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Sportradar Reports Strong First Quarter 2023 Results

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Delivered 24% revenue and 37% Adjusted EBITDA growth
U.S. segment revenue grew 55% with positive Adjusted EBITDA for third consecutive quarter
Annual outlook reaffirmed with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

ST. GALLEN, Switzerland, May 10, 2023 (GLOBE NEWSWIRE) — Sportradar Group AG (NASDAQ: SRAD) (“Sportradar” or the “Company”), a leading global technology company focused on enabling next generation engagement in sports through providing business-to-business solutions to the global sports betting industry, today announced financial results for its first quarter ended March 31, 2023.

First Quarter 2023 Highlights

  • Revenue in the first quarter of 2023 increased 24% to €207.6 million ($226.2 million)1 compared with the first quarter of 2022.
  • The RoW Betting segment, accounting for 52% of total revenue, grew 25% to €108.5 million ($118.3 million)1, primarily driven by strong performance from Managed Betting Services (MBS) and Live Odds.
  • The U.S. segment revenue grew 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022, driven by higher sales of betting products as well as the Company’s digital advertising (ad:s) product. The U.S. segment generated positive Adjusted EBITDA2 for the third consecutive quarter with an Adjusted EBITDA2 margin of 17%.
  • Total Profit for the first quarter of 2023 was €6.8 million compared with €8.2 million for the same quarter last year. The Company’s Adjusted EBITDA2 in the first quarter of 2023 increased 37% to €36.7 million ($40.0 million)1 compared with the first quarter of 2022, demonstrating operational leverage from higher revenue despite increased investment into Artificial Intelligence (AI) for liquidity trading, and Computer Vision technology.
  • Adjusted EBITDA margin2 was 18% in the first quarter of 2023, an increase of 176 bps compared with the prior year period.
  • Adjusted Free Cash Flow2 in the first quarter of 2023 was €12.4 million, compared with €12.9 million for the prior year period, as a result of improved working capital management offset by an unfavorable impact from foreign currency exchange rates. The resulting Cash Flow Conversion2 was 34% in the quarter.
  • The Company’s customer Net Retention Ratio (NRR) was 120% in the first quarter of 2023, an improvement over the NRR from the fourth quarter of 2022 of 119%.

Carsten Koerl, Chief Executive Officer of Sportradar said: “We started fiscal 2023 on solid footing, as we continued to deliver strong top line growth, predominately by growing our value add products such as MBS and Live Odds in the Rest of World business, and strong, profitable growth in our U.S. segment. We are also demonstrating operational leverage as we continue to focus on cost discipline across the organization and invest prudently to grow our top line. We are confident that our ongoing product innovation in AI and computer vision will enable us to remain a market leader and increase shareholder value for our investors.”

Key Financial Measures

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In millions, in Euros   Q1 Q1 Change
    2023 2022 %
         
Revenue   207.6   167.9   24 %
         
Adjusted EBITDA2   36.7   26.7   37 %
         
Adjusted EBITDA margin2   18 % 16 %  
         
Adjusted Free Cash Flow2   12.4   12.9   (4 %)
         
Cash Flow Conversion2   34 % 48 %  

Segment Information

RoW Betting

  • Segment revenue in the first quarter of 2023 increased by 25% to €108.5 million compared with the first quarter of 2022. This growth was driven primarily by increased sales of the Company’s higher value-add offerings including MBS, which increased 40% to €37.1 million as well as Live Odds services which increased 29% year over year.
  • Segment Adjusted EBITDA2 in the first quarter of 2023 increased by 6% to €47.4 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 decreased to 44% from 51% in the first quarter of 2022 due to increased investment in AI technology for MTS and Computer Vision technology. These investments will enable the Company to further grow revenue and improve its Adjusted EBITDA margin over time.

RoW Audiovisual (AV)

  • Segment revenue in the first quarter of 2023 decreased 3% to €44.6 million compared with the first quarter of 2022. Revenue was impacted by the expected completion of the Tennis Australia contract partially offset by growth in sales to new and existing customers.
  • Segment Adjusted EBITDA2 in the first quarter of 2023 increased 27% to €11.3 million compared with the first quarter of 2022. Segment Adjusted EBITDA margin2 improved to 25% in the first quarter of 2023 compared with 19% in the first quarter of 2022 due to savings associated with the completion of the Tennis Australia contract.

United States

  • Segment revenue in the first quarter of 2023 increased by 55% to €39.7 million ($43.3 million)1 compared with the first quarter of 2022. Results were driven by growth in core betting data products and the ad:s product.
  • Segment Adjusted EBITDA2 in the first quarter of 2023 was €6.8 million ($7.4 million)1 compared with a loss of (€6.4) million in the first quarter of 2022. This is the third consecutive quarter with positive Adjusted EBITDA2 indicating the strong operational leverage in the U.S. business model despite continuous investments. Segment Adjusted EBITDA margin23improved to 17% from (25%) compared with the first quarter of 2022.

Costs and Expenses

  • Purchased services and licenses in the first quarter of 2023 increased by €11.6 million to €48.4 million compared with the first quarter of 2022, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €14.0 million were expensed sports rights.
  • Personnel expenses in the first quarter of 2023 increased by €25.2 million to €77.5 million compared with the first quarter of 2022. The increase was primarily as a result of increased investment for growth which was driven by higher headcount associated with investments in AI and Computer Vision, increased share based compensation, and inflationary adjustments for labor costs.
  • Other operating expenses in the first quarter of 2023 increased by €1.7 million to €21.2 million, compared with the first quarter of 2022, primarily as a result of higher software license costs, higher audit fees and implementation costs for a new financial management system.
  • Total sports rights costs in the first quarter of 2023 decreased by €2.8 million to €51.2 million compared with the first quarter of 2022, primarily due to savings from the expected completion of the Tennis Australia contract.

Recent Company Highlights

  • SportradarSportradar renewed its partnership with the Big Ten Network extends partnership with the Big 10 Conference to broaden its footprint in the U.S. college space by powering its OTT platform B1G+ through the 2024-2025 college athletics season. Sportradar is providing its technology and data-driven OTT solutions to manage B1G+’s OTT web, mobile and connected TV apps, UX/UI design and third party integration.
  • Sportradar announced the integration of its ad:s technology into Snapchat, creating a new channel for betting operators to engage and acquire customers using the Company’s paid social media advertising service. Using Snapchat’s advanced age and location targeting capabilities to ensure only legally qualified audiences are reached, betting operators have a potential to reach Snapchat’s 350 million daily active users and over 750 million monthly active users.
  • Sportradar was selected as the successful bidder for the global Association of Tennis Professionals (ATP) data and streaming rights starting in 2024 as a result of the Company’s commitment to product innovation. Sportradar offers the broadest reach to tennis fans globally and has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
  • Sportradar published its first Sustainability Report highlighting its commitment to sustaining its business, communities and environment. The report is based on Sportradar’s five key sustainability priorities, sustainability, people, oversight, respect and technology-led (SPORT), which are aligned with the standards and framework of the Sustainability Accounting Standards Board (SASB).
  • Sportradar Integrity Services released its second Annual Report on Betting Corruption and Match-Fixing in 2022, revealing the Company had identified 1,212 suspicious matches across 12 sports in 92 countries, an increase of 34% year over year. The overall data confirmed that 99.5% of sporting events are free from match-fixing, with no single sport having a suspicious match ratio of greater than 1%.
  • Sportradar named technology executive Gerard Griffin as Chief Financial Officer effective May 9, 2023. Mr Griffin previously served as CFO of Zynga Inc., a global leader in interactive entertainment, and will be responsible for Sportradar’s accounting, finance and investor relations functions. Mr. Griffin brings more than 25 years of leadership experience in financial and operational management within the gaming, media and technology sectors.

Annual Financial Outlook

Sportradar reaffirmed its annual outlook provided on March 15, 2023, for revenue and Adjusted EBITDA2 for fiscal 2023 as follows:

  • Sportradar expects its revenue for fiscal 2023 to be in the range of €902.0 million to €920.0 million ($983.2 million to $1002.8 million)1, representing growth of 24% to 26% over fiscal 2022.
  • Adjusted EBITDA2 is expected to be in a range of €157.0 million to €167.0 million ($171.1 million to $182.0 million)1, representing 25% to 33% growth versus last year.
  • Adjusted EBITDA margin2 is expected to be in the range of 17% to 18%.4

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the first quarter 2023 results today, May 10, 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

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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
[email protected]

Media:        
Sandra Lee
[email protected]

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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, Adjusted EBITDA margin, Adjusted Free Cash Flow and Cash Flow Conversion (together, the “Non-IFRS financial measures”), 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 (loss) for the period adjusted for share based compensation, depreciation and amortization (excluding amortization of sports rights), impairment of intangible assets, other financial assets and equity-accounted investee, loss from loss of control of subsidiary, remeasurement of previously held equity-accounted investee, non-routine litigation costs, management restructuring costs, professional fees for SOX and ERP implementations, one-time charitable donation for Ukrainian relief activities, share of profit (loss) 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.
  • “Adjusted Free Cash Flow” represents net cash from operating activities adjusted for payments for lease liabilities, acquisition of property and equipment, acquisition of intangible assets (excluding certain intangible assets required to further support an acquired business) and foreign currency gains (losses) on our cash equivalents. We consider Adjusted Free Cash Flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after the purchase of property and equipment, of intangible assets and payment of lease liabilities, which can then be used to, among other things, to invest in our business and make strategic acquisitions. A limitation of the utility of Adjusted Free Cash Flow as a measure of liquidity is that it does not represent the total increase or decrease in our cash balance for the year.
  • “Cash Flow Conversion” is the ratio of Adjusted Free Cash Flow to Adjusted EBITDA.

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

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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,” “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; 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 March 31,
    2022     2023  
Revenue   167,876     207,564  
Purchased services and licenses (excluding depreciation and amortization)   (36,836 )   (48,435 )
Internally-developed software cost capitalized   4,008     5,327  
Personnel expenses   (52,254 )   (77,468 )
Other operating expenses   (19,507 )   (21,249 )
Depreciation and amortization   (52,470 )   (47,648 )
Impairment loss on trade receivables, contract assets and other financial assets   (1,012 )   (1,078 )
Share of loss of equity-accounted investees   (101 )   (2,356 )
Foreign currency gains (losses), net   10,419     (3,719 )
Finance income   86     4,885  
Finance costs   (8,922 )   (5,040 )
Net income before tax   11,287     10,783  
Income tax expense   (3,079 )   (3,973 )
Profit for the period   8,208     6,810  
Other Comprehensive Income        
Items that will not be reclassified subsequently to profit or loss        
Remeasurement of defined benefit liability   18      
Related deferred tax expense   (3 )    
    15      
Items that may be reclassified subsequently to profit or loss        
Foreign currency translation adjustment attributable to the owners of the company   1,686     (3,167 )
Foreign currency translation adjustment attributable to non-controlling interests   (51 )   3  
    1,635     (3,164 )
Other comprehensive income (loss) for the period, net of tax   1,650     (3,164 )
Total comprehensive income (loss) for the period   9,858     3,646  
         
Profit (loss) attributable to:        
Owners of the Company   8,122     6,822  
Non-controlling interests   86     (12 )
    8,208     6,810  
Total comprehensive income (loss) attributable to:        
Owners of the Company   9,823     3,655  
Non-controlling interests   35     (9 )
    9,858     3,646  
         
Profit per Class A share attributable to owners of the Company        
Basic   0.03     0.02  
Diluted   0.03     0.02  
Profit per Class B share attributable to owners of the Company        
Basic   0.00     0.00  
Diluted   0.00     0.00  
         
Weighted-average number of shares (in thousands)        
Weighted-average number of Class A shares (basic)   206,627     206,524  
Weighted-average number of Class A shares (diluted)   219,273     221,241  
Weighted-average number of Class B shares (basic and diluted)   903,671     903,671  
             

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

    December 31,   March 31,
Assets   2022   2023
Current assets        
Cash and cash equivalents   243,757     239,634  
Trade receivables   63,412     67,792  
Contract assets   50,482     58,231  
Other assets and prepayments   42,913     39,666  
Income tax receivables   1,631     1,641  
    402,195     406,964  
Non-current assets        
Property and equipment   37,887     37,934  
Intangible assets and goodwill   843,632     848,503  
Equity-accounted investees   33,888     31,533  
Other financial assets and other non-current assets   44,445     47,835  
Deferred tax assets   27,014     25,175  
    986,866     990,980  
Total assets   1,389,061     1,397,944  
Current liabilities        
Loans and borrowings   7,361     7,532  
Trade payables   204,994     205,113  
Other liabilities   65,268     58,311  
Contract liabilities   23,172     32,044  
Income tax liabilities   8,693     8,281  
    309,488     311,281  
Non-current liabilities        
Loans and borrowings   15,484     14,505  
Trade payables   269,917     272,761  
Other non-current liabilities   10,695     6,131  
Deferred tax liabilities   26,048     25,232  
    322,144     318,629  
Total liabilities   631,632     629,910  
         
Ordinary shares   27,323     27,369  
Treasury shares   (2,705 )   (4,552 )
Additional paid-in capital   590,191     600,338  
Retained earnings   117,155     122,191  
Other reserves   19,624     16,463  
Equity attributable to owners of the Company   751,588     761,809  
Non-controlling interest   5,841     6,225  
Total equity   757,429     768,034  
Total liabilities and equity   1,389,061     1,397,944  
             

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

  Three Months Ended March 31,
  2022   2023
OPERATING ACTIVITIES:        
Profit for the period         8,208     6,810  
Adjustments to reconcile profit for the period to net cash provided by operating activities:    
Income tax expense         3,079     3,973  
Interest income         (86 )   (1,735 )
Interest expense         8,859     5,040  
Impairment losses (income) on financial assets         28      
Other financial expenses         63      
Foreign currency loss (gain), net         (10,419 )   3,719  
Amortization and impairment of intangible assets         49,707     44,418  
Depreciation of property and equipment         2,763     3,230  
Equity-settled share-based payments         3,911     8,812  
Share of loss of equity-accounted investee         101     2,356  
Other         (984 )   (5,313 )
     
Cash flow from operating activities before working capital changes, interest and income taxes         65,230     71,310  
     
Increase in trade receivables, contract assets, other assets and prepayments         (15,331 )   (12,196 )
Decrease (Increase) in trade and other payables, contract and other liabilities         (3,530 )   4,530  
     
Changes in working capital         (18,861 )   (7,666 )
     
Interest paid         (4,855 )   (4,595 )
Interest received         62     1,731  
Income taxes received (paid)         152     (3,331 )
     
Net cash from operating activities         41,728     57,449  
     
INVESTING ACTIVITIES:    
Acquisition of intangible assets          (34,255 )   (38,511 )
Acquisition of property and equipment         (1,389 )   (2,165 )
Acquisition of subsidiaries, net of cash acquired         (11,604 )   (10,179 )
Acquisition of financial assets             (3,716 )
Collection of loans receivable             21  
Collection of deposits         45     201  
Payment of deposits         (57 )   (73 )
     
Net cash used in investing activities         (47,260 )   (54,422 )
     
FINANCING ACTIVITIES:    
Payment of lease liabilities          (1,444 )   (1,531 )
Acquisition of non-controlling interests          (28,246 )    
Principal payments on bank debt         (135 )   (364 )
Purchase of treasury shares         (390 )   (1,847 )
Change in bank overdrafts         (13 )   39  
     
Net cash used in financing activities         (30,228 )   (3,703 )
     
Net decrease in cash and cash equivalents         (35,760 )   (676 )
Cash and cash equivalents as of January 1         742,773     243,757  
Effects of movements in exchange rates         8,514     (3,446 )
     
Cash and cash equivalents as of March 31         715,527     239,634  
     

The tables below show the information related to each reportable segment for the three-month periods ended March 31, 2022 and 2023.

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  Three Months Ended March 31, 2022
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 86,737   45,923   25,667   158,327   9,549   167,876  
Segment Adjusted EBITDA 44,617   8,934   (6,422 ) 47,129   (3,714 ) 43,415  
Unallocated corporate expenses()           (16,714 )
Adjusted EBITDA           26,701  
Adjusted EBITDA margin 51 % 19 % (25 %) 30 % (39 %) 16 %
  Three Months Ended March 31, 2023
in €’000 RoW Betting RoW Betting AV United States Total reportable segments All other segments Total
Segment revenue 108,500   44,554   39,737   192,791   14,773   207,564  
Segment Adjusted EBITDA 47,388   11,341   6,824   65,553   (3,147 ) 62,406  
Unallocated corporate expenses(1)           (25,736 )
Adjusted EBITDA           36,670  
Adjusted EBITDA margin 44 % 25 % 17 % 34 % (21 %) 18 %

(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.

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

  Three Months Ended March 31,
in €’000 2022   2023  
Profit for the period 8,208   6,810  
Share based compensation 3,911   8,954  
Litigation costs1 1,284    
Professional fees for SOX and ERP implementations 1,425   245  
One-time charitable donation for Ukrainian relief activities 147    
Depreciation and amortization 52,470   47,648  
Amortization of sports rights (42,268 ) (37,190 )
Impairment loss (gain) on other financial assets 28    
Share of loss of equity-accounted investee 2   2,356  
Foreign currency (gains) losses, net (10,419 ) 3,719  
Finance income (86 ) (4,885 )
Finance costs 8,922   5,040  
Income tax expense 3,079   3,973  
Adjusted EBITDA 26,701   36,670  

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

The following table presents a reconciliation of Adjusted Free Cash Flow to the most directly comparable IFRS financial performance measure, which is net cash from operating activities:

    Three Months Ended March 31,
in €’000   2022   2023  
Net cash from operating activities 41,728   57,449  
Acquisition of intangible assets (34,255 ) (38,511 )
Acquisition of property and equipment (1,389 ) (2,165 )
Payment of lease liabilities (1,444 ) (1,531 )
Foreign currency gains (losses) on cash equivalents 8,243   (2,849 )
Adjusted Free Cash Flow 12,883   12,393  

1 For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on March 31, 2023, which was €1.00 to $1.09.
2 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.

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Artificial Intelligence

ResourceWise Brings Its Cross-Commodity Data and Analytics Expertise to New Oleochemicals Service

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ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 
CHARLOTTE, N.C., June 24, 2024 /PRNewswire/ — ResourceWise has met a key milestone in providing cross-commodity price benchmarks, data, and analysis on chemicals, forest products, and decarbonization markets. 

For the first time, one digital product encompasses expertise that spans all the key commodity sectors that ResourceWise covers. Dedicated to renewable feedstock, the new platform-based oleochemicals analysis and insight tools draw on decades of experience within each distinct business sector. 
Dwight Lynch, Biomaterials Business Manager at ResourceWise, is leading the transition towards data and insight on renewable intermediates and biobased and biodegradable polymer inputs. 
“Navigating oleochemicals markets at a time when regulation, legislation, and competition from renewable fuels markets are the key drivers is a challenge. Our new service offers pricing and analysis that informs decision-makers and allows sustainable business to thrive.” 
The new oleochemicals portal in ResourceWise’s flagship chemicals market intelligence platform, OrbiChem360, has evolved beyond its legacy biomaterials insights to focus on the fats and oils markets that are key to sustainability.  
It presents pricing data and analysis that ResourceWise biomaterials experts have furnished within OrbiChem360 this past decade and includes a crude tall oil (CTO) price index. The inclusion of a forest-based output introduces the ResourceWise platform FisherSolve’s pulp and paper industry insight to our portfolio. 
Pete Stewart, the CEO of ResourceWise, is focused on the future. “From raw material converters to end-use consumer goods producers, manufacturing value chain participants are increasingly seeking cross-commodity insights to meet low-carbon targets. We are building and providing the data and analytics businesses need to achieve environmental, social, and governance (ESG) targets and market products competitively worldwide.  
“The ResourceWise mission is to use the intelligence within the increasingly inter-related business sectors we have harnessed to guide customers in their journey toward a net-zero future. This new offering is the first of many milestones in our endeavor to do just that,” adds Stewart.  
A Streamlined Renewable Chemicals Service  
The new product leverages oleochemical pricing and commentary gathered by ResourceWise legacy brands since 2014 and insight collected since the 1990s. It extends our regional reach with additional price points and streamlines the data and analytics provided.  
The new portal is designed with personal care, cosmetics, detergents, lubricants, pharmaceuticals, flavor and fragrance, and food and beverage market participants in mind. However, it provides pricing data and insights for producers, intermediaries, and consumer product manufacturers in broader industries. 
More Than Forty Current and Historical Prices          
International price indexes for oleochemicals include the feedstocks soybean, coconut, tall, rapeseed, and palm oils, as well as tallow and glycerine grades Dozens of spot and contract prices for fatty acids and fatty alcohols plus comprehensive commentary based on intelligence from a worldwide contact base       Low-carbon price benchmarks and commentary in our oleochemicals offering will increasingly leverage intelligence on the biofuels sector within the Prima CarbonZero platform      Global Trade Flow graphics for all oils and tallow to help customers understand how key plant and animal-based feedstocks are traded globally to identify new markets and sources   Industry experts contextualize data, making it actionable, and respond personally to customer inquiries By bridging information gaps in the chemicals market, OrbiChem360 subscribers gain a competitive edge in volatile markets. The platform provides decision makers with robust, data-driven insight that unravels market trends so they can harness growth opportunities. For more information on the OrbiChem360 platform, visit the ResourceWise OrbiChem360 page. 
CONTACT:
Contact:Suz-Anne Kinney          Vice President, Marketing & Communications at [email protected]  +1 (980) 233-4021
This information was brought to you by Cision http://news.cision.com
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Artificial Intelligence

AI Vulnerability Scanning market Size to Grow USD 7,574.30 Million by 2030 at a CAGR of 13.52% | Valuates Reports

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BANGALORE, India, June 24, 2024 /PRNewswire/ — AI Vulnerability Scanning market is Segmented by Type (On-premises, Cloud-Based), by Application (SMEs, Large Enterprise): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The global AI Vulnerability Scanning market was valued at USD 3121.56 million in 2023 and is anticipated to reach USD 7,574.30 million by 2030, witnessing a CAGR of 13.52% during the forecast period 2024-2030.
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 Major Factors Driving the Growth of AI Vulnerability Scanning Market:
The market for AI vulnerability assessment is being pushed by the growing requirement for strong cybersecurity defenses against increasingly complex and dynamic cyberthreats. AI-specific vulnerabilities are becoming more likely as organizations use machine learning (ML) and artificial intelligence (AI) more extensively, which calls for the use of specialized scanning solutions. AI vulnerability scanners use cutting-edge algorithms to find and fix security flaws in AI models, shielding against criminal activity, data breaches, and adversarial attacks. The demand for AI vulnerability screening tools is being driven primarily by the increasing awareness of AI security concerns, regulatory constraints for strict data protection, and the integration of AI across multiple sectors, including banking, healthcare, and automotive. Furthermore, improvements in AI and ML methods boost these scanning solutions’ efficacy and propel the market forward.
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TRENDS INFLUENCING THE GROWTH OF THE AI VULNERABILITY SCANNING MARKET
Because cloud-based AI vulnerability scanning provides scalable, effective, and all-encompassing security solutions, it is driving the growth of the AI vulnerability scanning market in major companies. By constantly monitoring and analyzing enormous volumes of data across enterprise networks, these cloud-based systems make use of cutting-edge AI algorithms to spot possible vulnerabilities in real time. Large businesses can effectively manage security across different and complex IT infrastructures thanks to the flexibility and scalability of cloud solutions, which guarantees strong defense against constantly changing cyber threats. Furthermore, cloud-based platforms’ centralized architecture makes it simpler to integrate and upgrade with pre-existing security frameworks, which improves overall resiliency. The market is expanding significantly as a result of large organizations prioritizing cybersecurity and the increased need for advanced, AI-driven vulnerability detection solutions.
The market for AI vulnerability scanning is primarily driven by the rise in complex cyberthreats. Organizations are becoming more cognizant of the necessity for sophisticated security measures as cyber threats escalate in complexity and frequency. When it comes to identifying and countering these contemporary threats, traditional vulnerability scanning techniques frequently fall short. Real-time detection and prediction analysis capabilities are provided by AI-powered vulnerability scanning solutions, which can detect possible security breaches before they happen. Organizations must make significant investments in AI-based security solutions in order to preserve business continuity and protect critical data.
One major element propelling the market expansion for AI vulnerability scanning is regulatory compliance. Tight laws are being passed by governments and business associations across the globe to guarantee cybersecurity and data security. Sufficient observance of regulations like GDPR, HIPAA, and CCPA necessitates ongoing security vulnerability reporting and monitoring. AI vulnerability scanning systems offer thorough and automated security assessments, which assist enterprises in meeting these legal obligations. This ability not only guarantees compliance but also lowers the possibility of fines and harm to one’s reputation, which motivates more companies to choose AI-powered security solutions.
Another important element propelling the market for AI vulnerability scanning is cost effectiveness. Conventional security methods are resource-intensive and can require a large amount of manual effort, which raises operational costs. The identification and mitigation of security threats are automated by AI-powered vulnerability scanning solutions, which minimizes the need for significant human participation. Organizations save a significant amount of money because of this automation, especially big businesses with sophisticated IT infrastructures. Furthermore, early vulnerability detection reduces the possible financial effect of cyberattacks, which makes AI-driven solutions a financially viable choice for companies.
The market for AI vulnerability scanning is expanding due in large part to the need for real-time threat identification. Real-time security threat detection and response is essential in today’s fast-paced digital world. Artificial intelligence (AI)-driven vulnerability scanning solutions enable businesses to quickly respond to possible threats by offering continuous monitoring and instantaneous analysis of security weaknesses. Reducing the effects of cyberattacks and preserving the integrity of vital systems depend on this real-time detection capabilities. Adoption of AI-based security solutions is driven by the increased requirement for quick reaction to threats.
The market for AI vulnerability screening is being driven by several factors, including increased accuracy and precision. Conventional vulnerability scanning techniques can miss subtle security risks and generate false positives. On the other hand, AI-powered products use sophisticated analytics and machine learning algorithms to pinpoint vulnerabilities extremely precisely. This lowers the quantity of false alarms and guarantees that serious dangers are dealt with right away. Because AI-driven solutions are more accurate, security measures are more effective overall, which is why businesses looking for dependable and all-inclusive vulnerability management choose them.
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AI VULNERABILITY SCANNING MARKET SHARE ANALYSIS
The market for AI vulnerability scanning is dominated by North America because of the region’s strong emphasis on cybersecurity and technical improvements. Because there are so many tech businesses, financial institutions, and government organizations in the US that need to implement strong cybersecurity measures, the country is a big participant in this space. The development and uptake of sophisticated vulnerability scanning solutions are aided by the presence of significant AI and cybersecurity companies in the area. The industry is additionally driven by strict regulatory requirements, such as those imposed by the Health Insurance Portability and Accountability Act (HIPAA) and the Federal Information Security Management Act (FISMA), which force firms to install extensive security measures. The increased frequency of cyberattacks in North America emphasizes the necessity for sophisticated AI-powered security measures.
Key Players:
European UnionCRYPTTECHSecPointTheSmartScannerSecureWorksCybotsCyber OrionImmuniWeb SAVertaHuawei CloudFreeBufAlibaba CloudIBMGoogle CloudBARUTUAmazon AWSPurchase Regional Data: https://reports.valuates.com/request/regional/QYRE-Auto-12L15782/Global_AI_Vulnerability_Scanning_Market_Research_Report_2023
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Artificial Intelligence

Timekettle Announces HybridComm 3.0 Upgrade, Marking a New Era in Near-human-level AI Translation Technology

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SHENZHEN, China, June 24, 2024 /PRNewswire/ — Timekettle is excited to announce the release of its latest software upgrade, the AI Semantic Segmentation. Powered by Timekettle’s cutting-edge TurboFast Technology under HybridComm 3.0, the AI Semantic Segmentation sets a new standard in real-time language translation, solidifying Timekettle’s position as the expert in AI translator earbuds.

As the pioneer and innovator in cross-language communication solutions, Timekettle has relentlessly advanced the field through innovative products, marking a significant chapter in AI translation devices. Initially offering handheld translators for simple exchanges, Timekettle’s breakthrough came with the WT2 Plus Translator Earbuds, featuring HybridComm 1.0 for seamless, one-way translation and a speaker mode for broader communication. The subsequent launch of the WT2 Edge Real-time Translator Earbuds, with HybridComm 2.0, enabled natural, bidirectional conversations. The latest advancement, powered by HybridComm 3.0 featuring the AI Semantic Segmentation, significantly enhances translation efficiency and accuracy, marking a new era in near-human-level AI translation technology.
Leveraging the advanced TurboFast Technology, the AI Semantic Segmentation ensures a seamless and instant translation experience, helping the translated speech align perfectly with the speaker’s rhythm, and eradicating the issue of delayed translated output in crucial communication scenarios. It begins by grasping the core meaning of sentences. Once it aligns closely with the “entirely correct” benchmark, it begins translating while still processing the original voice, allowing users to hear the translated audio sooner.
Thanks to the AI Semantic Segmentation, the delay in receiving translated audio has been reduced by 200%, bringing its real-time translation capabilities on par with live interpretation. Internal test conducted recently revealed that with the AI Semantic Segmentation, a translated speech only delays a sentence lag time, while other traditional speech translation devices may experience significant delays of 30 to 40 seconds.
This significant reduction, cutting over 20 seconds of waiting time, has revolutionized continuous communication. Picture being at a conference room where attendees can instantly hear the translation of a sentence right as the speaker starts the next. Such a seamless flow of communication marks a new era of cross-language interaction, paving the way for a more connected world.
The AI Semantic Segmentation is now available on Timekettle WT2 Edge Real-time Translator Earbuds, M3 Language Translator Earbuds, and X1 AI Interpreter Hub (One-on-one mode, Listen & Play mode, and Ask & Go mode for now; Voice Call mode and more starting June 28th) and upon installing the latest software update for existing users. 
About Timekettle
Established in 2016, Timekettle is dedicated to advancing cross-language communication through innovative products and solutions. Recognized with numerous international accolades, including the CES Innovation Award, iF Design Award, and Japan Good Design Award, Timekettle’s products have proudly served the needs of cross-language communication in a variety of user scenarios, including abroad-living, traveling, multi-language meetings and classrooms, as well as in manufacturing and logistics, and beyond. Having solidified a user database of more than 400,000, Timekettle continues its journey as the Global No.1 AI Translator Device.
For further information, please visit https://www.timekettle.co/ or contact [email protected]
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