Carsten Koerl: The ATP deal, Robin is still — we are selected in the tender process, but we are now in the negotiation for a short and long-form agreement. So this deal is not reflected in the guidance, but that starts in 2024. So there might be some minor costs in 2023 that reestablish the tools and the functionalities there. But that’s the only one.
Robin Farley: Okay. Great. Thank you very much.
Operator: Please standby for our next question. Next question comes from Jason Bazinet with Citi. Your line is now open.
Jason Bazinet: Thanks. I just had a question on liquidity actually. I guess, prior to the IPO you guys had about €190 million on the balance sheet. It grew to about €770 million. You exited the year at just under €245 million. Do you think the plans you talked about to improve the EBITDA to free cash conversion will be sufficient to allow you to sort of execute your plan without needing external capital, or is there some risk that if there’s working capital movements or FX movements that you might need third-party capital? Thanks.
Carsten Koerl: Uli, that’s a question with the bridge for the CFO. I leave this to you that you can explain it.
Ulrich Harmuth: Yes. No, happy to answer that, Jason. So firstly, we did generate a positive cash flow of €39 million in 2022. So the company is operationally cash flow positive. And just as Carsten mentioned like walking you through the bridge, what happened between the end of 2021 and end of 2022. Like at the end of 2021 and as an addition to the number that you have given, we obviously had the IPO proceeds. We started off with a cash position of €743 million. The major impact afterwards was actually that we repaid our Term Loan B exit facility of €422 million that we repaid in the third and the fourth quarter of 2022. So that is a cash outflow of €420 million. Then we had M&A activities of €49 million. We had a joint venture with SportTech that we invested into that took €35 million.
Then we repurchased the minority stake that the NFL had in our US entity. That was another €28 million cash outflow. And then we had €39 million of operational cash flow and that ended up with our cash end of the year of €244 million. And we believe that going forward, we will remain cash flow positive. We have a revolving cash — credit facility in place, that will add more than €200 million additional capital, if we need it. And therefore, we don’t think that we for the next 12 months, we need additional capital, certainly not for operations. And also on the M&A side, we don’t necessarily expect to make bigger deals in the next 12 months. And therefore, we think that we are good for the next 12 months.
Jason Bazinet: Perfect. Thank you.
Operator: Please stand-by for our next question. Next question comes from Stephen Grambling with Morgan Stanley. Your line is now open.
Stephen Grambling: Hi, thanks. Going back to the sports rights that you were discussing some of the incremental costs I think in the fourth quarter. I think you also mentioned the NBA deal begins negotiations in 4Q as well, and I recognize there’s still some moving parts. But looking broadly at sports rights and what I guess has been happening with the ATP deal that you’re now taking over, how does the potential structure and cost of this transaction form your expectations for rights going forward? And what gives you confidence in the — I think you cited 24% of revenue.
