Q2 2024 Genius Sports Ltd Earnings Call Transcript
Key Points
- Genius Sports Ltd (GENI) reported group revenue of $95 million for Q2 2024, exceeding expectations.
- Adjusted EBITDA for the quarter was $21 million, representing a 33% year-on-year growth and nearly 400 basis points of margin expansion.
- The company has extended its exclusive data partnership with Football DataCo, securing data rights for UK football, including the English Premier League, through 2029.
- Genius Sports Ltd (GENI) launched the first-ever EFL fantasy football game, which quickly became the number one downloaded sports app in the UK iOS App Store.
- The company has increased its 2024 revenue and adjusted EBITDA guidance to $510 million and $85 million, respectively, indicating strong confidence in future growth.
- Media revenue was largely unchanged year-on-year due to a quieter sporting calendar and lower overall marketing spend.
- Sports revenue was slightly lower year-on-year, with sports technology viewed more as an enabler rather than a direct revenue driver.
- The company's net loss widened by $10 million year-over-year, despite an increase in adjusted EBITDA.
- Stock-based compensation expenses were significantly higher year-over-year, impacting overall profitability.
- The US market showed a high single-digit decline in revenue for Q2, attributed to the seasonally slow period and lower media programmatic spend.
Thank you for standing by. My name is Liz, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Genius Sports Second-Quarter 2024 Earnings Results Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and answer-session. (Operator Instructions)
Thank you. I would now like to turn the call over to Genius Sports. Please go ahead.
Thank you and good morning. Before we begin, we'd like to remind you that certain statements made during this call may constitute forward-looking statements that are subject to risks that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility for updating forward-looking statements.
Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our annual report on Form 20-F filed with the SEC
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