| Segment Information |
(15) Segment Information The Company, through its ownership of Braves Holdings, is primarily engaged in the entertainment and real estate industries. The Company’s chief operating decision maker (the “CODM”), the chief executive officer, evaluates performance and makes decisions about allocating resources to its operating segments based on financial measures such as revenue and Adjusted OIBDA (as defined below). In addition, the Company reviews nonfinancial measures such as attendance, viewership and social media. The financial measures utilized by our CODM do not consider intersegment revenue and expenses and additionally, the CODM does not utilize assets presented on a segment basis to make decisions on allocating resources. As such, neither intersegment activity nor segment assets are presented herein. The Company defines Adjusted OIBDA as operating income (loss) plus stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges. However, our definition may vary from similarly titled measures used by other companies. The Company believes this measure is an important indicator of the operational strength and performance of its businesses, by identifying those items that are not directly a reflection of each business’ performance or indicative of ongoing business trends. In addition, this measure allows management to view operating results and perform analytical comparisons and benchmarking between businesses and identify strategies to improve performance. This measure of performance excludes stock-based compensation, depreciation and amortization, separately reported litigation settlements, restructuring, acquisition and impairment charges that are included in the measurement of operating income pursuant to GAAP. Accordingly, Adjusted OIBDA should be considered in addition to, but not as a substitute for, operating income, net earnings (loss), cash flow provided by operating activities and other measures of financial performance prepared in accordance with GAAP. The Company identifies its reportable segments as those operating segments that represent 10% or more of its combined annual revenue, annual Adjusted OIBDA (as defined below) or total assets. Additionally, the Company considers how each operating segment is managed due to the products and services offered, the technologies used, the revenue sources generated, and marketing strategies deployed when evaluating its reportable segments. As a result, the Company has identified the following as its reportable segments: | ● | Baseball – operations relating to Braves baseball and Truist Park and includes ticket sales, concessions, advertising sponsorships, suites and premium seat fees, broadcasting rights, retail and licensing. |
| ● | Mixed-Use Development – includes retail, office, hotel and entertainment operations primarily within The Battery Atlanta. |
Performance Measures | | | | | | | | | | | | | December 31, 2025 | | | | amounts in thousands | | | | Baseball | | | Mixed-Use Development | | | Total | | | | | | | Revenue from external customers | | $ | 635,060 | | $ | 97,432 | | $ | 732,492 | | | | | | | | | | | | | Less: (1) | | | | | | | | | | | Baseball operating costs | | | 496,987 | | | — | | | | | Mixed-Use Development costs | | | — | | | 14,363 | | | | | Other segment items (2) | | | 86,969 | | | 14,542 | | | | | Segment Adjusted OIBDA | | | 51,104 | | | 68,527 | | $ | 119,631 | | | | | | | | | | | | | Reconciliation of Adjusted OIBDA | | | | | | | | | | | Corporate and other unallocated costs | | | | | | | | | (11,818) | | Impairment expense | | | | | | | | | (30,131) | | Stock-based compensation | | | | | | | | | (15,575) | | Depreciation and amortization | | | | | | | | | (75,634) | | Operating income (loss) | | | | | | | | $ | (13,527) | | Interest expense | | | | | | | | | (46,440) | | Share of earnings (losses) of affiliates, net | | | | | | | | | 29,433 | | Realized and unrealized gains (losses) on intergroup interests, net | | | | | | — | | Realized and unrealized gains (losses) on financial instruments, net | | | | | | (1,001) | | Gains (losses) on dispositions, net | | | | | | | | | — | | Other, net | | | | | | | | | 7,423 | | Earnings (loss) before income taxes | | | | | | | | $ | (24,112) | |
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
| (2) | Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items. |
| | | | | | | | | | | | | December 31, 2024 | | | | amounts in thousands | | | | Baseball | | | Mixed-Use Development | | | Total | | | | | | | Revenue from external customers | | $ | 595,430 | | $ | 67,318 | | $ | 662,748 | | | | | | | | | | | | | Less: (1) | | | | | | | | | | | Baseball operating costs | | | 504,146 | | | — | | | | | Mixed-Use Development costs | | | — | | | 9,762 | | | | | Other segment items (2) | | | 84,659 | | | 12,108 | | | | | Segment Adjusted OIBDA | | | 6,625 | | | 45,448 | | $ | 52,073 | | | | | | | | | | | | | Reconciliation of Adjusted OIBDA | | | | | | | | | | | Corporate and other unallocated costs | | | | | | | | | (12,390) | | Impairment expense | | | | | | | | | — | | Stock-based compensation | | | | | | | | | (16,519) | | Depreciation and amortization | | | | | | | | | (62,829) | | Operating income (loss) | | | | | | | | $ | (39,665) | | Interest expense | | | | | | | | | (38,789) | | Share of earnings (losses) of affiliates, net | | | | | | | | | 30,460 | | Realized and unrealized gains (losses) on intergroup interests, net | | | | | | — | | Realized and unrealized gains (losses) on financial instruments, net | | | | | | 3,424 | | Gains (losses) on dispositions, net | | | | | | | | | — | | Other, net | | | | | | | | | 8,629 | | Earnings (loss) before income taxes | | | | | | | | $ | (35,941) | |
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
| (2) | Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items. |
| | | | | | | | | | | | | December 31, 2023 | | | | amounts in thousands | | | | Baseball | | | Mixed-Use Development | | | Total | | | | | | | Revenue from external customers | | $ | 581,671 | | $ | 58,996 | | $ | 640,667 | | | | | | | | | | | | | Less: (1) | | | | | | | | | | | Baseball operating costs | | | 482,391 | | | — | | | | | Mixed-Use Development costs | | | — | | | 8,834 | | | | | Other segment items (2) | | | 78,619 | | | 10,663 | | | | | Segment Adjusted OIBDA | | | 20,661 | | | 39,499 | | $ | 60,160 | | | | | | | | | | | | | Reconciliation of Adjusted OIBDA | | | | | | | | | | | Corporate and other unallocated costs | | | | | | | | | (22,399) | | Impairment expense | | | | | | | | | — | | Stock-based compensation | | | | | | | | | (13,221) | | Depreciation and amortization | | | | | | | | | (70,980) | | Operating income (loss) | | | | | | | | $ | (46,440) | | Interest expense | | | | | | | | | (37,673) | | Share of earnings (losses) of affiliates, net | | | | | | | | | 26,985 | | Realized and unrealized gains (losses) on intergroup interests, net | | | | | | (83,178) | | Realized and unrealized gains (losses) on financial instruments, net | | | | | | 2,343 | | Gains (losses) on dispositions, net | | | | | | | | | 2,309 | | Other, net | | | | | | | | | 6,496 | | Earnings (loss) before income taxes | | | | | | | | $ | (129,158) | |
| (1) | The significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. |
| (2) | Other segment items represent selling, general and administrative costs, excluding stock-based compensation expense and other insignificant items. |
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