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Atlanta Braves Holdings re-elects director, approves proposals

EditorAhmed Abdulazez Abdulkadir
Published 13-06-2024, 05:00 pm
© Reuters.

Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) (NASDAQ:BATRK), a company specializing in amusement and recreation services, disclosed the results of its annual stockholders meeting held on June 10, 2024, in a recent SEC filing. The meeting led to the re-election of a board member and the approval of several key proposals.

The stockholders re-elected Brian M. Deevy as a Class I member of the board of directors to serve until the 2027 annual meeting or until his earlier resignation or removal. Deevy secured 16,532,946 votes for his continuation on the board, with 169,759 votes withheld and 2,109,193 broker non-votes.

In addition to board elections, stockholders ratified the selection of KPMG LLP as the company's independent auditors for the fiscal year ending December 31, 2024. The proposal was approved with 18,722,996 votes for, 77,503 against, and 11,399 abstentions.

The compensation of the company's named executive officers also received approval on an advisory basis, known as the "say-on-pay" proposal. It garnered 16,401,297 votes in favor, 235,182 against, and 66,226 abstentions, alongside 2,109,193 broker non-votes.

Furthermore, the frequency of future "say-on-pay" votes was determined, with stockholders advising that such votes should occur every three years. The "say-on-frequency" proposal received 2,627,173 votes for a 1-year frequency, 92,687 for 2 years, and 13,933,152 for 3 years, with 49,693 abstentions and 2,109,193 broker non-votes.

InvestingPro Insights

Atlanta Braves Holdings, Inc. (NASDAQ:BATRA) continues to navigate the challenging landscape of amusement and recreation services. According to InvestingPro, BATRA is currently trading at a high Price / Book multiple of 5.24 and has experienced a revenue growth of 8.16% over the last twelve months as of Q1 2024. Despite these positive revenue trends, the company is not profitable over the last twelve months and is trading at a high EBITDA valuation multiple. This might suggest that investors are anticipating future growth or synergies that are not yet reflected in the bottom line.

InvestingPro Tips highlight that the company suffers from weak gross profit margins, with a gross profit margin of 22.7% over the last twelve months as of Q1 2024, and short-term obligations exceeding liquid assets, which could indicate potential liquidity risks. Moreover, analysts do not anticipate the company will be profitable this year. These financial health indicators and market expectations are critical for investors to consider when evaluating the company's stock.

With the company's next earnings date approaching on August 2, 2024, potential investors should take note of these insights. For those interested in a deeper analysis, InvestingPro offers additional tips to help evaluate BATRA's financial health and investment potential. Use coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to the full list of tips and data that can guide investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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