After the announcement of its quarterly results, shares of Sportradar Group AG (NASDAQ: SRAD) were up 13.20% at $11.49 as of the most recent check in active trading.
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The financial results for Sportradar (SRAD) third quarter, which concluded on September 30, 2022, were released today.
Highlights of the third quarter of 2022:
- Comparing the third quarter of 2022 to the third quarter of 2021, Sportradar’s revenue climbed 31% to €178.8 million ($175.2 million). Revenue for the first nine months of 2022 increased 28% over the same period in 2021.
- The RoW Betting segment which accounts for 56% of SRAD’s overall revenue, increased by 28% to $98.9 million largely due to the successful operation of its Managed Betting Services.
- SRAD’s U.S. sector revenue increased 61% to $31.0 million in the third quarter of 2022 compared to the same period in 2021, led by robust market growth and good in-play betting acceptance. The division produced a positive Adjusted EBITDA margin of 11% and became profitable for the first time since the company’s IPO.
- In spite of ongoing expenditures in the expanding operations of the Company, SRAD’s adjusted EBITDA for the third quarter of 2022 climbed 75% to $35.8 million from the third quarter of 2021.
- In the third quarter of 2022, adjusted EBITDA margin2 was 20%, up 400 basis points from the second quarter and 500 basis points from the same quarter a year earlier.
Further from SRAD:
Sportradar (SRAD) has increased its revenue and lower end of its adjusted EBITDA range expectations for the whole 2022 fiscal year. SRAD paid down $204 million of its outstanding debt during the quarter. Total debt was $240 million as of September 30, 2022, while cash and cash equivalents were close to $520 million.
