The following is a summary of the Sportradar Group AG (SRAD) Q1 2024 Earnings Call Transcript:
Financial Performance:
Sportradar reported Q1 revenue growth of 28%, to €266 million.
Adjusted EBITDA increased by 29% to €47 million.
The company raised full-year revenue and adjusted EBITDA growth expectations to at least 21%.
Plans to commence a share repurchase program during the next trading window.
Benefitted from NBA and ATP contracting solutions, resulting in a 15% higher profit.
The company has raised its revenues and EBITDA for the full year by €10 million and €2 million respectively.
Increased spending on sports rights is expected to stabilize in the future, providing an opportunity for operating leverage.
Business Progress:
New appointments to the leadership team include a new CFO and Chief Technology and AI Officer.
Formed a long-term partnership with UTR Sports and successfully launched Alpha Odds, generating higher margins.
The firm is investing in building a data ingestion engine for fan information, liquidity data, and real-time sport data. They will also be launching new AI-driven products.
Future business will focus on driving shareholder value through a strategy centered on content, data and technology.
Plans to focus on product ROI for core growth in 2024 with the emphasis on recurring revenue streams.
Plans to invest in cloud infrastructure to support growth and demand for its AI platform and manage total cost growth across COGS and operating expenses.
Confident about growth and extension of their relationship with the MLB (Major League Baseball).
More details: Sportradar Group AG IR
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