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Genius Sports names Kenneth Kay as new board chair

Published 2024-06-20, 04:48 p/m
GENI
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NEW YORK & LONDON - Genius Sports Limited (NYSE:GENI), a key player in sports data, technology, and commercial partnerships, announced the appointment of Kenneth J. Kay as the new Chair of its Board of Directors earlier this month. Kay, who has a rich background as a Chief Financial Officer for various global companies, has been serving as an independent director on the Board since March 8, 2023.

The outgoing Chair, David Levy, who has been instrumental in driving technological innovations and partnerships for Genius Sports since April 20, 2021, will transition to a Strategic Advisor role within the company. Levy's tenure saw the company strengthen its position in the sports, betting, media, and broadcasting sectors.

Alongside Kay's appointment, Claire Valoti, known for her significant contribution to Snap Inc (NYSE:SNAP).'s international growth, joins the Board as an Independent Director. Her expertise in digital and consumer experiences is expected to support Genius Sports' expansion and innovation efforts.

CEO Mark Locke expressed enthusiasm for the appointments, highlighting the value Kay and Valoti bring to the company's future growth. Locke also acknowledged Levy's contributions and looked forward to his continued involvement in an advisory capacity.

Kay, in his remarks, committed to furthering Genius Sports' advancements in pioneering sports data and delivering shareholder value. Valoti shared her excitement about joining the team and contributing to Genius Sports' ongoing growth.

Genius Sports, with its wide-reaching technology, serves over 400 sports organizations worldwide, including major leagues and federations like the NFL, EPL, and NCAA. The company's technology enhances fan experiences and connects the sports ecosystem, from rights holders to fans.

In other recent news, Genius Sports has exceeded its first-quarter earnings expectations for 2024, reporting a 23% increase in revenue to $120 million, surpassing the projected $117 million. The company's Group adjusted EBITDA also surpassed forecasts, coming in at $7 million against the anticipated $6 million. Following these results, Genius Sports has raised its revenue and adjusted EBITDA guidance for 2024 to $500 million and $82 million, respectively.

Genius Sports has executed core strategic objectives, including expanding partnerships and launching new products. The company holds a positive outlook on the U.S. market, expecting in-play sports betting to comprise 60-70% of the market.

Genius Sports has also secured a $90 million revolving credit agreement with Citibank and Deutsche Bank (ETR:DBKGn), fortifying its financial flexibility.

InvestingPro Insights

As Genius Sports Limited (NYSE:GENI) embraces leadership changes with the appointment of Kenneth J. Kay as the new Chair of its Board and Claire Valoti as an Independent Director, it's crucial to consider the company's financial health and market performance. According to InvestingPro data, Genius Sports holds a Market Cap of approximately $1.09 billion USD. Despite a challenging market, the company has demonstrated robust revenue growth over the last twelve months as of Q1 2024, with an increase of 23.59%. This growth is indicative of the company's expanding reach in the sports data sector.

InvestingPro Tips highlight that Genius Sports maintains a stronger liquidity position by holding more cash than debt, a reassuring sign for investors considering the company's financial stability. However, it's important to note that analysts do not expect the company to be profitable this year, and Genius Sports has not been profitable over the last twelve months. Additionally, the stock is known for its volatility, with price movements reflecting a degree of uncertainty.

The company's P/E Ratio stands at -13.66, and when adjusted for the last twelve months as of Q1 2024, it shifts to -14.73, suggesting that investors are expecting future earnings growth despite current losses. Furthermore, Genius Sports does not pay a dividend, which may influence the investment strategy for income-focused shareholders.

For those looking to delve deeper into Genius Sports' financials and strategic outlook, there are additional InvestingPro Tips available at https://www.investing.com/pro/GENI. Readers can use coupon code PRONEWS24 to receive an extra 10% off a yearly or biyearly Pro and Pro+ subscription, gaining access to a wealth of insights that could inform their investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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