Business
Sportradar Reports Strong Growth In First Quarter 2022
Overall revenue increased 31%; U.S. revenue increased 124% year over yearCompany reiterated annual outlook for fiscal 2022 projecting strong annual revenue
About this update from Sportradar Group Ag
[{"type":"text","content":"Overall revenue increased 31%; U.S. revenue increased 124% year over yearCompany reiterated annual outlook for fiscal 2022 projecting strong annual revenue growth of 18% to 25% ST. GALLEN, Switzerland, May 18, 2022 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), the leading global technology company 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 first quarter ended March 31, 2022. First Quarter 2022 Highlights Revenue in the first quarter of 2022 increased 31% to €167.9 million ($186.4 million)1 compared with the first quarter of 2021, driven by strong growth across all business segments. In particular, the U.S. segment revenue grew by 124% to €25.7 million ($28.5 million) compared with the first quarter of 2021.Adjusted EBITDA2 in the first quarter of 2022 decreased 5% to €26.7 million ($29.6 million)1 compared with the first quarter of 2021 primarily due to higher costs associated with being a public company as well as reversal of certain temporary COVID-19 related cost savings versus the first quarter of 2021.Adjusted EBITDA margin2 was 16% in the first quarter of 2022, compared with 22% over the prior year period.Adjusted Free Cash Flow2 in the first quarter of 2022 increased by 100% to €12.9 million, compared with the prior year period. The resulting free cash flow conversion2 was 48% in the quarter.Strong Net Retention Rate2, based on the last twelve months, increased to 121% at the end of the first quarter of 2022 compared with 107% the same period in 2021 highlighting the continued success of the Company’s cross-sell and upsell strategy across its global customer base.Cash and cash equivalents totaled €715.5 million as of March 31, 2022. Total liquidity available for use at March 31, 2022, including undrawn credit facilities was €825.5 million.The Company reiterated its previously provided annual outlook for full-year 2022 for revenue and Adjusted EBITDA2. Please see the \"Annual Financial Outlook\" section of this press release for further details. Key Financial Measures Q1Q1Change In millions, in Euros € 20222021% Revenue 167.9128.531% Adjusted EBITDA2 26.728.2(5%) Adjusted EBITDA margin2 16%22%- Adjusted Free Cash Flow2 12.96.5100% Free C...