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  "docSlug": "08d6aefbccb5",
  "documentTitle": "Genius Sports Limited (GENI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
  "documentKindSlug": "activist-deck",
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  "sourceTypeSlug": "short_seller",
  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-08-05 00:00:00",
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  "pageNumber": 21,
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  "nDataPoints": 20,
  "notes": "The slide highlights Genius Sports in a red-bordered row to draw attention to the negative working capital metrics.",
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      "text": "Spruce Point finds Genius' working capital (current assets – current liabilities) to be significantly worse than its peers. We attribute this to Genius' inferior distributor business model in which Genius is at the mercy of its data suppliers and end market sportsbooks.",
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      "text": "Working Capital: (14.6%)",
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      "kind": "source-note",
      "text": "Note: Based on companies' fiscal year ends\n(1) Sum of Predecessor and Successor financials for Genius Sports\nSource: Company financials, Spruce Point analysis",
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      "text": "Spruce Point finds Genius' working capital (current assets – current liabilities) to be significantly worse than its peers. We attribute this to Genius' inferior distributor business model in which Genius is at the mercy of its data suppliers and end market sportsbooks.",
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      "kind": "table",
      "text": "Comparison table of Working Capital as a % of revenue for Genius Sports vs DraftKings, Golden Nugget, Rush Street Interactive, and PointsBet across FY 2018, 2019, 2020, and LTM Q1 2021.",
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      "kind": "title",
      "text": "Working Capital Worse Than Peers",
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