Overview

• MLB franchise and real estate owner's Q1 revenue rose 53% yr/yr, driven by more home games

• Adjusted OIBDA loss narrowed 39% as revenue growth outpaced higher expenses

• Operating loss improved to $41 mln from $44 mln a year earlier

Outlook

• Company did not provide specific guidance or forecasts for future quarters or full yr in its press release

Result Drivers

• MORE HOME GAMES - Baseball revenue rose due to five regular season home games in Q1 versus none in the prior year, driving higher event revenue and associated sales

• REAL ESTATE ACQUISITION - Mixed-Use Development revenue grew due to higher rental income and tenant recoveries from newly acquired assets near The Battery Atlanta

• BROADCASTING AND SPECIAL EVENTS - Broadcasting revenue fell due to timing of new media contracts, and other revenue declined from fewer special events at Truist Park

Company press release: ID:nBw1zFpqCa

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Revenue		$72 mln
Q1 EPS		-$0.63
Q1 Adjusted OIBDA		-$17.56 mln
Q1 Operating Income		-$41.25 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the leisure & recreation peer group is "buy"

• Wall Street's median 12-month price target for Atlanta Braves Holdings Inc is $65.00, about 18.5% above its May 8 closing price of $54.87

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