Sportradar Reports Strong Growth in Fourth Quarter and Full Year 2021

Full Year 2021 Highlights and Annual Outlook

• Revenue for the full year of 2021 increased 39% to €561.2 million ($634.2 million) compared with the prior year, driven by strong growth across all business segments. Full year revenue exceeded the top end of the Company’s 2021 annual outlook range of €553 - €555 million.


• Adjusted EBITDA for the full year of 2021 increased 33% to €102.0 million ($115.3 million) compared with the prior year. Full year Adjusted EBITDA exceeded the top end of the Company’s 2021 annual outlook range of €99.5 - €101.5 million.


• Adjusted EBITDA for 2021 excluding Sportradar’s September 2021 Initial Public Offering (IPO) costs was €113.7 million ($128.5 million).


• Adjusted EBITDA margin for 2021 was 18% compared with 19% for 2020. Excluding IPO costs, Adjusted EBITDA margin was 20% for 2021.


• Strong Dollar-Based Net Retention Rate increased to 125% for fiscal 2021 compared with 113% for fiscal 2020 highlighting the continued success of the Company’s cross-sell and upsell strategy across its global customer base.


• Cash and cash equivalents totaled €742.8 million as of December 31, 2021. Total liquidity available for use at December 31, 2021, including undrawn credit facilities was €852.8 million.   


• Sportradar extended multiyear partnerships with the National Hockey League (NHL), National Basketball Association (NBA), International Tennis Federation (ITF) and Bundesliga International, in addition to securing new deals with the International Cricket Council (ICC) and the Union of European Football Associations (UEFA). These deals reinforce Sportradar’s leadership as a trusted technology and data partner to the biggest leagues and federations around the world.


• The Company provided an annual outlook for full-year 2022 for revenue and Adjusted EBITDA. Revenue is expected to be in the range of €665.0 million to €700.0 million and Adjusted EBITDA is expected to be in the range of €123.0 million to €133.0 million. Please see the "Annual Financial Outlook" section of this press release for further details.

Fourth Quarter 2021 Highlights

• Revenue in the fourth quarter of 2021 increased 41% to €152.4 million ($172.2 million) compared with the fourth quarter of 2020, driven by robust growth across all business segments.


• Continued strong performance in the U.S. market with U.S. revenue increasing by 92% to €23.2 million ($26.2 million) compared with the fourth quarter of 2020.


• Adjusted EBITDA in the fourth quarter of 2021 increased 14.0% to €21.4 million ($24.2 million) compared with the fourth quarter of 2020.    


• Adjusted EBITDA margin was 14% in the fourth quarter of 2021, compared with 17% over the prior year primarily as a result of increased investment in content and technology, higher costs related to being a public company, as well as higher M&A costs.   


• Adjusted Free Cash Flow² in the fourth quarter of 2021 decreased to (€22.5) million which resulted in a cash flow conversion² of (105.1%) primarily as a result of additional interest from the Company’s senior secured term loan facility originating in November 2020, timing of sports data licensing payments to leagues, IPO related payments as well as higher costs associated with being a public company.

Carsten Koerl, Chief Executive Officer of Sportradar said: “I am very pleased with our strong results, which illustrate how well we are delivering on our operational and growth plans. Importantly, we have good momentum going into our next fiscal year. We are continuing to invest in content, technology and people that will allow us to deliver profitable growth in line with our goals.

Koerl continued, “We are particularly pleased about more than doubling our year-over-year revenues in the United States, which continues its explosive sports betting growth story. Sportradar has been a leader in this market since 2014, and we’re now seeing the results of our early investment. We continue to see the enormous opportunity as sports betting becomes an increasingly integral part of the media entertainment fabric in the U.S.