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  "documentTitle": "Genius Sports Limited (GENI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-08-05 00:00:00",
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  "notes": "The slide highlights the discrepancy between revenue growth and persistent operating losses, questioning the sustainability of EBITDA improvements.",
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      "text": "Additional benefits to EBITDA came from cuts to research & development expense (R&D) which should raise questions as Genius needs to continue innovating to stay ahead of the curve.",
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      "text": "Adjusted EBITDA Margin: 17.2%",
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      "text": "Despite reported revenue growth, Genius continues to report large operating losses. We believe the improvement in 2020 adjusted EBITDA was a result of gross profit growth following the addition of the Premier League rights. Additional benefits to EBITDA came from cuts to research & development expense (R&D) which should raise questions as Genius needs to continue innovating to stay ahead of the curve.",
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      "text": "(1) Sum of Predecessor and Successor financials\nSource: Company financials, Spruce Point analysis",
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      "text": "No True Profitability As Revenue & Adjusted EBITDA Grows",
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