TORONTO, Nov. 16, 2022 (GLOBE NEWSWIRE) — Newswire is advising journalists and other readers to disregard the news release, “Budmail 420 Launches Unique Cannabis Advent Calendar” issued November 13, 2022, over GlobeNewswire.

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Deepika Padukone’s 82°E Introduces Moisturiser and Sunscreen as the Launch Products

~These high-quality, high-performing skincare products will retail exclusively on the brand’s D2C website

Ashwagandha Bounce Moisturiser

MUMBAI, India, Nov. 16, 2022 (GLOBE NEWSWIRE) — Today, Global Indian icon Deepika Padukone introduces “Ashwagandha Bounce” moisturiser and “Patchouli Glow” sunscreen drops, as the inaugural product line of her recently launched self-care brand, 82°E. In line with the brand’s core philosophy, these products have been rigorously sourced, carefully crafted and clinically tested to make skincare a simple, effective and enjoyable self-care ritual.

82°E is an extension of Deepika Padukone’s journey and experience as a modern woman who is rooted in India but global in her outlook. Formulated by in-house experts, the inaugural skincare line combines time-tested Indian ingredients and powerful scientific compounds to offer high-quality and high-performance products.

Ashwagandha Bounce moisturiser is a rich yet lightweight moisturiser that is enriched with ashwagandha to restore skin elasticity and sodium hyaluronate for long-lasting hydration. Patchouli Glow sunscreen SPF 40 broad spectrum PA+++ provides protection from the harmful radiation of the sun in addition to protecting skin’s barrier by combining Patchouli leaf extract with ceramides. These products have been thoughtfully designed to simplify skincare and address the fundamentals of good skin health: hydration and protection. Both products have undergone stringent safety tests and clinical trials. These products are vegan, cruelty free.

On launching the skincare line, Deepika Padukone, Co-Founder, 82°E, says: “My skincare routine has been an integral part of my self-care ritual. I’ve always identified with products that enable me to keep my ritual simple yet effective. This philosophy of simple, effective skincare informed our inaugural category and our first two products. With Ashwagandha Bounce, a rich yet lightweight moisturiser and Patchouli Glow Sunscreen with SPF 40, I’ve been able to bring to life my vision of simplifying skincare and share a part of my very own ritual to achieve healthy, glowing skin. We spent the last two years developing premium, high-performing skincare products that combine time-tested Indian ingredients with powerful scientific compounds. These products are simple to use, efficacious and suitable for all skin types including sensitive skin. We hope to make the practice of skincare a truly delightful ritual for all.”

On the brand introducing moisturiser and sunscreen as the launch products, Jigar K Shah, Co-Founder at 82°E, who spearheads the business, says: “The skincare industry has witnessed immense growth in the recent past that has led to a lot of product innovation. However, through our research, we learnt that this has also led to product overload and the focus on the fundamentals of skincare is getting diluted. At 82°E, we led with a fundamentals-first approach and designed our moisturiser and sunscreen to emphasise on skin hydration and protection. This forms the backbone of a good skincare routine.”

82°E’s inaugural products are exclusively available on its D2C website The brand launches in India first shipping globally (subject to local country regulations). The website’s e-commerce capabilities offer consumers a user-friendly and interactive shopping experience. The website shares detailed information on product usage and ingredients to help the consumer make an informed purchase decision.

The unique naming system of the products honours the natural Indian hero ingredient and combines them with prompts about its textural, experiential and beneficial qualities. The Indian ingredients inspired the colour palettes of the glass bottles.

82°E will soon launch more products under the skincare category and has ambitions to expand into other categories that support a modern, holistic approach to self-care.

To celebrate the launch, an exclusive introductory offer during the first 82 hours is being extended to all consumers. Please visit to learn more.

About 82°E:

82°E is on a mission to make the practice of self-care simple, joyful and effective through high-quality and high-performance products. Born in India, for the world, 82°E will launch with a set of skincare products that support the fundamentals of skin health, with ambitions to expand into other categories that support a modern, holistic approach to self-care.

Pronounced Eighty Two East, the brand is inspired by the standard meridian that passes through India and reflects Deepika Padukone’s personal and professional journey as a modern Indian woman who is strongly rooted in her homeland, global in her outlook and appeal and committed to her physical and emotional well-being.

Rigorously sourced, carefully crafted and clinically tested: 82°E’s skincare line is made with science and spirit. Each of the brand’s products combines time-tested Indian ingredients with powerful scientific compound(s) to create revolutionary formulas for healthy, radiant skin.

Contact Information:
Namrata More
Manager – PR & KOL Marketing

Bryna Rifkin

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Press Release – Product + Ecomm launch__Global.pdf


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Image 1: Ashwagandha Bounce Moisturiser

Ashwagandha Bounce is a rich yet lightweight moisturiser packed with the refreshing goodness of ashwagandha and sodium hyaluronate.

Image 2: Patchouli Glow Sunscreen

Patchouli Glow SPF 40 PA broad spectrum PA+++ is a lightweight sunscreen fortified with the protective shield of patchouli leaf extract and ceramides.

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New High-Yielding Perennial Rice Sees Sustainability Success Catalyzed by Global Collaboration and Knowledge Sharing Approach

Salina, Kansas, USA, Nov. 16, 2022 (GLOBE NEWSWIRE) — Over 70% of the food calories that feed humanity come from annual grain crops, which occupy 60–80% of global croplands. But annual grain dominance may be changing. A study in the journal Nature Sustainability reports that a new high-yielding, long-lived perennial rice with significant environmental, economic, and social sustainability impacts is now being grown in Southeast Asia and parts of Africa.

Researchers in China’s Yunnan Province developed perennial rice in a relatively short two-decade timeframe, achieving comparable yields to annual rice varieties. They were supported with scientific expertise and seed funding from Kansas-based nonprofit The Land Institute and a global network of researchers.

“I congratulate the authors for delivering one of the most important reports in modern agriculture,” says National Geographic Society Explorer Jerry Glover, whose work has focused on developing and using perennial crops. “I believe this report will catalyze a generation of new discoveries by scientists who have not yet been involved in pursuing perennial traits in staple grain crops. This research marks a distinct new line of possibilities for global food production from the nearly 10,000-year single-track reliance on annual grain crops.”

Rice feeds 4 billion people and is the grain most consumed by humans, and is the third largest cereal grain crop after corn and wheat worldwide in metric tons. But annual grain agriculture comes at an ecological and economic cost, compromising ecosystems and forcing ever-higher inputs of chemical fertilizers, pesticides, fossil fuel energy, and labor to maintain yields. The growing perennial grain agriculture movement is shifting this paradigm to address some of the food system’s most pressing challenges.

“Since perennial rice can produce yields over eight consecutive harvests similar to annual rice, this is direct evidence that developing perennial versions of grain crops is feasible,” says Lee DeHaan, Director of Crop Improvement and Lead Scientist of the Kernza® Domestication Program at The Land Institute. “This evidence provides a clear reason to vastly increase research investment in ongoing work to develop perennial versions of crops like wheat and sorghum.”

Senior author Fengyi Hu and Dayun Tao began working with co-author Erik Sacks to develop perennial rice in 1999 in a collaboration between the Yunnan Academy of Agricultural Sciences (YAAS) and the International Rice Research Institute (IRRI). Hearing of the IRRI project, The Land Institute invited Sacks to present his research in 2005. This connection eventually led to Hu and the YAAS team partnering with the perennial grain breeding experts at The Land Institute in 2007 to help jumpstart the development of a promising wide hybrid cross between annual, cultivated rice and a perennial rice cousin from Africa. Inspired by the potential for Hu’s research to develop upland perennial rice, given the catastrophic soil erosion in the hilly regions of Southeast Asia, The Land Institute provided critical funding, technical support, and mentoring and helped expand a network of global peer researchers. The University of Illinois, Yunnan University, and the University of Queensland soon joined the effort.

“The success of Dr. Hu’s group is a wonderful example of how an international network of researchers can help support, advise and advance an amazing and important achievement,” says co-author Tim Crews, The Land Institute’s Chief Scientist and International Program Director. “At The Land Institute, we are intent on working with more research groups worldwide to build on the successes of Hu and others in the perennialization of grain agriculture.”

“Almost yearly since 2009, we’ve held workshops in Yunnan, China, on perennial rice and perennial grain crops, inviting international experts, including African and U.S. rice breeders, sustainable ag researchers, international ag development leaders, and more. This sharing of ideas and building an international network of collaborators has proven invaluable for accelerating progress and achieving success on perennial grains,” says Sacks, professor in the Department of Crop Sciences, part of the College of Agricultural, Consumer and Environmental Sciences at the University of Illinois.

The research shows that perennial rice crops have advantages over annual rice crops:

  • Long-Lived Production: Perennial rice produced grain for eight consecutive harvests over four years from a single planting
  • Comparable High Yields: Average perennial rice yields were equivalent to annual rice, with 6.8 Mg ha-1 harvest-1 of perennial rice versus 6.7 Mg ha-1 harvest-1 of replanted annual rice for each perennial rice regrowth cycle
  • Significant Carbon Sequestration: By switching from annual to perennial rice, soils accumulated almost a ton of organic carbon per hectare per year, 0.81 Mg organic carbon ha-1 yr-1
  • Labor and Inputs Savings: Farmers used nearly 60% less labor and spent almost 50% less on seed, fertilizer, and other inputs for perennial rice than annual rice
  • Improved Farmer Livelihoods: Farmer profits from perennial rice ranged from 17% to 161% above annual rice

“Interest in developing and testing perennial grain cultivars has grown exponentially over the last ten years,” says Rachel Stroer, President of The Land Institute. “Besides perennial rice, our work on wide hybrid crosses of annual wheat and sorghum with their perennial relatives show promise. With intensified investment in perennial grain agriculture research from global funders and partners, we’re confident that these grains and more will reach high yields with robust ecological and social benefits and move onto the landscape in the coming decades.”


The Land Institute co-leads the global movement for perennial, diverse, regenerative grain agriculture at a scale that matches the enormity of the intertwined climate, water, and food security crises. An independent 501c3 nonprofit founded in 1976, the organization seeks to reconcile the human economy with nature’s economy, starting with food. Its transdisciplinary team of scientists and global partners are developing new perennial grain crops, like Kernza®, and diverse cropping systems that function within nature’s limits and researching the social transformation required for a just, perennial human future.


Tammy Kimbler
The Land Institute

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Vicor Powering Innovation podcast features DPI UAV Systems tethered drone

Powering Innovation podcast explores advances in tethered Unmanned Aerial Systems (UAS) and the importance of power modules to improve performance and reliability

Powering Innovation

The Vicor Powering Innovation podcast series explores world changing innovations with some of today’s most creative companies.

ANDOVER, Mass., Nov. 16, 2022 (GLOBE NEWSWIRE) — The Vicor Corporation Powering Innovation podcast focuses on world-changing innovations, examining how electronics technologies can be applied to solve real-world challenges. The first episode in the series features DPI UAV Systems (DPI), a manufacturer of unmanned aerial vehicle (UAV) systems.

This episode takes a deep dive into an Unmanned Multirotor Aerial Relay system and how DPI is extending communications range 3x with a new class of tethered UAVs. Joe Pawelczyk, Vice President of Operations at DPI, joins Robert Gendron, Vicor’s Corporate Vice President, Product Development, to discuss the cutting-edge technology driving change that addresses real-world problems. The episode examines the communication networks needed for high-security communications, such as in military applications, and how DPI’s technology is far exceeding today’s standards. With drones that can fly up to 400 hours without needing to land, this episode highlights how DPI is taking innovation to new heights.

“The Powering Innovation podcast highlights some of the ways we collaborate with our customers to unleash innovative technologies using high-density power modules. As we explore unique applications and how they are powered, we expect this episode to be of interest to power designers of UAV systems and any engineer who is designing mobile applications where power density is a priority,” said Gendron.

Vicor’s Powering Innovation podcast is available with new episodes released several times per year. Listeners can expect to learn about new ideas in electrification, power challenges, creative power architectures, as well as supply chain issues, real-life challenges and more.

The Powering Innovation podcast is available to download from all major podcast providers, including Spotify, Apple Music, Google Podcasts, and more.

About Vicor

Vicor Corporation, the leader in high-performance power modules, solves the toughest power challenges for our customers, enabling them to innovate and maximize system performance. Our easy-to-deploy power modules provide the highest density and efficiency enabling advanced power delivery networks from the power source to the point-of-load. Headquartered in Andover, Massachusetts, Vicor serves customers worldwide with unequaled power conversion and power delivery technologies.

About Dragonfly Pictures (DPI)

DPI is an industry leader in the U.S. of small rotary wing Unmanned Aerial Vehicles (UAVs). We are recognized for our robust low-cost UAVs, their innovative rotorcraft design, our extensive testing knowledge, and successful UAV deployment. DPI UAVs are designed for tactical applications in near-earth environments, complex terrain, and restricted environments, such as urban, jungle and mountainous areas.

Inquiries contact:                      

Stephen Germino                       
Director of Media Relations                     
978 749-8243             

A photo accompanying this announcement is available at

GlobeNewswire Distribution ID 8697734

Hotjar Acquires UX Research Platform PingPong to Help Businesses Empathize With Their Users

The acquisition will bring UX research and user interviews to customers to help prioritize improvements

Featured Image for Hotjar

Featured Image for Hotjar

NEW YORK, Nov. 16, 2022 (GLOBE NEWSWIRE) — Today, Hotjar, the leading Product Experience Insights platform, has acquired UX research platform PingPong to bring user research capabilities to its customers. Hotjar builds solutions for product teams to empathize with and understand their users beyond what is possible with traditional analytics. Its Product Experience Insights software is used on more than a million websites and its unique mix of quantitative and qualitative data is driving product decisions in more than 180 countries.

With this acquisition and integration, Hotjar customers will have access to user interviews and testing, a core component of product development and a key complement to Hotjar’s existing functionality. No other product currently offers all of these features in one platform.

The acquisition and integration will entail moderated user interview capabilities and a panel of over 175,000 respondents as a key resource for Hotjar users, allowing them to further develop empathy with their users, and uncover insights and pain points that would be very difficult or expensive to find otherwise.

“This integration adds a critical layer of insight to product development strategy: directly testing your product face-to-face with the people who matter the most, the end users,” said Mohannad Ali, CEO of Hotjar, a Contentsquare company. “It also allows product teams to add value by finding opportunities, sorting the data and acting upon it quickly,” Ali continued.

“PingPong and Hotjar share a vision for the future of product experience and that is to give every business the power to create online experiences people love,” said Zsolt Kocsmarszky, Founder and CEO of PingPong. “We’re excited to join the Hotjar team and look forward to what the future holds as we continue to build innovative solutions that help product teams around the world better understand, empathize with, and speak to their users.”

Contentsquare, the leading experience analytics solution, acquired Hotjar in July 2021 to bring business-critical insights to businesses of all sizes. In July 2022, Contentsquare raised $600M in a Series F investment led by Sixth Street, bringing the company’s total valuation to $5.6 billion. Contentsquare is continuing to invest in technology to meet their customers’ needs, where all businesses can provide users with an experience they love, enjoy, desire, seek, and deserve.

About Hotjar

Hotjar enables product teams to have empathy with their end-users and deliver value by making the right product improvements, fast. Its Product Experience Insights software is used on more than 900,000 websites worldwide and its unique mix of quantitative and qualitative data is driving product decisions in over 180 countries. Hotjar was founded in 2014 and has always been a fully remote/distributed company. Today, Hotjar has over 310 team members across 46 countries within Europe, the Americas and Africa.

Contact Information:
Aneska Alino

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Sportradar Reports Strong Growth and Increased Profitability and Cash Flow

U.S. segment revenue increased 61% year over year; achieved first-time profitability in the third quarter
Rest of World Betting business drove strongest organic growth with high Adjusted EBITDA margin
Company raised guidance for revenue and narrowed Adjusted EBITDA range for full year 2022

ST. GALLEN, Switzerland, Nov. 16, 2022 (GLOBE NEWSWIRE) —  Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), the leading global technology company enabling next generation engagement in sports and provider of business-to-business solutions to the global sports betting industry, today announced financial results for its third quarter ended September 30, 2022.

Third Quarter 2022 Highlights

    • Revenue in the third quarter of 2022 increased 31% to €178.8 million ($175.2 million)1 compared with the third quarter of 2021. 2022 year-to-date revenue grew 28% compared to the same nine months in 2021.
    • The RoW Betting segment, accounting for 56% of total revenue, grew 28% to €100.9 million ($98.9 million)1, driven by strong performance from our Managed Betting Services (MBS).
    • U.S. segment revenue grew 61% to €31.6 million ($31.0 million)1 compared to the third quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment turned profitable for the first time since the Company’s initial public offering and generated a positive Adjusted EBITDA margin of 11%.
    • The Company’s Adjusted EBITDA2 in the third quarter of 2022 increased 75% to €36.5 million ($35.8 million)1 compared with the third quarter of 2021 as a result of strong revenue growth even with continuous investments in the Company’s growing business.
    • Adjusted EBITDA margin2 was 20% in the third quarter of 2022, an increase of 500 bps compared to the quarter for the prior year period and 400 bps higher compared to the second quarter of 2022.
    • Adjusted Free Cash Flow2 in the third quarter of 2022 increased to €33.9 million, compared to €32.9 million for the prior year period. The resulting Cash Flow Conversion2 was 93% in the quarter.
    • During the quarter, the Company prepaid €200.0 million of its outstanding debt. As of September 30, 2022, total debt was €236.9 million, and cash and cash equivalents totaled €512.5 million.
    • The Company has raised its guidance for revenue and the lower end of its Adjusted EBITDA2 range for the full year 2022.
Key Financial Measures Q3 Q3 Change
In millions, in Euros 2022 2021 %
Revenue 178.8 136.8 31%
Adjusted EBITDA2 36.5 20.9 75%
Adjusted EBITDA margin2 20% 15%
Adjusted Free Cash Flow2 33.9 32.9 3%
Cash Flow Conversion2 93% 158%

1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on September 30, 2022, which was €1.00 to $0.98.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.

Carsten Koerl, Chief Executive Officer of Sportradar said: “Our strong performance in the third quarter exceeded our expectations across all key financial metrics. We consistently managed to grow revenue, profitability and cash flows despite adverse market conditions during the first three quarters of 2022. The Company exceeds expectations quarter-in and quarter-out, and as a result of our operational performance – in particular the U.S. and the betting rest-of-world business – as well as our organizational streamlining, we are able to raise our full year guidance for revenue and increase the lower end of our Adjusted EBITDA range.”

“We are proud of the continuous success of our U.S. operations. We managed to generate a U.S. profit for the first time in the third quarter, displaying solid operational leverage in the business model. Underpinning this success is the extension of our long-term partnership with FanDuel. This partnership is a testimony for our strategy, to expand our relationships and become an embedded technology provider for our customers, based on strategic long-term deals with our league partners.”

Ulrich Harmuth, Interim Chief Financial Officer added: “The financial results in the third quarter demonstrated that Sportradar consistently has managed to grow almost three times faster than the underlying betting market and our growing scale has led to margin expansion – as indicated by the U.S. segment turning profitable in the third quarter. As a result of this strong momentum and based on what we can see today, our 2023 preliminary expectations are for revenue to grow in the mid-20’s percent while expanding Adjusted EBITDA margin above 2022 levels.

Segment Information

RoW Betting

  • Segment revenue in the third quarter of 2022 increased by 28% to €100.9 million compared with the third quarter of 2021. This growth was driven primarily by increased sales of our higher value-add offerings including Managed Betting Services (MBS), which increased 84% to €38.2 million, and Live Odds Services, which increased 12% to €27.1 million. MBS growth was attributable to a record annualized turnover3 of €19.0 billion and the success of our strategy to move existing customers to higher value add products.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 increased 8% to €48.2 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 48% from 57% in the third quarter of 2021 driven by inorganic investments into AI capabilities for our MBS business, expanding our sport rights portfolio, as well as temporary cost savings in sport rights and scouting from the prior year due to the COVID-19 pandemic.

RoW Audiovisual (AV)

  • Segment revenue in the third quarter of 2022 increased by 14% to €33.1 million compared with the third quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 increased 32% to €12.6 million compared with the third quarter of 2021. Segment Adjusted EBITDA margin2 increased to 38% from 33% compared with the third quarter of 2021 as a result of AV revenue growth.

United States

  • Segment revenue in the third quarter of 2022 increased by 61% to €31.6 million compared with the third quarter of 2021. This growth was driven by a strong increase of U.S. betting services, driven by cross-selling non-data products to betting operators as well as benefiting from our customers’ growth as a result of a development in the underlying market and new states legalizing betting.
  • Segment Adjusted EBITDA2 in the third quarter of 2022 was €3.4 million compared with a loss of (€6.6) million in the third quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of our business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin2 improved to 11% from (34%) compared with the third quarter of 2021.

2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is the total amount of stakes placed and accepted in betting.

Costs and Expenses

  • Purchased services and licenses in the third quarter of 2022 increased by €18.1 million to €47.5 million compared with the third quarter of 2021, reflecting continuous investments in content creation and processing, higher event coverage and higher scouting costs. Of the total, approximately €13.7 million was expensed sports rights.
  • Personnel expenses in the third quarter of 2022 increased by €16.9 million to €68.3 million, an increase of 33% compared with the third quarter of 2021. Adjusted for inorganic hires, personnel cost grew 27% compared to the third quarter in 2021.
  • Other Operating expenses in the third quarter of 2022 decreased by €4.9 million to €20.3 million, as a result of our efforts to increase the effectiveness of our central services and due to one-time costs resulting from our initial public offering in September 2021.
  • Total sport rights costs in the third quarter of 2022 increased by €5.9 million to €34.6 million compared with the third quarter of 2021, primarily a result of costs associated with new acquired rights in 2022 for the ITF, UEFA and ATP.

Recent Business/Company Highlights

  • Sportradar and FanDuel sign long-term agreement for Official NBA data through the 2030-31 season. Providing FanDuel with a comprehensive portfolio of betting products and entertainment tools, Sportradar remains the preferred data and odds supplier to FanDuel through 2031. Using official NBA data, Sportradar and FanDuel will collaborate to enhance the sports betting experience with new offerings such as certain player tracking data to create props and same game parlays. Additionally, FanDuel will use Sportradar’s proprietary Live Channel Trading (LCT) product.
  • Sportradar reaffirms leadership position in cricket market with partnerships with Australian Premier Cricket competitions. Sportradar announced the renewal of partnership agreements with the top tier club cricket competitions in Tasmania, Queensland, and Western Australia. Currently, Sportradar is partners with every single state and territory cricket governing body in Australia. Extensions with these clubs enable Sportradar to remain the official streaming partner until mid-2025
  • Sportradar and International Golf Federation enter integrity partnership. Sportradar’s Integrity Services (SIS) unit signed a multi-year integrity partnership with the International Golf Federation (IGF). Under the terms of the initial two-year agreement, SIS will provide bet monitoring through its Universal Fraud Detection System (UFDS) for several IGF competitions. Sportradar Integrity Services have detected more than 7,300 suspicious matches during the past 17 years, with over 600 taking place in 2022 alone.
  • Tennis Data Innovations and Sportradar team up to expand official tennis data distribution. The partnership sees the launch of a “new secondary feed,” to enable the provision of betting-related services based on official ATP Tour and ATP Challenger Tour scores to a suite of global bookmakers. Of significance, the partnership sees the ATP change its data framework, allowing bookmakers to have uninterrupted access to official data, as scores to date have been delivered directly from the umpire’s chair.
  • Sportradar continues to evolve its organizational structure to set it up for continued success in achieving its strategic goals around growth, organizational effectiveness and efficiency. The Company is optimizing its organization by appointing global leaders for content creation, product development and commercial excellence – with the U.S. retaining a dedicated go-to-market approach. With this new structure, the Company will become faster in decision-making and execution, and will be more effective and efficient in serving global customers with a growing global product portfolio. The net effect will also be to significantly reduce the number of direct reports to the CEO.

Annual Financial Outlook 
Sportradar has updated its outlook for revenue and Adjusted EBITDA for fiscal 2022 as follows:

  • Sportradar has raised its revenue outlook for fiscal 2022 to a range of €718.0 million to €723.0 million ($703.6 million to $708.5 million)1, from its previous range of €695.0 million to €715.0 million representing prospective growth of 28% to 29% over fiscal 2021.
  • Outlook for Adjusted EBITDA2 is narrowed to a range of €124.0 million to €127.0 million ($121.5 million to $124.5 million)1 from the previous range of €123.0 million to €133.0 million, representing 22% to 24% growth versus last year.
  • Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the third quarter 2022 financial results today, November 16, 2022, at 8:00 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 is the leading global sports technology company creating immersive experiences for sports fans and bettors. Established in 2001, the company is well-positioned at the intersection of the sports, media and betting industries, providing sports federations, news media, consumer platforms and sports betting operators with a range of solutions to help grow their business. Sportradar employs more than 3,700 full-time employees across 20 countries around the world. It is our commitment to excellent service, quality and reliability that makes us the trusted partner of more than 1,700 customers in over 120 countries and an official partner of the NBA, NHL, MLB, NASCAR, UEFA, FIFA, ICC and ITF. We cover more than 890,000 events annually across 92 sports. With deep industry relationships, Sportradar is not just redefining the sports fan experience; it also safeguards the sports themselves through its Integrity Services division and advocacy for an integrity-driven environment for all involved.


Investor Relations:
Rima Hyder, SVP Head of Investor Relations

Christin Armacost, CFA, Manager Investor Relations

Sandra Lee

1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on September 30, 2022, which was €1.00 to $0.98.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.

Non-IFRS Financial Measures and Operating Metrics
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 Free Cash Flow and Cash Flow Conversion (together, the “Non-IFRS financial measures”), as well as operating metrics, including 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 profit (loss) for the period adjusted for share based compensation, depreciation and amortization (excluding amortization of sports rights), impairment of intangible assets, other financial assets and equity-accounted investee, loss from loss of control of subsidiary, remeasurement of previously held equity-accounted investee, non-routine litigation costs, professional fees for SOX and ERP implementations, share of profit (loss) of equity-accounted investee (SportTech AG), foreign currency (gains) losses, finance income and finance costs, and income tax (expense) benefit and certain other non-recurring items, as described in the reconciliation below.
    License fees relating to sport rights are a key component of how we generate revenue and one of our main operating expenses. Such license fees are presented either under purchased services and licenses or under depreciation and amortization, depending on the accounting treatment of each relevant license. 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. Our presentation of Adjusted EBITDA removes this difference in classification by decreasing our EBITDA by our amortization of sports rights. As such, our presentation of Adjusted EBITDA reflects the full costs of our sports right’s licenses. Management believes that, by deducting the full amount of 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 of the respective segments 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.
  • “Adjusted Free Cash Flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) and foreign currency gains (losses) on our cash equivalents. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, of intangible assets and payment of lease liabilities, which can then be used to, among other things, to invest in our business and make strategic acquisitions. A limitation of the utility of Adjusted Free Cash Flow as a measure of liquidity is that it does not represent the total increase or decrease in our cash balance for the year.
  • “Cash Flow Conversion” is the ratio of Adjusted Free Cash Flow to Adjusted EBITDA.

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

  • “Net Retention Rate” is calculated for a given period by starting with the reported Trailing Twelve Month revenue, which includes both subscription-based and revenue sharing 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. We have referred to this calculation as “Dollar Based Net Retention Rate” in prior press releases, which is the same calculation we are now using for “Net Retention Rate.”

The Company is unable to provide a reconciliation of Adjusted EBITDA to profit (loss) for the period, its most directly comparable IFRS financial measure, on a forward- looking basis without unreasonable effort because items that impact this IFRS financial measure 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.

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 expected performance for the full year 2022. 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,” “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 conflict; the global COVID-19 pandemic and its adverse effects 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; 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; 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 for 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; risks related to future acquisitions; 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, 2021, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at and on our website at 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.

(Expressed in thousands of Euros – except for per share data)

Three Months Ended September 30,
Nine Months Ended September 30,
2022 2021 2022
Revenue 136,765 178,835 408,837 523,900
Purchased services and licenses (excluding depreciation and amortization) (29,414) (47,536) (85,977) (127,612)
Internally-developed software cost capitalized 3,219 4,349 9,136 13,125
Personnel expenses (51,332) (68,278) (136,777) (184,974)
Other operating expenses (25,176) (20,296) (60,117) (60,975)
Depreciation and amortization (27,182) (31,760) (91,271) (133,332)
Impairment loss on trade receivables, contract assets and other financial assets (657) (1,173) (759) (1,807)
Remeasurement of previously held equity-accounted investee 7,698
Share of loss of equity-accounted investees (397) (1,167) (1,487) (1,264)
Foreign currency gains (losses), net (4,892) 11,003 (3,509) 39,858
Finance income 1,575 1,991 5,099 2,715
Finance costs (8,498) (11,312) (23,837) (29,446)
Net income (loss) before tax (5,989) 14,656 19,338 47,886
Income tax expense (3,047) (1,906) (10,724) (4,112)
Profit (loss) for the period (9,036) 12,750 8,614 43,774
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit liability 18 54 1,451
Related deferred tax expense (4) (9) (210)
14 45 1,241
Items that may be reclassified subsequently to profit or loss
Foreign currency translation adjustment attributable to the owners of the company (1,207) 7,369 (590) 15,172
Foreign currency translation adjustment attributable to non-controlling interests (85) 27 (183) 31
(1,292) 7,396 (773) 15,203
Other comprehensive income (loss) for the period, net of tax (1,278) 7,396 (728) 16,444
Total comprehensive income (loss) for the period (10,314) 20,146 7,886 60,218
Profit (loss) attributable to:
Owners of the Company (8,828) 12,500 8,607 43,636
Non-controlling interests (207) 250 7 138
(9,035) 12,750 8,614 43,774
Total comprehensive income (loss) attributable to:
Owners of the Company (10,021) 19,869 8,062 60,049
Non-controlling interests (293) 277 (176) 169
(10,314) 20,146 7,886 60,218
Weighted-average of Class A and Class B shares (basic)* as of September 30, 2022
Weighted-average of Class A and Class B shares (diluted)* as of September 30, 2022

*Class B shares are included with a conversion rate of 1/10

(Expressed in thousands of Euros)

December 31, September 30,
Assets 2021 2022
Current assets
Cash and cash equivalents 742,773 512,492
Trade receivables 33,943 53,287
Contract assets 40,617 45,653
Other assets and prepayments 31,161 33,340
Income tax receivables 1,548 1,608
850,042 646,380
Non-current assets
Property and equipment 35,923 36,733
Intangible assets and goodwill 808,472 884,610
Equity-accounted investees 8,445 36,752
Other financial assets and other non-current assets 41,331 43,384
Deferred tax assets 26,908 32,682
921,079 1,034,161
Total assets 1,771,121 1,680,541
Current liabilities
Loans and borrowings 6,086 6,269
Trade payables 150,012 209,168
Other liabilities 59,992 44,994
Contract liabilities 22,956 33,786
Income tax liabilities 14,190 19,428
253,236 313,645
Non-current liabilities
Loans and borrowings 429,264 230,634
Trade payables 320,428 290,326
Other non-current liabilities 7,081 20,207
Deferred tax liabilities 25,478 29,753
782,251 570,920
Total liabilities 1,035,487 884,565
Ordinary shares 27,297 27,323
Treasury shares (661 )
Additional paid-in capital 606,057 581,134
Retained earnings 89,693 149,507
Other reserves 15,776 32,274
Equity attributable to owners of the Company 738,823 789,577
Non-controlling interest (3,189 ) 6,399
Total equity 735,634 795,976
Total liabilities and equity 1,771,121 1,680,541

(Expressed in thousands of Euros)

Nine Months Ended September 30,
2021 2022
Profit for the period 8,614 43,774
Adjustments to reconcile profit for the year to net cash provided by operating activities:
Income tax expense 10,724 4,112
Interest income (5,018 ) (2,712 )
Interest expense 23,797 29,400
Impairment losses on financial assets 425 158
Remeasurement of previously held equity-accounted investee (7,698 )
Other financial expenses (income) net (430 ) 43
Foreign currency (gains) losses, net 3,509 (39,858 )
Amortization of intangible assets 83,713 124,651
Depreciation of property and equipment 7,558 8,681
Equity-settled share-based payments 13,670 20,035
Other 1,713 2,992
Cash flow from operating activities before working capital changes, interest and income taxes 148,275 183,578
Increase in trade receivables, contract assets, other assets and prepayments (15,710 ) (20,144 )
Increase in trade and other payables, contract and other liabilities 18,193 13,374
Changes in working capital 2,483 (6,770 )
Interest paid (18,066 ) (26,632 )
Interest received 2,706
Income taxes paid, net (7,088 ) (4,633 )
Net cash from operating activities 125,604 148,249
Acquisition of intangible assets (81,478 ) (117,283 )
Acquisition of property and equipment (2,701 ) (5,806 )
Acquisition of subsidiaries, net of cash acquired (198,432 ) (55,901 )
Contribution to equity-accounted investee (27,873 )
Collection of loans receivable 294 122
Issuance of loans receivable (2,116 )
Collection of deposits 216 31
Payment of deposits (86 ) (160 )
Net cash used in investing activities (284,303 ) (206,870 )
Payment of lease liabilities (4,417 ) (4,425 )
Acquisition of non-controlling interests (28,246 )
Transaction costs related to borrowings (1,100 )
Principal payments on bank debt (2,230 ) (200,554 )
Purchase of treasury shares (661 )
Proceeds from issuance of MPP share awards 1,650
Change in bank overdrafts 59 98
Proceeds from issue of participation certificates 1,002
Proceeds from issuance of new shares 548,157
Transaction costs related to issuance of new shares and participation certificates (1,900 )
Net cash from (used in) financing activities 542,321 (234,888 )
Net increase (decrease) in cash 383,622 (293,509 )
Cash and cash equivalents as of January 1 385,542 742,773
Effects of movements in exchange rates (762 ) 63,228
Cash and cash equivalents as of September 30 768,402 512,492

The tables below show the information related to each reportable segment for the three- and nine-month periods ended September 30, 2021 and 2022.

Three Months Ended September 30, 2021
in €’000 RoW
All other
Segment revenue 78,589 28,974 19,569 127,132 9,633 136,765
Segment Adjusted EBITDA 44,741 9,587 (6,593) 47,735 (2,422) 45,313
Unallocated corporate expenses(1) (24,436)
Adjusted EBITDA 20,877
Adjusted EBITDA margin 57% 33% (34%) 38% (25%) 15%
Three Months Ended September 30, 2022
in €’000 RoW
All other
Segment revenue 100,919 33,090 31,556 165,565 13,270 178,835
Segment Adjusted EBITDA 48,215 12,624 3,446 64,285 (3,854) 60,431
Unallocated corporate expenses(1) (23,947)
Adjusted EBITDA 36,484
Adjusted EBITDA margin 48% 38% 11% 39% (29%) 20%
Nine Months Ended September 30, 2021
in €’000 RoW
All other
Segment revenue 227,111 104,576 48,485 380,172 28,665 408,837
Segment Adjusted EBITDA 131,331 29,370 (15,072) 145,629 (4,112) 141,517
Unallocated corporate expenses(1) (60,873)
Adjusted EBITDA 80,644
Adjusted EBITDA margin 58% 28% (31%) 38% (14%) 20%
Nine Months Ended September 30, 2022
in €’000 RoW
All other
Segment revenue 283,169 118,754 86,289 488,212 35,688 523,900
Segment Adjusted EBITDA 136,157 34,611 (8,474) 162,294 (12,467) 149,827
Unallocated corporate expenses(1) (59,089)
Adjusted EBITDA 90,738
Adjusted EBITDA margin 48% 29% (10%) 33% (35%) 17%

(1) Unallocated corporate expenses primarily consist of salaries and wages for management, legal, human resources, finance, office, technology and other costs not allocated to the segments.

The following table reconciles Adjusted EBITDA to the most directly comparable IFRS financial performance measure, which is profit for the period:

Three Months Ended September 30, Nine Months Ended September 30,
in €’000 2021 2022 2021 2022
Profit (loss) for the period (9,036 ) 12,750 8,614 43,774
Share based compensation 5,148 7,348 13,670 20,035
Litigation costs1 2,975 6,146
Professional fees for SOX and ERP implementations 946 3,485
One-time charitable donation for Ukrainian relief activities 147
Depreciation and amortization 27,182 31,760 91,271 133,332
Amortization of sport rights (17,444 ) (20,668 ) (66,307 ) (100,793 )
Impairment loss (gain) on other financial assets 165 (18 ) 425 158
Remeasurement of previously held equity-accounted investee (7,698 )
Share of loss of equity-accounted investee2 1,167 1,167
Foreign currency (gains) losses, net 4,892 (11,003 ) 3,509 (39,858 )
Finance income (1,575 ) (1,991 ) (5,099 ) (2,715 )
Finance costs 8,498 11,312 23,837 29,446
Income tax expense 3,047 1,906 10,724 4,112
Adjusted EBITDA 20,877 36,484 80,644 90,738

(1) Includes legal related costs in connection with a non-routine litigation.
(2) Includes the related share in the equity-accounted investee of SportTech AG

The following table presents a reconciliation of Adjusted Free Cash Flow to the most directly comparable IFRS financial performance measure, which is net cash from operating activities:

Three Months Ended September 30, Nine Months Ended September 30,
in €’000 2021 2022 2021 2022
Net cash from operating activities 58,148 63,826 125,604 148,249
Acquisition of intangible assets (23,153 ) (46,696 ) (81,478 ) (117,283 )
Acquisition of property and equipment (661 ) (4,241 ) (2,701 ) (5,806 )
Payment of lease liabilities (1,388 ) (1,242 ) (4,417 ) (4,425 )
Foreign currency gains on cash equivalents 22,271 61,735
Adjusted Free Cash Flow 32,946 33,918 37,008 82,470

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