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  "documentTitle": "Genius Sports Limited (GENI)",
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  "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 uses 'Red Flag' callouts to highlight specific accounting concerns.",
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      "kind": "callout",
      "text": "Red Flag: industry experts have told us 11% of revenues from leagues seems high; Sportradar's revenue from leagues is at most 5%",
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      "text": "Red Flag: from our conversation with a former Genius Sports Manager, it is unlikely that the sports league partners have the means to pay the assigned values of Genius' services stated in the partnership contracts",
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      "kind": "callout",
      "text": "Revenue attributed to \"noncash consideration\", a result of value-in-kind / contra deals (i.e. barter transactions), raises significant concerns regarding Genius’ revenue recognition and reported / forecasted growth",
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      "text": "Revenue attributed to 'noncash consideration', a result of value-in-kind / contra deals (i.e. barter transactions), raises significant concerns regarding Genius' revenue recognition and reported / forecasted growth",
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      "text": "We believe Genius shares are a poor risk / reward with unrealistic growth assumptions",
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      "kind": "list",
      "text": "Genius is not a 'bet on every horse', it's a bet on being able to secure exclusive, yet expensive, sports league rights",
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      "text": "downside: 60% - 80%",
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      "kind": "title",
      "text": "60% - 80% Downside To $3.25-$6.50 Per Share",
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