Revealing its Q2 2023 results, sports technology company Sportradar claimed to be "on track to deliver record annual revenue." Revenue in the quarter ending June 30 was up 22% against the previous year at €216.4m, with growth across all segments.
The company’s Adjusted EBITDA margin increased 300bps from the previous year’s Q2, from 16% to 19%.
“We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the company’s history,” the Chief Executive Officer for Sportradar, Carsten Koerl, said.
“We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”
Second Quarter 2023 Financial Highlights:
- Revenue in the second quarter of 2023 increased 22% to €216.4 million compared with the second quarter of 2022 with growth across all segments.
- The company’s customer net retention ratio (NRR) remained at 120% in the second quarter of 2023 compared with the first quarter of 2023, demonstrating the company’s strength in cross selling and upselling to its clients.
- Total profit from continuing operations, which included an €8 million one-time loss on disposal of an equity investment, decreased €22.8 million compared with the same quarter last year. The primary driver for the decrease was a net negative impact from foreign exchange rates. The company’s adjusted EBITDA1 for the same period increased 46% to €40.1 million compared with the second quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
- Total profit from continuing operations as a percentage of revenue for the second quarter of 2023 was 0% compared with 13% for the same quarter last year. Adjusted EBITDA margin1 was 19% in the second quarter of 2023, an increase of almost 300 bps compared with 16% in the prior year period.
- As of June 30, 2023, Sportradar had total liquidity of €484 million including cash and cash equivalents of €264 million and an undrawn credit facility of €220 million.
Regarding the annual financial outlook, the company highlights:
- Sportradar reaffirmed its annual outlook range provided on March 15, 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%.
Source: GMB
