Sportradar Group AG Files 20-F Annual Report for Fiscal Year 2023

TL;DR

<b>Sportradar Group AG has submitted its 20-F annual report detailing its financial performance and corporate information for the fiscal year ending December 31, 2023.</b>

AI Summary

Sportradar Group AG (SRAD) filed a Foreign Annual Report (20-F) with the SEC on March 20, 2024. Sportradar Group AG filed its annual report on Form 20-F for the fiscal year ended December 31, 2023. The filing covers the period ending December 31, 2023, and was submitted on March 20, 2024. The company's principal executive offices are located at Feldstrasse 2, St. Gallen, Switzerland. Sportradar Group AG was formerly known as Sportradar Holding AG, with a name change effective February 19, 2021. The filing includes references to various agreements and financial instruments, including credit agreements and share awards.

Why It Matters

For investors and stakeholders tracking Sportradar Group AG, this filing contains several important signals. This 20-F filing provides a comprehensive overview of Sportradar's financial health, operational structure, and strategic initiatives for the past fiscal year, crucial for investors and stakeholders to assess performance and future outlook. The detailed disclosures within the 20-F are essential for regulatory compliance and transparency, offering insights into the company's business, risks, and financial position as required by the SEC.

Risk Assessment

Risk Level: low — Sportradar Group AG shows low risk based on this filing. The filing is a standard annual report (20-F) and does not contain immediate, significant negative news, indicating a routine disclosure process.

Analyst Insight

Review the detailed financial statements and risk factors within the 20-F filing to understand Sportradar's performance and potential challenges for the upcoming fiscal year.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period covered by the 20-F filing)
• 2024-03-20 — Filing Date (Date the 20-F was submitted to the SEC)
• 001-40799 — SEC File Number (SEC registration number for Sportradar Group AG)
• 0001836470 — Central Index Key (CIK) (Unique identifier for Sportradar Group AG in SEC filings)
• 7370 — Standard Industrial Classification (Industry code for the company (Services-Computer Programming, Data Processing, Etc.))
• 2021-02-19 — Date of Name Change (Effective date Sportradar Group AG changed from Sportradar Holding AG)

Key Players & Entities

• Sportradar Group AG (company) — Filer of the 20-F report
• Sportradar Holding AG (company) — Former name of the company
• Karlsten Koerl (person) — Mentioned in relation to CEO and Founder roles
• Feldstrasse 2, St. Gallen, Switzerland (location) — Business and mailing address
• NBA (company) — Mentioned in relation to partnership agreements and warrants
• Bettech Gaming Pty Ltd (company) — Mentioned in relation to agreements and transactions
• Nsoft Group (company) — Mentioned in relation to acquisition or partnership
• Ringier AG (company) — Mentioned in relation to shareholders

FAQ

Risk Factors

• Credit Agreements [medium — financial]: The filing references various credit agreements, including a Senior Secured Term Loan Facility and a Multicurrency Revolving Credit Facility, indicating potential debt obligations and covenants.
• Equity Instruments and Warrants [medium — financial]: References to equity instruments and warrants, such as NBA Warrants, suggest potential future dilution or financial commitments related to these instruments.
• Expected Credit Losses [low — financial]: The filing mentions expected credit losses, both collectively assessed for 2023 and 2022, indicating potential risks associated with the collectibility of financial assets.

Filing Documents

• srad-20231231x20f.htm (20-F) — 5952KB
• srad-20231231xex1d1.htm (EX-1.1) — 576KB
• srad-20231231xex2d1.htm (EX-2.1) — 73KB
• srad-20231231xex8d1.htm (EX-8.1) — 21KB
• srad-20231231xex12d1.htm (EX-12.1) — 13KB
• srad-20231231xex12d2.htm (EX-12.2) — 12KB
• srad-20231231xex13d1.htm (EX-13.1) — 6KB
• srad-20231231xex13d2.htm (EX-13.2) — 6KB
• srad-20231231xex15d1.htm (EX-15.1) — 2KB
• srad-20231231xex97d1.htm (EX-97.1) — 35KB
• 0001104659-24-036445.txt (&nbsp;) — 27650KB
• srad-20231231.xsd (EX-101.SCH) — 237KB
• srad-20231231_cal.xml (EX-101.CAL) — 115KB
• srad-20231231_def.xml (EX-101.DEF) — 909KB
• srad-20231231_lab.xml (EX-101.LAB) — 1434KB
• srad-20231231_pre.xml (EX-101.PRE) — 1272KB
• srad-20231231x20f_htm.xml (XML) — 6121KB

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 7

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 7

KEY INFORMATION

ITEM 3. KEY INFORMATION 7 A. [Reserved.] 7 B. Capitalization and Indebtedness 7 C. Reasons for the Offer and Use of Proceeds 7 D. Risk Factors 7

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY. 44 A. History and Development of the Company 44 B. Business Overview 45 C. Organizational Structure 61 D. Property, Plants and Equipment 62

UNRESOLVED STAFF COMMENTS

ITEM 4A. UNRESOLVED STAFF COMMENTS 62

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 62 A. Operating Results 62 B. Liquidity and Capital Resources 76 C. Research and Development, Patents and Licenses, Etc. 78 D. Trend Information 79 E. Critical Accounting Estimates 79

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 79 A. Directors and Senior Management 79 B. Compensation 82 C. Board Practices 88 D. Employees 91 E. Share Ownership 91 F. Disclosure of a Registrant's Action to Recover Erroneously Awarded Compensation 91

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 92 A. Major Shareholders 92 B. Related Party Transactions 94 C. Interests of Experts and Counsel 95

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 95 A. Consolidated Statements and Other Financial Information 95 B. Significant Changes 96

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 96 A. Offer and Listing Details 96 B. Plan of Distribution 96 C. Markets 96 D. Selling Shareholders 96 E. Dilution 97 F. Expenses of the Issue 97

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 97 A. Share Capital 97 B. Memorandum and Articles of Association 97 C. Material Contracts 97 D. Exchange Controls 97 E. Taxation 97 i Table of Contents F. Dividends and Paying Agents 105 G. Statement by Experts 105 H. Documents on Display 106 I. Subsidiary Information 106 J. Annual Report to Security Holders 106

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 106

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 107 A. Debt Securities 107 B. Warrants and Rights 107 C. Other Securities 107 D. American Depositary Shares 108 PART II 108

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 108

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 108

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 108

[RESERVED]

ITEM 16. [RESERVED] 110

AUDIT COMMITTEE FINANCIAL EXPERT

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT 111

CODE OF ETHICS

ITEM 16B. CODE OF ETHICS 111

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES 111

EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES 112

PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS 112

CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT

ITEM 16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT 112

CORPORATE GOVERNANCE

ITEM 16G. CORPORATE GOVERNANCE 112

MINE SAFETY DISCLOSURE

ITEM 16H. MINE SAFETY DISCLOSURE 113

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 16I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 113

INSIDER TRADING POLICES

ITEM 16J. INSIDER TRADING POLICES 113

CYBERSECURITY

ITEM 16K. CYBERSECURITY 113 PART III 116

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 116

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 116

EXHIBITS

ITEM 19. EXHIBITS 116

SIGNATURES

SIGNATURES 118 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS F-1 ii Table of Contents GENERAL INFORMATION Except where the context otherwise requires or where otherwise indicated, the terms "Sportradar," the "Company," "we," "us," "our," "our company" and "our business" refer to Sportradar Group AG, in each case together with its consolidated subsidiaries as a consolidated entity. PRESENTATION OF FINANCIAL AND OTHER INFORMATION We report under International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). None of our financial statements were prepared in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"). We maintain our financial books and records and publish our consolidated financial statements in Euros, which is our functional and reporting currency. Immediately following the reorganization transactions described under Item 4. " Information on the Company — A. History and Development of the Company — The Reorganization Transactions ," Sportradar Group AG became a publicly listed holding company and its sole material asset became its equity interest in Sportradar Holding AG. As the sole direct holder of equity in Sportradar Holding AG (which is the Company's predecessor for financial reporting purposes and was merged into Sportradar Group AG in June 2022), Sportradar Group AG operates our business and controls its strategic decisions and day-to-day operations. As a result, we have consolidated the financial results of Sportradar Holding AG following our initial public offering in September 2021. Our financial information is presented in Euros. All references in this Annual Report to "

Identity of Directors, Senior Management and Advisers

Item 1. Identity of Directors, Senior Management and Advisers Not applicable.

Offer Statistics and Expected Timetable

Item 2. Offer Statistics and Expected Timetable Not applicable.

Key Information

Item 3. Key Information A. [Reserved.] B. Capitalization and Indebtedness Not applicable. C. Reasons for the Offer and Use of Proceeds Not applicable. D. Risk Factors Our business faces risks and uncertainties which may be significant. You should carefully consider the risks described below and in other documents we file with or furnish to the U.S. Securities and Exchange Commission (the "SEC") before making or maintaining an investment in our securities. Additional risks not presently known to us or that we currently deem immaterial may also impair our business operations. Our business, reputation, financial condition, share price or results of operations could be materially adversely affected by any of these risks as well as other risks not currently known to us or not currently considered material. The trading price and value of our Class A ordinary shares could decline due to any of these risks, and may result in a loss of all or part of an investment. This Annual Report also contains forward- looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this Annual Report. 7 Table of Contents Risks Related to Our Business and Industry Macroeconomic Risks Economic downturns and political and market conditions beyond our control, including uncertainty and instability resulting from catastrophic events such as war or acts of terrorism, could adversely affect our business, financial condition or results of operations. Our financial performance is subject to global economic conditions and their impact on levels of entertainment and discretionary consumer spending. Economic recessions have had, and may continue to have, far reaching adverse consequences across many industries, including the global sports entertainment and gaming industries, which may adv

View Full Filing

View this 20-F filing on SEC EDGAR