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 fourth quarter and year ended December
31, 2023.
Carsten Koerl, Chief Executive Officer of
Sportradar, said: “2023 was another dynamic and successful year for
the Company delivering our 3rd consecutive year of more than 20%
revenue growth, improved profitability, and margin expansion. We
are pleased with our growth momentum, fueled by our best-in-class
content portfolio, innovative product roadmap and technology
capabilities. For 2024, we plan to continue to scale our business
globally, targeting at least 20% growth in revenue and adjusted
EBITDA. Given our market leadership and confidence in the long-term
profitability and cashflow outlook for the Company, we have
authorized a $200 million share buyback program. We remain laser
focused on disciplined execution of our growth strategy and
delivering tremendous value for our clients and our
shareholders.”
Full Year 2023 and Recent Highlights,
Annual Outlook
- Revenue for the full year of 2023 increased 20% to €877.6
million compared with the prior year, driven by 20% growth from
Rest of World Betting and 30% growth from the U.S. Full year
revenue was at the upper end of the Company’s 2023 annual outlook
range of €870.0 million to €880.0 million.
- Total profit from continuing operations for the full year 2023
was €34.6 million compared with €10.5 million for the prior year.
Adjusted EBITDA1 for the full year of 2023 increased 33% to €166.8
million compared with the prior year and was at the upper end of
the Company’s 2023 annual outlook range of €162.0 to €167.0
million.
- Total Profit from continuing operations, as a percentage of
revenue, for the full year 2023 was 4% compared with 1% for the
prior year. Adjusted EBITDA margin1 for 2023 increased over 177 bps
to 19% compared to 2022, primarily driven by strong operating
leverage from sport rights and personnel costs.
- Cash and cash equivalents grew to €277.2 million as of December
31, 2023, and total liquidity available for use on December 31,
2023, including undrawn credit facilities was €497.2 million.
- Authorized a $200 million share buyback program given the
confidence in the long-term outlook and ability to generate
significant excess capital going forward.
- The Company reiterated that it expects to deliver at least 20%
year-over-year growth in revenue and Adjusted EBITDA1 in fiscal
2024. Please see the "Annual Financial Outlook" section of this
press release for further details.
Fourth Quarter 2023 Financial
Highlights
- Revenue in the fourth quarter of 2023 increased 22% to €252.6
million compared with the fourth quarter of 2022 with growth across
all segments.
- Total Profit from continuing operations for the fourth quarter
of 2023 was €23.2 million compared to a loss of €33.3 million for
the same quarter last year. The Company’s Adjusted EBITDA1 for the
same period increased 13% to €39.5 million compared with the fourth
quarter of 2022, primarily due to strong revenue growth.
- Total Profit from continuing operations, as a percentage of
revenue, for the fourth quarter of 2023 was 9% compared with (16%)
for the same quarter last year. Adjusted EBITDA margin1 was 16% in
the fourth quarter of 2023, compared with 17% in the prior year
period.
- The Company’s customer Net Retention Rate1 (NRR) was 111% in
the fourth quarter of 2023, demonstrating the Company’s strength in
cross selling and upselling to its clients.
- As of December 31, 2023, Sportradar had total liquidity of
€497.2 million including cash and cash equivalents of €277.2
million and an undrawn credit facility of €220.0 million.
_________________________________1 Non-IFRS financial measure or
operating metric; see “Non-IFRS Financial Measures and Operating
Metric” and accompanying tables for further explanations and
reconciliations of non-IFRS measures to IFRS measures.
| Key
Financial and Operating Metrics |
|
|
Q4 |
Q4 |
Change |
FY |
FY |
Change |
| In millions, in
Euros € |
2023 |
2022% |
|
2023 |
2022% |
|
| Revenue |
252.6 |
206.3 |
22% |
877.6 |
730.2 |
20% |
| Profit (loss) for the period
from continuing operations |
23.2 |
(33.3) |
170% |
34.6 |
10.5 |
230% |
| Profit (loss) for the period
from continuing operations as a percentage of revenue |
9% |
(16)% |
+2,530 bps |
4% |
1% |
+251 bps |
| Adjusted EBITDA1 |
39.5 |
35.1 |
13% |
166.8 |
125.8 |
33% |
| Adjusted EBITDA margin1 |
16% |
17% |
-136 bps |
19% |
17% |
+177 bps |
| Net Retention Rate1 |
111% |
119% |
-717 bps |
111% |
119% |
-717 bps |
Recent Company Highlights
- Sportradar launched
a landmark product suite, ATP Service+, as a result of the Company
winning the ATP global betting and media data rights. Sportradar
and ATP are now working together to drive the commercial growth of
tennis and enhance fan engagement.
- Sportradar entered
into agreements with NASCAR, the South American Football
Confederation (CONMEBOL) and Bundesliga, Germany’s premiere soccer
league, for exclusive global data rights.
- Sportradar extended
agreements with BetMGM and Caesars Sportsbook for official NBA
data. For the first time, Sportradar will provide these sportsbooks
with products and services that leverage NBA optical tracking data
as a result of its exclusive partnership with the NBA. This will
enable sportsbooks to grow their proposition markets, same-game
parlays, as well as in-play betting markets.
- Sportradar was selected by the
Taiwan Sports Lottery Company, Ltd. to power its Sports Lottery
with a customized omnichannel sportsbook and player management
solution. As part of a consortium, Sportradar will operate the
Sports Lottery through 2033 using the Company’s ORAKO end-to-end
sportsbook and player account management system.
- Alpha Odds, Sportradar’s automated
odds recalculation tool, launched delivering an average profit
increase of 10% for clients in 2023.
- FanID, which connects rights
holders and brands with sports fans launched as the first solution
in the market with a data clean room to tackle the demise of
third-party cookies.
- Sportradar received several
industry recognitions, including Best Live Streaming Supplier at
EGR B2B Awards 2023, Marketing & Services Provider of the Year
at SBC Awards 2023 and Sports Betting Provider of the Year at Sigma
Asia Awards 2023. Additionally, Sportradar was included on Business
Insider’s “Leaders in AI 100” list.
Segment Information
RoW Betting
- Segment revenue in the fourth quarter of 2023 increased by 25%
to €132.0 million compared with the fourth quarter of 2022. Growth
was driven primarily by increased sales of the Company’s MBS
solution, which grew 48% year over-year-as sports outcomes
normalized and the contribution from the Taiwanese Sports Lottery
Company. Our Live Odds Services also grew 21%.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023
increased by 19% to €55.0 million compared with the fourth quarter
of 2022. Segment Adjusted EBITDA margin1 decreased to 42% compared
with the fourth quarter of 2022 mainly due to higher operating
costs.
RoW Audiovisual (AV)
- Segment revenue in the fourth quarter of 2023 increased by 20%
to €50.0 million compared with the fourth quarter of 2022. Revenue
growth was driven by the addition of new CONMEBOL and NBA rights
and uplift to services to existing and new clients.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023 was
€11.2 million. Segment Adjusted EBITDA margin1 decreased to 22%
from 28% compared with the fourth quarter of 2022 mainly due to
increased sport right costs.
United States
- Segment revenue in the fourth quarter of 2023 increased by 28%
to €52.7 million compared with the fourth quarter of 2022. Results
were primarily driven by strong market performance, including
initial contributions from our NBA deal and the uplift from selling
additional services to new and existing clients.
- Segment Adjusted EBITDA1 in the fourth quarter of 2023 was a
loss of €1.5 million compared with a profit of €4.3 million in the
fourth quarter of 2022 due to the step-up costs of the new NBA
deal. Segment Adjusted EBITDA margin12was (3%) compared with 11% in
the fourth quarter of 2022.
Costs and Expenses
- Purchased services and licenses in the fourth quarter of 2023
increased by €9.5 million to €57.8 million compared with the fourth
quarter of 2022, reflecting one-time set up costs for the Taiwan
Lottery deal and higher investments in external development and
product delivery costs. Of the total purchased services and
licenses, approximately €9.8 million was expensed sport
rights.
- Personnel expenses in the fourth quarter of 2023 increased 10%
to €88.8 million, compared with the fourth quarter of 2022. The
increase was driven by increased headcount and costs related to the
Company's strategic re-alignment initiatives.
- Other Operating expenses in the fourth quarter of 2023
decreased 30% to €24.4 million compared with the fourth quarter of
2022, primarily driven by non-recurring litigation costs that
occurred in the fourth quarter of 2022.
- Total sport rights costs in the fourth quarter of 2023
increased by 51% to €75.1 million compared with the fourth quarter
of 2023, primarily a result of the new NBA deal.
The tables below show the information related to each reportable
segment for the three-month periods and years ended December 31,
2023, and 2022.
|
|
Three Months Ended December 31, 2023 |
|
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
|
Segment revenue |
132,007 |
|
50,042 |
|
52,739 |
|
234,788 |
|
17,798 |
|
252,586 |
|
| Segment Adjusted EBITDA |
55,037 |
|
11,156 |
|
(1,532 |
) |
64,661 |
|
1,957 |
|
66,618 |
|
| Unallocated corporate
expenses2 |
|
|
|
|
|
(27,077 |
) |
| Adjusted
EBITDA1 |
|
|
|
|
|
39,541 |
|
| Adjusted EBITDA
margin1 |
42 |
% |
22 |
% |
(3 |
%) |
28 |
% |
11 |
% |
16 |
% |
|
|
Three Months Ended December 31, 2022 |
|
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
|
Segment revenue |
105,923 |
|
41,768 |
|
41,153 |
|
188,844 |
|
17,444 |
|
206,288 |
|
| Segment Adjusted EBITDA |
46,282 |
|
11,883 |
|
4,333 |
|
62,498 |
|
(881 |
) |
61,617 |
|
| Unallocated corporate
expenses2 |
|
|
|
|
|
(26,508 |
) |
| Adjusted
EBITDA1 |
|
|
|
|
|
35,109 |
|
| Adjusted EBITDA
margin1 |
44 |
% |
28 |
% |
11 |
% |
33 |
% |
(5 |
%) |
17 |
% |
|
|
Year Ended December 31, 2023 |
|
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
|
Segment revenue |
466,823 |
|
182,196 |
|
165,512 |
|
814,531 |
|
63,090 |
|
877,621 |
|
| Segment Adjusted EBITDA |
209,562 |
|
52,211 |
|
18,893 |
|
280,666 |
|
(6,328 |
) |
274,338 |
|
| Unallocated corporate
expenses2 |
|
|
|
|
|
(107,538 |
) |
| Adjusted
EBITDA1 |
|
|
|
|
|
166,800 |
|
| Adjusted EBITDA
margin1 |
45 |
% |
29 |
% |
11 |
% |
34 |
% |
(10 |
%) |
19 |
% |
|
|
Year Ended December 31, 2022 |
|
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
|
Segment revenue |
389,092 |
|
160,522 |
|
127,442 |
|
677,056 |
|
53,132 |
|
730,188 |
|
| Segment Adjusted EBITDA |
182,439 |
|
46,494 |
|
(4,141 |
) |
224,792 |
|
(13,348 |
) |
211,444 |
|
| Unallocated corporate
expenses2 |
|
|
|
|
|
(85,598 |
) |
| Adjusted
EBITDA1 |
|
|
|
|
|
125,846 |
|
| Adjusted EBITDA
margin1 |
47 |
% |
29 |
% |
(3 |
%) |
33 |
% |
(25 |
%) |
17 |
% |
2 Unallocated corporate expenses primarily consist of salaries
and wages for management, legal, human resources, finance, office,
technology and other costs not allocated to the segments.
Share Buyback ProgramThe Board of Directors has
approved a $200 million share buyback program given the strong
business fundamentals and confidence in the long-term profitability
and cash flow outlook. The Company anticipates commencing purchases
under the program when the next trading window opens, which is
following the reporting of its Q1 2024 earnings results.
2024 Annual Financial Outlook
Sportradar is targeting fiscal 2024 outlook for
revenue and Adjusted EBITDA1 as follows:
- Revenue of at least €1,050 million, representing year-on-year
growth of at least 20%.
- Adjusted EBITDA1 of at least €200 million, representing
year-on-year growth of at least 20%.
- Adjusted EBITDA margin1 of approximately 19%.
- Guidance assumes a Euro to USD exchange rate of 1.07.
Conference Call and Webcast Information
Sportradar will host a conference call to
discuss the fourth quarter 2023 results today, March 20, 2024, at
8:00 a.m. Eastern Time. Those wishing to participate via webcast
should access the earnings call through Sportradar’s Investor
Relations website. An archived webcast with the accompanying slides
will be available at the Company’s Investor Relations website for
one year after the conclusion of the live event.
About Sportradar
Sportradar Group AG (NASDAQ: SRAD), founded in
2001, is a leading global sports technology company creating
immersive experiences for sports fans and bettors. Positioned at
the intersection of the sports, media and betting industries, the
Company provides sports federations, news media, consumer platforms
and sports betting operators with a best-in-class range of
solutions to help grow their business. As the trusted partner of
organizations like the ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and
Bundesliga, Sportradar covers close to a million events annually
across all major sports. With deep industry relationships and
expertise, Sportradar is not just redefining the sports fan
experience, it also safeguards sports through its Integrity
Services division and advocacy for an integrity-driven environment
for all involved.
For more information about Sportradar, please
visit www.sportradar.com
CONTACT:
Investor Relations:Jim BombasseiChristin
Armacost, CFA investor.relations@sportradar.com
Media: Sandra
Lee comms@sportradar.com
Non-IFRS Financial Measures and
Operating MetricWe have provided in this press release
financial information that has not been prepared in accordance with
IFRS, including Adjusted EBITDA and Adjusted EBITDA margin, as well
as our operating metrics, Net Retention Rate. We use these
non-IFRS financial measures internally in analyzing our financial
results and believe they are useful to investors, as a supplement
to IFRS measures, in evaluating our ongoing operational
performance. We believe that the use of these non-IFRS
financial measures provides an additional tool for investors to use
in evaluating ongoing operating results and trends and in comparing
our financial results with other companies in our industry, many of
which present similar non-IFRS financial measures to investors.
Non-IFRS financial measures should not be
considered in isolation from, or as a substitute for, financial
information prepared in accordance with IFRS. Investors are
encouraged to review the reconciliation of these non-IFRS financial
measures to their most directly comparable IFRS financial measures
provided in the financial statement tables included below in this
press release.
- “Adjusted EBITDA” represents
earnings for the period from continuing operations adjusted for
finance income and finance costs, income tax expense or benefit,
depreciation and amortization (excluding amortization of sport
rights), foreign currency gains or losses, and other items that are
non-recurring or not related to the Company’s revenue-generating
operations, including share-based compensation, impairment charges
or income, management restructuring costs, non-routine litigation
costs, losses related to equity-accounted investee (SportTech AG),
remeasurement of previously held equity-accounted investee (NSoft),
professional fees for the Sarbanes Oxley Act of 2002 and enterprise
resource planning implementations, and a one-time charitable
donation for Ukrainian relief activities.License fees relating to
sport rights are a key component of how we generate revenue and one
of our main operating expenses. Such license fees are presented
either under purchased services and licenses or under depreciation
and amortization, depending on the accounting treatment of each
relevant license. Only licenses that meet the recognition criteria
of IAS 38 are capitalized. The primary distinction for whether a
license is capitalized or not capitalized is the contracted length
of the applicable license. Therefore, the type of license we enter
into can have a significant impact on our results of operations
depending on whether we are able to capitalize the relevant
license. Our presentation of Adjusted EBITDA removes this
difference in classification by decreasing our EBITDA by our
amortization of sport rights. As such, our presentation of Adjusted
EBITDA reflects the full costs of our sport right's licenses.
Management believes that, by deducting the full amount of
amortization of sport rights in its calculation of Adjusted EBITDA,
the result is a financial metric that is both more meaningful and
comparable for management and our investors while also being more
indicative of our ongoing operating performance.We present Adjusted
EBITDA because management believes that some items excluded are
non-recurring in nature and this information is relevant in
evaluating the results of the respective segments relative to other
entities that operate in the same industry. Management believes
Adjusted EBITDA is useful to investors for evaluating Sportradar’s
operating performance against competitors, which commonly disclose
similar performance measures. However, Sportradar’s calculation of
Adjusted EBITDA may not be comparable to other similarly titled
performance measures of other companies. Adjusted EBITDA is not
intended to be a substitute for any IFRS financial measure.Items
excluded from Adjusted EBITDA include significant components in
understanding and assessing financial performance. Adjusted EBITDA
has limitations as an analytical tool and should not be considered
in isolation, or as an alternative to, or a substitute for, profit
for the period, revenue or other financial statement data presented
in our consolidated financial statements as indicators of financial
performance. We compensate for these limitations by relying
primarily on our IFRS results and using Adjusted EBITDA only as a
supplemental measure.
- “Adjusted EBITDA margin” is the
ratio of Adjusted EBITDA to revenue.
In addition, we define the following operating
metric as follows:
-
“Net Retention Rate” is calculated for a given period by starting
with the reported Trailing Twelve Month revenue from our top 200
customers as of twelve months prior to such period end, or prior
period revenue. We then calculate the reported trailing
twelve-month revenue from the same customer cohort as of the
current period end, or current period revenue. Current period
revenue includes any upsells and is net of contraction and
attrition over the trailing twelve months but excludes revenue from
new customers in the current period. We then divide the total
current period revenue by the total prior period revenue to arrive
at our Net Retention Rate.
The Company is unable to provide a reconciliation of Adjusted
EBITDA to profit (loss) for the period, its most directly
comparable IFRS financial measure, on a forward- looking basis
without unreasonable effort because items that impact this IFRS
financial measure are not within the Company’s control and/or
cannot be reasonably predicted. These items may include but are not
limited to foreign exchange gains and losses. Such information may
have a significant, and potentially unpredictable, impact on the
Company’s future financial results.
Safe Harbor for Forward-Looking
StatementsCertain statements in this press release may
constitute “forward-looking” statements and information within the
meaning of Section 27A of the Securities Act of 1933, Section 21E
of the Securities Exchange Act of 1934, and the safe harbor
provisions of the U.S. Private Securities Litigation Reform Act of
1995 that relate to our current expectations and views of future
events, including, without limitation, statements regarding future
financial or operating performance, planned activities and
objectives, anticipated growth resulting therefrom, market
opportunities, strategies and other expectations, and expected
performance for the full year 2024. In some cases, these
forward-looking statements can be identified by words or phrases
such as “may,” “might,” “will,” “could,” “would,” “should,”
“expect,” “plan,” “anticipate,” “intend,” “seek,” “believe,”
“estimate,” “predict,” “potential,” “projects”, “continue,”
“contemplate,” “confident,” “possible” or similar words. These
forward-looking statements are subject to risks, uncertainties and
assumptions, some of which are beyond our control. In addition,
these forward-looking statements reflect our current views with
respect to future events and are not a guarantee of future
performance. Actual outcomes may differ materially from the
information contained in the forward-looking statements as a result
of a number of factors, including, without limitation, the
following: economy downturns and political and market conditions
beyond our control, including the impact of the Russia/Ukraine and
other military conflicts and foreign exchange rate fluctuations;
pandemics, such as the global COVID-19 pandemic, could have an
adverse effect on our business; dependence on our strategic
relationships with our sports league partners; effect of social
responsibility concerns and public opinion on responsible gaming
requirements on our reputation; potential adverse changes in public
and consumer tastes and preferences and industry trends; potential
changes in competitive landscape, including new market entrants or
disintermediation; potential inability to anticipate and adopt new
technology; potential errors, failures or bugs in our products;
inability to protect our systems and data from continually evolving
cybersecurity risks, security breaches or other technological
risks; potential interruptions and failures in our systems or
infrastructure; our ability to comply with governmental laws,
rules, regulations, and other legal obligations, related to data
privacy, protection and security; ability to comply with the
variety of unsettled and developing U.S. and foreign laws on sports
betting; dependence on jurisdictions with uncertain regulatory
frameworks for our revenue; changes in the legal and regulatory
status of real money gambling and betting legislation on us and our
customers; our inability to maintain or obtain regulatory
compliance in the jurisdictions in which we conduct our business;
our ability to obtain, maintain, protect, enforce and defend our
intellectual property rights; our ability to obtain and maintain
sufficient data rights from major sports leagues, including
exclusive rights; any material weaknesses identified in our
internal control over financial reporting; inability to secure
additional financing in a timely manner, or at all, to meet our
long-term future capital needs; risks related to future
acquisitions; and other risk factors set forth in the section
titled “Risk Factors” in our Annual Report on Form 20-F for the
fiscal year ended December 31, 2023, and other documents filed with
or furnished to the SEC, accessible on the SEC’s website at
www.sec.gov and on our website at https://investors.sportradar.com.
These statements reflect management’s current expectations
regarding future events and operating performance and speak only as
of the date of this press release. One should not put undue
reliance on any forward-looking statements. Although we believe
that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee that future results, levels of
activity, performance and events and circumstances reflected in the
forward-looking statements will be achieved or will occur. Except
as required by law, we undertake no obligation to update or revise
publicly any forward-looking statements, whether as a result of new
information, future events or otherwise, after the date on which
the statements are made or to reflect the occurrence of
unanticipated events.
SPORTRADAR GROUP AGCONSOLIDATED
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME(Expressed in thousands of Euros)
|
|
Three Months EndedDecember
31, |
|
Years EndedDecember 31, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Continuing
operations |
|
|
|
|
|
|
|
| Revenue |
252,586 |
|
|
206,288 |
|
|
877,621 |
|
|
730,188 |
|
| Purchased services and
licenses (excluding depreciation and amortization) |
(57,836 |
) |
|
(48,385 |
) |
|
(205,876 |
) |
|
(175,997 |
) |
| Internally-developed software
cost capitalized |
8,636 |
|
|
4,605 |
|
|
28,301 |
|
|
17,730 |
|
| Personnel expenses |
(88,808 |
) |
|
(81,010 |
) |
|
(326,031 |
) |
|
(265,984 |
) |
| Other operating expenses |
(24,443 |
) |
|
(34,916 |
) |
|
(89,443 |
) |
|
(95,891 |
) |
| Depreciation and
amortization |
(78,210 |
) |
|
(51,481 |
) |
|
(206,362 |
) |
|
(184,813 |
) |
| Impairment (loss) income on
trade receivables, contract assets and other financial assets |
(1,652 |
) |
|
255 |
|
|
(6,179 |
) |
|
(1,552 |
) |
| Remeasurement of previously
held equity-accounted investee |
- |
|
|
- |
|
|
- |
|
|
7,698 |
|
| Share of loss of
equity-accounted investees |
- |
|
|
(2,818 |
) |
|
(3,699 |
) |
|
(4,082 |
) |
| Gain (Loss) related to
disposal of equity-accounted investee |
14 |
|
|
- |
|
|
(13,604 |
) |
|
- |
|
| Impairment loss on goodwill
and intangible assets |
- |
|
|
- |
|
|
(9,854 |
) |
|
- |
|
| Foreign currency gains
(losses), net |
26,919 |
|
|
(13,168 |
) |
|
23,205 |
|
|
26,690 |
|
| Finance income |
3,067 |
|
|
2,535 |
|
|
12,848 |
|
|
5,250 |
|
| Finance costs |
(16,059 |
) |
|
(12,001 |
) |
|
(33,731 |
) |
|
(41,447 |
) |
| Net income (loss)
before tax |
24,214 |
|
|
(30,096 |
) |
|
47,196 |
|
|
17,790 |
|
| Income tax expense |
(1,027 |
) |
|
(3,187 |
) |
|
(12,551 |
) |
|
(7,299 |
) |
| Profit (loss) for the
period from continuing operations |
23,187 |
|
|
(33,283 |
) |
|
34,645 |
|
|
10,491 |
|
| Discontinued
operations |
|
|
|
|
|
|
|
| Loss from discontinued
operations, net of tax |
(300 |
) |
|
- |
|
|
(751 |
) |
|
- |
|
| Profit (loss) for the
period |
22,887 |
|
|
(33,283 |
) |
|
33,894 |
|
|
10,491 |
|
| Other Comprehensive
Income (Loss) |
|
|
|
|
|
|
|
| Items that will not be
reclassified subsequently to profit or (loss) |
|
|
|
|
|
|
|
| Remeasurement of defined
benefit liability |
(786 |
) |
|
741 |
|
|
(874 |
) |
|
2,192 |
|
| Related deferred tax expense
(benefit) |
119 |
|
|
(123 |
) |
|
130 |
|
|
(333 |
) |
| |
(667 |
) |
|
618 |
|
|
(744 |
) |
|
1,859 |
|
| Items that may be
reclassified subsequently to profit or (loss) |
|
|
|
|
|
|
|
| Foreign currency translation
adjustment attributable to the owners of the Company |
(6,716 |
) |
|
(13,183 |
) |
|
(3,654 |
) |
|
1,989 |
|
| Foreign currency translation
adjustment attributable to non-controlling interests |
(20 |
) |
|
(21 |
) |
|
(37 |
) |
|
10 |
|
| |
(6,736 |
) |
|
(13,204 |
) |
|
(3,691 |
) |
|
1,999 |
|
| Other comprehensive
income (loss) for the period, net of tax |
(7,403 |
) |
|
(12,586 |
) |
|
(4,435 |
) |
|
3,858 |
|
| Total comprehensive
income (loss) for the period |
15,484 |
|
|
(45,869 |
) |
|
29,459 |
|
|
14,349 |
|
| |
|
|
|
|
|
|
|
| Profit (loss)
attributable to: |
|
|
|
|
|
|
|
|
Owners of the Company |
23,409 |
|
|
(32,745 |
) |
|
34,655 |
|
|
10,891 |
|
|
Non-controlling interests |
(522 |
) |
|
(538 |
) |
|
(761 |
) |
|
(400 |
) |
| |
22,887 |
|
|
(33,283 |
) |
|
33,894 |
|
|
10,491 |
|
| Total comprehensive
income (loss) attributable to: |
|
|
|
|
|
|
|
|
Owners of the Company |
16,027 |
|
|
(45,310 |
) |
|
30,257 |
|
|
14,739 |
|
|
Non-controlling interests |
(543 |
) |
|
(559 |
) |
|
(798 |
) |
|
(390 |
) |
| |
15,484 |
|
|
(45,869 |
) |
|
29,459 |
|
|
14,349 |
|
| |
|
|
|
|
|
|
|
| Profit
(loss) for the period per Class A shares attributable to owners of
the Company |
|
|
|
|
|
|
|
|
Basic |
0.08 |
|
|
|
(0.11 |
) |
|
0.12 |
|
|
0.04 |
|
| Diluted |
0.07 |
|
|
|
(0.10 |
) |
|
0.11 |
|
|
0.03 |
|
| Profit
(loss) for the period per Class B shares attributable to owners of
the Company |
|
|
|
|
|
|
|
| Basic |
0.01 |
|
|
|
(0.01 |
) |
|
0.01 |
|
|
0.00 |
|
| Diluted |
0.01 |
|
|
|
(0.01 |
) |
|
0.01 |
|
|
0.00 |
|
| |
|
|
|
|
|
|
|
|
Weighted-average number of shares (in
thousands) |
|
|
|
|
|
|
|
| Weighted-average
number of Class A shares (basic) |
209,822 |
|
|
|
206,534 |
|
|
207,517 |
|
|
206,548 |
|
| Weighted-average
number of Class A shares (diluted) |
228,050 |
|
|
|
221,923 |
|
|
226,646 |
|
|
222,167 |
|
| Weighted-average
number of Class B shares (basic and diluted) |
903,671 |
|
|
|
903,671 |
|
|
903,671 |
|
|
903,671 |
|
| |
|
|
|
|
|
|
|
SPORTRADAR GROUP AGCONSOLIDATED
STATEMENTS OF FINANCIAL POSITION(Expressed in thousands of
Euros)
| |
|
December 31, |
|
December 31, |
| Assets |
|
2023 |
|
2022 |
| Current
assets |
|
|
|
|
|
Cash and cash equivalents |
|
277,174 |
|
|
243,757 |
|
| Trade receivables |
|
71,246 |
|
|
63,412 |
|
| Contract assets |
|
60,869 |
|
|
50,482 |
|
| Other assets and
prepayments |
|
33,252 |
|
|
42,913 |
|
| Income tax receivables |
|
6,527 |
|
|
1,631 |
|
| |
|
449,068 |
|
|
402,195 |
|
| Non-current
assets |
|
|
|
|
| Property and equipment |
|
72,762 |
|
|
37,887 |
|
| Intangible assets and
goodwill |
|
1,697,331 |
|
|
843,632 |
|
| Equity-accounted investee |
|
- |
|
|
33,888 |
|
| Other financial assets and
other non-current assets |
|
11,806 |
|
|
44,445 |
|
| Deferred tax assets |
|
16,383 |
|
|
27,014 |
|
| |
|
1,798,282 |
|
|
986,866 |
|
| Total
assets |
|
2,247,350 |
|
|
1,389,061 |
|
| Current
liabilities |
|
|
|
|
| Loans and borrowings |
|
9,586 |
|
|
7,361 |
|
| Trade payables |
|
259,667 |
|
|
204,994 |
|
| Other liabilities |
|
55,724 |
|
|
65,268 |
|
| Contract liabilities |
|
26,595 |
|
|
23,172 |
|
| Income tax liabilities |
|
4,542 |
|
|
8,693 |
|
| |
|
356,114 |
|
|
309,488 |
|
| Non-current
liabilities |
|
|
|
|
| Loans and borrowings |
|
40,559 |
|
|
15,484 |
|
| Trade payables |
|
908,499 |
|
|
264,665 |
|
| Contract liabilities |
|
39,526 |
|
|
5,252 |
|
| Other non-current
liabilities |
|
8,500 |
|
|
10,695 |
|
| Deferred tax liabilities |
|
21,315 |
|
|
26,048 |
|
| |
|
1,018,399 |
|
|
322,144 |
|
| Total
liabilities |
|
1,374,513 |
|
|
631,632 |
|
| |
|
|
|
|
| Ordinary shares |
|
27,421 |
|
|
27,323 |
|
| Treasury shares |
|
(2,322 |
) |
|
(2,705 |
) |
| Additional paid-in
capital |
|
653,840 |
|
|
590,191 |
|
| Retained earnings |
|
173,629 |
|
|
117,155 |
|
| Other reserves |
|
15,226 |
|
|
19,624 |
|
| Equity attributable to
owners of the Company |
|
867,794 |
|
|
751,588 |
|
| Non-controlling interest |
|
5,043 |
|
|
5,841 |
|
| Total
equity |
|
872,837 |
|
|
757,429 |
|
| Total liabilities and
equity |
|
2,247,350 |
|
|
1,389,061 |
|
SPORTRADAR GROUP AGCONSOLIDATED
STATEMENTS OF CASH FLOWS (Expressed in thousands of
Euros)
|
|
Years ended December 31, |
|
|
2023 |
|
2022 |
| OPERATING
ACTIVITIES: |
|
|
|
Profit for the year |
33,894 |
|
10,491 |
|
| Adjustments to reconcile profit
for the year to net cash provided by operating activities: |
|
|
| Income tax expense |
12,551 |
|
7,299 |
|
| Interest income |
(7,683 |
) |
(5,250 |
) |
| Interest expense |
31,451 |
|
40,036 |
|
| Impairment income on financial
assets |
— |
|
(5 |
) |
| Remeasurement of previously held
equity-accounted investee |
— |
|
(7,698 |
) |
| Other financial expenses
(income) |
(2,885 |
) |
1,411 |
|
| Foreign currency gains, net |
(23,205 |
) |
(26,690 |
) |
| Amortization and impairment of
intangible assets |
201,620 |
|
172,831 |
|
| Depreciation of property and
equipment |
14,596 |
|
11,982 |
|
| Equity-settled share-based
payments |
41,177 |
|
28,299 |
|
| Share of loss of equity-accounted
investees |
3,699 |
|
4,082 |
|
| Loss on disposal of
equity-accounted investee |
13,604 |
|
— |
|
| Other |
(3,790 |
) |
(3,178 |
) |
| Cash flow from operating
activities before working capital changes, interest and income
taxes |
315,029 |
|
233,610 |
|
| Increase in trade receivables,
contract assets, other assets and prepayments |
(16,100 |
) |
(53,519 |
) |
| Increase (Decrease) in trade and
other payables, contract and other liabilities |
(1,477 |
) |
32,159 |
|
| Changes in working
capital |
(17,577 |
) |
(21,360 |
) |
| Interest paid |
(30,528 |
) |
(33,591 |
) |
| Interest received |
7,677 |
|
5,091 |
|
| Income taxes paid |
(15,956 |
) |
(15,673 |
) |
| Net cash from
operating activities |
258,645 |
|
168,077 |
|
| INVESTING
ACTIVITIES: |
|
|
| Acquisition of intangible
assets |
(185,493 |
) |
(154,266 |
) |
| Acquisition of property and
equipment |
(14,786 |
) |
(8,288 |
) |
| Acquisition of subsidiaries, net
of cash acquired |
(12,844 |
) |
(56,245 |
) |
| Acquisition of financial
assets |
(3,716 |
) |
— |
|
| Proceeds from disposal of
equity-accounted investee |
15,172 |
|
— |
|
| Proceeds from disposal of
subsidiaries |
778 |
|
— |
|
| Proceeds from sale of intangible
assets |
154 |
|
— |
|
| Contribution to equity-accounted
investee |
- |
|
(27,873 |
) |
| Collection of loans
receivable |
41 |
|
208 |
|
| Issuance of loans receivable |
(935 |
) |
— |
|
| Collection of deposits |
623 |
|
— |
|
| Payment of deposits |
(1,084 |
) |
(103 |
) |
| Net cash used in
investing activities |
(202,090 |
) |
(246,567 |
) |
| FINANCING
ACTIVITIES: |
|
|
| Payment of lease liabilities |
(7,983 |
) |
(5,958 |
) |
| Principal payments on bank
debt |
(620 |
) |
(420,685 |
) |
| Purchase of treasury shares |
(9,022 |
) |
(3,837 |
) |
| Acquisition of non-controlling
interests |
— |
|
(28,245 |
) |
| Transaction costs related to
borrowings |
— |
|
(1,100 |
) |
| Change in bank overdrafts |
(7 |
) |
(23 |
) |
| Net cash used in from
financing activities |
(17,632 |
) |
(459,848 |
) |
| Net increase
(decrease) in cash and cash equivalents |
38,923 |
|
(538,338 |
) |
| Cash and cash equivalents as of
January 1, |
243,757 |
|
742,773 |
|
| Effects of movements in exchange
rates |
(5,506 |
) |
39,322 |
|
| Cash and cash
equivalents as of December 31, |
277,174 |
|
243,757 |
|
|
|
|
|
The following table reconciles Adjusted EBITDA
to the most directly comparable IFRS financial performance measure,
which is profit (loss) for the period from continuing
operations:
|
|
Three Months Ended December 31, |
Year EndedDecember 31, |
|
in €'000 |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
| Profit (loss) for the
period from continuing operations |
23,187 |
|
(33,283 |
) |
34,645 |
|
10,491 |
|
| Finance income |
(3,067 |
) |
(2,535 |
) |
(12,848 |
) |
(5,250 |
) |
| Finance costs |
16,059 |
|
12,001 |
|
33,731 |
|
41,447 |
|
| Depreciation and
amortization |
78,210 |
|
51,481 |
|
206,362 |
|
184,813 |
|
| Amortization of sport
rights |
(65,331 |
) |
(39,407 |
) |
(160,017 |
) |
(140,200 |
) |
| Foreign currency (gains) loss,
net |
(26,919 |
) |
13,168 |
|
(23,205 |
) |
(26,690 |
) |
| Share based compensation |
8,283 |
|
8,602 |
|
39,712 |
|
28,637 |
|
| Management restructuring
costs |
8,005 |
|
5,528 |
|
8,005 |
|
5,528 |
|
| Litigation costs |
- |
|
12,899 |
|
- |
|
19,045 |
|
| Loss (gain) related to
equity-accounted investee1 |
(14 |
) |
2,818 |
|
17,303 |
|
3,985 |
|
| Impairment loss on goodwill
and intangible assets |
- |
|
- |
|
9,854 |
|
- |
|
| Impairment loss (gain) on
other financial assets |
- |
|
(163 |
) |
202 |
|
(5 |
) |
| Remeasurement of previously
held equity-accounted investee |
- |
|
- |
|
- |
|
(7,698 |
) |
| Professional fees for SOX and
ERP implementations |
101 |
|
813 |
|
505 |
|
4,298 |
|
| One-time charitable donation
for Ukrainian relief activities |
- |
|
- |
|
- |
|
146 |
|
| Income tax expense |
1,027 |
|
3,187 |
|
12,551 |
|
7,299 |
|
| Adjusted
EBITDA |
39,541 |
|
35,109 |
|
166,800 |
|
125,846 |
|
1 Losses for the year ended December 31, 2023 are comprised of
€3.7 million share of loss in SportTech AG and €13.6 million loss
on disposal of investment in SportTech AG.
The most directly comparable IFRS measure of
Adjusted EBITDA margin is profit (loss) for the period from
continuing operations as a percentage of revenue as disclosed
below:
| |
Three Months EndedDecember
31, |
Year EndedDecember 31, |
|
in €’000 |
2023 |
|
2022 |
|
2023 |
|
2022 |
|
| Profit (loss) for
the period from continuing operations |
23,187 |
|
(33,283 |
) |
34,645 |
|
10,491 |
|
| Revenue |
252,586 |
|
206,288 |
|
877,621 |
|
730,188 |
|
| Profit
(loss) for the period from continuing operations as a percentage of
revenue |
9 |
% |
(16 |
%) |
4 |
% |
1 |
% |
Sportrader (NASDAQ:SRAD)
Graphique Historique de l'Action
De Déc 2024 à Jan 2025
Sportrader (NASDAQ:SRAD)
Graphique Historique de l'Action
De Jan 2024 à Jan 2025
