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, 2023.
Carsten Koerl, Chief Executive Officer of
Sportradar said: “We are very proud of our strong performance
during the first half of 2023 and remain on track to achieve the
highest annual revenue in the Company’s history. We hold a pivotal
position in the global sports ecosystem and believe our talent,
technology and diverse product offering positions us for strong
future growth as we continue to execute against our strategic
initiatives.”
Second Quarter 2023 Financial
Highlights
-
Revenue in the second quarter of 2023 increased 22% to €216.4
million compared with the second quarter of 2022 with growth across
all segments.
-
The Company’s customer Net Retention Ratio (NRR) remained at 120%
in the second quarter of 2023, compared with the first quarter of
2023, demonstrating the Company’s strength in cross selling and
upselling to its clients.
-
Total Profit from continuing operations, which included an €8.0
million one-time loss on disposal of an equity investment,
decreased €22.8 million compared with the same quarter last year.
The primary driver for the decrease was a net negative impact from
foreign exchange rates. The Company’s Adjusted EBITDA1 for the same
period increased 46% to €40.1 million compared with the second
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 second quarter of 2023 was 0% compared with 13%
for the same quarter last year. Adjusted EBITDA margin1 was 19% in
the second quarter of 2023, an increase of almost 300 bps, compared
with 16% in the prior year period.
-
As of June 30, 2023, Sportradar had total liquidity of €484 million
including cash and cash equivalents of €264 million, and an undrawn
credit facility of €220 million.
Key Financial
Metrics |
|
|
|
|
Q2 |
Q2 |
Change |
In millions, in Euros € |
2023 |
|
2022 |
|
% |
Revenue |
216.4 |
|
177.2 |
|
22% |
|
Profit for the period from
continuing operations |
0.03 |
|
22.8 |
|
(100%) |
|
Profit for the period from
continuing operations as a percentage of revenue |
0% |
|
13% |
|
- |
|
Adjusted
EBITDA1 |
40.1 |
|
27.6 |
|
46% |
|
Adjusted EBITDA
margin1 |
19% |
|
16% |
|
- |
|
Net Retention
Rate1 |
120% |
|
118% |
|
- |
|
_________________________
1 Non-IFRS financial measure; see “Non-IFRS
Financial Measures and Operating Metrics” and accompanying tables
for further explanations and reconciliations of non-IFRS measures
to IFRS measures.
Recent Company Highlights
- Sportradar
continued to deepen its relationships with U.S. operators,
including an expansion of its long-standing agreement with Caesar’s
Entertainment, establishing the Company as the official supplier of
betting data from leagues including the NBA, MLB, and NHL. The
Company’s recent signings demonstrate its commitment to delivering
engaging experiences for its clients while effectively monetizing
its league partnerships through the value-added creation of
innovative products and solutions.
- Sportradar was
selected as the exclusive global betting partner by CONMEBOL, the
governing body of ten National Soccer Associations in South
America, to enhance the accessibility and engagement of South
American football for a broader global audience.
- Sportradar was
appointed as the official technology partner by the Delhi Capitals.
The new three-year partnership will provide innovative video
technology to develop cricket talent. Sportradar continues to build
relationships in emerging markets such as India with strong sports
fan bases.
- Sportradar
organized its inaugural Elite Prep Basketball Tournament, the
“Sportradar Showdown,” held in Las Vegas in July. The tournament
brought together exceptional amateur basketball teams under the
Under Amour Association, Adidas 3SSB, and NBA Academy, and
showcased Sportradar’s Synergy technology, capturing extensive data
throughout the tournament and offering valuable insights for the
use of college coaches and NBA talent scouts.
- The Company won
multiple awards in the second quarter. Sportradar was named
`Acquisition & Retention Partner of the Year’ by EGR North
America, won the `Live Betting & Gaming Product Award’ and the
`Sports Data Product Award’ from SBC North America, received the
`Live Streaming Supplier Award’ at the EGR B2B Awards and, ORAKO
Sportsbook solution was selected as `Best Sports Betting Technology
of the Year’ at the 2023 Sports Technology Awards.
Segment Information
RoW Betting
- Segment revenue
in the second quarter of 2023 increased by 20% to €114.1 million
compared with the second quarter of 2022. This growth was driven
primarily by increased sales of the Company’s higher value-add
offerings including MBS, which increased 25% to €41.1 million, as
well as Live Odd and Live Data products which grew 19% year over
year.
-
Segment Adjusted EBITDA1 in the second quarter of 2023 increased by
18% to €51.0 million compared with the second quarter of 2022.
Segment Adjusted EBITDA margin1 remained at 45% year over
year.
RoW Audiovisual (AV)
- Segment revenue
in the second quarter of 2023 increased by 25% to €49.6 million
compared with the second 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 second quarter of 2023 increased
26% to €16.4 million compared with the second quarter of 2022.
Segment Adjusted EBITDA margin1 remained at 33% year over
year.
United States
- Segment revenue
in the second quarter of 2023 increased by 31% to €38.0 million
compared with the second quarter of 2022. Results were primarily
driven by growth of 105% collectively in betting and gaming, and
audiovisual products.
- Segment Adjusted
EBITDA1 in the second quarter of 2023 was €5.4 million compared
with a loss of (€5.5) million in the second quarter of 2022,
indicating the strong improvement in operational leverage in the
U.S. business model despite continuous investment. Segment Adjusted
EBITDA margin1 improved to 14% from (19%), compared with the second
quarter of 2022.
_________________________
1 Non-IFRS financial measure; see “Non-IFRS
Financial Measures and Operating Metrics” and accompanying tables
for further explanations and reconciliations of non-IFRS measures
to IFRS measures.
The tables below show the information related to each reportable
segment for the three and six month periods ended June 30, 2022 and
2023.
|
Three Months Ended June 30, 2022 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
95,513 |
|
39,741 |
|
29,066 |
|
164,320 |
|
12,869 |
|
177,189 |
|
Segment
Adjusted EBITDA |
43,324 |
|
13,053 |
|
(5,498 |
) |
50,879 |
|
(4,899 |
) |
45,980 |
|
Unallocated corporate
expenses(1) |
|
|
|
|
|
(18,427 |
) |
Adjusted
EBITDA1 |
|
|
|
|
|
27,553 |
|
Adjusted EBITDA
margin1 |
45 |
% |
33 |
% |
(19 |
%) |
31 |
% |
(38 |
%) |
16 |
% |
|
Three Months Ended June 30, 2023 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
114,149 |
|
49,569 |
|
37,959 |
|
201,677 |
|
14,757 |
|
216,434 |
|
Segment Adjusted EBITDA |
51,041 |
|
16,418 |
|
5,441 |
|
72,900 |
|
(2,560 |
) |
70,340 |
|
Unallocated corporate
expenses(1) |
|
|
|
|
|
(30,238 |
) |
Adjusted
EBITDA1 |
|
|
|
|
|
40,102 |
|
Adjusted EBITDA
margin1 |
45 |
% |
33 |
% |
14 |
% |
36 |
% |
(17 |
%) |
19 |
% |
|
Six Months Ended June 30, 2022 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
182,250 |
|
85,664 |
|
54,733 |
|
322,647 |
|
22,418 |
|
345,065 |
|
Segment Adjusted EBITDA |
87,942 |
|
21,987 |
|
(11,920 |
) |
98,009 |
|
(8,613 |
) |
89,396 |
|
Unallocated corporate
expenses(1) |
|
|
|
|
|
(35,142 |
) |
Adjusted
EBITDA1 |
|
|
|
|
|
54,254 |
|
Adjusted EBITDA
margin1 |
48 |
% |
26 |
% |
(22 |
%) |
30 |
% |
(38 |
%) |
16 |
% |
|
Six Months Ended June 30, 2023 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
222,649 |
|
94,123 |
|
77,696 |
|
394,468 |
|
29,530 |
|
423,998 |
|
Segment
Adjusted EBITDA |
98,429 |
|
27,759 |
|
12,265 |
|
138,453 |
|
(5,707 |
) |
132,746 |
|
Unallocated corporate
expenses(1) |
|
|
|
|
|
(55,973 |
) |
Adjusted
EBITDA1 |
|
|
|
|
|
76,773 |
|
Adjusted EBITDA
margin1 |
44 |
% |
29 |
% |
16 |
% |
35 |
% |
(19 |
%) |
18 |
% |
_________________________
1 Non-IFRS financial measure; see “Non-IFRS
Financial Measures and Operating Metrics” and accompanying tables
for further explanations and reconciliations of non-IFRS measures
to IFRS measures.(1) 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.
Annual Financial Outlook
Sportradar reaffirmed its annual outlook range
provided on March 15, 2023, for revenue and Adjusted EBITDA1 for
fiscal 2023 as follows:
- Revenue in the
range of €902.0 million to €920.0 million, representing growth of
24% to 26% over fiscal 2022.
-
Adjusted EBITDA1 in a range of €157.0 million to €167.0 million,
representing 25% to 33% growth versus last year.
-
Adjusted EBITDA margin1 in the range of 17% to 18%.
Conference Call and Webcast
Information
Sportradar will host a conference call to
discuss the second quarter 2023 results today, August 9, 2023, 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 NBA, NHL, MLB, NASCAR, UEFA, FIFA,
Bundesliga, ICC and ITF, 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:Rima Hyder, SVP Head of
Investor RelationsChristin Armacost, CFA, Manager Investor
Relationsinvestor.relations@sportradar.com
Media:Sandra Lee, EVP of Global
Communicationscomms@sportradar.com
Non-IFRS Financial Measures and
Operating MetricsWe 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 operating metrics, including 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 profit
for the period from continuing operations adjusted for share based
compensation, depreciation and amortization (excluding amortization
of sports rights), impairment loss on other financial assets,
remeasurement of previously held equity-accounted investee,
non-routine litigation costs, professional fees for SOX and ERP
implementations, one-time charitable donation for Ukrainian relief
activities, share of loss of equity-accounted investee (SportTech
AG), loss on disposal of equity-accounted investee (SportTech AG),
foreign currency (gains) losses, finance income and finance costs,
and income tax expense (benefit) and certain other non-recurring
items, as described in the reconciliation below.License fees
relating to sports 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 sports rights. As such, our
presentation of Adjusted EBITDA reflects the full costs of our
sports right's licenses. Management believes that, by deducting the
full amount of amortization of sports 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 of the respective segments
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.
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, which includes
both subscription-based and revenue sharing 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.
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 expected
performance for the full year 2023. 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;
the global COVID-19 pandemic and its adverse effects 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, 2022, 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 AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME(Expressed in thousands of Euros)
|
|
Three Months Ended June 30, |
|
Six Months Ended June 30, |
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
Continuing
operations |
|
|
|
|
|
|
|
Revenue |
177,189 |
|
|
216,434 |
|
|
345,065 |
|
|
423,998 |
|
Purchased services
and licenses (excluding depreciation and amortization) |
(43,240 |
) |
|
(44,550 |
) |
|
(80,076 |
) |
|
(92,985 |
) |
Internally-developed software cost capitalized |
4,768 |
|
|
5,923 |
|
|
8,776 |
|
|
11,250 |
|
Personnel
expenses |
(64,442 |
) |
|
(84,397 |
) |
|
(116,696 |
) |
|
(161,865 |
) |
Other operating
expenses |
(21,172 |
) |
|
(20,934 |
) |
|
(40,679 |
) |
|
(42,183 |
) |
Depreciation and
amortization |
(49,102 |
) |
|
(52,114 |
) |
|
(101,572 |
) |
|
(99,762 |
) |
Impairment (loss)
gain on trade receivables, contract assets and other financial
assets |
378 |
|
|
(2,823 |
) |
|
(634 |
) |
|
(3,900 |
) |
Remeasurement of
previously held equity-accounted investee |
7,698 |
|
|
- |
|
|
7,698 |
|
|
- |
|
Share of (loss)
profit of equity-accounted investees |
4 |
|
|
(1,344 |
) |
|
(97 |
) |
|
(3,699 |
) |
Loss on disposal
of equity-accounted investee |
- |
|
|
(8,018 |
) |
|
- |
|
|
(8,018 |
) |
Foreign currency
gains (losses), net |
18,436 |
|
|
(1,182 |
) |
|
28,855 |
|
|
(4,901 |
) |
Finance
income |
638 |
|
|
1,717 |
|
|
724 |
|
|
6,601 |
|
Finance costs |
(9,212 |
) |
|
(7,077 |
) |
|
(18,134 |
) |
|
(12,118 |
) |
Net income
before tax from continuing operations |
21,943 |
|
|
1,635 |
|
|
33,230 |
|
|
12,418 |
|
Income tax
(expense) benefit |
873 |
|
|
(1,602 |
) |
|
(2,206 |
) |
|
(5,575 |
) |
Profit for
the period from continuing operations |
22,816 |
|
|
33 |
|
|
31,024 |
|
|
6,843 |
|
Discontinued operations |
|
|
|
|
|
|
|
Profit from
discontinued operations |
- |
|
|
43 |
|
|
- |
|
|
43 |
|
Profit for
the period |
22,816 |
|
|
76 |
|
|
31,024 |
|
|
6,886 |
|
Other
Comprehensive Income (Loss) |
|
|
|
|
|
|
|
Items that
will not be reclassified subsequently to profit or
loss |
|
|
|
|
|
|
|
Remeasurement of
defined benefit liability |
1,433 |
|
|
(89 |
) |
|
1,451 |
|
|
(89 |
) |
Related deferred
tax expense (benefit) |
(207 |
) |
|
11 |
|
|
(210 |
) |
|
11 |
|
|
1,226 |
|
|
(78 |
) |
|
1,241 |
|
|
(78 |
) |
Items that
may be reclassified subsequently to profit or loss |
|
|
|
|
|
|
|
Foreign currency
translation adjustment attributable to the owners of the
company |
6,117 |
|
|
2,810 |
|
|
7,803 |
|
|
(357 |
) |
Foreign currency
translation adjustment attributable to non-controlling
interests |
55 |
|
|
6 |
|
|
4 |
|
|
9 |
|
|
6,172 |
|
|
2,816 |
|
|
7,807 |
|
|
(348 |
) |
Other
comprehensive income (loss) for the period, net of
tax |
7,398 |
|
|
2,738 |
|
|
9,048 |
|
|
(426 |
) |
Total
comprehensive income for the period |
30,214 |
|
|
2,814 |
|
|
40,072 |
|
|
6,460 |
|
|
|
|
|
|
|
|
|
Profit
(Loss) attributable to: |
|
|
|
|
|
|
|
Owners of the Company |
22,790 |
|
|
88 |
|
|
30,912 |
|
|
6,910 |
|
Non-controlling interests |
26 |
|
|
(12 |
) |
|
112 |
|
|
(24 |
) |
|
22,816 |
|
|
76 |
|
|
31,024 |
|
|
6,886 |
|
Total
comprehensive income (loss) attributable to: |
|
|
|
|
|
|
|
Owners of the Company |
30,133 |
|
|
2,820 |
|
|
39,956 |
|
|
6,475 |
|
Non-controlling interests |
81 |
|
|
(6 |
) |
|
116 |
|
|
(15 |
) |
|
30,214 |
|
|
2,814 |
|
|
40,072 |
|
|
6,460 |
|
|
|
|
|
|
|
|
|
Profit and
Profit from continuing operations per Class A share attributable to
owners of the Company |
|
|
|
|
|
|
|
Basic |
0.08 |
|
|
0.00 |
|
|
0.10 |
|
|
0.02 |
|
Diluted |
0.07 |
|
|
0.00 |
|
|
0.10 |
|
|
0.02 |
|
Profit and
Profit from continuing operations per Class B share attributable to
owners of the Company |
|
|
|
|
|
|
|
Basic |
0.01 |
|
|
0.00 |
|
|
0.01 |
|
|
0.00 |
|
Diluted |
0.01 |
|
|
0.00 |
|
|
0.01 |
|
|
0.00 |
|
|
|
|
|
|
|
|
|
Weighted-average number of shares (in
thousands) |
|
|
|
|
|
|
|
Weighted-average
number of Class A shares (basic) |
206,989 |
|
|
206,985 |
|
|
206,597 |
|
|
206,519 |
|
Weighted-average
number of Class A shares (diluted) |
217,625 |
|
|
219,510 |
|
|
217,339 |
|
|
218,663 |
|
Weighted-average
number of Class B shares (basic and diluted) |
903,671 |
|
|
903,671 |
|
|
903,671 |
|
|
903,671 |
|
|
|
|
|
|
|
|
|
|
|
|
|
SPORTRADAR GROUP AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Expressed in
thousands of Euros)
|
|
December 31, |
June 30, |
Assets |
|
2022 |
|
|
2023 |
|
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
243,757 |
|
|
263,746 |
|
Trade receivables |
|
63,412 |
|
|
63,675 |
|
Contract assets |
|
50,482 |
|
|
58,668 |
|
Other assets and
prepayments |
|
42,913 |
|
|
34,883 |
|
Income tax receivables |
|
1,631 |
|
|
1,430 |
|
|
|
402,195 |
|
|
422,402 |
|
Non-current
assets |
|
|
|
|
Property and equipment |
|
37,887 |
|
|
38,343 |
|
Intangible assets and
goodwill |
|
843,632 |
|
|
842,809 |
|
Equity-accounted investee |
|
33,888 |
|
|
- |
|
Other financial assets and
other non-current assets |
|
44,445 |
|
|
47,670 |
|
Deferred tax assets |
|
27,014 |
|
|
24,735 |
|
|
|
986,866 |
|
|
953,557 |
|
Assets held for sale |
|
- |
|
|
7,185 |
|
Total
assets |
|
1,389,061 |
|
|
1,383,144 |
|
Current
liabilities |
|
|
|
|
Loans and borrowings |
|
7,361 |
|
|
7,887 |
|
Trade payables |
|
204,994 |
|
|
181,230 |
|
Other liabilities |
|
65,268 |
|
|
58,818 |
|
Contract liabilities |
|
23,172 |
|
|
28,187 |
|
Income tax liabilities |
|
8,693 |
|
|
8,994 |
|
|
|
309,488 |
|
|
285,116 |
|
Non-current
liabilities |
|
|
|
|
Loans and borrowings |
|
15,484 |
|
|
14,385 |
|
Trade payables |
|
269,917 |
|
|
274,525 |
|
Other non-current
liabilities |
|
10,695 |
|
|
7,150 |
|
Deferred tax liabilities |
|
26,048 |
|
|
24,635 |
|
|
|
322,144 |
|
|
320,695 |
|
Liabilities related to assets
held for sale |
|
- |
|
|
287 |
|
Total
liabilities |
|
631,632 |
|
|
606,098 |
|
|
|
|
|
|
Ordinary shares |
|
27,323 |
|
|
27,369 |
|
Treasury shares |
|
(2,705 |
) |
|
(7,180 |
) |
Additional paid-in
capital |
|
590,191 |
|
|
600,429 |
|
Retained earnings |
|
117,155 |
|
|
130,868 |
|
Other reserves |
|
19,624 |
|
|
19,195 |
|
Reserves related to assets
held for sale |
|
- |
|
|
145 |
|
Equity attributable to
owners of the Company |
|
751,588 |
|
|
770,826 |
|
Non-controlling interest |
|
5,841 |
|
|
6,220 |
|
Total
equity |
|
757,429 |
|
|
777,046 |
|
Total liabilities and
equity |
|
1,389,061 |
|
|
1,383,144 |
|
|
SPORTRADAR GROUP AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in
thousands of Euros)
|
|
Six Months Ended June 30, |
|
|
|
2022 |
|
|
2023 |
|
OPERATING
ACTIVITIES: |
|
|
|
|
|
Profit for the period from
continuing operations |
|
|
31,024 |
|
|
6,843 |
|
Profit for the period from
discontinued operations |
|
|
- |
|
|
43 |
|
Profit for the period |
|
|
31,024 |
|
|
6,886 |
|
Adjustments to reconcile
profit for the year to net cash provided by operating
activities: |
|
|
|
|
|
Income tax expense |
|
|
2,206 |
|
|
5,575 |
|
Interest income |
|
|
(724 |
) |
|
(3,451 |
) |
Interest expense |
|
|
18,125 |
|
|
10,357 |
|
Impairment losses on financial
assets |
|
|
176 |
|
|
3,900 |
|
Remeasurement of previously
held equity-accounted investee |
|
|
(7,698 |
) |
|
- |
|
Other financial income,
net |
|
|
(126 |
) |
|
- |
|
Foreign currency loss (gain),
net |
|
|
(28,855 |
) |
|
4,901 |
|
Amortization of intangible
assets |
|
|
95,884 |
|
|
93,101 |
|
Depreciation of property and
equipment |
|
|
5,688 |
|
|
6,661 |
|
Equity-settled share-based
payments |
|
|
12,687 |
|
|
19,661 |
|
Share of loss of
equity-accounted investees |
|
|
97 |
|
|
3,699 |
|
Loss on disposal of
equity-accounted investee |
|
|
- |
|
|
8,018 |
|
Other |
|
|
(1,232 |
) |
|
(8,260 |
) |
Cash flow from
operating activities before working capital changes, interest and
income taxes |
|
|
127,252 |
|
|
151,048 |
|
Increase in trade receivables,
contract assets, other assets and prepayments |
|
|
(19,602 |
) |
|
(5,101 |
) |
Decrease in trade and other
payables, contract and other liabilities |
|
|
(3,409 |
) |
|
(4,735 |
) |
Changes in working
capital |
|
|
(23,011 |
) |
|
(9,836 |
) |
Interest paid |
|
|
(17,355 |
) |
|
(9,611 |
) |
Interest received |
|
|
735 |
|
|
3,454 |
|
Income taxes paid, net |
|
|
(3,198 |
) |
|
(4,855 |
) |
Net cash from
operating activities |
|
|
84,423 |
|
|
130,200 |
|
INVESTING
ACTIVITIES: |
|
|
|
|
|
Acquisition of intangible
assets |
|
|
(70,587 |
) |
|
(94,207 |
) |
Acquisition of property and
equipment |
|
|
(1,565 |
) |
|
(3,246 |
) |
Acquisition of subsidiaries,
net of cash acquired |
|
|
(47,732 |
) |
|
(12,286 |
) |
Acquisition of financial
assets |
|
|
- |
|
|
(3,716 |
) |
Proceeds from disposal of
equity-accounted investee |
|
|
- |
|
|
15,172 |
|
Collection of loans
receivable |
|
|
120 |
|
|
41 |
|
Issuance of loans
receivable |
|
|
- |
|
|
(204 |
) |
Collection of deposits |
|
|
20 |
|
|
243 |
|
Payment of deposits |
|
|
(59 |
) |
|
(100 |
) |
Net cash used in
investing activities |
|
|
(119,803 |
) |
|
(98,303 |
) |
FINANCING
ACTIVITIES: |
|
|
|
|
|
Payment of lease
liabilities |
|
|
(3,183 |
) |
|
(3,283 |
) |
Acquisition of non-controlling interests |
|
|
(28,246 |
) |
|
- |
|
Principal payments on bank
debt |
|
|
(289 |
) |
|
(437 |
) |
Purchase of treasury
shares |
|
|
(677 |
) |
|
(6,339 |
) |
Change in bank overdrafts |
|
|
27 |
|
|
80 |
|
Net cash used in
financing activities |
|
|
(32,368 |
) |
|
(9,979 |
) |
Net (decrease)
increase in cash |
|
|
(67,748 |
) |
|
21,918 |
|
Cash and cash equivalents as
of January 1 |
|
|
742,773 |
|
|
243,757 |
|
Effects of movements in
exchange rates |
|
|
40,535 |
|
|
(1,929 |
) |
Cash and cash
equivalents as of June 30 |
|
|
715,560 |
|
|
263,746 |
|
|
The following table reconciles Adjusted EBITDA
to the most directly comparable IFRS financial performance measure,
which is profit for the period from continuing operations:
|
Three Months Ended June 30, |
Six Months Ended June 30, |
Adjusted EBTIDA reconciliation:in
€'000 |
2022 |
|
2023 |
|
2022 |
|
2023 |
|
Profit for the period
from continuing operations |
22,816 |
|
33 |
|
31,024 |
|
6,843 |
|
Share based compensation |
8,776 |
|
11,108 |
|
12,687 |
|
20,062 |
|
Litigation costs1 |
1,887 |
|
- |
|
3,171 |
|
- |
|
Professional fees for SOX and
ERP implementations |
1,114 |
|
59 |
|
2,539 |
|
304 |
|
One-time charitable donation
for Ukrainian relief activities |
- |
|
- |
|
147 |
|
- |
|
Depreciation and
amortization |
49,102 |
|
52,114 |
|
101,572 |
|
99,762 |
|
Amortization of sport
rights |
(37,857 |
) |
(40,920 |
) |
(80,125 |
) |
(78,110 |
) |
Share of loss of
equity-accounted investee2 |
- |
|
1,344 |
|
- |
|
3,699 |
|
Loss on disposal of
equity-accounted investee |
- |
|
8,018 |
|
- |
|
8,018 |
|
Impairment loss on other
financial assets |
148 |
|
202 |
|
176 |
|
202 |
|
Remeasurement of previously
held equity-accounted investee |
(7,698 |
) |
- |
|
(7,698 |
) |
- |
|
Foreign currency (gains) loss,
net |
(18,436 |
) |
1,182 |
|
(28,855 |
) |
4,901 |
|
Finance income |
(638 |
) |
(1,717 |
) |
(724 |
) |
(6,601 |
) |
Finance costs |
9,212 |
|
7,077 |
|
18,134 |
|
12,118 |
|
Income tax expense
(benefit) |
(873 |
) |
1,602 |
|
2,206 |
|
5,575 |
|
Adjusted
EBITDA |
27,553 |
|
40,102 |
|
54,254 |
|
76,773 |
|
(1) Includes legal related costs in connection with a
non-routine litigation.(2) Related to equity-accounted investee
SportTech AG.
The most directly comparable IFRS measure of
Adjusted EBITDA margin is profit for the period from continuing
operations as a percentage of revenue as disclosed below:
|
|
Three Months EndedJune 30, |
Six Months EndedJune 30, |
in €'000 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
Profit for the
period from continuing operations |
22,816 |
|
33 |
|
31,204 |
|
6,843 |
|
Revenue |
177,189 |
|
216,434 |
|
345,065 |
|
423,998 |
|
Profit for
the period from continuing operations as a percentage of
revenue |
13 |
% |
0 |
% |
9 |
% |
2 |
% |
Sportrader (NASDAQ:SRAD)
過去 株価チャート
から 4 2024 まで 5 2024
Sportrader (NASDAQ:SRAD)
過去 株価チャート
から 5 2023 まで 5 2024