The Braves’ spending was also significantly higher in the April-June quarter than a year ago, largely due to a higher payroll. Still, Braves Holdings reported operating income before depreciation and amortization — the most common measure, along with revenue, for assessing the economic performance of a professional sports franchise — of $57 million for the quarter, down from $54 million. dollars at the same time last year.
Operating expenses totaled $203 million in the quarter, up from $162 million in the same period last year, an increase of 25%.
The Braves have incurred additional spending for the remainder of 2022 with a series of acquisitions ahead of Tuesday’s trade deadline. Maffei praised general manager Alex Anthopoulos for the moves.
“We remember how well it worked last year,” Maffei said, referring to Anthopoulos’ 2021 maturity deals that propelled the team to the World Series championship.
Of the $260 million in revenue from the Braves in the second quarter of this year, Liberty Media attributed $247 million to baseball sources, including tickets, concessions, sequels, local broadcast rights, sponsorships and league-wide revenue sharing such as domestic broadcasts and licensing. The other $13 million of revenue was attributed to real estate development in The Battery Atlanta mixed-use development, primarily rental income.
“Revenue growth more than offset increased operating costs, (which were) driven by higher player salaries, more normalized levels of facility and matchday spending, increased revenue-sharing expenses and increased personnel costs,” Liberty Media said.
The Braves are on pace to top 3 million home attendances this year for the first time since 2000. Maffei said attendance was up 23% from that point in 2019. The Braves tend to sell about half of their home games this year, he said.
Results for the April to June quarter of last year were impacted by reduced seating capacity at Truist Park in the first month of the 2021 season due to COVID-19 restrictions. The Braves played one more home game in the second quarter of 2021 than in the second quarter of 2022.
Liberty Media also revealed Friday that the Braves’ debt decreased by $76 million in the second quarter of this year, from $678 million on March 31 to $602 million on June 30. said Liberty. Most of the Braves’ debt stems from costs associated with building Truist Park, The Battery and a new spring training complex.
Cash and cash equivalents attributed to the Braves decreased by $104 million during the quarter, from $311 million on March 31 to $207 million on June 30, “as cash flows from the operations were more than offset by the repayment of net debt, increased cash restricted financial obligations) and capital expenditures for the continued expansion of the mixed-use development,” Liberty Media said.