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Atlanta Braves financial report: once again, nobody reads the whole thing

By Alan Carpenter

ATLANTA, GA - OCTOBER 9: General view during the second inning of Game Five of the National League Division Series between the Atlanta Braves and the St. Louis Cardinals at SunTrust Park on October 9, 2019 in Atlanta, Georgia. (Photo by Carmen Mandato/Getty Images)
ATLANTA, GA - OCTOBER 9: General view during the second inning of Game Five of the National League Division Series between the Atlanta Braves and the St. Louis Cardinals at SunTrust Park on October 9, 2019 in Atlanta, Georgia. (Photo by Carmen Mandato/Getty Images) /
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LONDON, ENGLAND – JANUARY 05: A general view of the stadium during the demolition of West Ham’s Boleyn Ground on December 18, 2016 in London, England. Local businesses are suffering as the former West Ham United ground is being demolished to make way for more than 800 homes. (Photo by Alex Pantling/Getty Images)
LONDON, ENGLAND – JANUARY 05: A general view of the stadium during the demolition of West Ham’s Boleyn Ground on December 18, 2016 in London, England. Local businesses are suffering as the former West Ham United ground is being demolished to make way for more than 800 homes. (Photo by Alex Pantling/Getty Images) /

Breaking it Down

Okay, so why are these people wrong?  It’s because revenue is not profit, and never has been.

But let’s see what the report does reveal.

First off, this is the report for a single quarter – not even remotely the entire year.

In fact, let’s go back and also factor in the numbers reported from Quarter 1 and Quarter 2.  It still won’t be a complete picture for a full year of data, but it’s at least better than a single 3 month period… which the stat-minded would call normally call a ‘Small Sample Size’.

In the hopes of not getting too crazy in the weeds here, I’ll show three numbers:  revenue, operating income (as close to ‘profit’ as we’re gonna get), and OIBDA (Operating Income Before Depreciation and Amortization).

In layman’s terms, OIBDA excludes the impact of short-term or 1-time exclusions and it intended to be a more balanced indicator of the profitability of a business unit.

QUARTER 1

  • Covers January-March 2019
  • Revenue $22 million; down from $28 million year-over-year.
  • Operating Income:  a loss of $49 million, though slightly better than their loss of $51 million from Q1 of 2018.
  • OIBDA:  $33 million loss (was a loss of $35 million in 2018)

QUARTER 2

  • Covers April-June 2019
  • Revenue $208 million; up from $182 million year-over-year.
  • Operating Income:  +$34 million, slightly off a $35 million rise in 2018.
  • OIBDA:  $61 million gain (was up $63 million in 2018)

QUARTER 3

  • Covers July-September 2019
  • Revenue $212 million; up from $200 million year-over-year.
  • Operating Income:  +$21 million, less than half of the $45 million reported in 2018.
  • OIBDA:  $45 million gain; down from $72 million in 2019

So in total for the year thus far:

  • Revenue:  +$442 million.  In 2018 at this point:  +$410 million.  [UP $32 million]
  • Op Income:  +$6 million.  In 2018 at this point:  +$29 million.  [DOWN $23 million]
  • OIBDA:  +$73 million.  In 2018 at this point:  +$100 million.  [DOWN $27 million]

We’ll explain what you see here on the next page…

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