Genius Sports Reports Second Quarter 2024 Financial Results
Intellectia.AI2024-08-06
Genius Sports Reports Second Quarter 2024 Financial Results
Genius Sports Limited (NYSE:GENI), the official data, technology, and broadcast partner for the global sports ecosystem, announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY Change % | Consensus Estimates | Beat/Miss |
|---|---|---|---|---|---|
| Total Revenue | $95.4M | $86.7M | +10% | $94.21M | Beat |
| Earnings Per Share (EPS) | -$0.03 | -$0.07 | +57% | -$0.03 | Met |
| Adjusted EBITDA | $20.8M | $15.7M | +33% | $21.0M | Miss |
The company reported robust financial performance, exceeding revenue guidance and matching consensus EPS expectations. The 10% year-over-year increase in total revenue was a significant positive indicator, despite a net loss of $21.8 million compared to $10.3 million in Q2 2023. The company also demonstrated solid growth in Adjusted EBITDA, increasing by 33% year-over-year.
Segment Performance
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | YoY Change % |
|---|---|---|---|
| Betting Technology, Content & Services | $67.1M | $56.8M | +18% |
| Media Technology, Content & Services | $18.0M | $18.0M | 0% |
| Sports Technology & Services | $10.4M | $11.7M | -11% |
In the breakdown of revenue across major segments, the Betting Technology, Content & Services segment saw a notable 18% increase driven by new customer acquisitions and contract renewals. Media Technology remained constant year-over-year, while Sports Technology & Services experienced an 11% decline.
Key Operational Highlights
| Highlight | Details |
|---|---|
| Augmented Broadcasts | Launched augmented broadcasts of Canadian Football League matches on TSN+. |
| New Product Features | Introduced ‘Manager Mode' for Viaplay's Danish Cup Final broadcast. |
| Strategic Agreements | Secured AI player tracking technology agreement with UEFA, covering over 1,350 matches. |
| Post-Reporting Period Highlights | Finalized data partnership extension with Football DataCo and launched Fantasy EFL, among others. |
Management Commentary
"This quarter validates our strategic execution as we continue to deepen our league relationships and expand our product offering," said Mark Locke, Genius Sports Co-Founder and CEO. "We are excited for the remainder of the year and expect to reaccelerate Group Revenue growth, continue our Adj. EBITDA margin expansion, and generate positive cash flow."
Financial Outlook
Genius Sports has raised its 2024 guidance, now expecting Group Revenue of approximately $510 million and Group Adjusted EBITDA of approximately $85 million. This represents a growth of 23% and 59%, respectively, year-over-year. The company reaffirms its expectation of generating positive cash flow in 2024.
Stock Price Movement
After the earnings release, Genius Sports' stock price declined by 3.27%.
Genius Sports continues to demonstrate solid performance and strategic growth, particularly in its core segments. The updated guidance and promising operational milestones underscore the company's optimistic outlook for the remaining fiscal year.
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