Day: March 15, 2023

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Sportradar Reports Fourth Quarter and Full Year 2022 Results

Full Year 2022 revenue growth of 30% exceeds annual 2022 outlook
Fourth quarter ROW Betting segment revenue grew 29% with Adjusted EBITDA margin of 44%
Fourth quarter U.S. segment revenue grew 77%; positive Adjusted EBITDA for second consecutive quarter
2023 annual outlook with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

ST. GALLEN, Switzerland, March 15, 2023 (GLOBE NEWSWIRE) — Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its fourth quarter and full year ended December 31, 2022.

Full Year 2022 Highlights and Annual Outlook

  • Revenue for the full year of 2022 increased 30% to €730.2 million ($781.3 million)1 compared with the prior year, driven by 26% growth from Rest of World Betting and 78% growth from the U.S. Full year revenue exceeded the Company’s 2022 annual outlook range of €718.0 million to €723.0 million.
  • In 2022, the Company strengthened its core betting business by increasing its wallet share with customers by selling its higher value products. Managed Trading Services (MTS) turnover3 volume grew 84% to €19.4 billion, the Company’s digital advertising product ad:s’ revenue grew 69%, and U.S. betting revenue grew 101%, extending its leadership position in the U.S. Furthermore, Sportradar continues to invest in advanced technologies such as trading algorithms, artificial intelligence and computer vision technology.
  • Total profit for the full year 2022 was €10.5 million compared with €12.8 million for the prior year. Adjusted EBITDA2 for the full year of 2022 increased 23% to €125.8 million ($134.6 million)1 compared with the prior year and was within the Company’s 2022 annual outlook range of €124.0 to €127.0 million.
  • Adjusted EBITDA margin2 for 2022 was 17% compared with 18% for 2021. Adjusted EBITDA margin for the second half of 2022 improved by 400 bps over the second half of the year 2021.
  • Cash and cash equivalents totaled €243.8 million as of December 31, 2022 and total liquidity available for use at December 31, 2022, including undrawn credit facilities was €463.8 million. The Company repaid €420.0 million of its outstanding term loan debt eliminating the term loan in its entirety.
  • Sportradar signed new and extended multi-year agreements with FanDuel for official NBA data, NASCAR, Turkish Basketball Federation, Australian premier cricket competitions, and Tennis Data Innovations, in addition to launching integrity focused programs such as Athlete Wellbeing to support athletes’ mental health. The Company also acquired Vaix, a pioneer in developing AI solutions for the iGaming industry.
  • The Company is providing an annual outlook for full year 2023 for revenue and Adjusted EBITDA2. Revenue is expected to be in the range of €902.0 million to €920.0 million and Adjusted EBITDA2 is expected to be in the range of €157.0 million to €167.0 million. Please see the “Annual Financial Outlook” section of this press release for further details.

Fourth Quarter 2022 Highlights

  • Revenue in the fourth quarter of 2022 increased 35% to €206.3 million ($220.7million)1 compared with the fourth quarter of 2021.
  • The RoW Betting segment, accounting for 51% of total revenue, grew 29% to €105.9 million ($113.3 million)1, driven by strong performance from Managed Betting Services (MBS). MTS trading volume grew 75%, primarily driven by strong FIFA World Cup performance.
  • U.S. segment revenue grew 77% to €41.2 million ($44.0 million)1 compared with the fourth quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment generated a positive Adjusted EBITDA for the second consecutive quarter with an Adjusted EBITDA margin of 11%.
  • The Company’s Adjusted EBITDA2 in the fourth quarter of 2022 increased 64% to €35.1 million ($37.6 million)1 compared with the fourth quarter of 2021 as a result of strong revenue growth despite increased investment for growth.
  • Adjusted EBITDA margin2 was 17% in the fourth quarter of 2022, an increase of 300 bps compared with the prior year period.
  • Adjusted Free Cash Flow2 in the fourth quarter of 2022 was (€43.6) million, compared with (€22.5) million for the prior year period, as a result of unfavorable impact from foreign currency exchange, planned pre-payments of sports league rights, taxes as well as restructuring costs. The resulting Cash Flow Conversion2 was (124%) in the quarter.
  • During the quarter, the Company prepaid the remaining €220.0 million of its outstanding debt and has no more outstanding debt.

Key Financial Measures

In millions, in Euros€ Q4 Q4 Change FY FY Change
2022 2021 % 2022 2021 %
Revenue 206.3 152.4 35 % 730.2 561.2 30 %
Adjusted EBITDA2 35.1 21.4 64 % 125.8 102.0 23 %
Adjusted EBITDA margin2 17 % 14 % – 17 % 18 % –
Adjusted Free Cash Flow2 (43.6 ) (22.5 ) – 38.9 14.5 167 %
Cash Flow Conversion2 (124 %) (105 %) – 31 % 14 % –

Carsten Koerl, Chief Executive Officer of Sportradar said: “I am very pleased with our strong results driven by exceptional execution this past year. We saw excellent performance across all of our key performance metrics despite challenging macroeconomic conditions including a second consecutive quarter of positive Adjusted EBITDA in the U.S. Our continued long-term partnerships with leading global sports bodies, and innovation across new technologies such as artificial intelligence and computer vision and as important, a team passionate about delivering solutions to our clients, make us very excited about our growth in 2023 and beyond.”

Ulrich Harmuth, Interim Chief Financial Officer added: “Our fourth quarter financial results illustrate the momentum we’ve built throughout 2022. We demonstrated operational leverage in our business model, despite making significant investments in our products and technology, streamlined our organization to be more customer-centric, and strengthened our balance sheet by repaying our debt. Our 2023 guidance of revenue growth and margin expansion reflects the investments we have made to date and the growing global sports market opportunity.”

Segment Information

RoW Betting

  • Segment revenue in the fourth quarter of 2022 increased by 29% to €105.9 million compared with the fourth quarter of 2021. This growth was driven primarily by increased sales of the company’s higher value-add offerings including Managed Betting Services (MBS), which increased 83% to €38.3 million. MBS growth was attributable to a record MTS annualized turnover3 of over €19.4 billion, helped by the FIFA World Cup, and the success of its strategy to move existing customers to higher value add products.
  • Segment Adjusted EBITDA2 in the fourth quarter of 2022 increased to €46.3 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin2 decreased to 44% from 56% in the fourth quarter of 2021 driven by increased investment in AI technology for MTS and Computer Vision technology.

RoW Audiovisual (AV)

  • Segment revenue in the fourth quarter of 2022 increased by 17% to €41.8 million compared with the fourth 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 fourth quarter of 2022 increased 20% to €11.9 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin2 was 28% in the fourth quarter of 2022 and 2021 as AV revenue growth was offset by higher production and personnel costs.

United States

  • Segment revenue in the fourth quarter of 2022 increased by 77% to €41.2 million compared with the fourth quarter of 2021. This growth was driven by an increase in cross-selling non-data products to betting operators as well as benefiting from growth in the underlying betting market due to new states legalizing betting.
  • Segment Adjusted EBITDA2 in the fourth quarter of 2022 was €4.3 million compared with a loss of (€7.6) million in the fourth quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of the business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin2 improved to 11% from (33%) compared with the fourth quarter of 2021.

Costs and Expenses

  • Purchased services and licenses in the fourth quarter of 2022 increased by €14.9 million to €48.4 million compared with the fourth quarter of 2021, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €10.0 million was expensed sports rights.
  • Personnel expenses in the fourth quarter of 2022 increased by €34.0 million to €81.0 million, an increase of 72% compared with the fourth quarter of 2021. The increase was driven by acquisition costs of €9.0 million, a one-time cost of €5.0 million as a result of management restructuring as well as increased headcount associated with our investments in AI and Computer Vision, and inflationary adjustments for labor costs.
  • Other Operating expenses in the fourth quarter of 2022 increased by €7.7 million to €34.9 million, an increase of 28%, compared with the fourth quarter of 2021 primarily as a result of €13.0 million non-recurring litigation costs. Excluding this litigation cost, operating expenses decreased, compared with the fourth quarter of 2021.
  • Total sports rights costs in the fourth quarter of 2022 increased by €11.2 million to €49.7 million compared with the fourth quarter of 2021, primarily a result of newly acquired rights in 2022 for ITF and UEFA, as well as increased sports rights costs related to the NHL.

Recent Company Highlights

  • Sportradar has been selected as the successful bidder for the global Association of Tennis Professionals (ATP) data and streaming rights starting in 2024 as a result of the Company’s commitment to product innovation for the downstream market and unrivalled development in advanced technologies such as computer vision and AI, in addition to its industry leading integrity services. The Company has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
  • Sportradar launched its artificial intelligence (AI) driven Computer Vision technology for table tennis. The Company’s AI has been trained to understand the rules of table tennis and automate data capture by analyzing 120 frames per second. Computer Vision provides a 100-fold increase in the level of statistics and data point captured.
  • Sportradar announced the launch of Insight Tech Services, a suite of standalone AI led solutions for in-house use by sportsbook operators to optimize the performance of their trading, risk management and marketing functions. Insight Tech Services is a complement to Sportradar’s Managed Trading Services (MTS), allowing the sports technology company to support all sportsbook operating in the marketplace.
  • Sportradar signs expanded agreement with Betway. Building on the current agreement focused on sports betting services, Betway has now partnered with Sportradar to utilize both ad:s, multi-channel performance marketing platform, and its Audio Visual (AV) services, featuring a global portfolio of live streaming sports content.
  • Sportradar launches Athlete Wellbeing documentary-style video, detailing how legal sports betting may impact the mental health of athletes. Sportradar’s Athlete Wellbeing program provides resources and support to assist partners in educating their athletes about any potential harm associated with sports betting and sheds light on the potential impact of sports betting on athletes. Athlete Wellbeing is a part of Sportradar’s overall Integrity Services strategy of protecting the integrity of sporting competitions through monitoring, investigation and education.
  • Sportradar awarded Temporary Massachusetts Sportswagering License. Sportradar now holds 44 licenses, or equivalent, in North America across U.S. states, territories, tribes and Canada.
  • The Company continued to optimize its organization around content creation, product development, commercial excellence, and strengthen its management team and recently appointed Severine Riviere-Gerstner as the new Chief People Officer.

Annual Financial Outlook

Sportradar provided its outlook for revenue and Adjusted EBITDA for fiscal 2023 as follows:

  • Sportradar expects its revenue for fiscal 2023 to be in the range of €902.0 million to €920.0 million ($965.1 million to $984.4 million)1, representing growth of 24% to 26% over fiscal 2022.
  • Adjusted EBITDA2 is expected to be in a range of €157.0 million to €167.0 million ($168.0 million to $178.7 million)1, representing 25% to 33% growth versus last year.
  • Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the fourth quarter 2022 and full year financial results today, March 15, 2023, 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 (NASDAQ: SRAD), founded in 2001, is a leading global sports technology company creating immersive experiences for sports fans and bettors. Positioned at the intersection of the sports, media and betting industries, the company provides sports federations, news media, consumer platforms and sports betting operators with a best-in-class range of solutions to help grow their business. As the trusted partner of organizations like the NBA, NHL, MLB, NASCAR, UEFA, FIFA, ICC and ITF, Sportradar covers close to a million events annually across all major sports. With deep industry relationships and expertise, Sportradar is not just redefining the sports fan experience, it also safeguards sports through its Integrity Services division and advocacy for an integrity-driven environment for all involved.

For more information about Sportradar, please visit www.sportradar.com

CONTACT:

Investor Relations:
Rima Hyder, SVP Head of Investor Relations
Christin Armacost, CFA, Manager Investor Relations
investor.relations@sportradar.com

Media:
Sandra Lee
comms@sportradar.com

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, management restructuring 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 sports 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 sports 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 2023. 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 and other military conflicts; 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 on us and 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, 2022, and other documents filed with or furnished to the SEC, accessible on the SEC’s website at www.sec.gov and on our website at https://investors.sportradar.com. 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.

SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
(Expressed in thousands of Euros)

Three Months Ended
December 31,
 Years ended
December 31,
2021 2022 2021 2022
Revenue 152,365 206,288 561,202 730,188
Purchased services and licenses (excluding depreciation and amortization) (33,449 ) (48,385 ) (119,426 ) (175,997 )
Internally-developed software cost capitalized 2,658 4,605 11,794 17,730
Personnel expenses (47,043 ) (81,010 ) (183,820 ) (265,984 )
Other operating expenses (27,191 ) (34,916 ) (87,308 ) (95,891 )
Depreciation and amortization (38,104 ) (51,481 ) (129,375 ) (184,813 )
Impairment (loss) income on trade receivables, contract assets and other financial assets (5,193 ) 255 (5,952 ) (1,552 )
Remeasurement of previously held equity-accounted investee – – – 7,698
Share of income (loss) of equity-accounted investees 2 (2,818 ) (1,485 ) (4,082 )
Foreign currency gains (losses), net 8,946 (13,168 ) 5,437 26,690
Finance income 198 2,535 198 5,250
Finance costs (8,703 ) (12,001 ) (32,540 ) (41,447 )
Net income (loss) before tax 4,486 (30,096 ) 23,824 17,790
Income tax expense (313 ) (3,187 ) (11,037 ) (7,299 )
Profit (loss) for the period 4,173 (33,283 ) 12,787 10,491
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit liability 1,345 741 1,399 2,192
Related deferred tax expense (193 ) (123 ) (202 ) (333 )
1,152 618 1,197 1,859
Items that may be reclassified subsequently to profit or loss
Foreign currency translation adjustment attributable to the owners of the company 14,310 (13,183 ) 13,720 1,989
Foreign currency translation adjustment attributable to non-controlling interests (82 ) (21 ) (265 ) 10
14,228 (13,204 ) 13,455 1,999
Other comprehensive income (loss) for the period, net of tax 15,380 (12,586 ) 14,652 3,858
Total comprehensive income (loss) for the period 19,553 (45,869 ) 27,439 14,349
Profit (loss) attributable to:
Owners of the Company 3,962 (32,745 ) 12,569 10,891
Non-controlling interests 212 (538 ) 218 (400 )
4,174 (33,283 ) 12,787 10,491
Total comprehensive income (loss) attributable to:
Owners of the Company 19,424 (45,310 ) 27,486 14,739
Non-controlling interests 129 (559 ) (47 ) (390 )
19,553 (45,869 ) 27,439 14,349
Weighted-average of Class A and Class B shares (basic)* as of December 31, 2021 and 2022 277,037 296,915
Weighted-average of Class A and Class B shares (diluted)* as of December 31, 2021 and 2022 279,040 312,534
*Class B shares are included with a conversion rate of 1/10

SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
(Expressed in thousands of Euros)

December 31,  December 31, 
Assets 2021 2022
Current assets
Cash and cash equivalents 742,773 243,757
Trade receivables 33,943 63,412
Contract assets 40,617 50,482
Other assets and prepayments 31,161 42,913
Income tax receivables 1,548 1,631
850,042 402,195
Non-current assets
Property and equipment 35,923 37,887
Intangible assets and goodwill 808,472 843,632
Equity-accounted investees 8,445 33,888
Other financial assets and other non-current assets 41,331 44,445
Deferred tax assets 26,908 27,014
921,079 986,866
Total assets 1,771,121 1,389,061
Current liabilities
Loans and borrowings 6,086 7,361
Trade payables 150,012 204,994
Other liabilities 59,992 65,268
Contract liabilities 22,956 23,172
Income tax liabilities 14,190 8,693
253,236 309,488
Non-current liabilities
Loans and borrowings 429,264 15,484
Trade payables 320,428 269,917
Other non-current liabilities 7,081 10,695
Deferred tax liabilities 25,478 26,048
782,251 322,144
Total liabilities 1,035,487 631,632
Ordinary shares 27,297 27,323
Treasury shares – (2,705 )
Additional paid-in capital 606,057 590,191
Retained earnings 89,693 117,155
Other reserves 15,776 19,624
Equity attributable to owners of the Company 738,823 751,588
Non-controlling interest (3,189 ) 5,841
Total equity 735,634 757,429
Total liabilities and equity 1,771,121 1,389,061

SPORTRADAR GROUP AG
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Expressed in thousands of Euros)

Years ended December 31
2021 2022
OPERATING ACTIVITIES:
Profit for the year 12,787 10,491
Adjustments to reconcile profit for the year to net cash provided by operating activities:
Income tax expense 11,037 7,299
Interest income (5,179 ) (5,250 )
Interest expense 32,325 40,036
Impairment losses (income) on financial assets 5,889 (5 )
Remeasurement of previously held equity-accounted investee — (7,698 )
Other financial expenses 96 1,411
Foreign currency gains, net (5,437 ) (26,690 )
Amortization and impairment of intangible assets 119,048 172,831
Depreciation of property and equipment 10,327 11,982
Equity-settled share-based payments 15,431 28,299
Share of loss of equity-accounted investees 1,485 4,082
Other (876 ) (3,178 )
Cash flow from operating activities before working capital changes, interest and income taxes 196,933 233,610
Increase in trade receivables, contract assets, other assets and prepayments (69,896 ) (53,519 )
Increase in trade and other payables, contract and other liabilities 44,385 32,159
Changes in working capital (25,511 ) (21,360 )
Interest paid (31,060 ) (33,591 )
Interest received 165 5,091
Income taxes paid (8,306 ) (15,673 )
Net cash from operating activities 132,221 168,077
INVESTING ACTIVITIES:
Acquisition of intangible assets (124,890 ) (154,266 )
Acquisition of property and equipment (5,861 ) (8,288 )
Acquisition of subsidiaries, net of cash acquired (198,432 ) (56,245 )
Contribution to equity-accounted investee (45 ) (27,873 )
Acquisition of financial assets (2,605 ) —
Collection of loans receivable 265 208
Issuance of loans receivable (2,270 ) —
Collection of deposits 222 —
Payment of deposits (152 ) (103 )
Net cash used in investing activities (333,768 ) (246,567 )
FINANCING ACTIVITIES:
Payment of lease liabilities (7,118 ) (5,958 )
Acquisition of non-controlling interests — (28,245 )
Transaction costs related to borrowings — (1,100 )
Principal payments on bank debt (2,376 ) (420,685 )
Purchase of treasury shares — (3,837 )
Proceeds from issuance of MPP share awards 1,650 —
Change in bank overdrafts (22 ) (23 )
Proceeds from issue of participation certificates 1,002 —
Proceeds from issuance of new shares 556,639 —
Transaction costs related to issuance of new shares and participation certificates (10,009 ) —
Net cash (used in) from financing activities 539,766 (459,848 )
Net increase (decrease) in cash and cash equivalents 338,219 (538,338 )
Cash and cash equivalents as of January 1 385,542 742,773
Effects of movements in exchange rates 19,012 39,322
Cash and cash equivalents as of December 31 742,773 243,757

The tables below show the information related to each reportable segment for the three- and twelve-month periods ended December 31, 2021 and 2022.

Three Months Ended December 31, 2021
in €’000 RoW
Betting		 RoW
Betting
AV		 United
States		 Total
reportable
segments		 All other
segments		 Total
Segment revenue 82,246 35,586 23,215 141,047 11,318 152,365
Segment Adjusted EBITDA 45,668 9,877 (7,553 ) 47,992 (1,634 ) 46,358
Unallocated corporate expenses() (24,989 )
Adjusted EBITDA 21,369
Adjusted EBITDA margin 56 % 28 % (33 %) 34 % (14 %) 14 %
Three Months Ended December 31, 2022
in €’000 RoW
Betting		 RoW
Betting
AV		 United
States		 Total
reportable
segments		 All other
segments		 Total
Segment revenue 105,923 41,768 41,153 188,844 17,444 206,288
Segment Adjusted EBITDA 46,282 11,883 4,333 62,498 (881 ) 61,617
Unallocated corporate expenses(1) (26,508 )
Adjusted EBITDA 35,109
Adjusted EBITDA margin 44 % 28 % 11 % 33 % (5 %) 17 %
Year Ended December 31, 2021
in €’000 RoW
Betting		 RoW
Betting
AV		 United
States		 Total
reportable
segments		 All other
segments		 Total
Segment revenue 309,357 140,162 71,700 521,219 39,983 561,202
Segment Adjusted EBITDA 176,987 39,246 (22,625 ) 193,608 (5,746 ) 187,862
Unallocated corporate expenses() (85,849 )
Adjusted EBITDA 102,013
Adjusted EBITDA margin 57 % 28 % (32 %) 37 % (14 %) 18 %
Year Ended December 31, 2022
in €’000 RoW
Betting 		RoW
Betting
AV 		United
States		 Total
reportable
segments		 All other
segments		 Total
Segment revenue 389,092 160,522 127,442 677,056 53,132 730,188
Segment Adjusted EBITDA 182,439 46,494 (4,141 ) 224,792 (13,348 ) 211,444
Unallocated corporate expenses(1) (85,598 )
Adjusted EBITDA 125,846
Adjusted EBITDA margin 47 % 29 % (3 %) 33 % (25 %) 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
December 31,		 Years Ended
December 31,
in €’000 2021 2022 2021 2022
Profit (loss) for the period 4,173 (33,283 ) 12,787 10,491
Share based compensation 1,761 8,602 15,431 28,637
Litigation costs1 – 12,899 – 19,045
Management restructuring costs – 5,528 – 5,528
Professional fees for SOX and ERP implementations – 813 – 4,298
One-time charitable donation for Ukrainian relief activities – – – 146
Depreciation and amortization 38,104 51,481 129,375 184,813
Amortization of sports rights (28,005 ) (39,407 ) (94,312 ) (140,200 )
Impairment loss (gain) on other financial assets 5,464 (163 ) 5,889 (5 )
Remeasurement of previously held equity-accounted investee – – – (7,698 )
Share of loss of equity-accounted investee2 – 2,818 – 3,985
Foreign currency (gains) losses, net (8,946 ) 13,168 (5,437 ) (26,690 )
Finance income (198 ) (2,535 ) (5,297 ) (5,250 )
Finance costs 8,703 12,001 32,540 41,447
Income tax expense 313 3,187 11,037 7,299
Adjusted EBITDA 21,369 35,109 102,013 125,846

(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 December 31, Years Ended December 31,
in €’000 2021 2022 2021 2022
Net cash from operating activities 6,617 19,828 132,221 168,077
Acquisition of intangible assets (43,412 ) (36,943 ) (124,890 ) (154,226 )
Acquisition of property and equipment (3,160 ) (2,482 ) (5,861 ) (8,288 )
Payment of lease liabilities (2,701 ) (1,533 ) (7,118 ) (5,958 )
Foreign currency gains (losses) on cash equivalents 20,188 (22,462 ) 20,188 39,273
Adjusted Free Cash Flow (22,468 ) (43,592 ) 14,540 38,878

_______________________

1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on December 31, 2022, which was €1.00 to $1.07.

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 defined as the total amount of stakes placed and accepted in betting.

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Champalimaud Foundation partners with Philips to reduce its diagnostic imaging carbon footprint by 50% in five years

March 15, 2023

Lisbon, Portugal and Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and leading Portuguese translational biomedical research and clinical care provider Champalimaud Foundation, today announced they have signed a strategic partnership aimed at halving the carbon footprint resulting from Champalimaud’s use of diagnostic and interventional imaging equipment by 2028.

The transformation of Champalimaud Foundation’s imaging technology infrastructure will be enabled by a set of practical, scalable measures and innovations, including equipment upgrades, lifetime extensions, process digitalization, circular financing solutions with takeback, and renewable electricity sourcing. It will help drive the quality and efficiency of care delivery, while also realizing more sustainable healthcare. As a result, many more patients are expected to be able to benefit from the hospital’s diagnostic healthcare services.

Global healthcare systems account for 4.4% of global CO₂ emissions [1] – more than aviation or the shipping industry [2]. The cooperation between Champalimaud Foundation and Philips is based on a shared commitment to help mitigate climate change – building on Philips’ acknowledged expertise as a health technology company that is driving systemic change towards more sustainable and equitable patient care through the application of EcoDesign (embedding sustainability into the innovation process), circular economy principles, renewable energy sourcing, and workflow improvement through digitalization.

After conducting a baseline assessment of Champalimaud Foundation’s current CO₂ emissions, Philips will work with the organization to update and renew its diagnostic imaging technology capabilities, keeping it up-to-date with Philips’ latest innovations in diagnostic imaging such as CT and MR systems, while also reducing resource demand, increasing the use of recycled materials, and extending equipment lifespans. As a result, Champalimaud Foundation’s patients and staff will be able to enjoy the outcome benefits of advanced diagnostic imaging coupled with improved patient and staff experiences and more sustainable healthcare delivery.

“The healthcare sector is a significant contributor to CO₂ emissions and therefore has an important role to play in mitigating climate change,” said Leonor Beleza, President of the Champalimaud Foundation. “This partnership will allow us to continue to ensure the best care for our patients while at the same time helping to reduce the healthcare sector’s environmental impact.”

“Alongside improving patient outcomes and increasing efficiency, healthcare providers are increasingly focusing on mitigating their impact on the climate and making more sustainable choices,” said Peter Vullinghs, Market Leader Western Europe for Philips. “We have a strong track record in embedding sustainability in our solutions, our operations, and across our supply chain. Leveraging that deep expertise, we are partnering with the Champalimaud Foundation to make a step-change in their environmental impact, while enabling them to pursue their goal of advancing the prevention, early diagnosis and treatment of cancer.”

Philips will support Champalimaud Foundation’s sustainability targets through a range of health technologies and innovations designed to reduce the foundation’s dependency on natural resources and energy consumption. This includes the installation of Philips Spectral CT 7500 which uses 62.5% less energy [3]. The installation of Philips’ MR helium-free operations’ system, Philips MR – Ingenia Ambition 1.5T that uses a breakthrough design where the magnetic components are completely sealed and only need seven liters of helium over its lifetime compared to roughly 1,500 liters with other Philips’s systems. Additionally, with Philips MR SmartSpeed, the Ingenia Ambition 1.5T uses up to 53% less power per patient scan [4].

Philips will also take back the currently-installed Philips equipment and ensure responsible end-of-use management, to avoid waste going to landfill. In addition, Philip will help the Champalimaud Foundation implement hybrid operating room solutions, providing its specialists with a wide range of image-guided minimally-invasive interventional procedures with enhanced precision and patient safety, resulting in shorter hospitalization compared to traditional surgical interventions.

[1] Health Care Without Harm (2019). Health care’s climate footprint: How the health sector contributes to the global climate crisis and opportunities for action (p.22). https://noharm-global.org/documents/health-care-climatefootprint-report Scope 1 direct emissions originate from the hospitals’ own operations: emissions from the building and transportation. Scope 2 indirect emissions are generated by the production and distribution of energy that is consumed by the hospital. Scope 3 are indirect CO2 emissions caused by the production and transportation of goods and services needed by hospitals such as medicines, food, equipment, clothing and waste treatment.
[2] https://www.bmj.com/content/366/bmj.l5560
[3] When compared to an equivalent CT model of one of the industry leaders
[4] Applicable to Ambition S. Philips SmartSpeed power consumption versus Philips SENSE based scanning. Based on COCIR and in-house simulated environment. Results can vary based on site conditions.

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel: +31 6 10 55 8116
Email: joost.maltha@philips.com

Afonso Vaz Pinto
Champalimaud Foundation
E-mail: avazpinto@jlma.pt
Tel: +34 969 658 256

Raul Araújo
Champalimaud Foundation
Email: raraujo@jma.pt
Tel: +34 927 414 665

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About Champalimaud Foundation:

The Champalimaud Foundation was created in 2004 by the last will and testament of the Portuguese entrepreneur António Champalimaud. It is one of the largest European foundations dedicated to scientific research in the field of Medicine. The Champalimaud Foundation essentially supports research in neurosciences, cancer and vision.
The mission of the Champalimaud Clinical Center (CCC) is to actively develop advanced research and technological innovation programs, alongside the interdisciplinary delivery of clinical care in the prevention, early diagnosis and treatment of cancer. Its clinical activity is patient-centered, through the personalization of care and promotion of quality of life, providing excellence in care, based on multidisciplinary teams, and providing patients with the opportunity to participate in innovative diagnostic and treatment programs.

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ACAMS Launches Scholarship Program for Korean Professionals Seeking Anti-Money Laundering Training

CAMS Scholarship recipients will train on strategies to identify, trace, and report criminal activity threatening financial institutions across the globe

WASHINGTON, March 14, 2023 (GLOBE NEWSWIRE) — As part of its efforts to support the fight against financial crime throughout the Asia Pacific region, ACAMS is launching a new scholarship program for South Korean compliance professionals seeking to become Certified Anti-Money Laundering Specialists (CAMS). Under the initiative, ACAMS will award the CAMS Scholarship to 10 Korean compliance practitioners in the anti-financial crime (AFC) space, granting them a one-year membership to the association and a full waiver of all fees for the CAMS exam package.

As part of the program, scholarship winners will train on a broad array of skills and strategies to detect, track, and report illicit financial activity, including global best practices on the effective implementation of anti-money laundering (AML) and counterterrorism financing (CTF) policies and procedures, risk-mitigation controls, and suspicious transaction reporting. Widely recognized as the global standard for AML/CTF credentials, the CAMS program helps to shield financial institutions around the world from criminal exploitation, regulatory fines, and reputational harm.

“This scholarship is a reflection not only of our mission to fight illicit finance around the globe, but also of our commitment to the talented professionals in Korea’s dynamic anti-financial crime sector,” said ACAMS CEO Scott Liles. “As South Korea’s financial markets continues to grow, it’s critical that compliance professionals are prepared to meet evolving regulatory expectations and face emerging criminal threats.”

“For compliance practitioners, CAMS is pathway to becoming part a global community of dedicated men and women around the world who are applying their knowledge and skills to protect the private sector and save lives,” said ACAMS Advisory Board Member Jean Chung who is also Managing Director, Asia Head over Conduct, Financial Crime and Compliance Advisory for Corporate, Commercial and Institutional Banking at Standard Chartered Bank. “This is a credential that will open doors for professional development throughout a recipient’s career.”

The initiative is the third of its kind for ACAMS following the launch in 2021 of the CAFCA Scholarship and CCAS Scholarship in 2022. The CCAS Scholarship attracted entries from AFC professionals from over 100 countries around the world.

Applicants can apply for the CAMS Scholarship through 11:59 pm GMT April 28, 2023. Winners will be announced in June.

Find out more about the scholarship’s criteria and application process here:
https://www.acams.org/cams-scholarship

About ACAMS®

ACAMS is a leading international membership organization dedicated to providing opportunities for anti-financial crime (AFC) education, best practices, and peer-to-peer networking to AFC professionals globally. With over 100,000 members across 180 jurisdictions, ACAMS is committed to the mission of ending financial crime through the provision of anti-money laundering/counterterrorism-financing and sanctions knowledge-sharing, thought leadership, risk-mitigation services, ESG initiatives, and platforms for public-private dialogue. The association’s CAMS certification is the gold-standard qualification for AFC professionals, while its CGSS and CCAS certifications are for sanctions professionals and AFC practitioners working in the crypto space, respectively. ACAMS’ 60+ Chapters globally further amplify the association’s mission through training and networking initiatives. Visit acams.org for more information.

Media Contact:
Lashvinder Kaur
lkaur@acams.org
+44 7388 264478

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Hanoi strives to complete 70% of site clearance for Ring Road No. 4 in June

The capital city of Hanoi is striving to complete 70% of the site clearance work for Ring Road No. 4 project in June.

Nguyen Chi Cuon, director of the management board of investment and construction projects of traffic works in Hanoi, said on March 14 that the city has to date moved 5,448 graves, equal to 49.93% of the total, and revoked 314.32 hectares of land in Soc Son, Me Linh, Dan Phuong, HoaiDuc, Ha Dong, ThanhOai and Thuong Tin districts, equivalent to 39.45%.

Secretary of the municipal Party Committee DinhTien Dung, who is head of steering board for the implementation of the Ring Road No. 4 – Hanoi Capital Region project, requested the relevant districts to quickly arrange new accommodations for resettled households, and well implement compensation and support policies to ensure the legitimate rights and interests of affected people.

He stressed the need to choose competent constructors for sub-projects in accordance with regulations.

The Ring Road No. 4 – Hanoi Capital Region project has a total length of 112.8 km passing through Hanoi and its neighbouring provinces of Hung Yen and BacNinh, of which the section through the capital is 58.2 km. The project, whose total investment capital is 85.8 trillion VND (3.63 billion USD), is expected to be basically completed in 2026 and be put into operation in 2027.

Source: Lao News Agency

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4th MRC Summit preparations discussed

(KPL) A meeting was held in Vientiane on Mar 14 to discuss preparations for the 4th Mekong River Commission (MRC) Summit and related meetings to be held in the capital city on Apr 2-5.

Chaired by Prime Minister and Minister of Foreign Affairs Saleumxay Kommasith, the meeting was attended by representatives of relevant offices.

“Our Ministry will be the chairman of the National MRC and vice chairman of the steering committee that will report the progress made in preparing for the 4th MRC Summit. Recently the Ministry of Natural Resources and Environment has appointed 9 sub-committees to prepare for the meeting,” said Minister of Natural Resources and Environment BounkhamVorachit.

“The Summit is our highest-level event and demonstrates the strongest political commitment of our leaders to Mekong cooperation under the MRC framework. Meanwhile, the international symposium will be our international event, designed to bring in international expertise and experience to inform solutions and actions in the Mekong. It is also an opportunity for us to promote MRC expertise and experience to the rest of the world.

The theme “Innovation and Cooperation for a Water Secure and Sustainable Mekong” could not be more timely or relevant. The Mekong is undergoing tremendous transformations, with great challenges in terms of changing flow regime, degrading environmental assets, increasing population and water use, and flood and drought. There are also significant opportunities to make development more optimal and sustainable, preserve key wetlands, watersheds and floodplains, and increase the resilience of our countries and communities. There is no better way to do this than to innovate – in policy, technology and approach – and bring together traditional and new coalitions to cooperate to address the challenges and capture the opportunities.

Source: Lao News Agency

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MoES, Australian release new materials on YouTube to support English teaching in primary schools

(KPL) The new Grade 4 English primary curriculum developed by the Ministry of Education and Sports (MoES), with support from the Australian Government through the BEQUAL programme, has been designed using a communicative approach to help students use English and communicate in real-life situations.

There is a strong focus on developing listening and speaking skills to provide students with plenty of exposure to English and to develop the oral language skill required to support reading and writing. But pronouncing the sounds and words in English is a new and difficult skill for most teachers in Laos. Without any modelling, teachers won’t know how to pronounce the sounds correctly and thus won’t be able to teach them.

Ms Manoly Dongvan, Deputy Director of Foreign Language Resource Center explains “When students learn a new language, they need exposure to the language with multiple opportunities to listen to it. It can be challenging for teachers in Laos to provide the level of input students need, especially if they do not feel confident about their own English. This is why, since the start of English lessons in Grade 3, we have produced audio materials to support the teachers and the students.”

The Research Institute of Educational Sciences (RIES) with support from Australia has just released 105 short animated Grade 4 audio tracks on the ???????????????????????? Teacher Development Videos YouTube channel. The audio tracks are in addition to the 101 Grade 3 English audio tracks produced last year.

They were recorded by native English speakers of a range of ages and are very lively. They include simple monologues and dialogues as well as stories, songs and model pronunciation of the new phonics. The accompanying animations are composed of illustrations from the Grade 4 English textbooks.

The Grade 4 English teacher guide includes instructions about which tracks to use as well as transcripts of the audio tracks in both English and Lao. RIES has also recently started recording audio tracks to complement the forthcoming Grade 5 curriculum.

“Using the animated audio materials will enable Lao teachers to give their students plenty of authentic language input. They will be able to expose their students to a range of English accents and make lessons more active and entertaining” adds Mrs Manoly.

In addition to those audio tracks, the E-learning department of RIES released three teacher development videos in 2022 to demonstrate the methodology of the English Phonics instruction as well as the correct pronunciation and letter formation for the different sounds and letters that students will learn in Grade 3 and 4 English classes. The videos are dubbed in Sign Language to be more accessible to all.

“Primary teachers and trainers use the videos and the audio materials for lesson preparation and self-learning on the new curriculum teaching techniques and on active learning. They can also play the audio tracks directly in the classroom” explains Mr Khamchan Lattayord, Deputy Director general of RIES. “We have now reached over 2.6 million views on the dedicated “??????????????????????? Teacher Development Videos” YouTube channel; this high audience engagement level proves that teachers highly appreciate the materials we produce. The materials are also disseminated on Lao Education and Sports TV on Lao Sat Channel 8, tablets for target districts, USB to teachers and on the Khang Panya Lao platform.”

Source: Lao News Agency