Financial News

Sportradar Reports Strong Second Quarter 2023 Results

Delivered 23% revenue, 42% Adjusted EBITDA growth for first six months
On track to deliver record annual revenue
Annual outlook reaffirmed with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

ST. GALLEN, Switzerland, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global sports technology company focused on creating immersive experiences for sports fans and bettors, today announced financial results for its second quarter ended June 30, 2023.

Carsten Koerl, Chief Executive Officer of Sportradar said: “We are very proud of our strong performance during the first half of 2023 and remain on track to achieve the highest annual revenue in the Company’s history. We hold a pivotal position in the global sports ecosystem and believe our talent, technology and diverse product offering positions us for strong future growth as we continue to execute against our strategic initiatives.”

Second Quarter 2023 Financial Highlights

  • Revenue in the second quarter of 2023 increased 22% to €216.4 million compared with the second quarter of 2022 with growth across all segments.
  • The Company’s customer Net Retention Ratio (NRR) remained at 120% in the second quarter of 2023, compared with the first quarter of 2023, demonstrating the Company’s strength in cross selling and upselling to its clients.
  • Total Profit from continuing operations, which included an €8.0 million one-time loss on disposal of an equity investment, decreased €22.8 million compared with the same quarter last year. The primary driver for the decrease was a net negative impact from foreign exchange rates. The Company’s Adjusted EBITDA1 for the same period increased 46% to €40.1 million compared with the second quarter of 2022, primarily due to strong revenue growth and higher operating leverage.
  • Total Profit from continuing operations, as a percentage of revenue, for the second quarter of 2023 was 0% compared with 13% for the same quarter last year. Adjusted EBITDA margin1 was 19% in the second quarter of 2023, an increase of almost 300 bps, compared with 16% in the prior year period.
  • As of June 30, 2023, Sportradar had total liquidity of €484 million including cash and cash equivalents of €264 million, and an undrawn credit facility of €220 million.

Key Financial Metrics   
 Q2Q2Change
In millions, in Euros 2023 2022 %
Revenue216.4 177.2 22% 
Profit for the period from continuing operations0.03 22.8 (100%) 
Profit for the period from continuing operations as a percentage of revenue0% 13% - 
Adjusted EBITDA140.1 27.6 46% 
Adjusted EBITDA margin119% 16% - 
Net Retention Rate1120% 118% - 

_________________________

1 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.

Recent Company Highlights

Segment Information

RoW Betting

  • Segment revenue in the second quarter of 2023 increased by 20% to €114.1 million compared with the second quarter of 2022. This growth was driven primarily by increased sales of the Company’s higher value-add offerings including MBS, which increased 25% to €41.1 million, as well as Live Odd and Live Data products which grew 19% year over year.
  • Segment Adjusted EBITDA1 in the second quarter of 2023 increased by 18% to €51.0 million compared with the second quarter of 2022. Segment Adjusted EBITDA margin1 remained at 45% year over year.

RoW Audiovisual (AV)

  • Segment revenue in the second quarter of 2023 increased by 25% to €49.6 million compared with the second quarter of 2022. Revenue growth was driven by the new CONMEBOL deal and growth in sales to new and existing customers.
  • Segment Adjusted EBITDA1 in the second quarter of 2023 increased 26% to €16.4 million compared with the second quarter of 2022. Segment Adjusted EBITDA margin1 remained at 33% year over year.

United States

  • Segment revenue in the second quarter of 2023 increased by 31% to €38.0 million compared with the second quarter of 2022. Results were primarily driven by growth of 105% collectively in betting and gaming, and audiovisual products.
  • Segment Adjusted EBITDA1 in the second quarter of 2023 was €5.4 million compared with a loss of (€5.5) million in the second quarter of 2022, indicating the strong improvement in operational leverage in the U.S. business model despite continuous investment. Segment Adjusted EBITDA margin1 improved to 14% from (19%), compared with the second quarter of 2022.

_________________________

1 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.

The tables below show the information related to each reportable segment for the three and six month periods ended June 30, 2022 and 2023.

 Three Months Ended June 30, 2022
in €'000RoW Betting RoW Betting AV United StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue95,513 39,741 29,066 164,320 12,869 177,189 
Segment Adjusted EBITDA43,324 13,053 (5,498)50,879 (4,899)45,980 
Unallocated corporate expenses(1)     (18,427)
Adjusted EBITDA1     27,553 
Adjusted EBITDA margin145%33%(19%)31%(38%)16%


 Three Months Ended June 30, 2023
in €'000RoW Betting RoW Betting AV United StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue114,149 49,569 37,959 201,677 14,757 216,434 
Segment Adjusted EBITDA51,041 16,418 5,441 72,900 (2,560)70,340 
Unallocated corporate expenses(1)     (30,238)
Adjusted EBITDA1     40,102 
Adjusted EBITDA margin145%33%14%36%(17%)19%


 Six Months Ended June 30, 2022
in €'000RoW Betting RoW Betting AV United StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue182,250 85,664 54,733 322,647 22,418 345,065 
Segment Adjusted EBITDA87,942 21,987 (11,920)98,009 (8,613)89,396 
Unallocated corporate expenses(1)     (35,142)
Adjusted EBITDA1     54,254 
Adjusted EBITDA margin148%26%(22%)30%(38%)16%


 Six Months Ended June 30, 2023
in €'000RoW Betting RoW Betting AV United StatesTotal reportable segmentsAll other segmentsTotal
Segment revenue222,649 94,123 77,696 394,468 29,530 423,998 
Segment Adjusted EBITDA98,429 27,759 12,265 138,453 (5,707)132,746 
Unallocated corporate expenses(1)     (55,973)
Adjusted EBITDA1     76,773 
Adjusted EBITDA margin144%29%16%35%(19%)18%

_________________________

1 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.
(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.

Annual Financial Outlook

Sportradar reaffirmed its annual outlook range provided on March 15, 2023, for revenue and Adjusted EBITDA1 for fiscal 2023 as follows:

  • Revenue in the range of €902.0 million to €920.0 million, representing growth of 24% to 26% over fiscal 2022.
  • Adjusted EBITDA1 in a range of €157.0 million to €167.0 million, representing 25% to 33% growth versus last year.
  • Adjusted EBITDA margin1 in the range of 17% to 18%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the second quarter 2023 results today, August 9, 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 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 NBA, NHL, MLB, NASCAR, UEFA, FIFA, Bundesliga, 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, EVP of Global Communications
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 and Adjusted EBITDA margin, 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 for the period from continuing operations adjusted for share based compensation, depreciation and amortization (excluding amortization of sports rights), impairment loss on other financial assets, remeasurement of previously held equity-accounted investee, non-routine litigation costs, professional fees for SOX and ERP implementations, one-time charitable donation for Ukrainian relief activities, share of loss of equity-accounted investee (SportTech AG), loss on disposal 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.

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.

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,” “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.

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

  Three Months Ended June 30, Six Months Ended June 30,
 2022  2023  2022  2023 
Continuing operations       
Revenue177,189  216,434  345,065  423,998 
Purchased services and licenses (excluding depreciation and amortization)(43,240) (44,550) (80,076) (92,985)
Internally-developed software cost capitalized4,768  5,923  8,776  11,250 
Personnel expenses(64,442) (84,397) (116,696) (161,865)
Other operating expenses(21,172) (20,934) (40,679) (42,183)
Depreciation and amortization(49,102) (52,114) (101,572) (99,762)
Impairment (loss) gain on trade receivables, contract assets and other financial assets378  (2,823) (634) (3,900)
Remeasurement of previously held equity-accounted investee7,698  -  7,698  - 
Share of (loss) profit of equity-accounted investees4  (1,344) (97) (3,699)
Loss on disposal of equity-accounted investee-  (8,018) -  (8,018)
Foreign currency gains (losses), net18,436  (1,182) 28,855  (4,901)
Finance income638  1,717  724  6,601 
Finance costs(9,212) (7,077) (18,134) (12,118)
Net income before tax from continuing operations21,943  1,635  33,230  12,418 
Income tax (expense) benefit873  (1,602) (2,206) (5,575)
Profit for the period from continuing operations22,816  33  31,024  6,843 
Discontinued operations       
Profit from discontinued operations-  43  -  43 
Profit for the period22,816  76  31,024  6,886 


Other Comprehensive Income (Loss)
       
Items that will not be reclassified subsequently to profit or loss       
Remeasurement of defined benefit liability1,433  (89) 1,451  (89)
Related deferred tax expense (benefit)(207) 11  (210) 11 
 1,226  (78) 1,241  (78)
Items that may be reclassified subsequently to profit or loss       
Foreign currency translation adjustment attributable to the owners of the company6,117  2,810  7,803  (357)
Foreign currency translation adjustment attributable to non-controlling interests55  6  4  9 
 6,172  2,816  7,807  (348)
Other comprehensive income (loss) for the period, net of tax7,398  2,738  9,048  (426)
Total comprehensive income for the period30,214  2,814  40,072  6,460 
        
Profit (Loss) attributable to:       
Owners of the Company22,790  88  30,912  6,910 
Non-controlling interests26  (12) 112  (24)
 22,816  76  31,024  6,886 
Total comprehensive income (loss) attributable to:       
Owners of the Company30,133  2,820  39,956  6,475 
Non-controlling interests81  (6) 116  (15)
 30,214  2,814  40,072  6,460 
        
Profit and Profit from continuing operations per Class A share attributable to owners of the Company       
Basic0.08  0.00  0.10  0.02 
Diluted0.07  0.00  0.10  0.02 
Profit and Profit from continuing operations per Class B share attributable to owners of the Company       
Basic0.01  0.00  0.01  0.00 
Diluted0.01  0.00  0.01  0.00 
        
Weighted-average number of shares (in thousands)       
Weighted-average number of Class A shares (basic)206,989  206,985  206,597  206,519 
Weighted-average number of Class A shares (diluted)217,625  219,510  217,339  218,663 
Weighted-average number of Class B shares (basic and diluted)903,671  903,671  903,671  903,671 
            


SPORTRADAR GROUP AG

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

  December 31,June 30,
Assets  2022  2023 
Current assets     
Cash and cash equivalents 243,757  263,746 
Trade receivables 63,412  63,675 
Contract assets 50,482  58,668 
Other assets and prepayments 42,913  34,883 
Income tax receivables 1,631  1,430 
  402,195  422,402 
Non-current assets    
Property and equipment 37,887  38,343 
Intangible assets and goodwill 843,632  842,809 
Equity-accounted investee 33,888  - 
Other financial assets and other non-current assets 44,445  47,670 
Deferred tax assets 27,014  24,735 
  986,866  953,557 
Assets held for sale -  7,185 
Total assets 1,389,061  1,383,144 
Current liabilities    
Loans and borrowings 7,361  7,887 
Trade payables 204,994  181,230 
Other liabilities 65,268  58,818 
Contract liabilities 23,172  28,187 
Income tax liabilities 8,693  8,994 
  309,488  285,116 
Non-current liabilities    
Loans and borrowings 15,484  14,385 
Trade payables 269,917  274,525 
Other non-current liabilities 10,695  7,150 
Deferred tax liabilities 26,048  24,635 
  322,144  320,695 
Liabilities related to assets held for sale -  287 
Total liabilities 631,632  606,098 
     
Ordinary shares 27,323  27,369 
Treasury shares (2,705) (7,180)
Additional paid-in capital 590,191  600,429 
Retained earnings 117,155  130,868 
Other reserves 19,624  19,195 
Reserves related to assets held for sale -  145 
Equity attributable to owners of the Company 751,588  770,826 
Non-controlling interest 5,841  6,220 
Total equity 757,429  777,046 
Total liabilities and equity 1,389,061  1,383,144 
 


SPORTRADAR GROUP AG

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

  Six Months Ended June 30,
   2022  2023 
OPERATING ACTIVITIES:     
Profit for the period from continuing operations  31,024  6,843 
Profit for the period from discontinued operations  -  43 
Profit for the period  31,024  6,886 
Adjustments to reconcile profit for the year to net cash provided by operating activities:     
Income tax expense  2,206  5,575 
Interest income  (724) (3,451)
Interest expense  18,125  10,357 
Impairment losses on financial assets  176  3,900 
Remeasurement of previously held equity-accounted investee  (7,698) - 
Other financial income, net  (126) - 
Foreign currency loss (gain), net  (28,855) 4,901 
Amortization of intangible assets  95,884  93,101 
Depreciation of property and equipment  5,688  6,661 
Equity-settled share-based payments  12,687  19,661 
Share of loss of equity-accounted investees  97  3,699 
Loss on disposal of equity-accounted investee  -  8,018 
Other  (1,232) (8,260)
Cash flow from operating activities before working capital changes, interest and income taxes  127,252  151,048 
Increase in trade receivables, contract assets, other assets and prepayments  (19,602) (5,101)
Decrease in trade and other payables, contract and other liabilities  (3,409) (4,735)
Changes in working capital   (23,011) (9,836)
Interest paid  (17,355) (9,611)
Interest received  735  3,454 
Income taxes paid, net  (3,198) (4,855)
Net cash from operating activities  84,423  130,200 
INVESTING ACTIVITIES:     
Acquisition of intangible assets  (70,587) (94,207)
Acquisition of property and equipment  (1,565) (3,246)
Acquisition of subsidiaries, net of cash acquired  (47,732) (12,286)
Acquisition of financial assets  -  (3,716)
Proceeds from disposal of equity-accounted investee  -  15,172 
Collection of loans receivable  120  41 
Issuance of loans receivable  -  (204)
Collection of deposits  20  243 
Payment of deposits  (59) (100)
Net cash used in investing activities  (119,803) (98,303)
FINANCING ACTIVITIES:     
Payment of lease liabilities  (3,183) (3,283)
Acquisition of non-controlling interests  (28,246) - 
Principal payments on bank debt  (289) (437)
Purchase of treasury shares  (677) (6,339)
Change in bank overdrafts  27  80 
Net cash used in financing activities  (32,368) (9,979)
Net (decrease) increase in cash  (67,748) 21,918 
Cash and cash equivalents as of January 1  742,773  243,757 
Effects of movements in exchange rates  40,535  (1,929)
Cash and cash equivalents as of June 30  715,560  263,746 
 


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

 Three Months Ended June 30,Six Months Ended June 30,
Adjusted EBTIDA reconciliation:



in €'000
2022 2023 2022 2023 
Profit for the period from continuing operations22,816 33 31,024 6,843 
Share based compensation8,776 11,108 12,687 20,062 
Litigation costs11,887 - 3,171 - 
Professional fees for SOX and ERP implementations1,114 59 2,539 304 
One-time charitable donation for Ukrainian relief activities- - 147 - 
Depreciation and amortization49,102 52,114 101,572 99,762 
Amortization of sport rights(37,857)(40,920)(80,125)(78,110)
Share of loss of equity-accounted investee2- 1,344 - 3,699 
Loss on disposal of equity-accounted investee- 8,018 - 8,018 
Impairment loss on other financial assets148 202 176 202 
Remeasurement of previously held equity-accounted investee(7,698)- (7,698)- 
Foreign currency (gains) loss, net(18,436)1,182 (28,855)4,901 
Finance income(638)(1,717)(724)(6,601)
Finance costs9,212 7,077 18,134 12,118 
Income tax expense (benefit)(873)1,602 2,206 5,575 
Adjusted EBITDA27,553 40,102 54,254 76,773 

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


The most directly comparable IFRS measure of Adjusted EBITDA margin is profit for the period from continuing operations as a percentage of revenue as disclosed below:

  Three Months Ended
June 30,
Six Months Ended
June 30,
in €'000 2022 2023 2022 2023 
Profit for the period from continuing operations22,816 33 31,204 6,843 
Revenue177,189 216,434 345,065 423,998 
Profit for the period from continuing operations as a percentage of revenue 13%0%9%2%

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