Business
Sportradar Reports Strong Second Quarter 2023 Results
Delivered 23% revenue, 42% Adjusted EBITDA growth for first six monthsOn track to deliver record annual revenue Annual outlook reaffirmed with growth of 24%
About this update from Sportradar Group Ag
[{"type":"text","content":"Delivered 23% revenue, 42% Adjusted EBITDA growth for first six monthsOn track to deliver record annual revenue Annual outlook reaffirmed with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA ST. GALLEN, Switzerland, Aug. 09, 2023 (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, 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 Q2Q2Change In millions, in Euros €202...