Sportradar said it was raising its fiscal 2022 revenue outlook following strong 2Q22 results, sending its share price up more than 15 percent in early U.S. trading.
The company said its new outlook for the fiscal year is now in a range of EUR695 million to EUR715 million, compared with its earlier forecast for a range of EUR665 million to EUR700 million.
It said it was keeping its estimate for adjusted EBITDA to be in a range of EUR123 million to EUR133 million, with the figure impacted by the Russia/Ukraine conflict.
Sportradar, a sportsbetting technology company that listed on the U.S. NASDAQ Exchange in 2021, said its revenue in 2Q22 was up 23 percent at EUR177.2 million, fuelled by demand in the U.S., where revenue was up 66 percent.
“Our Q2 revenue exceeded our expectations for the quarter, growing 23 percent year-over-year,” Sportradar CEO Carsten Koerl said in a statement. “Confident about the momentum we have built in our business, we are raising our revenue guidance for the year.”
“Given our strong cash flow generation and demonstrated good stewards of our capital, we have also chosen to pay down about half of our 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.”
In July, the company paid off EUR200 million of an EUR420 million senior secured loan facility.
The company also announced that its Chief Financial Officer, Alex Gersh, had chosen to leave the company to take up another position in the U.S. Sportradar is seeking a replacement and in the meantime has appointed Ulrich Harmuth as an alternative.
Established in 2001, Sportradar employs more than 3,500 full-time employees across 20 countries around the world. It is an official partner of the NBA, NHL, MLB, NASCAR, UEFA, FIFA, ICC and ITF and covers more than 890,000 events annually across 92 sports.
The stock hit a high of $14.56 in early trading, but was slightly below that level as of mid-morning in the U.S.
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