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 first quarter
ended March 31, 2023.
First Quarter 2023
Highlights
-
Revenue in the first quarter of 2023 increased 24% to €207.6
million ($226.2 million)1 compared with the first quarter of
2022.
-
The RoW Betting segment, accounting for 52% of total revenue, grew
25% to €108.5 million ($118.3 million)1, primarily driven by strong
performance from Managed Betting Services (MBS) and Live Odds.
-
The U.S. segment revenue grew 55% to €39.7 million ($43.3 million)1
compared with the first quarter of 2022, driven by higher sales of
betting products as well as the Company’s digital advertising
(ad:s) product. The U.S. segment generated positive Adjusted
EBITDA2 for the third consecutive quarter with an Adjusted EBITDA2
margin of 17%.
-
Total Profit for the first quarter of 2023 was €6.8 million
compared with €8.2 million for the same quarter last year. The
Company’s Adjusted EBITDA2 in the first quarter of 2023 increased
37% to €36.7 million ($40.0 million)1 compared with the first
quarter of 2022, demonstrating operational leverage from higher
revenue despite increased investment into Artificial Intelligence
(AI) for liquidity trading, and Computer Vision technology.
- Adjusted EBITDA
margin2 was 18% in the first quarter of 2023, an increase of 176
bps compared with the prior year period.
- Adjusted Free Cash
Flow2 in the first quarter of 2023 was €12.4 million, compared with
€12.9 million for the prior year period, as a result of improved
working capital management offset by an unfavorable impact from
foreign currency exchange rates. The resulting Cash Flow
Conversion2 was 34% in the quarter.
- The Company’s
customer Net Retention Ratio (NRR) was 120% in the first quarter of
2023, an improvement over the NRR from the fourth quarter of 2022
of 119%.
Carsten Koerl, Chief Executive Officer of Sportradar said: “We
started fiscal 2023 on solid footing, as we continued to deliver
strong top line growth, predominately by growing our value add
products such as MBS and Live Odds in the Rest of World business,
and strong, profitable growth in our U.S. segment. We are also
demonstrating operational leverage as we continue to focus on cost
discipline across the organization and invest prudently to grow our
top line. We are confident that our ongoing product innovation in
AI and computer vision will enable us to remain a market leader and
increase shareholder value for our investors.”
Key Financial Measures
In millions, in Euros € |
|
Q1 |
Q1 |
Change |
|
|
2023 |
2022 |
% |
|
|
|
|
|
Revenue |
|
207.6 |
|
167.9 |
|
24 |
% |
|
|
|
|
|
Adjusted
EBITDA2 |
|
36.7 |
|
26.7 |
|
37 |
% |
|
|
|
|
|
Adjusted EBITDA
margin2 |
|
18 |
% |
16 |
% |
- |
|
|
|
|
|
|
Adjusted Free Cash
Flow2 |
|
12.4 |
|
12.9 |
|
(4 |
%) |
|
|
|
|
|
Cash Flow
Conversion2 |
|
34 |
% |
48 |
% |
- |
|
Segment Information
RoW Betting
- Segment revenue in the first quarter
of 2023 increased by 25% to €108.5 million compared with the first
quarter of 2022. This growth was driven primarily by increased
sales of the Company’s higher value-add offerings including MBS,
which increased 40% to €37.1 million as well as Live Odds services
which increased 29% year over year.
- Segment Adjusted
EBITDA2 in the first quarter of 2023 increased by 6% to €47.4
million compared with the first quarter of 2022. Segment Adjusted
EBITDA margin2 decreased to 44% from 51% in the first quarter of
2022 due to increased investment in AI technology for MTS and
Computer Vision technology. These investments will enable the
Company to further grow revenue and improve its Adjusted EBITDA
margin over time.
RoW Audiovisual (AV)
- Segment revenue in the first quarter
of 2023 decreased 3% to €44.6 million compared with the first
quarter of 2022. Revenue was impacted by the expected completion of
the Tennis Australia contract partially offset by growth in sales
to new and existing customers.
- Segment Adjusted
EBITDA2 in the first quarter of 2023 increased 27% to €11.3 million
compared with the first quarter of 2022. Segment Adjusted EBITDA
margin2 improved to 25% in the first quarter of 2023 compared with
19% in the first quarter of 2022 due to savings associated with the
completion of the Tennis Australia contract.
United States
- Segment revenue in the first quarter
of 2023 increased by 55% to €39.7 million ($43.3 million)1 compared
with the first quarter of 2022. Results were driven by growth in
core betting data products and the ad:s product.
- Segment Adjusted EBITDA2 in the first quarter of 2023 was €6.8
million ($7.4 million)1 compared with a loss of (€6.4) million in
the first quarter of 2022. This is the third consecutive quarter
with positive Adjusted EBITDA2 indicating the strong operational
leverage in the U.S. business model despite continuous investments.
Segment Adjusted EBITDA margin23improved to 17% from (25%) compared
with the first quarter of 2022.
Costs and Expenses
- Purchased services and licenses in
the first quarter of 2023 increased by €11.6 million to €48.4
million compared with the first quarter of 2022, reflecting
continuous investments in content creation, greater event coverage
and higher scouting costs. Of the total purchased services and
licenses, approximately €14.0 million were expensed sports
rights.
- Personnel expenses in the first
quarter of 2023 increased by €25.2 million to €77.5 million
compared with the first quarter of 2022. The increase was primarily
as a result of increased investment for growth which was driven by
higher headcount associated with investments in AI and Computer
Vision, increased share based compensation, and inflationary
adjustments for labor costs.
- Other operating
expenses in the first quarter of 2023 increased by €1.7 million to
€21.2 million, compared with the first quarter of 2022, primarily
as a result of higher software license costs, higher audit fees and
implementation costs for a new financial management system.
- Total sports rights
costs in the first quarter of 2023 decreased by €2.8 million to
€51.2 million compared with the first quarter of 2022, primarily
due to savings from the expected completion of the Tennis Australia
contract.
Recent Company Highlights
- SportradarSportradar renewed its
partnership with the Big Ten Network extends partnership with the
Big 10 Conference to broaden its footprint in the U.S. college
space by powering its OTT platform B1G+ through the 2024-2025
college athletics season. Sportradar is providing its technology
and data-driven OTT solutions to manage B1G+’s OTT web, mobile and
connected TV apps, UX/UI design and third party integration.
- Sportradar announced the integration of
its ad:s technology into Snapchat, creating a new channel for
betting operators to engage and acquire customers using the
Company’s paid social media advertising service. Using Snapchat’s
advanced age and location targeting capabilities to ensure only
legally qualified audiences are reached, betting operators have a
potential to reach Snapchat’s 350 million daily active users and
over 750 million monthly active users.
- Sportradar was selected as the
successful bidder for the global Association of Tennis
Professionals (ATP) data and streaming rights starting in 2024 as a
result of the Company’s commitment to product innovation.
Sportradar offers the broadest reach to tennis fans globally and
has been a supplier of official ATP Tour and Challenger Tour
secondary data feeds since 2022.
- Sportradar published its first
Sustainability Report highlighting its commitment to sustaining its
business, communities and environment. The report is based on
Sportradar’s five key sustainability priorities, sustainability,
people, oversight, respect and technology-led (SPORT), which are
aligned with the standards and framework of the Sustainability
Accounting Standards Board (SASB).
- Sportradar Integrity Services released
its second Annual Report on Betting Corruption and Match-Fixing in
2022, revealing the Company had identified 1,212 suspicious matches
across 12 sports in 92 countries, an increase of 34% year over
year. The overall data confirmed that 99.5% of sporting events are
free from match-fixing, with no single sport having a suspicious
match ratio of greater than 1%.
- Sportradar named technology executive
Gerard Griffin as Chief Financial Officer effective May 9, 2023. Mr
Griffin previously served as CFO of Zynga Inc., a global leader in
interactive entertainment, and will be responsible for Sportradar’s
accounting, finance and investor relations functions. Mr. Griffin
brings more than 25 years of leadership experience in financial and
operational management within the gaming, media and technology
sectors.
Annual Financial Outlook
Sportradar reaffirmed its annual outlook
provided on March 15, 2023, for revenue and Adjusted EBITDA2 for
fiscal 2023 as follows:
- Sportradar
expects its revenue for fiscal 2023 to be in the range of €902.0
million to €920.0 million ($983.2 million to $1002.8 million)1,
representing growth of 24% to 26% over fiscal 2022.
-
Adjusted EBITDA2 is expected to be in a range of €157.0 million to
€167.0 million ($171.1 million to $182.0 million)1, representing
25% to 33% growth versus last year.
-
Adjusted EBITDA margin2 is expected to be in the range of 17% to
18%.4
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the first
quarter 2023 results today, May 10, 2023, 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 NBA, NHL, MLB, NASCAR, UEFA, FIFA,
Bundesliga, ICC and ITF, 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:Rima Hyder, SVP Head of
Investor RelationsChristin Armacost, CFA, Manager Investor
Relationsinvestor.relations@sportradar.com
Media: Sandra
Leecomms@sportradar.com
Non-IFRS Financial Measures and
Operating MetricsWe have provided in this press release
financial information that has not been prepared in accordance with
IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted
Free Cash Flow and Cash Flow Conversion (together, the “Non-IFRS
financial measures”), as well as operating metrics, including 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 profit
(loss) for the period adjusted for share based compensation,
depreciation and amortization (excluding amortization of sports
rights), impairment of intangible assets, other financial assets
and equity-accounted investee, loss from loss of control of
subsidiary, remeasurement of previously held equity-accounted
investee, non-routine litigation costs, management restructuring
costs, professional fees for SOX and ERP implementations, one-time
charitable donation for Ukrainian relief activities, share of
profit (loss) of equity-accounted investee (SportTech AG), foreign
currency (gains) losses, finance income and finance costs, and
income tax (expense) benefit and certain other non-recurring items,
as described in the reconciliation below.License fees relating to
sports 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 sports rights. As such, our presentation of
Adjusted EBITDA reflects the full costs of our sports right's
licenses. Management believes that, by deducting the full amount of
amortization of sports 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.
- “Adjusted Free Cash Flow”
represents net cash from operating activities adjusted for payments
for lease liabilities, acquisition of property and equipment,
acquisition of intangible assets (excluding certain intangible
assets required to further support an acquired business) and
foreign currency gains (losses) on our cash equivalents. We
consider Adjusted Free Cash Flow to be a liquidity measure that
provides useful information to management and investors about the
amount of cash generated by the business after the purchase of
property and equipment, of intangible assets and payment of lease
liabilities, which can then be used to, among other things, to
invest in our business and make strategic acquisitions. A
limitation of the utility of Adjusted Free Cash Flow as a measure
of liquidity is that it does not represent the total increase or
decrease in our cash balance for the year.
- “Cash Flow Conversion” is the ratio
of Adjusted Free Cash Flow to Adjusted EBITDA.
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, which includes
both subscription-based and revenue sharing 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 Statements
Certain 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 2023. 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,” “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; the global COVID-19 pandemic and its adverse effects 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, 2022, 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 AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE
INCOME(Expressed in thousands of Euros)
|
|
Three Months Ended March 31, |
|
|
2022 |
|
|
2023 |
|
Revenue |
|
167,876 |
|
|
207,564 |
|
Purchased services and
licenses (excluding depreciation and amortization) |
|
(36,836 |
) |
|
(48,435 |
) |
Internally-developed software
cost capitalized |
|
4,008 |
|
|
5,327 |
|
Personnel expenses |
|
(52,254 |
) |
|
(77,468 |
) |
Other operating expenses |
|
(19,507 |
) |
|
(21,249 |
) |
Depreciation and
amortization |
|
(52,470 |
) |
|
(47,648 |
) |
Impairment loss on trade
receivables, contract assets and other financial assets |
|
(1,012 |
) |
|
(1,078 |
) |
Share of loss of
equity-accounted investees |
|
(101 |
) |
|
(2,356 |
) |
Foreign currency gains
(losses), net |
|
10,419 |
|
|
(3,719 |
) |
Finance income |
|
86 |
|
|
4,885 |
|
Finance costs |
|
(8,922 |
) |
|
(5,040 |
) |
Net income before
tax |
|
11,287 |
|
|
10,783 |
|
Income tax expense |
|
(3,079 |
) |
|
(3,973 |
) |
Profit for the
period |
|
8,208 |
|
|
6,810 |
|
Other Comprehensive
Income |
|
|
|
|
Items that will not be
reclassified subsequently to profit or loss |
|
|
|
|
Remeasurement of defined
benefit liability |
|
18 |
|
|
- |
|
Related deferred tax
expense |
|
(3 |
) |
|
- |
|
|
|
15 |
|
|
- |
|
Items that may be
reclassified subsequently to profit or loss |
|
|
|
|
Foreign currency translation
adjustment attributable to the owners of the company |
|
1,686 |
|
|
(3,167 |
) |
Foreign currency translation
adjustment attributable to non-controlling interests |
|
(51 |
) |
|
3 |
|
|
|
1,635 |
|
|
(3,164 |
) |
Other comprehensive
income (loss) for the period, net of tax |
|
1,650 |
|
|
(3,164 |
) |
Total comprehensive
income (loss) for the period |
|
9,858 |
|
|
3,646 |
|
|
|
|
|
|
Profit (loss)
attributable to: |
|
|
|
|
Owners of the Company |
|
8,122 |
|
|
6,822 |
|
Non-controlling interests |
|
86 |
|
|
(12 |
) |
|
|
8,208 |
|
|
6,810 |
|
Total comprehensive
income (loss) attributable to: |
|
|
|
|
Owners of the Company |
|
9,823 |
|
|
3,655 |
|
Non-controlling interests |
|
35 |
|
|
(9 |
) |
|
|
9,858 |
|
|
3,646 |
|
|
|
|
|
|
Profit per Class A
share attributable to owners of the Company |
|
|
|
|
Basic |
|
0.03 |
|
|
0.02 |
|
Diluted |
|
0.03 |
|
|
0.02 |
|
Profit per Class B
share attributable to owners of the Company |
|
|
|
|
Basic |
|
0.00 |
|
|
0.00 |
|
Diluted |
|
0.00 |
|
|
0.00 |
|
|
|
|
|
|
Weighted-average
number of shares (in thousands) |
|
|
|
|
Weighted-average number of
Class A shares (basic) |
|
206,627 |
|
|
206,524 |
|
Weighted-average number of
Class A shares (diluted) |
|
219,273 |
|
|
221,241 |
|
Weighted-average number of
Class B shares (basic and diluted) |
|
903,671 |
|
|
903,671 |
|
|
|
|
|
|
|
|
SPORTRADAR GROUP AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION(Expressed in
thousands of Euros)
|
|
December 31, |
|
March 31, |
Assets |
|
2022 |
|
2023 |
Current
assets |
|
|
|
|
Cash and cash equivalents |
|
243,757 |
|
|
239,634 |
|
Trade receivables |
|
63,412 |
|
|
67,792 |
|
Contract assets |
|
50,482 |
|
|
58,231 |
|
Other assets and
prepayments |
|
42,913 |
|
|
39,666 |
|
Income tax receivables |
|
1,631 |
|
|
1,641 |
|
|
|
402,195 |
|
|
406,964 |
|
Non-current
assets |
|
|
|
|
Property and equipment |
|
37,887 |
|
|
37,934 |
|
Intangible assets and
goodwill |
|
843,632 |
|
|
848,503 |
|
Equity-accounted
investees |
|
33,888 |
|
|
31,533 |
|
Other financial assets and
other non-current assets |
|
44,445 |
|
|
47,835 |
|
Deferred tax assets |
|
27,014 |
|
|
25,175 |
|
|
|
986,866 |
|
|
990,980 |
|
Total
assets |
|
1,389,061 |
|
|
1,397,944 |
|
Current
liabilities |
|
|
|
|
Loans and borrowings |
|
7,361 |
|
|
7,532 |
|
Trade payables |
|
204,994 |
|
|
205,113 |
|
Other liabilities |
|
65,268 |
|
|
58,311 |
|
Contract liabilities |
|
23,172 |
|
|
32,044 |
|
Income tax liabilities |
|
8,693 |
|
|
8,281 |
|
|
|
309,488 |
|
|
311,281 |
|
Non-current
liabilities |
|
|
|
|
Loans and borrowings |
|
15,484 |
|
|
14,505 |
|
Trade payables |
|
269,917 |
|
|
272,761 |
|
Other non-current
liabilities |
|
10,695 |
|
|
6,131 |
|
Deferred tax liabilities |
|
26,048 |
|
|
25,232 |
|
|
|
322,144 |
|
|
318,629 |
|
Total
liabilities |
|
631,632 |
|
|
629,910 |
|
|
|
|
|
|
Ordinary shares |
|
27,323 |
|
|
27,369 |
|
Treasury shares |
|
(2,705 |
) |
|
(4,552 |
) |
Additional paid-in
capital |
|
590,191 |
|
|
600,338 |
|
Retained earnings |
|
117,155 |
|
|
122,191 |
|
Other reserves |
|
19,624 |
|
|
16,463 |
|
Equity attributable to
owners of the Company |
|
751,588 |
|
|
761,809 |
|
Non-controlling interest |
|
5,841 |
|
|
6,225 |
|
Total
equity |
|
757,429 |
|
|
768,034 |
|
Total liabilities and
equity |
|
1,389,061 |
|
|
1,397,944 |
|
|
|
|
|
|
|
|
SPORTRADAR GROUP AGINTERIM CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in
thousands of Euros)
|
Three Months Ended March 31, |
|
2022 |
|
2023 |
OPERATING ACTIVITIES: |
|
|
|
|
Profit for the
period |
8,208 |
|
|
6,810 |
|
Adjustments to reconcile profit for the period to net cash provided
by operating activities: |
|
|
Income tax
expense |
3,079 |
|
|
3,973 |
|
Interest
income |
(86 |
) |
|
(1,735 |
) |
Interest
expense |
8,859 |
|
|
5,040 |
|
Impairment losses (income) on financial
assets |
28 |
|
|
— |
|
Other financial
expenses |
63 |
|
|
— |
|
Foreign currency loss (gain),
net |
(10,419 |
) |
|
3,719 |
|
Amortization and impairment of intangible
assets |
49,707 |
|
|
44,418 |
|
Depreciation of property and
equipment |
2,763 |
|
|
3,230 |
|
Equity-settled share-based
payments |
3,911 |
|
|
8,812 |
|
Share of loss of equity-accounted
investee |
101 |
|
|
2,356 |
|
Other |
(984 |
) |
|
(5,313 |
) |
|
|
|
Cash flow from operating activities before working capital
changes, interest and income
taxes |
65,230 |
|
|
71,310 |
|
|
|
|
Increase in trade receivables, contract assets, other assets and
prepayments |
(15,331 |
) |
|
(12,196 |
) |
Decrease (Increase) in trade and other payables, contract and other
liabilities |
(3,530 |
) |
|
4,530 |
|
|
|
|
Changes in working
capital |
(18,861 |
) |
|
(7,666 |
) |
|
|
|
Interest paid |
(4,855 |
) |
|
(4,595 |
) |
Interest
received |
62 |
|
|
1,731 |
|
Income taxes received
(paid) |
152 |
|
|
(3,331 |
) |
|
|
|
Net cash from operating
activities |
41,728 |
|
|
57,449 |
|
|
|
|
INVESTING ACTIVITIES: |
|
|
Acquisition of intangible assets
|
(34,255 |
) |
|
(38,511 |
) |
Acquisition of property and
equipment |
(1,389 |
) |
|
(2,165 |
) |
Acquisition of subsidiaries, net of cash
acquired |
(11,604 |
) |
|
(10,179 |
) |
Acquisition of financial
assets |
— |
|
|
(3,716 |
) |
Collection of loans
receivable |
— |
|
|
21 |
|
Collection of
deposits |
45 |
|
|
201 |
|
Payment of
deposits |
(57 |
) |
|
(73 |
) |
|
|
|
Net cash used in investing
activities |
(47,260 |
) |
|
(54,422 |
) |
|
|
|
FINANCING ACTIVITIES: |
|
|
Payment of lease liabilities
|
(1,444 |
) |
|
(1,531 |
) |
Acquisition of non-controlling interests
|
(28,246 |
) |
|
— |
|
Principal payments on bank
debt |
(135 |
) |
|
(364 |
) |
Purchase of treasury
shares |
(390 |
) |
|
(1,847 |
) |
Change in bank
overdrafts |
(13 |
) |
|
39 |
|
|
|
|
Net cash used in financing
activities |
(30,228 |
) |
|
(3,703 |
) |
|
|
|
Net decrease in cash and cash
equivalents |
(35,760 |
) |
|
(676 |
) |
Cash and cash equivalents as of
January 1 |
742,773 |
|
|
243,757 |
|
Effects of movements in exchange
rates |
8,514 |
|
|
(3,446 |
) |
|
|
|
Cash and cash equivalents as of March
31 |
715,527 |
|
|
239,634 |
|
|
|
|
The tables below show the information related to each reportable
segment for the three-month periods ended March 31, 2022 and
2023.
|
Three Months Ended March 31, 2022 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
86,737 |
|
45,923 |
|
25,667 |
|
158,327 |
|
9,549 |
|
167,876 |
|
Segment Adjusted EBITDA |
44,617 |
|
8,934 |
|
(6,422 |
) |
47,129 |
|
(3,714 |
) |
43,415 |
|
Unallocated corporate
expenses() |
|
|
|
|
|
(16,714 |
) |
Adjusted
EBITDA |
|
|
|
|
|
26,701 |
|
Adjusted EBITDA
margin |
51 |
% |
19 |
% |
(25 |
%) |
30 |
% |
(39 |
%) |
16 |
% |
|
Three Months Ended March 31,
2023 |
in €'000 |
RoW Betting |
RoW Betting AV |
United States |
Total reportable segments |
All other segments |
Total |
Segment revenue |
108,500 |
|
44,554 |
|
39,737 |
|
192,791 |
|
14,773 |
|
207,564 |
|
Segment Adjusted EBITDA |
47,388 |
|
11,341 |
|
6,824 |
|
65,553 |
|
(3,147 |
) |
62,406 |
|
Unallocated corporate
expenses(1) |
|
|
|
|
|
(25,736 |
) |
Adjusted
EBITDA |
|
|
|
|
|
36,670 |
|
Adjusted EBITDA
margin |
44 |
% |
25 |
% |
17 |
% |
34 |
% |
(21 |
%) |
18 |
% |
(1) 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.
The following table reconciles Adjusted EBITDA
to the most directly comparable IFRS financial performance measure,
which is profit for the period:
|
Three Months Ended March 31, |
in €'000 |
2022 |
|
2023 |
|
Profit for the
period |
8,208 |
|
6,810 |
|
Share based compensation |
3,911 |
|
8,954 |
|
Litigation costs1 |
1,284 |
|
- |
|
Professional fees for SOX and
ERP implementations |
1,425 |
|
245 |
|
One-time charitable donation
for Ukrainian relief activities |
147 |
|
- |
|
Depreciation and
amortization |
52,470 |
|
47,648 |
|
Amortization of sports
rights |
(42,268 |
) |
(37,190 |
) |
Impairment loss (gain) on
other financial assets |
28 |
|
- |
|
Share of loss of
equity-accounted investee 2 |
- |
|
2,356 |
|
Foreign currency (gains)
losses, net |
(10,419 |
) |
3,719 |
|
Finance income |
(86 |
) |
(4,885 |
) |
Finance costs |
8,922 |
|
5,040 |
|
Income tax expense |
3,079 |
|
3,973 |
|
Adjusted
EBITDA |
26,701 |
|
36,670 |
|
(1) Includes legal related costs in connection with a
non-routine litigation.(2) Includes the related share in the
equity-accounted investee of SportTech AG
The following table presents a reconciliation of
Adjusted Free Cash Flow to the most directly comparable IFRS
financial performance measure, which is net cash from operating
activities:
|
|
Three Months Ended March 31, |
in €'000 |
|
2022 |
|
2023 |
|
Net cash from operating activities |
41,728 |
|
57,449 |
|
Acquisition of intangible assets |
(34,255 |
) |
(38,511 |
) |
Acquisition of property and equipment |
(1,389 |
) |
(2,165 |
) |
Payment of lease liabilities |
(1,444 |
) |
(1,531 |
) |
Foreign currency gains (losses) on cash equivalents |
8,243 |
|
(2,849 |
) |
Adjusted Free Cash Flow |
12,883 |
|
12,393 |
|
1 For the convenience of the reader, we have translated Euros
amounts at the noon buying rate of the Federal Reserve Bank on
March 31, 2023, which was €1.00 to $1.09.2 Non-IFRS financial
measure; see “Non-IFRS Financial Measures and Operating Metrics”
and accompanying tables for further explanations and
reconciliations of non-IFRS measures to IFRS measures.
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