{
  "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,
  "pageCount": 61,
  "prevPage": 43,
  "nextPage": 45,
  "slideType": "expose_contradiction",
  "function": "expose_contradiction",
  "density": "overcrowded",
  "nDataPoints": 0,
  "notes": "Uses a 'quote-contradiction' pattern to highlight aggressive accounting practices.",
  "elementsJson": [
    "headline_text",
    "paragraph",
    "callout_box",
    "quote_block",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b99-1b3c88355559/44",
  "deckHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b99-1b3c88355559#slide-44",
  "components": [
    {
      "bbox": {
        "h": 0.08,
        "w": 0.78,
        "x": 0.2,
        "y": 0.35
      },
      "kind": "callout",
      "text": "“Value-In-Kind (VIK) means the goods and/or value other than the actual form of cash received”",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "3543660c-887e-40ae-8846-372102a3104c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "callout",
      "text": "Therefore, we believe, recognizing VIK as revenue, and its benefits to growth, is disingenuous.",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7c4-b1769163b5fb",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "framework",
      "text": "Contrasting accounting definition with CEO's own description of the business model",
      "attrs": null,
      "subkind": "instance",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f7f379a1-2053-4b01-96f0-4997b94c516f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.11,
        "w": 0.96,
        "x": 0.02,
        "y": 0.17
      },
      "kind": "paragraph",
      "text": "Value-In-Kind (VIK) revenue, a result of “contra deals”, is the value of goods or services provided instead of money. In the betting data business, these are barter transactions where Genius provides free software in exchange for the rights to league data. The league data is then sold to sportsbooks for cash revenue. Therefore, we believe, recognizing VIK as revenue, and its benefits to growth, is disingenuous.",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "14a4f5b7-5e40-4144-b8df-d0726a887ab2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.35,
        "w": 0.78,
        "x": 0.2,
        "y": 0.52
      },
      "kind": "quote",
      "text": "“We have a unique rights strategy, whereby, as I mentioned before, we work with a vast number of sports to collect the underlying data that’s required for sportsbooks through contra-relationships or swapping our software with those sportsbooks...\"",
      "attrs": null,
      "subkind": "testimonial",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "782b91bf-6059-41d0-ba8a-9780cb80a23b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "\"Value-In-Kind (VIK) means the goods and/or value other than the actual form of cash received\" — Law Insider. \"We have a unique rights strategy, whereby, as I mentioned before, we work with a vast number of sports to collect the underlying data that's required for sportsbooks through contra-relationships or swapping our software with those sportsbooks.\" — Mark Locke, CEO Genius Sports (M&A Call, October 28th, 2020).",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd952-e6ec-7186-b7c4-b6eb3602244c",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.1,
        "x": 0.07,
        "y": 0.44
      },
      "kind": "source-note",
      "text": "Source: Law Insider",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "50d75951-a2e2-4ce4-b477-fe67122d7135",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.2,
        "x": 0.07,
        "y": 0.87
      },
      "kind": "source-note",
      "text": "Source: M&A Call (October 28th, 2020)",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "bd4a5603-72d4-4145-b64e-d0f53074e522",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.45,
        "x": 0.305,
        "y": 0.05
      },
      "kind": "title",
      "text": "Barter Deals With Sports Leagues",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "f04e4d43-f71e-4115-bbbe-ec54e4f3fda5",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "ceo-quote-contradiction",
      "slug": null,
      "matchId": "2a3a0fd4-cba5-43bd-b163-f535c4a6f769",
      "evidence": "Contrasts a formal definition of VIK with the CEO's admission of 'contra-relationships' to expose aggressive revenue recognition.",
      "confidence": 1
    }
  ],
  "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
}