Sportradar highlights the following aspects of the first quarter of 2022
- The 31% increase in revenue has been driven by strong growth in all business segments. Revenue from the US segment grew by 124% to €25.7 million compared to the first quarter of 2021.
- Adjusted EBITDA in the first quarter of 2022 decreased by 5% to €26.7 million euros compared to the first quarter of 2021, mainly due to the higher costs associated with being a public company, as well as the reversal of certain costs COVID-19 related temporary savings versus first quarter 2021.
- Adjusted EBITDA margin was 16% in the first quarter of 2022, compared to 22% in the prior year period.
- Adjusted free cash flow in the first quarter of 2022 increased 100% to €12.9 million, compared to the same period of the previous year. The resulting free cash flow conversion was 48% in the quarter.
- Strong net retention rate, based on the last twelve months, increased to 121% at the end of the first quarter of 2022 compared to 107% the same period in 2021 highlighting the continued success of the Company's cross-sell and upsell strategy across its global customer base.
Carsten Koerl, CEO of Sportradar, said: “Our fiscal 2022 is off to a fast start, with core, high-margin betting products driving growth around the world. Our US business continues its tremendous growth story as more states legalize and sports betting becomes live, mainstream entertainment. As the market leader, our technology and data-driven insights continue to transform the converging media, entertainment and sports industries and fuel our consistent and long-term profitable growth story”.
On the other hand, Sportradar continued to advance its mission to detect, investigate and prevent betting-related match-fixing, doping and other threats to the integrity of sport by announcing a multi-year integrity partnership with NASCAR, an expansion of a previous agreement to provide bet monitoring and reporting with its Universal Fraud Detection System (UFDS), launching a Sportradar Integrity Exchange, a network that enables bookmakers to report suspicious betting activity and extended its work with the Austrian Federal Criminal Police on anti-doping.
Likewise, the Company also announced that it will act as an advisor to Bowl Season on the sports betting space in a responsible manner, with a focus on educating the organization's membership on the rapidly evolving world of sports betting, as well as the opportunity to expand the scope to include Sportradar's Integrity Services.
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