Sportradar Group Ag Class A ( (SRAD) ) has released its Q3 earnings. Here is a breakdown of the information Sportradar Group Ag Class A presented to its investors.
Don't Miss out on Research Tools:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Sportradar Group AG is a leading global sports technology company, providing immersive experiences for sports fans and bettors through various solutions in the sports, media, and betting industries. The company announced strong financial results for the third quarter of 2024, with substantial increases in revenue and profit, highlighting its competitive edge and strategic growth initiatives.
In the third quarter of 2024, Sportradar reported a significant 27% increase in revenue, totaling €255 million, and a profit increase to €37 million. Adjusted EBITDA rose by 30% to €66 million, with a margin expansion to 25.8%. The company also generated a 55% increase in net cash from operating activities, reaching €118 million, and a 192% rise in free cash flow to €62 million. Additionally, Sportradar’s customer net retention rate increased to 126%, demonstrating strong cross-selling and upselling capabilities.
Sportradar’s revenue growth was driven by a 32% increase in Betting Technology & Solutions and an 8% rise in Sports Content, Technology & Services. The company saw notable growth in the United States, with revenues up 46%, due to market expansion and strategic partnerships. Sportradar’s recent launches, such as the suite of next-generation NBA products and expansion of micro markets for ATP tennis, underscore its innovative approach to enhancing fan engagement and creating new revenue opportunities.
The company strengthened its balance sheet with €368 million in cash and cash equivalents as of September 30, 2024, and announced a share repurchase program, having repurchased shares worth $8.3 million in the quarter. Looking ahead, Sportradar has raised its full-year 2024 guidance, expecting at least 24% revenue growth and 29% Adjusted EBITDA growth, reflecting the company’s optimistic outlook and strategic momentum in the sports technology sector.
