Sportradar (SRAD) 13 Aug 242024 Q2 Earnings call transcript

Good day, and thank you for standing by. Welcome to the Sportradar Second Quarter 2024 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].

call this reminder, a maybe recorded. As now Jim Bombassei, would like Relations. to to over conference the Senior hand I Vice Investor President, Please go ahead.

to us presentation Please note Thank will you the slides for some this that outlook. discussion or our the everyone, future Hello reference you that today accessed second for up involve during and through risks forward-looking will time, the the replay revenue our joining this will during consist investors. forecast. of uncertainties be the one and XXXX. you, our cause including without call of call will our be posted website regarding one hear Sportradar's materially In call yourself of question at of These from note will of on and at A statements follow-up. Please to on the call. questions quarter open those and differ we earnings conclusion and the may information can Operator. be investors.sportradar.com website limitation, that, for this from website. thank actual analysts webcast the interest prepared on limit to business will of statements, available remarks, also and trends today's please our After we results

will Annual information, IFRS measures. their the in today's forward-looking no For XX-F X-K assume the and with dates. Also update as more which financial any to information, release. today both Report we speak of with along SEC, statements, on Form non-IFRS our the refer to Factors call, discussed during Risk Form filed associated obligation present We or respective please and earnings

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

CFO. Joining and CEO; Craig our Felenstein, me today are Carsten Koerl, our

call to the Now, I'll over Carsten. turn

here being you today. thank and for everyone, Hello,

are our record in momentum to incredible an with of very consecutive are we across and that to We revenue. growth progress the discussing excitement I made. I'm forward thrilled we've our success, feel experiencing third We our and businesses. pleased excited, quarter and share remarkable the energy look

XX% XX% increased the that our our international engagement as competition, cash Europe, Latin encouraging of America. APAC driven uptick products. enhancing essential I'm major particularly proud reinforce our dynamic that fan this XX% further a Sports several value revenue and in by of industry. top unpreceded business U.S. Our marked line an while partner to revenue demonstrating the It's across year-on-year, to to continue This levels, we year see an leading on in and position operational the focus achieved by sports we to efficiencies throughout generation. propels and strengthening

flow quarter. Our focus on excellent to maximizing cash efficiency this led

We drive will in this focus maintain further to improvement this key metric.

the our Craig optimizing remarks. us a of today. be him CFO, to will color his hit in will quarter ground I'm his call key partner new in from financial Felenstein, Our He welcome to running. in June and our more efforts performance. to this earnings Craig highlights provide joined beginning pleased the has on first our continue

consumed sports our international Behshad's Google, our will in advancement enhance guidance, a drive clear lead welcome Hiring are the this to of technology. is who ambition from Behshad savings cost develop our AI also products important the we our that top way efficiency a Under and capabilities will We Behzadi platform. in in sports transform leader and statement AI area.

distinctive market-leading approach. Our together client-centric content portfolio technology innovation one history advantages, and core of our is our competitive and of with

of. today's these to of highlight I'm like X key particularly into drive X proud will areas which But milestones, I'd deeper call. during We first,

governing the the First, purposes. This football. of strategic we given competitive view betting distribute we extended for European accounts for portfolio. a that are data us. the and this of XX% Cup. turnover features of non-betting deal XXXX We is which media, over soccer body partnership searching soccer new with our a to provider, increase data Starting asset, and streams official betting agreement annually, in only global of expanded up our for popularity eligible client XXXX-XXXX to strengthens exclusive XXX season, as includes with ahead global multiyear rights U.S. opening coverage for match soccer XX% the in in agreement, revenue The distribute for the World first to its

one and time, streaming a deal, services. for player have the to tracking for services. products the and We data tracking our our ability refine first league competition leading exclusive will right we to champions enhance the With to to and and have for rope data leverage and use also, the setting AI-enabling products this

Managed outperformance Second, our pleased business. of I'm increasingly Services the Trading with continued or MTS

Our operators betting their core to optimize solution designed manage help offering. and

fastest-growing have across the and including markets we year, of additional sportsbooks XX up So Brazil signed some betting globally, Africa. far, this

sets success only now our we coverage role time to about the million in the betting market. sports as highlighted bring together of as one and leagues betting the standards. technology have as and into and innovation preferences XXX XXX operators, set reflects client combined X earlier. to that scale depth to provide media the spend stands like MTS with data some vital matches unmatched This sports us underscores to the new the talking Our its in both of we virtuous enables of see these insights access in our creates Sportradar over and network. optimizing clients but detail. more strengths, the X companies operator industry core breadth constantly richest and to content circle XXX with also means The depth our what I'd performance, annually. cover unique throughout close a year. not I in which We It [meaningful] well

relationships success attracting by clients. new deepen our to with is growth existing through cross-selling, also driven and Our upselling ability clients in our by effective not but only

market entrants the deep turn us because to and our our evolving needs. ability understanding sophisticated to and New address

clients partnership we and work transactional. where to with revenue go value strengths. a their relationship It's Our help enhance diversify clients beyond their collaborative proposition the

on focus to reason clients' existing and needs strengthen new unwavering we relationships meeting is ones. continue Our frog our the

at work including for do leaders, our rate net our demonstrating us stay the quarter, and and year fact, clients retention with XXX% U.S. stood DraftKings. We more us major that In choose the after and year. market with FanDuel all with

helped drive of U.S. Our launching U.S. clients, and rapid innovation client-centric the our has approach in since growth many market.

Sportradar their online legalized fantasy to Our partnerships with betting building their power sports sports in the When supported often up products. XXXX, supplying data U.S. live offering. betting started market

we their to expanded, customers' product. developing strategic tailored why business a we partner ads their acquisition development through client-centric our audiovisual meet leading to the including many and As services are and of and additional highlights involving sports continually streaming focus innovation product efforts consumer features, adopted operators. This our needs, and covering product

our partnership example, For long-term with FanDuel core a partnership. is

supplied is since as to since other data data was its well multiple business them XXXX. it recently We Innovation when central for in sports sports relationship and a sports services with as XXXX extended then. our and betting We XXXX fantasy FanDuel our have since culture. launch to through of streaming

across our and in the suite. lead industry AI We continue charge of application through product the to

integrating into machine through For table tennis, AI sports, tennis, learning such over basketball, computer as decades, we forefront the vision. have and of been at

and leadership mentioned, our as CIO drive efforts I product Behshad's to help further portfolio even to As will to our CTO propel and enhance innovation.

economy. mission the transform is clear, harness sports of full potential Our the AI to

a It the is also Our that data. makes it's is but crucial, our just do we data not advantage on difference. with it sports platform what

Our extensive portfolio opportunities. and are with combined content challenge uniquely advanced just we that. doing this seize new to AI, positions historical us tackle and And

fans platforms. through as products favorite AI-enriched our technology directly sports We their into are betting interact such emBET, XSight and OTT transforming with streaming, which integrates streaming how

experiences, questions ongoing next We consumption. the We which to of experiences and answer in to for fans. historic that use to consumptions evolution can expect GenAI this are types all to hyperpersonalized sports phase multimodal see of about as new the new games sports build

client are workflows. friction to using We AI also and reduce

bots can annually. building handle significant thousands by the we AI-powered chat hundreds of example, For receive a of that of requests support amount

exciting satisfaction. believe and will XXXX. or and our map engage sports-betters more and and essential sharing opens standards These generation creating new have next long-term City road Craig. our significant for up opportunity We in potential for opportunities at value technology growth will more queries in to shareholder look tremendous we we new increasing which clients With and the story will our to processing, leverage and new are and I York an see it company. We for setting innovation time our client engagement Investor means operating are plans revenue manual and our processing turn drive forward partners customer faster. for early we as that, New driving innovations reduce to even over planning and fans. streams to to able exciting opportunity an I our integrated address speed upcoming become partner our Day, to future, and it do including the in be ways growth up This of

they our increased much position free our intersection multifaceted will by flow. second to sports, at the Thanks, Carsten, contributions career top customers, I the the as flow. position quarter meet integral and avenues the and EUR to and deals. or some led time further of and In and from line lead million with thank extremely our each The and record you here, financial both discuss many significant during with joined Board have connecting the incremental team the marketplace. value we quarter evidenced sustained operating and combined adjusted by generate compared of of media growth industries overall XXXX, high revenue, EUR strength double-digit XX in XX% levels it growth NBA as our generated opportunity to its to as allow interacting betting company second and work customers, the well and of this investment Sportradar's capitalize of with strong have to and over the with us chance for worldwide has company cash the with to next cash of million have and I including joining my ATP higher our of and excited of while quarter the the as I'm of to the related partners reinforced another my delivering ahead is months Carsten, with new the growth and of drive long our durability Sportradar, creation employees are variety had community Sportradar's few XXX to with have forward margins we and EBITDA and Revenues passionate spending term. morning. look in shareholders of the for momentum results expanding unique spent how the partnership entire you, knowledgeable everyone, Sportradar short business brief to prospects. on

We by have performance. leading solutions, success, helping client uptake which our relationships increasing of products continue to growing and to their business drive are our

year-over-year. Odds product at by growth Betting, notably and from XX% a of and our XX% in products, at growth engagement of at most and products, we revenues Live both EUR growth services. across technology as customer XXX was groupings, XX% and sports pricing our Data our strong including versus content, the Odds market well, & XX% The uptake and Solutions gaming Data, strong & betting Both benefited streaming Technology Looking U.S. premium as delivered ago. second new existing year the broad-based also driven growth. content, quarter Live revenues. delivered to Solutions up our growth individual and performed audiovisual AV and primarily products betting well our due and Betting, increase growth a Technology million

our existing across cost worldwide, The as sportsbooks increasing outpace by services rights million, XX%, EBITDA by especially year-on-year, as portfolio adjusted to Additionally, sports translated significant we EUR million strong XX% impact launched betting growth managed and customers Sports in performance we in XX% XX% continue quarter. higher year-on-year. XQ. EBITDA adjusted we results base. delivered leverage of led the more business or year-on-year market, revenues delivered of Betting saw new trading with growth, XX to our of and Technology EUR our Content, continued trading the past in XX% our our was the growth quarter representing of campaigns products from groups growth operating media margins Services due growth Managed this growing Services to revenue product The across and grew significant led the was quarter due U.S. the And in across mostly increasing by and sportsbook also XX% services clients. to our The all strong in million, EUR several marketing the with product strong rest X of XX of offset revenues marketing activity ads

building disciplined in and over rights we drive have We total under strategic have many our secured the each and margins our company portfolio inherent as a having further sports contract. infrastructure There being benefit and our of up we opportunities, expect to straight and been our Rights business, and expand realize forward, of in significant most manage leverage deals. meaningfully moving long-term amortized closely Premium operating is the line of life basis revenue cost significant rights visibility on scale

million as the new premium year-on-year quarter, the forward we franchises of we existing customers XX buckets well see individual EUR expenses new the XX the these to down going and approximately properties as the quarter, of power past nature Personnel customers the as ATP leverage upsell points were driving X% drive in solutions cost Each our percentage to significant rights. primarily XXX these EUR revenue add at and growth incremental and this a is only through X sports Looking increased rights. revenue. of opportunity to due quarter as million value given these up to rights basis NBA of this continued content, to in XX%

operating resources leverage. our headcount profitable We on we manage unlocking opportunities will talent ensure growth closely and continue are to most the to and focusing

the X% we our delivered we increased infrastructure. as In basis existing personnel of across offset decline X points a versus adjusted generated last addition higher unrealized rights. EUR our We percentage approximately further EUR operating costs of X.X sports XX quarter to the the by versus million currency year expenses EBITDA last other costs, year, due breakeven losses million resulting a of leverage a leverage as for revenue to loss from than improvement sports and foreign dollar-denominated U.S. was EUR in approximately as of losses finance primarily million more exchange XXX

balance to sheet. the Turning

We continue increase quarter quarter equivalents, and million cash first XX a strong be closing from EUR outstanding. EUR position, in with no cash with XXX of in liquidity an the million to debt the

we the During operating cash flow activities. delivered quarter, strong from

the conversion of cash flow quarter, sports While the rights we there will some strong be year. quarterly payments, specifically to in full anticipate fluctuations related the free timing and for third growth

also to program. EUR began shares buy our the we million XXX During quarter, under share repurchase

worth of As we price of our August X, have average repurchased EUR an stock million of XX.XX. X at

the We continue investment that shareholders company, our growth capital M&A significant in opportunities weigh shares allocation and investing is long and long-term the expanding the It priority term. the and will to for conversion expectations undervalued are and the of capital both in potential and returning that margin to in growth additional we cash short our organic given versus note expansion important the strong delivering to further future. is flow are believe we

Turning our expectations XXXX. full for to

XXXX Conversely, ramp margins EBITDA that prior anticipate rights deliver that sports momentum that will development during growth impact we to year. reinforced and and lap strong adjusted quarter, in at onetime the of revenues guidance. billion raising full growth and of costs. initial adjusted the results continue QX the significant due will versus year The significant continue year of both this we XXXX the results focus deal efficiencies. or be product driving operating focus XXX margin million NBA quarter on at XX% will margin and of anticipate the new do our year sports again expansion, result in operating on XX%, note continued our we anticipate we on EUR expansion beyond. the significant least to growth we Sportradar's continued strong We and strong approximately are Overall, as in below during least EBITDA second Please while despite and of full QX now to EUR opportunity least at EBITDA adjusted margins the Given costs bottom top line. X.XX

real product additional Carsten drive in the your shareholder years increased value we pricing months and and from Thank our for delivering the in you long-term market, by And U.S. further the and expansion world, and flow development, be and across innovation and have. of to may ahead. both I leverage we to operating now happy drive the addressable time As morning. cash you strong this will questions revenues any expect answer

Instructions]. [Operator Thank you.

question Sigdahl Ryan first from with Our Craig-Hallum. comes

Craig, Carsten, Nice here. performance Jim. job, solid

cost you margin a current secondly then guess nice quarter, first bit, looking my XX the to First underlying parts half on really feel to you incremental kind cost then assumptions to the of guidance, the I of the year. build at little the see first lower the a business guess on but increase, question, looked start the on I little structure and for to do good Everything And it be to I how and to in momentum that, But but that on flow-through leverage Slide operating nitpicking of kind on performance might of remainder want control. relative operating about question have seems here, I X the support. into to EBITDA XXXX?

there. So any comment

One you moment. we now. hear can Yes,

Sorry Ryan. about you Can that, right. Yes, touch...

you Did can I my hear question? hear guys. you

No, we question. didn't. off the you when we got We yes, cut repeat it... Could got

Sorry, Ryan.

All my in to I'll best do it ask same way. good. the

the everything the year, a in half and cost job but leverage step-up given the QX, control, rights operating really first on in else. well-known of Asking nice especially

then that on to margin So guess, cost my you part I great to momentum to But about into feel how to second of question. do one, X And but a is little to XXXX? build kind that, guidance to underlying structure parts the I the increase current support. business EBITDA flow-through in seems see what maybe implied little of think and the nitpicking incremental guidance lower than bit, the performance the a

kind incremental on margins the the So comment of and any guidance. updated

Good.

part So let the the take and second to first part, leave me Craig. then I'll

that a XX%. margin leverage, target continue. the of mid- So see -- looking We to long will operating to a margin yes, to term XX%

You there. is that now will in some leverage year-over-year see there

That on some the next add major. are We with are There happy the So costs the said, we as side. you in acceleration don't revenue portfolio. will major not we year rights. from which very see rights is the to

a have portfolio. We very solid

We the a and we the flow-through for see like will will manage way on personnel EBITDA demonstrated our that, you in costs this.

Carsten. Great. for the Thanks, And thanks question. Ryan,

the revisit call. that of margins with But comfortable margins our were the now, But not year, at the revenue certainly, high year. year, first back the growing regards leading is look to the it be we the certainly the The second year. half, as in for they year that will the obviously full only margins of on third in margins they full additional the look decided strongly, When we now, So make some when the we of at we're long-term and to prior incremental upside the and there first the company on back are the half but to half flow-through half is where growth significantly increased XX%. quarter the for well. year. think margins in in margins, same of half at we when where as in they for we'll the were margins the we about look about much accelerate expect versus business years. pretty the keep out pretty current we year, There will currently for the the

good. Very

a second follow-up. my For question,

betting, But any is significant then tournament, from Olympics, the MTS significantly it know, Just into Alpha around betting a like you margin favorable And reserves And all so than trading kind soccer for a euros. you played as was and results? of Odds customers volume That sports curious XX% at Euro saw event using roughly comparing that Euro. the using average very, seemed clients there's one is about very with the bookmaker comparable your MTS without the was a not upside higher Well, how and the traditional if clients the results. better last Alpha incremental on comment volume Odds Profit can the good vis-a-vis really XXXX Euro specifically uptick with there. over then we for it. to

struggled made So is really what is trading. we uptick very from guys. the job, demonstrates lot that had happy which of which there, Alpha is good. Odds, this But naturally a luck. of us XX% which Good future Great favorites the

Our next from the line Michael question of will Canaccord. Graham come with

rights. with moves you've strong just seeing results. that And on comment on situation visibility ask to made I to Congrats know longer-term about just wanted more deals. more Maybe how broadly. sports get some you're the I developing some

you how a forward. make were So would hear costs about managing rights on to able touch and just love to sports bit little that you're just how going happen

we rights see Well, major don't the sports couple next in upticks the from of years.

We rights. will add some

lose will replace rights. and We some

our We This major year, main of ATP and the MBA was portfolio. us. step-up for have pillars a

years, and I you the we this do with past, major also the excellence did don't or we but will next think our And handle our like costs. which step-ups. That portfolio the will see it revenue the we in try here personnel growth in to growth the manage and simply slow we in we is material We cut continue. of see on what will we that demonstrated see in is this. don't something that

will the to think things on where be end up It a leverage margin, predicted XX% a are we what calculate well and leads I ballpark the on XX% So mid- long that -- to. EBITDA you that's term. We can to the very in extension before.

Okay. Fantastic.

of come Our Needham. McTernan from from line next question the Bernie

of half points top strong sustained think the that second implies The NBA. off revenue. second line for how rate on question you half is revenue that's growth -- to I'm double-digit a the in here. Great... expecting growth is Craig, a guidance really, about just the But comping assuming maybe year. and the then or I the wanted of XX couple the mentioned NBA maybe in deceleration to ATP. take ask the

kind there's if growth. for just So to revenue early XX% color about think right if any that's of the way

on we Sure. this on Thanks, XX certainly the lapping The double-digit of by guide the That before revenue XX. get new products in little which by rest when lower you'll Bernie. but you obviously will Thanks fourth we slow growth closer the by expect our strong said, get the growth take-up the rights existing moving XXXX will bit. the year, of start quarter the in as our in have we attracting towards the driven That end side the NBA for the a quarter said, growth not revenue by year question. and Obviously, higher be driven is forward. also revenue sports we'll stronger just side to will pricing. of customers growth be third

be that, there 'XX. we'll strong give expect to the fully some the specifics in on as year. behind of we we more growth So color towards The get end

program buybacks, share Thinking And to be of on see that about cadence just potential the aware trying anything should the Any buyback... being started. about Just follow-up. there's think the preventing if one Understood. Nice for getting aggressive you we more of? to then restrictions

capital we a growth are like with product looking and our the it script, supporting allocation. That's we question of to growth. organic organic First, And in said

investing are here. We

the Second, which we are are looking into market. in raising opportunities

There some statements. to is market. followed have some the of properties coming the consolidation ongoing are and You a might

then a units And our and behind growth. Nothing revisit buyback, growth usual the for strong we pickup we ads a strong support restrictions. XXbX and all special... are And We we time opportunities to trading a investments looking probably our it, which it's with there's grid pricing plan, the all has see want into where here. third,

Robin the question from with line of next comes Farley Our UBS.

increase? our rate that'll general significant [ in and but of timing increase sort of mentioned, terms that? little And an of a that that don't be be sports in difficulty] you of the including something bit you Or were that. anything expect would in in you terms rights, change the that of would in MLB about Talk Technical terms

it in always definition this numbers. is can't Hi influence Robin, we significant rights of cost sports give looking a numbers significance I when closing speaking will not position you at a are When stage. our major have forward, about on I'm detailed with MLB. the

we nothing announce far here. So today, have to

We same That's with are about quarter. that constructive the MLB gave message last partnership very our you the in with to happy very costs. I

top Baseball expansion regardless the impact And League of Robin, on deal, what at of I'll expect that, new in of we margin Major is that do once you look XXXX hopefully if the the add completed. XXXX deal

helpful. Very Great.

Just for follow-up question. a

built that You signed a sportsbook have contract XXXX. you -- going mentioned contract price that that assume of your one to you you contracted part that fair have Is clients major price recently through it with increases that into over as increases? of

share. here of Robin, the revenue our U.S. the majority a is in betting contracts

we over how additional the that expect And will existing is, up for up the can and the we So products But here we on and is demonstrated customers. operators. example, with we and the is what are you spend, hook time. how we do growing a behind our chain, continuous effort, this And hopefully lift see value the major course, which mechanism them here. increases for the offering, sportsbook of

Jefferies. will Our David line from with of next the come Katz question

we on see this detail to U.S., would of level, for that cetera. disclosure. EBITDA get put there is wanted that recognize -- morning's I and market organized... talk revenue to we relates company's just that of XX% walk U.S. not if the translate the yet. if that rate particularly the this through et margin to how some sort growth it it we're around all U.S. and well-received into But And couldn't about a growing, earnings, means there right? what as And on were long-term insight take algorithm, business? call view us And I does your any how help Sportradar's us time to And just the you

and say saw And is the in quarter. David, to the the a X/X XX% the roughly more we see strong leagues. the are What technology with have have here, we perspective, a in we that and business, growth And comparing space. more strong media of from now our business last the was what year's It sector we we is and betting think a last year. U.S. fair see in betting in growing now the it to that it's our revenues I sector. XX%

XX% the that what and We market. we expect in we expect this growing is years. demonstrated we roughly the the market That's years, in next outperform last that

the have We broadest offering.

X leagues. of have X the We top

product main players We all deep on level relations have partnership with here. the

to the have So outperform market growth. underlying we starting a solid base

perspective, profitability a from of Looking we course, here. see leverage

but -- are flatly, well, or Our very not they costs, growing slow. they more less,

have right deals lock years. to for in We multiple

things will in this space. we California strong size of know nobody growth market will Texas, the happen the So are major betting We significant. the and is what moment, can say at which X There see here. a

So that we opening if where in that We at have our here. market the projections the favor it will in happens. don't calculate moment can't play our

positioning That's really the And just Your in up, to follow is U.S. helpful. your commentary around right? Right? market...

market... U.S. And That U.S. was the market.

I asked the You about place. specifically, U.S. hope,

of market world, we the the rest of ask rest growth question my isn't which absolutely the same the as an growing for Yes? to of But the I or world asset were rest? taking works as the fast. obviously if did. we larger assumption just revenue make growth Could how follow-up, about

David. ask you course, should Of

So what see XX% around we growth opportunities Life the see see XX%. here and a we product. between is more growth We

say. Asia, to a Brazil to few a going continuous is in We billion the X it's That very the see see cards are X a in growth believe we where Africa, joker and there X billion Specifically in I X significant size. years. next would here, strong GGR in market we from

slow where a Looking market opening. now that opening something be see market India, or to might we

in gives X horizon years, that here Japan be not overall to XX% the on something to it growth of have might market We even in more XX% X acceleration in which us Europe.

I have better, XX% think solid That worse. picture. markets is XX%. to picture an is we that, some average pretty a some that overall performing the We markets see performing between

example our is we MTS clients is our important need For service. for us, that this. thing services are we in-house replacing TAM, perfect with our which doing to this with the are the at products place main growth a moment in

growing put here you, achieve are we growing we a we in remind a growth market historically, to with in meaning quarter let is I SAM So And X% that XX% our XX%, we have rate. leverage can our growth me that The growth. X a ability quarter-by-quarter. the outperform market quarter demonstrates the 'XX. quarter to of our from And 'XX XX% CAGR to average X, at 'XX; think the term

Thank much. it. you very Appreciate

from will next Citi. Our line with of the Jason come question Bazinet

I had a quick just question.

to you about be a the terms products to guys the history United could States, evolved responding that of the outside your services or market the or long outside if betting United the in name sort the of such has way relative U.S. curious that States. X just either individuals have track I'd and the You how the are things X have you surprised OSBs just you record behavior of offer?

and think market early has U.S. What me innings. operators the on we into not investing I surprised that is significantly. the is coming market very saw more still the

right high couple We have a of a the the very the operators know of invest. went have we couple careful to is costs. of which big of outside saw very we time really U.S., the which couple market operators acquisition or big of because customer operators looking a I when of think out I

there size are down. a more more the I is surprises. once coming costs customer one acquisition the settled That that will believe the matters. dynamic is market operators and we of see So here into

can of Another you create make the data significantly is to one sports is the for very the appealing digital if more country, and clients. here now big that which think product out I'm in looking I a and

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new I all of goes so the than about quicker adaptation have that player-related things. of development bit product the which technology a is and it's betting a positive surprise, So goes the quicker,

the an can So more the information ask These technology X have you here, product, to the about also me things are it. information you betting if sports you use the pealing better media create but appealing product. in

Company. Our will come with line Michael the Benchmark from next Hickey question of the

XXX Carsten, like it in X.XX was just Congrats down quarter -- retention Craig, your X, rate the Jim. net the prior on of year. looks quarter,

buyback, it. Or Endeavor on coming that is effective you the cleared And sports sale. your the churn second curious, in in Carsten, Obviously, cross-selling? how any been there? trends you've some got IMG you then on capital in just the your of touched to So allocation, on question customer debt opened here, arena. assets and Obviously, of assets process you betting some alluded in you've

in I value of so think how see and that competitor think if from you synergist X.X maybe it terms rights a asset EUR about they you of was maybe pick then could billion scenarios just the competitive sold tech that up. talk as curious bottom data you to gains sense and -- about to

versus start in Obviously, NRR were Michael, quarter sequentially Yes, the numbers on look where we the NRR. question. with you quarter-to-quarter, I'll we at improved the first if

where to we them. any XXX, of was ago, It's And primary there of compare when take-up ad to of timing they much on were the prices higher some a larger difference willing those and slowdown just you appropriate. nothing pay when timing also products the to customers you do it the clients. is by pods clients. implies the to It broader campaigns obviously, campaigns has with year related were look our at were that the existing to our of just If the some

existing So growth we're our seeing nice customer base. across

said bit a Good. And the maybe go it I allocation before, capital this. on is, deeper like I'll

centricity clients we to how have and their leverage more. of We life our client listen can can makes the approach, sell easier, to we we meaning how need what kind

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believe that very we a future. investment for is our good So

a piece allocation. that's of the So capital

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next Citizens Our line come of with from will question the Bender Jordan JMP.

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more operator. for one have We question, time

Stephen last Our question come the Stanley. line with will from of Morgan Grambling

about data U.S. that's fewer market. customer on much and/or think tell the or versus may be about customer? sports what how how the betting per of versus evolve to incremental growth going in base? be about customer spend XX% the you When follow-up what -- recent should growth who behavior how you existing you One even forward, you thinking going experience with the is Europe from points states the And legalizing, more betting their your

a It's mix. broad

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an So we uptick. see

the on We are XX% to XX%. now

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us thank call. everyone earnings for our want for We joining to

back Now over operator. the to we'll it turn

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

disconnect. may You now