Genius Sports Limited · NYSE:GENI
Genius Sports — Q4 2023 Earnings Presentation
20 slides from Genius Sports's earnings presentation, Mar 6, 2024
Slide 1: Fourth Quarter 2023 Earnings
Fourth Quarter 2023 Earnings March 6, 2024
Slide 2: Disclaimer
Disclaimer Forward-Looking Statements This presentation contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that involve significant risks and uncertainties. All statements other
Slide 3: Contents
Contents 01 Business Updates 02 Financial Results & Outlook 03 Appendix
Slide 4: Business Updates
Business Updates
Slide 5: Execution Resulted in Consistent Outperformance in 2023
Execution Resulted in Consistent Outperformance in 2023 • 2023 Group Revenue increased 21% to $413M, exceeding $391M guidance at start of year Q4 2023 & FY 2023 • 2023 Group Adj. EBITDA more-than-tripled to $53M, exceeding $41M guidance at start of year Results Ahead of • 2023 Group Adj. EBITDA marg
Slide 6: Positive Trends in U.S. Sports Betting Contributing to Growth
Positive Trends in U.S. Sports Betting Contributing to Growth Growth in U.S. Growth of NFL Improving In-Play Online Sports In-Play Handle Win Margins Betting and GGR In-Play represented >20% of NFL U.S. GGR increased by ~35% in Increased by ~60% and ~140% GGR as win margins improved by Q4 2023 (~50%
Slide 7: BetVision Delivered Positive Results Throughout its First Full Season
BetVision Delivered Positive Results Throughout its First Full Season Growth from first half of NFL season to second half… 3x growth in total handle from streamers 3x growth in total in-play handle from streamers Across the full NFL season… of total handle from of total bets made by 76% streamers wa
Slide 8: Genius Sports Positioned to Grow Alongside Customers
Genius Sports Positioned to Grow Alongside Customers Multiple Growth Levers Benefitting Dollar Based Net Genius and its Sportsbook Partners 2021 2022 2023 Revenue Retention1 Growth of Online Sports Betting Market Top 25 Customers 100% 132% 124% Rise of In-Play Betting Improving Win Margins Top 25 U.
Slide 9: Financial Results & Outlook
Financial Results & Outlook
Slide 10: Consistent Outperformance Throughout 2023
Consistent Outperformance Throughout 2023 2023 Group Revenue ($M) 2023 Group Adj. EBITDA ($M) $124$127 $18 $16 $15 $12 $11 $12 $102 $97 $97 $8 $92 $87 $78 $3 Q1 P Q2 P Q3 P Q4 P Q1 P Q2 P Q3 P Q4 P Initial Guidance Actual Initial Guidance Actual 21% 52% 3.4X +$11M FY23 Revenue growth to Incremental
Slide 11: Strong Group Adj. EBITDA Growth & Margin Expansion in 2023
Strong Group Adj. EBITDA Growth & Margin Expansion in 2023 Group Revenue ($M) Consistent Group Adj. EBITDA Margin Expansion 18.0% 17.4% FY2022 $341 +21% 2022 2023 +$72 12.9% FY2023 11.8% $413 9.7% 9.4% 8.3% 52% Group Adj. EBITDA ($M) incremental 4.6% margin 2.5% FY2022 $15.8 +238% +$37.5 FY2023 $53.
Slide 12: Expecting Continued Momentum In 2024
Expecting Continued Momentum In 2024… 2023 building blocks for Group Revenue and Adj. EBITDA growth persist into 2024 Group Revenue ($M) Group Adj. EBITDA ($M) +22% CAGR +235% CAGR $480 $75 $413 $341 $53 $263 $2 $16 2021A 2022A 2023A 2024E 2021A 2022A 2023A 2024E 0.6% 4.6% 12.9% 15.6% Margin Margin
Slide 13: Whilst Maintaining a Stable Cost Base
…Whilst Maintaining a Stable Cost Base Little change in operating expenses to support a larger pool of revenue 2024E Costs ($m) Target % of Revenue at Maturity 2024E Revenue $480 Rights Direct Media Rights costs 25-30% Cost of Revenues $195 $60 $45 All other costs of revenue 18-20% Sales and Marketi
Slide 14: 2024 Quarterly Group Revenue and Adj. EBITDA Guidance
2024 Quarterly Group Revenue and Adj. EBITDA Guidance ($m) Q1 2024E Q2 2024E Q3 2024E Q4 2024E FY 2024E Group Revenue $117 $94 $113 $156 $480 Group Adj. EBITDA $6 $21 $23 $25 $75 Expecting to generate positive cash flow in FY 2024 | 14
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Slide 16: Appendix
Appendix
Slide 17: Genius Sports Q4 P&L & Group Adjusted EBITDA Reconciliation
Genius Sports Q4 P&L & Group Adjusted EBITDA Reconciliation Condensed Consolidated Statements of Operations Reconciliation of U.S. GAAP Net loss to Group (Unaudited, amounts in thousands, Adjusted EBITDA except share and per share data) (Unaudited, amounts in thousands) Three Months Ended December 3
Slide 18: Genius Sports 2023 P&L & Group Adjusted EBITDA Reconciliation
Genius Sports 2023 P&L & Group Adjusted EBITDA Reconciliation Condensed Consolidated Statements of Operations Reconciliation of U.S. GAAP Net loss to Group (Unaudited, amounts in thousands, Adjusted EBITDA except share and per share data) (Unaudited, amounts in thousands) Year Ended December 31, Yea
Slide 19: Reconciliation of GAAP Operating Expenses to non-GAAP Operating Expenses
Reconciliation of GAAP Operating Expenses to non-GAAP Operating Expenses Three Months Ended Year Ended December 31, September 30, June 30, March 31, December 31, September 30, June 30, March 31, December 31, December 31, December 31, 2023 2023 2023 2023 2022 2022 2022 2022 2021 2023 2022 GAAP Operat
Slide 20: GENI Share Count Build
GENI Share Count Build As of Total Capitalization (shares in millions) December 31, 2023 Ordinary shares outstanding 209.1 Additional Securities Management restricted shares and options 2.1 NFL Enterprises LLC vested Warrants1 18.5 Unvested equity-settled RSUs and PSUs2 14.7 Total Additional Securit