Sportradar Reports Strong Financial Results for Q3 2023
Sportradar, a leading global sports technology company, has announced its financial results for the third quarter of 2023. The company reported a 12% increase in revenue to €201.0 million compared to the same period last year. The growth was seen across all segments, highlighting the strong performance of Sportradar in the industry.
Carsten Koerl, the Chief Executive Officer of Sportradar, expressed the company’s commitment to delivering value to its clients, partners, and shareholders. He mentioned that Sportradar is on track to achieve a strong growth year in 2023 and is well-positioned for continued momentum in 2024. Koerl also mentioned strategic initiatives that will strengthen the client-centric organization and focus on market opportunities.
Key Highlights for Q3 2023
During the third quarter of 2023, Sportradar achieved significant milestones. Here are the key highlights:
– Revenue increased by 12% to €201.0 million.
– Adjusted EBITDA for the period increased by 38% to €50.5 million.
– Adjusted EBITDA margin improved to 25%.
– Customer Net Retention Rate was 116%, demonstrating the company’s strength in cross-selling and upselling.
– Sportradar had total liquidity of €509.7 million, including cash and cash equivalents.
Reduction in Global Workforce
Sportradar has announced a reduction in its global workforce as part of broader strategic initiatives. This move is expected to streamline the company’s operating structure and improve product ROI and portfolio optimization. The reduction in labor costs is estimated to be around 10% and will contribute positively to future operating leverage.
Recent Company Highlights
Sportradar has achieved several milestones in recent months, solidifying its position in the industry. Some notable highlights include:
– Extension of partnership with BetMGM for official NBA data.
– Selection by the Taiwan Sports Lottery Company to power its Sports Lottery with a customized omnichannel sportsbook and player management solution.
– Extension of media rights partnership with NASCAR, including official betting data.
– Chosen by the Tennis Channel to power the launch of the network’s direct-to-consumer streaming platform.
Segment Information
Sportradar operates in different segments, each contributing to its overall success. Here is a breakdown of the performance of the reportable segments:
RoW Betting:
– Segment revenue increased by 11% to €112.2 million.
– Segment Adjusted EBITDA increased by 16% to €56.1 million.
RoW Audiovisual (AV):
– Segment revenue increased by 15% to €38.0 million.
– Segment Adjusted EBITDA increased by 5% to €13.3 million.
United States:
– Segment revenue increased by 11% to €35.1 million.
– Segment Adjusted EBITDA was €8.2 million, indicating strong improvement in operational leverage.
2023 Annual Financial Outlook
Sportradar has provided an updated outlook for its annual financials for 2023:
– Revenue is expected to be in the range of €870 million to €880 million, representing a year-on-year growth of 19% to 21%.
– Adjusted EBITDA is expected to be in the range of €162 million to €167 million, representing a year-on-year growth of 29% to 33%.
– Adjusted EBITDA margin is expected to be in the range of 18.4% to 19.2%.
For further details and a deeper analysis of Sportradar’s financial results, interested parties can access the conference call and webcast hosted by the company.
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