Sportradar (SRAD) 15 Mar 232022 Q4 Earnings call transcript

Good day and thank you for standing by. Welcome to the Sportradar Third Quarter 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

to Hyder, conference of Senior like speaker to Investor now Rima today, Vice would hand over the your Relations. I President, Head ahead. go Please,

of conclusion website. this A on Thank be remarks, our the during the of on investors.sportradar.com. posted XXXX. for note thank time, limit be the that to earnings our at you, today's interest webcast of we on we everyone, our can call please follow-up. Please will In yourself for us After The call. will call be from slides reference via call this website quarter replay prepared for at Sportradar's investors. to presentation slides Michelle. questions you fourth of one the the morning, will this one available will Good website open our joining and plus accessed

note Please will results you and hear risks statements actual involve regarding today during that to of may discussion those outlook. limitation, These revenue our forward-looking without cause information that our and materially work forecast. some uncertainties from including, business differ future and of will consist the [ph] statements,

of any XX-F furnished statements in with information, the the more to on respective forward-looking which earnings release. risk their and associated as with dates. obligation the X-K Form update factors or annual no For Form the to refer SEC report along discussed please our today, assume speak We information,

non-IFRS measures. during today’s will Also IFRS we both financial call, present and

slides which Relations to filings the disclosures Investor IFRS release, included reconciliation the to our of these website. non-IFRS with including supplemental are measures, of in our is a each Additional measures earnings SEC, posted regarding non-IFRS and

Chief Koerl, Officer are Harmuth, today Financial me and Ulrich our our Executive Officer Interim Carsten Joining Chief

And over me Carsten. the discussion turn to now, let

good morning and Thank everyone. to Rima, you,

a in XXXX, upfront for initial is excellent strong we full We revised a believe year our into EBITDA year. in me of our model growth, environment. which performance will future. adjusted Let more that the believe exceeded and strong well business face and with results coupled progress the guidance Sportradar embedded even made the We and resilient, deliver throughout revenue macroeconomic challenging delivered strong XXXX say

results, XX% EBITDA year. XXXX XX% XX%. was full US year again at strong and year of by of betting for we fastest-growing adjusted revenue in of Full XX% at growth the the growth business revenue Speaking coming business, the driven and of our rest full segment, our world delivered growth growth

strong by of segment, Rest existing very the In primarily growth, the trading with volume with World increase driven the of customers. way year-over-year the largest MTS led our

margins. key We continue higher automatization and trading drive to enhance this increase to product

preferred market demonstrated their Our with model multiyear signed FanDuel strength and our as US odd long-term partnership a the supplier, leveraging We position, and for the our long-term our market agreement business business of a key with growth. data NBA.

to MLB solution technology continue partners engagement our and fan also grow We and key NHL. with like

new partner season, are to well, official admits additionally. US We become streaming unlimited of as with Sportsbook Rock pleased both important and added Hard partnerships the

capabilities, of our provide provider Gambling by the data of year Awards, named are We service a which clients. as our testament strong the American to we

the ability of The any direction. many this We To that the value will for human Using reality global intervention. betting experiences market. integral in technology we solution global believe first Tennis the winning betting reception differentiated and without at Table innovation steps computer we create biggest continue this XXXX, was is exceptional, vision growing AI-driven is our this we of to products betting the and ICE this to believe to of mixed and of exhibition. first end-to-end to that proposition, part innovation be solutions our end, core presented deliver

technology. more some details provide We will little in this a on later

product our AI acquisitions to our of development offering, which and like engine, betting Vaix innovative better MPS Vaix enables the portfolio accelerated of quickly this core enhances more is also into by our profitability the likely players. customers offering. integrating We understand

meaningful will GGR and and adopters translate of operational which financial growth have value the we in our additional believe improvements, to Our other for drivers demonstrated clients. early business underlying

as For suite during user Vaix engagement in recommended applying entire GGR, operators across reported as retention X% increase monthly tools. to personalization the example, the an experience, XX% fan well higher

engagement, While it of post also player drives clearly personalization diversification offering.

interacting strengthening personalized, in users our on than when while have betting for Vaix one an with which contributed normal betting product, of a also to goals core XX% likes our was XX% observed We uplift greater in than the homepage benchmark. XXXX.

number Coming now five. slide to

accomplishments. may that goals products, betting technology. first, solutions, fourth, goals third, four the grow core growth of to articulated integrated XXXX. we primary second, our these for our sports were, and for in and business, You achieved reflected the We recall and and, investing XXXX US therefore, people results successfully develop They our

the in a In migrating the betting through increase the in revenue algorithms. result The volumes highest profitability betting value of margin. chain XX% driver World segment and was a MTS MTS. of our customers trading of our XX% the grew Services of growth or our the continuous our core products, for growth adjusted up Rest remains year World year-over-year largest and six. growing trading a betting managed number to improvement segment Trading EBITDA as XX% our Rest sharp Slide with full contributor has in

in €XX liquidity betting year. which global comparable When of annualizing last volume, an top a billion trading with the period we increase XX of to is compared XX% This traded is same the operator. our QX the

started the GGR. We XXXX, A/B for betting and trading. new X% a also soccer, our biggest usage shown liquidity has increase over average In sport implemented our increasing an for AI in project of performance AI algorithm trading testing an our to improve we

driven strong a Sales India. growth growth Asia saw in both nearly and and America Latin was Brazil We countries regional XXX%. in both by

emerging We our opportunities about markets. are excited these in

including in US us segment professional to and legalize clients benefit product maintained have growth growth adopts close betting, EBITDA the betting grew high-revenue to portfolio and and solutions. portfolio and our a in-play betting. a importantly, second adjusted The the set continues share to we advertising, model as growing sports positive XX% year for more US, our the serve digital strong with of in media, revenue row. generated across And revenue a allows market market to with the full In This quarter US our sports the diverse market matures. us which for allows

data agreements and Super during which This major Sports the statistics FOX wallet relationship signed as mentioning for Bowl. such a with media XXXX. Yahoo. prominent and is our back with in A when our operators increased We dates as share clients us such betting FanDuel used

and engage XX We our live to views million year the data and partnering XXX are stats will per also their the more game. yesterday. which roughly million with eighth help will pleased We're national viewers. This to excited to team off March CBS broadcast, be their provide and broadcast Madness about kicked enhance Sports than which FOX reach

the Synergy XXXX, the use down we and in InteractSport vision. product and of acquisition doubled of computer With on AI automatization through

our table successfully ICE already product used computer full some is clients. As of This vision XXXX. AI-driven a using present being product mentioned at by earlier, we tennis

experience. video vision data, had technology content collected We and table deep content our there a two while the real-time computer players automatically transforming viewing playing tenants, into

content the data assets digital predictions insights live created fast as capable visualizations match dynamic stream into were real-time advertising. arts, and for that transformed algorithms into incorporating performance and virtual and of Our such betting,

bettors place In micro addition, the seamless to betting new that formats, to automotive like bets quick unlock enables table us rally. the bets, allowed process tennis betting opportunities within

with player the than opportunities or landscape. the example, on For global beginning ball This one hit product of a only last across sports playing is of number cycles fully the rapid with the bounces automated minute. expansion less

more that sport We understand detailed engage players, allow are will bettors technology like confident sports a and fans on level. team the Vision and with Computer to much

Vision we were a successful AI. product In fact earlier for of Computer as Association and global commitment and result advanced our bidder technologies in data as the XXXX, streaming Professionals, in starting this just such as innovation of the Tennis rights ATP to selected development week,

without content, products, offering across to the make and in continue of ecosystem. this its best-in-class And and and player immersive a finally, last betting make who scale areas would more year and global performance operators strong provide our and capabilities people agile sports tech-savvy people sports will possible upholding a The critical technology year richer Sportradar not our integrity. experience commercial to more safeguarding our our We a also tennis fans products be organization. invested stronger innovative company while into our

Turning X. to Slide

our For are; based XXXX, trading priorities first, position our core leadership core further services. next-generation markets our expand on betting in

markets like ads media into and grow spot Second, performance.

safeguard fifth, and Computer drive the fan its and automatization. well-being innovative Fourth, create And sport the and experience engagement Third, operational Vision integrity on of athletes. AI protect effectiveness technology. of based

close new our in long-term and products into at model our with back partners and operating like opportunities. developments The allows and of our key these reinvest clients. business leverage business at pace develop a strength cooperation the NBA, grow us our to time rapid same some will of NHL, We MLB product and

Now to the closing remarks.

additional value for have, our the through XXXX outlook high-value global emerging reflects products well strong markets. to into new we offer clients availability as tapping Our to as our more tremendous opportunity market

of from -- range, million. the for full-year expect drivers continue as his you to of in XX%, At technology of we €XXX will For EBITDA the XX% year, XXXX, revenue the guidance range XXXX through we points the in we walk expect and and midpoint €XXX full basis margin invest our Ulri innovation. adjusted XX even in to would remarks. of this expansion to growth of million the

over now turn discuss results. the will financial I Ulri to the call to

and good Thank Carsten, you, everyone. morning,

the stated, and have I'm already successful first the results as year world. teams and cap off our strong was a on Carsten pleased many a with quarter company publicly full traded XXXX fronts. year we As fourth XXXX. full around our very delivered had

proved throughout the resilience its business year. Our

a a year, to we to in revenue €XXX For the and XX% XX% million increase in reported increase EBITDA million. adjusted €XXX full

guidance, top solidly Our our guidance while within end range. EBITDA our exceeded the revenue adjusted was our of

solid results of all these US World betting of in business. and conditions. delivered XX% Rest segments, We uncertain in our macroeconomic We our despite saw XX% across facing including growth growth

customers. our net the upselling business addition, and shows opportunities In have existing our model with our stickiness XXX% improve of revenue continues and rate of the to we cross-selling retention

€XXX cash of credit and entire flow undrawn million. From facility over million, cash facilities and our the loan while a term capital we ending of cash positive in €XXX generating €XXX million year perspective, and with repaid total

US. our I'll quarter by quarterly of strong me the the Let the XXXX. to growth €XXX through the for in Revenue growth with versus full fourth coming million XX% highest fourth guidance the detail, XXXX. take across increased and driven segments with then all quarter was you XXXX results now in you This year provide our from

XX% as grew EBITDA over with higher revenues as leverage and the adjusted primarily remained last result Our operating costs. year, we of disciplined a our

the adjusted XX%, points XXXX. margin in EBITDA an was of increase basis same Our quarter over XXX

at looking revenue detail. segment the in Now

World Rest the betting or uptick an Our was grew revenue, including our MBS. in primarily the quarter This Services, higher offerings, highest largest in by of million. to Managed €XXX our XX% value-add Betting margin and driven growth nearly segment

Within by event months turnover, driven a both quarter, MBS, for other FIFA of in growth volume resulting any November saw our with performance. major the Cup XXXX. in in record doubling MTS, of versus was and trading Managed December Services year in FIFA November World Trading a World product, and Cup December strong The MTS XX% last for

already World to slightly in XX% betting technology Rest computer investments product and compared of investments grew prior World by MTS EBITDA our €XX adjusted vision year, increased of driven EBITDA talked the XX% technology million. to to margin AI in betting improve in Rest about. Carsten was that adjusted

content expanding customers to adjusted XX%. year, was its Rest to EBITDA World's segment existing AV segment, adjusted adjusted essentially customers. at EBITDA cross-selling AV the full of audovisual with million World AV existing XX% €XX by XX% €XX margin EBITDA million increased portfolio and prior XX%. the driven was and quarter. flat the data For of margin grew AV versus was Rest Audiovisual Growth to

-- only XX%. by the year, percentage points margin to EBITDA one For by full improved

saw to quarter the fan €XX and strong in betting which our the markets, The United betting Turning growth business, for betting betting the Revenue We million. engagements underlying the approximately still XX% in business, our doubled growth states in was increased grew business the by in States, XX% base parlays states more tripled customer the segment. same-game growth expanded driven more biggest more and nearly accounts mature in highest our more as through media to to than and online US. targeted advertising. in operators growth ads

of of profit adjusted positive as US. in a growing a the EBITDA continuous The for EBITDA million. investments. negative margin consecutive swung adjusted EBITDA was versus margin US scale The of a second of €X a prior despite the quarter business, This the to year, positive XX% represents the the result XX% adjusted of

EBITDA X% For full from to XX% margin minus the in year improved minus XXXX.

Turning acquisitions. million, an increased in to quarter for with €XX as in million year one-time increase over a restructuring by management the prior quarter of Personnel to of charges by impacted were XX% €X costs costs the result costs. Personnel a our million €XX as expectations. million result of of our line €X and the

inflationary XX headcount to increase nearly The costs and pressure. to in personnel higher inorganic hires. by to employees that X,XXX expect continue last we costs, through increased the organic did Over months, experience we due reflects labor new and

over increase resulted for this million. saw XXXX. operating The compared a in million, €XX one-off we to in were decline costs prior XX% effect, one-off the expenses normalizing operating from year. of litigation or of €XX €X mainly million, quarter increase fourth When Other expenses an

Total increased NHL to costs rights, expected sports in our and in fourth costs. the of and rights by XXXX, rights primarily result ITF quarter an the €XX acquired UEFA €XX newly of million increase million

our rights grew growth. total less quarter, XX% the XX% sports than our For revenue

operational see business to pleased into technologies. invest new model, and very allows are to which in We leverage products our us

at credit end XXXX, facilities our and Our the cash €XXX undrawn million. liquidity equivalents strong with of remains cash of plus

the of the million we remaining repaid €XXX During outstanding our debt. quarter,

a the flow quarter negative to million in negative Our as same compared a XXXX. in adjusted free million was €XX cash expected €XX

Trading evidenced flow US in was cash is our growth foreign million impacted The of restructuring also impacted €X of tax partnerships. Cash in the prepayments the currency changes by million the and planned prepayments well as of €XX by as of and US million our revenue rate Services share league conversion growing segment. €X business negatively Managed costs, as portion by of

the increase products in The we year, XX%. whereas sales odds in invoicing prior this with for an a full for and generated revenue service service Including flow, traditional the leading period, is invoiced free are share this of period adjusted €XX audiovisual live after data our the cash cash model to to days impact million live outstanding. conversion

the address XXXX. cycle have to several initiatives areas order our cash like other particular to to further our We cash shorten also to started in capital improve the working but managing to cycle, in procure-to-pay strengthen conversion

Finally, let annual about for our guidance me fiscal XXXX. talk

annual the The year full be well expect XXXX, Betting and to of range we million growth World of For expected growth in this between to in XX%. are the in segment of US. Rest €XXX the revenue drivers of €XXX growth primary our guidance for million, XX% strong as reflecting growth

the XX% XXXX points at and increase of For adjusted between expansion range XX representing adjusted EBITDA, we basis midpoint. be XX% €XXX reflecting margin and XX% are €XXX million a of year-on-year a guiding to margin million of between XX%. to The a expected for to EBITDA is

phasing We in back the with of be with the the XXXX of to growth expect year. our consistent coming XXXX the quarterly majority half revenue

year-over-year first three For we higher the expect growth the quarters adjusted year of XXXX. EBITDA, in

took As fourth deal our a reminder, of begins NBA in place in quarter of the the renewal XXXX. XXXX which

to EBITDA. rights be X% decrease revenues, expect to of larger adjusted XXXX, see in of rights of which we which sports around impact amount expect adversely cost expense So is still will our the we XXXX. quarter fourth Overall, a XX% sports a versus coming

And the is fan business to operational such technology, have same time, leverage some a continuing our computer margin. as stated to we testament our trading allowing us engagement Carsten our as to from are AI-driven the are we our able invest vision As model expand This scale new reinvest leverage. in we to algorithms of products and at products. well as

to solutions are As returning our growth we our our product value on and new on look we we clients. ahead innovations excited to remain discipline We can about maintaining shareholders. strategy, to XXXX, focused financial and offer the executing our

now we that, line questions. questions? will for please you Operator, open are the the open happy call With up to for

Our Michael Graham first question with [Operator Instructions] Canaccord. comes from

open. Your now line is

congrats the strong I business. you, thank Hi. and on betting really Good ask of numbers. your wanted to morning World Rest about and

growth You of XX% growth XX%. really strong in had there growth MBS particular

investments you're in better get understanding and on of a I the product You what's growth wanted the release, some to to grow doing driving that mentioned press but side technology business just what that and faster? help

as the Mike, in Carsten here. numbers. question. we Thanks of the showed for is very World strong betting Rest this Yes, the

segments the chain. is the main of growth lifting and coming Looking clients now value to from where it's the the

And then into to models. data go So we predictive the products we then the start the and we finally, platform. are with the going trading into

the work. where is the to this to now begin trading, algorithms Looking really

tickets, we from trade are So which liquidity our we based clients, on that's get trading. the the

this. our soccer are is So now in that very clients using help to us the trading clients we And to this see in we script. of here the reported we improve signs significant, X% that

now So to where and we engage to more side work latency this on especially other low will continue the of data. the is something

As ATP deep the like now X system same data from use the the with driven you with the NBA. is tennis, which deal, will can for there, we see Level tracking

sits data. which the That's the of control the this we number equation. is of in other So comes one tickets, side that and the in, And machine. side the of middle latency deep

This is clients exciting, in much GGR. a our if little reflected bit for the we only a are it is improving because margin higher

which share we this there product push XXXX. the from want in is and profit to a have a We

Okay. Thank you, Carsten.

Please next Ryan with question. comes stand by Sigdahl Craig-Hallum. question from next our The for

Your open. now line is

for Great. for us. Two taking our questions. Thanks

exactly back the And go get the you So secondly, I year, question are around start your could computer if that assumptions margin world margin of and come for again. then, vision And quarter in for to second that what that decline I segment? reason the then, my but through quite the is want to. on the betting. didn't rest I'll

take Maybe, the of and I margin go one on computer the rest and the on the Uli you vision. betting world the

Yes. Ryan. for so. Happy question, do the Yes. Thanks to

in we the technology. Carsten margin, example also we business with as us we So, led operate ATP table RFP. vision regards about that but the the there tennis invested was world talking the That computer to heavily that stated highly of rest into winning and scalable was a script, to model,

our those into boost margin our invested is be services. And in we But we into XX% and managed well, investments two, trading the between to And P&L intelligence the resulted to second trading part margin our improve algorithms that time, to over decline. artificial again. the XX% expect

this Great. et is expand the And becoming cases, breadth, automating more then, is computer or follow there the broader around engagement, cetera, up on data opportunity et out into to that I get guess, more just better there, et to focused depth cetera? vision, capture, fan cetera, efficient, use

Ryan. both, It's

we is, doing is are it getting the data deep individual what So players. about

Now, translate lose two or tennis, predictive this with table are into models, which it. can make played win this working possibilities on ball you a balls pretty who some thing might who might like directly the are accurate of and

So that's a more simple exercise.

If complicated. you NBA, to like sport, more getting look now team the a it's

That's side, we on much as pitch. product. key one the information, to latency, we we with players You better this on best-performing already the combined drive of from are our will predictive here, time, hand drive which models. betting real And course, clients. one that's directly But will have other Therefore information, put bullish latency, this detailed can into have its the get told low a the this. on algorithm high to better more that the before, pretty having on hand, liquidity our control

data why are render wireframes is, some it deliver new happy the can Hawk-Eye other that's experience we information And also excited they that the side players. this They you for won partnership. very in The visualization reason we're and Around opportunities, export and other about. enrich and this NBA the very that enables real-time it yes, which with deliver this, segments. a

Great. Good Thanks guys. luck.

question. for Please our next standby

from Robin with comes question Next Farley UBS.

Your now open. line is

don't betting. mentioned I you of if percent in-play know Great. the

if it quarter? but I of talked sorry growing, the about if you the I'm gave that for percentage, importance that You missed

Robin. to here, Nice Carsten hear you.

we in in-plays we is the look, see think the we last like quarterly don't fairly call, US a So report development. we basis, behind I But on markets. a because see in the what it's told international long-term that

bets on in sport Europe, are around in the varies we in-play and say depending US. XX% Let's see XX%. between about That XX% of the all

coming now higher look to to we participation, it's course when much of and our if data. are But business the real-time we

current into that in revenues increase products a another model, in-play moment goes because pre-match the €X.X at that no So costs spot have additionally. answer has the systems it that see question? [ph] for deployment place. with and business that from patient renders it where percentage in any And practically we Does means that the rate the of we million the

opportunity I basis? in sort on guess. you you just any don't numbers how more add know can do of the maybe And XXXX? XXXX, a will I but relative without about in moved that giving think if it much how move much specific

in We and on we live the market. see that also a see this give patient a stated we follows but report other on basis as on But you this I'm Robin We insights. don't more update deeper basis the call a separate more a there on is relatively you betting. international quarterly happy before, trend US some

a any No, your know about for additional require just that's haven't announced already developments XXXX. happen Thanks. that to-date, guidance you things that follow-up as changes fair? of you you is, contract helpful. have that that then, the don't assume all on announced. Okay. doesn't to or I And Is today that

and short we The still agreement. Robin in is tender -- now negotiation ATP are we for selected the are in long-form process, deal, the a but

the in is in that but So XXXX. this starts not reflected guidance, deal

So that there. and the But only costs one. that's some tools minor functionalities in be XXXX there the the might reestablish

much. Great. very you Okay. Thank

standby question. next Please for our

with from Next Citi. question Bazinet Jason comes

Your line is open. now

grew sheet. to on Thanks. had I you million. to about just had the €XXX about balance IPO a It I prior question actually. the million €XXX on guys guess, liquidity

EBITDA allow to €XXX year plans the free capital, working think the some might of to or movements sort exited that risk external Do plan to conversion if that is just you sufficient million. FX Thanks. you movements there's about you talked third-party cash improve under at capital there your need needing will You without you be or to the capital? execute

for leave question you CFO. a that this I bridge the to you that's explain with the can it. Uli,

No, Yes. to answer happy that, Jason.

So €XX cash firstly, we flow XXXX. generate a of did million in positive

So million. bridge, you is And have number of flow and like as as what Carsten the end the to company an at the operationally positive. through cash between just you XXXX the happened mentioned end end XXXX. walking that of of Like the XXXX addition given, and we the we with obviously €XXX that actually the of of was the proceeds. our major million afterwards B Term a impact off had repaid position and in IPO fourth Loan repaid The that quarter third of XXXX. cash exit We started we €XXX facility

is €XXX that a So cash million. outflow of

minority we €XX And SportTech will took that year we ended of we €XXX had the flow cash that that Then €XX flow remain of going end with cash million that million. venture operational NFL And with of then That in million US joint outflow. of the had repurchased believe cash into million. and we our the up positive. our invested million. cash entity. that was forward, had another activities we We M&A a €XX €XX stake we Then had

next for than the million that for capital, we don't think on additional the next And in M&A not And think we €XXX are months, operations. make we the we more to We a need months. need additional will in necessarily good revolving XX that And if add XX don't have capital, that we for credit therefore, cash -- it. facility the we place, certainly side, months. deals next bigger therefore, also XX we expect

Thank you. Perfect.

our question. for stand-by Please next

from Morgan comes question Next Stephen Stanley. Grambling with

line is Your now open.

thanks. Hi,

incremental to rights in the were back the of quarter. that think you the some fourth sports I costs discussing Going

rights I begins also with in form at moving cited of broadly has think of guess you're taking XQ ATP looking that negotiations I you structure there's been And deal how what deal you this still rights and recognize I XX% sports you think cost does your in the parts. NBA mentioned as for confidence now and happening over, well, transaction potential gives forward? the going the But I -- expectations what revenue. and some the

Stephen, Carsten here.

you As see remark of trend. NBA quarter rights sport to release We four. We cost this in that our the our gave XXXX. is always XXXX in positive will increase a said the And kick in We XXXX. on a this. think from in reporting, September in, the did decreasing quarter that's the we

be should want We mention that to only it. not a So surprise.

deal, the process. developing? the you we now that ask have is selected a about If but here. How deal been and specifically different That's long-form ATP in agreement, which is to subject short a partly tender

that's So a buyout not deal.

The deal majority of this is commission based.

of together ATP some ATP. to a So we we develop we products with And Data a share the which the bookmakers. get give commission for reselling of the Live the

looking it right negative deal. is from And our the margins. every of term a the are So case. deals you as not full the of for impact know over the should have opposite on perspective, this The we

to it second always of half profitable. more into the get they On We deals need difficult. the And the are market. the it's always beginning more generally

a is if earnings general our margin. always, range assumption are don't the deal we we our answer want diluting that the of But which Does closing are the bigger deliver question? deals to a do to target -- want We in deal, profile.

deal. that unique then costs Yes. more structure ATP pursue forward? that to just of Maybe would commission and kind going sounds a the that latter the it Is bit so having something actually And the upfront is higher could you quick like a follow-up, margins? out smooth

the It's always partner. depending on

saying, them the strong do data was wish, want there strong way, They has piece said, with market the absolutely ATP that had we continue and said that it. preference strong with a this. they bookmakers. the a to be but that So they they're on it a this for a And there interacting directly not the is indication must to heritage in

what partner, bigger the the consumer. opportunity more question, do on how get very and help the say would the world, your to us we successful. leagues want the impact be to I So all the much At to is they the achieve more it them challenge have want to depends sports end, the can around they and answer on for they

its the you both, the have help clients success and media market and there. we the to and technology betting with markets can in in in leverage Sportradar which and enormously

So it the was on that the ATP. really but vision depends partner, of

much. Fair helpful. That's Thanks enough. so

Thanks.

closing conference to I would remarks. for back company's CEO, the now the like to turn

We global remain industry. strength with significantly our delivering adjusted market flow. the our confident the we position market our EBITDA on growth, in products about global leader the our better potential and in position space opportunity as cash growing Based in and while succeed a positive growing

was transform another sustainable year long-term be for value growth. of even as delivery, exciting will our much. an our trading And we XXXX more shareholders. believe continue you you year Thank this and in to profitable very successful we XXXX long-term industry

today's call. you Thank concludes conference This for participating.

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