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6-K 1 tm2514478d1_6k.htm FORM 6-K

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16

OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May 2025

Commission File Number: 001-40799

 

 

SPORTRADAR GROUP AG

(Translation of registrant’s name into English)

 

 

Feldlistrasse 2

CH-9000 St. Gallen

Switzerland

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F x        Form 40-F ¨

 

 

 

 


 

EXPLANATORY NOTE

 

On May 12, 2025, Sportradar Group AG (the “Company”) issued a press release reporting its first quarter 2025 financial results.

 

A copy of the press release is furnished as Exhibit 99.1 herewith. The IFRS financial information contained in the (i) consolidated statements of profit or loss and other comprehensive income, (ii) consolidated statements of financial position, and (iii) consolidated statements of cash flows included in the press release attached as Exhibit 99.1 hereto is hereby incorporated by reference into the Company’s Registration Statements on Form S-8 (File No. 333-259885) and Form F-3 (File No. 333-286679), including any prospectuses forming a part of such Registration Statements, and to be a part thereof from the date on which this report is filed, to the extent not superseded by documents or reports subsequently filed or furnished.

 

Exhibit 
Number
  Description
     
99.1   Press Release of Sportradar Group AG, dated May 12, 2025.

 

 


 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: May 12, 2025 

 

  SPORTRADAR GROUP AG
   
   
  By: /s/ Craig Felenstein
  Name: Craig Felenstein
  Title: Chief Financial Officer

 

 

 

 

 

 

 

 

 

 

EX-99.1 2 tm2514478d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

 

SPORTRADAR REPORTS FIRST QUARTER RESULTS

 

First Quarter 2025 Highlights

 

· Revenue increased 17% to €311 million
· Profit for the period increased to €24 million and expanded to 7.8% as a percentage of revenue
· Adjusted EBITDA1 increased 25% to €59 million and Adjusted EBITDA margin1 expanded to 18.9%
· Net cash generated from operating activities increased 52% to €102 million and Free cash flow1 increased €32 million to €32 million
· Achieved Customer Net Retention Rate1 of 122%
· Extended and expanded partnership with Major League Baseball through 2032
· Announced agreement to acquire IMG ARENA and its global sports betting rights portfolio

 

ST. GALLEN, Switzerland, May 12, 2025 – 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 financial results for its first quarter ended March 31, 2025.

 

Carsten Koerl, Chief Executive Officer of Sportradar, said: "We had a strong start to the year with record quarterly revenue as we delivered broad-based growth across our leading product suite and diverse global footprint, while expanding margins and cash flow. The continued momentum we are generating builds upon our success from last year, demonstrating the durability of our business and our mission critical role in the expanding sports ecosystem. During the quarter we also further bolstered our leading content portfolio with the extension and expansion of our partnership with Major League Baseball and we signed an agreement to acquire IMG ARENA's sports betting rights portfolio. We are excited by the unique opportunities these valuable properties will provide to our customers and look forward to generating additional value for our shareholders in 2025 and beyond."

 

FIRST QUARTER FINANCIAL RESULTS

 

Revenue

 

    Three-Month Period Ended
March 31,
 
in € thousands (unaudited)   2025     2024     Change     %  
Revenue by product                                
Betting & Gaming Content     193,807       171,588       22,219       13 %
Managed Betting Services     56,214       48,328       7,886       16 %
Betting Technology & Solutions     250,021       219,916       30,105       14 %
                                 
Marketing & Media Services     46,610       34,278       12,332       36 %
Sports Performance     11,411       9,306       2,105       23 %
Integrity Services     3,189       2,394       795       33 %
Sports Content, Technology & Services     61,210       45,978       15,232       33 %
Total Revenue     311,231       265,894       45,337       17 %
                                 
Revenue by geography                                
Rest of World     225,130       200,332       24,798       12 %
United States     86,101       65,562       20,539       31 %
Total Revenue     311,231       265,894                  

 

1 Non-IFRS measure or Operating Metric. See the sections captioned “Non-IFRS Financial Measures and Operating Metric” and “IFRS to Non-IFRS reconciliations” for more details.

 

  1  

 

 

Total revenue for the first quarter was €311 million, up €45 million, or 17% year-over-year, driven by 14% growth in Betting Technology & Solutions and 33% growth in Sports Content, Technology & Services.

 

Betting Technology & Solutions revenues of €250 million were up 14% year-over-year primarily driven by a 13% increase in Betting & Gaming Content primarily from customer uptake of additional products and from U.S. market growth. Managed Betting Services revenues were up 16% driven by strong growth in Managed Trading Services from increased turnover and higher trading margins.

 

Sports Content, Technology & Services revenues of €61 million increased 33% year-over-year primarily driven by 36% growth in Marketing & Media Services led by higher ad:s revenue as several sportsbooks increased spending on marketing campaigns, and from contributions from the expansion of our affiliate marketing capabilities.

 

The Company generated strong revenue growth globally with Rest of World up 12% and the United States up 31%. As a percentage of total Company revenues, United States revenue represented 28% of total Company revenue in the first quarter as compared to 25% in the prior year quarter due to continued market growth and additional customer uptake of our products.

 

Customer Net Retention Rate of 122% further demonstrates our ability to cross-sell and up-sell to our clients, as well as the market growth in the United States.

 

Profit for the period

 

Profit for the period was €24 million, up €25 million, compared to a loss of €1 million in the same quarter a year ago, driven by strong operating results and a foreign currency gain of €28 million in the quarter as compared to a €14 million loss last year, due to unrealized currency fluctuations mainly associated with the U.S. dollar-denominated sport rights. These increases were partially offset primarily by higher share-based compensation and amortization of capitalized sport rights licenses expenses compared with the first quarter a year ago.

 

Adjusted EBITDA

 

First quarter Adjusted EBITDA was €59 million, up €12 million, or 25%, compared to €47 million in the same quarter a year ago. The increase was largely driven by the 17% revenue growth, partially offset by increased sport rights costs primarily related to the continued success of the ATP partnership deal, higher purchased services driven by investments in developing our product portfolio and increased personnel expenses to support growth initiatives.

 

Business Highlights

 

· Announced agreement to acquire IMG ARENA and its global sports betting rights portfolio. Following receipt of regulatory approvals and the closing, which is currently anticipated to take place in the fourth quarter of 2025, IMG ARENA’s portfolio is expected to enhance Sportradar’s content and product offering and further strengthen its strategic position as a leading content provider in the most bet upon global sports, including tennis, soccer and basketball.

 

· Announced the extension and expansion of our partnership with Major League Baseball ("MLB") for 8 years, beginning with the 2025 season. Sportradar will exclusively distribute ultra-low latency official MLB data, media content, including MLB Statcast Data, and audiovisual content across our global client network. Additionally, Sportradar and MLB will collaborate on the creation of AI-driven products powered by player tracking data to create immersive, hyper-personalized fan experiences.

 

· Expanded Alpha Odds, Sportradar’s AI-enabled premium odds calculation and risk management solution, into cricket, a sport that generates an estimated €80 billion in global betting turnover annually.

 

· Signed multi-year partnership with the Brazilian Volleyball Confederation (CBV) to safeguard CBV competitions from corruption and match-fixing through Sportradar’s Universal Fraud Detection System (UFDS), and to supply metrics and dynamic visualizations for coaching teams.

 

· Extended long-standing partnership with the Brazilian Football Confederation (CBF). Sportradar will deliver integrity monitoring for more than 8,200 men’s and women’s matches organized annually by the CBF, now including all Brazilian national championships.

 

  2  

 

 

Balance Sheet and Liquidity

 

The Company’s cash and cash equivalents were €358 million as of March 31, 2025 as compared with €348 million as of December 31, 2024. The increase was primarily driven by net cash generated from operating activities of €102 million due to the strong operating performance, partially offset by net cash used in investing activities of €66 million, primarily from the acquisition of additional sport rights and from net cash used in financing activities of €19 million, due primarily to share repurchases related to employee stock grants. Free cash flow for the first quarter was €32 million, an increase of €32 million compared to the same period a year ago.

 

Including its undrawn credit facility, the Company had total liquidity of €578 million at March 31, 2025 as compared to €568 million as of December 31, 2024, and no debt outstanding.

 

2025 Annual Financial Outlook

 

Sportradar reiterated its fiscal 2025 outlook as follows:

 

· Revenue of at least €1,273 million, representing year-on-year growth of at least 15%
· Adjusted EBITDA of at least €281 million, representing year-on-year growth of at least 26%
· Adjusted EBITDA margin expansion of at least 200 basis points
· Free cash flow conversion1 rate above the 2024 level of 53%

 

The 2025 guidance does not include any impact from the pending acquisition of IMG ARENA given the uncertainty around the timing of close. Guidance will be updated to incorporate the anticipated uplift resulting from this acquisition following the closing of the transaction.

 

Share Repurchase Plan

 

In March 2024, the Board of Directors approved a $200 million share repurchase plan. As of May 9, 2025 the Company has repurchased 4.8 million shares under the plan for a total of $86 million, including 3.0 million shares in conjunction with the recently completed secondary offering.

 

Conference Call and Webcast Information

 

Sportradar will host a conference call to discuss the first quarter results today, May 12, 2025, at 8:30 a.m. Eastern Time. Those wishing to participate via webcast should access the earnings call through Sportradar’s Investor Relations website. An archived webcast with the accompanying slides will be available at the Company’s Investor Relations website for one year after the conclusion of the live event.

 

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 ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA, and Bundesliga, 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:

Jim Bombassei

j.bombassei@sportradar.com

 

Media:

Sandra Lee

sandra.lee@sportradar.com

 

  3  

 

 

Non-IFRS Financial Measures and Operating Metric

 

We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted purchased services, Adjusted personnel expenses, Adjusted other operating expenses, Free cash flow, and Free cash flow conversion, as well as our operating metric, Customer Net Retention Rate. 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 earnings for the period adjusted for finance income and finance costs, income tax expense or benefit, depreciation and amortization (excluding amortization of capitalized sport rights licenses), foreign currency gains or losses, and other items that are non-recurring or not related to the Company’s revenue-generating operations, including share-based compensation, restructuring costs, non-routine litigation costs, and certain transaction-related costs.

 

License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. 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. As such, our presentation of Adjusted EBITDA reflects the full costs of our sport right's licenses. Management believes that, by including amortization of sport 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 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 or Adjusted EBITDA margin to Profit for the period as a percentage of revenue (in each case the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures 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.

 

  4  

 

 

We present Adjusted purchased services, Adjusted personnel expenses, and Adjusted other operating expenses (together, "Non-IFRS expenses") because management utilizes these financial measures to manage its business on a day-to-day basis and believes that they are the most relevant measures of expenses. Management believes these adjusted expense measures provide expanded insight to assess revenue and cost performance, in addition to the standard IFRS-based financial measures. Management believes these adjusted expense measures are useful to investors for evaluating Sportradar’s operating performance against competitors. However, Sportradar’s calculation of adjusted expense measures may not be comparable to other similarly titled performance measures of other companies. These adjusted expense measures are not intended to be a substitute for any IFRS financial measure.

 

· “Adjusted purchased services” represents purchased services less capitalized external development costs.

 

· “Adjusted personnel expenses” represents personnel expenses less share-based compensation awarded to employees, restructuring costs, and capitalized personnel compensation.

 

· “Adjusted other operating expenses” represents other operating expenses plus impairment loss on trade receivables, less non-routine litigation, share-based compensation awarded to third parties, and certain transaction-related costs.

 

We consider Free cash flow and Free cash flow conversion to be liquidity measures that provide useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, the purchase of intangible assets and payment of lease liabilities, which can then be used, among other things, to invest in our business and make strategic acquisitions, as well as our ability to convert our earnings to cash. A limitation of the utility of Free cash flow and Free cash flow conversion as measures of liquidity is that they do not represent the total increase or decrease in our cash balance for the year.

 

· “Free cash flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, and acquisition of intangible assets.

 

· “Free cash flow conversion” represents Free cash flow as a percentage of Adjusted EBITDA.

 

The Company is unable to provide a reconciliation of Free cash flow to net cash from operating activities or Free cash flow conversion to net cash from operating activities as a percentage of profit for the period (in each case the most directly comparable IFRS financial measure) on a forward-looking basis without unreasonable effort because items that impact these IFRS financial measures are not within the Company’s control and/or cannot be reasonably predicted. These items may include, but are not limited to, changes in working capital, the timing of customer payments, the timing and amount of tax payments, and other items that are non-recurring or unusual. Such information may have a significant, and potentially unpredictable, impact on the Company’s future financial results.

 

In addition, we define the following operating metric as follows:

 

· “Customer Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue from our top 200 customers as of twelve months prior to such period end, or prior period revenue. We then calculate the reported trailing twelve-month revenue from the same customer cohort as of the current period end, or current period revenue. Current period revenue includes any upsells and is net of contraction and attrition over the trailing twelve months but excludes revenue from new customers in the current period. We then divide the total current period revenue by the total prior period revenue to arrive at our Net Retention Rate.

 

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Safe Harbor for Forward-Looking Statements

 

Certain 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 our guidance and outlook, including expected performance for the full year 2025. 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 such as acts or war or terrorism and foreign exchange rate fluctuations; pandemics could have an adverse effect 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 and products, including efficiencies achieved through the use of artificial intelligence; 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; difficulties in our ability to evaluate, complete and integrate acquisitions (including the proposed IMG ARENA acquisition) successfully; 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; 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, 2024, 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.

 

  6  

 

 

SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

(Unaudited)

 

    Three-Month Period Ended
March 31,
 
in €'000 and in thousands of shares   2025     20241  
Revenue     311,231       265,894  
Personnel expenses     (102,356 )     (79,567 )
Sport rights expenses (including amortization of capitalized sport rights licenses)     (104,030 )     (90,943 )
Purchased services     (48,989 )     (39,146 )
Other operating expenses     (28,114 )     (21,435 )
Impairment loss on trade receivables, contract assets and other financial assets     (1,737 )     (1,830 )
Internally-developed software cost capitalized     11,656       10,526  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     (16,318 )     (11,985 )
Foreign currency gain (loss), net     27,524       (14,466 )
Finance income     2,333       2,012  
Finance costs     (21,853 )     (18,749 )
Net income before tax     29,347       311  
Income tax expense     (5,009 )     (960 )
Profit (loss) for the period     24,338       (649 )
                 
Other comprehensive income                
Items that will not be reclassified subsequently to profit or (loss)                
Remeasurement of defined benefit liability     (2 )     1  
Related deferred tax expense     28        
      26       1  
Items that may be reclassified subsequently to profit or (loss)                
Foreign currency translation adjustment attributable to the owners of the company     (4,937 )     4,009  
Foreign currency translation adjustment attributable to non-controlling interests     (226 )     (12 )
      (5,163 )     3,997  
Other comprehensive (loss) income for the period, net of tax     (5,137 )     3,998  
Total comprehensive income for the period     19,201       3,349  
                 
Profit (loss) attributable to:                
Owners of the Company     24,208       (574 )
Non-controlling interests     130       (75 )
      24,338       (649 )
Total comprehensive income (loss) attributable to:                
Owners of the Company     19,297       3,436  
Non-controlling interests     (96 )     (87 )
      19,201       3,349  
                 
Profit per Class A share attributable to owners of the Company                
Basic     0.08       (0.00 )
Diluted     0.07       (0.00 )
Profit per Class B share attributable to owners of the Company                
Basic     0.01       (0.00 )
Diluted     0.01       (0.00 )
                 
Weighted-average number of shares                
Weighted-average number of Class A shares (basic)     210,610       209,871  
Weighted-average number of Class A shares (diluted)     230,413       223,606  
Weighted-average number of Class B shares (basic and diluted)     903,671       903,671  

 

1 - Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to 'Change in presentation related to sport rights expenses' section below for further information.

 

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SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited)

 

in €'000   March 31,
2025
    December 31,
2024
 
Assets                
Current assets                
Cash and cash equivalents     357,825       348,357  
Trade receivables     91,721       77,106  
Contract assets     97,023       93,562  
Other assets and prepayments     33,003       46,601  
Income tax receivables     8,944       7,624  
Total current assets     588,516       573,250  
Non-current assets                
Property and equipment     69,734       66,240  
Intangible assets and goodwill     1,840,982       1,607,057  
Other financial assets and other non-current assets     11,212       11,718  
Deferred tax assets     32,236       36,376  
Total non-current assets     1,954,164       1,721,391  
Total assets     2,542,680       2,294,641  
Liabilities and equity                
Current liabilities                
Loans and borrowings     10,479       10,022  
Trade payables     300,793       259,742  
Other liabilities     81,396       68,271  
Contract liabilities     39,681       30,200  
Income tax liabilities     3,997       5,599  
Total current liabilities     436,346       373,834  
Non-current liabilities                
Loans and borrowings     40,919       36,697  
Trade payables     1,026,002       895,679  
Contract liabilities     39,799       37,711  
Other non-current liabilities     1,917       1,830  
Deferred tax liabilities     18,426       19,043  
Total non-current liabilities     1,127,063       990,960  
Total liabilities     1,563,409       1,364,794  
Equity                
Ordinary shares     27,582       27,551  
Treasury shares     (16,079 )     (18,813 )
Additional paid-in capital     706,835       668,254  
Retained earnings     235,027       221,942  
Other reserves     21,309       26,220  
Equity attributable to owners of the Company     974,674       925,154  
Non-controlling interest     4,597       4,693  
Total equity     979,271       929,847  
Total liabilities and equity     2,542,680       2,294,641  

 

  8  

 

 

SPORTRADAR GROUP AG

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

    Three-Month Period Ended
March 31,
 
in €'000   2025     20241  
OPERATING ACTIVITIES:                
Profit (loss) for the period     24,338       (649 )
Adjustments to reconcile profit for the period to net cash provided by operating activities:                
Income tax expense     5,009       960  
Interest income     (2,333 )     (2,037 )
Interest expense     21,853       18,893  
Foreign currency (gain) loss, net     (27,524 )     14,466  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     16,318       11,985  
Amortization of capitalized sport rights licenses     71,699       64,871  
Equity-settled share-based payments     12,847       1,995  
Other     (149 )     (2,412 )
Cash flow from operating activities before working capital changes, interest and income taxes     122,058       108,072  
Increase in trade receivables, contract assets, other assets and prepayments     (17,882 )     (43,192 )
Decrease in trade and other payables, contract and other liabilities     21,570       18,791  
Changes in working capital     3,688       (24,401 )
Interest paid     (21,646 )     (18,678 )
Interest received     2,333       2,037  
Income taxes (received) paid, net     (4,187 )     149  
Net cash from operating activities     102,246       67,179  
INVESTING ACTIVITIES:                
Acquisition of intangible assets     (67,325 )     (63,444 )
Acquisition of property and equipment     (972 )     (1,768 )
Acquisition of subsidiaries, net of cash acquired     2,654       (717 )
Proceeds from sale of intangible assets     21       22  
Change in loans receivable and deposits     (188 )     21  
Net cash used in investing activities     (65,810 )     (65,886 )
FINANCING ACTIVITIES:                
Payment of lease liabilities     (1,999 )     (1,999 )
Purchase of treasury shares     (16,611 )     (5,551 )
Principal payments on bank debt           (60 )
Change in bank overdrafts           18  
Net cash used in financing activities     (18,610 )     (7,592 )
Net increase in cash     17,826       (6,299 )
Cash and cash equivalents at beginning of period     348,357       277,174  
Effects of movements in exchange rates     (8,358 )     3,753  
Cash and cash equivalents at end of period     357,825       274,628  

 

1 - Certain comparative amounts have been reclassified to conform with the current year presentation. Refer to 'Change in presentation related to sport rights expenses' section below for further information.

 

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Change in presentation related to sport rights expenses

 

During the third quarter of 2024, the Company changed the presentation of expenses related to sport rights in its Statement of profit or loss and other comprehensive income. Previously, these expenses were split between 'Purchased services and licenses (excluding depreciation and amortization)', representing the portion of related sport rights expenses which were not eligible for capitalization and 'Depreciation and amortization', representing the portion of related sport rights expenses which were capitalized. However, the expenses are now combined and presented under a new line item titled 'Sport rights expenses (including amortization of capitalized licenses)'. This has also resulted in a change in presentation in the cash flow statement, removing the lines 'Amortization and impairment of intangible assets', and 'Depreciation of property equipment' and replacing them with 'Amortization of capitalized sport rights licenses', 'Depreciation and amortization (excluding amortization of capitalized sport rights licenses)', and 'Impairment losses on goodwill and intangible assets'. Certain prior year amounts have been reclassified for consistency with the current year presentation. See below for detail of these amounts.

 

The change in presentation intends to provide more relevant and reliable information to the users of our financial statements. This reclassification aligns the presentation of sport rights expenses with the nature of the costs and the way they are managed internally.

 

The following table shows the reclassification of sport rights expenses in the consolidated statement of profit or loss and other comprehensive income (unaudited) as described above:

 

    Three-Month Period Ended
March 31, 2024
 
in €'000   Previously reported     Reclassifications     Currently reported  
Purchased services and licenses (excluding depreciation and amortization)1     (65,218 )     26,072       (39,146 )
Depreciation and amortization2     (76,856 )     64,871       (11,985 )
Sport rights expenses (including amortization of capitalized sport rights licenses)           (90,943 )     (90,943 )

 

1 - This line is now "Purchased Services" in the consolidated statement of profit or loss and other comprehensive income (unaudited).

2 - This line is now “Depreciation and amortization (excluding amortization of capitalized sport rights licenses)” in the consolidated statement of profit or loss and other comprehensive income.

 

The following table shows the reclassifications of the related amounts in the consolidated statement of cash flows (unaudited) as described above:

 

    Three-Month Period Ended
March 31, 2024
 
in €'000   Previously reported     Reclassifications     Currently reported  
Amortization and impairment of intangible assets     72,818       (72,818 )      
Depreciation of property and equipment     4,038       (4,038 )      
Amortization of capitalized sport rights licenses           64,871       64,871  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)           11,985       11,985  
Net cash from operating activities     67,179             67,179  

 

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Additional disclosures related to sport rights expenses

 

The following table shows the composition of sport rights expenses (unaudited):

 

    Three-Month Period Ended
March 31,
 
in €'000   2025     2024  
Non-capitalized sport right expenses     32,331       26,072  
Amortization of capitalized sport rights     71,699       64,871  
Total sport rights expenses     104,030       90,943  

 

IFRS to Non-IFRS Reconciliations

 

The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is Profit (loss) for the period (unaudited), and Adjusted EBITDA margin to the most directly comparable IFRS financial performance measures, which is Profit (loss) for the period (unaudited) as a percentage of revenue:

 

    Three-Month Period Ended
March 31,
 
in €'000   2025     2024  
Revenue     311,231       265,894  
                 
Profit (loss) for the period     24,338       (649 )
Finance income     (2,333 )     (2,012 )
Finance costs     21,853       18,749  
Depreciation and amortization (excluding amortization of capitalized sport rights licenses)     16,318       11,985  
Foreign currency (gain) loss, net     (27,524 )     14,466  
Share-based compensation     14,541       2,071  
Restructuring costs     1,342       1,620  
Non-routine litigation costs     2,279        
Transaction-related costs     3,132        
Income tax expense     5,009       960  
Adjusted EBITDA     58,955       47,190  

 

Profit (loss) for the period as a percentage of revenue     7.8 %     (0.2 )%
Adjusted EBITDA margin     18.9 %     17.7 %

 

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The following table reconciles Free cash flow to the most directly comparable IFRS measure, which is Net cash from operating activities (unaudited), and Free cash flow conversion to the most directly comparable IFRS measure, which is Net cash from operating activities conversion, which is measured as Net cash from operating activities (unaudited) as a percentage of Profit for the period:

 

    Three-Month Period Ended
March 31,
 
in €'000   2025     2024  
Net cash from operating activities     102,246       67,179  
Acquisition of intangible assets     (67,325 )     (63,444 )
Acquisition of property plant and equipment     (972 )     (1,768 )
Payment of lease liabilities     (1,999 )     (1,999 )
Free cash flow     31,950       (32 )

 

Net cash from operating activities conversion     420 %     *  
Free cash flow conversion     54 %     %

 

*Not meaningful

 

The following tables show reconciliations of IFRS expenses included in profit for the period to expenses included in Adjusted EBITDA (unaudited):

 

    Three-Month Period Ended
March 31,
 
in €'000   2025     2024  
Purchased services     48,989       39,146  
Less: capitalized external services     (5,283 )     (3,948 )
Adjusted purchased services     43,706       35,198  
                 
Personnel expenses     102,356       79,567  
Less: share-based compensation     (15,239 )     (2,519 )
Less: restructuring costs     (1,342 )     (1,620 )
Less: capitalized personnel compensation     (5,455 )     (5,896 )
Adjusted personnel expenses     80,320       69,532  
                 
Other operating expenses     28,114       21,435  
Less: non-routine litigation     (2,279 )      
Less: share-based compensation     (220 )     (234 )
Less: transaction-related costs     (3,132 )      
Add: impairment loss on trade receivables     1,737       1,830  
Adjusted other operating expenses     24,220       23,031  

 

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