Business
Sportradar Reports Second Quarter 2024 Financial and Operating Results
Achieved Record Revenue of €278 Million, Up 29% Year-over-YearGenerated Strong Cash Flow from Operating ActivitiesFurther Raising 2024 Outlook for Revenue and
About this update from Sportradar Group Ag
[{"type":"text","content":"Achieved Record Revenue of €278 Million, Up 29% Year-over-YearGenerated Strong Cash Flow from Operating ActivitiesFurther Raising 2024 Outlook for Revenue and Adjusted EBITDA ST. GALLEN, Switzerland, Aug. 13, 2024 (GLOBE NEWSWIRE) -- 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, 2024. Carsten Koerl, Chief Executive Officer of Sportradar, said: “Our strong second quarter results, including another quarter of record revenues are a testament to the operating momentum we are generating across our business and the clear execution against our strategies to drive outperformance versus the market. We delivered robust growth across our high-value product portfolio and strong client uptake, while continuing to strengthen our business by driving efficiencies and significant cash flow. I am pleased to once again raise our full year guidance as we continue to build long-term shareholder value through strong topline growth, a focus on delivering additional operating leverage and increasing cash flow generation.” Second Quarter 2024 Financial Highlights Revenue was €278.4 million, up 29% year-over-year demonstrating continued momentum in the business.Betting Technology & Solutions revenues were €229.1 million, up 30% year-over-year, and Sports Content, Technology & Services revenues were €49.3 million, up 22% year-over-year.Delivered strong revenue growth globally with Rest of World up 22% and the U.S. up 59%.The current quarter generated a loss of (€1.5 million) compared to a de minimis profit for the same quarter last year.Adjusted EBITDA1 was €48.8 million, up 22% year-over-year.Net cash generated from operating activities since the beginning of the year was €152.6 million, up 17% year-over-year.The Company’s customer Net Retention Rate2 was 117%, demonstrating the strength in cross selling and upselling to clients, and increasing sequentially.As of June 30, 2024, the Company had total liquidity of €542.2 million as compared to €483.7 million as of June 30, 2023, benefitting from strong cash flow generation in the first half of 2024.During the quarter, the company repurchased approximately 588,000 shares, for a total amount of $6.2 mill...