your average ticket price, still a very affordable ticket, especially if you compare it against the other leagues.

And then one of the things that we have, as a big philosophy of ours, is ensuring that we have a ticket for every segment of our fan base. So we have tickets that are as low as $10, and of course, we will have a high -- very high premium seat ticket for somebody that wants to enjoy the game in the laps of luxury. But it's really important for us that we continue to generate that value-conscious fans opportunity to come to the ballpark, experience it in a family-friendly way like no other here at this ballpark.

So fueling this is an innovative approach that utilizes technology and analytics and certainly artificial intelligence. Yes, you have a sports team executive up here talking about artificial intelligence. But believe it or not, we have been implementing and utilizing artificial intelligence for a number of years. It's actually throughout our entire organization, we have it both on the business side as well as the baseball side. On the business side, you can see some of the major areas in which we utilize this.

But I would argue that the Braves have amongst the most innovative and technology-driven approach to driving our business compared to anybody else. We have everything from the way in which we manage lines at our retail stores and increase the throughput at our concession stands, to utilizing AI in the form of ticket sales and utilizing these AI-driven smart bots that help sell tickets in new and different ways that some people are certainly looking forward to.

Turning to retail. Here's a great example of how we've taken a strategy for ourselves, works really well. It's a little bit different than perhaps others. In the world of Major League Baseball, you may not know this, but typically, the team does not run, own and operate the retail. And in fact, in most cases, it's owned and operated or rather operated by the concessionaire or a third party. We've made the decision over a number of years to integrate that in-house and manage that process in-house so that we can own, operate that, but also control the brand.

I mean, think about it, who's better positioned to manage the brand than the Atlanta Braves, the people that actually own that brand. The opportunity then creates unique collaborations. You can see some of those on the pictures on the right. But it also creates opportunity for innovation across the retail strategy. We're really excited about that, what that represents for us.

Now I think personally, one of the great KPIs for a strength of a brand, in particular, the strength of a professional sports team brand is how they align with their corporate partners. And in fact, how many corporate partners want to align with them. Think about it. You've got these companies that are paying in order to create marketing relationships with our brand. So it's a great key performance indicator of that.

And in our case, we have over 185 companies that want to align with us. These companies are the full gamut, but there's certainly a lot of blue-chip companies, companies headquartered here in Atlanta and elsewhere, a sampling of those, you can see on this piece of paper here. But obviously, it's a great indication for what we can do. And I would argue also part of what makes us strong in this area is our ability to create innovative strategies with them. So tonight, perhaps you might see RaceTrac. You got this guy that's dressed up in a blue spandex suit and he races a fan across the out field. The RaceTrac, Beat the Freeze, one of our greatest promotions in a really cool way in which we partner with RaceTrac in that particular example.

We don't rest on our laurels. And certainly, in this particular case, it's a demonstration of how we've taken a corporate partnership and spread it across the entity and the entire campus from which we operate.

So let's dive in a little bit deeper with this Comcast case study. So it's a 3-pronged partnership. It includes headquarters or regional headquarters of Comcast just across the street, 1,000 people working there, 250,000 square foot building, really high-tech. You've got a technology infrastructure that is woven throughout the ballpark and the battery in the form of high-speed internet and WiFi as well as the video platform of Xfinity, and that is pervasive throughout the entire blueprint and campus of the battery and the ballpark. So much so that if you sign up and you're renting an apartment in the battery, you're going to have an Xfinity video platform as part of this whole partnership.

And I would argue, by the way, when you come and you use your ballpark app tonight and you're getting your ticket, this is a great place to test it. Look at how fast that WiFi is, best-in-class, some of the fastest WiFi anywhere in the country, certainly at a sports facility.

And then finally, the traditional sort of ballpark team sponsorship. And in this particular case, Comcast, we've got some branded areas with them that has a deep opportunity to create further connections between us, the Comcast Xfinity brand and our fans.

One of the other distinguishing features of our organization is that we don't just sit back and enjoy the fruits of our labor and our successes. So this particular slide here is demonstrating the types of things that we're doing with a relatively new ballpark. Remember, we just opened in 2017, so only about 7 years old. And here we are already putting together a number of initiatives that improve upon the ballpark experience. We have an in-house very high-tech ROI strategy and process for evaluating these types of projects. There's a sampling of some of the examples of -- some of the projects that we've done. And for those of you that are here on site with us, you'll get a chance to see some of those in-person. We'll do a tour where we'll see some of the areas. So we can go into that a little bit further as you're walking around.

I know Terry and the Commissioner talked a little bit about media rights. Let's do a little bit of a dive into the local media rights situation. And although certainly, there has been disruption in the RSN landscape, we stand apart, perhaps with no other peer in that we're continuing to increase our local media rights and the rights that we get as part of our partnership with now Main Street Sports, branded as FanDuel Sports network.

We took the opportunity as Main Street, previously, Diamond was emerging from bankruptcy. And right before they emerge from bankruptcy, we did a reengineered relationship with them. That reengineered relationship is beneficial for them, our fans and for us. Let me explain.

For them, they get direct-to-consumer streaming rights that they've never had before as part of their relationship as part of their contract. For our fans, we now have -- remember, we were talking about the entire defined territory, those 35 million people. In theory, all 35 million people have now the opportunity to watch a Braves game via these enhanced opportunities that we've created.

And certainly, for us, it's a more beneficial contract in a lot of different ways. One of the ways, certainly monetarily, but also we've created some opportunities with Gray in an over-the-air situation where we can simulcast up to 15 Braves games. We've taken just about every home Friday game and use that with the Gray stations throughout our footprint. And going back to a little bit about, again, what the commissioner and Terry were talking about, where you're trying to get more eyeballs on our games. So those are additive eyeballs that are coming, watching our games as a result of having the opportunity to do so as well as some of the things that we can do with the ancillary programming.

And last but not least, is our radio. Our radio situation is unparalleled in sports. We have 170 affiliates in our radio network headquartered here with our flagship station with Dickey Broadcasting. It's been a phenomenal relationship for us and for them, and radio is a strength of our organization, certainly.

Just touching on it, we're not lost in all that we do with social media. We had terrific growth across all of the different platforms and mediums that we touch our fans in. And each of those areas are among the league leaders. And it's a great way for us to test new and different content but also reach a younger audience.

Certainly, another strength of our organization is our home territory and specifically, our home core market, Atlanta. Atlanta is a diverse and growing marketplace. You can't say that in every marketplace around the country today. It has now the 8th largest metro in the United States and it has an area that has a large corporate base, but also a very diverse audience, many of whom obviously come and hang out here at Truist Park. And when they come to Truist Park, they're coming in droves, and they're also having a really good time.

This year, we reached the 20 millionth fan that has come through the gates of Truist Park. And just recently, this past week, we also reached our 200th sellout at Truist Park. When those fans come here, they're having a great time. They're enjoying themselves. And as rated by the voice of the fan survey, voice of the consumer survey, we're #1 in guest experience concessions and in-game entertainment. You get a taste of that and see all that here tonight, if you stay for the game.

But obviously, the ballpark is more than just the games itself. We try to extend the opportunities for fans to come here and for us to build business by doing a number of different nongame day events, I'll call it. We host a lot of different concerts. We just had a K-pop concert just a couple of days ago. And earlier this season, we had the Savannah Bananas with 2 sold-out games. Phenomenon, and they're just down the road. So they sort of think of this as kind of the extension of their home ballpark, as Jesse Cole said.

And obviously, we do a lot of different private events. A unique sort of factoid about that is where you're watching this broadcast and sitting here today, this facility is the TKE test tower. And there's the top of this facility where we have lunch. In this facility, this conference center, we actually manage and operate the event services and the event sales out of this. So we work closely with them and the rest of our campus, the Omni Hotel, et cetera.

And then one of the biggest special events that's coming our way that is going to put the entire world's attention, the baseball world's attention on The Battery and Truist Park and the Braves is the upcoming All-Star game. And remember, the All-Star game really is an All-Star week. There's a series of events that fill that whole week, beginning primarily with that Friday before the All-Star game. You've got the HBCU Classic, you've got a number of different opportunities for fans to engage, a celebrity softball game, all kinds of things going on at this footprint as well as throughout Atlanta and then culminating with the Home Run Derby on Monday, July 14 and the All-Star Game on the 15th, the next day.

And speaking of this, just across the street will be where the All-Star Village is hosted. So as you're walking out, you can look at the windows, there's a pedestrian bridge, which we actually help build as part of this entire project and really pushed for a great amenity of the campus here. Walking across that bridge, you'll run at Cobb Galleria Center, and that's where the primary footprint for the All-Star Village is located.

Terry touched on this, but I want to emphasize it a little bit. So we put up a slide here to talk a little bit about valuation. So you've heard me talk a little bit about the success of the Braves business. And obviously, we think we're doing great things both on the field as well as off the field. Sports Business Journal just recently had an article that talked a little bit about team valuations and specifically in Major League Baseball. And you've probably seen the reports from Forbes and CNBC and Sportico on what those valuations represent, in our particular case, we have them listed here.

And as Terry said, the Braves are getting a valuation, that is about 6x. But let's remind you, and you'll hear about this a little bit later in the presentation. We don't think it includes any value for the battery and the Braves development company. Further, it certainly doesn't give value, in our opinion, to the strength of this marketplace, to the strength of the home television territory, which we talked about, the size and scale of that. And using just a couple of examples that we have listed here in that middle column, you can see the differentiation between the valuations that we get versus some of the others. I think that's a little unfair.

And again, future looking, if you listen to what Rob is talking about, obviously, they think there's some significant growth that we think there's growth in what happens overall with some of the changes that are on the horizon. So overall, you have anybody listening, anybody here, you all have participated in this, so you get this. There's a terrific opportunity associated with this franchise that's unparalleled. Remember, we're the only public team in Major League Baseball. And so we've got a great fan base, a great history, very well run.

We have a lot of different things that are happening on the revenue side that you can see continued growth on. You can see the history of that success. We obviously are continuing to grow, the popularity of the Braves as well as the sport overall. And when people watch a Braves game, when a Braves game is on, in any given night, it's the highest rated piece of programming that's on the television at that night.

And of course, Mike will touch on this in just a minute here, but we have success in all the things that we're doing with the Braves development company, the battery and some of our recent acquisitions, including Pennant Park. There's a lot of room for growth there.

All right. Thank you very much.

[Presentation]

All right. Good afternoon. I really don't have to tell you much after watching that video. That tells a great story for us. So -- but I do appreciate like Terry and Derek and Jill, an opportunity to speak to you today because in the past, some of you have gotten to know and -- it's about 12 minutes of fame on the podium with the rest of the liberty companies. And so today, obviously, we can make sure you really understand our performance, our results and why we believe we're best-in-class in this business.

So pictures speak a thousand words, as I say. And some of our great stories and pictures of our success here. 12 -- about 12 years ago, we all walk through here with nothing but boots on. It was nothing but woods. If you look at 2014, that's a picture from November and we had cleared the site. We were moving 3 gas pipelines, and we're pumping petroleum from Houston to New Jersey every single day. They still do it today as well. I would say, hey, when you walk around a perimeter, don't light a cigarette there, all right? No, you're safe.

But in 30 months, this organization on time and under budget, built a world-class ballpark and Phase 1 of our development, and that's the picture you see in 2017. No one had ever built a ballpark in less than 30 months before, even close to that. And at the same time, we built the first 1.2 million square feet of our mixed-use development.

In 2024, what you see as, just recently as just last year, we added this building, the 304,000 square foot headquarters for TKE and Papa John's and then the test tower and this conference center. A project with TKE, we added our Frontdoor Phase 2, which is the Silverspot cinema, some more retail, another hotel and also now the Truist Security building, which I'll talk about later. And then in 2025, we added Pennant Park, which I'll also address in a little bit.

So just a quick snapshot of who we are and what we are? We have 3 million total square feet of development now. Our tenants -- 35 tenants have done $134 million of total food and beverage and entertainment sales. Second year in a row, over 9 million people coming to The Battery, extensive dwell time, and we are at 98% occupied here on the battery campus.

Incredibly strong growth continues. Our OIBDA, CAGR rate over a short period of time, 8 years, is 34% and one of the things I would point out on the far right chart, when you look at the CAGR rate of our sales at the $134 million. That is certainly a sustainable number now that we're getting to that occupancy rate. And we are at that point in time where we are now bringing better brands in here, more brands that we believe will generate even more revenue. Shake Shack is one of those, for example. So that is a normal course of business in the development business, and we are in and active in that space now.

So some recent highlights for us. I'll talk about Pennant Park and Truist in a little bit here. But for example, Shake Shack, as I just mentioned. Shake Shack is opening up their first restaurant operation with a full bar. We're going to actually visit that after we leave here. And also, in addition to that, they're opening up a regional Southeast headquarters, the first one -- first headquarters out of New York, going to bring 100 employees here and has a test kitchen in it. And it just shows, again, the strength of, obviously, what we can do to activate and bring brands to our campus.

The halo effect is strong in this area, and it's all because of what we've created here since 2014 when we started, The Henry is a great example of that. It's right across the street, it will be connected with a bridge that will be finished by next opening day that will connect The Henry project, 2, 22 storey towers into the plaza. And we have an incredible relationship with them. We're a small part of that business, but a big part as far as for decades. We control all of our parking there. We control all the sponsorship with the collaboration and the partnership that we have with The Henry project.

Okay. Just a little bit about our expanding campus. And again, the halo effect is something I would definitely mention in the last 10 years. Since we made this announcement to move to Cobb County and the Northwest part of Atlanta, there have been 3,000 apartment building -- apartments that have all been built and they are all in walking distance of us. We know it's because of us, they're called Stadium Village, Ballpark Village, Ballpark Place. So -- and we like that, obviously, because, obviously, those are our customers. They continue to support us for our games, our restaurants and all of our entertainment operations.

There's also been 4 Class A offices that have been built. The Galleria, Derek just mentioned it, where All-Star Village will be, just going to go through $200 million renovation that starts after the All-Star game. And many people in this area have said now for a number of years, we are Cobb County, Northwest Atlanta's downtown. And that's why we have attracted 9 million people a year here.

Let's look at our corporate tenants. We've attracted Fortune 500 headquarters or regional offices. And why is that? Because we offer a highly amenitized environment here and lifestyle center for their employees. Thousands of employees here working every single day. They're bringing their clients here, visitors here, third-party contractors here. What's great for us, they stay in our hotels, they come to our restaurants, they come to the games, they're seasoned ticket holders. Every corporate logo you see on there is a corporate partner with the Atlanta Braves and also a corporate sponsor and corporate partner in the battery.

So the strength of what Derek referred to as well, is how we collaborate, how we leverage, how we create opportunities is very unique and something that others can't replicate.

The Truist Securities. This is our new partner coming to our site. The newest addition, again, shows the strength of our partnership. This was an incredibly challenging site for us and one that I don't think any of us in management probably would have built for anyone else with Truist. It is right next door, you'll see it on our tour. It is 0.25 million square foot building with a 42,000 square foot trading floor. July, right after the All-Star Game, 1,000 employees over the next 5 months will move into that incredibly new office space. And again, they'll bring their investors there, their clients there. It's one of the reasons why we're part of building a new hotel with The Henry project, 250-key Autograph Hotel, we're going to need more hotels and this is just again, compounding the amount of people that come to the campus and support what we're doing here.

The -- we got a CEO on that building in December of last year. They started paying rent in January of this year. And again, ahead of schedule and under budget, which is something we like with everything we do. Our newest acquisition in early April. And again, this just shows, as I think Terry mentioned during his talk with Rob, is that we look at strategic opportunities that make sense, and we're going to be open to those. And so our relationship with Pennant Park for the last 8 years was a parking leasing arrangement. And it was very lucrative for them, it was beneficial to us. There's 2,700 parking spaces there.

Working with Cobb County, we built the pedestrian bridge across 75, so made it very easy for our fans and visitors to access the campus in Truist Park. Now we control all that. This is 84% currently leased. We've got some great activity. Jeremy and I had a meeting, for example, with the tenants, the first time anyone had spoken to them in 2 years. The previous landlord had pretty much made a decision, they were going to walk away from this project. They're thrilled to be part of this organization. They already see the benefit of it. We're doing about $1.5 million in just simple capital upgrade before the end of this year and changing that landscape over there.

So the additional thing I would say is that it does have some additional land opportunity for us because it is 34 acres, and there's 763,000 square feet there. So a great opportunity for us now and in the future.

This is a great picture we're all proud of. This is Game 4 of the World Series in 2021, Fox had their booth there, you can see it just below the pool deck. And Kevin Burkhardt, I think one of the things that we all remember, he said is, this is one of the greatest atmospheres I've ever been part of. When he saw over 3 days, 340,000 people came to The Battery, Truist Park. 120,000-plus were in there for our 3 games and the rest every night. We're throughout our entire campus. We activated all of it.

And one of the things it led to is us understanding, we needed to take some of the compression off the Plaza. So we've now put 4 more LED boards this year throughout The Battery, and we're going to start activating some of the other places in that when we have big events.

The year-round destination we've created when you look at the 9 million visitors plus that's 25,000 people a day coming here. Some of our colleagues that have built some mixed-use developments around other sports or entertainment venues ask us, hey, how you do when you're not playing games? And we all say to each other, we crush it. I mean there's many times you cannot find a restaurant, even with the reservation. I mean, it's just you can't get them when we're not playing games are on the road or in the off-season.

So part of the reason is we are activating events year-round. As you see, it's 283 non-Braves events last year, 9 million is 3-plus million that go inside Truist Park, 6 million that never set foot in the park. So it's that activation of those events that continues to bring people here, make sure that it's a safe, secure, accessible environment, great offering of restaurants, which supports all of our tenants. And that's why we rank in near the top in mixed-use centers around the country.

74% of our guests come from outside Cobb. So we're not moving money around Cobb. Obviously, it's 74% outside, including 21% outside the state.

An example of some of those events we activate, New Year's Eve, we're becoming sort of a home for New Year's Eve in all of Metro Atlanta. There's 30,000 people a year that come here for New Year's. 11,000 just to light a Christmas tree -- I shouldn't say just to light a Christmas tree, to light the Christmas tree. But we do lots of 5K runs, a Farmers Market for families, something for everyone throughout the year and continuing to really define the old, maybe it's abused and used, but it's live, work, play. We think we epitomized that and are the best example of that bar none.

And then how are we different? And why it works? As I said earlier, we believe we're very authentic in what we do. We own this, we control it, we operate it, we manage it. And that's why we believe it works. We've had 250 teams from all over the world come here. And it's interesting to us, the lack of public-private partnership that they have, you guys read about it all the time, different cities around country. That's not us. Our partnership with Cobb County is incredible. Public knowledge last year, we put $40 million of cash in Cobb's general fund, the school board in the state of Georgia, just from our 60-acre campus. So what we're doing here is definitely working.

Leveraging these partnerships, owning this all and close collaboration, again, with working with the team, we're all part of Braves holdings, but we create operational efficiencies. We create sponsorship opportunities. And again, that's why we believe the entire project in the battery continues to work to support our enterprise.

So our growth continues in our NOI, which is I know something all of you focus on, is going to get bigger and better. As you see just even in this year alone, we're adding $20 million of incremental NOI, and that's from Truist Securities and Pennant Park.

One of my favorite things every year is when our finance team, we have to look at various reporting documents that we provide to investors and that we always every year had to put in our risks and it's just what you have to do in this business. And I would always go back and say, hey, why is it still a risk that for the battery is management's ability to operate and deliver basically. We think we've done that pretty well and we will continue to do that. And the bottom line is, as an organization, I think we all believe we're pretty good at this. And that's why, as I said, 250 teams from all over the world, they know we have the playbook and the results and the performance there to really back it up.

So our future, I mean, what's next for us? We believe the portfolio that we've created here adds value and it complements and supports our overall enterprise, our overall business objectives. We'll execute and continue to execute the bold vision and the uniqueness of what we created here and that's what got this all started. And we believe this reflects our ability to outperform and grow revenues. This is definitely best-in-class. No, we have no equal in this business. I always say there's contenders and pretenders here, and we think we're one of the few contenders that's doing this very, very successfully.

If you look at over 8 years, what's been created from those pictures again, building a ballpark Phase 1. Then Phase 2 was adding the front door. Phase 3 is the TKE, Papa Johns and this whole huge tower. Truist Securities headquarters, then adding Pennant Park, all I'd say is stay tuned, and you'll see what's next. So thank you very much.

[Presentation]

Hi, everyone. I'm going to wager a guess that there aren't very many CFOs who at their Investor Day get to come on the stage and follow an exciting video like that. So really happy to be here today. Happy to have you all here. And I would like to remind you that there is a reconciliation in the appendix of our slides on the website that reconciles all the non-GAAP numbers to our GAAP financials.

So 2024 was a very solid year for us financially. Baseball revenues grew 2% year-over-year despite slight decreases in attendance and fewer postseason games than the prior year. This growth was driven by corporate sponsorship increases and contractual rate increases on seasoned tickets. Mixed-use development revenue is about 10% of our total revenues, but it's an important and growing part of our business. This revenue growth drove 14% year-over-year adjusted OIBDA growth and 5% adjusted OIBDA growth for the company. The revenue growth overall was slightly offset by increases in Braves baseball operating costs, specifically player payroll and increases in revenue sharing expenses.

This slide takes you back to when we had the vision that's already been referred to several times to move the stadium from downtown Atlanta to Cobb County. This move created greater proximity to a large contingent of our fans and also allowed us to operate on the vast campus that you see here today.

To frame up what the Braves have accomplished since moving to Truist Park in 2017, you only need to look at our revenue growth over this period and a CAGR of 12%, which we're very proud of. 2021 was the World Series championship win. You can see the impact on our revenue growth there. But even with that high milestone that we hit in 2021, we continue to grow beyond that. Prior to the move to Truist Park, our revenues in the league were in the bottom third. Today, we sit in the top 10. We believe that's quite an accomplishment.

Our last 12 months revenues grew modestly as compared to 2024 revenues as the last 12 months do not include any of the 2025 baseball season nor do they include the Pennant Park acquisition. The last 12 months does include the first full quarter of rental income since the new Truist Securities building has come online. Baseball event revenue, which includes ticket sales, concessions, sponsorships, et cetera, is the largest part of our revenue stream representing over 50% of total revenues.

Broadcast revenues, which includes local media rights and national contracts negotiated by MLB, make up 1/4 of our revenues. And then rounding out baseball revenues, our retail and licensing rights of about 7% and other baseball revenues of about 5%. During this 12-month period, mixed-use development revenue has increased to 11% of the total.

I wanted to spend a few minutes drilling down on ticket revenues as well. Since we opened Truist Park, ticket revenues have grown at a CAGR of 8%. Seasoned tickets, which include both single season tickets and multi-season premium tickets, make up about 2/3 of our ticket revenue, with single-game tickets and group ticket sales making up the remaining 1/3. Post season revenue, which is shared with the other post-season clubs, is incremental and not budgeted.

You can see the impact in 2021 of what winning the World Series means. This World Series boost in 2021 was particularly helpful as we started out that season COVID style, with limited attendance in the first few months of the season.

As Derek discussed earlier, ticket revenue increases are impacted by a number of factors, the most obvious being pricing and demand. We use sophisticated tools to evaluate ticket pricing on a game-by-game basis. And annually, we evaluate the mix of single-game tickets and season tickets. We have multiple tiers of premium tickets, all with differing levels of amenities, as Derek said, so you can watch the game in the lap of luxury, if you so choose. These premium tickets have longer-term contracts that can be up to 7 years in duration. On the flip side, we offer value tickets at $10 as well. We're super proud of the range of options that we can offer our fans.

Broadcasting revenue, as you've heard throughout the day, is a very important revenue stream for us and makes up 25% of our total revenues. Broadcast revenue includes national media contracts, negotiated by MLB, think Fox Sports, Apple TV, local media rights negotiated by the Braves, FanDuel Sports and Gray TV and radio. Because of the size of Braves Country and the large geographic footprint, we have a commensurately large radio network, one of the largest in the league, if not the largest in the league of over 170 affiliates. Broadcast revenues have grown 30% since 2017.

I did want to call out the blip in 2021, when we had a onetime retroactive accounting adjustment due to a change in the contract value.

Shifting to BDC. One of the takeaways you should have after Mike's comments and definitely, if you take a stroll through the battery this afternoon, is that The Battery has exceeded all of our expectations and is a model for any sports venue looking to create a 365-day experience. We believe revenue growth at a CAGR of 23% with less than 10 years of operations is pretty darn impressive.

As Mike alluded to, the Truist Security building, will be generating revenue for the first time for the full year in 2025 and Pennant Park will be coming into our portfolio, so you can expect to see a lift in both revenue and NOI in 2025. This growth is really all the more impressive given that a majority of our revenues are from long-term rental agreements.

Because of the desirability of the battery, we've been in a really fortunate position to be able to replace underperforming tenants with new tenants who are willing to pay a higher price for a premium location. BDC and Truist Park share a very special and unique relationship. While I would say both would be very successful operating independently in their own rights, they're both stronger together.

We are obviously very proud of our real estate portfolio. We believe it's had a profound impact on the community and on Braves Baseball. We are less thrilled, however, with the undervaluing of this real estate portfolio. So we wanted to share with you how we think about the value of this asset.

This is a fairly simple model that looks at stabilized net operating income by property type. Stabilized implies a high level of occupancy, although less than 100% occupancy and we've typically been at or above our occupancy assumptions. Pennant Park occupancy is slightly lower, but we're confident that, that will improve over time once we apply the Braves mojo to the Pennant Park area.

We look at leasable square foot in this calculation, which excludes unowned properties like our residential units, which we built and then previously sold. We calculate a range of values using market cap rates, and we come up with a fairly large range for the valuation. We do feel very confident, however, that this valuation, our internal valuation points to a valuation of north of $1 billion before debt for our real estate portfolio.

So I wanted to wrap up with a reminder of why Atlanta Braves Holdings is such a great investment. We are in a class of one. As has been mentioned several times today, there are very few opportunities to invest in a U.S. sports franchise and especially at a time when the industry is poised to make such a seismic shift. We believe that the diversification of having a U.S. sports franchise, coupled with a stable and growing portfolio of real estate, is also quite unique.

I wanted to close by thanking you all for attending our very first stand-alone Braves Investor Day.

[Presentation]

28 days. No, 27-- 27 days. Here we go.

At this time, we're going to begin the Q&A session with Terry, Derek, Mike and Jill. As a reminder, questions were submitted in advance. And the first question comes from a shareholder who asks, can you elaborate on the opportunities coming out of the CBA exploration and potential media rights deal in the near future?

Well, I'll jump on that one. And so I think you heard when we had Rob Manfred here that these are the 2 really big inflection points coming up for Major League Baseball. I would term that, that's the macro set of issues that we have to grow on. I look at those as huge opportunities. We're going to continue along growing our business just like these wonderful presentations described and showed.

But it's a bit of a -- I don't think we can exactly lay out what the future is going to look like from the CBA and from the new media rights deal. I think they're 2 years apart. I think they work together. And I think what happens in the CBA will lead into what we do with the media rights. I'm incredibly optimistic about -- I understand Rob's vision and plan and support it 100%. And so I would just sort of leave it at that, that those 2 elements are going to be the catalysts to -- Rob used economic reform as -- there will be economic reform, and there will be new ways of looking at our media assets as they work together in those 2 inflection points. So that would be where we stand.

Great. Our next question is from Barton Crockett from Rosenblatt and for you, Mike. Can you walk us through the real estate portfolio? And how you think about growth in the future? Do you see an opportunity to expand the company's real estate portfolio beyond Pennant Park and the battery? And how should investors think about the pace of investment?

I think we've addressed the real estate portfolio pretty well today. So hopefully, you all understand the assets we have and the 3 million square feet that we currently own. And I think it's been said here by all of us that we'll continue to look at strategic opportunities that make sense for our overall organization. And none of us lose focus on the fact that, our mission is to win the World Series. What we've done here that no one else has is complementary to that and supports that.

And in 8 short years, if you look at what's been built on The Battery site through our organization -- but as I said, there's no one else that's done anything close to that. So if another opportunity comes to all of us and this management team continues to look at them very quickly when they make sense. Pennant Park made a lot of sense because as I said earlier, we had an existing relationship. I think we surprised the marketplace a little bit that we were the buyer, but it was a strategic move and continues to certainly be a great revenue source for us to support our overall objectives.

Great. Our next question come from Steven Sheeckutz from Citi. Have you seen any impact on viewership trends following sports betting legalization in states like North Carolina and Tennessee? If so, would you anticipate seeing a similar trend if other states in your regional territory legalized sports betting, how would you expect to capitalize on these trends?

Yes, I'll take that. It's been public. We've been very supportive for the past 5, 6 years now in advocating for the legalization of sports betting in Georgia. Georgia right now, I think, is one of only a handful of states. I think there's over 40 now that have legalized sports betting of some type. So I think the way I would say is, I certainly anticipate sports betting getting legalized in Georgia. I hope that happens. I have a high degree of optimism for that. There's a lot of reasons that support it. There's a lot of integrity of the game reasons you want to get those -- the sports betting out of the dark shadows. It occurs today in Georgia. It just occurs in an illegal marketplace. And so you vet it and get it out of that illegal marketplace.

And then from a team perspective, the opportunities we now get to look across all the states that have had legalized sports betting and see what happens, what's -- what's the impact to the teams and the positive ways in which they benefit from it. And there's a number of ways. Certainly, probably the #1, and I think a really important one is fan engagement. When somebody of legal age bets on a game, they're more likely to watch it. They're more likely to follow it from start to finish. And there's a lot of different things that they can do associated with that.

But I also think there's some monetary opportunities here for us to pursue, too. So I think it's going to be good for us overall. And I hope it happens soon.

Our next question is from David Joyce from Seaport Research Partners. To you, Terry, could you see the Atlanta Braves make investments in other sports, media or business opportunities?

So I would say right off the top of the head, there's no way I would rule out anything. So the -- this is a management -- well, I'll start off saying, I grew up being trained by Ted Turner in the art of the possible and some of the impossible. And this management team, the DNA of this team, as it's been built is to have to go harvest and take opportunities out there that no one has thought of.

Just the fact that we're here in this building on this campus from where we started in 2016 in the old stadium, in the old spot and revolutionized the opportunities and you saw the revenue lines. We saw it, we thought it could happen, and we -- I think figuring out what this -- what the art of the possible is going forward is not possible to describe, but we look at every opportunity, every business, every sports issue, everything that comes by, and you can be sure if we see high returns for the use of our time and effort and association with the Atlanta Braves brand, we're going to do it.

We're all about growth. We're not standing still trying to preserve what we have. We love to build and we love to grow. So that's where I would leave that one.

Our next question comes from a shareholder who asked, how do you plan to narrow the valuation gap?

Well, the -- I think that's a bit of a same rhetorical question that we've talked about. We have investors who believe in us, who namely, I'll call one out, John Malone, who see the world through our eyes and support us and just believe that we do know how to go harness that growth. And from the things you heard today, there's so much macro/micro steady state kind of growth in front of us, why would we give that away to somebody else to go harness? We want to accomplish that for you, ourselves, and we know we can.

And we wake up every morning just dying to go attack it. And it's -- as I said, the DNA of this management group, we love what we do and we know there's a lot of growth out there that is untapped. And we're -- until we sort of get at some of that very high-end growth, we're not going to rest.

Yes. I would just add on an immediate basis, it's doing things like today. I mean, really proud of the fact that we're hosting this Investor Day here in Atlanta and giving those that want to come here and literally walk our streets and see the things that we've built and hear from our presentations, the information that we can give you, I think part of how we solve this gap is we give more information and more people understand the unique differentiation that we have in the marketplace. The combination of the real estate assets and the ballpark and the way in which we run the team, the way in which we're managed, the way in which we -- everybody here approaches it. Getting your eyes and ears directly on it here in-person, I think is a big part of it.

Our next question also came from a shareholder. Terry, you just addressed this a little bit. But do you have plans to sell the team?

Yes. I think I sort of jumped that question by the answer that I just gave about growth and opportunity and one of our favorite shareholders, John, sort of -- he's given us the ability to go accomplish the things that we want to accomplish, which is high growth, getting this management team into all of the new opportunities and businesses that we can go harness. So that's what we're going to be doing with our time in the next short term.

And our final question comes from a shareholder who asks, given the undervalued nature of your real estate portfolio, have you thought about a split of your real estate assets apart from baseball in order to help realize that?

Lets you and I do this together. Look, there's a number of ways in the presentation we demonstrated how the combination of these things together is, I hate to use the term, but I will anyway, the one plus one equals more than 2. We talk about sponsorships using that one example. How almost any of our larger corporate partnerships today involve assets that go well beyond the confines of the ballpark and get into the battery. And we do that because it creates really unique opportunities to partner with companies, and we drive more opportunities for us as a result of that. It's something that I think if you were to go around and talk to all the corporate partners just using that one example, you'll find that this is a really unique opportunity, a lab, if you will, for them to be able to do all that.

The other point that I'd make is it's -- I think in our business, one of the things that you do that helps drive you everywhere is if you put yourself through the lens of a fan, you're always going to be in a good place. And so from a lens of a fan, this is a really enjoyable entertaining experience.

We're just talking about the Braves games. We sometimes joke when we first started this is that we're actually creating something that's a little akin to some of the ballparks of old that were built in those neighborhoods. And I'd point one out, like Wrigley Field. Sometimes as good as Wrigley Field might be, most people say it's about going to Wrigleyville. That's the fun part. And that helps build the experience. I think we've eclipsed that now here, in that the experience of going to a Braves game is as much about going to the battery as it is the game. And so putting those together, keeping those together is so important and valuable for our success. Mike?

Yes. I'd say another good example of that is, one of the most difficult, challenging parts of all of our negotiations. And look, all those tenants out there, we negotiated those deals. And from the office deals to the retail deals to the restaurant deals and one of the most difficult conversations was parking because they wanted to know when we have 40,000 plus people in the ballpark, how are people still coming to my restaurant, go to the movie theater, coming to my hotel. And because we control all of it, the operation, we could look them in eye and say, we've built enough parking, we're going to operate it all, and you are not going to be impaired one bit if we're playing games or not.

First season, remember, we said no concerts at the Roxy when we're playing games, can't have it, can't handle the operation, can't handle parking. We played during the post season when we're full in the ballpark, we've had full concerts at the same time at the Roxy because we've been able to control and manage the whole operations. So I'm with you. I think the value of the collaboration, as I showed you that slide with all of our corporate headquarters and regional headquarters here, every one of those people are seasoned ticket holders, they own a suite, they're corporate partners. And I think, as I said, we have the playbook and how to do this the right way.

Great. Thank you all, and thank you all again for coming. A few housekeeping things before we move on. Someone's hotel room key was left upstairs. If you're missing your key, let me know, check your pockets.

I know some of you would like to drop bags back at the hotel and maybe have a few minutes to check e-mail and what have you. So if you would like to do that, [Whit Clay] has generously offered to meet all of you back at the National Anthem, which is a restaurant and sort of the upper lobby there around 3:15, 3:20 and then he will walk all of you who want to do that over to the ASW. Well, actually, we have a weather check. I think it's okay, right? We're going to start at Shake Shack. We're going start at Shake Shack.

We're good at Shake Shack?

Yes, we're going to start at Shake Shack.

We're dressed casual, we're going to risk a little rain.

They are speaking of rain, there are lots of summer showers these days. There are umbrellas downstairs if you want to grab one before you leave, you are welcome to. We're going to start at Shake Shack. We're going to then go to ASW Distillery and then to the Truist Securities building and see that property. And then we will cross the street into the ballpark and see the new [tower] kids area along with some other of the master planning projects that we have been talking to you all about. We'll then go down for batting practice. We'll wrap up batting practice around 5:15 or so. You'll have some time to go back to the hotel then as well, and we will come back to the ballpark around 6:15 to the suites for cocktails and dinner, and the game. If you have any questions about any of that, please grab one of us.

Jen, just to make sure, so Shake Shack at 3:30?

Shake Shack at 3:30. They're going to -- if you're walking to the hotel -- if you're leaving the hotel, try to leave by 3:20, 3:25, we'll stop at. Otherwise, Shake Shack at 3:30, you all are welcome to hang out here in the lobby and walk over with us as well if you'd like.

Okay. Thank you all very much.

Thank you.

Thank you.