Genius Sports Reports Strong Fourth Quarter and Full Year 2020 Results
Genius Sports Limited (NYSE:GENI) reported robust financial results for Q4 and FY 2020, achieving a 27.6% increase in quarterly revenue to $47 million and a 30.6% rise in annual revenue to $149.7 million. The company benefited from enhanced customer utilization and new partnerships, notably with the NFL. Adjusted EBITDA for the quarter reached $4 million, marking a significant turnaround from a loss in the previous year. Key growth areas included betting technology and media services, with a notable 90.5% revenue increase in media.
- Q4 revenue rose 27.6% to $47 million.
- Full-year revenue increased 30.6% to $149.7 million.
- Group adjusted EBITDA improved to $4 million from a loss last year.
- New six-year partnership with NFL enhances market position.
- Media Technology revenue surged 90.5% to $7.5 million.
- Sports Technology revenue declined by 1.7% to $4.3 million.
Genius Sports Limited (NYSE:GENI) (“Genius” or “GSL” or the “Group”), the official data, technology and commercial partner that powers the global ecosystem connecting sports, betting and media, today announced financial results for its fiscal 2020 fourth quarter and full year ended December 31, 2020.
“2020 was a landmark year for Genius, with outstanding performance amidst the challenges presented by the global pandemic,” said Mark Locke, GSL Co-Founder and CEO. “We have entered 2021 with great momentum, bolstered by our recently-completed merger with dMY II and NYSE listing, as well as our exclusive partnership with the NFL. I am more confident than ever about the opportunities ahead as we continue to leverage our unique technology and scale to grow alongside the rapidly expanding global sports, betting and media ecosystem.”
$ in thousands |
4Q20 |
4Q19 |
% |
FY20 |
FY19 |
% |
||||||
Group Revenue |
47,017 |
|
36,847 |
|
|
|
149,739 |
|
114,620 |
|
|
|
Betting Technology, Content & Services |
35,265 |
|
28,580 |
|
|
|
110,618 |
|
88,370 |
|
|
|
Sports Technology & Services |
4,258 |
|
4,333 |
|
( |
|
16,066 |
|
14,367 |
|
|
|
Media Technology, Content & Services |
7,494 |
|
3,934 |
|
|
|
23,055 |
|
11,883 |
|
|
|
Group Adj. EBITDA |
4,034 |
|
(1,214) |
|
nm |
|
17,510 |
|
(6,208) |
|
nm |
|
Group Adj. EBITDA Margin |
|
|
nm |
|
nm |
|
|
|
nm |
|
nm |
nm = not meaningful
4Q 2020 Financial Highlights
-
Group Revenue: Group revenue increased
27.6% year-over-year to$47.0 million . On a constant currency basis, revenue increased$9.3 million , or24.8% year-over-year.-
Betting Technology, Content & Services: Revenue increased
23.4% year-over-year to$35.3 million , driven by growth in customer utilization of Genius’ event content and new customer acquisitions. Growth was also supported by price increases powered by Genius’ official data rights strategy, expansion of value-add services, and new service offerings. -
Sports Technology & Services: Revenue declined by (
1.7% ) year-over-year to$4.3 million . -
Media Technology, Content & Services: Revenue increased
90.5% year-over-year to$7.5 million , driven by the acquisition of new customers in the Americas and Europe, primarily for programmatic advertising services.
-
Betting Technology, Content & Services: Revenue increased
-
Group Adj. EBITDA: Group adjusted (non-GAAP) EBITDA increased to
$4.0 million from ($1.2) million .-
Group adjusted EBITDA margin was
8.6% in the quarter.
-
Group adjusted EBITDA margin was
Full Year 2020 Financial Highlights
-
Group Revenue: Group revenue increased
30.6% year-over-year to$149.7 million , with strong growth across all product lines. On a constant currency basis, revenue increased$34.5 million , or30% year-over-year.-
Betting Technology, Content & Services: Revenue increased
25.2% year-over-year to$110.6 million , primarily driven by growth in business with existing customers resulting from Genius’ official data rights strategy, expansion of value-add services, and new service offerings. Growth was also supported by new customer acquisitions and increased utilization of Genius’ available event content. -
Sports Technology & Services: Revenue increased
11.8% year-over-year to$16.1 million , driven by expanded services provided to existing sports league and federation customers across all tiers of sport. -
Media Technology, Content & Services: Revenue increased
94.0% year-over-year to$23.1 million , driven by the acquisition of new customers in the Americas and Europe primarily for programmatic advertising services.
-
Betting Technology, Content & Services: Revenue increased
-
Group Adj. EBITDA: Group adjusted (non-GAAP) EBITDA increased to
$17.5 million from ($6.2) million , driven by strict cost controls and reduced sales and marketing expenses in the wake of the COVID-19 pandemic, offsetting increased data rights costs.-
Group adjusted EBITDA margin was
11.7% for the year.
-
Group adjusted EBITDA margin was
Business Highlights
- After the reporting period, announced a six-year strategic partnership with the National Football League (NFL), through which GSL will be the NFL’s exclusive distributor of real-time official play-by-play statistics, proprietary Next Gen Stats (NGS) data, and the NFL’s official sports betting data feed to media companies and sports betting operators globally.
- Acquired Sportzcast Inc., a leading U.S. manufacturer of sports scoreboard data distribution systems, deepening GSL’s reach with sports leagues and federations to drive growth across data, streaming and media.
- Genius is now permitted to supply in thirteen U.S. states after launching operations in Michigan and Virginia in January 2021. Genius also has permission to supply in three tribal jurisdictions in the United States.
- Extended official data partnership with the National Basketball Association (NBA), granting GSL non-exclusive rights to distribute NBA and WNBA betting data to licensed sports betting operators in the U.S.
- Entered into a two-year marketing partnership with FanDuel to deliver data-driven, targeted advertisements in U.S. states where the company operates.
- Announced exclusive sports betting data and betting streaming partnership with Major League Rugby to help grow the league’s presence in sportsbooks around the globe.
Financial Outlook
GSL anticipates revising its full-year 2021 projections in its first quarter earnings, to be reported in the weeks ahead.
Financial Statements & Reconciliation Tables
The following table summarizes Genius’ consolidated results of operations for the periods indicated.
Maven Topco Limited
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Year Ended December 31, |
|
Three Months Ended December 31, |
||||||||
|
|
2020 |
|
|
2019 |
|
|
2020 |
|
|
2019 |
|
|
|
|
|
(Unaudited) |
|
(Unaudited) |
||||
Revenue |
$ |
149,739 |
|
$ |
114,620 |
|
$ |
47,017 |
|
$ |
36,847 |
Cost of revenue |
|
114,066 |
|
|
89,311 |
|
|
37,024 |
|
|
28,988 |
Gross profit |
|
35,673 |
|
|
25,309 |
|
|
9,993 |
|
|
7,859 |
Operating expenses: |
|
|
|
|
|
|
|
||||
Sales and marketing |
|
13,176 |
|
|
17,711 |
|
|
3,152 |
|
|
7,055 |
Research and development |
|
11,240 |
|
|
13,290 |
|
|
3,006 |
|
|
1,724 |
General and administrative |
|
31,623 |
|
|
29,492 |
|
|
10,281 |
|
|
8,968 |
Transaction expenses |
|
672 |
|
|
1,005 |
|
|
619 |
|
|
499 |
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FAQ
What were the financial results of Genius Sports Limited for Q4 2020?
Genius Sports reported a revenue of $47 million for Q4 2020, a 27.6% increase year-over-year.
What is the full-year revenue for Genius Sports Limited in 2020?
For the full year 2020, Genius Sports recorded a revenue of $149.7 million, up 30.6% from the previous year.
How did Genius Sports Limited's adjusted EBITDA perform in Q4 2020?
Genius Sports achieved an adjusted EBITDA of $4 million in Q4 2020, a significant improvement from the previous year's loss.
What new partnerships did Genius Sports Limited announce recently?
Genius Sports announced a six-year strategic partnership with the NFL and extended its partnership with the NBA for data distribution.
What factors contributed to the revenue growth for Genius Sports in 2020?
Revenue growth was driven by increased customer utilization, new partnerships, and a robust official data rights strategy.
Genius Sports Limited
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