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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sportrader Group AG | NASDAQ:SRAD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.23 | 2.27% | 10.36 | 10.35 | 10.36 | 10.41 | 10.095 | 10.12 | 155,341 | 18:03:06 |
Carsten Koerl, Chief Executive Officer of Sportradar, said: “Fiscal 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio including strong client adoption of our ATP and NBA product offerings. In light of our strong business fundamentals, we are raising our full year outlook and are commencing purchases under our share repurchase program. I would also like to welcome to the leadership team Craig Felenstein as our Chief Financial Officer and Behshad Behzadi as our Chief Technology Officer and Chief AI Officer.”
First Quarter 2024 Financial Highlights
Key Financial and Operating Metrics
In millions, in Euros € (unaudited) | Q1 | Q1 | Change | Change | |||||||
Highlights | 2024 | 2023 | € | % | |||||||
Total Revenue | 265.9 | 207.6 | 58.3 | 28% | |||||||
Profit (Loss) for the period (IFRS) | (0.6 | ) | 6.8 | (7.4 | ) | -110% | |||||
Profit (Loss) for the period as a percentage of revenue (IFRS) | 0% | 3% | n/a | -353 bps | |||||||
Adjusted EBITDA (non-IFRS) | 47.2 | 36.7 | 10.5 | 29% | |||||||
Adjusted EBITDA Margin (non-IFRS) | 18% | 18% | n/a | +8 bps | |||||||
Net Retention Rate (non-IFRS) | 116% | 120% | n/a | -420 bps | |||||||
Supplement Revenue Analysis | |||||||||||
Revenue Grouping | |||||||||||
Betting Technology & Solutions | 218.8 | 162.6 | 56.2 | 35% | |||||||
Sports Content, Technology & Services | 47.1 | 45.0 | 2.1 | 5% | |||||||
265.9 | 207.6 | 58.3 | 28% | ||||||||
Revenue Grouping as % of Total Revenue | |||||||||||
Betting Technology & Solutions | 82% | 78% | |||||||||
Sports Content, Technology & Services | 18% | 22% | |||||||||
Geographic | |||||||||||
Rest of World | 200.4 | 167.9 | 32.5 | 19% | |||||||
United States | 65.5 | 39.7 | 25.8 | 65% | |||||||
265.9 | 207.6 | 58.3 | 28% | ||||||||
Geographic as % of Total Revenue | |||||||||||
Rest of World | 75% | 81% | |||||||||
United States | 25% | 19% | |||||||||
Recent Company Highlights
Update to Segment Reporting
In accordance with our Form 6-K filed on May 8, 2024, Sportradar updated its reportable segments to correspond with its previously announced re-organization and changes in its organizational structure designed to drive growth, further streamline its organization and enhance operational performance and efficiencies in the delivery of its integrated portfolio of products and solutions. The Company now has one operating and reportable segment, will report one consolidated profitability measure (Adjusted EBITDA), and will present revenue from two major groups: Betting Technology & Solutions and Sports Content, Technology & Services. There is no change to the Company’s disclosures, measurement, or recognition of revenue in accordance with IFRS 15 Revenue from Contracts with Customers reported in its Annual Report on Form 20-F for the year ended December 31, 2023.
Revenue
Total Revenue for the current quarter was €265.9 million, up 28% year-over-year driven by growth across the portfolio, in particular Betting Technology & Solutions.
Betting Technology & Solutions
Betting Technology & Solutions revenues were €218.8 million, up 35% year-over-year primarily driven by:
Sports Content, Technology & Solutions
Sports Content, Technology & Solutions revenues were €47.1 million, an increase of 5% year-over-year primarily driven by:
On a geographic basis, Rest of World revenues were €200.4 million, up 19% year-over-year. United States revenues were €65.5 million, up 65% year-over-year. As a percentage of total company revenues, Rest of World and United States represented 75% and 25%, respectively, as compared to 81% and 19%, respectively, in the prior year quarter.
Costs and Expenses
Share Repurchase Program
In March of this year the Board of Directors approved a $200 million share repurchase program. The Company expects to commence purchases under the program beginning with the opening of the upcoming trading window.
Updated 2024 Annual Financial Outlook
Sportradar is raising its fiscal 2024 outlook for revenue and Adjusted EBITDA (non-IFRS) as follows:
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the first quarter 2024 results today, May 15, 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 BombasseiChristin 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.
In addition, we define the following operating metric as follows:
The Company is unable to provide a reconciliation of Adjusted EBITDA 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.
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 AGCONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME(Unaudited) | |||||
Three Months EndedMarch 31, | |||||
in €'000 | 2024 | 2023 | |||
Revenue | 265,894 | 207,564 | |||
Purchased services and licenses (excluding depreciation and amortization) | (65,218 | ) | (48,435 | ) | |
Internally-developed software cost capitalized | 10,526 | 5,327 | |||
Personnel expenses | (79,567 | ) | (77,468 | ) | |
Other operating expenses | (21,435 | ) | (21,249 | ) | |
Depreciation and amortization | (76,856 | ) | (47,648 | ) | |
Impairment loss on trade receivables, contract assets and other financial assets | (1,830 | ) | (1,078 | ) | |
Share of loss of equity-accounted investee | - | (2,356 | ) | ||
Foreign currency losses, net | (14,466 | ) | (3,719 | ) | |
Finance income | 2,012 | 4,885 | |||
Finance costs | (18,749 | ) | (5,040 | ) | |
Net income before tax | 311 | 10,783 | |||
Income tax expense | (960 | ) | (3,973 | ) | |
Profit (loss) for the period | (649 | ) | 6,810 | ||
Other Comprehensive Income (Loss) | |||||
Items that will not be reclassified subsequently to profit or (loss) | |||||
Remeasurement of defined benefit liability | 1 | - | |||
Related deferred tax expense | - | - | |||
1 | - | ||||
Items that may be reclassified subsequently to profit or (loss) | |||||
Foreign currency translation adjustment attributable to the owners of the Company | 4,009 | (3,167 | ) | ||
Foreign currency translation adjustment attributable to non-controlling interests | (12 | ) | 3 | ||
3,997 | (3,164 | ) | |||
Other comprehensive income (loss) for the period, net of tax | 3,998 | (3,164 | ) | ||
Total comprehensive income for the period | 3,349 | 3,646 | |||
Profit (loss) attributable to: | |||||
Owners of the Company | (574 | ) | 6,822 | ||
Non-controlling interests | (75 | ) | (12 | ) | |
(649 | ) | 6,810 | |||
Total comprehensive income (loss) attributable to: | |||||
Owners of the Company | 3,436 | 3,655 | |||
Non-controlling interests | (87 | ) | (9 | ) | |
3,349 | 3,646 | ||||
Profit (loss) for the period per Class A shares attributable to owners of the Company | |||||
Basic | (0.00 | ) | 0.02 | ||
Diluted | (0.00 | ) | 0.02 | ||
Profit (loss) for the period per Class B shares attributable to owners of the Company | |||||
Basic | (0.00 | ) | 0.00 | ||
Diluted | (0.00 | ) | 0.00 | ||
Weighted-average number of shares (in thousands) | |||||
Weighted-average number of Class A shares (basic) | 209,871 | 206,524 | |||
Weighted-average number of Class A shares (diluted) | 223,606 | 221,241 | |||
Weighted-average number of Class B shares (basic and diluted) | 903,671 | 903,671 | |||
SPORTRADAR GROUP AGCONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Unaudited) | ||||||
in €'000 | March 31, | December 31, | ||||
Assets | 2024 | 2023 | ||||
Current assets | ||||||
Cash and cash equivalents | 274,628 | 277,174 | ||||
Trade receivables | 82,776 | 71,246 | ||||
Contract assets | 93,956 | 60,869 | ||||
Other assets and prepayments | 32,473 | 33,252 | ||||
Income tax receivables | 5,392 | 6,527 | ||||
489,225 | 449,068 | |||||
Non-current assets | ||||||
Property and equipment | 71,163 | 72,762 | ||||
Intangible assets and goodwill | 1,644,356 | 1,697,331 | ||||
Other financial assets and other non-current assets | 11,703 | 11,806 | ||||
Deferred tax assets | 18,752 | 16,383 | ||||
1,745,974 | 1,798,282 | |||||
Total assets | 2,235,199 | 2,247,350 | ||||
Current liabilities | ||||||
Loans and borrowings | 8,894 | 9,586 | ||||
Trade payables | 240,885 | 259,667 | ||||
Other liabilities | 66,016 | 55,724 | ||||
Contract liabilities | 31,336 | 26,595 | ||||
Income tax liabilities | 7,034 | 4,542 | ||||
354,165 | 356,114 | |||||
Non-current liabilities | ||||||
Loans and borrowings | 39,554 | 40,559 | ||||
Trade payables | 902,030 | 908,499 | ||||
Contract liabilities | 43,969 | 39,526 | ||||
Other non-current liabilities | 1,584 | 8,500 | ||||
Deferred tax liabilities | 21,295 | 21,315 | ||||
1,008,432 | 1,018,399 | |||||
Total liabilities | 1,362,597 | 1,374,513 | ||||
Ordinary shares | 27,551 | 27,421 | ||||
Treasury shares | (7,873 | ) | (2,322 | ) | ||
Additional paid-in capital | 669,422 | 653,840 | ||||
Retained earnings | 159,358 | 173,629 | ||||
Other reserves | 19,189 | 15,226 | ||||
Equity attributable to owners of the Company | 867,647 | 867,794 | ||||
Non-controlling interest | 4,955 | 5,043 | ||||
Total equity | 872,602 | 872,837 | ||||
Total liabilities and equity | 2,235,199 | 2,247,350 | ||||
SPORTRADAR GROUP AGCONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited) | |||||
in €'000 | Three months endedMarch 31, | ||||
OPERATING ACTIVITIES: | 2024 | 2023 | |||
Profit (loss) for the period | (649 | ) | 6,810 | ||
Adjustments to reconcile profit for the year to net cash provided by operating activities: | |||||
Income tax expense | 960 | 3,973 | |||
Interest income | (2,037 | ) | (1,735 | ) | |
Interest expense | 18,893 | 5,040 | |||
Foreign currency loss, net | 14,466 | 3,719 | |||
Amortization and impairment of intangible assets | 72,818 | 44,418 | |||
Depreciation of property and equipment | 4,038 | 3,230 | |||
Equity-settled share-based payments | 1,995 | 8,812 | |||
Share of loss of equity-accounted investees | — | 2,356 | |||
Other | (2,412 | ) | (5,313 | ) | |
Cash flow from operating activities before working capital changes, interest and income taxes | 108,072 | 71,310 | |||
Increase in trade receivables, contract assets, other assets and prepayments | (43,192 | ) | (12,196 | ) | |
Increase in trade and other payables, contract and other liabilities | 18,791 | 4,530 | |||
Changes in working capital | (24,401 | ) | (7,666 | ) | |
Interest paid | (18,678 | ) | (4,595 | ) | |
Interest received | 2,037 | 1,731 | |||
Income taxes received/(paid) | 149 | (3,331 | ) | ||
Net cash from operating activities | 67,179 | 57,449 | |||
INVESTING ACTIVITIES: | |||||
Acquisition of intangible assets | (63,444 | ) | (38,511 | ) | |
Acquisition of property and equipment | (1,768 | ) | (2,165 | ) | |
Acquisition of subsidiaries, net of cash acquired | (717 | ) | (10,179 | ) | |
Acquisition of financial assets | — | (3,716 | ) | ||
Proceeds from sale of intangible assets | 22 | — | |||
Collection of loans receivable | — | 21 | |||
Collection of deposits | 66 | 201 | |||
Payment of deposits | (45 | ) | (73 | ) | |
Net cash used in investing activities | (65,886 | ) | (54,422 | ) | |
FINANCING ACTIVITIES: | |||||
Payment of lease liabilities | (1,999 | ) | (1,531 | ) | |
Principal payments on bank debt | (60 | ) | (364 | ) | |
Purchase of treasury shares | (5,551 | ) | (1,847 | ) | |
Change in bank overdrafts | 18 | 39 | |||
Net cash used in from financing activities | (7,592 | ) | (3,703 | ) | |
Net decrease in cash and cash equivalents | (6,299 | ) | (676 | ) | |
Cash and cash equivalents as of January 1, | 277,174 | 243,757 | |||
Effects of movements in exchange rates | 3,753 | (3,446 | ) | ||
Cash and cash equivalents as of March 31, | 274,628 | 239,634 | |||
IFRS to Non-IFRS Reconciliations
The following table reconciles Adjusted EBITDA (non-IFRS) to the most directly comparable IFRS financial performance measure, which is profit (loss) for the period (unaudited):
Reconciliation of IFRS Profit (loss) to Adjusted EBITDA | |||||
Three Months Ended | |||||
March 31, | |||||
in €'000 | 2024 | 2023 | |||
Profit (loss) for the period (IFRS) | (649 | ) | 6,810 | ||
Finance income | (2,012 | ) | (4,885 | ) | |
Finance costs | 18,749 | 5,040 | |||
Depreciation and amortization | 76,856 | 47,648 | |||
Amortization of sport rights | (64,871 | ) | (37,190 | ) | |
Foreign currency losses, net | 14,466 | 3,719 | |||
Share based compensation | 2,071 | 8,954 | |||
Management restructuring costs | 1,620 | - | |||
Share of loss of equity-accounted investee | - | 2,356 | |||
Professional fees for SOX and ERP implementations | - | 245 | |||
Income tax expense | 960 | 3,973 | |||
Adjusted EBITDA (non-IFRS) | 47,190 | 36,670 | |||
The most directly comparable IFRS measure of Adjusted EBITDA margin (non-IFRS) is profit (loss) for the period as a percentage of revenue as disclosed below (unaudited):
Profit (loss) for the period as a percentage of revenue | |||||
Three Months Ended | |||||
March 31, | |||||
in €'000 | 2024 | 2023 | |||
Profit (loss) for the period | (649 | ) | 6,810 | ||
Revenue | 265,894 | 207,564 | |||
Profit (loss) for the period as a percentage of revenue | 0% | 3% | |||
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