Genius Sports Q2 2025 Earnings Call Transcript

Quartr
Provided by Quartr
August 6, 2025

Key Takeaways

  • Positive Sentiment: Genius reported 24% year-over-year group revenue growth and a record 29% group adjusted EBITDA margin in Q2, and raised full-year guidance to $645 million in revenue and $135 million in adjusted EBITDA.
  • Positive Sentiment: The company secured exclusive data and streaming rights to Italy’s Serie A and the European leagues, and extended its NFL betting and BetVision rights through the 2030 Super Bowl, underscoring its tech-driven rights-acquisition strategy.
  • Positive Sentiment: Genius IQ’s computer vision and AI platform powered advanced offerings at the FIBA U19 Basketball World Cup and rolled out semi-automated offside technology in the Belgium Pro League, demonstrating global technology adoption.
  • Positive Sentiment: Media segment momentum accelerated as Fanhub ad inventory for the upcoming NFL season sold out, full-year media revenue growth was lifted to at least 20%, and new partnerships with PMG and major brands were signed.
AI Generated. May Contain Errors.
Earnings Conference Call
Genius Sports Q2 2025
00:00 / 00:00

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Operator

Thank you for standing by. My name is Van, and I will be your conference operator today. At this time, I would like to welcome everyone to the Genius Sports Second Quarter twenty twenty five 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

Thank you. I would now like to turn the call over to Genius Sports. Please go ahead.

Brandon Bukstel
Brandon Bukstel
IR Manager at Genius Sports

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 on 03/14/2025. During the call, management will also discuss certain non GAAP measures that we believe may be useful in evaluating Genius' operating performance.

Brandon Bukstel
Brandon Bukstel
IR Manager at Genius Sports

These measures should not be considered in isolation or as a substitute for Genius' financial results prepared in accordance with U. S. GAAP. A reconciliation of these non GAAP measures to the most directly comparable U. S.

Brandon Bukstel
Brandon Bukstel
IR Manager at Genius Sports

GAAP measures is available in our earnings press release and earnings presentation, which can be found on our website at investors.geniusports.com. With that, I'll now turn the call over to our CEO, Mark Lach.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Good morning, everyone, and I hope you're enjoying the summer. Today, I'm pleased to report another quarter of strong financial results, further demonstrating the operating leverage and predictability of our business model. In the second quarter, we achieved 24% growth in group revenue and a record high at group adjusted EBITDA margin of 29%. We are also excited to share that we're raising our full year guidance this quarter, driven by continued momentum in the underlying business as well as a few major deal we've announced recently. We now expect to generate group revenue and adjusted EBITDA of $645,000,000 and $135,000,000 respectively.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

These recent commercial wins highlight our favorable missus bottle and reflect a strong validation of our strategy and the progress we've made executing against it. Over the last few years, I've been clear about my ambition to distribute our technology across the globe in as many stadiums and with as many leagues as possible and why it is so strategically important. The recent successes from this quarter's are clear examples of how we're shaping the future of league partnerships and why we're even more confident about our path forward. First, our Genius IQ platform was on full display for the FIBA under nineteen basketball World Cup last month. As part of our long standing partnership with FIBA, dating over twenty years, we're now delivering computer vision and AI technology to power the next generation of fan engagement.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

For instance, this tournament included real time optical tracking data, augmented broadcast to deliver immersive viewing experiences for fans, and rich performance insights for coaches and players to optimize training and game strategies. Genius IQ is a single platform utilizing computer vision, AI, and machine learning to power many solutions for leagues and teams, sports books, broadcasters, and advertisers. This technology is integral to CEVA's operations and plays a critical role in unlocking new monetization opportunities for the next ten years of our exclusive partnership with Global Basketball. Genius IQ is also playing an increasingly central role in the world of soccer. Whether it's powering coaching tools, broadcast augmentations, bet vision, or semi automated offsides, our technology is helping to modernize the game.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

We're addressing critical needs for leagues and rapidly scaling these innovations across the globe. It is also what makes us an indispensable partner to leagues and federations and extremely difficult to replace. This technology is a clear differentiator and a key reason why we have won major rights deals in the last few weeks. I'll quickly highlight a few high profile examples to demonstrate how our strategy is working. First, we've just won the exclusive data and streaming rights to Serie A, the top professional soccer league in Italy and among the highest quality content globally.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

And for those less familiar with the European sports betting landscape, Italy is the largest market in Europe in terms of annual GGR, making Serie A one of the most valuable rights in Europe. These rights became available after Stats Perform withdrew from its contract last year. Siri Ah ultimately chose Genius Sports based on a more holistic partnership centered around technology capabilities rather than rights fees alone. For instance, we now plan to launch BetVision for Siri driving even greater fan engagement and betting volume through a differentiated immersive interface. This further illustrates the difference in our strategic approach and why we are winning major rights deals on a cost effective basis.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

We've also just signed a deal to provide Belgium Pro League with semi automated offside technology, further expanding our global distribution of Genius IQ. This deal also marked an important launch pad to a much larger partnership with the European leagues, which brings me to the next major announcement. Our technology has just won us the exclusive rights to the European leagues from IMG Arena. There are several reasons why I'm excited about this and why we believe it marks a critical turning point for Genius. First, this gives us exclusive rights to thousands of top tier soccer events spanning 18 different member competitions across Europe.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

This, along with Serie A and our existing portfolio, including the English Premier League and several others, has tipped the scales and given Genius a leading position in European soccer. We've won these rights because of our differentiated technology, resulting in reduced rights fees that are just a fraction of what IMG Arena had previously paid. This also sets the foundation for a long term collaborative partnership with the European leagues as Genius IQ will become the new technology infrastructure to support several future initiatives. As our technology is deployed across hundreds of venues, these leagues and teams will begin to rely more heavily on this, making Genius IQ incredibly sticky and difficult to replace. This creates a sustainable long term model with high barriers to entry and lays the groundwork for additional monetization opportunities for many years.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

This partnership further demonstrates how we are fundamentally transforming the traditional rights model. By leveraging our technology to secure rights deals, we are reducing rights cost while deepening our competitive moat and paving the way for future technological advancements. The evolution of the rights market is shifting the competitive dynamics in our favor, and these deals continue to validate our strategy. And finally, we've also extended and expanded our partnership with the NFL. Over the last four years, we've delivered on several tech initiatives, and we continue to expand our product road map to support some of the NFL's next strategic opportunities.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

This reflects our strong relationship that we've built over the past four years and represents a natural evolution of our continued collaboration. This deal now extends our exclusive betting data rights through to the twenty thirty Super Bowl. We've also extended our watch and bet rights for in market and national NFL games on phone and tablet to be coterminous with our data rights, allowing us to continue providing BetVision to the global sports betting market for at least the next five NFL seasons. BetVision has proven to drive more interactive engagement and live betting over the last two seasons, and we're excited to continue innovating this product even further. On that note, this expanded partnership also gives us exclusive rights to sell select in game advertising inventory on BetVision.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

This unique inventory can only be accessed through Fanhub and further strengthens our value proposition to advertisers. In fact, this inventory has already been sold out upfront of the upcoming NFL season, a clear signal of demand for this type of offering. We are now feeling more confident than ever about Fanhub's continued growth potential in the second half of this year. As such, we now expect full year media revenue growth of at least 20%, up from our initial forecast for low to mid teens growth for the full year. We continue to make key advancements to the Fanhub platform, giving advertisers more tools to manage and measure digital advertising campaigns and targeting sports audiences.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Additionally, we've maintained a consistent presence at industry events and even hosted our own new front in New York City attracting over 300 attendees, including several agencies and direct brands. As a result, we've signed several deals with well known brands this year, including Walmart, Pepsi, Dairy Queen, and YETI, just to name a few. We've also just announced a major deal with a major advertising agency, PMG, who represents some of the biggest brands in the world, including Apple, Nike, Best Western, TurboTax, Beats by Dre, and several others. Our media business has substantial long term growth potential as we continue to broaden our customer base to include non betting brands and agencies. Fanhub is gaining significant traction as evidenced by our recently announced partnerships.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

With advertisers increasingly allocating budgets to live sports, Genius is well positioned to capitalize on this growing market opportunity. In summary, the key takeaways from this quarter are simple. We're seeing strong momentum across all aspects of the business. We've won major deals that will drive additional revenue in both betting and media, allowing us to raise our guidance for the year. We're leveraging our technology to win key rights deals in a cost effective manner while shifting the competitive dynamics in our favor and widening the competitive moat.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Our technology is differentiated and difficult to displace, further solidifying our long term position with leagues and federations on a global scale. This technology is also unlocking additional monetization opportunities, enabling us to maintain consistent long term revenue growth. And we now have certainty of our largest fixed costs over a multiyear period, paving a clear path for continued EBITDA margin expansion to our long term target of at least 30%. We are well positioned for continued near term and long term financial success. And I will now turn to Nick to discuss the quarter's results in more detail.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

But first, I'd like to acknowledge the CFO transition we announced this morning. As we have indicated in the last few calls, the gravitational center of the business is shifting to New York as The US becomes an increasingly important part of our strategy. We've expanded our US senior leadership team as previously announced, and we're excited to now welcome Brian Castellani, who will join Genius Sports in New York as chief financial officer. Brian brings over twenty years of experience across some of the most distinguished media organizations in the world, including ESPN, the Walt Disney Group, and more recently, Warner Music Group, where he served as CFO. I'd like to sincerely thank Nick for his dedication to Genius Sports over the last six years as he has been an integral part of our growth and transformation as a public company.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Nick will remain actively engaged to help facilitate a smooth and orderly transition. We wish Nick the best of luck in his next endeavor and look forward to formally introducing Brian on our next call.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Thank you, Mark. The past six years have been an incredible journey, and I'm really confident that Brian and the entire team are well equipped to drive continued growth, operating excellence, and long term value creation for the shareholders. Now continuing to the results. Q two is typically a straightforward quarter for us given the quieter sporting calendar this time of year. As such, most revenue in the quarter was derived from fixed fee sportsbook contracts outside of The US, where we have much higher predictability.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So our results were largely in line with expectations. Betting revenue increased 30% year on year to 88,000,000. This increase was largely the result of price increases from contract renewals and expansion of value added services and products like BetVision for soccer, for example, which was launched in the quarter. Media revenue returned to growth this quarter, increasing 4% year on year to 19,000,000. Again, given the quieter sporting calendar in the summer months, we expect most of this year's growth will occur in the second half during the peak season for major sporting events.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

As Mark highlighted, we've also just signed an exciting new deal with PMG, which should contribute near term revenue and further support this growth. With this in mind, we are now tracking above our initial expectations of low to mid teens media revenue growth for the full year, and we now expect growth in the low twenties. Our sports tech revenue increased 22% year on year to $13,000,000. As you've heard Mark discuss, leagues and federations across the globe are utilizing Genius IQ to empower many key objectives ranging from automated officiating, coaching tools, broadcasting technology, and much more. This technology is getting strong momentum and is now driving meaningful revenue growth as we continue to scale this globally.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Turning quickly to costs. We continue to take a disciplined approach in managing cash operating expenses. That said, you will see a onetime increase in stock based compensation in the second quarter, primarily tied to the tranche of warrants issued to the NFL as part of our expanded partnership, which vested upon announcement. To be clear, the equity component of our NFL partnership is unique, and we do not expect to offer equity to any other leagues in the future. Otherwise, we want to emphasize that this is a nonrecurring increase, and our cost base remains well controlled, and we continue to demonstrate strong operating leverage.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

To further illustrate our operating leverage, we have now generated over $47,000,000 of group revenue and added $26,000,000 of group adjusted EBITDA through the first half of the year, representing a 55 incremental margin. In q two specifically, our group revenue growth contributed to adjusted EBITDA at a 57% incremental margin. This resulted in group adjusted EBITDA growth of 64% year on year to $34,000,000. This also translated to 700 bps of margin expansion, setting a new quarterly record margin of 29%. Given the exciting developments you've heard from Mark, we are now raising our group revenue and adjusted EBITDA guidance to $645,000,000 and a $135,000,000 respectively.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

This equates to 26% group revenue growth, 57% growth in adjusted EBITDA, and over 400 basis points of EBITDA margin expansion to 21%. To be clear as it relates to FX, our reiterated guidance from the q one earnings call in May assumed some level of appreciation of the sterling against the US dollar through the year. Based on our current forecast, the difference in our estimates using today's exchange rate is immaterial, and therefore, our increased guidance is a function of our newly announced partnership and the strong underlying business performance rather than any FX impact. Our increased guidance for the year is primarily driven by betting and media. As I said, we expect our full year media revenue to increase year on year to below 20% range and our betting revenue to increase by about 30% consistent with the last two years.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

We also expect to increase our annual cash flow in the year with most of the cash inflow occurring in the second half of the year, which again is consistent with prior years. As we conclude our prepared remarks, it is worth reiterating our confidence in both the near term and long term model. We remain very well positioned for continued margin expansion and cash flow growth for the next several years, especially as we've just extended our largest rights agreements through the end of the decade on a fixed cost basis. This gives us even greater visibility and predictability moving forward. We are also continuing to validate our core strategy through consistent execution, giving us strong momentum as we enter the peak sporting calendar in just a couple of months.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

We look forward to updating you again next quarter. And in the meantime, we now conclude our remarks and open the line to Q and A.

Operator

And A. Your first question comes from the line of Jordan Bender from Citizens. Please go ahead.

Jordan Bender
Senior Equity Research Analyst - Gaming & Leisure at Citizens Capital Markets and Advisory

Hi, everyone. Good morning. I assume the tie up between ESPN and the NFL can have some sort of positive impact on the business. Mark, I'm wondering if you can maybe give your view on where you believe it enhances any of your technology offerings. Thank you.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yeah. Hey. This I mean, clearly, see this as a positive thing for for the business. We've been investing heavily in media tech around this space for a long time. I mean, obviously, it's pretty early days, so we don't wanna comment too too far.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

But, you know, clearly, we you know, the the areas of our investment, what you've seen through, you know, things like BetVision, some of the augmentation that we've done, and as well as some of the ad provisioning that we've been investing in and monetizing recently, we expect to be having positive conversations with them around that.

Jordan Bender
Senior Equity Research Analyst - Gaming & Leisure at Citizens Capital Markets and Advisory

Great. Thank you. And I just want to follow-up on Fanhub and the marketing platform. I think people generally have a hard time translating maybe the earnings power of some of the recent announcements with Fanhub to the business in the medium and long term. I was wondering if you can maybe just elaborate on that revenue potential, whether it's the size of the opportunity, over time or how big of, that piece can be can be the overall part of your business.

Jordan Bender
Senior Equity Research Analyst - Gaming & Leisure at Citizens Capital Markets and Advisory

Just any color that can kinda help us kinda model that out over the next couple years.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Sure. Yeah. I mean, it's pretty simple. I mean, it's it's the the way we think about it is we think about, in terms of, spend and customers. So the the, you know, the number customers that that that we've got exposure to and the amount of spend that the advertising, you know, community want to, you know, put through to those specific sports fans.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

The the the the, you know, the the media business is is performing, as as you can see, much better than than, you know, the the the last quarter. I think we were a little little behind where we wanted to be if we're if we're honest, and that's rebounded back very nicely. And, again, we're seeing strong growth coming out of that over the over the rest of the year. We expect the media business size wise to, you know, be at least the same sizes and and, you know, frankly, longer term in excess of size of the betting business on a medium to long term basis.

Jordan Bender
Senior Equity Research Analyst - Gaming & Leisure at Citizens Capital Markets and Advisory

Great. Thank you. And Nick, best of luck.

Operator

Your next question comes from the line of Barry Jonas from Truist. Please go ahead.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Hey, guys. Yesterday, a competitor noted they couldn't make the math work for Suriyadh in the European leagues. Appreciate the very helpful comments so far on the call. But maybe walk through a little more your financial or ROI expectations for those contracts?

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yeah. Look, I mean, we we we've got pretty high high bar for making making these deals, you know, pop give give us a positive return. And we've we've been pretty clear about historically that we've got all the rights that we need and would only enter into deals if those rights deals, you know, generated, you know, positive returns. So we've we've we've had that focus. The the specific deal that I think you're referring to, you know, meets all of those criteria, and it's something that we feel very positive about.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Clearly, the business has invested a lot over the last few years in technology, and, you know, we've been pretty clear that over, you know, over the course of, you know, that investment that we've that we would be seeing reduction in rights fees and our ability to trade technology for improved commercial deals. And it's something that we're we're starting to see across all of the rights deals that we're doing and all of the relationships with the sports leagues that we're having. So we feel very positive about the deals that we've meet the criteria that we've been very, very clear about with you guys in the past. It's pushing up our EBITDA. It's pushing up our revenue.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

They're immediately accretive. And again, it really is proving the model that we've been championing for a long time and the investments that we've been making in that technology and our ability to secure those deals on very favorable terms.

Barry Jonas
Barry Jonas
Managing Director at Truist Securities

Got it. Got it. That's really helpful. And then just given the flurry of announcements that have come out, curious, are there any other material rights deals you're eyeing to compete on in the near term?

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

No. I mean, sort of, again, kind of I don't want to really repeat myself, but, I mean, we we've we've got everything that we really need. We we have had for a while. So, you know, we'll always look at new rights deals. There's quite an interesting sort of dynamic in the market.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

You know, there's you know, the the market has consolidated quite a lot over over the last while, you know, obviously, IMG and sort of stats and and and really the geopolitical nature of the market, I think, has become very clear to to everybody, obviously, reading the commentary and and a lot of the press that's out there from from you guys is is, you know, showing that that's that that's become really well understood. And I I think as time goes on, you know, the rights market becomes, you know, even more rational. I think it's rationalized a lot recently. I think we and our competitor have, you know, have have shown, you know, good financial discipline in the rights deals that we've done, And I suspect that will continue over the coming future.

Operator

Your next question comes from the line of Ryan Sigdahl from Craig Hallum Capital Group. Please go ahead.

Ryan Sigdahl
Senior Research Analyst at Craig-Hallum Capital Group LLC

Hey, good day guys, and all the best, Nick. I want to stay kind on the new awards. Appreciate all commentary about the economics and what you guys are providing versus previous. Can you comment, so the guidance increase assumes 40% incremental margins on the upside, but several of those seasons are starting, I think in the back half of this year will impact. I guess how much is in guidance for Syria and the European leagues? We'll maybe start there.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Hey, Ryan. It's Nick. Thanks. I mean, effectively, that they're they're all those three announcements that we've made this week are in guide together with the underlying momentum within the business. You're right.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

You know, some of the Euroleaks have actually already kicked off and CRL starts in a couple of weeks. So the commercial guys have got some got some fun and games over the next month or so. But, yeah, they're all built into the guide. And as you say, it it sort of 40% drop through and just to reiterate what Mark said actually a second ago in relation to those new deals, they are immediately accretive to us from an EBITDA perspective, and you're seeing that in the updated guide that we've just given.

Ryan Sigdahl
Senior Research Analyst at Craig-Hallum Capital Group LLC

Very good. Then you mentioned that the NFL ad inventory is sold out ahead of the season already. That's fantastic, at this point. Curious how much more opportunity there is to add more placement slots or kind of build on that? Or is it kind of what's sold is sold at this point?

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yes. It's a really good question. It's obviously a focus for us. As that product develops, there are a couple of levers for growth there. One is around additional sports and scale.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

So we're adding, as you would have seen, new sports to that product set. And that rollout, as you can see from some of the deals that we've recently announced, that that that rollout's being we're a long way down the road of that, and it's it's looking very positive. The specific NFL inventory is something that we're obviously very aware of. We're working closely with our partners to find additional ways of making sure that we're creating monetization opportunities through that. And suffice to say, it's a fairly large focus for the team to make sure that we're optimizing those relationships and the products that we've got.

Ryan Sigdahl
Senior Research Analyst at Craig-Hallum Capital Group LLC

Thanks, Mark. Best wishes, Nick, and a very nice job, guys.

Operator

Your next question comes from the line of Ben Miller from Goldman Sachs. Please go ahead.

Benjamin Miller
Benjamin Miller
VP - Global Investment Research at Goldman Sachs

Taking the questions. Just on the updated guidance again, I'm just curious if you could expand on the bridge for the increased guide and how much of that is specifically related to the new league partnerships versus just broader organic trends you're expecting in the betting segment in the back half and then obviously the strong second half media segment expectations?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, Ben. I mean, I think we said in the prepared remarks, certainly, if we look at it, I think we're there's there's clearly some momentum in the second half of the year with our media business, not just the deals that we've including this PMG deal that we announced last week, but also as Mark talked about in prepared remarks in relation to the additional products and the inventories that came on the back of the NFL extension. So it's it's both effectively. And what we've said is we we expect media as a whole to be low 20% grower for the year, which obviously is where we sit today is an acceleration, and and and we talked about it earlier in the year, and and, obviously, we're we've got more visibility of that position today.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

On the betting side, and and you can see that the betting, you know, in h one shows significant momentum with the growth. It's 30% growth in the first half of the year. We always said that that growth would slow down a little bit in the second half because if you remember, we were growing at sort of 45, 46% at the back 2024. But these new deals, as I said into the early question to Ryan, I think it's that they're immediately accretive and therefore expecting betting as a whole to be around about 30% up when you look across the year.

Benjamin Miller
Benjamin Miller
VP - Global Investment Research at Goldman Sachs

Great. And then just as a follow-up on the commentary around the expansion of value added services and products. Can you provide any color on what attach rates look like today and where you think that can get to, to help frame the potential for further monetization aside from the like for like price increases that might come through over time?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, Ben. I I I I guess, as you know, we have a a huge suite of products. And and and, as you see from our announcements, they continue to grow week by week. I mean, taking BetVision that, obviously, we we've talked to you guys a lot about.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

It's a really good example. When you talk about adoption rates, as you know, within The US, we've had some significant success with our NFL BetVision product over the last two years, and we're very excited about the upcoming season and and all the product advances that you'll see through the twenty five, twenty six NFL season for that. As we've talked about on in the prepared remarks and indeed across the last couple of months, we're also very excited about the rollout of BetVision for other sports and much more sort of mass mass participation and higher number of events. Obviously, we've specifically talked about soccer and basketball. We're beginning to see some really good uptake there, but that's where we expect to see some some real sort of rubber hitting the road effectively on on those two sports over the course of next six months.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So I'd anticipate seeing a lot more uptake on BetVision for others for those two sports for the rest of 2025.

Benjamin Miller
Benjamin Miller
VP - Global Investment Research at Goldman Sachs

Great. Thanks so much.

Operator

Your next question comes from the line of Jed Kelly from Oppenheimer. Please go ahead.

Jed Kelly
MD & Senior Analyst - Online Travel & Internet at Oppenheimer & Co. Inc.

Hey, great. Thanks for taking my question. Just on the recent contract wins, you've obviously boosted your European football portfolio. Is there a timeline on when you do negotiations with some of the European sports book operators we should be watching? And then I have a follow-up question.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Hey, Jed. Yeah. Look, we're obviously under contract with, I'll say, most of the operators in Europe. And this is an if the question is you know, related to the sort of, you know, the the way that that revenue flows through, these these contracts are additional to the existing contracts that we've got. So, you know, while whilst there's a sort of, I guess, a mother contract, if you like, these these are additional products that we'll be selling to those to those sportsbooks.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

And, you know, again, that comes as part of part of the new deals that we've that we've just announced and and and is happening, as Nick said, now.

Jed Kelly
MD & Senior Analyst - Online Travel & Internet at Oppenheimer & Co. Inc.

Great. And then just as a follow-up. On some of the new Fanhub contracts, is that going to be more of the traditional managed spend? Or is it going to be more self-service? And it will be kind of booked on the financials as like net revenue versus gross? Thanks.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Hey, Jen. It's Nick. I mean, I mean, firstly, obviously, we're we're very excited about announcing the agency deals. And as we've said before that this is really unlocking incremental media spend from customers, and it's a really good proof point about how we're progressing on that basis. I think as Mark said earlier, you know, one of the key things is innovative opportunities in sports are becoming increasingly important to brands, and therefore, the major agencies are looking at how they can target the the sports customers in new ways.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

And, obviously, we, Jets, sit right at the heart of that. You know, in terms of that specific deal, if you're doing the PMG deal, you know, it's it was only announced last last week. We're talking with them and their brands about really the whole the whole suite of our media products. And and and, obviously, on an ongoing basis, once we get into that, once once we get some some of those months behind us just from an accounting perspective, Jed, that's what you're alluding to. You know?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

When we get into the the self serve, that's likely be on a net basis. And when we continue to do some programmatic marketing on a managed basis, that will be on the gross basis as how we've always accounted for.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yes. And I strategically, from our point of view, are Nick used the word proof point. I think that's a really important focus. As a business, we've been working hard on developing the product set, and the the the goal has been the distribution of this product set to the brands, and the best way to do that is in partnership with the agencies. So this is a very important deal.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

It's a very important step in our growth as it allows those major brands that we mentioned to have access to the inventory and to our portfolio of products, which clearly, from a strategic point of view and, frankly, a future revenue point of view, is critically important. So we're very, very excited about this. It's a really good proof point, and it puts us in a very strong position with our new product set.

Jed Kelly
MD & Senior Analyst - Online Travel & Internet at Oppenheimer & Co. Inc.

Thank you.

Operator

Your next question comes from the line of Bernie MacTurnan from Needham. Please go ahead.

Bernie Mcternan
Senior Analyst at Needham & Company

Great. Thanks for taking questions. And just first, Nick, it's been great working with you and all the best. I want to follow-up on Media. I know it's been a big focus of the call, but back of the envelope number suggests Media revenue should be up about 60% in the back half of the year.

Bernie Mcternan
Senior Analyst at Needham & Company

And Mark, given your comments that eventually over the long term, you think media could be larger than betting revenue. How linear should we expect media to be from here? And are there any, you know, major bottlenecks, whether it's, you know, ad inventory or anything else we should be thinking about, in order to get to those ultimate goals?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Hey, Ben. It's Nick. So, look, thanks for your comments. Just so everyone's aware, obviously. You know, I I'm around really, and, you know, I'm delighted Brian's joining.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

You know, you've seen his experience. He's he's going to add enormous amount of value to this organization, but you haven't quite got rid of me yet. I'm gonna be around until till certainly through the fall and indeed probably attending some of your conferences at that time anyway. Anyway, onto the the more important stuff around your media question. So, yeah, you're right, Bernie.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

You've got back of the envelope. Math is impressive. I think we're looking at roundabout q three and q four, both at around about 60% meet major increase year on year. And look in the short term, that's really a layering impact of all the the tailwinds that we're seeing in there. And as you know, we're we're always back half, and we said in the last quarter, we're gonna be back half loaded.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

And as you know, we always start with a really good base of minimum media contracts through our sports book deals, because we're entering those second sports second year of those deals in the kickoff of the season shortly on NFL. But it's not just that. You know, obviously, we've talked about the agency deals. Mark just talked about that and the importance of those that we've just announced and the inventory we talked, I think, on in in Ryan's question in relation to all the products and all the inventory. So if you layer all of those, you really start seeing that that that acceleration of growth on on the major position for 2025.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Now on on a long term basis, and and and I'll hand over to Mark in a second to add any color on this. Look. On a long term basis, you know, we are extremely well set up from a technology perspective, from a partnership perspective, and from a sports perspective. You know, sports in itself, as I'm sure as you guys know when you're speaking to brands themselves, is absolutely in the sweet spot of where people are wanting to advertise and looking for innovative ways to reach the the the sports target audience. And Genius is absolutely at the thing of that.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

We've seen that when we did our new front event, which I think a few of you attended back in May. We saw that when we're attending Cannes Lion this earlier this year, So we're feeling very good about it.

Operator

Your next question comes from the line of Steve Vitsala from Deutsche Bank. Please go ahead.

Steve Pizzella
Steve Pizzella
Equity Research Analyst at Deutsche Bank

The mix of betting tech revenue. So the fixed revenue did accelerate materially in the quarter. Can you talk about how we should think about the fixed revenue growth moving forward?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Hey. Hey, Steve. It's Nick. Yeah. I think q two specifically, obviously, is a little bit more weighted to the to to non US because of the sports calendar.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

And and as you know, traditionally and and we continue to do outside of a lot of The US, we tend to have more SaaS style or you can eat style contracts. You're seeing that growth coming through from Europe. You'll see that in European numbers. It's worth reminding everyone on the call that I know we concentrate a lot on our US deals, and we've seen a significant ability to take price and indeed provide additional products to European sports books as well on the back of not just our NFL deals, but our extension of things like UK soccer that we now have until the end of the decade.

Steve Pizzella
Steve Pizzella
Equity Research Analyst at Deutsche Bank

Okay. Thanks. And then just a follow-up on the balance sheet. I think you have about $222,000,000 of cash now. It was positive free cash flow moving forward.

Steve Pizzella
Steve Pizzella
Equity Research Analyst at Deutsche Bank

Can you talk about kind of the options of what you're going do with that?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, Steve. It's Dick again. Yeah. As I reiterated in the prepared remarks earlier, you know, we expect it to be positive cash position.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Now what what are we looking at that? You know, we were very clear around potential m and a positions for 2025. You know, we're continuing to be very disciplined in that area and and looking to get the right product, but we are we are absolutely looking right now or or be it as we said to you before, Steve. We don't need anything. We're just looking at things that we feel can accelerate the growth of our business.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So that's absolutely the key focus on of our cash positions. As housekeeping, we also announced a share buyback position last quarter. As I said, that's far less of a priority than M and A, but it's something that's another string to our bow that we have.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yes. It's probably worth mentioning on the sort of M and A portion. We've been pretty busy looking at quite a lot of businesses you would expect over the period. The bar, however, we have is extremely high for these deals. There's not a lot of businesses that meet our growth requirements, frankly, cash flow and EBITDA requirements that we have for the business.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

So it's they're not there's it's not a huge number of those businesses that actually achieve that. But again, it is a focus for the business. And I think our I think the other thing to say is that our organic investment is working. Seeing that in the reduced rights fee fee, I guess, the change in the sort of interest just the structure of the rights deals that we're starting to see and the change in the way that those models are operating with that investment that we've been making in the business over the years is coming through. So we're feeling good about our ability to invest with the right level of ROI and have a high bar of and a high focus on getting the right returns on that basis as well.

Steve Pizzella
Steve Pizzella
Equity Research Analyst at Deutsche Bank

Okay. Great. Appreciate it.

Operator

Your next question comes from the line of Josh DeColes from B. Riley Securities. Please go ahead.

Josh Nichols
Senior Research Analyst at B.Riley Securities

Yes. Great to see the, accretive lead partnerships and the raised guidance here for '25. I just wanted to ask, like, how do you think how much exactly has the company's market share really increased now with these new partnerships when you look at, like, European, software relative to to what it was? And how long is it gonna take to to get Genius IQ fully deployed across all these new European leagues? And are there any key kind of milestones we should be tracking as you progress on that front?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Hey, Josh. It's Nick. Market share is always a always a difficult one to answer because, you know, different different peers have different products and sports works with all of us. I I think you raised a good point there in terms of soccer, particularly European soccer. You know, we're in a very strong position there when you think about what our portfolio adds and and and the Europe European leagues as well as the Serie A and the European leagues adds also significant quantity of events around about 8,000 events as well.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So we're really happy with that position. That is undoubtedly helping our relationships with with the European sports books. In terms of rollout, you you're right to call that out as as an important part of the deal on the European on the European deals. You know, we have now the ability, I think it's north of 400 stadiums on a on European soccer basis to put Genius IQ in there. What I would say is we have the ability to do that at the pace that we choose to do it at, which I think is an important part.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So so we can manage that effectively while we we we get it right strategically, but at the same point in time, we are managing investors' expectations, street's expectations, and investment expectations. So So I would be expecting us to start rolling that out back end of this year, and we're very excited about what the technology rollout will be able to bring us on a long term basis.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

And I think on market share, it's also sort of just I mentioned it earlier, but kind of reiterating it here is the market is consolidating to the sort of very dualistic focus here. So market share, by definition, is something that is increasing, and you're seeing that coming through the numbers. And I think the focus that we've had around the data rights deals, the EFL, Serie is that data is a prerequisite. You need to have the data. So it's not a nice to have, it's a must have.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

So we feel good about our position in terms of the way that market share is increasing.

Josh Nichols
Senior Research Analyst at B.Riley Securities

Thank you. And then last question for me. As you start to deploy Genius IQ across these all these European stadiums, what do you think is, like, the highest value opportunity in terms of incremental platform service revenue beyond this, like, core betting data? And, you know, typically, how do those unit economics compare to, like, traditional betting fees that that you guys get?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, Josh. I mean, the great thing about the technology is is the technology we're putting in Genius IQ has so many different user cases. You've heard us talk about, you know, some of the things we do in relation to broadcasters and augmentation, what we do in relation to clubs and performance, what we're doing in terms of coaching tools with leagues. Indeed, what we're doing with semi automated off-site with the Premier League, for example.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

The great news is that for us is that is that all of those user cases comes off the back of the same technology. And therefore, there'll be some leagues who who we think certain products are more appropriate than to other leagues and some that are more cost effective for us to use in another league. So it's it's not one size fits all, but what I'd say is is getting that you've heard Mark before about get getting that out there, getting our tech into these stadiums is an important proof point of us again over the course of the next eighteen months, and this is a great deal where we can we can effectively capture large parts of this, the European soccer market.

Josh Nichols
Senior Research Analyst at B.Riley Securities

Appreciate the context. Thank you.

Operator

Your next question comes from the line of Mike Hickey from bench Benchmark. Please go ahead.

Mike Hickey
Equity Research Analyst at The Benchmark Company LLC

Hey, Mark, Nick, Brandon, Charles. Nice quarter, guys, and great guide. Two two topics from us. First on the CFO departure, obviously, Nick. Glad to see you go.

Mike Hickey
Equity Research Analyst at The Benchmark Company LLC

Clearly, you've been a steady hand here and and strong partner for all of us during a very pivotal phase here for a genius. So good good luck to you, and and thank you. That said, Mark, you know, what what skill set or experience were you most focused on when you're selecting Brian as the new CFO? And and sort of how do you see his background helping genius in in the next chapter here? Then I have a follow-up.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yeah. Hey, Mike. I'll I'll I'll let I'll let Nick give his swan song in a second. But but look. We're super excited about about Brian's, you know, joining us.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

His background in media is something that was, you know, a a big focus of it. I mean, Nick Nick sort of mentioned this before. There's been a there's been quite a, you know, shift, you know, to The US. And Nick, I think, is I've heard him a thousand times say that, you know, at some point, we'll see a, you know, see a New York based CFO, and I and and and that's indeed, you know, his his his prediction of the future was correct. That's exactly what we're seeing.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Brian's history in media coming from, you know, Warner and Disney, he's got a very strong understanding of the global rights market, understanding of the media space, good understanding, you know, obviously worked with ESPN and good understanding of of that history. That that that just sort of consolidates a lot of our strategy that we've got. On top of that, you know, he's he's got a ton of experience. He's, you know, he's he's obviously worked in the public markets. He's he's he's you know, one of the the phrases, you know, when we when we look at our business is, you know, we we always we always want to be better and we always want to, you know, what know what good looks like, and he certainly knows what good looks like coming from from, you know, from some of the business that he has.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

So we were very excited about the next step in in the evolution of the business, you know, that Brian can bring. And, you know, him him his his transition with Nick, we think we'll, you know, be over over a sort of two, three month period. Well, I'll let Nick you. Alright?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. No. No. No. No.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

To add to that. I mean, thanks, Mike. Kind of you to say that. And as I said earlier, I think to Bernie is that, you know, I I'm I'm not going anywhere. I'm I'm around for several months.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

There there'll be a a very smooth transition, and and I'll be interested as a as a shareholder of Genius and a massive supporter of of Martin, Charles, and Brandon and the team, Brian, to see where the business goes.

Mike Hickey
Equity Research Analyst at The Benchmark Company LLC

Thanks. Well, good luck, Nick, and we'll be excited to see, where where you head in the future. Next topic, Mark Nick, on endgame, as we sort of head pretty soon here. We got a month, and we're in the NFL season. I think we're all really excited.

Mike Hickey
Equity Research Analyst at The Benchmark Company LLC

And endgame is obviously, you know, ending last year. There's a lot of energy, a lot of growth there, and, you are a big part of that, with your, bad vision product. And I think, Nick, you you expressed sort of maybe it was last call, rather modest growth expectations, in in game just despite that enthusiasm from operators and and certainly also from players. Just checking on your your updated guidance here if if that's still the case. And then depending upon sort of how you approach that modeling opportunity, do do you see a scenario here where that energy we saw at the end of last season in terms of game participation from from players, if that stronger engagement part through bad vision could drive upside to to your current performance expectations? Thank you, guys.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, So, look, I think you quite rightly call out. We've, you know, we've been saying this for a number of years that that effectively in in game betting is coming, but it needs to be a product led evolution. And we've seen that, and we continue to see that. And the last NFL season was very successful for us, as you say, from BetVision.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

We're in the vanguard of that that move, and we expected that to continue through the 2526 season as we add more product down the pipes to The US sports books. You know me. Am I I've been relatively conservative in the guide that we've just given you. You know? Obviously, if we if we if it moves significantly in the end of the in this season, then there'll be upsized Genius at that point.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Let let's wait and see. We'll we'll we'll know a little bit more in in about four weeks, Mike.

Mike Hickey
Equity Research Analyst at The Benchmark Company LLC

Thank you, guys. Good luck.

Operator

Your next question comes from the line of Chad Beynon from Macquarie. Please go ahead.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Hi, good morning. Thanks for taking my question and best of luck, Nick. Just one for me. We've talked a lot about some of the recent wins in some of these major mature mature but growing leagues and markets. One thing we haven't talked about is some of the emerging markets that you've discussed in the past, whether it's India or Africa or Brazil.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Where are we with some of these emerging markets? Are there still big opportunities for you to you know, implement your your technology in into those and and and do what you've done in some of the bigger ones. Thank you.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Yeah. It's it's it's it's a good question. I mean, as as you'll see, I think I I can't remember what slide it was, but we put it out there as a 43% slide 11, there is. So 43% from growth in rest of world in revenue. And we see big opportunities in those markets.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

Obviously, Brazil, you know, we've talked about sort of filler ad infinitum. You know, it's it's, you know, it's a it's a it's a big opportunity, but, you know, it's the sort of there's a lot of the same sports books. We, you know, we we we, you know, we have relationships with a lot of those guys, and that's, you know, that's something that that is obviously a focus for the business, and I think we've talked about historically. But but, you know, on a on a global basis, you know, with with a strong eye on regulated markets, you know, we you know, there's interesting developments. And again, we're seeing strong growth from that, as you can see from the numbers, and we expect that to continue.

Mark Locke
Mark Locke
Co-Founder, CEO & Director at Genius Sports

We again, coming back to Europe, Europe's still a very big focus for us. We're seeing you know, we got 26% growth in Europe. We we see a lot of opportunity, you know, an awful lot of opportunity actually in Europe for continued growth and and and con continued product distribution and investment. You know, it's it's it's an exciting market. I know we we always spend a lot of time talking about America, but but we do have a lot of focus on that European growth metric as well.

Chad Beynon
Chad Beynon
Managing Director, Analyst at Macquarie Group

Thank you, Mark. Appreciate it.

Operator

Your last question comes from the line of Greg Gibas from Northland Securities. Please go ahead.

Greg Gibas
VP & Senior Research Analyst at Northland Securities, Inc

Hey, Mark and Nick. Thanks for taking the questions. Congrats on the results and the recent rights deals. Wanted to ask on the estimated timing of BetVision rollout for additional sports and whether maybe your guidance assumes its launch for anything incremental in the back half regarding growth in the number of BetVision events?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Hey, Greg. Soccer's live right now. Obviously, some of the announcements we've made over the last week or so, we're expecting I'd anticipate BetVision to be rolled out to to to to Syria, for example, as really important content for European sports books. Anything like that is effectively built into the guide.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

It's part of the accretion in the guide. Basketball, I think, we're going live in this quarter. So expect to hear more through this quarter and probably at the Q3 earnings announcement.

Greg Gibas
VP & Senior Research Analyst at Northland Securities, Inc

Okay. Great. And then a quick follow-up just regarding your commentary on changes in FX related impacts. Could you maybe specify or remind me kind of the the dollar impact or so on on the change in your assumptions?

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. Greg, is that what you're talking about in the quarter that's just been or in the in the forecast going forward?

Greg Gibas
VP & Senior Research Analyst at Northland Securities, Inc

In the forecast, please.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

Yeah. I I yeah. We we we updated that to the market at the end of last quarter. So we had assumed an appreciation of the sterling against dollar in that forecast and, again, have done for the second half of the year. And, therefore, effectively, the current spot rate is effectively what we've used going forward and has always been in our guide.

Nicholas Taylor
Nicholas Taylor
CFO at Genius Sports

So what we're seeing is that that '25 revenue increase and the 10 EBITDA increase are effectively outside of foreign exchange and and and all of that momentum in the underlying business.

Greg Gibas
VP & Senior Research Analyst at Northland Securities, Inc

Understood. Thanks very much.

Operator

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

Executives
    • Brandon Bukstel
      Brandon Bukstel
      IR Manager
    • Mark Locke
      Mark Locke
      Co-Founder, CEO & Director
    • Nicholas Taylor
      Nicholas Taylor
      CFO
Analysts
    • Jordan Bender
      Senior Equity Research Analyst - Gaming & Leisure at Citizens Capital Markets and Advisory
    • Barry Jonas
      Managing Director at Truist Securities
    • Ryan Sigdahl
      Senior Research Analyst at Craig-Hallum Capital Group LLC
    • Benjamin Miller
      VP - Global Investment Research at Goldman Sachs
    • Jed Kelly
      MD & Senior Analyst - Online Travel & Internet at Oppenheimer & Co. Inc.
    • Bernie Mcternan
      Senior Analyst at Needham & Company
    • Steve Pizzella
      Equity Research Analyst at Deutsche Bank
    • Josh Nichols
      Senior Research Analyst at B.Riley Securities
    • Mike Hickey
      Equity Research Analyst at The Benchmark Company LLC
    • Chad Beynon
      Managing Director, Analyst at Macquarie Group
    • Greg Gibas
      VP & Senior Research Analyst at Northland Securities, Inc
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