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  "docSlug": "08d6aefbccb5",
  "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 potential financial strain or accounting anomalies by benchmarking Genius Sports against industry peers.",
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      "kind": "callout",
      "text": "We found Genius to be an outlier with significantly higher figures for both metrics.",
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      "text": "accounts receivable as % of revenue: 16.5%",
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      "kind": "paragraph",
      "text": "We compared Genius' accounts receivable and deferred revenue as a percentage of revenue to its stated online gaming peers. We found Genius to be an outlier with significantly higher figures for both metrics.",
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      "text": "Note: Based on companies' fiscal year ends. (1) Sum of Predecessor and Successor financials for Genius Sports. Source: Company financials, Spruce Point analysis",
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      "text": "Comparison table of Accounts Receivable and Deferred Revenue as % of revenue for Genius Sports and peers (DraftKings, Golden Nugget, Rush Street Interactive, PointsBet) across FY 2018-2020 and LTM Q1 2021.",
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      "kind": "title",
      "text": "Genius Shows Financial Strain Compared To Online Gaming Peers",
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