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"parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 32, "slideType": "quote_slide", "function": "expose_contradiction", "notes": "The slide uses a direct quote from a Sportradar Strategy Director to validate the thesis that the deal was overpriced.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/32", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": 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"expose_contradiction", "function": "expose_contradiction", "notes": "Uses news headlines as evidence of financial ties.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/40", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-40", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, 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"f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 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"imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 43, "slideType": "section_divider", "function": "transition", "notes": "Spruce Point Capital Management branding.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/43", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-43", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 44, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a 'quote-contradiction' pattern to highlight aggressive accounting practices.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/44", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-44", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 45, "slideType": "precedent_table", "function": "cite_precedent", "notes": "The slide uses historical precedents to frame the target company's business model as inherently risky and prone to regulatory scrutiny.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/45", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": 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"slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/47", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-47", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": 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"evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 49, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a table to list dates and league names to demonstrate the volume of partnerships, 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"f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 51, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a red arrow and underlining to highlight the 'no cost' clause in the contract.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/51", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-51", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 52, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "Uses a table to itemize services and their costs, with a red arrow highlighting the VIK clause.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/52", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-52", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, "confidence": 0.8, "parentBeatName": "Development", "parentBeatSlug": "development" } ], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }, { "docId": "019dd923-622c-750b-8b99-1b3c88355559", "docSlug": "08d6aefbccb5", "documentTitle": "Genius Sports Limited (GENI)", "authorId": "54_Spruce_Point_Capital", "authorName": "Ben Axler", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2021-08-05 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 53, "slideType": "expose_contradiction", "function": "expose_contradiction", "notes": "The slide uses a direct excerpt from a legal agreement to support the activist thesis.", "imagePath": null, "matchCount": 1, "evidence": null, "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/53", "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559", "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-53", "loopMatches": [], "arcBeatMatches": [ { "to": 53, "from": 8, "beatId": "f3e1ffe1-c3ed-402d-bf3c-dc6cefa18b8e", "arcName": "Problem-Agitate-Solution", "arcSlug": "problem-agitate-solution", "beatName": "Agitation", "beatSlug": "problem-agitate-solution-agitate-make-it-worse", "evidence": "The deck agitates the problem by detailing various concerns, including unrealistic growth assumptions, questionable revenue recognition practices, and financial strain.", "position": 1, 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