Names Executive Leadership Team to Oversee Global Functions
Company Reaffirms Fiscal 2023 Guidance and Fiscal 2024 Outlook
ST. GALLEN, Switzerland, Jan. 24, 2024 (GLOBE NEWSWIRE) -- Sportradar Group AG
(NASDAQ: SRAD) ("Sportradar" or the "Company") today announced additional
strategic actions as part of its previously announced initiatives to streamline
its organizational structure to enhance focus on clients and partners, drive
global innovation and product development, and propel long-term growth,
profitability, and shareholder value.
"I am excited to announce this new global organization and leadership structure,
which aligns our teams on our strategic priorities, promotes agile execution and
better positions Sportradar for future growth," said Carsten Koerl, CEO of
Sportradar. "By centralizing our key business functions, we will foster greater
collaboration and faster decision making, enabling us to drive further operating
efficiencies and increased innovation across our business. These decisive steps
will enable us to better serve our clients and partners as well as capture the
significant market opportunities ahead of us. I am confident we have the right
leaders in place, intently focused on executing on our strategic priorities. For
2023, we remain on track to deliver on our strong growth targets and are well
positioned to maintain that momentum into 2024."
Effective immediately, the new organizational structure consists of six business
functions:

  * Product Delivery and Operations combines and centralizes content, product
    development and engineering globally to seamlessly deliver best-in-class
    products and solutions to clients and partners, led by Warren Murphy,
    previously Chief Product Officer and now Chief Delivery and Operations
    Officer.

* Growth and Innovation combines growth, strategy and innovation to facilitate

    a unified vision for identifying and capitalizing on market opportunities,
    thereby ensuring a well-defined growth strategy fueled by continuous
    innovation, led by Nick Maywald, previously Chief Content Officer and now
    Chief Growth and Innovation Officer.
  * Commercial combines the Company's go-to-market functions, including
    sales, client services and care, sports partnerships, marketing and
    communications to further drive revenue opportunities while enhancing its

client- and partner-centric approach, led by Chief Commercial Officer Eduard

    Blonk.
  * Legal, Risk and Administrative Services, led by Lynn McCreary, Chief
    Administrative Officer, Chief Legal Officer and Corporate Secretary.
  * People, led by Severine Riviere-Gerstner, Chief People Officer.
  * Finance, led by Gerard Griffin, Chief Financial Officer.

As part of these organizational changes, Ulrich Harmuth, Chief Strategy Officer,
will be departing the Company to pursue other endeavors.
Separately, Griffin has informed the Company that he will be leaving for
personal reasons. Griffin will continue as CFO until May 31, 2024, or the
appointment of a permanent successor, if earlier. The Company has initiated a
search for its next CFO, whom it expects to announce prior to Griffin's
departure.
Sportradar also reaffirmed its fiscal 2023 guidance of revenue in the range of
EUR870 million to EUR880 million, representing year-over-year growth between 19% and
21%, Adjusted EBITDA(1) in the range of EUR162 million to EUR167 million,
representing year over-year growth between 29% and 33%, and Adjusted EBITDA
margin in the range of 18.4% and 19.2%. The Company also reaffirmed its fiscal
2024 outlook for revenue and Adjusted EBITDA growth of at least 20%.
Koerl continued, "I want to thank Ger for his contributions to Sportradar. He
has meaningfully strengthened our finance team with a deep and talented bench
that will continue to contribute to the Company as we look to drive growth and
profitability into the future. We look forward to continuing to benefit from his
leadership while we search for a permanent successor."
Koerl concluded, "I also want to thank Ulrich for his contributions to our
company, clients and partners that have positioned Sportradar for continued
success. For over a decade, he held various leadership roles, contributing to
our growth. We wish him the best in his future endeavors."
About Sportradar
Sportradar Group AG (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 ATP, NBA, NHL, MLB, NASCAR, UEFA, FIFA and Bundesliga, 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 (http://www.sportradar.com)?
Sportradar Contacts
Press Contact:
Sandra Lee
press@sportradar.com (mailto:Press@sportradar.com)
Investor Relations Contact:
Jim Bombassei
Investor.relations@sportradar.com (mailto:Investor.relations@sportradar.com)
Non-IFRS Financial Measures
We have provided in this press release financial information that has not been prepared in accordance with IFRS, including Adjusted EBITDA and Adjusted EBITDA margin. 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.
* "Adjusted EBITDA" represents earnings for the period from continuing
operations adjusted for finance income and finance costs, income tax expense

    or benefit, depreciation and amortization (excluding amortization of sprots
    rights), foreign currency gains or losses, and other items that are non-
    recurring or not related to the Company's revenue-generating operations,

including share based compensation, impairment charges or income, management

    restructuring costs, non-routine litigation costs, share of loss of equity-
    accounted investee (SportTech AG), loss on disposal of equity-accounted
    investee (SportTech AG), remeasurement of previously held equity-accounted
    investee, professional fees for the Sarbanes Oxley Act of 2002 and
    enterprise resource planning implementations, and a one-time charitable
    donation for Ukrainian relief activities. The most directly comparable IFRS
    measure to Adjusted EBITDA is profit (loss) for the period from continuing
    operations, its most directly comparable IFRS measure.
    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. The
    most directly comparable IFRS measure to Adjusted EBITDA margin is profit
    for the year from continuing operations as a percentage of revenue.

The Company is unable to provide a reconciliation of Adjusted EBITDA and
Adjusted EBITDA margin to the most directly comparable IFRS 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," "confident," "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 and foreign exchange rate
fluctuations; 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.
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