{
  "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": 20,
  "pageCount": 61,
  "prevPage": 19,
  "nextPage": 21,
  "slideType": "precedent_table",
  "function": "diagnose_problem",
  "density": "dense",
  "nDataPoints": 32,
  "notes": "The slide uses red boxes to highlight specific trends in accounts receivable and deferred revenue as a percentage of revenue/cash revenue.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "data_table",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/20",
  "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-20",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "We observe multiple classic signs of financial strain within Genius' financials. From a working capital perspective, as a percentage of revenue, accounts receivable have increased ~5% and deferred revenue has more than doubled.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7c1-d98a333f1e18",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "accounts receivable",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7c1-df7bbbe31ba0",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.08,
        "w": 0.9,
        "x": 0.05,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "We observe multiple classic signs of financial strain within Genius' financials. From a working capital perspective, as a percentage of revenue, accounts receivable have increased ~5% and deferred revenue has more than doubled. As of Q1 2021, Genius no longer discloses the noncash consideration included in the Company's revenue.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "18edd063-3693-4909-99db-53a41bcd9ef1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.3,
        "x": 0.05,
        "y": 0.92
      },
      "kind": "source-note",
      "text": "(1) Sum of Predecessor and Successor financials\n(2) Based on LTM cash revenue\nSource: Company financials, Spruce Point analysis",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f229ce4b-d161-482a-87f6-3049bd56e5e1",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.55,
        "w": 0.65,
        "x": 0.175,
        "y": 0.31
      },
      "kind": "table",
      "text": "Financial data table showing Revenue, Noncash Consideration, Cash Revenue, Accounts Receivable, and Deferred Revenue from FY 2018 to Q1 2021.",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "97a60ea8-2ef2-4ec8-8ff4-5ba53c2d0174",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.4,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Multiple Signals Of Financial Strain",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "da77538a-72c8-450d-b325-f9d09cc436ec",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [],
  "arcBeats": [
    {
      "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"
    }
  ],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}