Business
Sportradar Reports Fourth Quarter and Full Year 2022 Results
Full Year 2022 revenue growth of 30% exceeds annual 2022 outlookFourth quarter ROW Betting segment revenue grew 29% with Adjusted EBITDA margin of 44%Fourth
About this update from Sportradar Group Ag
[{"type":"text","content":"Full Year 2022 revenue growth of 30% exceeds annual 2022 outlookFourth quarter ROW Betting segment revenue grew 29% with Adjusted EBITDA margin of 44%Fourth quarter U.S. segment revenue grew 77%; positive Adjusted EBITDA for second consecutive quarter2023 annual outlook with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA ST. GALLEN, Switzerland, March 15, 2023 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its fourth quarter and full year ended December 31, 2022. Full Year 2022 Highlights and Annual Outlook Revenue for the full year of 2022 increased 30% to €730.2 million ($781.3 million)1 compared with the prior year, driven by 26% growth from Rest of World Betting and 78% growth from the U.S. Full year revenue exceeded the Company’s 2022 annual outlook range of €718.0 million to €723.0 million.In 2022, the Company strengthened its core betting business by increasing its wallet share with customers by selling its higher value products. Managed Trading Services (MTS) turnover3 volume grew 84% to €19.4 billion, the Company’s digital advertising product ad:s’ revenue grew 69%, and U.S. betting revenue grew 101%, extending its leadership position in the U.S. Furthermore, Sportradar continues to invest in advanced technologies such as trading algorithms, artificial intelligence and computer vision technology.Total profit for the full year 2022 was €10.5 million compared with €12.8 million for the prior year. Adjusted EBITDA2 for the full year of 2022 increased 23% to €125.8 million ($134.6 million)1 compared with the prior year and was within the Company’s 2022 annual outlook range of €124.0 to €127.0 million.Adjusted EBITDA margin2 for 2022 was 17% compared with 18% for 2021. Adjusted EBITDA margin for the second half of 2022 improved by 400 bps over the second half of the year 2021.Cash and cash equivalents totaled €243.8 million as of December 31, 2022 and total liquidity available for use at December 31, 2022, including undrawn credit facilities was €463.8 million. The Company repaid €420.0 million of its outstanding term loan debt eliminating the term ...