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.
How well has SRAD done?
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.