Sportradar Reports Second Quarter 2024 Financial and Operating Results
Sportradar Group (NASDAQ: SRAD) reported Q2 2024 results with a record revenue of €278.4 million, up 29% YoY.
Betting Technology & Solutions contributed €229.1 million, a 30% increase, while Sports Content, Technology & Services added €49.3 million, up 22%. The U.S. market showed significant growth with revenue up 59%. Adjusted EBITDA rose to €48.8 million, up 22% YoY.
The company raised its 2024 outlook, now expecting a 22% increase in revenue and Adjusted EBITDA. Despite generating strong cash flows of €152.6 million YTD, Sportradar reported a net loss of (€1.5 million) for the quarter.
They repurchased 748,000 shares worth $8.0 million and have ample liquidity of €542.2 million.
Key operational highlights include expanding the UEFA partnership and launching innovative advertising channels.
Il Gruppo Sportradar (NASDAQ: SRAD) ha riportato i risultati del secondo trimestre 2024 con un fatturato record di 278,4 milioni di euro, in aumento del 29% rispetto all'anno precedente.
La Technology & Solutions per le scommesse ha contribuito con 229,1 milioni di euro, con un aumento del 30%, mentre i Contenuti Sportivi, Tecnologia & Servizi hanno aggiunto 49,3 milioni di euro, in crescita del 22%. Il mercato statunitense ha mostrato una crescita significativa, con un fatturato aumentato del 59%. L'EBITDA rettificato è salito a 48,8 milioni di euro, con un incremento del 22% rispetto all'anno precedente.
L'azienda ha rivisto al rialzo le sue previsioni per il 2024, aspettandosi ora un aumento del 22% nel fatturato e dell'EBITDA rettificato. Nonostante abbia generato forti flussi di cassa di 152,6 milioni di euro dall'inizio dell'anno, Sportradar ha registrato una perdita netta di (1,5 milioni di euro) per il trimestre.
Hanno riacquistato 748.000 azioni per un valore di 8,0 milioni di dollari e hanno una buona liquidità di 542,2 milioni di euro.
Tra i principali risultati operativi c'è l'espansione della partnership UEFA e il lancio di canali pubblicitari innovativi.
Sportradar Group (NASDAQ: SRAD) reportó resultados del segundo trimestre de 2024 con un ingreso récord de 278,4 millones de euros, un aumento del 29% en comparación con el año anterior.
La Tecnología y Soluciones de Apuestas contribuyó con 229,1 millones de euros, un incremento del 30%, mientras que Contenido Deportivo, Tecnología y Servicios sumó 49,3 millones de euros, un aumento del 22%. El mercado de EE. UU. mostró un crecimiento significativo con ingresos que aumentaron un 59%. El EBITDA ajustado aumentó a 48,8 millones de euros, un 22% más que el año anterior.
La empresa elevó su perspectiva para 2024, esperando ahora un aumento del 22% en ingresos y EBITDA ajustado. A pesar de generar flujos de efectivo sólidos de 152,6 millones de euros hasta la fecha, Sportradar reportó una pérdida neta de (1,5 millones de euros) para el trimestre.
Han recomprado 748,000 acciones por un valor de 8,0 millones de dólares y tienen una amplia liquidez de 542,2 millones de euros.
Los principales aspectos operativos incluyen la expansión de la asociación con la UEFA y el lanzamiento de canales publicitarios innovadores.
스포츠라다 그룹 (NASDAQ: SRAD)은 2024년 2분기 실적을 발표하며 기록적인 수익 2억 7840만 유로를 기록했으며, 이는 전년 대비 29% 증가한 수치입니다.
베팅 기술 및 솔루션은 2억 2910만 유로를 기여하며 30% 증가했으며, 스포츠 콘텐츠, 기술 및 서비스는 4930만 유로를 추가하여 22% 상승했습니다. 미국 시장은 수익이 59% 증가함에 따라 상당한 성장을 보였습니다. 조정된 EBITDA는 4880만 유로로 전년 대비 22% 증가했습니다.
회사는 2024년 전망을 상향 조정했으며, 이제 22%의 수익 증가와 조정된 EBITDA를 예상하고 있습니다. 2023년 현재까지 1억 5260만 유로의 강력한 현금 흐름을 생성했음에도 불구하고, 스포츠라다는 분기 순손실을 (150만 유로)로 보고했습니다.
그들은 74만8000주를 800만 달러에 재매입하였으며, 5억 4220만 유로의 충분한 유동성을 보유하고 있습니다.
주요 운영 하이라이트로는 UEFA 파트너십 확장 및 혁신적인 광고 채널 출범이 포함됩니다.
Sportradar Group (NASDAQ: SRAD) a annoncé les résultats du deuxième trimestre 2024 avec un chiffre d'affaires record de 278,4 millions d'euros, en hausse de 29 % par rapport à l'année précédente.
La Technologie et Solutions de Paris a contribué avec 229,1 millions d'euros, une augmentation de 30 %, tandis que Contenu Sportif, Technologie et Services a ajouté 49,3 millions d'euros, en hausse de 22 %. Le marché américain a montré une croissance significative avec des revenus en hausse de 59 %. L'EBITDA ajusté a augmenté à 48,8 millions d'euros, soit une hausse de 22 % par rapport à l'année précédente.
L'entreprise a revu à la hausse ses prévisions pour 2024, prévoyant maintenant une augmentation de 22 % des revenus et de l'EBITDA ajusté. Malgré des flux de trésorerie solides de 152,6 millions d'euros depuis le début de l'année, Sportradar a signalé une perte nette de (1,5 million d'euros) pour le trimestre.
Ils ont racheté 748 000 actions d'une valeur de 8 millions de dollars et disposent d'une liquidité abondante de 542,2 millions d'euros.
Les points forts opérationnels incluent l'élargissement du partenariat avec l'UEFA et le lancement de canaux de publicité innovants.
Die Sportradar Group (NASDAQ: SRAD) berichtete über die Ergebnisse des 2. Quartals 2024 mit einem Rekord Umsatz von 278,4 Millionen Euro, was einem Anstieg von 29% im Jahresvergleich entspricht.
Die Wett-Technologie & Lösungen trugen mit 229,1 Millionen Euro bei, ein Anstieg von 30%, während Sportinhalte, Technologie & Dienstleistungen 49,3 Millionen Euro hinzugefügt haben, was einem Anstieg von 22% entspricht. Der US-Markt zeigte ein signifikantes Wachstum mit einem Umsatzanstieg von 59%. Das bereinigte EBITDA stieg auf 48,8 Millionen Euro, was einem Anstieg von 22% im Jahresvergleich entspricht.
Das Unternehmen erhöhte sein Ausblick für 2024 und erwartet nun ein Umsatz- und EBITDA-Wachstum von 22%. Trotz eines starken Cashflows von 152,6 Millionen Euro im laufenden Jahr berichtete Sportradar für das Quartal einen Nettoverlust von (1,5 Millionen Euro).
Sie kauften 748.000 Aktien im Wert von 8 Millionen Dollar zurück und verfügen über eine ausreichende Liquidität von 542,2 Millionen Euro.
Wichtige betriebliche Höhepunkte umfassen die Erweiterung der UEFA-Partnerschaft und den Start innovativer Werbekanäle.
- Revenue of €278.4 million, up 29% YoY.
- Betting Technology & Solutions revenue up 30% to €229.1 million.
- Sports Content, Technology & Services revenue up 22% to €49.3 million.
- U.S. market revenue up 59%.
- Adjusted EBITDA of €48.8 million, up 22% YoY.
- Raised 2024 revenue and EBITDA outlook to 22% growth.
- Net cash generated from operating activities of €152.6 million YTD.
- Repurchased 748,000 shares worth $8.0 million.
- Total liquidity of €542.2 million.
- Net loss of (€1.5 million) for the quarter.
- Adjusted EBITDA margin decreased by 98 bps YoY to 17.5%.
- Net Retention Rate decreased by 360 bps YoY to 117%.
- Purchased services and licenses costs up 44% YoY to €72.6 million.
- Total sport rights costs increased by 83% YoY to €95.9 million.
Achieved Record Revenue of
Generated Strong Cash Flow from Operating Activities
Further Raising 2024 Outlook for Revenue and Adjusted EBITDA
ST. GALLEN, Switzerland, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2024.
Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow. I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.”
Second Quarter 2024 Financial Highlights
- Revenue was
€278.4 million , up29% year-over-year demonstrating continued momentum in the business. - Betting Technology & Solutions revenues were
€229.1 million , up30% year-over-year, and Sports Content, Technology & Services revenues were€49.3 million , up22% year-over-year. - Delivered strong revenue growth globally with Rest of World up
22% and the U.S. up59% . - The current quarter generated a loss of (
€1.5 million ) compared to a de minimis profit for the same quarter last year. - Adjusted EBITDA1 was
€48.8 million , up22% year-over-year. - Net cash generated from operating activities since the beginning of the year was
€152.6 million , up17% year-over-year. - The Company’s customer Net Retention Rate2 was
117% , demonstrating the strength in cross selling and upselling to clients, and increasing sequentially. - As of June 30, 2024, the Company had total liquidity of
€542.2 million as compared to€483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024. - During the quarter, the company repurchased approximately 588,000 shares, for a total amount of
$6.2 million . As of August 9, 2024, the Company has repurchased approximately 748,000 shares with a total value of$8.0 million . - The Company further raised its full-year 2024 outlook and now expects to deliver
22% year-over-year growth in revenue and Adjusted EBITDA.
Key Financial and Operating Metrics | Q2 | Q2 | Change | Change | ||||
in €’000 (unaudited) | 2024 | 2023 | € | % | ||||
Total Revenue | 278.4 | 216.4 | 62.0 | |||||
Profit (loss) for the period from continuing operations | (1.5) | 0.0 | (1.6) | n/a | ||||
Profit (loss) for the period from continuing operations as a percentage of revenue | ( | -57 bps | n/a | |||||
Adjusted EBITDA | 48.8 | 40.1 | 8.7 | |||||
Adjusted EBITDA Margin 1 | -98 bps | n/a | ||||||
Net Retention Rate | -360 bps | n/a | ||||||
Supplemental Revenue Analysis | ||||||||
Revenue Grouping | ||||||||
Betting Technology & Solutions | 229.1 | 176.1 | 53.0 | |||||
Sports Content, Technology & Services | 49.3 | 40.3 | 9.0 | |||||
278.4 | 216.4 | 62.0 | ||||||
Revenue Grouping as % of Total Revenue | ||||||||
Betting Technology & Solutions | ||||||||
Sports Content, Technology & Services | ||||||||
Geographic | ||||||||
Rest of World | 217.8 | 178.4 | 39.4 | |||||
United States | 60.6 | 38.0 | 22.6 | |||||
278.4 | 216.4 | 62.0 | ||||||
Geographic as % of Total Revenue | ||||||||
Rest of World | ||||||||
United States | ||||||||
Recent Business Highlights
- Sportradar Managed Trading Services (MTS) customer pipeline had a strong first half of 2024. 46 new customers have signed up for MTS year-to-date, which will bring total customers to over 200 worldwide, expanding coverage in fast growing sports betting territories including Latin America & Africa.
- UEFA and Sportradar extend and expand partnership. The expanded agreement covers all UEFA Club and National team competitions, over 900 high-profile matches, a
33% increase from the previous relationship. The agreement also expands its existing, exclusive betting data rights and Integrity partnership to include non-exclusive right to distribute data to non-betting media. - Sportradar launches audio and expands digital-out-of-home advertising channels to increase operators’ reach and brand awareness. Sportradar announced the launch of ad:s for audio and an enhanced digital-out-of-home offering, expanding the reach of the company’s leading marketing services to podcasts, streaming services, internet radio and over 600,000 digital outdoor screens across move than 100 countries.
- Sportradar launches industry-first social media video ads featuring live sports and betting data. Initially launched across Meta’s social media platforms, Sportradar’s proprietary technology creates and delivers tailored social media video advertisements, which update in real-time to reflect betting market movements, including live odds, as well as casino games and jackpot value, to aid customer retention and drive revenue.
Revenue
Total revenue for the current quarter was
Betting Technology & Solutions
Betting Technology & Solutions revenues were
- Streaming & Betting Engagement, up
€26.2 million or41% year-over-year, and Live Data and Odds up€18.6 million or27% year-over-year, with both benefitting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth. - Managed Betting Services, up
€8.5 million or21% year-over-year, primarily driven by strong growth in Managed Trading Services due to higher trading margins and increased betting activity from existing and new customers. - As a percentage of total company revenues, Betting Technology & Solutions represented
82% of total company revenue in the current quarter as compared to81% in the prior year quarter.
Sports Content, Technology & Solutions
Sports Content, Technology & Solutions revenues were
- Marketing and Media Services were
€7.7 million , up28% year-over-year, with strong growth in European and North America ad:s revenue as several sportsbooks launched marketing campaigns. - Sports Performance was broadly flat year-over-year.
- As a percentage of total company revenues, Sports Content, Technology & Solutions represented
18% of total company revenue in the current quarter as compared to19% in the prior year quarter.
Costs and Expenses
- Purchased services and licenses were
€72.6 million , up€22.0 million or44% year-over-year. Of the total purchased services and licenses,€28.9 million was expensed sport rights. Excluding expensed sport rights, purchased services were€43.7 million , up€10.5 million or32% year-over-year driven primarily by the Company’s investments in its product portfolio. - Personnel expenses were
€89.1 million , up€4.7 million or6% year-over-year and down approximately 700 bps as a percentage of revenue, as we continue to closely manage our resources and focus on delivering operating leverage. - Other Operating expenses were
€22.6 million , up€1.6 million or8% , down approximately 160 basis points as a percentage of revenue, as we further leveraged our existing infrastructure. - Total sport rights costs were
€95.9 million , up€43.6 million or83% year-over-year, driven by new rights, in particular our ATP and NBA partnership deals.
Share Repurchase Program
In March of this year the Board of Directors approved a
Updated 2024 Annual Financial Outlook
Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:
- Revenue of
€1,070 million compared with prior outlook of€1,060 million , up22% year-over-year and representing a 1-percentage point improvement in our full year growth rate outlook. - Adjusted EBITDA of at least
€204 million compared with prior outlook of€202 million , up22% and representing a 1-percentage point improvement in our full year growth rate outlook. - Adjusted EBITDA margin of approximately
19% .
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the second quarter 2024 results today, August 13, 2024, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.
About Sportradar
Sportradar Group AG (NASDAQ: SRAD), founded in 2001, is a leading global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the Company provides sports federations, news media, consumer platforms and sports betting operators with a best-in-class range of solutions to help grow their business. As the trusted partner of organizations like the ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and Bundesliga, Sportradar covers close to a million events annually across all major sports. With deep industry relationships and expertise, Sportradar is not just redefining the sports fan experience, it also safeguards sports through its Integrity Services division and advocacy for an integrity-driven environment for all involved.
For more information about Sportradar, please visit www.sportradar.com
CONTACT:
Investor Relations:
Jim Bombassei
Christin Armacost, CFA
investor.relations@sportradar.com
Media:
Sandra Lee
press@sportradar.com
Non-IFRS Financial Measures and Operating Metric
We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA and Adjusted EBITDA margin, as well as our operating metric, Net Retention Rate. We use these non-IFRS financial measures internally in analyzing our financial results and believe they are useful to investors, as a supplement to IFRS measures, in evaluating our ongoing operational performance. We believe that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating ongoing operating results and trends and in comparing our financial results with other companies in our industry, many of which present similar non-IFRS financial measures to investors.
Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with IFRS. Investors are encouraged to review the reconciliation of these non-IFRS financial measures to their most directly comparable IFRS financial measures provided in the financial statement tables included below in this press release.
- “Adjusted EBITDA” represents earnings for the period from continuing operations adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of sport rights), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, impairment charges or income, management restructuring costs, non-routine litigation costs, losses related to equity-accounted investee (SportTech AG), and professional fees for the Sarbanes Oxley Act of 2002 and enterprise resource planning implementations.
License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. Such license fees are presented either under purchased services and licenses or under depreciation and amortization, depending on the accounting treatment of each relevant license. Only licenses that meet the recognition criteria of IAS 38 are capitalized. The primary distinction for whether a license is capitalized or not capitalized is the contracted length of the applicable license. Therefore, the type of license we enter into can have a significant impact on our results of operations depending on whether we are able to capitalize the relevant license. Our presentation of Adjusted EBITDA removes this difference in classification by decreasing our EBITDA by our amortization of sport rights. As such, our presentation of Adjusted EBITDA reflects the full costs of our sport right's licenses. Management believes that, by deducting the full amount of amortization of sport rights in its calculation of Adjusted EBITDA, the result is a financial metric that is both more meaningful and comparable for management and our investors while also being more indicative of our ongoing operating performance.
We present Adjusted EBITDA because management believes that some items excluded are non-recurring in nature and this information is relevant in evaluating the results relative to other entities that operate in the same industry. Management believes Adjusted EBITDA is useful to investors for evaluating Sportradar’s operating performance against competitors, which commonly disclose similar performance measures. However, Sportradar’s calculation of Adjusted EBITDA may not be comparable to other similarly titled performance measures of other companies. Adjusted EBITDA is not intended to be a substitute for any IFRS financial measure.
Items excluded from Adjusted EBITDA include significant components in understanding and assessing financial performance. Adjusted EBITDA has limitations as an analytical tool and should not be considered in isolation, or as an alternative to, or a substitute for, profit for the period, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. We compensate for these limitations by relying primarily on our IFRS results and using Adjusted EBITDA only as a supplemental measure.
- “Adjusted EBITDA margin” is the ratio of Adjusted EBITDA to revenue.
The Company is unable to provide a reconciliation of Adjusted EBITDA guidance to profit (loss) for the period, its most directly comparable IFRS financial measure, on a forward- looking basis without unreasonable effort because items that impact this IFRS financial measure are not within the Company’s control and/or cannot be reasonably predicted. These items may include but are not limited to foreign exchange gains and losses. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.
In addition, we define the following operating metric as follows:
- “Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue from our top 200 customers as of twelve months prior to such period end, or prior period revenue. We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months but excludes revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at our Net Retention Rate.
Safe Harbor for Forward-Looking Statements
Certain statements in this press release may constitute “forward-looking” statements and information within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 that relate to our current expectations and views of future events, including, without limitation, statements regarding future financial or operating performance, planned activities and objectives, anticipated growth resulting therefrom, market opportunities, strategies and other expectations, and our guidance and outlook, including expected performance for the full year 2024. In some cases, these forward-looking statements can be identified by words or phrases such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “projects”, “continue,” “contemplate,” “confident,” “possible” or similar words. These forward-looking statements are subject to risks, uncertainties and assumptions, some of which are beyond our control. In addition, these forward-looking statements reflect our current views with respect to future events and are not a guarantee of future performance. Actual outcomes may differ materially from the information contained in the forward-looking statements as a result of a number of factors, including, without limitation, the following: economy downturns and political and market conditions beyond our control, including the impact of the Russia/Ukraine and other military conflicts and foreign exchange rate fluctuations; pandemics, such as the global COVID-19 pandemic, could have an adverse effect on our business; dependence on our strategic relationships with our sports league partners; effect of social responsibility concerns and public opinion on responsible gaming requirements on our reputation; potential adverse changes in public and consumer tastes and preferences and industry trends; potential changes in competitive landscape, including new market entrants or disintermediation; potential inability to anticipate and adopt new technology; potential errors, failures or bugs in our products; inability to protect our systems and data from continually evolving cybersecurity risks, security breaches or other technological risks; potential interruptions and failures in our systems or infrastructure; our ability to comply with governmental laws, rules, regulations, and other legal obligations, related to data privacy, protection and security; ability to comply with the variety of unsettled and developing U.S. and foreign laws on sports betting; dependence on jurisdictions with uncertain regulatory frameworks for our revenue; changes in the legal and regulatory status of real money gambling and betting legislation on us and our customers; our inability to maintain or obtain regulatory compliance in the jurisdictions in which we conduct our business; our ability to obtain, maintain, protect, enforce and defend our intellectual property rights; our ability to obtain and maintain sufficient data rights from major sports leagues, including exclusive rights; any material weaknesses identified in our internal control over financial reporting; inability to secure additional financing in a timely manner, or at all, to meet our long-term future capital needs; risks related to future acquisitions; and other risk factors set forth in the section titled “Risk Factors” in our Annual Report on Form 20-F for the fiscal year ended December 31, 2023, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at www.sec.gov and on our website at https://investors.sportradar.com. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this press release. One should not put undue reliance on any forward-looking statements. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that future results, levels of activity, performance and events and circumstances reflected in the forward-looking statements will be achieved or will occur. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Unaudited)
Three-Month Period Ended | Six-Month Period Ended, | |||||||||
in €'000, except share and per share data | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||
Continuing operations | ||||||||||
Revenue | 278,420 | 216,434 | 544,314 | 423,998 | ||||||
Purchased services and licenses (excluding depreciation and amortization) 3 | (72,564) | (50,520) | (137,782) | (98,955) | ||||||
Internally-developed software cost capitalized | 12,391 | 5,923 | 22,917 | 11,250 | ||||||
Personnel expenses | (89,134) | (84,397) | (168,701) | (161,865) | ||||||
Other operating expenses | (22,562) | (20,934) | (43,997) | (42,183) | ||||||
Depreciation and amortization 3 | (79,647) | (46,144) | (156,503) | (93,792) | ||||||
Impairment loss on trade receivables, contract assets and other financial assets | (2,040) | (2,823) | (3,870) | (3,900) | ||||||
Share of loss of equity-accounted investee | - | (1,344) | - | (3,699) | ||||||
Loss on disposal of equity-accounted investee | - | (8,018) | - | (8,018) | ||||||
Foreign currency losses, net | (7,826) | (1,182) | (22,292) | (4,901) | ||||||
Finance income | 1,937 | 1,717 | 3,949 | 6,601 | ||||||
Finance costs | (19,268) | (7,077) | (38,017) | (12,118) | ||||||
Net (loss) income before tax from continuing operations | (293) | 1,635 | 18 | 12,418 | ||||||
Income tax expense | (1,243) | (1,602) | (2,203) | (5,575) | ||||||
Profit (loss) for the period from continuing operations | (1,536) | 33 | (2,185) | 6,843 | ||||||
Discontinued operations | ||||||||||
Profit from discontinued operations | - | 43 | - | 43 | ||||||
Profit (loss) for the period | (1,536) | 76 | (2,185) | 6,886 | ||||||
Other Comprehensive Income | ||||||||||
Items that will not be reclassified subsequently to profit or (loss) | ||||||||||
Remeasurement of defined benefit liability | (3) | (89) | (2) | (89) | ||||||
Related deferred tax expense (benefit) | (2) | 11 | (2) | 11 | ||||||
(5) | (78) | (4) | (78) | |||||||
Items that may be reclassified subsequently to profit or (loss) | ||||||||||
Foreign currency translation adjustment attributable to the owners of the company | 16,562 | 2,810 | 20,571 | (357) | ||||||
Foreign currency translation adjustment attributable to non-controlling interests | 1,143 | 6 | 1,131 | 9 | ||||||
17,705 | 2,816 | 21,702 | (348) | |||||||
Other comprehensive income (loss) for the period, net of tax | 17,700 | 2,738 | 21,698 | (426) | ||||||
Total comprehensive income for the period | 16,164 | 2,814 | 19,513 | 6,460 | ||||||
Profit (loss) attributable to: | ||||||||||
Owners of the Company | (1,449) | 88 | (2,023) | 6,910 | ||||||
Non-controlling interests | (87) | (12) | (162) | (24) | ||||||
(1,536) | 76 | (2,185) | 6,886 | |||||||
Total comprehensive income (loss) attributable to: | ||||||||||
Owners of the Company | 16,241 | 2,820 | 19,677 | 6,475 | ||||||
Non-controlling interests | (77) | (6) | (164) | (15) | ||||||
16,164 | 2,814 | 19,513 | 6,460 | |||||||
Profit (loss) per Class A share attributable to owners of the Company | ||||||||||
Basic | (0.00) | 0.00 | (0.01) | 0.02 | ||||||
Diluted | (0.00) | 0.00 | (0.01) | 0.02 | ||||||
Profit (loss) per Class B share attributable to owners of the Company | ||||||||||
Basic | (0.00) | 0.00 | (0.00) | 0.00 | ||||||
Diluted | (0.00) | 0.00 | (0.00) | 0.00 | ||||||
Weighted-average number of shares (in thousands) | ||||||||||
Weighted-average number of Class A shares (basic) | 210,765 | 206,985 | 210,320 | 206,519 | ||||||
Weighted-average number of Class A shares (diluted) | 228,079 | 219,510 | 225,849 | 218,663 | ||||||
Weighted-average number of Class B shares (basic and diluted) | 903,671 | 903,671 | 903,671 | 903,671 | ||||||
SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
in €'000 | June 30, | December 31, | |
Assets | 2024 | 2023 | |
Current assets | |||
Cash and cash equivalents | 322,218 | 277,174 | |
Trade receivables | 97,985 | 71,246 | |
Contract assets | 93,808 | 60,869 | |
Other assets and prepayments | 32,527 | 33,252 | |
Income tax receivables | 7,611 | 6,527 | |
554,149 | 449,068 | ||
Non-current assets | |||
Property and equipment | 70,208 | 72,762 | |
Intangible assets and goodwill | 1,590,309 | 1,697,331 | |
Other financial assets and other non-current assets | 11,579 | 11,806 | |
Deferred tax assets | 20,555 | 16,383 | |
1,692,651 | 1,798,282 | ||
Total assets | 2,246,800 | 2,247,350 | |
Current liabilities | |||
Loans and borrowings | 9,241 | 9,586 | |
Trade payables | 258,946 | 259,667 | |
Other liabilities | 53,999 | 55,724 | |
Contract liabilities | 29,361 | 26,595 | |
Income tax liabilities | 8,204 | 4,542 | |
359,751 | 356,114 | ||
Non-current liabilities | |||
Loans and borrowings | 40,010 | 40,559 | |
Trade payables | 903,615 | 908,499 | |
Contract liabilities | 43,226 | 39,526 | |
Other non-current liabilities | 1,408 | 8,500 | |
Deferred tax liabilities | 20,507 | 21,315 | |
1,008,766 | 1,018,399 | ||
Total liabilities | 1,368,517 | 1,374,513 | |
Ordinary shares | 27,551 | 27,421 | |
Treasury shares | (11,813) | (2,322) | |
Additional paid-in capital | 669,589 | 653,840 | |
Retained earnings | 166,371 | 173,629 | |
Other reserves | 21,706 | 15,226 | |
Equity attributable to owners of the Company | 873,404 | 867,794 | |
Non-controlling interest | 4,879 | 5,043 | |
Total equity | 878,283 | 872,837 | |
Total liabilities and equity | 2,246,800 | 2,247,350 | |
SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six-Month Period Ended | |||
in €'000 | June 30, 2024 | June 30, 2023 | |
OPERATING ACTIVITIES: | |||
Profit (loss) for the period | (2,185) | 6,886 | |
Adjustments to reconcile profit (loss) for the year to net cash provided by operating activities: | |||
Income tax expense | 2,203 | 5,575 | |
Interest income | (4,080) | (3,451) | |
Interest expense | 38,112 | 10,357 | |
Impairment losses on financial assets | 3,891 | 3,900 | |
Foreign currency loss, net | 22,292 | 4,901 | |
Amortization of intangible assets 3 | 148,181 | 87,131 | |
Depreciation of property and equipment | 8,322 | 6,661 | |
Equity-settled share-based payments | 13,107 | 19,661 | |
Share of loss of equity-accounted investee | - | 3,699 | |
Loss on disposal of equity-accounted investee | - | 8,018 | |
Other3 | (7,629) | (2,290) | |
Cash flow from operating activities before working capital changes, interest and income taxes | 222,214 | 151,048 | |
Increase in trade receivables, contract assets, other assets and prepayments | (59,531) | (5,101) | |
Increase (decrease) in trade and other payables, contract and other liabilities | 28,038 | (4,735) | |
Changes in working capital | (31,493) | (9,836) | |
Interest paid | (37,477) | (9,611) | |
Interest received | 4,086 | 3,454 | |
Income taxes paid, net | (4,698) | (4,855) | |
Net cash from operating activities | 152,632 | 130,200 | |
INVESTING ACTIVITIES: | |||
Acquisition of intangible assets | (86,613) | (94,207) | |
Acquisition of property and equipment | (2,373) | (3,246) | |
Acquisition of subsidiaries, net of cash acquired | (8,240) | (12,286) | |
Acquisition of financial assets | - | (3,716) | |
Proceeds from disposal of equity-accounted investee | - | 15,172 | |
Change in loans receivable and deposits | 149 | (20) | |
Net cash used in investing activities | (97,077) | (98,303) | |
FINANCING ACTIVITIES: | |||
Payment of lease liabilities | (4,157) | (3,283) | |
Principal payments on bank debt | (150) | (437) | |
Purchase of treasury shares | (11,973) | (6,339) | |
Change in bank overdrafts | (46) | 80 | |
Net cash used in financing activities | (16,326) | (9,979) | |
Net increase in cash | 39,229 | 21,918 | |
Cash and cash equivalents at beginning of period | 277,174 | 243,757 | |
Effects of movements in exchange rates | 5,815 | (1,929) | |
Cash and cash equivalents at end of period | 322,218 | 263,746 | |
IFRS to Non-IFRS Reconciliations
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is Profit (loss) for the period from continuing operations (unaudited):
Three-Month Period Ended | Six-Month Period Ended | |||||||
June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | |||||
in €'000 | ||||||||
Profit (loss) for the period from continuing operations | (1,536) | 33 | (2,185) | 6,843 | ||||
Finance income | (1,937) | (1,717) | (3,949) | (6,601) | ||||
Finance costs | 19,268 | 7,077 | 38,017 | 12,118 | ||||
Depreciation and amortization 3 | 79,647 | 46,144 | 156,503 | 93,792 | ||||
Amortization of sport rights 3 | (67,002) | (34,950) | (131,873) | (72,140) | ||||
Foreign currency loss, net | 7,826 | 1,182 | 22,292 | 4,901 | ||||
Share based compensation | 10,936 | 11,108 | 13,005 | 20,062 | ||||
Management restructuring costs | - | - | 1,620 | - | ||||
Non-routine litigation costs | 404 | - | 404 | - | ||||
Share of loss of equity-accounted investee | - | 1,344 | - | 3,699 | ||||
Loss on disposal of equity-accounted investee | - | 8,018 | - | 8,018 | ||||
Impairment loss on other financial assets | - | 202 | - | 202 | ||||
Professional fees for SOX and ERP implementations | - | 59 | - | 304 | ||||
Income tax expense | 1,243 | 1,602 | 2,203 | 5,575 | ||||
Adjusted EBITDA | 48,849 | 40,102 | 96,037 | 76,773 | ||||
The most directly comparable IFRS measure of Adjusted EBITDA margin is Profit (loss) for the period from continuing operations as a percentage of revenue as disclosed below (unaudited):
Three-Month Period Ended | Six-Month Period Ended | |||||||||
in €'000 | June 30, 2024 | June 30, 2023 | June 30, 2024 | June 30, 2023 | ||||||
Profit (loss) for the period from continuing operations | (1,536) | 33 | (2,185) | 6,843 | ||||||
Revenue | 278,420 | 216,434 | 544,314 | 423,998 | ||||||
Profit (loss) for the period from continuing operations as a percentage of revenue | (0.6%) | 0.0% | (0.4%) | 2.0% |
____________________________________
1 Non-IFRS measure. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.
2 Non-IFRS Operating Metric. See the section captioned “Non-IFRS Financial Measures and Operating Metric” for more details.
3 Approximately
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