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Sportsbook

Financial Results: Sportradar Reports Third Quarter 2024 and Further Raises Full Year 2024

Friday 08 de November 2024 / 12:00

2 minutos de lectura

(St Gallen).- 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, 2024.

Financial Results: Sportradar Reports Third Quarter 2024 and Further Raises Full Year 2024

Third Quarter 2024 Highlights

  • Revenue increased 27% to €255 million
  • Profit for the period increased €33 million to €37 million and expanded to 14.5% as a percentage of revenue
  • Adjusted EBITDA1 increased 30% to €66 million and Adjusted EBITDA margin1 expanded to 25.8%
  • Net cash generated from operating activities increased 55% to €118 million and Free cash flow1 increased 192% to €62 million
  • Customer Net Retention Rate1 increased to 126%
  • Repurchased $8.3 million of shares
  • Further raised full year guidance to revenue growth of at least 24% to €1,090 million and Adjusted EBITDA growth of at least 29% to €216 million

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, 2024.

Carsten Koerl, Chief Executive Officer of Sportradar, said: "Our competitive advantages within the sports ecosystem, coupled with our growth-oriented strategy, is driving broad-based outperformance. We continue to deliver more value to our clients and partners, building shareholder value. We are at an important inflection point to drive operational leverage and cash generation, demonstrated by our expanding EBITDA margin and strong cash flow this past quarter. The significant cash flow has further strengthened our balance sheet and we are deploying our capital to execute on our growth strategy while returning capital to shareholders. Additionally, we continue to show strong momentum in the US, which we expect to be further bolstered by the growth of in-game betting and with the start of the NBA and NHL seasons.”

THIRD QUARTER AND YEAR TO DATE FINANCIAL RESULTS

Revenue

  Three-Month Period Ended
September 30,
 Nine-Month Period Ended
September 30,
in € thousands (unaudited) 2024 2023 Change % 2024 2023 Change %
Revenue by product                
Betting & Gaming Content 162,769 118,994 43,775 37% 515,337 382,352 132,985 35%
Managed Betting Services 47,295 40,190 7,105 18% 144,726 117,521 27,205 23%
Betting Technology & Solutions 210,064 159,184 50,880 32% 660,063 499,873 160,190 32%
                 
Marketing & Media Services 32,944 30,080 2,864 10% 102,637 90,185 12,452 14%
Sports Performance 10,116 9,949 167 2% 29,314 29,150 164 1%
Integrity Services 2,048 1,824 224 12% 7,472 5,827 1,645 28%
Sports Content, Technology & Services 45,108 41,853 3,255 8% 139,423 125,162 14,261 11%
Total Revenue 255,172 201,037 54,135 27% 799,486 625,035 174,451 28%
                 
Revenue by geography                
Rest of World 204,076 165,960 38,116 23% 622,340 512,263 110,077 21%
United States 51,096 35,077 16,019 46% 177,146 112,772 64,374 57%
Total Revenue 255,172 201,037     799,486 625,035    
 

Total revenue for the third quarter was €255 million, up €54 million, or 27% year-over-year driven by 32% growth in Betting Technology & Solutions and 8% growth in Sports Content, Technology & Services.

Betting Technology & Solutions revenues of €210 million were up 32% year-over-year primarily driven by a 37% increase in Betting & Gaming Content benefiting from existing and new customer uptake of our products and premium pricing, as well as from the strong U.S. market growth. Additionally, Managed Betting Services grew 18% year-over-year, primarily driven by strong growth in Managed Trading Services from higher trading margins and increased betting activity from existing and new customers.

Sports Content, Technology & Services revenues of €45 million, increased 8% year-over-year primarily driven by 10% growth in Marketing & Media Services with strong growth in both European and North America ad:s revenue as several sportsbooks launched marketing campaigns.

The Company generated strong revenue growth globally with Rest of World up 23% and the United States up 46%. As a percentage of total Company revenues, United States revenue represented 20% of total Company revenue in the third quarter as compared to 17% in the prior year quarter due to market growth, additional customer uptake of our products and premium pricing.

Customer Net Retention Rate of 126% increased sequentially and from the prior year quarter demonstrating the strength in cross selling and upselling to clients most notably due to the new ATP rights deal and market growth in the United States.

Profit for the period from continuing operations

Profit for the period from continuing operations in the third quarter was €37 million, up €32 million, compared to €5 million in the same quarter a year ago. The increase was primarily driven by the strong operating results as well as €21 million in net foreign currency gains due to strengthening of the Euro against the U.S. dollar and €15 million of prior year one-time losses related to impairment on goodwill and intangible assets related to the impact of changes related to our business strategy and disposal of an equity-accounted investee. These increases were partially offset by higher financing costs of €14 million driven by the new ATP, NBA, and Bundesliga partnership deals.

Adjusted EBITDA

Third quarter Adjusted EBITDA was €66 million, up €15 million, compared to €50 million in the same quarter a year ago. The increase was primarily driven by the 27% revenue growth, partially offset by increased sport rights costs primarily related to the ATP partnership deal, higher purchased services driven by investments in developing our product portfolio, increased personnel expenses due to headcount growth and a higher bonus accrual in the current year.

Additional Business Highlights

  • In conjunction with our partnership with the NBA, Sportradar has launched a suite of next generation products and solutions for the 2024 - 2025 season. Leveraging products such as 4Sight Streaming, emBET, Live Match Tracker and advanced visualizations, Sportradar can harness hundreds of thousands of data points per game to redefine the standards of fan engagement.
  • Sportradar introduced micro markets for ATP tennis matches in collaboration with Tennis Data Innovations, expanding this cutting-edge product to tennis from other popular sports such as soccer and table tennis. The eight distinct micro markets are expected to generate approximately 1,500 new betting opportunities per match, opening fresh revenue streams for operators.
  • Sportradar added paid search to its ad:s marketing service, allowing operators to more effectively reach and acquire customers searching betting and gaming-related topics online.
  • Sportradar received several industry awards, including the Best Live Betting Product at SBC Summit 2024. In addition, Sportradar was recognized in two prestigious categories at the 2024 American Gambling Awards, winning Betting Product of the Year for its 4Sight technology and the Data Service Provider of the Year.

Balance Sheet and Liquidity

The Company’s cash and cash equivalents were €368 million as of September 30, 2024 as compared with €277 million as of December 31, 2023. The increase was primarily driven by net cash generated from operating activities of €271 million due to the strong operating performance, partially offset by net cash used in investing activities of €152 million, primarily from the acquisition of additional sports rights, most notably our new NBA and ATP deals, and from net cash used in financing activities of €26 million, due primarily to share repurchases. Free cash flow for the nine-months ended September 30, 2024 was €122 million, an increase of €71 million from the €51 million in the same period a year ago.

Including the undrawn credit facility, the Company had total liquidity of €588 million at September 30, 2024 as compared to €510 million as of September 30, 2023, and no debt outstanding.

2024 Annual Financial Outlook

Sportradar is further raising its fiscal 2024 outlook for revenue and Adjusted EBITDA as follows:

  • Revenue of at least €1,090 million, up 24% year-over-year, compared with prior outlook of €1,070 million.
  • Adjusted EBITDA of at least €216 million, up 29% year-over-year, compared with prior outlook of €204 million.
  • Adjusted EBITDA margin of approximately 20%.

Share Repurchase Program

In March of this year the Board of Directors approved a $200 million share repurchase program and commenced purchases during the second quarter. During the current quarter, the Company repurchased approximately 721,000 shares for a total of $8.3 million. Year to date through November 1, 2024, the Company has repurchased 1.7 million shares under the plan for a total of approximately $20 million.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the third quarter 2024 results today, November 7, 2024, at 8:00 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.

Categoría:Sportsbook

Tags: Sportradar,

País: Switzerland

Región: EMEA

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