Sportradar’s revenue in the first three months of the year increased 28% year-on-year, with widespread strength across the product portfolio.
In a press release, the company announced its financial results for the first quarter ended March 31, 2024.
First Quarter 2024 Financial Highlights
- Revenue for the current quarter was €265.9 million, an increase of 28% year-on-year, with widespread strength across the product portfolio.
- Within our new revenue groups, Technology and Betting Solutions revenues were €218.8 million, an increase of 35% compared to the previous year, and Content, Technology and Sports Solutions revenues were €47. 1 million euros, an increase of 5% compared to the previous year. Betting Technology and Solutions and Sports Content, Technology and Solutions represented 82% and 18% of total revenue, respectively.
- From a geographic perspective, the Rest of the World grew 19 percent and accounted for 75 percent of total revenues, while the US grew 65 percent and accounted for 25 percent of total revenues.
- Adjusted EBITDA (non-IFRS) for the current quarter was €47.2 million, an increase of 29% year-on-year, mainly due to strong revenue growth and operational efficiencies that offset higher operating costs. sporting rights.
Total liquidity reaches almost €500 million
- The company’s loss as a percentage of revenue in the current quarter was minimal. Because the profit percentage of revenue was 3% in the same quarter last year. Adjusted EBITDA margin (non-IFRS) was 18%, a slight improvement compared to the same quarter last year.
- The company’s net customer retention rate (NRR) (non-IFRS) was 116% in Q1 2024. But in Q4 FY 2023 that number was 111%. Which demonstrates the company’s strength in cross-selling and upselling to its customers.
- As of March 31, 2024, the company had total liquidity of 494.6 million euros. A higher volume compared to 459.6 million euros on March 31, 2023.
- The company expects to begin purchases under its $200 million share repurchase program. But only from the opening of the next trading window.
- The company raised its outlook for the year 2024. Therefore, it now expects to deliver at least 21% annual growth in revenue and Adjusted EBITDA (non-IFRS).
Recent highlights from Sportradar
- The company announced key additions to its leadership team, naming Craig Felenstein as chief financial officer effective June 1. To take care of the AI part, Behshad Behzadi, as the company’s technology director and director of artificial intelligence.
- Signed an extension of the company’s partnership with the Chinese Men’s Professional Basketball League (CBA). The goal is to increase the league’s global presence and help ensure integrity in Chinese basketball.
- Announced a new long-term partnership with UTR Sports for the UTR Pro Tennis Tour. This is the premier tennis tour for rising professionals. Tennis is the second most bet on sport and UTR provides Sportradar with a consistent volume of tennis matches throughout the year. Therefore, this strategy reinforces a selective approach to expanding sports rights.
- Announced a multi-year strategic partnership with Oddin.gg, a B2B betting solutions provider for esports. Thus, the goal is to offer AV streaming of esports content exclusive to Oddin.gg. More than 800 Sportradar betting operator customers around the world will benefit.
- Sportradar made Fast Company’s 2024 Most Innovative Companies in Sports list. Considered the company’s leading computer vision and enhanced table tennis solution.
Carsten Koerl, CEO of Sportradar, said: “Fiscal year 2024 is off to a great start, building on the strong momentum and progress we made last year. This quarter, we saw broad-based strength across our product portfolio, including strong customer adoption of our ATP and NBA product offerings.”
“I would also like to welcome Craig Felenstein as our Chief Financial Officer and Behshad Behzadi as our Chief Technology Officer and Chief AI Officer,” he concluded.
