Sportradar Reports Fourth Quarter and Full Year 2024 Results and Announces Agreement to Acquire IMG Arena and Its Strategic Portfolio of Global Sports Betting Rights
Full Year 2024 Highlights
-- Revenue increased 26% to EUR1,107 million
-- Profit for the period of EUR34 million was in-line with prior year
-- Adjusted EBITDA1 increased 33% to EUR222 million and Adjusted EBITDA
margin1 expanded to 20.1%
-- Net cash from operating activities increased 36% to EUR353 million and
Free cash flow1 increased 133% to EUR118 million
-- Customer Net Retention Rate1 increased to 127%
-- Implemented $200 million share repurchase plan and purchased $20.3
million under the plan
-- Exceeded full year guidance for both revenue and Adjusted EBITDA
-- Acquired affiliate marketing assets of XLMedia PLC
Fourth Quarter 2024 Highlights
-- Revenue increased 22% to EUR307 million
-- Loss for the period of EUR1 million primarily due to foreign currency
fluctuations
-- Adjusted EBITDA1 increased 53% to EUR61 million and Adjusted EBITDA
margin1 expanded to 19.7%
-- Net cash generated from operating activities increased 57% to EUR82
million and Free cash flow1 decreased to a use of EUR4 million primarily
due to the timing of sport rights payments
-- Repurchased $5.7 million of shares under the share repurchase plan
ST. GALLEN, Switzerland, March 19, 2025 (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 fourth quarter ended December 31, 2024.
Carsten Koerl, Chief Executive Officer of Sportradar, said: "We are pleased with our strong execution in 2024, achieving record revenue, operating margins and free cash flow generation. Importantly, we continued to build on our key competitive advantages including enhancing the depth and breadth of our content portfolio and further innovating on our product offerings. On the content front, with the extension and expansion of our Major League Baseball partnership, we now have all our existing major rights locked in for an average of six years, providing us with great cost visibility. And with the announced agreement to acquire IMG ARENA's sports rights portfolio, we will further enhance our sports coverage in some of the most bet on sports globally. This past year we also grew our product offering, launching a number of award-winning products that expand our best-in class product suite and bring fans closer to their favorite sports. Importantly, as we grow our topline, we are at an inflection point for multi-year margin expansion and increasing cash flow, positioning us to deliver meaningful shareholder value for years to come."
FOURTH QUARTER AND FULL YEAR REVENUE BY PRODUCT GROUP
Revenue
Three-Month Period Ended Year Ended
December 31, December 31,
---------------------------------- -----------------------------------
in EUR
thousands
(unaudited) 2024 2023 Change % 2024 2023 Change %
-------------- ------- ------- ------- ------- --------- ------- -------
Revenue by
product
Betting &
Gaming
Content 191,783 147,747 44,036 30% 707,119 530,099 177,020 33%
Managed
Betting
Services 55,145 55,870 (725) (1)% 199,871 173,391 26,480 15%
------- ------- ------ --- --------- ------- -------
Betting
Technology &
Solutions 246,928 203,617 43,311 21% 906,990 703,490 203,500 29%
Marketing &
Media
Services 44,282 36,445 7,837 22% 146,919 126,629 20,290 16%
Sports
Performance 11,051 10,608 443 4% 40,366 39,758 608 2%
Integrity
Services 4,809 1,916 2,893 151% 12,281 7,744 4,537 59%
------- ------- ------ --- --------- ------- -------
Sports Content,
Technology &
Services 60,142 48,969 11,173 23% 199,566 174,131 25,435 15%
------- ------- ------ --- --------- ------- -------
Total Revenue 307,070 252,586 54,484 22% 1,106,556 877,621 228,935 26%
======= ======= ====== === ========= ======= =======
Revenue by
geography
Rest of World 232,298 199,738 32,560 16% 843,791 711,613 132,178 19%
United States 74,772 52,848 21,924 41% 262,765 166,008 96,757 58%
------- ------- --------- -------
Total Revenue 307,070 252,586 1,106,556 877,621
======= ======= ========= =======
FULL YEAR FINANCIAL RESULTS
Revenue
Total revenue for the full year was EUR1,107 million, up EUR229 million, or 26% year-over-year driven by 29% growth in Betting Technology & Solutions and 15% growth in Sports Content, Technology & Services.
Betting Technology & Solutions revenues of EUR907 million were up 29% year-over-year primarily driven by a 33% increase in Betting & Gaming Content benefiting from existing and new customer uptake of products and premium pricing from NBA and new ATP product offerings, as well as from overall strong U.S. market growth. Managed Betting Services of EUR200 million were up 15% driven by strong growth in Managed Trading Services from higher trading margins and increased betting activity from existing and new clients.
Sports Content, Technology & Services revenues of EUR200 million increased 15% year-over-year primarily driven by 16% growth in Marketing & Media Services with strength in both European and North American ad:s revenue, with a variety of sportsbooks investing in marketing campaigns during the year.
The Company generated strong revenue growth globally with Rest of World up 19% and the United States up 58%. As a percentage of total Company revenues, United States revenue represented 24% of total Company revenue for the full year as compared to 19% in the prior year due to continued market growth, additional customer uptake of our products and premium pricing.
Profit for the period
Profit for the full year was EUR34 million, in line with the prior year. The strong operating results were primarily offset by a foreign currency loss of EUR38 million for the full year compared to a EUR23 million gain last year, due to unrealized currency fluctuations associated with the U.S. dollar-denominated sport rights. The current year also included higher financing costs due primarily to our new ATP, NBA and Bundesliga partnership deals, as well as an income tax benefit of EUR11 million driven primarily by the recognition of deferred tax assets.
Adjusted EBITDA
Full year Adjusted EBITDA was EUR222 million, up EUR56 million, or 33% compared to EUR167 million in the prior year. The increase was largely driven by the 26% revenue growth, partially offset by increased sport rights costs primarily related to the NBA and ATP partnership deals, higher purchased services driven by investments in developing our product portfolio and increased personnel expenses primarily due to headcount growth and a higher bonus accrual in the current year.
FOURTH QUARTER FINANCIAL RESULTS
Revenue
Total revenue for the fourth quarter was EUR307 million, up EUR54 million, or 22% year-over-year driven by 21% growth in Betting Technology & Solutions and 23% growth in Sports Content, Technology & Services.
Betting Technology & Solutions revenues of EUR247 million were up 21% year-over-year primarily driven by a 30% increase in Betting & Gaming Content benefiting from existing and new customer uptake of our products and premium pricing, led by the addition of new ATP content, as well as from overall strong U.S. market growth. Managed Betting Services revenues of EUR55 million were down 1% as strong growth in Managed Trading Services from higher trading margins and increased betting activity from existing and new clients was more than offset by the impact a year ago from the one-time initial setup revenues related to hardware deliveries for the new Taiwan Lottery deal.
Sports Content, Technology & Services revenues of EUR60 million increased 23% year-over-year primarily driven by 22% growth in Marketing & Media Services with strength in both European and North American ad:s revenue as several sportsbooks invested in marketing campaigns during the quarter.
The Company generated strong revenue growth globally with Rest of World up 16% and the United States up 41%. As a percentage of total Company revenues, United States revenue represented 24% of total Company revenue in the fourth quarter as compared to 21% in the prior year quarter due to continued market growth, additional customer uptake of our products and premium pricing.
Customer Net Retention Rate of 127% increased sequentially and from prior year demonstrating our ability to cross sell and up sell to our clients, as well as the market growth in the United States.
Loss for the period
Loss for the period was EUR1 million, down EUR24 million, compared to profit of EUR23 million in the same quarter a year ago, as the strong operating results were more than offset primarily by a foreign currency loss of EUR38 million in the quarter as compared to a EUR27 million gain last year, due to unrealized currency fluctuations mainly associated with the U.S. dollar-denominated sport rights. The current quarter also included higher financing costs due primarily to our new ATP and Bundesliga partnership deals, as well as an income tax benefit of EUR20 million driven primarily by the recognition of deferred tax assets.
Adjusted EBITDA
Fourth quarter Adjusted EBITDA was EUR61 million, up EUR21 million, or 53% compared to EUR40 million in the same quarter a year ago. The increase was largely driven by the 22% revenue growth, partially offset by increased sport rights costs primarily related to the ATP partnership deal, higher purchased services driven by investments in developing our product portfolio and increased personnel expenses primarily due to headcount growth and a higher bonus accrual in the current year.
Additional Business Highlights
-- Announced the extension and expansion of our partnership with Major
League Baseball ("MLB") for 8 years, beginning with the 2025 season.
Sportradar will exclusively distribute ultra-low latency official MLB
data, media content, including MLB Statcast Data, and audiovisual content
across our global client network. Additionally, Sportradar and MLB will
collaborate on the creation of AI-driven products powered by player
tracking data to create immersive, hyper-personalized fan experiences.
-- Announced the extension and expansion of our partnership with UEFA
covering all UEFA Club and National team competitions, which includes
over 900 high-profile matches, a 33% increase from the previous
agreement.
-- Announced a new long-term partnership with UTR Sports for the UTR Pro
Tennis tour, the top tennis tour for rising professionals. Tennis is the
second most bet on sport and UTR provides Sportradar with a consistently
high volume of tennis matches throughout the year.
-- In partnership with the NBA, launched a suite of next generation products
and solutions for the 2024 - 2025 season including 4Sight Streaming,
emBET, Live Match Tracker and advanced visualizations.
-- Introduced micro markets for ATP tennis and basketball, expanding this
cutting-edge product to tennis from other popular sports such as soccer
and table tennis.
-- Enhanced ad:s marketing services providing the most comprehensive 360
degree solution for customers with the launches of new channels including
paid search and audio, and the addition of affiliate marketing
capabilities through XLMedia.
-- Opened an office in São Paulo, Brazil, marking a major milestone in
Sportradar's strategic expansion into that country and across Latin
America.
Balance Sheet and Liquidity
The Company's cash and cash equivalents were EUR348 million as of December 31, 2024 as compared with EUR277 million as of December 31, 2023. The increase was primarily driven by net cash generated from operating activities of EUR353 million due to strong operating performance, partially offset by net cash used in investing activities of EUR255 million, primarily from the acquisition of additional sport rights, most notably its new NBA and ATP deals, and the acquisition of assets of XLMedia, and from net cash used in financing activities of EUR37 million, due primarily to share repurchases. Free cash flow for the year ended December 31, 2024 was EUR118 million, an increase of EUR67 million from EUR50 million in the same period a year ago.
Including its undrawn credit facility, the Company had total liquidity of EUR568 million at December 31, 2024 as compared to EUR497 million as of December 31, 2023, and no debt outstanding.
2025 Annual Financial Outlook
Sportradar is targeting fiscal 2025 outlook as follows:
-- Revenue of at least EUR1,273 million, representing year-on-year growth of
at least 15%
-- Adjusted EBITDA of at least EUR281 million, representing year-on-year
growth of at least 26%
-- Adjusted EBITDA margin expansion of at least 200 basis points
-- Free cash flow conversion1 rate above the 2024 level of 53%
The 2025 guidance does not include any impact from the pending acquisition of IMG ARENA given the uncertainty around the timing of close. Guidance will be updated to incorporate the uplift resulting from this acquisition upon closing.
Share Repurchase Plan
In March 2024, the Board of Directors approved a $200 million share repurchase plan and commenced purchases during the second quarter. During the quarter ended December 31, 2024, the Company repurchased approximately 467 thousand shares for a total of $5.7 million. For the full year 2024, the Company repurchased 1.8 million shares under the plan for a total of approximately $20.3 million.
Subsequent Event
This morning, Sportradar announced it has entered into a definitive agreement with Endeavor Group Holdings, Inc. to acquire IMG ARENA and its global sports betting rights portfolio. IMG ARENA's portfolio will enhance Sportradar's content and product offering and further strengthen its strategic position as a leading content provider in the most bet upon global sports, including tennis, soccer and basketball. Under terms of the agreement, IMG ARENA will provide financial consideration totaling $225 million (subject to customary purchase price adjustments), comprised of $125 million cash paid to Sportradar and up to $100 million cash prepayments made to certain of the sports rightsholders. Sportradar will not be required to pay any financial consideration to the Endeavor Group.
With its highly scalable technology platform and extensive client network, Sportradar will seamlessly integrate and monetize these rights, driving incremental value for clients, partners and shareholders. This addition will further accelerate Sportradar's robust revenue, adjusted EBITDA and free cash flow growth and will be immediately accretive to adjusted EBITDA margins.
IMG's portfolio of global betting rights comprises strategic relationships with over 70 rightsholders covering approximately 39,000 official data events and 30,000 streaming events across 14 global sports on six continents. Prominent properties include Wimbledon, U.S. Open, Roland-Garros, Major League Soccer, EuroLeague basketball, and PGA Tour, amongst others.
The transaction is subject to customary closing conditions, including regulatory approvals, and is currently expected to close in the fourth quarter of 2025. For additional details regarding this transaction, please refer to the press release which is available on the Sportradar investor relations website at https://investors.sportradar.com/.
Conference Call and Webcast Information
Sportradar will host a conference call to discuss the fourth quarter and full year 2024 results today, March 19, 2025, at 8:30 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
_______________________________________________________________________
(1) Non-IFRS measure. See the sections captioned "Non-IFRS Financial Measures and Operating Metric" and "IFRS to Non-IFRS reconciliations" for more details.
CONTACT:
Investor Relations:
Jim Bombassei
j.bombassei@sportradar.com
Media:
Sandra Lee
sandra.lee@sportradar.com
Non-IFRS Financial Measures and Operating Metric
We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted purchased services, Adjusted personnel expenses, Adjusted other operating expenses, Free cash flow, and Free cash flow conversion, as well as our operating metric, Customer 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 capitalized sport rights licenses), 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), and professional fees for the Sarbanes-Oxley Act of 2002 and
enterprise resource planning implementations.License fees relating to
sport rights are a key component of how we generate revenue and one of
our main operating expenses. 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. As such, our presentation of
Adjusted EBITDA reflects the full costs of our sport right's licenses.
Management believes that, by including 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 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.The
Company is unable to provide a reconciliation of Adjusted EBITDA margin
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.
We present Adjusted purchased services, Adjusted personnel expenses, and Adjusted other operating expenses (together, "Non-IFRS expenses") because management utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of expenses. Management believes these adjusted expense measures provide expanded insight to assess revenue and cost performance, in addition to the standard IFRS-based financial measures. Management believes these adjusted expense measures are useful to investors for evaluating Sportradar's operating performance against competitors. However, Sportradar's calculation of adjusted expense measures may not be comparable to other similarly titled performance measures of other companies. These adjusted expense measures are not intended to be a substitute for any IFRS financial measure.
-- "Adjusted purchased services" represents purchased services less
capitalized external development costs.
-- "Adjusted personnel expenses" represents personnel expenses less
share-based compensation awarded to employees, management restructuring
costs, and capitalized personnel compensation.
-- "Adjusted other operating expenses" represents other operating expenses
plus impairment loss on trade receivables, less non-routine litigation,
share-based compensation awarded to third parties, and certain
professional fees.
We consider Free cash flow and Free cash flow conversion to be liquidity measures that provide useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, the purchase of intangible assets and payment of lease liabilities, which can then be used, among other things, to invest in our business and make strategic acquisitions, as well as our ability to convert our earnings to cash. A limitation of the utility of Free cash flow and Free cash flow conversion as measures of liquidity is that they do not represent the total increase or decrease in our cash balance for the year.
-- "Free cash flow" represents net cash from operating activities adjusted
for payments for lease liabilities, acquisition of property and equipment,
and acquisition of intangible assets.
-- "Free cash flow conversion" represents Free cash flow as a percentage of
Adjusted EBITDA.
In addition, we define the following operating metric as follows:
-- "Customer 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.
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 our guidance and outlook, including expected performance for the full year 2025. 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 such as acts or war or terrorism and foreign exchange rate fluctuations; pandemics 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, including efficiencies achieved through the use of artificial intelligence; 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; difficulties in our ability to evaluate, complete and integrate acquisitions (including the IMG ARENA acquisition) successfully; 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 AG
CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Unaudited)
Three-Month Period
Ended Year Ended
------------------- -----------------------
December December
in EUR'000 and in December 31, December 31,
thousands of shares 31, 2024 2023(1) 31, 2024 2023(1)
-------------------------- --------- -------- ---------- -----------
Continuing operations
Revenue 307,070 252,586 1,106,556 877,621
Personnel expenses (93,002) (88,808) (349,669) (326,031)
Sport rights expenses
(including amortization
of capitalized sport
rights licenses) (102,574) (75,112) (352,435) (214,189)
Purchased services (50,016) (48,055) (175,582) (151,705)
Other operating expenses (26,149) (24,443) (93,537) (89,443)
Impairment loss on trade
receivables, contract
assets and other
financial assets (2,226) (1,652) (5,699) (6,179)
Internally-developed
software cost
capitalized 13,822 8,636 50,008 28,301
Depreciation and
amortization (excluding
amortization of
capitalized sport rights
licenses) (13,181) (12,879) (50,782) (46,344)
Share of loss of
equity-accounted
investee -- -- -- (3,699)
Loss on disposal of
equity-accounted
investee -- 14 -- (13,604)
Impairment loss on
goodwill and intangible
assets (167) -- (167) (9,854)
Foreign currency (loss)
gain, net (38,311) 26,919 (38,223) 23,205
Finance income 4,265 3,067 10,952 12,848
Finance costs (20,884) (16,059) (78,870) (33,731)
-------- ------- --------- --------
Net (loss) income before
tax from continuing
operations (21,353) 24,214 22,552 47,196
Income tax benefit
(expense) 20,048 (1,027) 11,060 (12,551)
-------- ------- --------- --------
(Loss) profit for the
period from continuing
operations (1,305) 23,187 33,612 34,645
Discontinued operations
Loss from discontinued
operations -- (300) -- (751)
-------- ------- --------- --------
(Loss) profit for the
period (1,305) 22,887 33,612 33,894
======== ======= ========= ========
Other comprehensive income
Items that will not be
reclassified subsequently
to profit or (loss)
Remeasurement of defined
benefit liability (139) (786) (141) (874)
Related deferred tax
expense 28 119 26 130
-------- ------- --------- --------
(111) (667) (115) (744)
Items that may be
reclassified subsequently
to profit or (loss)
Foreign currency
translation adjustment
attributable to the
owners of the company 8,789 (6,716) 11,109 (3,654)
Foreign currency
translation adjustment
attributable to
non-controlling
interests 193 (20) 188 (37)
-------- ------- --------- --------
8,982 (6,736) 11,297 (3,691)
-------- ------- --------- --------
Other comprehensive (loss)
income for the period, net
of tax 8,871 (7,403) 11,182 (4,435)
-------- ------- --------- --------
Total comprehensive income
for the period 7,566 15,484 44,794 29,459
======== ======= ========= ========
Profit (loss) attributable
to:
Owners of the Company (1,088) 23,409 34,150 34,655
Non-controlling interests (217) (522) (538) (761)
-------- ------- --------- --------
(1,305) 22,887 33,612 33,894
======== ======= ========= ========
Total comprehensive income
(loss) attributable to:
Owners of the Company 7,590 16,027 45,144 30,257
Non-controlling interests (24) $(543.SI)$ (350) (798)
-------- ------- --------- --------
7,566 15,484 44,794 29,459
======== ======= ========= ========
Profit per Class A share
attributable to owners of
the Company
Basic 0.00 0.08 0.11 0.12
Diluted 0.00 0.07 0.10 0.11
Profit per Class B share
attributable to owners of
the Company
Basic 0.00 0.01 0.01 0.01
Diluted 0.00 0.01 0.01 0.01
Weighted-average number of
shares
Weighted-average number
of Class A shares
(basic) 209,549 209,822 210,269 207,517
Weighted-average number
of Class A shares
(diluted) 228,197 228,050 227,480 226,646
Weighted-average number
of Class B shares (basic
and diluted) 903,671 903,671 903,671 903,671
(1 - Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to 'Change in presentation related to sport rights expenses' section) (below for) (further information.)
SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Unaudited)
December 31, December 31,
in EUR'000 2024 2023
------------ --------------
Assets
Current assets
Cash and cash equivalents 348,357 277,174
Trade receivables 77,106 71,246
Contract assets 93,562 60,869
Other assets and prepayments 46,601 33,252
Income tax receivables 7,624 6,527
----------- -----------
Total current assets 573,250 449,068
----------- -----------
Non-current assets
Property and equipment 66,240 72,762
Intangible assets and goodwill 1,607,057 1,697,331
Other financial assets and other
non-current assets 11,718 11,806
Deferred tax assets 36,376 16,383
----------- -----------
Total non-current assets 1,721,391 1,798,282
----------- -----------
Total assets 2,294,641 2,247,350
=========== ===========
Liabilities and equity
Current liabilities
Loans and borrowings 10,022 9,586
Trade payables 259,742 259,667
Other liabilities 68,271 55,724
Contract liabilities 30,200 26,595
Income tax liabilities 5,599 4,542
----------- -----------
Total current liabilities 373,834 356,114
----------- -----------
Non-current liabilities
Loans and borrowings 36,697 40,559
Trade payables 895,679 908,499
Contract liabilities 37,711 39,526
Other non-current liabilities 1,830 8,500
Deferred tax liabilities 19,043 21,315
----------- -----------
Total non-current liabilities 990,960 1,018,399
----------- -----------
Total liabilities 1,364,794 1,374,513
=========== ===========
Equity
Ordinary shares 27,551 27,421
Treasury shares (18,813) (2,322)
Additional paid-in capital 668,254 653,840
Retained earnings 221,942 173,629
Other reserves 26,220 15,226
----------- -----------
Equity attributable to owners of the
Company 925,154 867,794
----------- -----------
Non-controlling interest 4,693 5,043
----------- -----------
Total equity 929,847 872,837
----------- -----------
Total liabilities and equity 2,294,641 2,247,350
=========== ===========
SPORTRADAR GROUP AG
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Year Ended
December 31, December 31,
in EUR'000 2024 2023(1)
----------------------------------------- ------------ --------------
OPERATING ACTIVITIES:
Profit for the period 33,612 33,894
Adjustments to reconcile profit for the
period to net cash provided by operating
activities:
Income tax (benefit) expense (11,060) 12,551
Interest income (9,285) (7,683)
Interest expense 77,470 31,451
Other financial income (267) (2,885)
Foreign currency loss (gain), net 38,223 (23,205)
Depreciation and amortization (excluding
amortization of capitalized sport
rights licenses) 50,782 46,344
Amortization of capitalized sport rights
licenses 233,945 160,018
Impairment losses on goodwill and
intangible assets 167 9,854
Equity-settled share-based payments 39,187 41,177
Share of loss of equity-accounted
investee -- 3,699
Loss on disposal of equity-accounted
investee -- 13,604
Other (13,231) (3,790)
----------- -----------
Cash flow from operating activities before
working capital changes, interest and
income taxes 439,543 315,029
----------- -----------
Increase in trade receivables, contract
assets, other assets and prepayments (48,532) (16,100)
Decrease (increase) in trade and other
payables, contract and other
liabilities 40,957 (1,477)
----------- -----------
Changes in working capital (7,575) (17,577)
----------- -----------
Interest paid (76,384) (30,528)
Interest received 9,333 7,677
Income taxes paid, net (11,906) (15,956)
----------- -----------
Net cash from operating activities 353,011 258,645
----------- -----------
INVESTING ACTIVITIES:
Acquisition of intangible assets (222,288) (185,493)
Acquisition of property and equipment (5,367) (14,786)
Acquisition of subsidiaries, net of cash
acquired (27,060) (12,844)
Acquisition of financial assets -- (3,716)
Proceeds from disposal of
equity-accounted investee -- 15,172
Change in loans receivable and deposits (168) (423)
----------- -----------
Net cash used in investing activities (254,883) (202,090)
----------- -----------
FINANCING ACTIVITIES:
Payment of lease liabilities (7,830) (7,983)
Purchase of treasury shares (28,725) (9,022)
Principal payments on bank debt (150) (620)
Change in bank overdrafts (46) (7)
----------- -----------
Net cash used in financing activities (36,751) (17,632)
----------- -----------
Net increase in cash 61,377 38,923
Cash and cash equivalents at beginning of
period 277,174 243,757
Effects of movements in exchange rates 9,806 (5,506)
----------- -----------
Cash and cash equivalents at end of period 348,357 277,174
=========== ===========
(1 - Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to 'Change in presentation related to sport rights expenses' section) (below for) (further information.)
Change in presentation related to sport rights expenses
During the third quarter of 2024, the Company changed the presentation of expenses related to sport rights in its Statement of profit or loss and other comprehensive income. Previously, these expenses were split between 'Purchased services and licenses (excluding depreciation and amortization)', representing the portion of related sport rights expenses which were not eligible for capitalization and 'Depreciation and amortization', representing the portion of related sport rights expenses which were capitalized. However, the expenses are now combined and presented under a new line item titled 'Sport rights expenses (including amortization of capitalized licenses)'. This has also resulted in a change in presentation in the cash flow statement, removing the lines 'Amortization and impairment of intangible assets', and 'Depreciation of property equipment' and replacing them with 'Amortization of capitalized sport rights licenses', 'Depreciation and amortization (excluding amortization of capitalized sport rights licenses)', and 'Impairment losses on goodwill and intangible assets'. Certain prior year amounts have been reclassified for consistency with the current year presentation. See below for detail of these amounts.
The change in presentation intends to provide more relevant and reliable information to the users of our financial statements. This reclassification aligns the presentation of sport rights expenses with the nature of the costs and the way they are managed internally.
There is no change to the Company's disclosures, measurement or recognition of non-capitalized costs and capitalized sport rights licenses in accordance with IAS 38 Intangible Assets reported in its Annual Report on Form 20-F for the year ended December 31, 2023.
The following table shows the reclassification of sport rights expenses in the consolidated statement of profit or loss and other comprehensive income (unaudited) as described above:
Three-Month Period Ended Year Ended
December 31, 2023 December 31, 2023
----------------------------------------------- --------------------------------------------
Previously Currently Previously Currently
in EUR'000 reported Reclassifications(1) reported reported Reclassifications reported
------------------------ ------------ ---------------------- --------- ---------- ------------------- -----------
Purchased services and
licenses (excluding
depreciation and
amortization)(2) (57,836) 9,781 (48,055) (205,876) 54,171 (151,705)
Depreciation and
amortization (78,210) 65,331 (12,879) (206,362) 160,018 (46,344)
Sport rights expenses -- (75,112) (75,112) -- (214,189) (214,189)
(1 Approximately) (EUR2.6 million of sport rights expenses has been reclassified from amortization to purchased services and licenses for the three-month period ended December 31,) (2023) (as previously reported in the Company's Form 6-K dated March 20, 2024.)
(2) - This line is now "Purchased services" in the consolidated statement of profit or loss and other comprehensive income (unaudited)
The following table shows the reclassifications of the related amounts in the consolidated statement of cash flows (unaudited) as described above:
Year Ended
December 31, 2023
----------------------------------------
Previously Currently
in EUR'000 reported Reclassifications reported
--------------------------- ---------- ----------------- ---------
Amortization and impairment
of intangible assets 201,620 (201,620) --
Depreciation of property and
equipment 14,596 (14,596) --
Amortization of capitalized
sport rights licenses -- 160,018 160,018
Depreciation and
amortization (excluding
amortization of capitalized
sport rights licenses) -- 46,344 46,344
Impairment losses on
goodwill and intangible
assets -- 9,854 9,854
Net cash from operating
activities 258,645 -- 258,645
Additional disclosures related to sport rights expenses
The following table shows the composition of sport rights expenses (unaudited):
Three-Month Period Ended Year Ended
------------------------ -------------------------
December December December December 31,
in EUR'000 31, 2024 31, 2023 31, 2024 2023
----------- ------------
Non-capitalized
sport right
expenses 35,232 12,425 118,490 54,171
Amortization of
capitalized
sport rights 67,342 62,687 233,945 160,018
----------- ----------- ----------- ------------
Total sport
rights expenses 102,574 75,112 352,435 214,189
=========== =========== =========== ============
IFRS to Non-IFRS Reconciliations
The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is Profit for the period from continuing operations (unaudited):
Three-Month Period
Ended Year Ended
------------------ --------------------
December December December
31, 31, 31, December
in EUR'000 2024 2023 2024 31, 2023
-------------------------- -------- -------- -------- ----------
Profit for the period from
continuing operations (1,305) 23,187 33,612 34,645
Finance income (4,265) (3,067) (10,952) (12,848)
Finance costs 20,884 16,059 78,870 33,731
Depreciation and
amortization (excluding
amortization of
capitalized sport rights
licenses) 13,181 12,879 50,782 46,344
Foreign currency (gain)
loss, net 38,311 (26,919) 38,223 (23,205)
Share-based compensation 12,680 8,283 37,775 39,712
Management restructuring
costs -- 8,005 1,620 8,005
Non-routine litigation
costs 989 -- 3,381 --
Share of loss of
equity-accounted
investee -- -- -- --
Loss on disposal of
equity-accounted
investee -- (14) -- 17,303
Impairment loss on
goodwill and intangible
assets 167 -- 167 9,854
Impairment loss on other
financial assets -- -- -- 202
Professional fees for SOX
and ERP implementations -- 101 -- 505
Income tax expense
(benefit) (20,048) 1,027 (11,060) 12,551
------- ------- ------- -------
Adjusted EBITDA 60,594 39,541 222,418 166,799
======= ======= ======= =======
The most directly comparable IFRS measure of Adjusted EBITDA margin is Profit for the period from continuing operations as a percentage of revenue as disclosed below (unaudited):
Three-Month Period Ended Year Ended
------------------------ ----------------------------
December December 31, December 31, December 31,
in EUR'000 31, 2024 2023 2024 2023
----------- --------- ------------- ------------- -------------
(Loss)
profit for
the period
from
continuing
operations (1,305) 23,187 33,612 34,645
Revenue 307,070 252,586 1,106,556 877,621
-------- --------- --------- ---------
(Loss)
profit for
the period
from
continuing
operations
as a
percentage
of revenue (0.4)% 9.2% 3.0% 3.9%
========= ========= ========= =========
The most directly comparable IFRS measure of Free cash flow is Net cash from operating activities, and the most directly comparable IFRS measure of Free cash flow conversion is Net cash from operating activities conversion, which is measured Net cash from operating activities as a percentage of Profit for the period from continuing operations. Calculations for these measures are disclosed below (unaudited):
Three-Month Period Ended
-------------------------------
December 31, December 31,
in EUR'000 2024 2023(1)
-------------------------------------- --------------- --------------
Net cash from operating activities 82,157 52,197
Acquisition of intangible assets (82,123) (40,408)
Acquisition of property plant and
equipment (2,277) (9,148)
Payment of lease liabilities (1,932) (3,050)
-------------- -----------
Free cash flow (4,175) (409)
============== ===========
Year Ended
------------------------------
December 31, December 31,
in EUR'000 2024 2023(1)
----------------------------------------- -------------- --------------
Net cash from operating activities 353,011 258,645
Acquisition of intangible assets (222,288) (185,493)
Acquisition of property plant and
equipment (5,367) (14,786)
Payment of lease liabilities (7,830) (7,983)
---------- ----------
Free cash flow 117,526 50,383
========== ==========
Net cash from operating activities
conversion 1,050% 747%
Free cash flow conversion 53% 30%
The following tables show reconciliations of IFRS expenses included in profit for the period from continuing operations to expenses included in Adjusted EBITDA (unaudited):
Three-Month Period
Ended Year Ended
-------------------- -----------------------
December
December 31, December December 31,
in EUR'000 31, 2024 2023(1) 31, 2024 2023(1)
---------------- --------- --------- --------- ------------
Purchased
services 50,016 48,055 175,582 151,705
Less:
capitalized
external
services (5,858) (2,287) (21,616) (6,528)
-------- -------- -------- ---------
Adjusted
purchased
services 44,158 45,768 153,966 145,177
======== ======== ======== =========
Personnel
expenses 93,002 88,808 349,669 326,031
Less:
share-based
compensation (13,384) (10,115) (40,460) (40,776)
Less:
management
restructuring -- (8,005) (1,620) (8,005)
Less:
capitalized
personnel
compensation (7,032) (4,280) (24,775) (19,703)
-------- -------- -------- ---------
Adjusted
personnel
expenses 72,586 66,408 282,814 257,547
======== ======== ======== =========
Other operating
expenses 26,149 24,443 93,537 89,443
Less:
non-routine
litigation (989) -- (3,381) --
Less:
share-based
compensation (228) (237) (932) (1,006)
Less: other -- (101) -- (707)
Add: impairment
loss on trade
receivables 2,226 1,652 5,699 6,179
-------- -------- -------- ---------
Adjusted other
operating
expenses 27,158 25,757 94,923 93,909
======== ======== ======== =========
(END) Dow Jones Newswires
March 19, 2025 07:00 ET (11:00 GMT)
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