March 15, 2023 – Indonesia News Gazette

March 15, 2023

Open Society Announces $1.7 Million to Support Middle East and North Africa Debt Swap for Sustainable Development

Amman, March 15, 2023 (GLOBE NEWSWIRE) — The Open Society Foundations today announced that they are giving $1.7 million to a United Nations initiative in the Middle East and North Africa region (MENA) that seeks to catalyze increased public spending on achieving the UN’s Sustainable Development Goals by negotiating reduced national debt service payments. Importantly, the initiative provides a channel for MENA civil society organizations to have a voice about where such kinds of innovative financing is needed most.

The two-and-a-half-year project partnership, which will last from April 2023 through September 2025, will support work by the UN Economic and Social Commission for Western Asia (ESCWA) with interested member states and civil society to identify investment projects that prioritize the most urgent needs of MENA societies. ESCWA will support member states in reaching agreements with their creditors to redirect scheduled debt service payments into sustainable local investments.

An emphasis on robust project monitoring and evaluation provides an incentive to creditors who are ready to deliver on their own commitments to climate and sustainable development goals financing in MENA. The initiative is further strengthened by the role of ESCWA’s Advisory Committee, made up of experts with experience implementing debt swaps and providing economic policy advice on inclusive growth in other parts of the world.

Heavily indebted MENA countries have pressing financing needs to address climate adaptation and sustainable development goals, while struggling to recover from fallouts of the COVID-19 pandemic and repercussions of the war in Ukraine, including growing food insecurity. As middle-income countries, they are both excluded from debt relief frameworks and find it difficult to access the financing they need.

The combined public debt burden of Arab countries was $1.5 trillion, equivalent to about 54 percent of the region’s GDP in 2021. In addition, the Arab region continues to suffer disproportionately from climate change and 90 percent of the population resides in water-scarce countries. Conflicts in the region have devastated institutions and infrastructure and some 66 million persons in Arab countries affected by conflict are dependent on humanitarian aid.

“The ESCWA initiative is a win-win strategy for all stakeholders involved,” said Issandr Amrani, executive director for Open Society–Middle East and North Africa. “As a multilateral institution with a commitment to human rights and civil society engagements, ESCWA provides a new opportunity for civil society to engage with governments on borrowing, spending, and development priorities. Open Society is committed to backing innovative projects that can help deliver economic justice.”

Yamide Dagnet, Open Society’s director for Climate Justice, added: “Climate disruption poses exponential risks to MENA’s economic and political challenges. Open Society’s pro-climate and fiscal-forward support can pave the way for catalytic investment in a just and inclusive climate transformation. From spurring dynamic and higher quality, green new employment opportunities that spark optimism among youth, women, and other marginalized communities, to addressing adaptation issues such as water scarcity that risks amplifying conflict. The fiscal space and just opportunities this pledge creates expands how we must put climate justice into action.”

Open Society’s president announced the launch of the grant during a high-level plenary session of the Arab Forum on Sustainable Development in Beirut, Lebanon, on March 15, 2023.

Office of Communications
Open Society Foundations 
212-548-0378
media@opensocietyfoundations.org

GlobeNewswire Distribution ID 8789008

March 15, 2023

The Metals Company Announces Fourth Quarter 2022 Corporate Update Conference Call for Thursday, March 23, 2023

NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) — The Metals Company (Nasdaq: TMC) (“TMC” or “the Company”), an explorer of lower-impact battery metals from seafloor polymetallic nodules, today announced that it will host a conference call on Thursday, March 23, 2023, to provide an update on fourth quarter financial results and recent corporate developments.

Fourth Quarter 2022 Conference Call Details

Date:	Thursday, March 23, 2023

Time:	4:30 p.m. ET

Audio-only Dial-in:	Register Here

Virtual webcast with slides:	Register Here

The virtual webcast will be available for replay in the ‘Investors’ tab of the Company’s website under ‘Investors’ > ‘Media’ > ‘Events and Presentations’, approximately two hours after the event.

About The Metals Company

The Metals Company is an explorer of lower-impact battery metals from seafloor polymetallic nodules, on a dual mission: (1) supply metals for the clean energy transition with the least possible negative environmental and social impact and (2) accelerate the transition to a circular metal economy. The company through its subsidiaries holds exploration and commercial rights to three polymetallic nodule contract areas in the Clarion-Clipperton Zone of the Pacific Ocean regulated by the International Seabed Authority and sponsored by the governments of Nauru, Kiribati and the Kingdom of Tonga.

More information is available at www.metals.co.

Contacts
Media | media@metals.co
Investors | investors@metals.co

GlobeNewswire Distribution ID 8788980

March 15, 2023

Emirates National Oil Company Transforms Customer Experience and Increases Operational Efficiency with Fortinet Secure SD-WAN

55% cost savings resulting from lower multiprotocol label switching (MPLS) usage and simpler administration
Increased revenue and enhanced customer experience through 18x reduction in point of sale (POS) transaction time
Improved operational efficiency through 4x increase in network speed and performance and the elimination of network downtime

SUNNYVALE, Calif., March 15, 2023 (GLOBE NEWSWIRE) — Fortinet^® (NASDAQ: FTNT), the global cybersecurity leader driving the convergence of networking and security, today announced that Emirates National Oil Company Limited (ENOC), a wholly owned company of the Government of Dubai, has chosen Fortinet Secure SD-WAN to transform customer experience and increase operational efficiency.

Established as a local oil and gas company in 1993, ENOC has grown to become a leading global player operating across the entire energy value chain. Today, ENOC is committed to economic diversification and sustainable development. The group now comprises more than 30 related subsidiaries spanning refining, lubricant blending, storage, aviation, and retail. To serve its many thousands of customers across 60 global markets, the organization employs over 9,000 staff in more than 400 separate locations.

Supporting the ongoing business operations of an organization of this scale requires fast, secure, and reliable companywide access to an increasing number of diverse IT applications and services running both in-house and in the cloud. Until 2021, this access had been provided for ENOC via a managed networking service based on MPLS, configured in a typical hub and spoke architecture in which the entirety of each branch’s external traffic passed through a single link to the central data center.

In 2021, ENOC committed to an AED (United Arab Emirates Dirham) 250 million investment plan for a digital transformation strategy focused on placing the customer at the center of the business and enhancing their overall service experience. As more of the group’s critical applications and services moved to the cloud, the unnecessary backhauling of this traffic through the data center was impacting user response times, decreasing efficiency, and ultimately limiting the level of service provided to ENOC’s customers. In addition, without back-up connectivity to the branches, occasional but inevitable link failures were leading to unacceptable downtime windows, degrading customer service, and consuming valuable time and resources of the IT department.

Security was clearly a major concern. To keep pace with the evolving threat of cybercrime, additional protection measures such as data encryption were needed to be layered on top of the existing infrastructure, adding expense, and further reducing performance.

Mohammed Al Rais, CIO, Emirates National Oil Company said, “We needed a faster, more resilient infrastructure with deeply embedded advanced security. We also needed to do this within budget and without increasing management complexity. There were several product combinations that might have met most of the technical feature requirements on our list, but only Fortinet had the deep integration to create a single, secure, and manageable SD-WAN infrastructure.”

After evaluating a shortlist of potential suppliers, ENOC chose the Fortinet Secure SD-WAN solution based on the FortiGate Next-Generation Firewall (NGFW), to preserve the privacy of ENOC’s private MPLS network, while enabling faster, lower-cost internet, and direct cloud access at each of the 400+ remote sites. For ease of management, FortiManager was deployed to provide single-pane-of-glass visibility and control over the entire infrastructure. With this, ENOC benefits from less complexity and lower total cost of ownership (TCO). FortiAnalyzer was added for its action-oriented analytics, and its drill-down reporting around web traffic, applications, users, and threats to ease the burden of regulatory compliance.

“By reducing dependency on MPLS, we have substantially reduced the associated service fees,” added Al Rais. “When you combine this with the reduced management overhead achieved by convergence, it equates to an approximate 55% cost savings over the previous solution. Before, customers sometimes had to wait about 60 seconds for ENOC Pay transactions to be processed. With the new scenario, it is now less than 10 seconds—something that would have been impossible with the old network.”

Overall, Fortinet Secure SD-WAN has enabled ENOC to better protect its reputation and assets through strengthened security controls, laying the foundation for continued revenue growth through increased operational efficiency and enhanced customer service levels. With increased network reliability, lower latency, and speed and performance having increased by a factor of four, ENOC has already been able to transform the customer service experience at its vast network of filling stations.

“Fortinet is relentlessly committed to innovation, through which we design solutions to address challenges that companies face in today’s expanding networks,” said John Maddison, EVP of Products and CMO at Fortinet. “We are pleased that ENOC is achieving its ROI and business acceleration goals. This is a demonstration that Fortinet meets the needs of organizations looking to enable digital transformation. This is possible only because Fortinet has converged critical security and network functions into a single and expansive platform.”

About Fortinet
Fortinet (NASDAQ: FTNT) is a driving force in the evolution of cybersecurity and the convergence of networking and security. Our mission is to secure people, devices, and data everywhere, and today we deliver cybersecurity everywhere you need it with the largest integrated portfolio of over 50 enterprise-grade products. Well over half a million customers trust Fortinet’s solutions, which are among the most deployed, most patented, and most validated in the industry. The Fortinet Training Institute, one of the largest and broadest training programs in the industry, is dedicated to making cybersecurity training and new career opportunities available to everyone. FortiGuard Labs, Fortinet’s elite threat intelligence and research organization, develops and utilizes leading-edge machine learning and AI technologies to provide customers with timely and consistently top-rated protection and actionable threat intelligence. Learn more at https://www.fortinet.com, the Fortinet Blog, and FortiGuard Labs.

FTNT-O

Copyright © 2023 Fortinet, Inc. All rights reserved. The symbols ® and denote respectively federally registered trademarks and common law trademarks of Fortinet, Inc., its subsidiaries and affiliates. Fortinet’s trademarks include, but are not limited to, the following: Fortinet, the Fortinet logo, FortiGate, FortiOS, FortiGuard, FortiCare, FortiAnalyzer, FortiManager, FortiASIC, FortiClient, FortiCloud, FortiMail, FortiSandbox, FortiADC, FortiAI, FortiAIOps, FortiAntenna, FortiAP, FortiAPCam, FortiAuthenticator, FortiCache, FortiCall, FortiCam, FortiCamera, FortiCarrier, FortiCASB, FortiCentral, FortiConnect, FortiController, FortiConverter, FortiCWP, FortiDB, FortiDDoS, FortiDeceptor, FortiDeploy, FortiDevSec, FortiEdge, FortiEDR, FortiExplorer, FortiExtender, FortiFirewall, FortiFone, FortiGSLB, FortiHypervisor, FortiInsight, FortiIsolator, FortiLAN, FortiLink, FortiMoM, FortiMonitor, FortiNAC, FortiNDR, FortiPenTest, FortiPhish, FortiPlanner, FortiPolicy, FortiPortal, FortiPresence, FortiProxy, FortiRecon, FortiRecorder, FortiSASE, FortiSDNConnector, FortiSIEM, FortiSMS, FortiSOAR, FortiSwitch, FortiTester, FortiToken, FortiTrust, FortiVoice, FortiWAN, FortiWeb, FortiWiFi, FortiWLC, FortiWLM and FortiXDR. Other trademarks belong to their respective owners. Fortinet has not independently verified statements or certifications herein attributed to third parties and Fortinet does not independently endorse such statements. Notwithstanding anything to the contrary herein, nothing herein constitutes a warranty, guarantee, contract, binding specification or other binding commitment by Fortinet or any indication of intent related to a binding commitment, and performance and other specification information herein may be unique to certain environments.

Media Contact:	Investor Contact:	Analyst Contact:
Michelle Zimmermann Fortinet, Inc. 408-235-7700 pr@fortinet.com	Peter Salkowski Fortinet, Inc. 408-331-4595 psalkowski@fortinet.com	Brian Greenberg Fortinet, Inc. 408-235-7700 analystrelations@fortinet.com

GlobeNewswire Distribution ID 8787186

March 15, 2023

GyanAI Launches the World’s First Explainable Language Model and Research Engine

Novel abstract language model set to transform research and knowledge discovery functions across industries
Capitalizes on potential of AI to add up to $15.7trillion to the global economy by 2030*

NEW YORK, March 15, 2023 (GLOBE NEWSWIRE) — GyanAI today announces that it is launching the world’s first explainable language model and natural language understanding engine.

Based on its proprietary technology, GyanAI delivers on the promise of explainable AI with a model that understands ‘meaning’ as close as possible to the way humans do. GyanAI is fully explainable and a user can trace all of its results back to its source. It can provide reasoning for its output. GyanAI’s output is a mix of extractive and generative text.

McKinsey estimates that the number of AI capabilities used by organizations (including natural-language generation) has doubled between 2018 and 2022. As more and more organizations depend on AI systems for insights to make critical decisions that can have considerable implications, it is crucial for them to have access to trusted results and conclusions. Explainable AI is therefore growing in importance and, according to research, companies with at least 20% of their bottom-line returns attributed to the use of AI are more likely to follow advanced AI best practices that enable explainability, while those that build digital trust with consumers through measures such as making AI explainable can see a 10% or higher increase in revenue (McKinsey, 2022).

Breaking out of the ‘Black Box’ Transformer Model
Large Language Models (LLMs) are neural networks trained on huge amounts of natural language content. LLMs are black boxes and purely a function of training data. They are designed to predict the next word in a sequence. They have well-documented limitations such as explainability, reasoning and factual errors, inability to understand full compositional context, susceptibility to influence from biased training data, and tractability among others.

In contrast, GyanAI is a knowledge engine based on a content-independent language model capable of deep understanding of textual discourse without relying on word patterns. GyanAI acquires its knowledge near real-time from the documents it processes and optionally, one or more Gyan Knowledge Stores. Since the Gyan language model is independent of content, it cannot be used to generate misinformation or be manipulated with biased training data.

Venkat Srinivasan, Founder of GyanAI and Serial AI Entrepreneur, said: “Our core objective is to provide an interpretable, robust capability for machines to understand natural language as close as possible to the way humans do. We have re-defined what a ‘language model’ can be. We are principally motivated by a desire to efficiently acquire and apply, automatically where possible, insights from the enormous amount of information we have access to in various fields. GyanAI can be used in conjunction with LLMs where beneficial. While GyanAI is ready for purpose-specific enterprise deployment and is in production use, we anticipate announcing API for application developers in the near future.”

From Search to Knowledge
Gartner reports that there are over one billion knowledge workers globally and growing rapidly. Typically, they rely on search engines based on online content and/or internal documents. However, today’s search engines are designed to provide only ‘access’ to information. Even in access, they can generate substantial false positives and negatives. GyanAI supports the full knowledge acquisition process as a user traverses from ‘search’ to ‘knowledge’.

Nitin Nohria, former Dean of Harvard Business School commented: “Large language models have opened up our imaginations on how AI will soon become ubiquitous in its use. Although answers that emerge from black box LLMs may be satisfactory in several use cases, there will be many others where a full understanding of how we arrived at the answers will really ‘matter’. Most professional and knowledge work will require explainable AI. And that’s what makes GyanAI such a promising technology. GyanAI is showing us a whole new way to realize the immense possibilities of AI to transform knowledge work and unleash a new era of unprecedented innovation.”

M.S. Vijay Kumar, Senior Advisor to VP, Open Learning, and former Associate Dean of Open Learning at the Massachusetts Institute of Technology added:
“GyanAI’s capabilities, that I have seen, present important opportunities for purposeful, lifelong learning. For example, GyanAI can be used to rapidly assemble relevant content collections into stackable micro-learning units and customized learning pathways directed towards different competencies – thus dynamically connecting learners to labor market opportunities and societal needs. I consider GyanAI’s ability to keep knowledge fresh and updated through continuous knowledge discovery to be a critical element of the infrastructure to support continuous learning and research.”

About Gyan
Founded in 2017, GyanAI is the world’s first explainable language model and research engine. Based on novel technology and founded by a seasoned, world-class team, its auto-curating, self-organizing research engine attempts to understand language the way humans do. GyanAI supports the full knowledge acquisition or research process to drive value by discovering meaningful and relevant knowledge.

Join the waiting list and discover more at www.gyanai.com

Instagram: https://www.instagram.com/_gyanai_/
Twitter: https://twitter.com/GyanAI_Platform
LinkedIn: https://www.linkedin.com/company/74948004/admin/?feedType=following
Facebook: https://www.facebook.com/GyanAIplatform

For further information, please contact:

Gutenberg Communications:
Tom Geiser
thomas@thegutenberg.com
+1 314 412-6051

Keeret Singh Heer
Keeret@thegutenberg.com
(917) 940-3294

GlobeNewswire Distribution ID 8788854

March 15, 2023

The Metals Company Announces Fourth Quarter 2022 Corporate Update

Conference Call for Thursday, March 23, 2023

Fourth Quarter 2022 Conference Call Details

Date:	Thursday, March 23, 2023

Time:	4:30 p.m. ET

Audio-only Dial-in:	Register Here

Virtual webcast with slides:	Register Here

About The Metals Company

More information is available at www.metals.co.

Contacts
Media | media@metals.co
Investors | investors@metals.co

GlobeNewswire Distribution ID 8788486

March 15, 2023

Increased Collaboration Between Nations Required To Solve Global Challenges To Education

International partnerships can play an important role in achieving educational breakthroughs that can benefit the world; ReSkills EdTech CEO Jin Tan participated at the inaugural ReSkills Global Summit

ReSkills heads and country partners after signing a Memorandum of Understanding together

International partnerships can play an important role in achieving educational breakthroughs that can benefit the world

PETALING JAYA, Malaysia, March 15, 2023 (GLOBE NEWSWIRE) — In today’s increasingly globalised world, international collaboration between nations is crucial to tackle global challenges to education, according to ReSkills EdTech CEO Jin Tan.

This is because education is a fundamental human right that helps individuals achieve their full potential, and is a critical factor in promoting economic growth, Tan said last week at the inaugural ReSkills Global Summit at Eastin Hotel in Section 17 here.

“By working together, countries can share resources and expertise to improve educational opportunities worldwide. Strong collaborative ties can play a major role in reducing economic inequality and promoting global economic growth,” he said.

“For example, science and technology research partnerships can lead to breakthroughs that can impact people all over the world. By working together, we can create a more equitable and sustainable world for future generations.”

He gave an example of how in 2014, Malaysia and Cambodia signed a memorandum of understanding to enhance the quality and standards of education in both countries.

Tan added that international collaboration would not only benefit teachers and institutions but also learners, by providing them a wider scope of educational sources. Additionally, it would foster positive values such as empathy, diversity, and cultural understanding.

Collaborative investments in learning, therefore, were necessary for everyone’s continued welfare, he said.

Tan was speaking during ReSkills’ annual event devoted to promoting accessible and affordable quality education worldwide. It was attended by 23 representatives from Malaysia, Indonesia, South Korea, Thailand, Cambodia, Vietnam, Bangladesh, South Africa, Somalia, the Philippines, Pakistan, India, Cameroon, Nigeria, Tanzania, and Kenya.

Participants were given the opportunity to network, discuss educational issues and strategies, and create opportunities for collaboration among themselves. They were also invited to explore the use of educational technology in tackling crucial learning challenges.

“It’s truly important that education is affordable and available all over the world, especially in less developed regions,” said Njoh Njoh Mbango Valerie, a representative from Cameroon.

“Many of our countries share similar issues pertaining to education, and it is important for us to connect, learn from each other, and share strategies,” added Will Vu from Vietnam.

Tan said the event had been a great success, and plans were already underway for a second Summit next year, which he hoped would involve about 100 countries.

“This summit marks another new milestone for us to further our vision and empower more learners. I hope these partnerships create more learning and career opportunities for the citizens of our partner countries. Education is a powerful tool for social mobility and an essential component of economic growth, and is the key to improving global living quality standards, ” he said.

Media Contact
Terence
+60 12236 5838

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/cd79900f-8c97-405d-a8b1-df776c6f22fe

The photo is also available at Newscom, www.newscom.com, and via AP PhotoExpress.

GlobeNewswire Distribution ID 8788814

March 15, 2023

Sportradar Reports Fourth Quarter and Full Year 2022 Results

Full Year 2022 revenue growth of 30% exceeds annual 2022 outlook
Fourth quarter ROW Betting segment revenue grew 29% with Adjusted EBITDA margin of 44%
Fourth quarter U.S. segment revenue grew 77%; positive Adjusted EBITDA for second consecutive quarter
2023 annual outlook with growth of 24% to 26% for revenue and 25% to 33% for Adjusted EBITDA

ST. GALLEN, Switzerland, March 15, 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 fourth quarter and full year ended December 31, 2022.

Full Year 2022 Highlights and Annual Outlook

Revenue for the full year of 2022 increased 30% to €730.2 million ($781.3 million)¹ compared with the prior year, driven by 26% growth from Rest of World Betting and 78% growth from the U.S. Full year revenue exceeded the Company’s 2022 annual outlook range of €718.0 million to €723.0 million.
In 2022, the Company strengthened its core betting business by increasing its wallet share with customers by selling its higher value products. Managed Trading Services (MTS) turnover³ volume grew 84% to €19.4 billion, the Company’s digital advertising product ad:s’ revenue grew 69%, and U.S. betting revenue grew 101%, extending its leadership position in the U.S. Furthermore, Sportradar continues to invest in advanced technologies such as trading algorithms, artificial intelligence and computer vision technology.
Total profit for the full year 2022 was €10.5 million compared with €12.8 million for the prior year. Adjusted EBITDA² for the full year of 2022 increased 23% to €125.8 million ($134.6 million)¹ compared with the prior year and was within the Company’s 2022 annual outlook range of €124.0 to €127.0 million.
Adjusted EBITDA margin² for 2022 was 17% compared with 18% for 2021. Adjusted EBITDA margin for the second half of 2022 improved by 400 bps over the second half of the year 2021.
Cash and cash equivalents totaled €243.8 million as of December 31, 2022 and total liquidity available for use at December 31, 2022, including undrawn credit facilities was €463.8 million. The Company repaid €420.0 million of its outstanding term loan debt eliminating the term loan in its entirety.
Sportradar signed new and extended multi-year agreements with FanDuel for official NBA data, NASCAR, Turkish Basketball Federation, Australian premier cricket competitions, and Tennis Data Innovations, in addition to launching integrity focused programs such as Athlete Wellbeing to support athletes’ mental health. The Company also acquired Vaix, a pioneer in developing AI solutions for the iGaming industry.
The Company is providing an annual outlook for full year 2023 for revenue and Adjusted EBITDA². Revenue is expected to be in the range of €902.0 million to €920.0 million and Adjusted EBITDA² is expected to be in the range of €157.0 million to €167.0 million. Please see the “Annual Financial Outlook” section of this press release for further details.

Fourth Quarter 2022 Highlights

Revenue in the fourth quarter of 2022 increased 35% to €206.3 million ($220.7million)¹ compared with the fourth quarter of 2021.
The RoW Betting segment, accounting for 51% of total revenue, grew 29% to €105.9 million ($113.3 million)¹, driven by strong performance from Managed Betting Services (MBS). MTS trading volume grew 75%, primarily driven by strong FIFA World Cup performance.
U.S. segment revenue grew 77% to €41.2 million ($44.0 million)¹ compared with the fourth quarter of 2021, driven by strong market growth and positive adoption of in-play betting. The U.S. segment generated a positive Adjusted EBITDA for the second consecutive quarter with an Adjusted EBITDA margin of 11%.
The Company’s Adjusted EBITDA² in the fourth quarter of 2022 increased 64% to €35.1 million ($37.6 million)¹ compared with the fourth quarter of 2021 as a result of strong revenue growth despite increased investment for growth.
Adjusted EBITDA margin² was 17% in the fourth quarter of 2022, an increase of 300 bps compared with the prior year period.
Adjusted Free Cash Flow² in the fourth quarter of 2022 was (€43.6) million, compared with (€22.5) million for the prior year period, as a result of unfavorable impact from foreign currency exchange, planned pre-payments of sports league rights, taxes as well as restructuring costs. The resulting Cash Flow Conversion² was (124%) in the quarter.
During the quarter, the Company prepaid the remaining €220.0 million of its outstanding debt and has no more outstanding debt.

Key Financial Measures

In millions, in Euros€	Q4			Q4			Change			FY			FY			Change
		2022			2021		%				2022			2021		%

Revenue		206.3			152.4			35	%		730.2			561.2			30	%

Adjusted EBITDA²		35.1			21.4			64	%		125.8			102.0			23	%

Adjusted EBITDA margin²		17	%		14	%		–			17	%		18	%		–

Adjusted Free Cash Flow²		(43.6	)		(22.5	)		–			38.9			14.5			167	%

Cash Flow Conversion²		(124	%)		(105	%)		–			31	%		14	%		–

Carsten Koerl, Chief Executive Officer of Sportradar said: “I am very pleased with our strong results driven by exceptional execution this past year. We saw excellent performance across all of our key performance metrics despite challenging macroeconomic conditions including a second consecutive quarter of positive Adjusted EBITDA in the U.S. Our continued long-term partnerships with leading global sports bodies, and innovation across new technologies such as artificial intelligence and computer vision and as important, a team passionate about delivering solutions to our clients, make us very excited about our growth in 2023 and beyond.”

Ulrich Harmuth, Interim Chief Financial Officer added: “Our fourth quarter financial results illustrate the momentum we’ve built throughout 2022. We demonstrated operational leverage in our business model, despite making significant investments in our products and technology, streamlined our organization to be more customer-centric, and strengthened our balance sheet by repaying our debt. Our 2023 guidance of revenue growth and margin expansion reflects the investments we have made to date and the growing global sports market opportunity.”

Segment Information

RoW Betting

Segment revenue in the fourth quarter of 2022 increased by 29% to €105.9 million compared with the fourth quarter of 2021. This growth was driven primarily by increased sales of the company’s higher value-add offerings including Managed Betting Services (MBS), which increased 83% to €38.3 million. MBS growth was attributable to a record MTS annualized turnover³ of over €19.4 billion, helped by the FIFA World Cup, and the success of its strategy to move existing customers to higher value add products.
Segment Adjusted EBITDA² in the fourth quarter of 2022 increased to €46.3 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin² decreased to 44% from 56% in the fourth quarter of 2021 driven by increased investment in AI technology for MTS and Computer Vision technology.

RoW Audiovisual (AV)

Segment revenue in the fourth quarter of 2022 increased by 17% to €41.8 million compared with the fourth quarter of 2021. Growth was driven by cross-selling audiovisual content to existing data customers and expanding AV portfolio sales with existing AV customers.
Segment Adjusted EBITDA² in the fourth quarter of 2022 increased 20% to €11.9 million compared with the fourth quarter of 2021. Segment Adjusted EBITDA margin² was 28% in the fourth quarter of 2022 and 2021 as AV revenue growth was offset by higher production and personnel costs.

United States

Segment revenue in the fourth quarter of 2022 increased by 77% to €41.2 million compared with the fourth quarter of 2021. This growth was driven by an increase in cross-selling non-data products to betting operators as well as benefiting from growth in the underlying betting market due to new states legalizing betting.
Segment Adjusted EBITDA² in the fourth quarter of 2022 was €4.3 million compared with a loss of (€7.6) million in the fourth quarter of 2021, primarily driven by enhanced operating leverage as a result of the growing scale of the business despite continuous investments in the U.S. segment’s products and content portfolio. Segment Adjusted EBITDA margin² improved to 11% from (33%) compared with the fourth quarter of 2021.

Costs and Expenses

Purchased services and licenses in the fourth quarter of 2022 increased by €14.9 million to €48.4 million compared with the fourth quarter of 2021, reflecting continuous investments in content creation, greater event coverage and higher scouting costs. Of the total purchased services and licenses, approximately €10.0 million was expensed sports rights.
Personnel expenses in the fourth quarter of 2022 increased by €34.0 million to €81.0 million, an increase of 72% compared with the fourth quarter of 2021. The increase was driven by acquisition costs of €9.0 million, a one-time cost of €5.0 million as a result of management restructuring as well as increased headcount associated with our investments in AI and Computer Vision, and inflationary adjustments for labor costs.
Other Operating expenses in the fourth quarter of 2022 increased by €7.7 million to €34.9 million, an increase of 28%, compared with the fourth quarter of 2021 primarily as a result of €13.0 million non-recurring litigation costs. Excluding this litigation cost, operating expenses decreased, compared with the fourth quarter of 2021.
Total sports rights costs in the fourth quarter of 2022 increased by €11.2 million to €49.7 million compared with the fourth quarter of 2021, primarily a result of newly acquired rights in 2022 for ITF and UEFA, as well as increased sports rights costs related to the NHL.

Recent Company Highlights

Sportradar has been 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 for the downstream market and unrivalled development in advanced technologies such as computer vision and AI, in addition to its industry leading integrity services. The Company has been a supplier of official ATP Tour and Challenger Tour secondary data feeds since 2022.
Sportradar launched its artificial intelligence (AI) driven Computer Vision technology for table tennis. The Company’s AI has been trained to understand the rules of table tennis and automate data capture by analyzing 120 frames per second. Computer Vision provides a 100-fold increase in the level of statistics and data point captured.
Sportradar announced the launch of Insight Tech Services, a suite of standalone AI led solutions for in-house use by sportsbook operators to optimize the performance of their trading, risk management and marketing functions. Insight Tech Services is a complement to Sportradar’s Managed Trading Services (MTS), allowing the sports technology company to support all sportsbook operating in the marketplace.
Sportradar signs expanded agreement with Betway. Building on the current agreement focused on sports betting services, Betway has now partnered with Sportradar to utilize both ad:s, multi-channel performance marketing platform, and its Audio Visual (AV) services, featuring a global portfolio of live streaming sports content.
Sportradar launches Athlete Wellbeing documentary-style video, detailing how legal sports betting may impact the mental health of athletes. Sportradar’s Athlete Wellbeing program provides resources and support to assist partners in educating their athletes about any potential harm associated with sports betting and sheds light on the potential impact of sports betting on athletes. Athlete Wellbeing is a part of Sportradar’s overall Integrity Services strategy of protecting the integrity of sporting competitions through monitoring, investigation and education.
Sportradar awarded Temporary Massachusetts Sportswagering License. Sportradar now holds 44 licenses, or equivalent, in North America across U.S. states, territories, tribes and Canada.
The Company continued to optimize its organization around content creation, product development, commercial excellence, and strengthen its management team and recently appointed Severine Riviere-Gerstner as the new Chief People Officer.

Annual Financial Outlook

Sportradar provided its outlook for revenue and Adjusted EBITDA 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 ($965.1 million to $984.4 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 ($168.0 million to $178.7 million)¹, representing 25% to 33% growth versus last year.
Adjusted EBITDA margin² is expected to be in the range of 17% to 18%.

Conference Call and Webcast Information

Sportradar will host a conference call to discuss the fourth quarter 2022 and full year financial results today, March 15, 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

Sportradar (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, 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
investor.relations@sportradar.com

Media:
Sandra Lee
comms@sportradar.com

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, 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. We have referred to this calculation as “Dollar Based Net Retention Rate” in prior press releases, which is the same calculation we are now using for “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

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 December 31,					Years ended December 31,
		2021		2022			2021		2022
Revenue		152,365		206,288			561,202		730,188
Purchased services and licenses (excluding depreciation and amortization)		(33,449	)	(48,385	)		(119,426	)	(175,997	)
Internally-developed software cost capitalized		2,658		4,605			11,794		17,730
Personnel expenses		(47,043	)	(81,010	)		(183,820	)	(265,984	)
Other operating expenses		(27,191	)	(34,916	)		(87,308	)	(95,891	)
Depreciation and amortization		(38,104	)	(51,481	)		(129,375	)	(184,813	)
Impairment (loss) income on trade receivables, contract assets and other financial assets		(5,193	)	255			(5,952	)	(1,552	)
Remeasurement of previously held equity-accounted investee		–		–			–		7,698
Share of income (loss) of equity-accounted investees		2		(2,818	)		(1,485	)	(4,082	)
Foreign currency gains (losses), net		8,946		(13,168	)		5,437		26,690
Finance income		198		2,535			198		5,250
Finance costs		(8,703	)	(12,001	)		(32,540	)	(41,447	)
Net income (loss) before tax		4,486		(30,096	)		23,824		17,790
Income tax expense		(313	)	(3,187	)		(11,037	)	(7,299	)
Profit (loss) for the period		4,173		(33,283	)		12,787		10,491
Other Comprehensive Income
Items that will not be reclassified subsequently to profit or loss
Remeasurement of defined benefit liability		1,345		741			1,399		2,192
Related deferred tax expense		(193	)	(123	)		(202	)	(333	)
		1,152		618			1,197		1,859
Items that may be reclassified subsequently to profit or loss
Foreign currency translation adjustment attributable to the owners of the company		14,310		(13,183	)		13,720		1,989
Foreign currency translation adjustment attributable to non-controlling interests		(82	)	(21	)		(265	)	10
		14,228		(13,204	)		13,455		1,999
Other comprehensive income (loss) for the period, net of tax		15,380		(12,586	)		14,652		3,858
Total comprehensive income (loss) for the period		19,553		(45,869	)		27,439		14,349

Profit (loss) attributable to:
Owners of the Company		3,962		(32,745	)		12,569		10,891
Non-controlling interests		212		(538	)		218		(400	)
		4,174		(33,283	)		12,787		10,491
Total comprehensive income (loss) attributable to:
Owners of the Company		19,424		(45,310	)		27,486		14,739
Non-controlling interests		129		(559	)		(47	)	(390	)
		19,553		(45,869	)		27,439		14,349
Weighted-average of Class A and Class B shares (basic) as of December 31, 2021 and 2022*							277,037		296,915
Weighted-average of Class A and Class B shares (diluted) as of December 31, 2021 and 2022*							279,040		312,534

*Class B shares are included with a conversion rate of 1/10

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

	December 31,			December 31,
Assets		2021		2022
Current assets
Cash and cash equivalents		742,773		243,757
Trade receivables		33,943		63,412
Contract assets		40,617		50,482
Other assets and prepayments		31,161		42,913
Income tax receivables		1,548		1,631
		850,042		402,195
Non-current assets
Property and equipment		35,923		37,887
Intangible assets and goodwill		808,472		843,632
Equity-accounted investees		8,445		33,888
Other financial assets and other non-current assets		41,331		44,445
Deferred tax assets		26,908		27,014
		921,079		986,866
Total assets		1,771,121		1,389,061
Current liabilities
Loans and borrowings		6,086		7,361
Trade payables		150,012		204,994
Other liabilities		59,992		65,268
Contract liabilities		22,956		23,172
Income tax liabilities		14,190		8,693
		253,236		309,488
Non-current liabilities
Loans and borrowings		429,264		15,484
Trade payables		320,428		269,917
Other non-current liabilities		7,081		10,695
Deferred tax liabilities		25,478		26,048
		782,251		322,144
Total liabilities		1,035,487		631,632
Ordinary shares		27,297		27,323
Treasury shares		–		(2,705	)
Additional paid-in capital		606,057		590,191
Retained earnings		89,693		117,155
Other reserves		15,776		19,624
Equity attributable to owners of the Company		738,823		751,588
Non-controlling interest		(3,189	)	5,841
Total equity		735,634		757,429
Total liabilities and equity		1,771,121		1,389,061

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

	Years ended December 31
		2021		2022
OPERATING ACTIVITIES:
Profit for the year		12,787		10,491
Adjustments to reconcile profit for the year to net cash provided by operating activities:
Income tax expense		11,037		7,299
Interest income		(5,179	)	(5,250	)
Interest expense		32,325		40,036
Impairment losses (income) on financial assets		5,889		(5	)
Remeasurement of previously held equity-accounted investee		—		(7,698	)
Other financial expenses		96		1,411
Foreign currency gains, net		(5,437	)	(26,690	)
Amortization and impairment of intangible assets		119,048		172,831
Depreciation of property and equipment		10,327		11,982
Equity-settled share-based payments		15,431		28,299
Share of loss of equity-accounted investees		1,485		4,082
Other		(876	)	(3,178	)
Cash flow from operating activities before working capital changes, interest and income taxes		196,933		233,610
Increase in trade receivables, contract assets, other assets and prepayments		(69,896	)	(53,519	)
Increase in trade and other payables, contract and other liabilities		44,385		32,159
Changes in working capital		(25,511	)	(21,360	)
Interest paid		(31,060	)	(33,591	)
Interest received		165		5,091
Income taxes paid		(8,306	)	(15,673	)
Net cash from operating activities		132,221		168,077
INVESTING ACTIVITIES:
Acquisition of intangible assets		(124,890	)	(154,266	)
Acquisition of property and equipment		(5,861	)	(8,288	)
Acquisition of subsidiaries, net of cash acquired		(198,432	)	(56,245	)
Contribution to equity-accounted investee		(45	)	(27,873	)
Acquisition of financial assets		(2,605	)	—
Collection of loans receivable		265		208
Issuance of loans receivable		(2,270	)	—
Collection of deposits		222		—
Payment of deposits		(152	)	(103	)
Net cash used in investing activities		(333,768	)	(246,567	)
FINANCING ACTIVITIES:
Payment of lease liabilities		(7,118	)	(5,958	)
Acquisition of non-controlling interests		—		(28,245	)
Transaction costs related to borrowings		—		(1,100	)
Principal payments on bank debt		(2,376	)	(420,685	)
Purchase of treasury shares		—		(3,837	)
Proceeds from issuance of MPP share awards		1,650		—
Change in bank overdrafts		(22	)	(23	)
Proceeds from issue of participation certificates		1,002		—
Proceeds from issuance of new shares		556,639		—
Transaction costs related to issuance of new shares and participation certificates		(10,009	)	—
Net cash (used in) from financing activities		539,766		(459,848	)
Net increase (decrease) in cash and cash equivalents		338,219		(538,338	)
Cash and cash equivalents as of January 1		385,542		742,773
Effects of movements in exchange rates		19,012		39,322
Cash and cash equivalents as of December 31		742,773		243,757

The tables below show the information related to each reportable segment for the three- and twelve-month periods ended December 31, 2021 and 2022.

	Three Months Ended December 31, 2021
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	82,246		35,586		23,215		141,047		11,318		152,365
Segment Adjusted EBITDA	45,668		9,877		(7,553	)	47,992		(1,634	)	46,358
Unallocated corporate expenses⁽⁾											(24,989	)
Adjusted EBITDA											21,369
Adjusted EBITDA margin	56	%	28	%	(33	%)	34	%	(14	%)	14	%

	Three Months Ended December 31, 2022
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	105,923		41,768		41,153		188,844		17,444		206,288
Segment Adjusted EBITDA	46,282		11,883		4,333		62,498		(881	)	61,617
Unallocated corporate expenses⁽¹⁾											(26,508	)
Adjusted EBITDA											35,109
Adjusted EBITDA margin	44	%	28	%	11	%	33	%	(5	%)	17	%

	Year Ended December 31, 2021
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	309,357		140,162		71,700		521,219		39,983		561,202
Segment Adjusted EBITDA	176,987		39,246		(22,625	)	193,608		(5,746	)	187,862
Unallocated corporate expenses⁽⁾											(85,849	)
Adjusted EBITDA											102,013
Adjusted EBITDA margin	57	%	28	%	(32	%)	37	%	(14	%)	18	%

	Year Ended December 31, 2022
in €’000	RoW Betting		RoW Betting AV		United States		Total reportable segments		All other segments		Total
Segment revenue	389,092		160,522		127,442		677,056		53,132		730,188
Segment Adjusted EBITDA	182,439		46,494		(4,141	)	224,792		(13,348	)	211,444
Unallocated corporate expenses⁽¹⁾											(85,598	)
Adjusted EBITDA											125,846
Adjusted EBITDA margin	47	%	29	%	(3	%)	33	%	(25	%)	17	%

(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 December 31,					Years Ended December 31,
in €’000		2021		2022			2021		2022
Profit (loss) for the period		4,173		(33,283	)		12,787		10,491
Share based compensation		1,761		8,602			15,431		28,637
Litigation costs¹		–		12,899			–		19,045
Management restructuring costs		–		5,528			–		5,528
Professional fees for SOX and ERP implementations		–		813			–		4,298
One-time charitable donation for Ukrainian relief activities		–		–			–		146
Depreciation and amortization		38,104		51,481			129,375		184,813
Amortization of sports rights		(28,005	)	(39,407	)		(94,312	)	(140,200	)
Impairment loss (gain) on other financial assets		5,464		(163	)		5,889		(5	)
Remeasurement of previously held equity-accounted investee		–		–			–		(7,698	)
Share of loss of equity-accounted investee²		–		2,818			–		3,985
Foreign currency (gains) losses, net		(8,946	)	13,168			(5,437	)	(26,690	)
Finance income		(198	)	(2,535	)		(5,297	)	(5,250	)
Finance costs		8,703		12,001			32,540		41,447
Income tax expense		313		3,187			11,037		7,299
Adjusted EBITDA		21,369		35,109			102,013		125,846

⁽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 December 31,					Years Ended December 31,
in €’000		2021		2022			2021		2022
Net cash from operating activities		6,617		19,828			132,221		168,077
Acquisition of intangible assets		(43,412	)	(36,943	)		(124,890	)	(154,226	)
Acquisition of property and equipment		(3,160	)	(2,482	)		(5,861	)	(8,288	)
Payment of lease liabilities		(2,701	)	(1,533	)		(7,118	)	(5,958	)
Foreign currency gains (losses) on cash equivalents		20,188		(22,462	)		20,188		39,273
Adjusted Free Cash Flow		(22,468	)	(43,592	)		14,540		38,878

_______________________

¹ For the convenience of the reader, we have translated Euros amounts at the noon buying rate of the Federal Reserve Bank on December 31, 2022, which was €1.00 to $1.07.

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.
³ Turnover is defined as the total amount of stakes placed and accepted in betting.

GlobeNewswire Distribution ID 8788482

March 15, 2023

Champalimaud Foundation partners with Philips to reduce its diagnostic imaging carbon footprint by 50% in five years

March 15, 2023

Lisbon, Portugal and Amsterdam, the Netherlands – Royal Philips (NYSE: PHG, AEX: PHIA), a global leader in health technology, and leading Portuguese translational biomedical research and clinical care provider Champalimaud Foundation, today announced they have signed a strategic partnership aimed at halving the carbon footprint resulting from Champalimaud’s use of diagnostic and interventional imaging equipment by 2028.

The transformation of Champalimaud Foundation’s imaging technology infrastructure will be enabled by a set of practical, scalable measures and innovations, including equipment upgrades, lifetime extensions, process digitalization, circular financing solutions with takeback, and renewable electricity sourcing. It will help drive the quality and efficiency of care delivery, while also realizing more sustainable healthcare. As a result, many more patients are expected to be able to benefit from the hospital’s diagnostic healthcare services.

Global healthcare systems account for 4.4% of global CO₂ emissions [1] – more than aviation or the shipping industry [2]. The cooperation between Champalimaud Foundation and Philips is based on a shared commitment to help mitigate climate change – building on Philips’ acknowledged expertise as a health technology company that is driving systemic change towards more sustainable and equitable patient care through the application of EcoDesign (embedding sustainability into the innovation process), circular economy principles, renewable energy sourcing, and workflow improvement through digitalization.

After conducting a baseline assessment of Champalimaud Foundation’s current CO₂ emissions, Philips will work with the organization to update and renew its diagnostic imaging technology capabilities, keeping it up-to-date with Philips’ latest innovations in diagnostic imaging such as CT and MR systems, while also reducing resource demand, increasing the use of recycled materials, and extending equipment lifespans. As a result, Champalimaud Foundation’s patients and staff will be able to enjoy the outcome benefits of advanced diagnostic imaging coupled with improved patient and staff experiences and more sustainable healthcare delivery.

“The healthcare sector is a significant contributor to CO₂ emissions and therefore has an important role to play in mitigating climate change,” said Leonor Beleza, President of the Champalimaud Foundation. “This partnership will allow us to continue to ensure the best care for our patients while at the same time helping to reduce the healthcare sector’s environmental impact.”

“Alongside improving patient outcomes and increasing efficiency, healthcare providers are increasingly focusing on mitigating their impact on the climate and making more sustainable choices,” said Peter Vullinghs, Market Leader Western Europe for Philips. “We have a strong track record in embedding sustainability in our solutions, our operations, and across our supply chain. Leveraging that deep expertise, we are partnering with the Champalimaud Foundation to make a step-change in their environmental impact, while enabling them to pursue their goal of advancing the prevention, early diagnosis and treatment of cancer.”

Philips will support Champalimaud Foundation’s sustainability targets through a range of health technologies and innovations designed to reduce the foundation’s dependency on natural resources and energy consumption. This includes the installation of Philips Spectral CT 7500 which uses 62.5% less energy [3]. The installation of Philips’ MR helium-free operations’ system, Philips MR – Ingenia Ambition 1.5T that uses a breakthrough design where the magnetic components are completely sealed and only need seven liters of helium over its lifetime compared to roughly 1,500 liters with other Philips’s systems. Additionally, with Philips MR SmartSpeed, the Ingenia Ambition 1.5T uses up to 53% less power per patient scan [4].

Philips will also take back the currently-installed Philips equipment and ensure responsible end-of-use management, to avoid waste going to landfill. In addition, Philip will help the Champalimaud Foundation implement hybrid operating room solutions, providing its specialists with a wide range of image-guided minimally-invasive interventional procedures with enhanced precision and patient safety, resulting in shorter hospitalization compared to traditional surgical interventions.

[1] Health Care Without Harm (2019). Health care’s climate footprint: How the health sector contributes to the global climate crisis and opportunities for action (p.22). https://noharm-global.org/documents/health-care-climatefootprint-report Scope 1 direct emissions originate from the hospitals’ own operations: emissions from the building and transportation. Scope 2 indirect emissions are generated by the production and distribution of energy that is consumed by the hospital. Scope 3 are indirect CO2 emissions caused by the production and transportation of goods and services needed by hospitals such as medicines, food, equipment, clothing and waste treatment.
[2] https://www.bmj.com/content/366/bmj.l5560
[3] When compared to an equivalent CT model of one of the industry leaders
[4] Applicable to Ambition S. Philips SmartSpeed power consumption versus Philips SENSE based scanning. Based on COCIR and in-house simulated environment. Results can vary based on site conditions.

For further information, please contact:

Joost Maltha
Philips Global Press Office
Tel: +31 6 10 55 8116
Email: joost.maltha@philips.com

Afonso Vaz Pinto
Champalimaud Foundation
E-mail: avazpinto@jlma.pt
Tel: +34 969 658 256

Raul Araújo
Champalimaud Foundation
Email: raraujo@jma.pt
Tel: +34 927 414 665

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a leading health technology company focused on improving people’s health and well-being through meaningful innovation. Philips’ patient- and people-centric innovation leverages advanced technology and deep clinical and consumer insights to deliver personal health solutions for consumers and professional health solutions for healthcare providers and their patients in the hospital and the home. Headquartered in the Netherlands, the company is a leader in diagnostic imaging, ultrasound, image-guided therapy, monitoring and enterprise informatics, as well as in personal health. Philips generated 2022 sales of EUR 17.8 billion and employs approximately 77,000 employees with sales and services in more than 100 countries. News about Philips can be found at www.philips.com/newscenter.

About Champalimaud Foundation:

The Champalimaud Foundation was created in 2004 by the last will and testament of the Portuguese entrepreneur António Champalimaud. It is one of the largest European foundations dedicated to scientific research in the field of Medicine. The Champalimaud Foundation essentially supports research in neurosciences, cancer and vision.
The mission of the Champalimaud Clinical Center (CCC) is to actively develop advanced research and technological innovation programs, alongside the interdisciplinary delivery of clinical care in the prevention, early diagnosis and treatment of cancer. Its clinical activity is patient-centered, through the personalization of care and promotion of quality of life, providing excellence in care, based on multidisciplinary teams, and providing patients with the opportunity to participate in innovative diagnostic and treatment programs.

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