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
that Gerard Griffin, the Company’s Chief Financial Officer, will
participate in the following two conferences in September:
- Citi’s 2023 Global Technology
Conference at the Hilton Midtown hotel in New York City on
Wednesday, September 6, 2023. Sportradar will host investor
meetings during the conference.
-
Bank of America’s Annual Gaming and Lodging Conference at the Bank
of America Tower in New York City on September 7, 2023. Sportradar
will host investor meetings during the conference.
Sportradar is reaffirming its annual outlook
range provided on August 9, 2023 for revenue and Adjusted
EBITDA1 for fiscal 2023 as follows:
-
Revenue in the range of €902.0 million to €920.0 million,
representing growth of 24% to 26% over fiscal 2022.
-
Adjusted EBITDA1 in a range of €157.0 million to €167.0
million, representing 25% to 33% growth versus last year.
-
Adjusted EBITDA margin1 in the range of 17% to 18%.
Sportradar is also providing additional guidance
on the relative weighting of revenue and Adjusted EBITDA1 in the
third and fourth quarters of fiscal 2023 as follows:
-
Third quarter 2023 should represent approximately 43% of our second
half revenue and 52% of our second half Adjusted EBITDA1.
-
Fourth quarter 2023 should represent approximately 57% of our
second half revenue and 48% of our second half Adjusted
EBITDA1.
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:Christin Armacost, CFA,
Manager Investor Relationsinvestor.relations@sportradar.com
Media: Sandra
Lee, EVP of Global Communicationspress@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 and Adjusted EBITDA margin. 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
for the period from continuing operations adjusted for share based
compensation, depreciation and amortization (excluding amortization
of sports rights), impairment loss on other financial assets,
remeasurement of previously held equity-accounted investee,
non-routine litigation costs, professional fees for SOX and ERP
implementations, one-time charitable donation for Ukrainian relief
activities, share of loss of equity-accounted investee (SportTech
AG), loss on disposal 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.
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 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,” “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;
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.
1 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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