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  "documentTitle": "Genius Sports Limited (GENI)",
  "authorId": "54_Spruce_Point_Capital",
  "authorName": "Ben Axler",
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  "sourceTypeLabel": "Short seller",
  "presentationDate": "2021-08-05 00:00:00",
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  "notes": "The slide uses a valuation bridge to argue that the current market multiple is inflated compared to peer-based guidance.",
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      "text": "Simply assigning a revenue multiple of 7.5x, in-line with better positioned “online gaming” players such as Golden Nugget, Rush Street Interactive and PointsBet, would result in significant downside for Genius shares.",
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      "text": "Revenue Multiple: 12.8x",
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      "text": "Genius' current share price implies a 12.8x forward revenue multiple on the Company's 2021 guidance, double the 7.5x valuation where the Company agreed to be acquired by DMYD. We believe the multiple expansion is because of misperception about the ultimate profitability of the NFL contract. Simply assigning a revenue multiple of 7.5x, in-line with better positioned “online gaming” players such as Golden Nugget, Rush Street Interactive and PointsBet, would result in significant downside for Genius shares.",
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      "kind": "source-note",
      "text": "(1) Includes warrants (2) Rounded figure Note: Market data as of 8/4/2021 Source: Company financials, Spruce Point research",
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      "text": "Valuation comparison table showing 2021E Revenue, Revenue Multiple, Enterprise Value, Net Cash, Equity Value, Diluted Shares, Implied Share Price, and Upside/Downside.",
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      "text": "Current Valuation Raises Concerns",
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