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  "documentTitle": "Genius Sports Limited (GENI)",
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  "authorName": "Ben Axler",
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  "presentationDate": "2021-08-05 00:00:00",
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  "notes": "Uses a dialogue-style contrast between Spruce Point and a former manager to highlight the absurdity of the valuation.",
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      "text": "We believe it is unlikely Genius' partner leagues would pay the assigned values for these services (e.g. software, integrity services) which are currently being offered by Genius to the leagues for free",
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      "text": "Spruce Point questions the values assigned by Genius to its VIK revenue contracts. We believe these values may be significantly above \"fair value\". We believe these VIK revenue contracts allow management the flexibility to potentially manipulate its reported revenue.",
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      "kind": "quote",
      "text": "“The contract prices we have seen quoted are $50 or $90 thousand. Can these leagues afford this?” — Spruce Point. “No, to be honest, if I looked up countries within each region, America, Africa, Asia, $90 thousand would be a lot for them to pay each year. They have different priorities about development and digitization is not their core business.” — Former Genius Sports Manager",
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      "text": "Source: Partner Services Agreement (Contract 2)",
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