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Reports & Data

Sportradar reports 3Q 2023 results

Thursday 02 de November 2023 / 12:00

2 minutos de lectura

(ST. GALLEN).- Sportradar Group AG, a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its third quarter ended September 30, 2023.

Sportradar reports 3Q 2023 results

Carsten Koerl, Chief Executive Officer of Sportradar said: “As the leader in our industry, we aim to consistently deliver value to our clients, partners and shareholders. For 2023 we remain on track to deliver a strong growth year and are well positioned to maintain that momentum into 2024. This week we announced a reduction in our global workforce as part of a broader set of strategic initiatives that will enable us to further strengthen our client-centric organization and focus on the market opportunities ahead of us.”

Third Quarter 2023 Financial Highligh

  • Revenue in the third quarter of 2023 increased 12% to €201.0 million compared with the third quarter of 2022 with growth across all segments.
  • Total Profit from continuing operations for the third quarter of 2023 was €4.6 million compared with €12.8 million for the same quarter last year. The Company’s Adjusted EBITDA1 for the same period increased 38% to €50.5 million compared with the third quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
  • Total Profit from continuing operations, as a percentage of revenue, for the third quarter of 2023 was 2% compared with 7% for the same quarter last year. Adjusted EBITDA margin1 was 25% in the third quarter of 2023, an increase of 471 bps, compared with 20% in the prior year period.
  • The Company’s customer Net Retention Rate1 (NRR) was 116% in the third quarter of 2023, demonstrating the Company’s strength in cross selling and upselling to its clients.
  • As of September 30, 2023, Sportradar had total liquidity of €509.7 million including cash and cash equivalents of €289.7 million and an undrawn credit facility of €220.0 million.
     
Key Financial Metrics   
 Q3Q3Change
 
In millions, in Euros2023
 
2022%
 
Revenue201.0178.812%
Profit for the period from continuing operations4.612.8(64%)
Profit for the period from continuing operations as a percentage of revenue2%7%-483 bps
Adjusted EBITDA150.536.538%
Adjusted EBITDA margin125%20%+471 bps
Net Retention Rate1116%118%(2%)

1 Non-IFRS financial measure or operating metric; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.

Reduction in Global Workforce

This week, the Company announced a reduction in its global workforce as part of a broader set of strategic initiatives. This is expected to streamline its operating structure, improve product ROI and portfolio optimization. When completed, this should result in an approximate 10% reduction in 2023 labor cost run rates and contribute positively to future operating leverage.

Recent Company Highlights

  • Sportradar and BetMGM extended their partnership for official NBA data. For the first time, Sportradar will provide BetMGM products and services that leverage NBA optical tracking data as a result of its exclusive partnership with the NBA. This will enable BetMGM to grow its prop markets, same-game parlays, as well as in-play betting market.
  • Sportradar has been selected by the Taiwan Sports Lottery Company, Ltd. to power its Sports Lottery with a customized omnichannel sportsbook and player management solution. As part of a consortium, Sportradar will operate the Sports Lottery through 2033 using the company’s ORAKO end-to-end sportsbook and player account management system.
  • NASCAR and Sportradar announced a four-year extension of their long-term media rights partnership, which now includes official betting data. This agreement will include live timing and scoring data and expanded betting content.
  • Sportradar has been chosen by the Tennis Channel to power the launch of the network’s direct-to-consumer (DTC) streaming platform, which, for the first time, will include access to Tennis Channel’s marquee, 24/7 linear-channel alongside thousands of hours of live and on-demand matches and original programming.
  • Sportradar received several industry recognitions, including Best Live Streaming Supplier at EGR B2B Awards 2023, Marketing & Services Provider of the Year at SBC Awards 2023 and Sports Betting Provider of the Year at Sigma Asia Awards 2023. Additionally, Sportradar was included on Business Insider’s “Leaders in AI 100” list.
     

Segment Information

RoW Betting

  • Segment revenue in the third quarter of 2023 increased by 11% to €112.2 million compared with the third quarter of 2022. This growth was driven primarily by increased sales of the Company’s Live Odds and Live Data products, which grew 18% year over year.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 16% to €56.1 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 improved to 50% from 48%, compared with the third quarter of 2022.

RoW Audiovisual (AV)

  • Segment revenue in the third quarter of 2023 increased by 15% to €38.0 million compared with the third quarter of 2022. Revenue growth was driven by the new CONMEBOL deal and growth in sales to new and existing customers.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 increased by 5% to €13.3 million compared with the third quarter of 2022. Segment Adjusted EBITDA margin1 decreased to 35% from 38% compared with the third quarter of 2022.

United States

  • Segment revenue in the third quarter of 2023 increased by 11% to €35.1 million compared with the third quarter of 2022. Results were primarily driven by growth of 19% collectively in betting and gaming, and audiovisual products.
  • Segment Adjusted EBITDA1 in the third quarter of 2023 was €8.2 million compared with €3.4 million in the third quarter of 2022, indicating the strong improvement in operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin12improved to 23% from 11%, compared with the third quarter of 2022.

The tables below show the information related to each reportable segment for the three and nine month periods ended September 30, 2023, and 2022.

 Three Months Ended September 30, 2023
in €'000RoW BettingRoW Betting AVUnited StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue112,167 38,031 35,077 185,275 15,762 201,037 
Segment Adjusted EBITDA56,096 13,296 8,160 77,552 (2,578)74,974 
Unallocated corporate expenses2     (24,488)
Adjusted EBITDA1     50,486 
Adjusted EBITDA margin150%35%23%42%(16%)25%

 

 Three Months Ended September 30, 2022
in €'000RoW BettingRoW Betting AVUnited StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue100,919 33,090 31,556 165,565 13,270 178,835 
Segment Adjusted EBITDA48,215 12,624 3,446 64,285 (3,854)60,431 
Unallocated corporate expenses2     (23,947)
Adjusted EBITDA1     36,484 
Adjusted EBITDA margin148%38%11%39%(29%)20%

 

 Nine Months Ended September 30, 2023
in €'000RoW BettingRoW Betting AVUnited StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue334,816 132,154 112,773 579,743 45,292 625,035 
Segment Adjusted EBITDA154,525 41,055 20,425 216,005 (8,285)207,720 
Unallocated corporate expenses2     (80,461)
Adjusted EBITDA1     127,259 
Adjusted EBITDA margin146%31%18%37%(18%)20%


2 Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, technology and other costs not allocated to the segments.

 

 Nine Months Ended September 30, 2022
in €'000RoW BettingRoW Betting AVUnited StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue283,169 118,754 86,289 488,212 35,688 523,900 
Segment Adjusted EBITDA136,157 34,611 (8,474)162,294 (12,467)149,827 
Unallocated corporate expenses2     (59,089)
Adjusted EBITDA1     90,738 
Adjusted EBITDA margin148%29%(10%)33%(35%)17%

2023 Annual Financial Outlook

Sportradar is providing an updated annual outlook for revenue and Adjusted EBITDA1 for fiscal 2023 as follows:

  • Revenue in the range of €870 million to €880 million, representing year-on-year growth between 19% and 21%.
  • Adjusted EBITDA1 in the range of €162 million to €167 million, representing year-on-year growth between 29% and 33%.
  • Adjusted EBITDA margin1 in the range of 18.4% to 19.2%.

Categoría:Reports & Data

Tags: Sports Betting, Sportradar, Sportsbook , betting software,

País: Switzerland

Región: EMEA

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