Business
Sportradar Announces Strong Third Quarter 2021 Financial Results
SANKT GALLEN, Switzerland, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or “the Company”), a leading global technology
About this update from Sportradar Group Ag
[{"type":"text","content":"SANKT GALLEN, Switzerland, Nov. 17, 2021 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or “the Company”), a leading global technology platform enabling next generation engagement in sports, and the number one provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2021. Third Quarter 2021 Highlights Revenue in the third quarter of 2021 increased 30% compared to the third quarter of 2020 to €136.8 million ($158.7 million)1, driven by robust growth across all geographies and business segmentsContinued strong performance in the U.S. market with U.S. revenue in the third quarter of 2021 increasing by 119% compared to the third quarter of 2020. For the nine months ended September 30, 2021 the U.S. revenue reached €48.5 million ($56.3 million)1Adjusted EBITDA* in the third quarter of 2021 was up 21% compared to the third quarter of 2020 to €20.9 million ($24.2 million)1Strong Dollar-Based Net Retention Rate* of 128% at the end of third quarter of 2021, underscoring the continued success of our cross-sell and upsell strategySuccessfully extended our partnership through 2028 with FanDuel Group, a leader in the U.S. sports betting market, covering pre-match betting services, live betting services, and betting entertainment toolsCompleted successful listing on Nasdaq, raising €546 million of primary net proceeds to fund continued growth in the business, providing the Company with €878 million to continue to invest in global growthFor the full-year 2021, we expect revenue to be in the range of €553 to €555 ($641 to $644)1 million and Adjusted EBITDA* in the range of €99.5 to 101.5 ($115.4 to $117.7)1 million. Q3Q3 Change 20212020 % Revenue €136.8 €105.3 +30% Adjusted EBITDA* €20.9 €17.3 +21% Adjusted EBITDA margin* 15% 16% -7% Dollar-Based Net Retention Rate* 128% 114% +12% Adjusted Free Cash Flow* €32.9 €13.5 +144% Cash Flow Conversion* 158% 78% +102% _____________________1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on September 30, 2021, which was €1.00 to $1.16.* Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconcili...