Good day, and thank you for standing by. Welcome to the Sportradar Q2 2022 earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you'll need to press star one one on your telephone. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Christin Armacost, Manager, Investor Relations. Please go ahead. Thank you. Good morning, everyone, and thank you for joining us for Sportradar's earnings call for the Q2 of 2022. Before we begin, I would like to point out that the slides we will reference during this presentation can be accessed via the webcast on our website at investors.sportradar.com. These slides will be posted on our website at the conclusion of this call. A replay of today's call will be available via phone and on our website. After our prepared remarks, we will open the call to questions from investors. To be fair to everyone, please limit yourself to one question plus one follow-up. Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including, without limitation, those regarding revenue and future business outlooks. These statements involve risks and uncertainties that may cause actual results or trends to differ materially from our forecasts. For more information, please refer to the risk factors discussed in our annual report on Form 20-F and the Form 6-K furnished with the SEC today, along with the associated earnings release. We assume no obligation to update any forward-looking statements or information which speak as of their respective dates. Also, during today's call, we will present both IFRS and non-IFRS financial measures. Additional disclosures regarding these non-IFRS measures, including reconciliation of IFRS to non-IFRS measures, are included in the earnings release, supplemental slides, and our filings with the SEC, each of which is posted to our investor relations website. Joining me today are Carsten Koerl, Chief Executive Officer, and Alex Gersh, Chief Financial Officer. Now I would like to turn the discussion over to Carsten Koerl. Thank you, Christine, and thank you to all of you for joining us today. We are pleased with our strong results in the Q2, highlighted by a 23% revenue growth, which we believe showcases the power of our business model. The Sportradar team has delivered excellent results through the first half of the year, even in the face of a global adversity. We remain confident about our vision, the quality of our execution, and our multi-year growth strategy. On the basis of our strong results year-to-date and the visibility of our business, we are increasing our revenue guidance for the year to a range from a 24%-27% growth. That comes from 18%-25% previously. As you know, we are the leading global sports technology company focused on the sports betting ecosystem globally, enabling immersive experience for sports fans. Through a combination of our unique experience, platform, network, and technology, along with the worldwide sport rights we have acquired over the past 20 years history, we have combined and built a business that we believe will deliver long-term shareholder value through, first, consistent strong revenue growth. Next, growing profitability with business leverage and margin expansion over time. Third, exceptional operational execution by a senior management team with a proven track record to deliver outstanding results. Last but not least, strong free cash flow and disciplined capital allocation. The highlights for the quarter two. Speaking of capital, in July, we paid down € 200 million of our €435 million euro debts outstanding. Post the repayment, our cash position remains solid with over € 500 million and over € 600 million in available liquidity. We believe that our business model can achieve the 55%-60% free cash flow conversion targets over the long term. Revenue in the Q2 increased by 23% compared with the Q2 2021, driven by the strong growth in the US, our Managed Betting Services, and our global ad:s business. As you will recall, our revenue is a combination of subscription-based and revenue share products. Subscription revenue accounts for roundabout 70% of our total, and it is a stable source for growth for us. The rest, our revenue-sharing solutions, include some of the fastest-growing opportunities, such as the betting footprint in the US, our MBS segment, and the ad:s advertising solution. Our success can be seen in the net retention rate, or NRR, which is one of our most important client metrics. NRR for the Q2 was 115% and has been above 100% for the past two years. Total customer attrition in 2021 was less than 1%. The rest of the world business, accounting for over 80% of revenue, continues to grow double-digit for us. Last quarter, we highlighted our Managed Betting Services. That includes Managed Trading Services and the Managed Sportsbook Services. Our MBS revenue increased 65% year-over-year. We estimate we handle over €8 billion in transactions in the first half of the year alone, and remain on track to handle between € 17 billion and €20 billion of transactions in 2022. This would make us one of the top five bookmakers in the world, including DraftKings and FanDuel as a comparison. I'd also like to highlight our ad:s business growing nearly 40% year-over-year. We continue to demonstrate our largest betting operators that we can offer more efficient customer acquisition, retention, and lower cost per customer, which is the CPA, than competing solutions by over 50%. We also announced a joint venture with Ringier in this quarter, one of the biggest media houses in Europe, to bring immersive experience for sport fans in Africa. Leveraging Ringier's media platform, Pulse, we now have the ability to reach millions of African sport fans with an integrated 360-degree solutions from odds, risk management, interactive sport service, and marketing tools to connect with over 30 million existing African media profiles. This will mark a milestone and create a blueprint for future activities and partnerships with other large media operators in interesting betting jurisdictions around the globe. Now to the US business that grew 66% in quarter two. As you will recall, we have been investing in the US since 2014, which we believe provides us a clear first mover's advantage in the States, building on our demonstrated success in other parts of the world. We have built an ecosystem of leagues, betting operators and media customers second to none. Sportradar data and proprietary platform products support 70% of the in-play net gaming revenue in the US Sports books have over 275 digital media and broadcasting customers, and cover over 90 sports every day in the year. Totally, the US business accounts for approximately 15% of our revenue, and while EBITDA margin is negative, it continues to improve each quarter. The US business has delivered a 57% revenue CAGR between 2019 and 2021, driven by growth of online sports betting, acquiring key data rights from professional leagues, and the proliferation of sports data used in the media. We see core industry growth across three key components. First, increase in the legislation of sports betting across the country. Second, our ability to successfully negotiate long-term profitable deals and deliver more value from the customer relationship over time. Third, upselling services and products which enable our customers to create more value and gain efficiency. Live betting services are key components for this strategy. Importantly, we have also invested in deepening our relationship with the leagues through prudent sports rights acquisition paired with actionable plans, which should drive future profitability over the life of the contracts. Our adjusted EBITDA loss margin profile has narrowed substantially, pointing us to a clear path to profitability in this region. As proof, in 2019, we had more than 100% negative adjusted EBITDA margin in the United States, which narrowed to a 32% loss in 2021. Further down to an adjusted EBITDA loss of 19% in this quarter. This performance improvement is ahead of our expectation and bodes well with our long-term plan of building an attractive, profitable US business. This operating leverage we are seeing is a balance of accelerating revenues, streamlining the organization, and cost optimization. For example, we have reorganized our US sales team under one experienced sales leader and created enterprise and emerging accounts teams to better serve our customers and the market. Just this month, we made changes to our product and operation team, bringing us closer to our customers. These changes will net a more efficient and coordinated team, leading to a strong foundation in the future. Our custom optimization has focused on products and pricing strategies, allowing us to be more efficient in what we sell to our customers. In fact, we have recently engaged with some of our larger betting operator customers to develop a value-based pricing, which has been received very well. Last in our focus on profitability, acquiring sports rights, which we believe is a differentiating strength of the company. We have excellent visibility into our sports rights costs over the next 2-3 years, and also we continue to expect rights to grow over time. We fully expect to grow our revenues faster. Overall, given the strong revenue growth, market positioning, and the increased level of cost discipline, we now expect to achieve profitability in the US at least 12 months ahead of the original 2025 target date. Last, I want to announce that after having led us through the IPO process and the first three quarters as a publicly listed company, our Chief Financial Officer, Alex Gersh, has decided that he and his family want to move back to the United States. He will be leaving Sportradar at the end of this September to accept another position. I appreciate Alex's many contributions to Sportradar and invite you to join me in wishing him well as he embarks on the next chapter. We have launched a search for a new CFO and have named Ulrich Harmuth as Interim CFO. Ulrich, who has been with the company since 2013, has served as Chief Strategy Officer since 2020 and has been a member of my management team overseeing corporate development activities, including M&A, strategic partnerships, and ventures. I'm confident in Ulrich's leadership and support of Sportradar growth and contribution of the execution on the financial priorities. With that, let me turn the call over to Alex to talk about the financial results. Thanks, Carsten, and good morning, everyone. First, let me thank Carsten for the opportunity to work at Sportradar. It's been very, very exciting two years, and while I'm relocating back to the US and taking on a new challenge, I have no doubt that Sportradar will continue to go from strength to strength in its business. Now, just, we'll start with the financial numbers. As Carsten already stated, we have strong revenue growth across all the segments in the Q2. Revenue in the Q2 of 2022 increased 23% to € 177 million versus the Q2 of 2021. Growth was strong across all of the segments with once again, the highest growth coming from the US, where we grew 66%. Our revenue outperformance came despite losing approximately €5 million from business in Russia due to the conflict with Ukraine. We reported adjusted EBITDA of €28 million for the Q2, down 13% year-over-year, primarily due to continuing impact of Russia-Ukraine conflict, investment in our technology and product and some impact of new sports rights contracts. As is always the case, new sports rights contracts profitability will improve as we accelerate the sales process. Our unlevered cash flow conversion increased to 157% due in large part to favorable FX transactions from our cash balances. Our cash and equivalent exiting the quarter were € 760 million, with total liquidity available of € 826 million. As Carsten mentioned, in July, we paid down € 200 million of our senior secured term loan, and I will go into more details later on. Now for the segments. Rest of the world betting. Our rest of the world betting revenue grew 21% in the quarter to €96 million, representing 54% of our total revenue. Growth was primarily driven by an uptick in our higher value ad offerings, including managed betting services or MBS and Live Odds services. More specifically, MBS revenue grew 65% year-over-year to €33 million due to increased record turnover, while Live Data and Odds grew 3% to €43 million due to upselling content to our existing clients. In addition, we saw increased content sales from our Synergy Sports acquisition acquired the same quarter last year. Rest of the world betting adjusted EBITDA decreased 8% to €43 million. The associated adjusted EBITDA margin declined to 45% versus 59% in the prior period. As I have mentioned previously, in the Q2 of 2022, we saw the impact of the Russia-Ukraine conflict. We continue investment in product and technology, which is mainly headcount, in order to drive future growth and acquire new sports rights. As I have said previously, and it's almost always the case, the margin on new sports rights improves over time as we accelerate the sales process for those products. Rest of the world audio-visual segment grew 9% year-over-year to € 40 million. This growth was primarily driven by new customers and traction with our Synergy acquisition, offset by loss of revenue from Russian customers. Rest of the world audio-visual adjusted EBITDA increased 22% to €13 million. Segment adjusted EBITDA margin increased to 33% from 29%, primarily due to higher personnel costs, partially offset with lower sports rights costs. Turning to the United States, which continues to be our highest growth segment. Revenue grew 66% year-over-year to €29 million. We spent time on this earlier in the call, so I will simply summarize. We saw over 60% growth in betting, over 90% growth in audiovisual, over 90% growth in our sports solution, driven largely by last year's Synergy acquisition. Ads and sports media grew at approximately 50% each. Q2 US adjusted EBITDA was negative at € 5.5 million, a sequential decrease of about €1 million. US adjusted EBITDA margin was negative 19% versus a negative 27% last year, driven by operating leverage. As we highlighted earlier, we remain confident in the continued progression towards profitabilities sometimes before 2025 at this point. Now a few words on the costs. Personnel costs for the quarter increased by €18 million to €64 million in line with our expectations as we continue to hire and acquire in areas of product and technology to further our growth goals. Purchase services and licenses in the Q2 of 2022 increased by €11 million to €43 million compared with the Q2 of 2021, primarily resulting from increased cost of content creation and processing and in line with the revenue growth. This really relates to growth in our cloud hosting capabilities and ads business. Last, total sports rights costs increased by €14 million to €49 million in the Q2 of 2022. Growth was driven by new 2022 rights, as well as return to normalized schedule for sports such as the NBA. Liquidity. Our liquidity and cash generation of course remains strong and in fact is strengthening. As we previously discussed, we continue to evaluate the best use of our cash and capital structure. Continued revenue growth and our strong liquidity position enabled the company to prepay a portion of the outstanding Term Loan B in the amount of € 200 million in July 2022. Even after that prepayment, our available liquidity stands at € 639 million. We are confident that the strong and improving cash flow generation will allow us to invest in the business and take advantage of market opportunities as they arise. Our adjusted free cash flow increased to €36 million in the quarter, up from €13 million last quarter, and from negative last year. Our unlevered cash flow conversion increased to 157% from a negative 7% last year. Approximately €31 million was attributable to favorable FX gains on our cash as the euro weakened significantly during the quarter. We maintain our medium term unlevered free cash flow conversion target range of 55%-60%. As a reminder, we currently pay interest on our debt semi-annually in the second and the fourth quarter of the fiscal year. Now just to summarize the guidance, let me update it, and Carsten already mentioned it. For the full year of 2022, we are raising our expected revenue outlook to a range of € 695 million- € 715 million or 24%-27% growth rate from a prior range of € 665 million to € 700 million, or a growth rate of 18%-25%. Because we do not anticipate any improvement in the Russia-Ukraine conflict this year, we are maintaining our adjusted EBITDA in the range of € 123 million- € 133 million, representing a year-on-year increase of between 21%-30%. The result implies an adjusted EBITDA margin for 2022 of between 17%-19%. Thank you all, and I will turn it now back to Carsten for some additional remarks. Thank you, Alex. In closing, I want to remind everyone of our key priorities. We continue to invest in our business with a focus on our core betting products. We expand our portfolio and products through internal development and opportunistic accretive acquisitions. We will be prudent stewards of managing your capital, balancing risk and opportunities, all in the name of long-term shareholder value creation. With that, I can turn over to the operator for opening up for Q&A. Thank you. As a reminder, to ask a question, you'll need to press star one one on your telephone keypad. Please stand by while we compile the Q&A roster. Our first question comes from David Karnovsky with JP Morgan. Your line is open. Carsten, just to follow up on the commentary to achieve US profitability a year early, wondering if you could unpack that a bit. You know, what are the specific revenue or cost buckets where you see Sportradar outperforming your prior expectation? Yeah. Hello, David. Thanks for the question. First, if you simply follow the quarters, 2021 Q3, we had been -34%. Q4 last year, -33%. Q1 this year, 25%. Now Q2, 19%. I think we clearly see here a trend of the operating leverage. If we are looking to the segments, undoubtedly it's sports betting and ads product. Ads is growing with a 40% and from a sports betting perspective, we continue to see more states coming up, which is naturally good for us. That's the first thing. The second, which we mentioned many times, is live betting. Live betting is key for us, so the margin is significantly higher for whatever is related to live, and we are profiting from this. Looking now to our participation here, thanks to our first mover advantage, we have a 70% market share if it comes to the profits while the operators generate with live betting, and from there, as you know, we get the revenues. Does that answer the question, David? Yeah, very much. Carsten, you know, you sit on a lot of data, excellent data about consumer betting habits. Just wondering if there's any insight you can share on the consumer as we've seen economic slowdowns across a lot of the regions you operate in? We see absolutely not a slowdown. I get this question many times. Yes, there are some small markets, mainly retail markets, where the operators have some problems in the big markets. Online, this is more than overcompensated. If I'm looking now to the results of our clients, and as you might have followed Flutter published results, you see the same tendency and trends. This industry is resilient to an economic downturn. In case of a downturn, we even see more requests for sports betting in many of the markets. Overall, if we look on this, we see no impacts, and in some markets, even a slight positive impact from more betting activities. Thank you. Thank you. We have a question from Ryan Sigdahl with Craig-Hallum. Your line is open. Good day, Carsten. Alex, good luck on your next venture. Want to dig into guidance first. Does the current range contemplate potential impacts for the rest of the year from Ukraine and Russia, or is that outside the range, like I think it was the previous couple times you gave guidance? No. It contemplates. No, Alex, please go ahead. It contemplates the current downside. Just to be clear, considering the previous guidance, it was outside that range, just given the wider potential outcomes and now we're further along in the year. Is that right? That's right. All of the negative everything that we expect to come out of Ukraine and Russia negative is in these numbers. Great. For my follow-up, just EBITDA margin flat year-over-year, obviously Ukraine-Russia impacting that among the other things you mentioned. As we sit here today and you think about your head count, the infrastructure, technology spend, et cetera, do you think you're at a reasonable place that we can see that resume higher, you know, starting next year and going forward? Well, look, we said that we are continuing to invest with discipline, but we are growing our team. We are investing in technology, but all in the way that we totally understand we have to deliver within the guidance or even be better. That's the best that I can answer you on this. We are looking very carefully at our efficiency. We are looking very carefully at which unit and product we invest. The US is key for us from this perspective, so whatever happens there is a very strong growing market. We have also other growing segments like our trading services or the managed platform services where we of course invest. Helpful. Thanks, Carsten. Good luck, Alex. Thank you. We have a question from Bernie McTernan with Needham & Company. Your line is open. Great. Thank you for taking the question. Maybe just a follow-up on the US Interested if there's any thoughts on how the new NBA contract could impact the trajectory of EBITDA profitability from here. You know that the NBA contract, the old NBA contract is still valid for the next season. After that, we are kicking in with the extension. Like I mentioned in my script, we changed into a value-based pricing model, and we are, as we speak, in discussions with the big operators and they're looking very good. I think we can announce something in one of the next quarters here to give you more transparency. We are working on this piece to create value for our clients and of course for us. That's great. Appreciate that. Then just wanted to dive in on slide 7, where you guys say you deliver 70% of in-play NGR in the US. I think that's a higher share of your just US handle. If I'm right on that, but why would you have a higher market share of in-play? Is there anything special that you guys are doing, do you think, to drive a you know outsized market share of in-play versus regular? We are delivering our service to 98% of the sportsbook in the United States. There might be some very, very small casinos which are not getting any services from us. From this perspective, we more or less cover the complete market. The interesting one in live is of course the segment where we have the strongest focus on. It is the highest profitability for us, and these numbers are coming from our clients. If we look to our clients and to our revenue share, this is how we compile this number, and it comes simply from our first-mover advantage. We started here in 2014. With that first-mover advantage, we have been able to build a client relation which includes, for example, a preferred supplier clause. In case there are more suppliers with the same data, which is not official data, then the bookmaker has to choose us because we have that existing contract. Gives us a better starting position in that very important segment. I hope that makes the numbers a bit more clear. That's great. Thanks, Carsten. We have a question from Robin Farley with UBS. Your line is open. Great, thanks. Just to circle back and put a finer point on your guidance. You know, at one point you talked about that potentially having €13 million of disruption from Russia, Ukraine, and now you're saying that that's not gonna impact. Just to clarify, is that due to less disruption or is it the same amount of disruption but the rest of your business is coming in higher than you thought and offsetting that? Thanks. Hi, Robin. It's the second one. Yeah. Oh, sorry. Sorry. No, no. Alex, please go ahead. It's the second one. It's what Carsten just said, we have a very significant growth in ads. We have very significant growth across other parts of the business. While it's not as high margin as the Russian revenue is, which is effectively 100% margin, right? That's the reason why we are maintaining our guidance and have included all of the negative impact of Russia into the current guidance. Mm-hmm. Oh, okay. If I might round it up, Robin, we fully aware we need to perform. No matter what happens in the world, no matter what external impact is there, this company has to manage it, keep the guidance, and deliver the results. That's what we are fully committed to, and Alex said it rightly, we could mitigate this with the other things which Alex mentioned, and there are a couple of more things which are in there, but all the negative impact is already in that numbers which are in the guidance, and we are fully committed to hold the guidance and deliver this. Great. Thank you. Just one quick clarification. Can you talk about how much of the revenue growth was from the Synergy acquisition versus organic? Thanks. Alex, can you take on this? Well, the Synergy acquisition sits in a number of different places, so it's quite difficult to separate it in such a specific way. I can tell you that in the US, for instance, our sports solutions business, which effectively is Synergy, has grown very significantly from about €5 million in Q1 of 2022 to about €8 million or so in Q2 of 2022. There is also growth in other parts of the business that comes from Synergy, as we talked about AV, and even there is some in betting the rest of the world. It's a cross-sell a business and it's much harder to indicate specifically. I mean, of your total revenue growth, how much of that was Synergy if you just looked at it in aggregate, you know, not even needing to look at the different buckets? I can't. That's what I'm saying. There is a cross-sell from the Synergy business to other units, and I don't have the number that adds all of that together, right? That's my point. Oh, okay. Okay. You know. The biggest part is in the US, and I've given it to you, but I can't give you the other stuff. What we're doing with Synergy is we bought it and now we're cross-selling their products to our huge customer base, successfully cross-selling those products, but it's very difficult for me to break those pieces out. Okay. Understood. Thank you. We have a question from Steven Pizzella with Deutsche Bank. Your line is open. Hey, good morning, guys. Just wanted to follow up on the US business. It looks like US revenues are settling in at approximately 1.5%-2% of US sports betting GGR according to our math. I guess, one, do you think that's a good way to look at it, given I believe a large part of the revenue is from other revenue? Two, where do you think that can get to? Can you reach 4%-5%? Hi, Steven. No, I think it's not a good way to look into it because you would look only into a data distribution, and I hope we made clear that we are not a data-only distributor for the US media and betting operators. We are trying to start with the data and then upsell with probability products, which we call Live Odds. Then we are going into the trading services, then we are going into the platform services, and we are cross-selling this AV and ad:s product. That all comes with a significantly higher margin share. That explains to you the journey where it goes into the direction to the numbers that you mentioned. With the pure data upsell, that would be not possible. You need to deliver value to the client, additional value, and that comes from these additional products. Okay, great. Thanks. Appreciate it. Yeah. We have a question from Michael Graham with Canaccord Genuity. Your line is open. Thank you. I just wanted to ask a deeper question about your ads business. You said in the slides that ads grew over 70%, and I believe you mentioned a 40% growth number in your prepared remarks. Was that for the US? Maybe just clarify that. Can you talk about how complete you think your ads solution is and just you know what is the potential for that business going forward? Well, if we're looking now into the future, we see a continuous growth year-over-year from 40%-45%. That's for the next years. What we built with ad:s is by ourselves, the programmatic advertising engine with DSP and SSP self-developed by us. You can buy some of those pieces from companies in the market and try them to modify the algorithms by yourself and build the engine. We have decided many years ago to build this by ourselves, and we think it's a strength that we can control this. What we added now to the programmatic is things like paid social, offline campaigning and all those elements together are building then now the ad:s business. That has changed during the year. We added now the paid social, and that has also an impact because paid social is traditionally a product where you have less margin. The growth net or gross revenue is the same, so 40%-45%, and we see that this is continuing over the next years. Currently, I think that was the second part of your question, we are focusing very much on the United States with ads because here we see the highest demand. We see very high acquisition costs for the operators to recruit new punters. That is a perfect market environment to have an optimized channel. Whatever we do with ads is significantly cheaper than broadcast or working with the big media. Therefore, we are continuing to focus here. if I could just add. The way the ads business in the US grew 50%, right? The total ads business globally grew about 40%. It grew a little bit less in Europe, but in the US it's growing at 50%. Okay, thank you. As a quick follow-up to that, you know, do you have any comment about the competitive landscape among the operators in the US, you know, given sort of your lens through the ads business? Do you think that competitive intensity is increasing or not? Well, you got from me the growth expectation. Would somebody who is expecting a 40%-45% growth going three years forward see a strong increase in the competitive landscape? I would say that would make you a little bit more conservative with that growth rate. I think it's a very specialized segment. I think we have a very specialized solution for this. Yes, there is competition, but we expect that strong growth, so that means we expect that we can provide very competitive solutions. Okay, thanks a lot. We have a question from Shaun Kelley with Bank of America. Your line is open. Hi, thank you for taking my question. I just wanted to go back to the revenue outlook for a moment. I think we've talked a lot about the EBITDA outlook and decomposing that. Just as we think about, you know, what you're seeing on the core revenue trends that gave you the confidence to be able to increase guidance, can you just help us break down a little bit more specifically? Was that more out of the US where you know we are seeing continued super solid growth? Is it you know healthier trends in just rest of world? You know where exactly you know would you define that increase? I know it's pretty strong across the board. Look, the rest of the world betting is the most important segment for us, and here we are growing more than 20% in the quarter, and we're continuing seeing the growth. That comes from upselling clients. I spoke about the NRR with 115%. We're nearly losing no client, less than 1% churn. We can upsell some of the scalable products. Live Odds is a sample for this. We are increasing to see clients moving into our trading services and the platform services, which is of course very good for us. It's a higher margin product, and it is driving the growth. Looking to our audiovisual segment, that's traditionally something which is not growing that fast. We are around about 10%. That is the thing where you're gonna need to calculate and being a prudent steward of the capital of our investors, how much rights, audiovisual rights do we put in that segment that we're optimizing the portfolio here, and then we can drive the growth in there, but it's a question of profitability. You will see in this segment not the growth like in the rest of the world betting, but pretty stable and satisfying. We are coming to the US, where we see a strong growth trend, a CAGR of, I think, 59% for the last four years, which I gave you, is demonstrating this. We're not seeing this slowing down. We see that more states are coming online with betting. We see also a lot of requests from media companies that we can upsell here. That's the mix. Strong growth driver, a strong growing market in the United States. Now 15% of our total revenue increasing strongly. Very, very stable, high growth betting business. Main driver, the trading services and the platform services from a growth perspective, and then very stable audiovisual growing business. Thank you. As a follow-up, you know, it was a volatile FX period. Probably more volatile than we've seen in any number of years over the Q2, and obviously it had an impact on just cash and accounting a little bit. But can you just outline, you know, how this impacts Sportradar's business? You know, broadly speaking, are there anomalies or things that happen or are most costs in market relative to currency? I mean, it doesn't look like it. It had a material drag, at least as reported in euros, as it relates to reported results. But just how does it play through, you know, the financials and the consumer side for Sportradar? Alex, a perfect question for the CFO. You're right. Obviously we disclose the cash, right? We are a euro company, so this is all gain to us as the dollar continues to strengthen. Obviously we disclose the cash, and that's very clear that our US dollar cash revalue is now significantly higher. But in terms of dollar cash in terms of euros. In terms of the actual business, the impact on revenue is really immaterial, a couple of million EUR at best, and there is zero impact on the EBITDA because of the balance of our revenue and costs in US dollars as it translates. At this point, there is no impact really of any, in terms of the P&L, other than the cash revaluation at all. I guess as we become bigger and bigger in the US, in terms of revenue over time, the impact would become bigger if the volatility continues. At this point, and certainly towards the end of this year, for the balance of the year, I don't see any material impact or effects on the revenue or on the EBITDA. Thank you very much. Thank you. Our last question comes from David Katz with Jefferies. Your line is open. Hi, this is Cassandra, asking on behalf of David. Well first, thank you for taking my questions. Carsten, could you expand a little bit more on the US live betting today? Can you tell us what is the penetration today and where do you see it longer term? Yes. That's the same, and hello, Cassandra. That's the same what I said in one of the last quarterlies. We see that there are some sports are picking up better on live. Basketball is such a example. Very difficult to give you here at the moment the current ballpark. It's from operator to operator a bit different, but let's say that ends in a ballpark 30%-35%. That's the proportion from all bets received. So still it's a minority. There are sports which are a little bit less for live betting. NASCAR might be such example or NFL. But it all shows into a direction. Everything is growing strongly in the live betting segment. It's simply much more fun and much more enjoyable if you watch the event and if you can place a bet. You are much more connected, and you have this emotional element, and that's what is driving all of us via sports fans. That's emotional, and betting is much more emotional if you do it in play. In our core markets, in Europe, but also in Africa, in Latin America and in Asia, there is a very clear trend into live betting. In the saturated markets, we see 70%-80% of all the accepted bets are live. We expect the US to have the same trends. It takes time, and it's only a question, what do we think? How long will it take that the US has adapted to the worldwide level of live betting, which is in the range of 70%-80% of all bets are live. Undoubtedly this trend has started and you can't reverse it, which is good, and which is very rational because sport is emotional. During that emotion, if you place a bet, that's so much more enjoyable. Great. Thank you very much. If I may follow up, I feel like single game parlay has become pretty popular in US and whether the companies today are offering products or pricing on parlays like that or will look into developing this offering. Yeah. Well, this is only a part of the betting engine, and with our platform services, we are offering this. Even with our trading services, we are offering calculators for parlays and for integrating bonus or buyback programs. If you have a parlay and if two of your picks are already winning and you have a third, you can buy back the bet. There are algorithms to do this, and we have those things. I think it's a very normal trend. You wanna go with a $1 bet, and you want to win $1,000 with a $1. Combine a parlay with high multiples, and you're getting there. That's something which we see in many places, very popular, and I'm happy to see that this is also picking up in the US. That moves away from the traditional Vegas punter with $10,000 in his pocket going on only one specific over under into more the entertainment factor, which we are promoting a lot. Got it. Thank you very much. Thank you. Thank you. There's no other questions in the queue. I'd like to turn the call back to Carsten Koerl for closing remarks. Thanks to everyone for joining the call today. I want to reiterate our ability to meet and exceed the revenue expectation despite the ongoing challenges we face from the Russia-Ukraine conflict and the general economic unease. With our cash flow and the capital in a stronger position today, we will continue to look to opportunities for growth and eye towards smaller accretive acquisitions. We will relentlessly drive leverage into our business model, especially in the US. I want to personally thank our Sportradar team for their persistent commitment day in, day out to serve our customers and build our businesses. I couldn't be prouder of what we have built over the past 20 years. I remain incredibly confident in our perspectives for the future. Thank you for joining the call. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.