Sportradar Group AG 6-K, filed Mar 20, 2024

Sportradar Group AG (SRAD)

6-K 2024-03-20 For: 2024-03-20

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Added on April 09, 2026

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Sportradar Group AG filed this 6-K on March 20, 2024.

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Exhibit Number		Description

99.1		Press Release of Sportradar Group AG, dated March 20, 2024.

	SPORTRADAR GROUP AG

	By:	/s/ James Gerard Griffin
	Name: James Gerard Griffin
	Title: Chief Financial Officer

	Q4			Q4			Change			FY			FY			Change
In millions, in Euros €	2023			2022			%			2023			2022			%
Revenue		252.6			206.3			22	%		877.6			730.2			20	%
Profit (loss) for the period from continuing operations		23.2			(33.3	)		170	%		34.6			10.5			230	%
Profit (loss) for the period from continuing operations as a percentage of revenue		9	%		(16	)%		+2,530 bps			4	%		1	%		+251 bps
Adjusted EBITDA¹		39.5			35.1			13	%		166.8			125.8			33	%
Adjusted EBITDA margin¹		16	%		17	%		-136 bps			19	%		17	%		+177 bps
Net Retention Rate¹		111	%		119	%		-717 bps			111	%		119	%		-717 bps

	Three Months Ended December 31, 2023
in €'000	RoW Betting			RoW Betting AV			United States			Total reportable segments			All other segments			Total
Segment revenue		132,007			50,042			52,739			234,788			17,798			252,586
Segment Adjusted EBITDA		55,037			11,156			(1,532	)		64,661			1,957			66,618
Unallocated corporate expenses²																	(27,077	)
Adjusted EBITDA¹																	39,541
Adjusted EBITDA margin¹		42	%		22	%		(3	)%		28	%		11	%		16	%

	Three Months Ended December 31, 2022
in €'000	RoW Betting			RoW Betting AV			United States			Total reportable segments			All other segments			Total
Segment revenue		105,923			41,768			41,153			188,844			17,444			206,288
Segment Adjusted EBITDA		46,282			11,883			4,333			62,498			(881	)		61,617
Unallocated corporate expenses²																	(26,508	)
Adjusted EBITDA¹																	35,109
Adjusted EBITDA margin¹		44	%		28	%		11	%		33	%		(5	)%		17	%

	Year Ended December 31, 2023
in €'000	RoW Betting			RoW Betting AV			United States			Total reportable segments			All other segments			Total
Segment revenue		466,823			182,196			165,512			814,531			63,090			877,621
Segment Adjusted EBITDA		209,562			52,211			18,893			280,666			(6,328	)		274,338
Unallocated corporate expenses²																	(107,538	)
Adjusted EBITDA¹																	166,800
Adjusted EBITDA margin¹		45	%		29	%		11	%		34	%		(10	)%		19	%

	Year Ended December 31, 2022
in €'000	RoW Betting			RoW Betting AV			United States			Total reportable segments			All other segments			Total
Segment revenue		389,092			160,522			127,442			677,056			53,132			730,188
Segment Adjusted EBITDA		182,439			46,494			(4,141	)		224,792			(13,348	)		211,444
Unallocated corporate expenses²																	(85,598	)
Adjusted EBITDA¹																	125,846
Adjusted EBITDA margin¹		47	%		29	%		(3	)%		33	%		(25	)%		17	%

	Three Months Ended December 31,						Years Ended December 31,
	2023			2022			2023			2022
Continuing operations
Revenue		252,586			206,288			877,621			730,188
Purchased services and licenses (excluding depreciation and amortization)		(57,836	)		(48,385	)		(205,876	)		(175,997	)
Internally-developed software cost capitalized		8,636			4,605			28,301			17,730
Personnel expenses		(88,808	)		(81,010	)		(326,031	)		(265,984	)
Other operating expenses		(24,443	)		(34,916	)		(89,443	)		(95,891	)
Depreciation and amortization		(78,210	)		(51,481	)		(206,362	)		(184,813	)
Impairment (loss) income on trade receivables, contract assets and other financial assets		(1,652	)		255			(6,179	)		(1,552	)
Remeasurement of previously held equity-accounted investee		-			-			-			7,698
Share of loss of equity-accounted investees		-			(2,818	)		(3,699	)		(4,082	)
Gain (Loss) related to disposal of equity-accounted investee		14			-			(13,604	)		-
Impairment loss on goodwill and intangible assets		-			-			(9,854	)		-
Foreign currency gains (losses), net		26,919			(13,168	)		23,205			26,690
Finance income		3,067			2,535			12,848			5,250
Finance costs		(16,059	)		(12,001	)		(33,731	)		(41,447	)
Net income (loss) before tax		24,214			(30,096	)		47,196			17,790
Income tax expense		(1,027	)		(3,187	)		(12,551	)		(7,299	)
Profit (loss) for the period from continuing operations		23,187			(33,283	)		34,645			10,491
Discontinued operations
Loss from discontinued operations, net of tax		(300	)		-			(751	)		-
Profit (loss) for the period		22,887			(33,283	)		33,894			10,491
Other Comprehensive Income (Loss)
Items that will not be reclassified subsequently to profit or (loss)
Remeasurement of defined benefit liability		(786	)		741			(874	)		2,192
Related deferred tax expense (benefit)		119			(123	)		130			(333	)
		(667	)		618			(744	)		1,859
Items that may be reclassified subsequently to profit or (loss)
Foreign currency translation adjustment attributable to the owners of the Company		(6,716	)		(13,183	)		(3,654	)		1,989
Foreign currency translation adjustment attributable to non-controlling interests		(20	)		(21	)		(37	)		10
		(6,736	)		(13,204	)		(3,691	)		1,999
Other comprehensive income (loss) for the period, net of tax		(7,403	)		(12,586	)		(4,435	)		3,858
Total comprehensive income (loss) for the period		15,484			(45,869	)		29,459			14,349

Profit (loss) attributable to:
Owners of the Company		23,409			(32,745	)		34,655			10,891
Non-controlling interests		(522	)		(538	)		(761	)		(400	)
		22,887			(33,283	)		33,894			10,491
Total comprehensive income (loss) attributable to:
Owners of the Company		16,027			(45,310	)		30,257			14,739
Non-controlling interests		(543	)		(559	)		(798	)		(390	)
		15,484			(45,869	)		29,459			14,349

Profit (loss) for the period per Class A shares attributable to owners of the Company
Basic		0.08			(0.11	)		0.12			0.04
Diluted		0.07			(0.10	)		0.11			0.03
Profit (loss) for the period per Class B shares attributable to owners of the Company
Basic		0.01			(0.01	)		0.01			0.00
Diluted		0.01			(0.01	)		0.01			0.00

Weighted-average number of shares (in thousands)
Weighted-average number of Class A shares (basic)		209,822			206,534			207,517			206,548
Weighted-average number of Class A shares (diluted)		228,050			221,923			226,646			222,167
Weighted-average number of Class B shares (basic and diluted)		903,671			903,671			903,671			903,671

	December 31,			December 31,
	2023			2022
Assets
Current assets
Cash and cash equivalents		277,174			243,757
Trade receivables		71,246			63,412
Contract assets		60,869			50,482
Other assets and prepayments		33,252			42,913
Income tax receivables		6,527			1,631
		449,068			402,195
Non-current assets
Property and equipment		72,762			37,887
Intangible assets and goodwill		1,697,331			843,632
Equity-accounted investee		-			33,888
Other financial assets and other non-current assets		11,806			44,445
Deferred tax assets		16,383			27,014
		1,798,282			986,866
Total assets		2,247,350			1,389,061
Current liabilities
Loans and borrowings		9,586			7,361
Trade payables		259,667			204,994
Other liabilities		55,724			65,268
Contract liabilities		26,595			23,172
Income tax liabilities		4,542			8,693
		356,114			309,488
Non-current liabilities
Loans and borrowings		40,559			15,484
Trade payables		908,499			264,665
Contract liabilities		39,526			5,252
Other non-current liabilities		8,500			10,695
Deferred tax liabilities		21,315			26,048
		1,018,399			322,144
Total liabilities		1,374,513			631,632

Ordinary shares		27,421			27,323
Treasury shares		(2,322	)		(2,705	)
Additional paid-in capital		653,840			590,191
Retained earnings		173,629			117,155
Other reserves		15,226			19,624
Equity attributable to owners of the Company		867,794			751,588
Non-controlling interest		5,043			5,841
Total equity		872,837			757,429
Total liabilities and equity		2,247,350			1,389,061

	Years ended December 31,
	2023			2022
OPERATING ACTIVITIES:
Profit for the year		33,894			10,491
Adjustments to reconcile profit for the year to net cash provided by operating activities:
Income tax expense		12,551			7,299
Interest income		(7,683	)		(5,250	)
Interest expense		31,451			40,036
Impairment income on financial assets		—			(5	)
Remeasurement of previously held equity-accounted investee		—			(7,698	)
Other financial expenses (income)		(2,885	)		1,411
Foreign currency gains, net		(23,205	)		(26,690	)
Amortization and impairment of intangible assets		201,620			172,831
Depreciation of property and equipment		14,596			11,982
Equity-settled share-based payments		41,177			28,299
Share of loss of equity-accounted investees		3,699			4,082
Loss on disposal of equity-accounted investee		13,604			—
Other		(3,790	)		(3,178	)
Cash flow from operating activities before working capital changes, interest and income taxes		315,029			233,610
Increase in trade receivables, contract assets, other assets and prepayments		(16,100	)		(53,519	)
Increase (Decrease) in trade and other payables, contract and other liabilities		(1,477	)		32,159
Changes in working capital		(17,577	)		(21,360	)
Interest paid		(30,528	)		(33,591	)
Interest received		7,677			5,091
Income taxes paid		(15,956	)		(15,673	)
Net cash from operating activities		258,645			168,077

INVESTING ACTIVITIES:
Acquisition of intangible assets		(185,493	)		(154,266	)
Acquisition of property and equipment		(14,786	)		(8,288	)
Acquisition of subsidiaries, net of cash acquired		(12,844	)		(56,245	)
Acquisition of financial assets		(3,716	)		—
Proceeds from disposal of equity-accounted investee		15,172			—
Proceeds from disposal of subsidiaries		778			—
Proceeds from sale of intangible assets		154			—
Contribution to equity-accounted investee		-			(27,873	)
Collection of loans receivable		41			208
Issuance of loans receivable		(935	)		—
Collection of deposits		623			—
Payment of deposits		(1,084	)		(103	)
Net cash used in investing activities		(202,090	)		(246,567	)

FINANCING ACTIVITIES:
Payment of lease liabilities		(7,983	)		(5,958	)
Principal payments on bank debt		(620	)		(420,685	)
Purchase of treasury shares		(9,022	)		(3,837	)
Acquisition of non-controlling interests		—			(28,245	)
Transaction costs related to borrowings		—			(1,100	)
Change in bank overdrafts		(7	)		(23	)
Net cash used in from financing activities		(17,632	)		(459,848	)

Net increase (decrease) in cash and cash equivalents		38,923			(538,338	)
Cash and cash equivalents as of January 1,		243,757			742,773
Effects of movements in exchange rates		(5,506	)		39,322
Cash and cash equivalents as of December 31,		277,174			243,757

	Three Months Ended December 31,						Year Ended December 31,
in €'000	2023			2022			2023			2022
Profit (loss) for the period from continuing operations		23,187			(33,283	)		34,645			10,491
Finance income		(3,067	)		(2,535	)		(12,848	)		(5,250	)
Finance costs		16,059			12,001			33,731			41,447
Depreciation and amortization		78,210			51,481			206,362			184,813
Amortization of sport rights		(65,331	)		(39,407	)		(160,017	)		(140,200	)
Foreign currency (gains) loss, net		(26,919	)		13,168			(23,205	)		(26,690	)
Share based compensation		8,283			8,602			39,712			28,637
Management restructuring costs		8,005			5,528			8,005			5,528
Litigation costs		-			12,899			-			19,045
Loss (gain) related to equity-accounted investee¹		(14	)		2,818			17,303			3,985
Impairment loss on goodwill and intangible assets		-			-			9,854			-
Impairment loss (gain) on other financial assets		-			(163	)		202			(5	)
Remeasurement of previously held equity-accounted investee		-			-			-			(7,698	)
Professional fees for SOX and ERP implementations		101			813			505			4,298
One-time charitable donation for Ukrainian relief activities		-			-			-			146
Income tax expense		1,027			3,187			12,551			7,299
Adjusted EBITDA		39,541			35,109			166,800			125,846

	Three Months Ended December 31,						Year Ended December 31,
in €’000	2023			2022			2023			2022
Profit (loss) for the period from continuing operations		23,187			(33,283	)		34,645			10,491
Revenue		252,586			206,288			877,621			730,188
Profit (loss) for the period from continuing operations as a percentage of revenue		9	%		(16	)%		4	%		1	%