Q2 2024 Sportradar Group AG Earnings Call Transcript
Key Points
- Sportradar Group AG (SRAD) reported its third consecutive quarter of record revenue, with a 29% year-on-year increase.
- Revenue growth was driven by a 59% uptick in the US and 22% across Europe, APAC, and Latin America.
- The company expanded its exclusive multi-year partnership with UEFA, enhancing its global soccer rights portfolio.
- Sportradar Group AG (SRAD) achieved a net retention rate of 117%, indicating strong client loyalty and increased spending.
- The company reported significant growth in its managed trading services (MTS) business, signing 46 additional sportsbooks in fast-growing markets like Brazil and Africa.
- Despite the revenue growth, Sportradar Group AG (SRAD) reported a loss of EUR1.5 million for the quarter, primarily due to higher sports finance costs and foreign exchange losses.
- The company's sports rights expenses increased by 83% to EUR96 million, driven by new ATP and NBA rights.
- Personnel expenses rose by 6% year-on-year, which, although managed, still represents a significant cost.
- The company anticipates that Q3 margins will be below prior year due to sports rights and product development costs.
- There is uncertainty regarding the impact of potential regulatory and tax changes in the US market, which could affect future operations.
Good day and thank you for standing by. Welcome to the Sportradar second-quarter 2024 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.
I would now like to hand the conference over to Jim Bombassei, Senior Vice President, Investor Relations. Please go ahead.
Thank you, operator. Hello, everyone, and thank you for joining us for Sportradar's earnings call for the second quarter of 2024. Please note that the slides we will reference during this presentation will be accessed via the webcast on our website at investors.sportradar.com and will be posted on our website at the conclusion of this call. A replay of today's call will also be available on our website. After our prepared remarks, we'll open the call to questions from analysts and investors. In the interest of time, please limit yourself to one question and one follow-up.
Please note that some of the information you will hear during our discussion
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