Sportradar Group AG ( NASDAQ: SRAD ) reported revenue rose 23% in Q2 to €177M.
The U.S. segment saw revenue grow by 66% to €29.1M. The RoW segment saw revenue increase 21% to €95.5M.
Adjusted EBITDA fell 13% in the quarter to $28.9M, primarily due to costs associated with additional organic and inorganic headcount growth and new and renewed sport rights contracts and the impact of the Russia/Ukraine conflict.
Looking ahead, SRAD now sees full-year revenue of €695M to €715M vs. a prior outlook for €665M to €700M. Adjusted EBITDA of €123M to €133M is anticipated. There is also some strengthening of the balance sheet anticipated. Due to the company's strong cash flow generation, SRAD has targeted paying down about half of its outstanding debt. "We remain as confident as ever in the leverage and scalability of our business, and our ability to deliver results in the face of global challenges and economic conditions," said CEO Carsten Koerl.
In C-suite news, Sportradar ( SRAD ) disclosed that Chief Financial Officer Alex Gersh, has decided to leave the company to accept another position in the U.S. Ulrich Harmuth has been named interim CFO while a seach for a full-time replacement is launched.
Shares of Sportradar Group AG ( SRAD ) rallied 4.50% in premarket trading to $12.54.
For further details see:
Sportradar Group rallies after guidance lift, large debt paydown