Sportradar Exceeds Expectations with 23% Revenue Boost
Nasdaq-listed, leading international technology company and provider of business-to-business sports betting announced its financial results for Q2. The quarter that ended on June 30 recorded a 23% overall increase in revenue and a 66% boost in revenue in the US segment. The numbers exceeded the company’s expectations, according to chief executive officer Carsten Koerl. EBITDA in Q2 dropped 13% compared to the same quarter in 2021.
Sportradar, Confident About the Momentum
Koerl added that the company was confident about the momentum they had built in their business which has helped them beef up their revenue guidance in 2022. Sportradar’s CEO also mentioned the “strong cash flow generation” and the company’s decision to pay down around half of its outstanding debt, further expressing that the company will remain “as confident as ever in the leverage and scalability” of the business. Sportradar is also ready to keep delivering good results in spite of the challenging times laying ahead.
Strong Growth Аcross All Segments Triggered Rise in Revenue
The company’s revenue in Q2 reached €177.2 million ($186 million) compared with €143.6 million ($146 million) in Q2 2021. The growth was generated by strong growth across all of the provider’s business segments. Special emphasis was put on the US market’s revenue growth by 66%, reaching the €29.1 million ($30.5 million) mark compared to €17.5 million ($17.8 million) in the second quarter of last year.
The company’s cash and cash equivalents reached €715.6 million ($728 million) at the end of June, with total liquidity of €825.6 million ($840 million). The adjusted EBITDA in Q2 went down to €27.6 million ($28.9 million) compared with €31.6 million ($32.1 million) in Q2 2021.
The decrease was associated with a series of renowned sports rights contracts and costs related to extra organic and inorganic headcount growth. The war in Ukraine was also a determining factor for the adjusted EBITDA.
Chief Financial Officer to Step Down
Sportradar’s chief financial officer Alex Gersh has accepted a new position in the US, which means he will be stepping down from the company. Gersh’s “many contributions to Sportradar” were also mentioned by Koerl, along with the announcement that the company was currently seeking a new CFO. In the meanwhile, Ulrich Harmuth will be taking over as the new interim CFO. Ulrich first joined Soportradar in 2013 and he has been filling in the company’s chief strategy officer position since 2020. He is also a member of the management team that supervises corporate development activities. His leadership is expected to sustain the company’s growth and the ongoing execution of its financial goals.
In May, Sportradar also announced its strong revenue growth for the first quarter of the year was offset by a series of expenses.
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