Cover Page
Cover Page | 3 Months Ended |
Mar. 31, 2021 | |
Document Information [Line Items] | |
Document Type | F-1/A |
Amendment Flag | true |
Entity Registrant Name | Genius Sports Ltd |
Entity Central Index Key | 0001834489 |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | Y7 |
Entity Address, Country | DE |
Amendment Description | On October 27, 2020, dMY Technology Group, Inc. II, a Delaware corporation (“dMY”), entered into a Business Combination Agreement (the “Business Combination Agreement”) with Maven Topco Limited, a company incorporated under the laws of Guernsey (the “TopCo”), Maven Midco Limited, a private limited company incorporated under the laws of England and Wales (“MidCo”), Genius Sports Limited, a company incorporated under the laws of Guernsey (f/k/a Galileo NewCo Limited) (“Genius”), Genius Merger Sub, Inc., a Delaware corporation and a wholly-owned subsidiary of Genius (“Merger Sub” and, together with TopCo, MidCo and Genius, the “Target Companies”), and dMY Sponsor II, LLC, a Delaware limited liability company (the “Sponsor”). The transactions contemplated by the Business Combination are referred to herein as the “Business Combination.” Pursuant to the Business Combination Agreement, at the closing of the Business Combination (the “Closing”), Genius underwent a pre-closing reorganization (the “Reorganization”) wherein all existing classes of shares of TopCo (except for certain preference shares of TopCo which were redeemed and cancelled as part of the Reorganization (the “Redemption”)) were exchanged for newly issued ordinary shares of Genius (“Genius ordinary shares”). As described in the Business Combination Agreement, solely with respect to the shares of TopCo that were unvested prior to such reorganization and because the holders of such shares executed and delivered support agreements agreeing to the vesting and restrictions provisions therein, such shares were exchanged for Genius ordinary shares but are still subject to the vesting and restrictions as set forth therein (“Restricted Shares”). Pursuant to the Business Combination Agreement, subject to the satisfaction or waiver of certain conditions set forth therein, the following has occurred: (a) dMY’s issued and outstanding shares of Class B Shares, subject to the terms of the Founder Holder Consent Letter (as defined and described below), have converted automatically on a one-for-one basis into Class A Shares; and (b) Merger Sub has merged with and into dMY, with dMY continuing as the surviving company, as a result of which (i) dMY has become a wholly-owned subsidiary of Genius; (ii) each issued and outstanding unit of dMY, consisting of one Class A Share and one-third of one warrant (the “dMY warrants”), were automatically detached, (iii) each issued and outstanding Class A Share was converted into the right to receive one Genius ordinary share; (iv) each issued and outstanding dMY warrant to purchase a share of dMY Class A common stock have become exercisable for one Genius ordinary share (the “Genius warrants”); and (v) NewCo changed its name to Genius Sports Limited. Concurrently with the execution of the Business Combination Agreement, Genius and dMY entered into certain subscription agreements, each dated October 27, 2020 (the “Subscription Agreements”), with a number of accredited and institutional investors (the “PIPE Investors”), including the Caledonia US Funds, pursuant to which such PIPE Investors subscribed to purchase an aggregate of 33,000,000 Genius ordinary shares (together, the “Subscriptions”), for a purchase price of $10.00 per share, for an aggregate purchase price of $330,000,000, to be issued immediately prior to or substantially concurrently with the Closing (the “PIPE Investment”). The Business Combination and the PIPE Investment were consummated on April 20, 2021. Certain amounts that appear in this prospectus may not sum due to rounding. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | |||
Cash and cash equivalents | $ 10,582 | $ 11,781 | $ 8,228 |
Accounts receivable, net | 23,171 | 24,776 | 18,376 |
Contract assets | 14,368 | 10,088 | 5,654 |
Prepaid expenses | 5,619 | 4,107 | 3,207 |
Other current assets | 11,444 | 10,584 | 3,276 |
Total current assets | 65,184 | 61,336 | 38,741 |
Property and equipment, net | 4,583 | 5,002 | 4,882 |
Intangible assets, net | 109,732 | 114,542 | 126,440 |
Goodwill | 202,247 | 200,624 | 192,980 |
Deferred tax asset | 5 | 173 | |
Other assets | 11,857 | 9,496 | 12,080 |
Total assets | 393,603 | 391,005 | 375,296 |
Current liabilities: | |||
Accounts payable | 17,208 | 10,106 | 13,292 |
Accrued expenses | 32,670 | 35,220 | 21,861 |
Deferred revenue | 24,844 | 26,036 | 16,015 |
Current debt | 10,456 | 10,272 | 25 |
Other current liabilities | 4,619 | 3,714 | 3,461 |
Total current liabilities | 89,797 | 85,348 | 54,654 |
Long-term debt – less current portion | 85,436 | 82,723 | 73,166 |
Deferred tax liability | 7,895 | 8,097 | 6,223 |
Other liabilities | 3,617 | 3,589 | 3,810 |
Total liabilities | 186,745 | 179,757 | 137,853 |
Temporary equity: | |||
Preference shares, value | 359,936 | 350,675 | 318,805 |
Total temporary equity | 359,936 | 350,675 | 318,805 |
Shareholders' deficit | |||
Common shares, Value | 24 | 24 | 24 |
Additional paid-in capital | 2,393 | 2,393 | 2,393 |
Accumulated deficit | (167,820) | (153,237) | (91,019) |
Accumulated other comprehensive income | 12,325 | 11,393 | 7,240 |
Total shareholders' deficit | (153,078) | (139,427) | (81,362) |
Total liabilities, temporary equity and shareholders' deficit | $ 393,603 | $ 391,005 | $ 375,296 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Common stock shares authorized | 1,873,423 | 1,873,423 | |
Common stock shares issued | 1,873,423 | 1,873,423 | |
Common stock shares outstanding | 1,873,423 | 1,873,423 | |
Temporary equity par or stated value per share | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Temporary equity shares authorized | 218,561,319 | 218,561,319 | 218,561,319 |
Temporary equity shares issued | 218,561,319 | 218,561,319 | 218,561,319 |
Temporary Equity, Shares Outstanding | 218,561,319 | 218,561,319 | 218,561,319 |
Common Stock Class A One | |||
Common stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 1,568,702 | 1,568,702 | 1,568,702 |
Common stock shares issued | 1,568,702 | 1,568,702 | 1,568,702 |
Common stock shares outstanding | 1,568,702 | 1,568,702 | 1,568,702 |
Common Stock Class A Two | |||
Common stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 158,778 | 158,778 | 158,778 |
Common stock shares issued | 158,778 | 158,778 | 158,778 |
Common stock shares outstanding | 158,778 | 158,778 | 158,778 |
Common Stock Class A Three | |||
Common stock par or stated value per share | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock shares authorized | 145,943 | 145,943 | 145,943 |
Common stock shares issued | 145,943 | 145,943 | 145,943 |
Common stock shares outstanding | 145,943 | 145,943 | 145,943 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement [Abstract] | ||||||
Revenue | $ 53,738 | $ 35,369 | $ 30,578 | $ 57,007 | $ 149,739 | $ 114,620 |
Cost of revenue | 40,113 | 27,662 | 20,780 | 31,026 | 114,066 | 89,311 |
Gross profit | 13,625 | 7,707 | 9,798 | 25,981 | 35,673 | 25,309 |
Operating expenses: | ||||||
Sales and marketing | 3,884 | 4,420 | 4,300 | 9,334 | 13,176 | 17,711 |
Research and development | 3,258 | 2,422 | 6,862 | 9,555 | 11,240 | 13,290 |
General and administrative | 8,869 | 7,398 | 8,076 | 9,195 | 31,623 | 29,492 |
Transaction expenses | 689 | 5,694 | 672 | 1,005 | ||
Total operating expense | 16,700 | 14,240 | 19,238 | 33,778 | 56,711 | 61,498 |
Loss from operations | (3,075) | (6,533) | (9,440) | (7,797) | (21,038) | (36,189) |
Loss on warrant and derivative remeasurement | (7,222) | |||||
Interest income (expense), net | (2,347) | (1,908) | (1,744) | (2,363) | (7,874) | (6,840) |
Gain (loss) on disposal of assets | (5) | 12 | (8) | (7) | ||
Gain on fair value remeasurement of contingent consideration | 271 | |||||
Gain on sale of equity method investment | 1,800 | |||||
Gain (loss) on foreign currency | (163) | (890) | 170 | 147 | 114 | (2,537) |
Total other income (expenses) | (2,510) | (2,798) | (1,579) | (7,626) | (7,497) | (9,384) |
Loss before income taxes | (5,585) | (9,331) | (11,019) | (15,423) | (28,535) | (45,573) |
Income tax benefit (expense) | 263 | 1,787 | 1,258 | (104) | (1,813) | 5,366 |
Net loss | $ (5,322) | $ (7,544) | $ (9,761) | $ (15,527) | $ (30,348) | $ (40,207) |
Net loss per common share: | ||||||
Basic and diluted | $ (2.84) | $ (4.03) | $ (5.38) | $ (5.20) | $ (16.20) | $ (21.97) |
Weighted average common shares outstanding: | ||||||
Basic and diluted | 1,873,423 | 1,873,423 | 1,812,601 | 2,983,170 | 1,873,423 | 1,829,947 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||||
Net loss | $ (5,322) | $ (7,544) | $ (9,761) | $ (15,527) | $ (30,348) | $ (40,207) |
Other comprehensive loss: | ||||||
Foreign currency translation adjustments | 932 | (14,256) | (3,111) | 332 | 4,153 | 10,351 |
Comprehensive loss | $ (4,390) | $ (21,800) | $ (12,872) | $ (15,195) | $ (26,195) | $ (29,856) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Temporary Equity and Shareholders' Deficit - USD ($) $ in Thousands | Total | Preference Shares [member] | Common shares [member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income [member] |
Beginning Balance, Temporary Equity at Dec. 30, 2017 | $ 7,401 | $ 8,345 | $ (1,958) | $ 1,014 | ||
Beginning Balance, Temporary Equity (Shares) at Dec. 30, 2017 | 2,837,383 | |||||
Beginning Balance, Permanent Equity (Shares) at Dec. 30, 2017 | 1,812,601 | |||||
Net loss | (15,527) | (15,527) | ||||
Foreign currency translation adjustment | 332 | 332 | ||||
Exercise of stock options (Shares) | 10,000 | |||||
Exercise of stock options | 41 | 41 | ||||
Issuance of common shares upon warrant settlement (Shares) | 136,707 | |||||
Issuance of common shares upon warrant settlement | 8,705 | 8,705 | ||||
Ending Balance, Temporary Equity (Shares) at Jul. 09, 2018 | 1,812,601 | |||||
Beginning Balance, Temporary Equity at Aug. 08, 2018 | 275,640 | $ 23 | ||||
Beginning Balance, Permanent Equity at Aug. 08, 2018 | (1,628) | 2,315 | (3,966) | |||
Beginning Balance, Permanent Equity (Shares) at Aug. 08, 2018 | 213,657,244 | |||||
Net loss | (9,761) | (9,761) | ||||
Foreign currency translation adjustment | (3,111) | (3,111) | ||||
Preference share accretion, Temporary Equity | 8,763 | |||||
Preference share accretion, Permanent Equity | (8,763) | (8,763) | ||||
Ending Balance, Temporary Equity at Dec. 31, 2018 | 284,403 | $ 23 | ||||
Ending Balance, Temporary Equity (Shares) at Dec. 31, 2018 | 213,657,244 | |||||
Ending Balance, Permanent Equity at Dec. 31, 2018 | (23,263) | 2,315 | (22,490) | (3,111) | ||
Beginning Balance, Temporary Equity (Shares) at Sep. 07, 2018 | 2,984,090 | |||||
Beginning Balance, Permanent Equity at Sep. 07, 2018 | 952 | 17,091 | (17,485) | 1,346 | ||
Net loss | (9,761) | |||||
Ending Balance, Temporary Equity at Dec. 31, 2018 | 284,403 | $ 23 | ||||
Ending Balance, Temporary Equity (Shares) at Dec. 31, 2018 | 213,657,244 | |||||
Ending Balance, Permanent Equity at Dec. 31, 2018 | (23,263) | 2,315 | (22,490) | (3,111) | ||
Net loss | (40,207) | (40,207) | ||||
Foreign currency translation adjustment | 10,351 | 10,351 | ||||
Issuance of common shares | 79 | $ 1 | 78 | |||
Issuance of common shares (Shares) | 60,822 | |||||
Issuance of preference shares, Temporary Equity | 6,080 | |||||
Issuance of preference shares, Temporary Equity (Shares) | 4,904,075 | |||||
Preference share accretion, Temporary Equity | (28,322) | $ 28,322 | (28,322) | |||
Ending Balance, Temporary Equity at Dec. 31, 2019 | $ 318,805 | $ 318,805 | $ 24 | |||
Ending Balance, Temporary Equity (Shares) at Dec. 31, 2019 | 218,561,319 | 218,561,319 | 1,873,423 | |||
Ending Balance, Permanent Equity at Dec. 31, 2019 | $ (81,362) | $ 24 | 2,393 | (91,019) | 7,240 | |
Ending Balance, Permanent Equity (Shares) at Dec. 31, 2019 | 1,873,423 | |||||
Net loss | (7,544) | (7,544) | ||||
Foreign currency translation adjustment | (14,256) | (14,256) | ||||
Preference share accretion, Temporary Equity | $ 7,897 | |||||
Preference share accretion, Permanent Equity | (7,897) | (7,897) | ||||
Ending Balance, Temporary Equity at Mar. 31, 2020 | $ 326,702 | |||||
Ending Balance, Temporary Equity (Shares) at Mar. 31, 2020 | 218,561,319 | |||||
Ending Balance, Permanent Equity at Mar. 31, 2020 | (111,059) | $ 24 | 2,393 | (106,460) | (7,016) | |
Ending Balance, Permanent Equity (Shares) at Mar. 31, 2020 | 1,873,423 | |||||
Beginning Balance, Temporary Equity at Dec. 31, 2019 | $ 318,805 | $ 318,805 | $ 24 | |||
Beginning Balance, Temporary Equity (Shares) at Dec. 31, 2019 | 218,561,319 | 218,561,319 | 1,873,423 | |||
Beginning Balance, Permanent Equity at Dec. 31, 2019 | $ (81,362) | $ 24 | 2,393 | (91,019) | 7,240 | |
Beginning Balance, Permanent Equity (Shares) at Dec. 31, 2019 | 1,873,423 | |||||
Net loss | (30,348) | (30,348) | ||||
Foreign currency translation adjustment | 4,153 | 4,153 | ||||
Preference share accretion, Temporary Equity | 31,870 | |||||
Preference share accretion, Permanent Equity | (31,870) | (31,870) | ||||
Ending Balance, Temporary Equity at Dec. 31, 2020 | $ 350,675 | $ 350,675 | $ 24 | |||
Ending Balance, Temporary Equity (Shares) at Dec. 31, 2020 | 218,561,319 | 218,561,319 | 1,873,423 | |||
Ending Balance, Permanent Equity at Dec. 31, 2020 | $ (139,427) | $ 24 | 2,393 | (153,237) | 11,393 | |
Ending Balance, Permanent Equity (Shares) at Dec. 31, 2020 | 1,873,423 | |||||
Net loss | (5,322) | (5,322) | ||||
Foreign currency translation adjustment | 932 | 932 | ||||
Preference share accretion, Temporary Equity | $ 9,261 | |||||
Preference share accretion, Permanent Equity | (9,261) | (9,261) | ||||
Ending Balance, Temporary Equity at Mar. 31, 2021 | $ 359,936 | $ 359,936 | ||||
Ending Balance, Temporary Equity (Shares) at Mar. 31, 2021 | 218,561,319 | 218,561,319 | ||||
Ending Balance, Permanent Equity at Mar. 31, 2021 | $ (153,078) | $ 24 | $ 2,393 | $ (167,820) | $ 12,325 | |
Ending Balance, Permanent Equity (Shares) at Mar. 31, 2021 | 1,873,423 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | ||||||
Net loss | $ (5,322) | $ (7,544) | $ (9,761) | $ (15,527) | $ (30,348) | $ (40,207) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||||||
Depreciation and amortization | 10,147 | 8,041 | 7,263 | 10,037 | 35,043 | 27,974 |
Loss (gain) on disposal of assets | 2,123 | 1,492 | 5 | (12) | 8 | 7 |
Gain on fair value remeasurement of contingent consideration | (271) | |||||
Gain on sale of equity method investment | (1,800) | |||||
Non-cash interest expense (income), net | 1,743 | 2,362 | 6,835 | 6,440 | ||
Amortization of contract costs | 185 | 118 | 8 | 563 | 500 | 231 |
Deferred income taxes | (263) | (1,787) | (1,132) | (592) | 1,304 | (5,480) |
Loss on warrant and derivatives remeasurement | 7,222 | |||||
Loss (gain) on foreign currency remeasurement | (111) | 1,164 | 297 | (409) | 464 | 2,023 |
Changes in assets and liabilities, net of effect of Business Combinations | ||||||
Accounts receivable, net | 1,812 | (1,042) | 2,249 | 370 | (5,046) | (7,408) |
Contract assets | (4,213) | 2,792 | (685) | (2,204) | (4,030) | (1,872) |
Prepaid expenses | (1,484) | (135) | (660) | 3 | (749) | (537) |
Other current assets | (760) | (576) | (1,013) | 173 | (6,682) | (1,728) |
Other assets | (2,476) | 1,296 | (1,243) | (225) | 2,321 | (4,413) |
Accounts payable | 7,046 | (5,316) | 1,792 | 934 | (3,384) | 7,136 |
Accrued expenses | (2,845) | 6,411 | 1,322 | 6,958 | 11,930 | 10,164 |
Deferred revenue | (1,408) | 3,857 | (776) | 1,496 | 9,021 | 8,598 |
Other current liabilities | 878 | (77) | 398 | (510) | 520 | 1,189 |
Other liabilities | (401) | 375 | ||||
Net cash provided by (used in) operating activities | 3,309 | 8,694 | (193) | 8,839 | 17,073 | 2,492 |
Cash flows from investing activities: | ||||||
Purchases of property and equipment | (186) | (327) | (883) | (747) | (1,464) | (3,217) |
Capitalization of internally developed software costs | (4,033) | (5,550) | (4,804) | (13,249) | (15,920) | (20,756) |
Purchases of intangible assets | (44) | (219) | (293) | (161) | (1,389) | (279) |
Acquisition of business, net of cash acquired | (3,934) | (470) | ||||
Proceeds from disposal of assets | 31 | 93 | 22 | 51 | 99 | |
Proceeds from sale of equity method investment | 2,040 | |||||
Net cash used in investing activities | (4,232) | (6,096) | (5,887) | (12,095) | (22,656) | (24,623) |
Cash flows from financing activities: | ||||||
Proceeds from issuance of common shares | 79 | |||||
Proceeds from issuance of preference shares | 6,079 | |||||
Proceeds from deposits on incentive securities | 57 | 93 | 66 | |||
Proceeds from borrowings | 4,775 | 10,024 | 1,394 | |||
Repayment of loans and mortgage | (5) | (5) | (51) | (15) | (21) | (21) |
Payment of contingent consideration | (160) | (1,235) | (666) | |||
Proceeds from exercise of stock options | 41 | |||||
Net cash provided by (used in) financing activities | (5) | 52 | (211) | 3,566 | 10,096 | 6,931 |
Effect of exchange rate changes on cash and cash equivalents | (271) | (1,299) | (524) | 200 | (960) | (408) |
Net increase (decrease) in cash and cash equivalents | (1,199) | 1,351 | (6,815) | 510 | 3,553 | (15,608) |
Cash and cash equivalents, beginning of period | 11,781 | 8,228 | 30,651 | 2,897 | 8,228 | 23,836 |
Cash and cash equivalents, end of period | 10,582 | 9,579 | 23,836 | 3,407 | 11,781 | 8,228 |
Supplemental disclosure of cash activities: | ||||||
Cash paid (received) during the period for interest | 224 | 416 | 1 | 1 | 1,039 | 400 |
Cash paid (received) during the period for income taxes | 53 | 29 | 28 | 61 | 891 | 876 |
Supplemental disclosure of noncash investing and financing activities: | ||||||
Preference share accretion | 9,261 | $ 7,897 | $ 8,763 | 31,870 | 28,322 | |
Deferred offering costs included in other current assets and accrued expenses | $ 123 | $ 2,093 | ||||
Contingent consideration for acquisition of business included in other liabilities | $ 2,385 | |||||
Settlement of warrant liability | $ 8,705 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Description of Business and Summary of Significant Accounting Policies | Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Maven Topco Limited is a non-cellular The Company is a provider of scalable, technology-led in-game end-user, Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 20-F The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2021, its results of operations, comprehensive loss and shareholders’ deficit for the three months ended March 31, 2021 and 2020, and its cash flows for the three months ended March 31, 2021 and 2020. The results of the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ended December 31, 2021 or for any interim period or for any other future year. The condensed consolidated financial statements include the accounts and operations of the Company, inclusive of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses 2016-13 In December 2019, the FASB issued ASU 2019-12, Income Taxes 2019-12 Recently Adopted Accounting Guidance In June 2018, the FASB issued ASU No. 2018-07, non-employees non-employee re-measured non-employee In August 2018, the FASB issued ASU 2018-15, Internal-Use 350-40). internal-use internal-use internal-use 2018-15 | Note 1. Description of Business and Summary of Significant Accounting Policies Description of Business Maven Topco Limited is a non-cellular The Company is a provider of scalable, technology-led in-game end-user, Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are presented in conformity with accounting principles accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company, inclusive of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. On September 7, 2018, Maven Topco, through its wholly owned subsidiary Maven Bidco Limited (“Maven Bidco”), acquired all outstanding equity interests in Genius Sports, and its wholly-owned subsidiaries. Maven Topco accounted for the acquisition as a business combination using the acquisition method of accounting. See Note 2 – Business Combinations Foreign Currency The accompanying consolidated financial statements are presented in United States Dollars (“USD”), which is the Company’s reporting currency. The Company’s functional currency is the Pound Sterling (“GBP”). For transactions entered into in a currency other than its functional currency, monetary assets and liabilities are re-measured non-monetary re-measured re-measured non-functional Comprehensive Loss Comprehensive loss consists of the Company’s net loss and foreign currency translation adjustments related to the effect of foreign exchange on the value of the Company’s assets and liabilities denominated in currencies other than USD. The cumulative net translation gain or loss is included in the Company’s consolidated statements of comprehensive loss. Business Combinations The Company allocates the fair value of consideration transferred to the tangible and intangible assets acquired, and liabilities assumed based on their estimated fair values. The excess of the fair value of consideration transferred over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require the Company to make significant estimates and assumptions, especially with respect to intangible assets. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual values may differ from estimates. Allocation of consideration transferred to identifiable assets and liabilities affects the Company’s amortization expense, as acquired finite-lived intangible assets are amortized over their useful lives, whereas any indefinite lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements include, but are not limited to, the valuation allowance for deferred tax assets, stock-based compensation including the fair value of equity awards, fair value of warrant liability, fair value estimates of derivatives, allowance for doubtful accounts, revenue recognition, fair value of contingent consideration, purchase price allocation including fair value estimates of intangible assets and goodwill, the estimated useful lives of property and equipment and intangible assets and capitalization of internally developed software costs. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Due to the inherent uncertainty involved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated balance sheets, statements of operations and comprehensive loss. Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging Liquidity and Capital Resources The Company experienced operating losses for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). The Company expects to continue to incur operating losses due to the investments it intends to make to its business, including development of products. Based on anticipated spend, timing of expenditure assumptions, along with market conditions, the Company expects that its cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least one year after issuance of the accompanying consolidated financial statements. The Company may seek to raise additional funds through either equity or debt issuances to continue its investment in new product launches and related marketing initiatives and make strategic acquisitions. If the Company is unable to raise additional capital when desired and on reasonable terms, the business, results of operations, and financial condition could be adversely affected. The Company’s long-term success is dependent upon its ability to successfully market its products and services; generate revenue; maintain or reduce its operating costs and expenses; meet its obligations; obtain additional capital when needed; and, ultimately, achieve profitable operations. Traditionally, the Company has raised additional debt through contributions from its existing shareholders. As further explained in Note 20 – Subsequent Events Significant Risks and Uncertainties The Company is subject to those risks common in the sports betting industry and also those risks common to highly regulated industries including, but not limited to, the possibility of not being able to successfully develop or market its products; foreign currency risk; technological obsolescence; competition; dependence on key personnel and key external alliances; the successful protection of its proprietary technologies data, and intellectual property rights; branding; compliance with government regulations and specifically with data protection and privacy laws; litigation; systems and infrastructure failure; interest rate risk; seasonal fluctuations; ability to grow via strategic acquisitions and successfully integrate the acquired businesses; the U.K.’s exit from the European Union (“Brexit”); fraud, corruption, or negligence related to sports events; and the possibility of not being able to obtain additional financing when needed. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) COVID-19 non-essential in-person stay-at-home shelter-in-place The direct impact on the Company’s business and the business of the Company’s customers, including sports organizations and bookmakers, beyond disruptions in normal business operations in several of the Company’s and customers’ offices and business establishments, has been primarily through the suspension, postponement and cancellation of sports and sporting events. The suspension, postponement and cancellation of sporting events affected by COVID-19 COVID-19, four-day Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, Fair Value Measurements and Disclosures, approximates the carrying amounts represented in the consolidated balance sheets. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains the majority of its cash balances in accounts held by major banks and financial institutions, which management believes to be of high credit quality, and generally located in regions where the Company operates. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. No individual customer accounted for 10% or more of the Company’s total accounts receivable as of December 31, 2020 and 2019 (Successor). As of December 31, 2020 (Successor), one vendor accounted for 17% of the Company’s accounts payable. As of December 31, 2019 (Successor), three vendors accounted for 35%, 12% and 12% of accounts payable. Segment Information The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), consisting of the Company’s chief executive officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, management has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the consolidated financial statements. Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company had no restricted cash amounts as of December 31, 2020 and 2019 (Successor). Accounts Receivable Accounts receivable represent amounts billed to customers in accordance with contract terms for which payment has not yet been received. Receivables are not collateralized and do not bear interest. Receivables are presented net of the allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts to reduce the Company’s receivables to net realizable value. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. Financial Assets Notes receivables are measured at the fair value of consideration transferred, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method. The Company extended a $4.1 million loan to one of its executives on September 7, 2018. The executive notes receivable carries a 2.5% annual interest rate and is a full-recourse loan. As of December 31, 2020, and 2019 (Successor), the outstanding balance on the executive notes receivable, inclusive of interest, was $4.7 million and $4.5 million, respectively. See Note 8 – Other Assets Related Party Transactions Inventory Inventory mainly consists of video and other camera equipment for resale to customers. Inventory is stated at the lower of cost or net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on a first-in, first-out Deferred Offering Costs Deferred offering costs consist of direct legal, accounting and other fees related to the merger with dMY Technology Group, Inc. II (see Note 20 – Subsequent Events Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of respective assets. The estimated useful lives of the Company’s assets are as follows: Estimated Useful Lives (years) Buildings 10 - 50 IT equipment 2 - 13 Furniture and fixtures 4 - 12 Other equipment 1 - 5 For leasehold improvements, the estimated useful lives are limited to the shorter of the useful life of the asset or the term of the lease. Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the consolidated statements of operations. Internally Developed Software Software that is developed for internal use is accounted for pursuant to ASC 350-40 , Intangibles, Goodwill and Other — Internal-Use 350-40”). internal-use internal-use Intangible Assets Intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired and reported net of accumulated amortization, separately from goodwill. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. Data rights Data rights are finite-lived intangible assets amortized on a straight-line basis over their estimated useful life of ten years. Data rights represent legally protected rights to collect sports data for use in the Company’s product offerings and are typically generated through business combinations. The related amortization expense is classified in cost of revenue in the consolidated statements of operations. Technology Technology is finite-lived intangible asset amortized on a straight-line basis over its estimated useful life of three years. Technology primarily represents Genius Sports proprietary sports management technology platform generated through business combinations. The related amortization expense is classified as cost of revenue in the consolidated statements of operations. Technology also includes other acquired third party software not acquired in business combinations. The related amortization expense for third-party software is generally classified as general and administrative and research and development expenses in the consolidated statements of operations. Marketing Products Marketing products are finite-lived intangible assets amortized on a straight-line basis over their estimated useful lives, ranging from three to fifteen years. Marketing products include customer contracts and trademarks generated through business combinations. The related amortization expense is classified as general and administrative expense in the consolidated statements of operations. Goodwill Goodwill represents the difference between the purchase price and the fair value of assets and liabilities acquired in a business combination. Goodwill is not amortized. The Company has a single reporting unit. The Company reviews goodwill for impairment annually on the first day of its fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. Impairment of Long-Lived Assets Long-lived assets, except for goodwill, primarily consist of property and equipment and finite-lived intangible assets. Long-lived assets, except for goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset or asset group exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). Leases An arrangement is or contains a lease if there are specified assets and the right to control the use of a specified asset is conveyed for a period in exchange for consideration. Upon lease inception, the Company classifies leases as either operating or capital leases. Leases are classified as capital leases when the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Capital leases are recognized on the consolidated balance sheets, whereas operating leases are not. The Company did not have any capital leases in the years ended December 31, 2020 and 2019 (Successor), respectively. For operating leases, the Company recognizes rent expense on a straight-line basis over respective lease terms. Investments The Company uses the equity method when it has the ability to exercise significant influence over operating and financial policies of an entity but does not have control of the entity. Under the equity method of accounting, an investment is initially recorded on the balance sheet at cost, representing the Company’s proportionate share of fair value. The investment is subsequently adjusted to reflect the Company’s proportionate share of net earnings or losses recognized, distributions received, contributions made and certain other adjustments, as appropriate. The Company does not record losses of the equity method investee in excess of its investment balance unless the Company is liable for obligations of the equity method investee or is otherwise committed to provide financial support to the equity method investee. As of January 1, 2018, Genius Sports held an investment in Pointsbet Holding Pty Ltd. (“Pointsbet”). Genius Sports accounted for its investment in Pointsbet under the equity method of accounting. In the predecessor period, Genius Sports disposed of its investment in Pointsbet. This sale, resulted in Genius Sports recognizing a $1.8 million gain on disposal recognized in the period from January 1, 2018 through September 7, 2018 (Predecessor). The Company held no equity method or other investments as December 31, 2020 and 2019 (Successor). Derivatives The Company accounts for derivative instruments in accordance with ASC 815, Derivatives and Hedging (“ASC 815”), which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the consolidated financial statements. The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risk. Terms of debt instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the consolidated balance sheets at fair value. An evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. Short-term and Long-term Borrowings The Company accounts for its loan instruments using an amortized cost model. Debt issuance costs, lender fees, and allocated proceeds to other financial instruments issued simultaneously to lenders reduce the initial carrying amount of the loan instruments. The carrying value is accreted to the stated principal amount at contractual maturity using the effective-interest method with a corresponding charge to interest expense. Debt discounts are presented on the consolidated balance sheets as a direct deduction from the carrying amount of related debt. Warrants The Company accounts for its common share warrants (“Warrants”) as liabilities measured at fair value. When issued with Loan Notes defined in Note 9 – Debt Warrants Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. During the predecessor period, the fair value of the Warrants and derivatives were estimated using valuation techniques using inputs based on management’s judgment and conditions that existed at each reporting date. In connection with the Apax Funds Investment on September 7, 2018, the Warrants were settled and the Company derecognized the derivatives in purchase accounting. See Note 2 – Business Combinations Debt Revenue Recognition Genius Sports adopted ASC 606, Revenue from Contracts with Customers 340-40, Other Assets and Deferred Costs—Contracts with Customers 340-40”). 340-40. Under ASC 606, the Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company primarily recognizes revenue from the delivery products and services to customers in connection with the major product groups below. Nature of Products and Services Betting Technology, Content and Services The Company primarily provides official sports data for in-game pre-match In conjunction with the platform, the Company also provides customers with software updates to its sportsbook platform and technical support. These services are provided to customers on a continuous basis over the contract term, and therefore, revenue is recognized on a consistent basis with the platform hosting service. Customers contract for the platform either under fixed fee or profit share arrangements. In fixed fee arrangements customers generally pay a fixed price for access to the official data and services platform. The fixed fee covers a minimum number of sporting events, and customers pay overages for events above the minimum. Payments are generally made either quarterly or monthly in advance. For overages, the Company estimates these amounts as variable consideration and applies the constraint to the extent it is probable there will be a significant reversal of cumulative revenue. The Company uses a time-elapsed measure of progress to recognize revenue as the Company provides access to the platform over the contract term. In profit share arrangements, the Company generates revenues based on a percentage of sportsbook operator profits. These arrangements generally do not specify a minimum number of sporting events. The Company generally invoices for these arrangements monthly in arrears. Variable consideration is allocated to distinct time increments of the service and recognized over the contract term as the Company satisfies each time increment of the service. Certain profit share arrangements also contain fixed fees but no minimum number of sporting events. In these contracts, the Company recognizes the fixed fees as revenue using a time-elapsed measure of progress to recognize revenue as the Company provides access to the platform over the contract term. Sports Technology and Services The Company primarily provides technology that enables sports leagues and federations to capture, manage, and distribute their official sports data, along with other tools and services and updates and technical support. These software solutions are tailored for specific sports. Customers access the Company’s sports technology through the cloud in a hosting environment over the contract term. Customers typically do not have the ability take possession of the software. Depending on the service, the Company either stands ready to provide the hosting service on a continuous basis over the contract term or offers the hosting service for a specified number of events or defined sporting season. In connection with these hosting services, the Company primarily receives noncash consideration in the form of official sports data and streaming rights, along with other rights. Because there is not a readily determinable fair value for these unique data rights, the Company estimates the fair value of noncash consideration by reference to the estimated standalone selling price of the services promised to the customer maximizing the use of observable inputs. Revenue is recognized either ratably over the contract term or as the services are provided by event or season, depending on the nature of the performance obligation. In conjunction with the hosting service, the Company also provides customers with software updates and technical support. Revenue is recognized for the services on a consistent basis with the hosted service. The Company also provides sports leagues and federations with integrity services inclusive of active bet monitoring solutions that flag suspicious betting activity, along with educational and other consultancy services. These services are often bundled in arrangements for other Sports Technology and Services where the Company receives noncash consideration. However, integrity services are also sold on a standalone basis in fixed fee arrangements. Revenue is recognized either ratably over the contract term or as the services are provided, depending on the nature of the performance obligation. Media Technology, Content and Services The Company primarily provides advertising services to sports leagues and federations, along with sportsbook operators, and other global brands in the sports ecosystem. These services generally include personalized online marketing campaigns in which the Company, through its cloud-based marketing platform, uses real-time sports data to identify target audiences, manages the acquisition of digital advertising space, and transmits advertisements on behalf of its customers. The services are generally provided over a contract term of one year or less. The arrangements contain fixed fees, which are generally prepaid by customers. Revenue is recognized over time as the services are performed using an input method based on costs to secure advertising space. The Company is the principal in these arrangements as it is primarily responsible for delivering the advertisements, and bears inventory risk; therefore, revenue is presented gross. Other Policies, Judgments, and Practical Expedients Arrangements with Multiple Performance Obligations The Company’s contracts for Betting Technology, Content and Services and Sports Technology and Services often involve multiple performance obligations. For these contracts, the Company applies judgment and accounts for individual goods or services separately if the customer can benefit from the good or service on its own or with other resources that are readily available to the customer and the good or service is separately identifiable from other promises in the arrangement. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines the standalone selling price of goods or services based on an observable standalone selling price when it is available, as well as other factors, including standalone sales of similar goods or services, cost plus a reasonable margin, the price charged to customers, discounting practices, and overall pricing objectives, while maximizing observable inputs. Significant financing components In certain contracts, the Company receives payment from a customer either before or after the performance obligation has been satisfied. In these instances where the timing of revenue recognition differs from the timing of payment, the expected timing difference between payment and satisfaction of performance obligations for the Company’s contracts is generally one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money. Any other differences between receipt of payment and satisfaction of performance obligations do not include a significant financing component because the primary purpose is not to receive or provide financing to customers. Contract modifications The Company may modify contracts to offer customers additional goods or services. Each of the additional goods and services are generally considered distinct from those goods or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional goods and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional goods or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts on a prospective basis where the remaining goods and services are distinct from the original items and on a cumulative catch-up Judgments and estimates The Company applies judgment in determining whether it is the principal or agent in providing products and services to customers. The Company generally controls all products and services before transfer to customers as the Company is primarily responsible to deliver the products and services to customers, bears inventory risk, and has discretion in establishing prices. Accounting for contracts recognized over time under ASC 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, it is possible that estimates of variable consideration or costs to complete a performance obligation will be revised in the near-term. The Company reviews and updates its contract-related estimates, and records adjustments as needed. In fixed fee Betting Technology, Content and Services arrangements the Company applies the expected v |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | Note 2. Business Combinations Apax Funds Investment in Genius Sports In connection with the Apax Funds Investment on September 7, 2018, the Company acquired all issued and outstanding equity interests in Genius Sports for total consideration transferred of $303.2 million. The business combination was accounted for using the acquisition method of accounting, and the Successor financial statements reflect a new basis of accounting that is based on the fair value of net assets acquired. The excess of the total purchase price over the fair value of the assets acquired and liabilities assumed is recorded as goodwill. Consideration Transferred The summary computation of consideration transferred is presented as follows (in thousands): Consideration Transferred Cash for outstanding Genius Sports equity shares $ 264,471 Cash paid to retire Genius Sports’ debt 33,343 Transaction costs paid on behalf of Genius Sports 5,422 Total consideration transferred $ 303,236 Cash consideration for 100% of the shares of Genius Sports amounted to $264.5 million. The aggregate consideration transferred included approximately $33.3 million related to the repayment of certain outstanding loans and notes of Genius Sports, and $5.4 million of sell-side transaction costs paid for by the Company on behalf of Genius Sports. These transaction costs incurred by Genius Sports are included in the Predecessor period within transaction expenses in the consolidated statements of operations. Purchase Price Allocation Fair values are based on management’s analysis including work performed by third party valuation specialists. The following table summarizes the fair value of assets acquired and liabilities assumed on the closing date, with the excess recorded as goodwill (in thousands): Fair Value of Assets Acquired As of September 7, 2018 Cash and cash equivalents $ 3,407 Accounts receivables, net 12,610 Contract assets 2,925 Prepaid expenses 1,917 Other current assets 427 Property and equipment, net 3,034 Intangible assets, net 129,772 Goodwill 185,030 Deferred tax asset 116 Other assets 1,480 Total assets acquired $ 340,718 Accounts payable 5,643 Accrued expenses 9,672 Deferred revenue 7,669 Other current liabilities 1,625 Long-term debt 202 Deferred tax liability 12,671 Total liabilities assumed $ 37,482 Consideration transferred $ 303,236 The following table sets forth the components of identifiable intangible assets acquired and their weighted average useful lives by major class of intangible assets as of the date of the acquisition (in thousands): Useful Lives As of September 7, 2018 Data rights 10 years $ 67,959 Technology 3 years 38,958 Marketing products 3 – 15 years 22,855 Total intangible assets subject to amortization $ 129,772 Goodwill is primarily attributed to the assembled workforce of Genius Sports and the expected growth in new contracted customer contracts, data rights, and new technologies anticipated from the combined company. The goodwill acquired will not generate amortization deductions for income tax purposes. The Company incurred transaction costs of $4.0 million in connection with the acquisition of Genius Sports, which were incurred in the period preceding and up to close of the transaction. These costs incurred by the Company are included in the opening accumulated deficit balance of the successor period as of September 8, 2018 within the consolidated statements of changes in temporary equity and shareholders’ deficit. No material transaction costs were incurred during the period from September 8, 2018 through December 31, 2018 (Successor). Oppia Acquisition On July 31, 2019, the Company acquired all outstanding equity interests in Oppia Performance BVBA (“Oppia”) for cash and contingent consideration of approximately $2.9 million. Oppia provides proprietary technology which delivers low cost automated streaming content. The Company included the financial results of Oppia in the consolidated financial statements from the date of the acquisition. The acquisition was not material to the Company’s consolidated financial statements. Also, transaction costs were not material to the Company’s consolidated financial statements. In allocating consideration transferred based on estimated fair values, the Company recorded $2.6 million of goodwill. The goodwill is not deductible for U.S. income tax purposes. In the year ended December 31, 2020 (Successor), the Company recorded $0.3 million income from gain on fair value remeasurement of contingent consideration. Sportzcast Acquisition On December 10, 2020, the Company acquired all outstanding equity interests in Sportzcast, Inc. (“Sportzcast”) for cash of approximately $4.4 million. Sportzcast focuses on providing devices and solutions to translate very low latency official sports data feeds directly from sporting arenas and stadiums into a standard data format. The Company included the financial results of Sportzcast in the consolidated financial statements from the date of the acquisition. The Company incurred transaction costs of $0.2 million in connection with the acquisition of Sportzcast which was recorded in transaction expenses in the consolidated statements of operations. In allocating consideration transferred based on estimated fair values, the Company recorded $1.8 million of newly acquired intangible assets including Technology and Marketing Products and $2.2 million of goodwill. The goodwill is not deductible for U.S. income tax purposes. The acquisition was not material to the Company’s consolidated financial statements. |
Revenue
Revenue | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Revenue from Contract with Customer [Abstract] | ||
Revenue | Note 2. Revenue Disaggregation of Revenues Revenue by Major Product Group The Company’s product offerings primarily deliver a service to a customer satisfied over time, and not at a point in time. Point in time revenues were immaterial for all periods presented in the condensed consolidated statements of operations. Revenue for the Company’s major product groups consists of the following (in thousands): Three Months Ended 2021 2020 Revenue by Product Group Betting Technology, Content and Services $ 38,955 $ 27,421 Sports Technology and Services 5,406 3,818 Media Technology, Content and Services 9,377 4,130 Total $ 53,738 $ 35,369 Revenue by Geographic Market Geographical regions are determined based on the region in which the customer is headquartered or domiciled. Revenues by geographical market consists of the following (in thousands): Three Months Ended 2021 2020 Revenue by Geographical Market: Europe $ 39,726 $ 28,898 Americas 10,405 4,293 Rest of the World 3,607 2,178 Total $ 53,738 $ 35,369 In the three months ended March 31, 2021, Malta, Gibraltar, the United Kingdom and the United States of America represented 17%, 14%, 12% and 12% of total revenue, respectively. In the three months ended March 31, 2020, Gibraltar, Malta and the United Kingdom represented 15%, 14% and 14% of total revenue, respectively. Revenues by Major Customers No customers accounted for 10% or more of revenue in the three months ended March 31, 2021 and 2020, respectively. Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods and excludes constrained variable consideration. The Company has excluded contracts with an original expected term of one year or less and variable consideration allocated entirely to wholly unsatisfied promises that form part of a single performance obligation from the disclosure of remaining performance obligations. Revenue allocated to remaining performance obligations was $237.8 million as of March 31, 2021.The Company expects to recognize approximately 36% in revenue within one year, and the remainder in the next 13—120 months. During the three months ended March 31, 2021, the Company recognized revenue of $7.7 million for variable consideration related to revenue share contracts for Betting Technology, Content and Services. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in receivables, contract assets, or contract liabilities (deferred revenue) on the Company’s condensed consolidated balance sheets. The Company records a contract asset when revenue is recognized prior to the right to invoice or deferred revenue when revenue is recognized subsequent to invoicing. Contract assets are transferred to receivables when the rights to invoice and receive payment become unconditional. As of March 31, 2021, the Company had $14.4 million contract assets and $24.8 million of contract liabilities, recognized as deferred revenue. As of December 31, 2020, the Company had $10.1 million contract assets and $26.0 million of contract liabilities, recognized as deferred revenue. The Company expects to recognize substantially all of the deferred revenue beginning balance with the next 12 months. COVID-19 Due to COVID-19, one-time COVID-19 COVID-19 | Note 3. Revenue Disaggregation of Revenues Revenue by Major Product Group The Company’s product offerings primarily deliver a service to a customer satisfied over time, and not at a point in time. Point in time revenues were immaterial for all periods presented in the consolidated statements of operations. Revenue for the Company’s major product groups consists of the following (in thousands): Successor Predecessor Year Ended December 31, 2020 Year Ended December 31, 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, 2018 through September 7, 2018 Revenue by Product Group Betting Technology, Content and Services $ 110,618 $ 88,370 $ 21,581 $ 47,531 Sports Technology and Services 16,066 14,367 5,187 3,741 Media Technology, Content and Services 23,055 11,883 3,810 5,735 Total $ 149,739 $ 114,620 $ 30,578 $ 57,007 Revenue by Geographic Market Geographical regions are determined based on the region in which the customer is headquartered or domiciled. Revenues by geographical market consists of the following (in thousands): Successor Predecessor Year Ended December 31, Year Ended December 31, 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, 2018 through September 7, 2018 Revenue by Geographical Market: Europe $ 119,393 $ 90,453 $ 23,347 $ 43,524 Americas 20,419 15,699 4,188 7,809 Rest of the World 9,927 8,468 3,043 5,674 Total $ 149,739 $ 114,620 $ 30,578 $ 57,007 In the year-ended December 31, 2020 (Successor), Malta, Gibraltar and the United Kingdom represented 16%, 15% and 13% of total revenue, respectively. In the year-ended December 31, 2019 (Successor), Gibraltar and Malta represented 16% and 12% of total revenue, respectively. In the period from September 8, 2018 through December 31, 2018 (Successor) and the period from January 1, 2018 through September 7, 2018 (Predecessor), Gibraltar, Malta and the United Kingdom represented 16%, 12% and 11% of total revenue, respectively. Revenues by Major Customers No customers accounted for 10% or more of revenue in the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). Remaining Performance Obligations Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes unearned revenue and unbilled amounts that will be recognized as revenue in future periods and excludes constrained variable consideration. The Company has excluded contracts with an original expected term of one year or less and variable consideration allocated entirely to wholly unsatisfied promises that form part of a single performance obligation from the disclosure of remaining performance obligations. Revenue allocated to remaining performance obligations was $260.9 million as of December 31, 2020 (Successor). The Company expects to recognize approximately 36% in revenue within one year, and the remainder in the next 13 – 120 months. During the year-ended December 31, 2020 (Successor), the Company recognized revenue of $20.3 million for variable consideration related to revenue share contracts for Betting Technology, Content and Services. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers, and these timing differences result in receivables (see Note 4 – Accounts Receivable, Net) As of December 31, 2020 (Successor), the Company had $10.1 million contract assets and $26.0 million of contract liabilities, recognized as deferred revenue. As of December 31, 2019 (Successor), the Company had $5.7 million contract assets and $16.0 million of contract liabilities, recognized as deferred revenue. The $4.4 million increase in contract assets as compared to the balance of $5.7 million as of December 31, 2019 (Successor) is due to increase in the fulfillment of performance obligations prior to the right to invoice related to growth in business with existing customers, new customer acquisitions, and customer utilization. The $10.0 million increase in deferred revenue as compared to the balance of $16.0 million as of December 31, 2019 (Successor) is primarily due to cash payments received or due in advance of satisfying performance obligations, which were in the ordinary course of business. Substantially all of the deferred revenue beginning balance as of each period presented has been recognized in the years ended December 31, 2020 and 2019 (Successor). COVID-19 Due to COVID-19, one-time COVID-19 |
Accounts Receivable, Net
Accounts Receivable, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Accounts Receivable, Net | Note 3. Accounts receivable, net As of March 31, 2021, accounts receivables, net consisted of accounts receivable of $24.6 million less allowance for doubtful accounts of $1.4 million. As of December 31, 2020, accounts receivables, net consisted of accounts receivable of $26.1 million less allowance for doubtful accounts of $1.3 million. | Note 4. Accounts Receivable, Net As of December 31, 2020 (Successor), accounts receivable, net consisted of accounts receivable of $26.1 million less allowance for doubtful accounts of $1.3 million. As of December 31, 2019 (Successor), accounts receivable, net consisted of accounts receivable of $19.2 million, less allowance for doubtful accounts of $0.8 million. Allowance for doubtful accounts is as follows (in thousands): Successor As of December As of December Balance, beginning of period $ 760 $ 1,926 Increase (decrease) in provision 582 1,059 Write-offs, net of recoveries (122 ) (2,256 ) Foreign currency translation adjustments 50 31 Balance, end of period $ 1,270 $ 760 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | Note 5. Property and Equipment, Net Property and equipment, net consists of the following (in thousands): Successor As of December As of December Buildings $ 2,434 $ 2,342 IT equipment 9,695 8,264 Furniture and fixtures 1,700 1,397 Other equipment 38 35 Total property and equipment $ 13,867 $ 12,038 Less: accumulated depreciation 8,865 7,156 Property and equipment, net $ 5,002 $ 4,882 Depreciation expense related to property and equipment was $1.6 million, $1.7 million, $0.3 million, and $1.1 million for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Note 6. Goodwill Changes in the carrying amount of goodwill for the periods presented in accompanying consolidated financial statements are as follows (in thousands): Balance as of December 31, 2018 (Successor) $ 182,994 Goodwill acquired 2,569 Foreign currency translation adjustments 7,417 Balance as of December 31, 2019 (Successor) $ 192,980 Goodwill acquired 2,211 Foreign currency translation adjustments 5,433 Balance as of December 31, 2020 (Successor) $ 200,624 For the years ended December 31, 2020 and 2019 (Successor), the carrying amount of goodwill increased by $2.2 million due to the Sportzcast acquisition and $2.6 million due to the Oppia acquisition, respectively. (See Note 2 – Business Combinations No impairment of goodwill was recognized for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). |
Intangible Assets, Net
Intangible Assets, Net | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Intangible Assets, Net | Note 4. Intangible Assets, net Intangible assets subject to amortization as of March 31, 2021 consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 7 $ 72,378 $ 18,541 $ 53,837 Marketing products 12 24,958 5,121 19,837 Technology 1 45,114 36,592 8,522 Capitalized software 2 48,751 21,215 27,536 Total intangible assets $ 191,201 $ 81,469 $ 109,732 Intangible assets subject to amortization as of December 31, 2020 consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 8 $ 71,797 $ 16,621 $ 55,176 Marketing products 12 24,757 4,548 20,209 Technology 1 44,720 32,625 12,095 Capitalized software 2 44,374 17,312 27,062 Total intangible assets $ 185,648 $ 71,106 $ 114,542 Amortization expense was $9.8 million and $7.6 million for the three months ended March 31, 2021 and 2020, respectively. | Note 7. Intangible Assets, Net Intangible assets subject to amortization as of December 31, 2020 (Successor) consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 8 $ 71,797 $ 16,621 $ 55,176 Marketing products 12 24,757 4,548 20,209 Technology 1 44,720 32,625 12,095 Capitalized software 2 44,374 17,312 27,062 Total intangible assets $ 185,648 $ 71,106 $ 114,542 Intangible assets subject to amortization as of December 31, 2019 (Successor) consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 9 $ 69,850 $ 9,186 $ 60,664 Marketing products 13 23,491 2,507 20,984 Technology 2 40,900 17,726 23,174 Capitalized software 2 26,641 5,023 21,618 Total intangible assets $ 160,882 $ 34,442 $ 126,440 As a result of the Sportzcast and Oppia acquisitions, the Company recorded newly acquired intangible assets of $1.8 million and $0.3 million, respectively. (See Note 2 – Business Combinations Amortization expense was $33.4 million, $26.3 million, $7.0 million, and $8.9 million for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. As of December 31, 2020 (Successor), expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows: Fiscal Years (in thousands) 2021 $ 34,345 2022 19,633 2023 12,206 2024 8,703 2025 8,703 Thereafter 30,952 Total $ 114,542 |
Other Assets
Other Assets | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | ||
Other Assets | Note 5. Other Assets Other assets (current and long-term) as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 December 31, 2020 Other current assets: Non-trade $ 4,067 $ 3,448 Deferred offering costs 2,233 2,093 Executive notes receivable 4,714 4,659 Inventory 430 384 Total other current assets $ 11,444 $ 10,584 Other assets: Security deposit 3,622 3,622 Corporate tax receivable 1,256 1,256 Sales tax receivable 5,404 3,042 Contract costs 1,575 1,576 Total other assets $ 11,857 $ 9,496 | Note 8. Other Assets Other assets (current and long-term) as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor As of December 31, 2020 As of December 31, 2019 Other current assets: Non-trade $ 3,448 $ 2,995 Deferred offering costs 2,093 — Executive notes receivable (1) 4,659 — Inventory 384 281 Total other current assets $ 10,584 $ 3,276 Other assets: Executive notes receivable (1) $ — 4,452 Security deposit 3,622 3,457 Corporate tax receivable 1,256 1,985 Sales tax receivable 3,042 846 Contract costs 1,576 1,340 Total other assets $ 9,496 $ 12,080 (1) Executive notes receivable, which primarily includes the $4.1 million executive loan extended on September 7, 2018 discussed in Note 19 – Related Party Transactions Subsequent Events |
Debt
Debt | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Debt | Note 6. Debt The following table summarizes outstanding debt balances as of March 31, 2021 and December 31, 2020 (in thousands): Instrument Date of Issuance Maturity Date Effective March 31, December 31, Investor Loan Notes September 2018 to September 2028 to 10 % $ 85,353 $ 82,631 Data Project Srl Mortgage December 2010 December 2025 8 % 106 116 Related Party Loan December 2020 April 2021 4 % 10,433 10,248 $ 95,892 $ 92,995 Less current portion of debt (10,456 ) (10,272 ) Non-current $ 85,436 $ 82,723 Investor Loan Notes On September 7, 2018, the Company issued to Maven TopHoldings SARL, a subsidiary of a fund advised by Apax and other shareholders $56.2 million aggregate principal amount of unsecured investor loan notes with interest of 10% per annum and $5.2 million aggregate principal amount of unsecured manager loan notes with interest at 10% per annum (collectively the “Investor Loan Notes”). During September and December 2019, supplemental deeds to the Investor Loan Notes were entered into by the Company, providing for the issuance of additional Investor Loan Notes with an aggregate principal amount of $1.4 million. All principal and accrued interest is payable at maturity of the Investor Loan Notes. See Note 12 —Related Party Transactions Data Project Srl Mortgage On December 1, 2010, Genius Sports entered into a loan agreement in Euros for the equivalent of $0.3 million to be paid in accordance with the quarterly floating rate amortization schedule over the course of the loan. Related Party Loan On December 8, 2020, certain investment funds affiliated with Apax entered into a loan agreement with a subsidiary of the Company (the “Related Party Loan”) for an aggregate amount of $10.0 million in order to fund cash consideration payable with respect to acquisition of business, properties or assets, as well as to fund general corporate expenses, including working capital. The Related Party Loan carries an interest rate of 4.00% per annum, with principal and interest payable in full on maturity. The Related Party Loan matures the earlier of (i) May 30, 2021 or (ii) upon successful consummation of the dMY Technology Group, Inc. II merger. See Note 12 – Related Party Transactions Subsequent Events Secured Overdraft Facility The Company has access to short-term borrowings and lines of credit. The Company’s main facility is a secured overdraft facility with Barclays Bank PLC, which incurs a variable interest rate of 4.00% over the Bank of England rate. As of March 31, 2021 and December 31, 2020, the Company had no outstanding borrowings under its lines of credit. As of March 31, 2021 and December 31, 2020, the Company was in compliance with all applicable covenants related to its indebtedness. Interest Expense Interest expense was $2.3 million and $1.9 million for the three months ended March 31, 2021 and 2020, respectively. Debt Maturities Expected future payments for all borrowings as of March 31, 2021 are as follows: Fiscal Period: (in thousands) 2021 (remainder) $ 10,450 2022 23 2023 23 2024 24 2025 22 Thereafter 85,350 Total payment outstanding $ 95,892 | Note 9. Debt The following table summarizes outstanding debt balances as of December 31, 2020 and 2019 (Successor) (in thousands): Successor Instrument Date of Issuance Maturity Date Effective December 31, 2020 December 31, 2019 Investor Loan Notes September 2018 to September 2028 to 10 % $ 82,631 $ 73,061 Data Project Srl Mortgage December 2010 December 2025 8 % 116 130 Related Party Loan December 2020 May 2021 4 % 10,248 — $ 92,995 $ 73,191 Less current portion of debt (10,272 ) (25 ) Noncurrent portion of debt $ 82,723 $ 73,166 Investor Loan Notes On September 7, 2018, the Company issued to Maven TopHoldings SARL, a subsidiary of a fund advised by Apax and other shareholders $56.2 million aggregate principal amount of unsecured investor loan notes with interest of 10% per annum and $5.2 million aggregate principal amount of unsecured manager loan notes with interest at 10% per annum (collectively the “Investor Loan Notes”). During September and December 2019, supplemental deeds to the Investor Loan Notes were entered into by the Company, providing for the issuance of additional Investor Loan Notes with an aggregate principal amount of $1.4 million. All principal and accrued interest is payable at maturity of the Investor Loan Notes. See Note 19 – Related Party Transactions Data Project Srl Mortgage On December 1, 2010, Genius Sports entered into a loan agreement in Euros for the equivalent of $0.3 million to be paid in accordance with the quarterly floating rate amortization schedule over the course of the loan. Related Party Loan On December 8, 2020, certain investment funds affiliated with Apax entered into a loan agreement with a subsidiary of the Company (the “Related Party Loan”) for an aggregate amount of $10.0 million in order to fund cash consideration payable with respect to acquisition of business, properties or assets, as well as to fund general corporate expenses, including working capital. The Related Party Loan carries an interest rate of 4.00% per annum, with principal and interest payable in full on maturity. The Related Party Loan matures the earlier of (i) May 30, 2021 or (ii) upon successful consummation of the dMY Technology Group, Inc. II merger. See Note 19 – Related Party Transactions Subsequent Events Secured Overdraft Facility The Company has access to short-term borrowings and lines of credit. The Company’s main facility is a secured overdraft facility with Barclays Bank PLC, which incurs a variable interest rate of 4.00% over the Bank of England rate. As of December 31, 2020 and 2019 (Successor), the Company had no outstanding borrowings under its lines of credit. Predecessor Loan Notes From July 2015 through August 2017, Genius Sports issued in four separate tranches an aggregate of $20.3 million in loan notes (“Loan Notes”) to certain lenders. The Series A and B Loan Notes (collectively the “2015 Loan Notes”) accrue 3% interest payable in cash and 3% interest paid in-kind and the Series D and E Loan Notes (collectively the “2017 Loan Notes”) bear interest at 5% per annum. Genius Sports paid $0.6 million in total upfront fees to the lenders for the various Loan Note issuances and $0.2 million in third party fees incurred to issue the Loan Notes, each presented as a discount on the Loan Note carrying value. Additional discount on the 2017 Loan Notes resulted from $3.5 million of allocated proceeds to the Genius Sports’ Common A Shares issued in conjunction with the 2017 Notes. The Loan Notes include standard financial and non-financial covenants and had an original maturity date of July 27, 2021. Certain identified embedded contingent redemption features in the Loan Notes were concluded to require bifurcation and separate accounting as derivative instruments at fair value from the Loan Notes. The fair value of the bifurcated derivative, which were net derivative liabilities, totaled $4.3 million as of January 1, 2018. The net change in the fair values of the derivatives resulted in a loss of $3.1 million for the period from January 1, 2018 through September 7, 2018 (Predecessor) and was included in the consolidated statements of operations. In connection with the Apax Funds Investment on September 7, 2018, the Loan Notes were repaid in full pursuant to the contractual terms. On this date, the Company treated the Loan Note settlement as an extinguishment by derecognizing the Loan Notes, deferred financing costs, accrued interest, and the bifurcated derivative in full. As the Loan Notes were settled in the Genius Sports acquisition, they are only reflected in the Predecessor period and are not outstanding during any presented Successor period. Other Predecessor Loans In addition to the above Loan Notes, Genius Sports also had outstanding loans of approximately $12.4 million to various thirdparty lenders and related parties. In connection with the Apax Funds Investment on September 7, 2018, the Company repaid the entire outstanding balance of the loans. As of December 31, 2020 and 2019 (Successor), the Company was in compliance with all applicable covenants related to its indebtedness. Interest Expense Interest expense was $8.0 million, $6.9 million, $2.0 million, and $2.4 million for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. Debt Maturities Expected future payments for all borrowings as of December 31, 2020 (Successor) are as follows: Fiscal Years: (in thousands) 2021 $ 10,272 2022 24 2023 25 2024 25 2025 23 Thereafter 82,626 Total payment outstanding $ 92,995 |
Other Liabilities
Other Liabilities | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | ||
Other Liabilities | Note 7. Other Liabilities Other liabilities (current and long-term) as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 December 31, 2020 Other current liabilities: Other payables $ 4,479 $ 3,576 Contingent consideration 140 138 Total other current liabilities $ 4,619 $ 3,714 Other liabilities: Contingent consideration $ 2,181 $ 2,164 Deposits on Incentive Securities 1,436 1,425 Total other liabilities $ 3,617 $ 3,589 | Note 10. Other Liabilities Other liabilities (current and long-term) as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor As of December 31, 2020 As of December 31, 2019 Other current liabilities: Other payables $ 3,576 $ 3,461 Contingent consideration 138 — Total other current liabilities $ 3,714 $ 3,461 Other liabilities: Contingent consideration $ 2,164 $ 2,520 Deposits on Incentive Securities 1,425 1,290 Total other liabilities $ 3,589 $ 3,810 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Warrants | Note 11. Warrants In connection with the issuance of the 2015 Loan Notes, Genius Sports issued the lenders Warrants to purchase 218,852 common shares at any time prior to the expiration of the Warrants. The Warrants have an exercise price of $0.0001 per share and provide for certain adjustments to the number of common shares exercisable dependent on realized economics of a sale of Genius Sports. The Warrants are classified as liabilities as the contractual adjustments to the number of common shares underlying the Warrants are not fully indexed to Genius Sports’ own equity. The Warrants had a fair value of $5.0 million as of January 1, 2018 and were subsequently remeasured on September 7, 2018 in connection with the Genius Sports acquisition, when the Warrants were exercised for 136,707 common shares pursuant to contractual terms. The change in fair value of $4.1 million was recorded in the consolidated statement of operations in the predecessor period. As the Warrants have an exercise price of $0.0001 per share, the fair value of the Warrants is estimated as the fair value of the underlying common shares as of the acquisition date. |
Preference Shares
Preference Shares | 12 Months Ended |
Dec. 31, 2020 | |
Dividends, Preferred Stock [Abstract] | |
Preference Shares | Note 12. Preference Shares On September 7, 2018, the Company entered into investment deeds in connection with the Apax Funds Investment (refer to Note 2 – Business Combinations As of December 31, 2020 and 2019 (Successor). the Company had 218,561,319 Preference Shares issued and outstanding. The Company has classified the Preference Shares as temporary equity in the consolidated balance sheets and remeasures each reporting period to the liquidation preference as described below. Dividends The Preference Shares receive a fixed cumulative dividend at a rate per annum equal to 10% of the original issue price (the “Preference Dividend”). Holders of Preference Shares receive dividends prior to and in preference to any dividends on common shares. The Preference Dividend accrues but is not payable until declaration by the Board of Directors or redemption of the Preference Shares by the holder. Redemption The Company may, with the prior consent of the Board of Directors, redeem or repurchase some or all of the Preference Shares at any time at a price equal to the aggregate sum of: (i) the issuance price of the Preference Shares, plus (ii) all accrued but unpaid Preference Dividend, less (iii) the amount of all prior distributions made on the relevant Preference Shares. As a result of the Apax Funds Investment, Apax holds a majority voting interest in the Company and controls the Board of Directors as of December 31, 2020 and 2019 (Successor). Therefore, the Company’s option to redeem the Preference Shares is deemed to not be solely within the control of the Company as Apax has the ability to force the Company to redeem the Preference Shares. As a result, the Preference Shares are classified in temporary equity, remeasured at each reporting date at the redemption amount, with any increase in carrying value recorded as a dividend. Liquidation Holders of Preference Shares are entitled to receive a liquidation preference equal to the Preference Dividends and issuance price prior to any distribution to holders of common shares in any liquidity event, inclusive of a listing, exit, refinancing, or disposal of assets. Dividends on Preference Shares were $31.9 million, $28.3 million and $8.8 million for the years ended December 31, 2020 and 2019 (Successor), and the period from September 8, 2018 through December 31, 2018 (Successor), respectively. Voting Rights The Preference Shares are not entitled to receive notice of, attend or speak at general meetings of the Company or to vote on resolutions. |
Common Shares
Common Shares | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common Shares | Note 13. Common Shares Predecessor Common Shares Genius Sports equity structure compromised Ordinary Shares, Ordinary A Shares, and Ordinary S Shares (collectively, the “Predecessor Common Shares”), each with a par value of $0.0001, except for the Ordinary S Shares, which had a par value of $0.000001. At close of the acquisition of Genius Sports, described in Note 2 – Business Combinations Warrants Genius Sports equity structure also included certain Staff Loans, defined in Note 15 – Stock-based Compensation Stock-based Compensation Successor Common Shares The Company’s equity structure following the Apax Funds Investment on September 7, 2018 consisted of the following: A1 Ordinary Shares, A2 Ordinary Shares, and A3 Ordinary Shares (collectively, Common Shares), with each share having a nominal value of $0.01. Holders of A1 Ordinary Shares are entitled to receive notice of, attend and speak at a general meeting of the Company and to vote on resolutions. On a show of hands, on a poll or on a written resolution each holder of A1 Ordinary Shares is entitled to exercise one vote per A1 Ordinary Share held. Holders of A2 Ordinary Share are not entitled to receive notice of, attend or speak at general meetings of the Company, or to vote on resolutions. Holders of A3 Ordinary Shares are entitled to receive notice of, but not to attend or speak at, general meetings of the Company, and are not entitled to vote on resolutions, save that a holder of A3 Ordinary Shares has the right to enfranchise its A3 Ordinary Shares by serving a voting notice is on the Company, in which event such holder of A3 Ordinary Shares will be entitled to one vote per A3 Ordinary Share held on resolutions. Other than the different notice, attendance, and voting rights as outlined above, the A1 Ordinary Shares, A2 Ordinary Shares and A3 Ordinary Shares have the same rights, including entitlement to receive distributions and liquidation proceeds. The holders have no preemptive or other subscription rights and there is no redemption or sinking fund provisions with respect to such shares. In the event of liquidation, dissolution, distribution of assets, or winding up of the Company, the holders of Common Shares have equal rights to receive all the assets of the Company, after the rights of the holders of the Preference Shares, if any, have been satisfied. As of December 31, 2020 and 2019 (Successor), the Company had 1,873,423 Common Shares authorized and 1,873,423 shares issued and outstanding. The Company’s directors may exercise the power of the Company to issue an unlimited number of shares of different types or classes. The Company’s equity structure also included certain Incentive Securities, defined in Note 15 – Stock-based Compensation Stock-based Compensation |
Loss Per Share
Loss Per Share | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Loss Per Share | Note 8. Loss Per Share The Company uses the two-class two-class if-converted The computation of loss per share and weighted average shares of the Company’s common shares outstanding for the three months ended March 31, 2021 and 2020 are as follows (in thousands except share and per share data): Three Months Ended March 31, 2021 2020 Net loss attributable to common shareholders—basic and diluted $ (5,322 ) $ (7,544 ) Basic and diluted weighted average common shares outstanding 1,873,423 1,873,423 Net loss per share attributable to common shareholders—basic and diluted $ (2.84 ) $ (4.03 ) The following table presents the potential common shares and Preference Shares outstanding that were excluded from the computation of diluted net loss per share of common share as of the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2021 2020 Preference Shares 218,561,319 218,561,319 Incentive Securities 833,694 806,060 Total 219,395,013 219,367,379 | Note 14. Loss Per Share The Company uses the two-class two-class if-converted The computation of loss per share and weighted average shares of the Company’s common shares outstanding for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), are as follows (in thousands except share and per share data): Successor Predecessor Year Ended 2020 Year Ended 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, through September 7, Net loss attributable to common shareholders - Basic and Diluted $ (30,348 ) $ (40,207 ) $ (9,761 ) $ (15,527 ) Basic and diluted weighted average common shares outstanding 1,873,423 1,829,947 1,812,601 2,983,170 Net loss per share attributable to common shareholders: Basic and diluted $ (16.20 ) $ (21.97 ) $ (5.38 ) $ (5.20 ) The following table presents the potential common shares and Preference Shares outstanding that were excluded from the computation of diluted net loss per share of common share as of the periods presented because including them would have been antidilutive: Successor Predecessor Year Ended Year Ended Period from Period from Share Options — — — 851,116 Staff Loans — — — 602,861 Preference Shares 218,561,319 218,561,319 213,657,244 — Incentive Securities 833,694 761,394 709,783 — Total 219,395,013 219,322,713 214,367,027 1,453,977 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-based Compensation | Note 9. Stock-based Compensation The Company provided employees the option to purchase common shares consisting of B Ordinary Shares, C Ordinary Shares, C1 Ordinary Shares, C2 Ordinary Shares, D1 Ordinary Shares, and D2 Ordinary Shares (the “Incentive Securities”), with each share having a par value of $0.01, except for the C1 Ordinary Shares, which had a par value of $0.21. Based on the forfeiture provisions discussed below, although the Incentive Securities are legally issued, the Incentive Securities are not considered outstanding from an accounting perspective. The Incentive Securities are subject to a repurchase feature, which in most instances is essentially a forfeiture provision. The Company has a call option to any or all of the Incentive Securities and the call option price depends on whether the Incentive Securities holder who leaves the Company is classified as a “Good Leaver” or a “Bad Leaver”. The repurchase price for a Good Leaver’s vested Incentive Securities is the fair value of the vested Incentive Securities. The repurchase price for any Bad Leaver’s Incentive Securities, and any Incentive Securities a Good Leaver holds which remains unvested, is the lower of fair value or the original cost, akin to a forfeiture provision. Outside of retirement from the Company at the statutory retirement age and any other circumstance in which Genius Sports’ remuneration committee exercises its discretion to deem an individual to be a Good Leaver, any voluntary termination by a holder of Incentive Securities would entitle the Company to require the forfeiture of the Incentive Securities. The Company determined that it is not probable that any participants will reach the statutory retirement age while employed by the Company. Due to the repurchase feature, the Company estimates that holders of Incentive Securities will forfeit all of their Incentive Securities. As such, the Company did not recognize any compensation cost for Incentive Securities granted in the three months ended March 31, 2021 and 2020. As the stated vesting provisions for the Incentive Securities are deemed non-substantive The were no Incentive Securities granted during the three months ended March 31, 2021. The fair value of Incentive Securities granted during the three months ended March 31, 2020 was determined on the grant date using the Black-Scholes model based on the following assumptions: March 31, 2020 Expected term (years)(1) 4.5 Current stock value $7.38 - $15.14 Expected volatility(2) 30% Risk-free rate(3) 1.63% Dividend yield(4) 0% (1) The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. Given the Leaver provisions, the Company estimated the midpoint between the vesting term and estimated time to liquidity event. (2) Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3) Risk free rate was obtained from treasury notes for the expected terms noted as of the valuation date. (4) The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. Given the absence of a public trading market, the Board of Directors considered numerous objective and subjective factors to determine the fair value of the underlying common shares at each meeting at which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of the common shares; (ii) the rights and preferences of Preference Shares relative to common shares; (iii) the lack of marketability of the common shares; (iv) developments in the business; and (v) the likelihood of achieving a liquidity event, such as an IPO or sale of the Company, given prevailing market conditions. A summary of the Incentive Security activity for the three months ended March 31, 2021 is as follows: Awards Weighted Averaged Aggregate Non-vested 833,694 $ 1.60 $ 16,243 Granted — Forfeited — Expired — Non-vested 833,694 $ 1.60 $ 16,231 The awards have been treated as early exercised options from an accounting perspective. As of March 31, 2021, the weighted-average remaining contractual life is greater than 10 years in all cases. As of March 31, 2021, the Company had $16.2 million of unrecognized stock-based compensation expense related to the Incentive Securities. As noted previously, the Company does not expect to recognize any cost related to the Incentive Securities. | Note 15. Stock-based Compensation Share Options During the predecessor period, Genius Sports had two share option plans including the Genius Sports Enterprise Management Incentive Plan and the Genius Sports Unapproved Share Plan under which incentive stock options (“Share Options”) may be granted to employees. On January 1, 2018 total outstanding Share Options were 861,116 with a weighted average exercise price in USD of $2.16. Substantially all of Share Options were vested as of January 1, 2018 with an immaterial number of Share Options vesting in the period from January 1, 2018 through September 7, 2018 (Predecessor). During the period from January 1, 2018 through September 7, 2018 (Predecessor), no Share Options were granted, forfeited or expired, and 10,000 Share Options were exercised with a weighted average exercise price of $4.05 in the aggregated amounts of $0.1 million cash received and a total intrinsic value of $0.3 million. In connection with the Apax Funds Investment, on September 7, 2018, all outstanding Share Options of 851,116 were exercised and settled. The Share Options had a weighted average exercise price of $2.04 with a total intrinsic value of $52.5 million paid to the holders. No compensation cost for Share Options was recognized in the period from January 1, 2018 through September 7, 2018 (Predecessor) due to amounts involved being immaterial. Staff Loans During the predecessor period, Genius Sports issued promissory notes to employees in the aggregated amounts of $2.9 million to purchase 602,861 Predecessor Common Shares in Genius Sports, which includes Ordinary Shares, G Ordinary Shares and F Ordinary Shares (collectively, the “Staff Loans”), with each share having a par value of $0.0001. The promissory notes are collateralized only by the shares purchased and are considered as nonrecourse in nature. Therefore, the nonrecourse notes are accounted for as substantive grants of stock options. In connection with the Apax Funds Investment, these Staff Loans were settled, and the Predecessor Common Shares considered outstanding. No compensation cost for the notes was recognized in the period from January 1, 2018 through September 7, 2018 (Predecessor). Incentive Securities The Company provided employees the option to purchase common shares consisting of B Ordinary Shares, C Ordinary Shares, C1 Ordinary Shares, C2 Ordinary Shares, D1 Ordinary Shares, and D2 Ordinary Shares (the “Incentive Securities”), with each share having a par value of $0.01, except for the C1 Ordinary Shares, which had a par value of $0.19. Based on the forfeiture provisions discussed below, although the Incentive Securities are legally issued, the Incentive Securities are not considered outstanding from an accounting perspective. The Incentive Securities are subject to a repurchase feature, which in most instances is essentially a forfeiture provision. The Company has a call option to any or all of the Incentive Securities and the call option price depends on whether the Incentive Securities holder who leaves the Company is classified as a “Good Leaver” or a “Bad Leaver”. The repurchase price for a Good Leaver’s vested Incentive Securities is the fair value of the vested Incentive Securities. The repurchase price for any Bad Leaver’s Incentive Securities, and any Incentive Securities a Good Leaver holds which remains unvested, is the lower of fair value or the original cost, akin to a forfeiture provision. Outside of retirement from the Company at the statutory retirement age and any other circumstance in which Genius Sports’ remuneration committee exercises its discretion to deem an individual to be a Good Leaver, any voluntary termination by a holder of Incentive Securities would entitle the Company to require the forfeiture of the Incentive Securities. The Company determined that it is not probable that any participants will reach the statutory retirement age while employed by the Company. Due to the repurchase feature, the Company estimates that holders of Incentive Securities will forfeit all of their Incentive Securities. As such, the Company did not recognize any compensation cost for Incentive Securities granted in the years ended December 31, 2020 and 2019 (Successor), and the period from September 8, 2018 through December 31, 2018 (Successor). As the stated vesting provisions for the Incentive Securities are deemed non-substantive The fair value of Incentive Securities was determined on the grant date using the Black-Scholes model based on the following assumptions: Successor December 31, December 31, December 31, Expected term (years) (1) 4.5 4.5 4.5 Current stock value $7.41 - $15.19 $7.35 - $15.06 $7.37 - $26.58 Expected volatility (2) 30% 30% 30% Risk-free rate (3) 0.3% - 1.63% 1.7% - 2.48% 2.80% Dividend yield (4) 0% 0% 0% (1) The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. Given the Leaver provisions, the Company estimated the midpoint between the vesting term and estimated time to liquidity event. (2) Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3) Risk free rate was obtained from treasury notes for the expected terms noted as of the valuation date. (4) The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. Given the absence of a public trading market, the Board of Directors considered numerous objective and subjective factors to determine the fair value of the underlying common shares at each meeting at which awards were approved. These factors included, but were not limited to (i) contemporaneous third-party valuations of the common shares; (ii) the rights and preferences of Preference Shares relative to common shares; (iii) the lack of marketability of the common shares; (iv) developments in the business; and (v) the likelihood of achieving a liquidity event, such as an IPO or sale of the Company, given prevailing market conditions. A summary of the Incentive Security activity for the years ended December 31, 2020 and 2019 (Successor), and the period from September 8, 2018 through December 31, 2018 (Successor) is as follows: Awards Weighted Averaged Exercise Price Aggregate Intrinsic Value Outstanding as of September 7, 2018 (Successor) — $ — $ — Granted 709,783 $ 1.66 Forfeited — Expired — Outstanding as of December 31, 2018 (Successor) 709,783 $ 1.66 $ 14,857 Granted 52,581 $ 1.27 Forfeited (970 ) $ 1.28 Expired — Non-vested 761,394 $ 1.63 $ 15,411 Granted 73,270 $ 1.28 Forfeited (970 ) $ 1.28 Expired — Non-vested 833,694 $ 1.60 $ 16,243 The awards have been treated as early exercised options from an accounting perspective. As of December 31, 2020 (Successor), the weighted-average remaining contractual life is greater than 10 years in all cases. The weighted-average grant date fair value of the Incentive Securities granted during the year ended December 31, 2020 and 2019 (Successor), and the period from September 8, 2018 through December 31, 2018 (Successor) was $13.37, $12.95 and $22.59 per share, respectively. As of December 31, 2020 (Successor), the Company had $16.2 million of unrecognized stock-based compensation expense related to the Incentive Securities. As noted previously, the Company does not expect to recognize any cost related to the Incentive Securities. |
Income Taxes
Income Taxes | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | ||
Income Tax | Note 10. Income Taxes The Company had income tax benefit of $0.3 million, relative to pre-tax pre-tax As of March 31, 2021, the Company had no unrecognized tax benefits. | Note 16. Income Taxes The U.K. and foreign components of the Company’s loss before provision for income taxes consisted of the following (in thousands): Successor Predecessor Year Ended Year Ended Period from Period from U.K. $ (26,846 ) $ (43,199 ) $ (9,472 ) $ (18,613 ) Foreign (1,689 ) (2,374 ) (1,547 ) 3,190 Loss before income taxes $ (28,535 ) $ (45,573 ) $ (11,019 ) $ (15,423 ) The components of the Company’s income tax (benefit) expense consisted of the following (in thousands): Successor Predecessor Year Ended Year Ended Period from Period from Current: U.K. $ — $ — $ — $ — Foreign 47 114 (126 ) 696 Current tax expense 47 114 (126 ) 696 Deferred: U.K. 1,650 (5,374 ) (1,171 ) (649 ) Foreign 116 (106 ) 39 57 Deferred tax expense (benefit) 1,766 (5,480 ) (1,132 ) (592 ) Total $ 1,813 $ (5,366 ) $ (1,258 ) $ 104 Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 19.0% is as follows: Successor Predecessor Year Ended Year Ended Period from Period from U.K. provision at statutory rate 19.0 % 19.0 % 19.0 % 19.0 % Expenses not deductible for tax purposes 0.9 (3.6 ) (2.2 ) (1.4 ) Goodwill writeback — — (1.6 ) 1.4 Non-deductible (3.6 ) — (3.4 ) — Income not taxable — 0.8 1.3 4.3 Stock based compensation 2.6 1.5 — 47.4 Chargeable gains/(losses) — — 0.1 (2.0 ) Remeasurement of warrant Liability — — — (8.9 ) Transaction cost adjustment (1.4 ) — — (7.0 ) Leasing — (0.4 ) — — Foreign rate difference — (1.5 ) 0.3 (5.6 ) Change in valuation allowance (21.6 ) (4.0 ) (2.2 ) (47.9 ) Effective tax rate (4.1 )% 11.8 % 11.3 % (0.7 )% The Company’s effective tax rates differ from the U.K. statutory rate primarily due to the change in valuation allowance, and expenses not deductible for tax purpose. The Company’s deferred income tax assets and liabilities as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor Year Ended Year Ended Deferred tax assets: Net operating loss carry forward $ 26,498 $ 20,474 Property and equipment 159 136 Other 187 156 Deferred tax assets before valuation allowance 26,844 20,766 Valuation allowance (11,240 ) (3,427 ) Deferred tax assets, net of valuation allowance 15,604 17,339 Deferred tax liabilities: Outside basis difference 1,913 1,855 Intangible assets 21,783 21,534 Deferred tax liabilities 23,696 23,389 Net deferred tax assets (liabilities) $ (8,092 ) $ (6,050 ) The Company assesses the realizability of deferred tax assets based on the available evidence, including a history of taxable income and estimates of future taxable income. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of deferred tax assets will not be realized. Due to the losses the Company generated in the current and prior years, the Company believes it is not more likely than not that all of the deferred tax assets can be realized in certain jurisdictions. Accordingly, the Company established and recorded a valuation allowance on its net deferred tax assets of $11.2 million as of December 31, 2020 and a valuation allowance on its net deferred tax assets of $3.4 million as of December 31, 2019 (Successor). As of December 31, 2020 (Successor), the Company had $113.3 million of U.K. net operating loss carryforwards available to reduce future taxable income. All of the U.K. net operating losses will be carried forward indefinitely for U.K. tax purposes. The Company had no uncertain tax positions for the years ended December 31, 2020 and 2019 (Successor). |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | Note 11. Commitments and Contingencies Leases The Company leases office space under various non-cancellable As of March 31, 2021, future minimum rental payments under noncancelable operating leases are as follows (in thousands): (in thousands) 2021 (remainder) $ 3,939 2022 5,231 2023 4,771 2024 4,139 2025 1,172 Thereafter — Total $ 19,252 Sports Data License Agreements The Company enters into certain license agreements with sports federations and leagues primarily for the right to supply data and/or live video feeds to the betting industry. These license agreements may include rights to live and past game data, live videos and marketing rights. The license agreements entered into by the Company are complex and deviate in the specific rights granted, but are generally for a fixed period of time, with payments typically made in installments over the length of the contract. As of March 31, 2021, future minimum commitments under the Company’s data rights license agreements accounted for as executory contracts are as follows (in thousands): (in thousands) 2021 (remainder) $ 17,182 2022 35,607 2023 36,395 2024 24,869 2025 2,857 Thereafter 8,722 Total $ 125,632 Purchase Obligations The Company purchases goods and services from vendors in the ordinary course of business. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. The Company’s long-term purchase obligations primarily include service contracts related to cloud-based hosting arrangements. Total purchase obligations under these services contracts are $13.4 million as of March 31, 2021, with approximately $7.0 million due within a year and the remaining amounts due by 2023. General Litigation From time to time, the Company is or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings initiated by users, other entities, or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In many instances, the Company is unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from a matter may differ from the amount of estimated liabilities the Company has recorded in the condensed consolidated financial statements covering these matters. The Company reviews its estimates periodically and makes adjustments to reflect negotiations, estimated settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. Couchmans LLP Settlement An agreement was signed on February 25, 2014 with Couchmans LLP and Couchmans Data Services Limited (together “Claimants”) for the supply of basketball data to Betgenius, Ltd. (“Betgenius”) in exchange for revenue share payments. On February 9, 2017 Betgenius received notice from Travers Smith LLP, the legal counsel to the Claimants, regarding an alleged breach of contract. On April 30, 2019, a settlement agreement was signed with the Claimants in relation to the non-payment BetConstruct Litigation On September 6, 2019, the Company sent a letter to Soft Construct (Malta) Limited (d/b/a BetConstruct) (“BetConstruct”) stating that BetConstruct has infringed on the Company’s database rights by copying and using the contents of the Company’s databases. In March 2020, the Company filed a claim against BetConstruct and its affiliates, Royal Panda Limited and Vivaro Limited, in the High Court of England and Wales with respect to their infringement of the Company’s database rights. The Company is seeking injunctive and monetary relief against BetConstruct in connection with the alleged infringement. Betconstruct, having filed a defense, is seeking permission to file an amended defense and issue a counterclaim relating to competition law. Future timetable and next steps, including costs implications of the amended defense are currently being determined and an application to transfer competition aspects of amended defense into the Competition Appeal Tribunal has been issued. This litigation is currently on-going Sportradar Litigation On February 28, 2020, Sportradar AG and Sportradar UK Limited (collectively, “Sportradar”) filed a claim with the Registrar of the Competition Appeal Tribunal (“CAT”) against Football DataCo Limited (“Football DataCo”), Betgenius Limited (“Betgenius”), a subsidiary of the Company, and the Company. Sportradar is claiming that the Company has breached Article 101 of the Treaty on the Functioning of the European Union and Chapter I of the Competition Act 1998 in connection with the Company’s exclusive official live data agreement (the “Football DataCo Agreement”) with Football DataCo. Sportradar is seeking injunctive and monetary relief against the Company and Football DataCo in connection with the Football DataCo Agreement. The Company is currently defending the claim and Football DataCo (supported by the Company) made an application to transfer the claim from the Competition Appeal Tribunal to the U.K. High Court on June 29, 2020. In addition, the Company and Football DataCo have issued claims against Sportradar for matters including conspiracy to injure by unlawful means and breach of confidence in relation to Sportradar’s unauthorized data collection activities at football club grounds where the Company has an exclusive right to collect official live data, which will be heard in the U.K. High Court (the foregoing litigation, the “Sportradar Litigation”), and seeks injunctive and monetary relief pursuant to such claims. A defense has been filed and served. On December 2, 2020, CAT ruled to retain jurisdiction over this litigation, while recognizing that the claims of the Company and Football DataCo, which will be heard in the U.K. High Court, are intertwined with this litigation and should be case managed together. The parties are currently engaged in discussions relating to procedural and timetabling matters, including a possible stay of the claims in the U.K. High Court pending earlier determination of the claim in the Competition Appeal Tribunal. The outcome of the litigation is uncertain, and therefore, the Company is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome. This litigation is currently ongoing and the Company can provide no assurances regarding the outcome of these proceedings and the impact that they may have on the Company’s business or reputation. Bank Letters of Credit In the normal course of business, the Company provides standby letters of credit or other guarantee instruments to certain parties initiated by either the Company or its subsidiaries. The Company has bank guarantees with Barclays Bank PLC totaling approximately $41.2 million outstanding as of March 31, 2021. The Company has not recorded any liability in connection with these bank guarantee arrangements. Based on historical experience and information currently available, the Company does not believe it will be required to make any payments under the bank guarantee arrangements. The Company has recorded $0.2 million and $0.2 million in interest expense in the three months ended March 31, 2021 and 2020, respectively. | Note 17. Commitments and Contingencies Leases The Company leases office space under various non-cancellable In September 2019, the Company legally assigned its rights and obligations in a London, England office lease to a third party. Historically, the Company accounted for the lease as an operating lease under US GAAP. In connection with the legal assignment to the third party, the Company was relieved of its primary obligation under the original lease, and the transaction was accounted for as a lease termination. In connection with the lease termination, the Company recognized a loss on termination of the original lease of $1.1 million in the year ended December 31, 2019 (Successor) inclusive of amounts paid to the third party to assume the original lease. The loss was recognized in general and administrative expense in the Company’s consolidated statement of operation. As of December 31, 2020, future minimum rental payments under noncancelable operating leases are as follows (in thousands): Years Ended December 31 (in thousands) 2021 $ 5,209 2022 5,189 2023 4,733 2024 4,106 2025 1,163 Thereafter — Total $ 20,400 Sports Data License Agreements The Company enters into certain license agreements with sports federations and leagues primarily for the right to supply data and/or live video feeds to the betting industry. These license agreements may include rights to live and past game data, live videos and marketing rights. The license agreements entered into by the Company are complex and deviate in the specific rights granted, but are generally for a fixed period of time, with payments typically made in installments over the length of the contract. As of December 31, 2020, future minimum commitments under the Company’s data rights license agreements accounted for as executory contracts are as follows (in thousands): Years Ended December 31 (in thousands) 2021 $ 35,414 2022 34,065 2023 34,754 2024 23,640 2025 2,394 Thereafter 6,969 Total $ 137,236 Purchase Obligations The Company purchases goods and services from vendors in the ordinary course of business. Purchase obligations are defined as agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased, fixed, minimum, or variable price provisions, and the approximate timing of the transaction. The Company’s long-term purchase obligations primarily include service contracts related to cloud-based hosting arrangements. Total purchase obligations under these services contracts are $11.1 million as of December 31, 2020 (Successor), with approximately $5.1 million due annually until February 2023. General Litigation From time to time, the Company is or may become subject to various legal proceedings arising in the ordinary course of business, including proceedings initiated by users, other entities, or regulatory bodies. Estimated liabilities are recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. In many instances, the Company is unable to determine whether a loss is probable or to reasonably estimate the amount of such a loss and, therefore, the potential future losses arising from a matter may differ from the amount of estimated liabilities the Company has recorded in the audited consolidated financial statements covering these matters. The Company reviews its estimates periodically and makes adjustments to reflect negotiations, estimated settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. Couchmans LLP Settlement An agreement was signed on February 25, 2014 with Couchmans LLP and Couchmans Data Services Limited (together “Claimants”) for the supply of basketball data to Betgenius, Ltd. (“Betgenius”) in exchange for revenue share payments. On February 9, 2017 Betgenius received notice from Travers Smith LLP, the legal counsel to the Claimants, regarding an alleged breach of contract. On April 30, 2019, a settlement agreement was signed with the Claimants in relation to the non-payment BetConstruct Litigation On September 6, 2019, the Company sent a letter to Soft Construct (Malta) Limited (d/b/a BetConstruct) (“BetConstruct”) stating that BetConstruct has infringed on the Company’s database rights by copying and using the contents of the Company’s databases. In March 2020, the Company filed a claim against BetConstruct and its affiliates, Royal Panda Limited and Vivaro Limited, in the High Court of England and Wales with respect to their infringement of the Company’s database rights. The Company is seeking injunctive and monetary relief against BetConstruct in connection with the alleged infringement. Betconstruct, having filed a defense, is seeking permission to file an amended defense and issue a counterclaim relating to competition law. This litigation is currently ongoing and the Company can provide no assurances regarding the outcome of these proceedings and the impact that they may have on the Company’s business or reputation. Sportradar Litigation On February 28, 2020, Sportradar AG and Sportradar UK limited (collectively, “Sportradar”) filed a claim with the Registrar of the Competition Appeal Tribunal (“CAT”) against Football DataCo Limited (“Football DataCo”), Betgenius Limited (“Betgenius”), a subsidiary of the Company, and the Company. Sportradar is claiming that the Company has breached Article 101 of the Treaty on the Functioning of the European Union and Chapter I of the Competition Act 1998 in connection with the Company’s exclusive official live data agreement (the “Football DataCo Agreement”) with Football DataCo. Sportradar is seeking injunctive and monetary relief against the Company and Football DataCo in connection with the Football DataCo Agreement. The Company is currently defending the claim and Football DataCo (supported by the Company) made an application to transfer the claim from the Competition Appeal Tribunal to the UK High Court on June 29, 2020. In addition, the Company and Football DataCo have issued claims against Sportradar for matters including conspiracy to injure by unlawful means and breach of confidence in relation to Sportradar’s unauthorized data collection activities at football club grounds where the Company has an exclusive right to collect official live data, which will be heard in the U.K. High Court (the foregoing litigation, the “Sportradar Litigation”), and seeks injunctive and monetary relief pursuant to such counterclaim. A defense has been filed and served. On December 2, 2020, CAT ruled to retain jurisdiction over this litigation, while recognizing that the claims of the Company and Football DataCo, which will be heard in the U.K. High Court, are intertwined with this litigation and should be case managed together. The parties are currently engaged in discussions relating to procedural and timetabling matters, including a possible stay of the claims in the UK High Court pending earlier determination of the claim in the CAT. The outcome of the litigation is uncertain, and therefore, the Company is unable to estimate the possible loss or range of loss that could result from an unfavorable outcome. This litigation is currently ongoing and the Company can provide no assurances regarding the outcome of these proceedings and the impact that they may have on the Company’s business or reputation. Bank Letters of Credit In the normal course of business, the Company provides standby letters of credit or other guarantee instruments to certain parties initiated by either the Company or its subsidiaries. The Company has bank guarantees with Barclays Bank PLC totaling approximately $40.9 million outstanding as of December 31, 2020. The Company has not recorded any liability in connection with these bank guarantee arrangements. Based on historical experience and information currently available, the Company does not believe it will be required to make any payments under the bank guarantee arrangements. The Company has recorded $0.8 million, $0.7 million, $0.1 million, and $0.1 million in interest expense in the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plan | Note 18. Employee Benefit Plan The Company operates a defined contribution plan for its employees. This plan is a qualified retirement savings plan under which the Company pays fixed contributions. The Company’s contributions were $0.8 million, $0.9 million, $0.2 million, and $0.4 million in the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Related Party Transactions [Abstract] | ||
Related Party Transactions | Note 12. Related Party Transactions The Company extended a $4.1 million loan to one of its executives on September 7, 2018. The executive notes receivable carries a 2.5% annual interest rate and is a full-recourse loan. As of March 31, 2021 and December 31, 2020 , the outstanding balance on the executive notes receivable, inclusive of interest, was $4.7 million and $4.7 million, respectively. On September 7, 2018 and during September and December of 2019, the Company issued Investor Loan Notes to Apax and other shareholders. See Note 6— Debt On December 8, 2020, certain investment funds affiliated with Apax entered into a Related Party Loan agreement with a subsidiary of the Company. See Note 6 – Debt Subsequent Events The Company made payments of $0.1 million and $0.1 million to Carbon Group Limited in respect to consultancy services provided by a director and shareholder of the Company for the three months ended March 31, 2021 and 2020, respectively. Certain investment funds affiliated with Apax have provided the Company with a commitment letter in support of a guarantee issued by the Company to Barclays Bank PLC in connection with a letter of credit that Barclays provided to Football DataCo Limited for and on behalf of the Company for an aggregate amount of up to £30,000,000 (approximately $41.2 million as of March 31, 2021) (the “Commitment Letter”), upon the occurrence of certain events. See Note 11— Commitments and Contingencies. | Note 19. Related Party Transactions The Company extended a $4.1 million loan to one of its executives on September 7, 2018. See Note 1 – Financial Assets On September 7, 2018 and during September and December of 2019, the Company issued Investor Loan Notes to Apax and other shareholders. See Note 9 – Debt On December 8, 2020, certain investment funds affiliated with Apax entered into a Related Party Loan agreement with a subsidiary of the Company. See Note 9 – Debt The Company made payments of $0.2 million, $0.2 million, $0.1 million, and $0.1 million to Carbon Group Limited in respect to consultancy services provided by a director and shareholder of the Company for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), respectively. Certain investment funds affiliated with Apax have provided the Company with a commitment letter in support of a guarantee issued by the Company to Barclays Bank PLC in connection with a letter of credit that Barclays provided to Football DataCo Limited for and on behalf of the Company for an aggregate amount of up to £30,000,000 (approximately $40.9 million as of December 31, 2020) (the “Commitment Letter”), upon the occurrence of certain events. See Note 17 – Commitments and Contingencies. |
Subsequent Events
Subsequent Events | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Subsequent Events [Abstract] | ||
Subsequent Events | Note 13. Subsequent Events In preparing the condensed consolidated financial statements as of March 31, 2021 and 2020, the Company has evaluated subsequent events through May 18, 2021, which is the date the condensed consolidated financial statements were issued. NFL License Agreement On April 1, 2021, the Company announced a new multi-year strategic partnership with NFL Enterprises LLC (“NFL”) (the “License Agreement”). Under the terms of the License Agreement, the Company obtains the right to serve as the worldwide exclusive distributor of NFL official data to the global regulated sports betting market, the worldwide exclusive distributor of NFL official data to the global media market, the NFL’s exclusive international distributor of live digital video to the regulated sports betting market (outside of the United States where permitted), and the NFL’s exclusive sports betting and i-gaming advertising partner. The License Agreement contemplates a six-year six-year dMY Technology Group, Inc. II Merger On October 27, 2020, dMY Technology Group, Inc. II (“dMY”) (NYSE: DMYD), a special purpose acquisition company sponsored by dMY Sponsor II, LLC, entered into a definitive business combination agreement pursuant to which the Company and dMY II will merge (the “Transaction”). On April 16, 2021, at a special meeting of stockholders, dMY stockholders approved the proposed Transaction. The Transaction was consummated on April 20, 2021. As a result of the Transaction, shareholders of the Company and dMY exchanged their shares for shares in a new combined company, Genius Sports Limited, formerly known as Galileo NewCo Limited, which became publicly listed on the New York Stock Exchange. FanHub Acquisition On May 3, 2021, the Company announced that it has agreed to acquire FanHub Media Holdings Pty Ltd (“FanHub”), a leading provider of free-to-play Second Spectrum Acquisition On May 6, 2021, the Company announced that it has entered into a definitive agreement to acquire Second Spectrum Inc., a leading provider of cutting-edge data tracking and visualization solutions for $200 million, subject to customary adjustments. The purchase price will be paid at closing in cash and shares of Genius Sports Limited common stock. Second Spectrum is a world-leading and fully integrated sports AI provider, offering tracking, analytics and data visualization services. This transaction is expected to close in the second quarter of 2021. | Note 20. Subsequent Events In preparing the consolidated financial statements as of December 31, 2020 and 2019 (Successor), the Company has evaluated subsequent events through April 16, 2021, which is the date the consolidated financial statements were issued. NFL License Agreement On April 1, 2021, the Company announced a new multi-year strategic partnership with NFL Enterprises LLC (“NFL”) (the “License Agreement”). Under the terms of the License Agreement, the Company obtains the right to serve as the worldwide exclusive distributor of NFL official data to the global regulated sports betting market, the worldwide exclusive distributor of NFL official data to the global media market, the NFL’s exclusive international distributor of live digital video to the regulated sports betting market (outside of the United States where permitted), and the NFL’s exclusive sports betting and i-gaming dMY Technology Group, Inc. II Merger On October 27, 2020, dMY Technology Group, Inc. II (“dMY”) (NYSE: DMYD), a special purpose acquisition company sponsored by dMY Sponsor II, LLC, entered into a definitive business combination agreement pursuant to which the Company and dMY II will merge (the “Transaction”). On April 16, 2021, at a special meeting of stockholders, dMY stockholders approved the proposed Transaction. The Transaction was consummated on April 20, 2021. As a result of the Transaction, shareholders of the Company and dMY exchanged their shares for shares in a new combined company, Genius Sports Limited, which became publicly listed on the New York Stock Exchange. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying unaudited condensed consolidated financial statements are presented in conformity with accounting principles accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes thereto included in our Annual Report on Form 20-F The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the Company’s financial position as of March 31, 2021, its results of operations, comprehensive loss and shareholders’ deficit for the three months ended March 31, 2021 and 2020, and its cash flows for the three months ended March 31, 2021 and 2020. The results of the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ended December 31, 2021 or for any interim period or for any other future year. The condensed consolidated financial statements include the accounts and operations of the Company, inclusive of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are presented in conformity with accounting principles accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). The consolidated financial statements include the accounts and operations of the Company, inclusive of its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated in consolidation. On September 7, 2018, Maven Topco, through its wholly owned subsidiary Maven Bidco Limited (“Maven Bidco”), acquired all outstanding equity interests in Genius Sports, and its wholly-owned subsidiaries. Maven Topco accounted for the acquisition as a business combination using the acquisition method of accounting. See Note 2 – Business Combinations |
Foreign Currency | Foreign Currency The accompanying consolidated financial statements are presented in United States Dollars (“USD”), which is the Company’s reporting currency. The Company’s functional currency is the Pound Sterling (“GBP”). For transactions entered into in a currency other than its functional currency, monetary assets and liabilities are re-measured non-monetary re-measured re-measured non-functional | |
Comprehensive Loss | Comprehensive Loss Comprehensive loss consists of the Company’s net loss and foreign currency translation adjustments related to the effect of foreign exchange on the value of the Company’s assets and liabilities denominated in currencies other than USD. The cumulative net translation gain or loss is included in the Company’s consolidated statements of comprehensive loss. | |
Business Combinations | Business Combinations The Company allocates the fair value of consideration transferred to the tangible and intangible assets acquired, and liabilities assumed based on their estimated fair values. The excess of the fair value of consideration transferred over the fair values of these identifiable assets and liabilities is recorded as goodwill. Such valuations require the Company to make significant estimates and assumptions, especially with respect to intangible assets. The Company’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable and, as a result, actual values may differ from estimates. Allocation of consideration transferred to identifiable assets and liabilities affects the Company’s amortization expense, as acquired finite-lived intangible assets are amortized over their useful lives, whereas any indefinite lived intangible assets, including goodwill, are not amortized. During the measurement period, which is not to exceed one year from the acquisition date, the Company may record adjustments to the assets acquired and liabilities assumed, with the corresponding offset to goodwill. Upon the conclusion of the measurement period, any subsequent adjustments are recorded to earnings. | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates and assumptions reflected in the financial statements include, but are not limited to, the valuation allowance for deferred tax assets, stock-based compensation including the fair value of equity awards, fair value of warrant liability, fair value estimates of derivatives, allowance for doubtful accounts, revenue recognition, fair value of contingent consideration, purchase price allocation including fair value estimates of intangible assets and goodwill, the estimated useful lives of property and equipment and intangible assets and capitalization of internally developed software costs. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable. Due to the inherent uncertainty involved in making assumptions and estimates, changes in circumstances could result in actual results differing from those estimates, and such differences could be material to the Company’s consolidated balance sheets, statements of operations and comprehensive loss. | |
Emerging Growth Company | Emerging Growth Company Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging | |
Liquidity and Capital Resources | Liquidity and Capital Resources The Company experienced operating losses for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). The Company expects to continue to incur operating losses due to the investments it intends to make to its business, including development of products. Based on anticipated spend, timing of expenditure assumptions, along with market conditions, the Company expects that its cash will be sufficient to fund its operating expenses and capital expenditure requirements for at least one year after issuance of the accompanying consolidated financial statements. The Company may seek to raise additional funds through either equity or debt issuances to continue its investment in new product launches and related marketing initiatives and make strategic acquisitions. If the Company is unable to raise additional capital when desired and on reasonable terms, the business, results of operations, and financial condition could be adversely affected. The Company’s long-term success is dependent upon its ability to successfully market its products and services; generate revenue; maintain or reduce its operating costs and expenses; meet its obligations; obtain additional capital when needed; and, ultimately, achieve profitable operations. Traditionally, the Company has raised additional debt through contributions from its existing shareholders. As further explained in Note 20 – Subsequent Events | |
Significant Risks and Uncertainties | Significant Risks and Uncertainties The Company is subject to those risks common in the sports betting industry and also those risks common to highly regulated industries including, but not limited to, the possibility of not being able to successfully develop or market its products; foreign currency risk; technological obsolescence; competition; dependence on key personnel and key external alliances; the successful protection of its proprietary technologies data, and intellectual property rights; branding; compliance with government regulations and specifically with data protection and privacy laws; litigation; systems and infrastructure failure; interest rate risk; seasonal fluctuations; ability to grow via strategic acquisitions and successfully integrate the acquired businesses; the U.K.’s exit from the European Union (“Brexit”); fraud, corruption, or negligence related to sports events; and the possibility of not being able to obtain additional financing when needed. In March 2020, the World Health Organization declared the outbreak of the novel coronavirus (“COVID-19”) COVID-19 non-essential in-person stay-at-home shelter-in-place The direct impact on the Company’s business and the business of the Company’s customers, including sports organizations and bookmakers, beyond disruptions in normal business operations in several of the Company’s and customers’ offices and business establishments, has been primarily through the suspension, postponement and cancellation of sports and sporting events. The suspension, postponement and cancellation of sporting events affected by COVID-19 COVID-19, four-day | |
Financial Instruments | Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under ASC 820, Fair Value Measurements and Disclosures, approximates the carrying amounts represented in the consolidated balance sheets. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, and accounts receivable. The Company maintains the majority of its cash balances in accounts held by major banks and financial institutions, which management believes to be of high credit quality, and generally located in regions where the Company operates. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. No individual customer accounted for 10% or more of the Company’s total accounts receivable as of December 31, 2020 and 2019 (Successor). As of December 31, 2020 (Successor), one vendor accounted for 17% of the Company’s accounts payable. As of December 31, 2019 (Successor), three vendors accounted for 35%, 12% and 12% of accounts payable. | |
Segment Information | Segment Information The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), consisting of the Company’s chief executive officer, in deciding how to allocate resources and assess the Company’s financial and operational performance. In addition, the Company’s CODM evaluates the Company’s financial information and resources and assesses the performance of these resources on a consolidated basis. As a result, management has determined that the Company’s business operates in a single operating segment. Since the Company operates as one operating segment, all required financial segment information can be found in the consolidated financial statements. | |
Cash Equivalents | Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less to be cash equivalents. The Company had no restricted cash amounts as of December 31, 2020 and 2019 (Successor). | |
Accounts Receivable | Accounts Receivable Accounts receivable represent amounts billed to customers in accordance with contract terms for which payment has not yet been received. Receivables are not collateralized and do not bear interest. Receivables are presented net of the allowance for doubtful accounts. The Company maintains an allowance for doubtful accounts to reduce the Company’s receivables to net realizable value. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. | |
Financial Assets | Financial Assets Notes receivables are measured at the fair value of consideration transferred, net of transaction costs, and are measured subsequently at amortized cost using the effective interest method. The Company extended a $4.1 million loan to one of its executives on September 7, 2018. The executive notes receivable carries a 2.5% annual interest rate and is a full-recourse loan. As of December 31, 2020, and 2019 (Successor), the outstanding balance on the executive notes receivable, inclusive of interest, was $4.7 million and $4.5 million, respectively. See Note 8 – Other Assets Related Party Transactions | |
Inventory | Inventory Inventory mainly consists of video and other camera equipment for resale to customers. Inventory is stated at the lower of cost or net realizable value. Costs are computed under the standard cost method, which approximates actual costs determined on a first-in, first-out | |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consist of direct legal, accounting and other fees related to the merger with dMY Technology Group, Inc. II (see Note 20 – Subsequent Events | |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of respective assets. The estimated useful lives of the Company’s assets are as follows: Estimated Useful Lives (years) Buildings 10 - 50 IT equipment 2 - 13 Furniture and fixtures 4 - 12 Other equipment 1 - 5 For leasehold improvements, the estimated useful lives are limited to the shorter of the useful life of the asset or the term of the lease. Expenditures for maintenance and repairs are charged to expense as incurred. When an asset is sold or otherwise disposed of, the cost and associated accumulated depreciation are removed from the accounts and the resulting gain or loss is recognized in the consolidated statements of operations. | |
Internally Developed Software | Internally Developed Software Software that is developed for internal use is accounted for pursuant to ASC 350-40 , Intangibles, Goodwill and Other — Internal-Use 350-40”). internal-use internal-use | |
Intangible Assets | Intangible Assets Intangible assets acquired in a business combination are recognized at fair value using generally accepted valuation methods deemed appropriate for the type of intangible asset acquired and reported net of accumulated amortization, separately from goodwill. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. Data rights Data rights are finite-lived intangible assets amortized on a straight-line basis over their estimated useful life of ten years. Data rights represent legally protected rights to collect sports data for use in the Company’s product offerings and are typically generated through business combinations. The related amortization expense is classified in cost of revenue in the consolidated statements of operations. Technology Technology is finite-lived intangible asset amortized on a straight-line basis over its estimated useful life of three years. Technology primarily represents Genius Sports proprietary sports management technology platform generated through business combinations. The related amortization expense is classified as cost of revenue in the consolidated statements of operations. Technology also includes other acquired third party software not acquired in business combinations. The related amortization expense for third-party software is generally classified as general and administrative and research and development expenses in the consolidated statements of operations. Marketing Products Marketing products are finite-lived intangible assets amortized on a straight-line basis over their estimated useful lives, ranging from three to fifteen years. Marketing products include customer contracts and trademarks generated through business combinations. The related amortization expense is classified as general and administrative expense in the consolidated statements of operations. | |
Goodwill | Goodwill Goodwill represents the difference between the purchase price and the fair value of assets and liabilities acquired in a business combination. Goodwill is not amortized. The Company has a single reporting unit. The Company reviews goodwill for impairment annually on the first day of its fourth quarter and also if events or changes in circumstances indicate the occurrence of a triggering event. The Company reviews goodwill for impairment by initially considering qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount, including goodwill, as a basis for determining whether it is necessary to perform a quantitative analysis. If it is determined that it is more likely than not that the fair value of reporting unit is less than its carrying amount, a quantitative analysis is performed to identify goodwill impairment. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, except for goodwill, primarily consist of property and equipment and finite-lived intangible assets. Long-lived assets, except for goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset or asset group may not be recoverable. If circumstances require a long-lived asset or asset group be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying amount. If the carrying amount of the long-lived asset or asset group is not recoverable on an undiscounted cash flow basis, an impairment is recognized to the extent the carrying amount of the underlying asset or asset group exceeds its fair value. No impairment loss was recognized for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor). | |
Leases | Leases An arrangement is or contains a lease if there are specified assets and the right to control the use of a specified asset is conveyed for a period in exchange for consideration. Upon lease inception, the Company classifies leases as either operating or capital leases. Leases are classified as capital leases when the terms of the lease transfer substantially all of the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. Capital leases are recognized on the consolidated balance sheets, whereas operating leases are not. The Company did not have any capital leases in the years ended December 31, 2020 and 2019 (Successor), respectively. For operating leases, the Company recognizes rent expense on a straight-line basis over respective lease terms. | |
Investments | Investments The Company uses the equity method when it has the ability to exercise significant influence over operating and financial policies of an entity but does not have control of the entity. Under the equity method of accounting, an investment is initially recorded on the balance sheet at cost, representing the Company’s proportionate share of fair value. The investment is subsequently adjusted to reflect the Company’s proportionate share of net earnings or losses recognized, distributions received, contributions made and certain other adjustments, as appropriate. The Company does not record losses of the equity method investee in excess of its investment balance unless the Company is liable for obligations of the equity method investee or is otherwise committed to provide financial support to the equity method investee. As of January 1, 2018, Genius Sports held an investment in Pointsbet Holding Pty Ltd. (“Pointsbet”). Genius Sports accounted for its investment in Pointsbet under the equity method of accounting. In the predecessor period, Genius Sports disposed of its investment in Pointsbet. This sale, resulted in Genius Sports recognizing a $1.8 million gain on disposal recognized in the period from January 1, 2018 through September 7, 2018 (Predecessor). The Company held no equity method or other investments as December 31, 2020 and 2019 (Successor). | |
Derivatives | Derivatives The Company accounts for derivative instruments in accordance with ASC 815, Derivatives and Hedging (“ASC 815”), which requires additional disclosures about the Company’s objectives and strategies for using derivative instruments, how the derivative instruments and related hedged items are accounted for, and how the derivative instruments and related hedging items affect the consolidated financial statements. The Company does not use derivative instruments to hedge exposures to cash flow, market or foreign currency risk. Terms of debt instruments are reviewed to determine whether or not they contain embedded derivative instruments that are required under ASC 815 to be accounted for separately from the host contract and recorded on the consolidated balance sheets at fair value. An evaluation of specifically identified conditions is made to determine whether the fair value of warrants issued is required to be classified as equity or as a derivative liability. The fair value of derivative liabilities, if any, is required to be revalued at each reporting date, with corresponding changes in fair value recorded in current period operating results. | |
Short-term and Long-term Borrowings | Short-term and Long-term Borrowings The Company accounts for its loan instruments using an amortized cost model. Debt issuance costs, lender fees, and allocated proceeds to other financial instruments issued simultaneously to lenders reduce the initial carrying amount of the loan instruments. The carrying value is accreted to the stated principal amount at contractual maturity using the effective-interest method with a corresponding charge to interest expense. Debt discounts are presented on the consolidated balance sheets as a direct deduction from the carrying amount of related debt. | |
Warrants | Warrants The Company accounts for its common share warrants (“Warrants”) as liabilities measured at fair value. When issued with Loan Notes defined in Note 9 – Debt Warrants | |
Fair Value Measurement | Fair Value Measurement The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices included in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at measurement date. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. During the predecessor period, the fair value of the Warrants and derivatives were estimated using valuation techniques using inputs based on management’s judgment and conditions that existed at each reporting date. In connection with the Apax Funds Investment on September 7, 2018, the Warrants were settled and the Company derecognized the derivatives in purchase accounting. See Note 2 – Business Combinations Debt | |
Revenue Recognition | Revenue Recognition Genius Sports adopted ASC 606, Revenue from Contracts with Customers 340-40, Other Assets and Deferred Costs—Contracts with Customers 340-40”). 340-40. Under ASC 606, the Company recognizes revenue upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive in exchange for those products or services. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. The Company primarily recognizes revenue from the delivery products and services to customers in connection with the major product groups below. Nature of Products and Services Betting Technology, Content and Services The Company primarily provides official sports data for in-game pre-match In conjunction with the platform, the Company also provides customers with software updates to its sportsbook platform and technical support. These services are provided to customers on a continuous basis over the contract term, and therefore, revenue is recognized on a consistent basis with the platform hosting service. Customers contract for the platform either under fixed fee or profit share arrangements. In fixed fee arrangements customers generally pay a fixed price for access to the official data and services platform. The fixed fee covers a minimum number of sporting events, and customers pay overages for events above the minimum. Payments are generally made either quarterly or monthly in advance. For overages, the Company estimates these amounts as variable consideration and applies the constraint to the extent it is probable there will be a significant reversal of cumulative revenue. The Company uses a time-elapsed measure of progress to recognize revenue as the Company provides access to the platform over the contract term. In profit share arrangements, the Company generates revenues based on a percentage of sportsbook operator profits. These arrangements generally do not specify a minimum number of sporting events. The Company generally invoices for these arrangements monthly in arrears. Variable consideration is allocated to distinct time increments of the service and recognized over the contract term as the Company satisfies each time increment of the service. Certain profit share arrangements also contain fixed fees but no minimum number of sporting events. In these contracts, the Company recognizes the fixed fees as revenue using a time-elapsed measure of progress to recognize revenue as the Company provides access to the platform over the contract term. Sports Technology and Services The Company primarily provides technology that enables sports leagues and federations to capture, manage, and distribute their official sports data, along with other tools and services and updates and technical support. These software solutions are tailored for specific sports. Customers access the Company’s sports technology through the cloud in a hosting environment over the contract term. Customers typically do not have the ability take possession of the software. Depending on the service, the Company either stands ready to provide the hosting service on a continuous basis over the contract term or offers the hosting service for a specified number of events or defined sporting season. In connection with these hosting services, the Company primarily receives noncash consideration in the form of official sports data and streaming rights, along with other rights. Because there is not a readily determinable fair value for these unique data rights, the Company estimates the fair value of noncash consideration by reference to the estimated standalone selling price of the services promised to the customer maximizing the use of observable inputs. Revenue is recognized either ratably over the contract term or as the services are provided by event or season, depending on the nature of the performance obligation. In conjunction with the hosting service, the Company also provides customers with software updates and technical support. Revenue is recognized for the services on a consistent basis with the hosted service. The Company also provides sports leagues and federations with integrity services inclusive of active bet monitoring solutions that flag suspicious betting activity, along with educational and other consultancy services. These services are often bundled in arrangements for other Sports Technology and Services where the Company receives noncash consideration. However, integrity services are also sold on a standalone basis in fixed fee arrangements. Revenue is recognized either ratably over the contract term or as the services are provided, depending on the nature of the performance obligation. Media Technology, Content and Services The Company primarily provides advertising services to sports leagues and federations, along with sportsbook operators, and other global brands in the sports ecosystem. These services generally include personalized online marketing campaigns in which the Company, through its cloud-based marketing platform, uses real-time sports data to identify target audiences, manages the acquisition of digital advertising space, and transmits advertisements on behalf of its customers. The services are generally provided over a contract term of one year or less. The arrangements contain fixed fees, which are generally prepaid by customers. Revenue is recognized over time as the services are performed using an input method based on costs to secure advertising space. The Company is the principal in these arrangements as it is primarily responsible for delivering the advertisements, and bears inventory risk; therefore, revenue is presented gross. Other Policies, Judgments, and Practical Expedients Arrangements with Multiple Performance Obligations The Company’s contracts for Betting Technology, Content and Services and Sports Technology and Services often involve multiple performance obligations. For these contracts, the Company applies judgment and accounts for individual goods or services separately if the customer can benefit from the good or service on its own or with other resources that are readily available to the customer and the good or service is separately identifiable from other promises in the arrangement. The transaction price is allocated to the separate performance obligations on a relative standalone selling price basis. The Company determines the standalone selling price of goods or services based on an observable standalone selling price when it is available, as well as other factors, including standalone sales of similar goods or services, cost plus a reasonable margin, the price charged to customers, discounting practices, and overall pricing objectives, while maximizing observable inputs. Significant financing components In certain contracts, the Company receives payment from a customer either before or after the performance obligation has been satisfied. In these instances where the timing of revenue recognition differs from the timing of payment, the expected timing difference between payment and satisfaction of performance obligations for the Company’s contracts is generally one year or less; therefore, the Company applies a practical expedient and does not consider the effects of the time value of money. Any other differences between receipt of payment and satisfaction of performance obligations do not include a significant financing component because the primary purpose is not to receive or provide financing to customers. Contract modifications The Company may modify contracts to offer customers additional goods or services. Each of the additional goods and services are generally considered distinct from those goods or services transferred to the customer before the modification. The Company evaluates whether the contract price for the additional goods and services reflects the standalone selling price as adjusted for facts and circumstances applicable to that contract. In these cases, the Company accounts for the additional goods or services as a separate contract. In other cases where the pricing in the modification does not reflect the standalone selling price as adjusted for facts and circumstances applicable to that contract, the Company accounts on a prospective basis where the remaining goods and services are distinct from the original items and on a cumulative catch-up Judgments and estimates The Company applies judgment in determining whether it is the principal or agent in providing products and services to customers. The Company generally controls all products and services before transfer to customers as the Company is primarily responsible to deliver the products and services to customers, bears inventory risk, and has discretion in establishing prices. Accounting for contracts recognized over time under ASC 606 involves the use of various techniques to estimate total contract revenue and costs. Due to uncertainties inherent in the estimation process, it is possible that estimates of variable consideration or costs to complete a performance obligation will be revised in the near-term. The Company reviews and updates its contract-related estimates, and records adjustments as needed. In fixed fee Betting Technology, Content and Services arrangements the Company applies the expected value method to estimate variable consideration in the contract, primarily factoring its historical experience with similar contract-types and customer relationships, along with expected market activity and customer forecasts. In applying the constraint, the Company considers susceptibility of variable consideration to factors outside the Company’s control (i.e., market volatility and actions by customers). Additionally, the Company considers historical experience with similar contract types and customer relationships, as well as the broad range of possible consideration amounts associated with overages for a given customer contract. For fixed fee Betting Technology, Content and Services arrangements with variable consideration associated with overages to the extent the Company’s estimate of the transaction price, including consideration of the constraint changes, the Company records a cumulative-effect adjustment to adjust revenue recognized to date. For those performance obligations for which revenue is recognized using an input method, changes in total estimated costs, and related progress towards complete satisfaction of the performance obligation, are recognized on a cumulative catch-up basis of catch-up adjustments | |
Costs Capitalized to Obtain Contracts with Customers | Costs Capitalized to Obtain Contracts with Customers The Company capitalizes incremental costs of obtaining contracts with customers. The Company has determined that certain internal sale force incentive programs meet the requirements to be capitalized. The Company applies the practical expedient to expense costs as incurred for costs to obtain contracts with customers when the amortization period would have been one year or less. Capitalized incremental costs are recognized over related contract terms. Capitalized amounts are recoverable through future revenue streams under all non-cancelable Capitalized costs to obtain contracts with customers are included in other assets in the accompanying consolidated balance sheets. Amortization of capitalized costs to obtain contracts with customers is included in sales and marketing expense in the accompanying consolidated statements of operations. During the year-ended December 31, 2020 (Successor), the Company capitalized $0.7 million of costs to obtain contracts with customers and amortized $0.5 million. During the year ended December 31, 2019 (Successor), the Company capitalized $1.3 million of costs to obtain contracts with customers and amortized $0.2 million. During the period from September 8, 2018 through December 31, 2018 (Successor), the Company capitalized $0.3 million of costs to obtain contracts with customers and amortized less than $0.1 million. During the period from January 1, 2018 through September 7, 2018 (Predecessor), Genius Sports capitalized $0.6 million of costs to obtain contracts with customers and amortized $0.6 million. In connection with the business combination on September 7, 2018 the carrying value of capitalized costs to obtain contracts with customers was derecognized in purchase accounting. See Note 2 – Business Combinations | |
Cost of Revenue | Cost of Revenue Cost of revenue consists primarily of expenses associated with the delivery of the Company’s products and services. These include but are not limited to expenses associated with data collection/procurement, third-party data rights, data production, server and bandwidth costs, client services, along with media and advertising costs directly associated with the Company’s media offerings. Cost of revenue also includes costs of inventory, costs associated with personnel salaries and benefits, sales commissions, depreciation of property and equipment, amortization of internal use software, and amortization of acquired data rights and technology. | |
Sales and Marketing | Sales and Marketing Sales and marketing expenses consist primarily of expenses associated with advertising, events sponsorship, association memberships, marketing subscriptions, consulting costs, amortization of contract costs, and related personnel costs and benefits. | |
Research and Development | Research and Development Research and development expenses consist primarily of costs incurred for the development of new products related to the Company’s platform and services, as well as improving existing products and services. The costs incurred include related personnel salaries and benefits, facility costs server and bandwidth costs consulting costs, and amortization of production software costs. To date, research and development expenses have been expensed as incurred and included in the consolidated statements of operations. | |
General and Administrative | General and Administrative General and administrative expenses consist of personnel salaries and benefits, legal-related costs, other professional service fees, rent expense, depreciation of property and equipment, and amortization of marketing products. | |
Transaction Expenses | Transaction Expenses Transaction expenses consist primarily of advisory, legal, accounting, valuation, and other professional or consulting fees in connection with the Company’s corporate development activities. Direct and indirect transaction expenses in a business combination are expensed as incurred when the service is received. | |
Stock-based Compensation | Stock-based Compensation The Company measures the cost of share-based awards granted to employees based on the grant-date fair value of the awards. The grant-date fair value of the stock options is calculated using a Black-Scholes valuation model. Stock-based expenses related to stock options are recognized on a straight-line basis, net of estimated forfeitures, over the requisite service period of the awards. | |
Income Taxes | Income Taxes Income taxes are accounted under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statement and tax bases of assets and liabilities by using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that these assets are more likely than not to be realized. In making such a determination, all available positive and negative evidence are considered, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning The Company records uncertain tax positions in accordance with ASC 740 on the basis of a two-step more-likely-than-not | |
Net Loss Attributable Per Share to Common Shareholders | Net Loss Attributable Per Share to Common Shareholders Basic net loss per share attributable to common shareholders is computed by dividing the Company’s net loss attributable to common shareholders by the weighted-average number of common shares used in the loss per share calculation during the period. Diluted net loss per share attributable to common shareholders is computed by giving effect to all potentially dilutive securities, including stock options. Basic and diluted net loss per share attributable to common shareholders are the same for all periods presented as the inclusion of all potentially dilutive securities outstanding was anti-dilutive. | |
Commitments and Contingencies | Commitments and Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded when it is probable that a liability has been incurred and the amount within a range of loss can be reasonably estimated. When no amount within the range is a better estimate than any other amount, the Company accrues for the minimum amount within the range. Legal costs incurred in connection with loss contingencies are expensed as incurred. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses 2016-13 In December 2019, the FASB issued ASU 2019-12, Income Taxes 2019-12 | Recent Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases 2016-02 In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses 2016-13 In August 2018, the FASB issued ASU 2018-15, Intangibles Goodwill and Other Internal-Use 350-40). internal-use internal-use internal-use 2018-15 In December 2019, the FASB issued ASU 2019-12, Income Taxes 2019-12 |
Recently Adopted Accounting Guidance | Recently Adopted Accounting Guidance In June 2018, the FASB issued ASU No. 2018-07, non-employees non-employee re-measured non-employee In August 2018, the FASB issued ASU 2018-15, Internal-Use 350-40). internal-use internal-use internal-use 2018-15 | Recently Adopted Accounting Guidance In June 2018, the FASB issued ASU No. 2018-07, Compensation - Stock Compensation non-employees non-employee re-measured non-employee |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Useful Lives of Property Plant and Equipment | The estimated useful lives of the Company’s assets are as follows: Estimated Useful Lives (years) Buildings 10 - 50 IT equipment 2 - 13 Furniture and fixtures 4 - 12 Other equipment 1 - 5 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Summary Computation of Consideration Transferred | The summary computation of consideration transferred is presented as follows (in thousands): Consideration Transferred Cash for outstanding Genius Sports equity shares $ 264,471 Cash paid to retire Genius Sports’ debt 33,343 Transaction costs paid on behalf of Genius Sports 5,422 Total consideration transferred $ 303,236 |
Summarizes the Fair Value of Assets Acquired and Liabilities | The following table summarizes the fair value of assets acquired and liabilities assumed on the closing date, with the excess recorded as goodwill (in thousands): Fair Value of Assets Acquired As of September 7, 2018 Cash and cash equivalents $ 3,407 Accounts receivables, net 12,610 Contract assets 2,925 Prepaid expenses 1,917 Other current assets 427 Property and equipment, net 3,034 Intangible assets, net 129,772 Goodwill 185,030 Deferred tax asset 116 Other assets 1,480 Total assets acquired $ 340,718 Accounts payable 5,643 Accrued expenses 9,672 Deferred revenue 7,669 Other current liabilities 1,625 Long-term debt 202 Deferred tax liability 12,671 Total liabilities assumed $ 37,482 Consideration transferred $ 303,236 |
Summary Components of Identifiable Intangible Assets | The following table sets forth the components of identifiable intangible assets acquired and their weighted average useful lives by major class of intangible assets as of the date of the acquisition (in thousands): Useful Lives As of September 7, 2018 Data rights 10 years $ 67,959 Technology 3 years 38,958 Marketing products 3 – 15 years 22,855 Total intangible assets subject to amortization $ 129,772 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Schedule of Disaggregation of Revenue | Revenue for the Company’s major product groups consists of the following (in thousands): Three Months Ended 2021 2020 Revenue by Product Group Betting Technology, Content and Services $ 38,955 $ 27,421 Sports Technology and Services 5,406 3,818 Media Technology, Content and Services 9,377 4,130 Total $ 53,738 $ 35,369 Geographical regions are determined based on the region in which the customer is headquartered or domiciled. Revenues by geographical market consists of the following (in thousands): Three Months Ended 2021 2020 Revenue by Geographical Market: Europe $ 39,726 $ 28,898 Americas 10,405 4,293 Rest of the World 3,607 2,178 Total $ 53,738 $ 35,369 | Revenue for the Company’s major product groups consists of the following (in thousands): Successor Predecessor Year Ended December 31, 2020 Year Ended December 31, 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, 2018 through September 7, 2018 Revenue by Product Group Betting Technology, Content and Services $ 110,618 $ 88,370 $ 21,581 $ 47,531 Sports Technology and Services 16,066 14,367 5,187 3,741 Media Technology, Content and Services 23,055 11,883 3,810 5,735 Total $ 149,739 $ 114,620 $ 30,578 $ 57,007 Geographical regions are determined based on the region in which the customer is headquartered or domiciled. Revenues by geographical market consists of the following (in thousands): Successor Predecessor Year Ended December 31, Year Ended December 31, 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, 2018 through September 7, 2018 Revenue by Geographical Market: Europe $ 119,393 $ 90,453 $ 23,347 $ 43,524 Americas 20,419 15,699 4,188 7,809 Rest of the World 9,927 8,468 3,043 5,674 Total $ 149,739 $ 114,620 $ 30,578 $ 57,007 |
Accounts Receivable, Net (Table
Accounts Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Allowance for Credit Loss [Abstract] | |
Summary of Allowance for doubtful accounts | Allowance for doubtful accounts is as follows (in thousands): Successor As of December As of December Balance, beginning of period $ 760 $ 1,926 Increase (decrease) in provision 582 1,059 Write-offs, net of recoveries (122 ) (2,256 ) Foreign currency translation adjustments 50 31 Balance, end of period $ 1,270 $ 760 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Summary Of Property Plant And Equipment Net | Property and equipment, net consists of the following (in thousands): Successor As of December As of December Buildings $ 2,434 $ 2,342 IT equipment 9,695 8,264 Furniture and fixtures 1,700 1,397 Other equipment 38 35 Total property and equipment $ 13,867 $ 12,038 Less: accumulated depreciation 8,865 7,156 Property and equipment, net $ 5,002 $ 4,882 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Movement Of Goodwill | Changes in the carrying amount of goodwill for the periods presented in accompanying consolidated financial statements are as follows (in thousands): Balance as of December 31, 2018 (Successor) $ 182,994 Goodwill acquired 2,569 Foreign currency translation adjustments 7,417 Balance as of December 31, 2019 (Successor) $ 192,980 Goodwill acquired 2,211 Foreign currency translation adjustments 5,433 Balance as of December 31, 2020 (Successor) $ 200,624 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Summary of Intangible Assets Subject To Amortization | Intangible assets subject to amortization as of March 31, 2021 consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 7 $ 72,378 $ 18,541 $ 53,837 Marketing products 12 24,958 5,121 19,837 Technology 1 45,114 36,592 8,522 Capitalized software 2 48,751 21,215 27,536 Total intangible assets $ 191,201 $ 81,469 $ 109,732 Intangible assets subject to amortization as of December 31, 2020 consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 8 $ 71,797 $ 16,621 $ 55,176 Marketing products 12 24,757 4,548 20,209 Technology 1 44,720 32,625 12,095 Capitalized software 2 44,374 17,312 27,062 Total intangible assets $ 185,648 $ 71,106 $ 114,542 | Intangible assets subject to amortization as of December 31, 2020 (Successor) consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 8 $ 71,797 $ 16,621 $ 55,176 Marketing products 12 24,757 4,548 20,209 Technology 1 44,720 32,625 12,095 Capitalized software 2 44,374 17,312 27,062 Total intangible assets $ 185,648 $ 71,106 $ 114,542 Intangible assets subject to amortization as of December 31, 2019 (Successor) consist of the following (in thousands, except years): Weighted Gross Carrying Accumulated Net Carrying (years) (in thousands) Data rights 9 $ 69,850 $ 9,186 $ 60,664 Marketing products 13 23,491 2,507 20,984 Technology 2 40,900 17,726 23,174 Capitalized software 2 26,641 5,023 21,618 Total intangible assets $ 160,882 $ 34,442 $ 126,440 |
Summary Of Expected Amortization Of Intangible Assets | As of December 31, 2020 (Successor), expected amortization of intangible assets for each of the five succeeding fiscal years and thereafter is as follows: Fiscal Years (in thousands) 2021 $ 34,345 2022 19,633 2023 12,206 2024 8,703 2025 8,703 Thereafter 30,952 Total $ 114,542 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Assets [Abstract] | ||
Summary of Other Assets | Other assets (current and long-term) as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 December 31, 2020 Other current assets: Non-trade $ 4,067 $ 3,448 Deferred offering costs 2,233 2,093 Executive notes receivable 4,714 4,659 Inventory 430 384 Total other current assets $ 11,444 $ 10,584 Other assets: Security deposit 3,622 3,622 Corporate tax receivable 1,256 1,256 Sales tax receivable 5,404 3,042 Contract costs 1,575 1,576 Total other assets $ 11,857 $ 9,496 | Other assets (current and long-term) as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor As of December 31, 2020 As of December 31, 2019 Other current assets: Non-trade $ 3,448 $ 2,995 Deferred offering costs 2,093 — Executive notes receivable (1) 4,659 — Inventory 384 281 Total other current assets $ 10,584 $ 3,276 Other assets: Executive notes receivable (1) $ — 4,452 Security deposit 3,622 3,457 Corporate tax receivable 1,256 1,985 Sales tax receivable 3,042 846 Contract costs 1,576 1,340 Total other assets $ 9,496 $ 12,080 (1) Executive notes receivable, which primarily includes the $4.1 million executive loan extended on September 7, 2018 discussed in Note 19 – Related Party Transactions Subsequent Events |
Debt (Tables)
Debt (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Debt Disclosure [Abstract] | ||
Summary of Outstanding Debt | The following table summarizes outstanding debt balances as of March 31, 2021 and December 31, 2020 (in thousands): Instrument Date of Issuance Maturity Date Effective March 31, December 31, Investor Loan Notes September 2018 to September 2028 to 10 % $ 85,353 $ 82,631 Data Project Srl Mortgage December 2010 December 2025 8 % 106 116 Related Party Loan December 2020 April 2021 4 % 10,433 10,248 $ 95,892 $ 92,995 Less current portion of debt (10,456 ) (10,272 ) Non-current $ 85,436 $ 82,723 | The following table summarizes outstanding debt balances as of December 31, 2020 and 2019 (Successor) (in thousands): Successor Instrument Date of Issuance Maturity Date Effective December 31, 2020 December 31, 2019 Investor Loan Notes September 2018 to September 2028 to 10 % $ 82,631 $ 73,061 Data Project Srl Mortgage December 2010 December 2025 8 % 116 130 Related Party Loan December 2020 May 2021 4 % 10,248 — $ 92,995 $ 73,191 Less current portion of debt (10,272 ) (25 ) Noncurrent portion of debt $ 82,723 $ 73,166 |
Summary of Expected Future Payments | Expected future payments for all borrowings as of March 31, 2021 are as follows: Fiscal Period: (in thousands) 2021 (remainder) $ 10,450 2022 23 2023 23 2024 24 2025 22 Thereafter 85,350 Total payment outstanding $ 95,892 | Expected future payments for all borrowings as of December 31, 2020 (Successor) are as follows: Fiscal Years: (in thousands) 2021 $ 10,272 2022 24 2023 25 2024 25 2025 23 Thereafter 82,626 Total payment outstanding $ 92,995 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Other Liabilities Disclosure [Abstract] | ||
Summary of Other Liabilities | Other liabilities (current and long-term) as of March 31, 2021 and December 31, 2020 are as follows (in thousands): March 31, 2021 December 31, 2020 Other current liabilities: Other payables $ 4,479 $ 3,576 Contingent consideration 140 138 Total other current liabilities $ 4,619 $ 3,714 Other liabilities: Contingent consideration $ 2,181 $ 2,164 Deposits on Incentive Securities 1,436 1,425 Total other liabilities $ 3,617 $ 3,589 | Other liabilities (current and long-term) as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor As of December 31, 2020 As of December 31, 2019 Other current liabilities: Other payables $ 3,576 $ 3,461 Contingent consideration 138 — Total other current liabilities $ 3,714 $ 3,461 Other liabilities: Contingent consideration $ 2,164 $ 2,520 Deposits on Incentive Securities 1,425 1,290 Total other liabilities $ 3,589 $ 3,810 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Summary of Loss Per Share And weighted Average Shares | The computation of loss per share and weighted average shares of the Company’s common shares outstanding for the three months ended March 31, 2021 and 2020 are as follows (in thousands except share and per share data): Three Months Ended March 31, 2021 2020 Net loss attributable to common shareholders—basic and diluted $ (5,322 ) $ (7,544 ) Basic and diluted weighted average common shares outstanding 1,873,423 1,873,423 Net loss per share attributable to common shareholders—basic and diluted $ (2.84 ) $ (4.03 ) | The computation of loss per share and weighted average shares of the Company’s common shares outstanding for the years ended December 31, 2020 and 2019 (Successor), the period from September 8, 2018 through December 31, 2018 (Successor), and the period from January 1, 2018 through September 7, 2018 (Predecessor), are as follows (in thousands except share and per share data): Successor Predecessor Year Ended 2020 Year Ended 2019 Period from September 8, 2018 through December 31, 2018 Period from January 1, through September 7, Net loss attributable to common shareholders - Basic and Diluted $ (30,348 ) $ (40,207 ) $ (9,761 ) $ (15,527 ) Basic and diluted weighted average common shares outstanding 1,873,423 1,829,947 1,812,601 2,983,170 Net loss per share attributable to common shareholders: Basic and diluted $ (16.20 ) $ (21.97 ) $ (5.38 ) $ (5.20 ) |
Summary of Antidilutive Securities Excluded From Computation of Earning Per Share | The following table presents the potential common shares and Preference Shares outstanding that were excluded from the computation of diluted net loss per share of common share as of the periods presented because including them would have been antidilutive: Three Months Ended March 31, 2021 2020 Preference Shares 218,561,319 218,561,319 Incentive Securities 833,694 806,060 Total 219,395,013 219,367,379 | The following table presents the potential common shares and Preference Shares outstanding that were excluded from the computation of diluted net loss per share of common share as of the periods presented because including them would have been antidilutive: Successor Predecessor Year Ended Year Ended Period from Period from Share Options — — — 851,116 Staff Loans — — — 602,861 Preference Shares 218,561,319 218,561,319 213,657,244 — Incentive Securities 833,694 761,394 709,783 — Total 219,395,013 219,322,713 214,367,027 1,453,977 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Summary of Fair Value of Incentive Securities Using The Black-Scholes Model Based On The Following Assumptions | The fair value of Incentive Securities granted during the three months ended March 31, 2020 was determined on the grant date using the Black-Scholes model based on the following assumptions: March 31, 2020 Expected term (years)(1) 4.5 Current stock value $7.38 - $15.14 Expected volatility(2) 30% Risk-free rate(3) 1.63% Dividend yield(4) 0% (1) The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. Given the Leaver provisions, the Company estimated the midpoint between the vesting term and estimated time to liquidity event. (2) Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3) Risk free rate was obtained from treasury notes for the expected terms noted as of the valuation date. (4) The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. | The fair value of Incentive Securities was determined on the grant date using the Black-Scholes model based on the following assumptions: Successor December 31, December 31, December 31, Expected term (years) (1) 4.5 4.5 4.5 Current stock value $7.41 - $15.19 $7.35 - $15.06 $7.37 - $26.58 Expected volatility (2) 30% 30% 30% Risk-free rate (3) 0.3% - 1.63% 1.7% - 2.48% 2.80% Dividend yield (4) 0% 0% 0% (1) The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. Given the Leaver provisions, the Company estimated the midpoint between the vesting term and estimated time to liquidity event. (2) Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. (3) Risk free rate was obtained from treasury notes for the expected terms noted as of the valuation date. (4) The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. |
Summary of The Incentive Security Activity | A summary of the Incentive Security activity for the three months ended March 31, 2021 is as follows: Awards Weighted Averaged Aggregate Non-vested 833,694 $ 1.60 $ 16,243 Granted — Forfeited — Expired — Non-vested 833,694 $ 1.60 $ 16,231 | A summary of the Incentive Security activity for the years ended December 31, 2020 and 2019 (Successor), and the period from September 8, 2018 through December 31, 2018 (Successor) is as follows: Awards Weighted Averaged Exercise Price Aggregate Intrinsic Value Outstanding as of September 7, 2018 (Successor) — $ — $ — Granted 709,783 $ 1.66 Forfeited — Expired — Outstanding as of December 31, 2018 (Successor) 709,783 $ 1.66 $ 14,857 Granted 52,581 $ 1.27 Forfeited (970 ) $ 1.28 Expired — Non-vested 761,394 $ 1.63 $ 15,411 Granted 73,270 $ 1.28 Forfeited (970 ) $ 1.28 Expired — Non-vested 833,694 $ 1.60 $ 16,243 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | |
Summary of Loss Before Provision (Benefit) For Income Taxes | The U.K. and foreign components of the Company’s loss before provision for income taxes consisted of the following (in thousands): Successor Predecessor Year Ended Year Ended Period from Period from U.K. $ (26,846 ) $ (43,199 ) $ (9,472 ) $ (18,613 ) Foreign (1,689 ) (2,374 ) (1,547 ) 3,190 Loss before income taxes $ (28,535 ) $ (45,573 ) $ (11,019 ) $ (15,423 ) |
Summary of Components of The Provision (Benefit) For Income Taxes | The components of the Company’s income tax (benefit) expense consisted of the following (in thousands): Successor Predecessor Year Ended Year Ended Period from Period from Current: U.K. $ — $ — $ — $ — Foreign 47 114 (126 ) 696 Current tax expense 47 114 (126 ) 696 Deferred: U.K. 1,650 (5,374 ) (1,171 ) (649 ) Foreign 116 (106 ) 39 57 Deferred tax expense (benefit) 1,766 (5,480 ) (1,132 ) (592 ) Total $ 1,813 $ (5,366 ) $ (1,258 ) $ 104 |
Summary of Reconciliation Between Effective Tax Rate On Income From Continuing Operations | Reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate of 19.0% is as follows: Successor Predecessor Year Ended Year Ended Period from Period from U.K. provision at statutory rate 19.0 % 19.0 % 19.0 % 19.0 % Expenses not deductible for tax purposes 0.9 (3.6 ) (2.2 ) (1.4 ) Goodwill writeback — — (1.6 ) 1.4 Non-deductible (3.6 ) — (3.4 ) — Income not taxable — 0.8 1.3 4.3 Stock based compensation 2.6 1.5 — 47.4 Chargeable gains/(losses) — — 0.1 (2.0 ) Remeasurement of warrant Liability — — — (8.9 ) Transaction cost adjustment (1.4 ) — — (7.0 ) Leasing — (0.4 ) — — Foreign rate difference — (1.5 ) 0.3 (5.6 ) Change in valuation allowance (21.6 ) (4.0 ) (2.2 ) (47.9 ) Effective tax rate (4.1 )% 11.8 % 11.3 % (0.7 )% |
Summary of Components Of Deferred Tax Assets And Liabilities | The Company’s deferred income tax assets and liabilities as of December 31, 2020 and 2019 (Successor) are as follows (in thousands): Successor Year Ended Year Ended Deferred tax assets: Net operating loss carry forward $ 26,498 $ 20,474 Property and equipment 159 136 Other 187 156 Deferred tax assets before valuation allowance 26,844 20,766 Valuation allowance (11,240 ) (3,427 ) Deferred tax assets, net of valuation allowance 15,604 17,339 Deferred tax liabilities: Outside basis difference 1,913 1,855 Intangible assets 21,783 21,534 Deferred tax liabilities 23,696 23,389 Net deferred tax assets (liabilities) $ (8,092 ) $ (6,050 ) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Future Minimum Rental Payments Under Non-cancelable Operating Leases | As of March 31, 2021, future minimum rental payments under noncancelable operating leases are as follows (in thousands): (in thousands) 2021 (remainder) $ 3,939 2022 5,231 2023 4,771 2024 4,139 2025 1,172 Thereafter — Total $ 19,252 | As of December 31, 2020, future minimum rental payments under noncancelable operating leases are as follows (in thousands): Years Ended December 31 (in thousands) 2021 $ 5,209 2022 5,189 2023 4,733 2024 4,106 2025 1,163 Thereafter — Total $ 20,400 |
Summary Of Future Minimum Commitments | As of March 31, 2021, future minimum commitments under the Company’s data rights license agreements accounted for as executory contracts are as follows (in thousands): (in thousands) 2021 (remainder) $ 17,182 2022 35,607 2023 36,395 2024 24,869 2025 2,857 Thereafter 8,722 Total $ 125,632 | As of December 31, 2020, future minimum commitments under the Company’s data rights license agreements accounted for as executory contracts are as follows (in thousands): Years Ended December 31 (in thousands) 2021 $ 35,414 2022 34,065 2023 34,754 2024 23,640 2025 2,394 Thereafter 6,969 Total $ 137,236 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Schedule of Useful Lives of Property Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Building [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 10 years |
Building [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 50 years |
IT equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 2 years |
IT equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 13 years |
Furniture and fixtures [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 4 years |
Furniture and fixtures [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 12 years |
Other equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 1 year |
Other equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, estimated useful lives | 5 years |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Sep. 07, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Date of incorporation | Jul. 18, 2018 | Jul. 18, 2018 | |||||
Restricted cash current | $ 0 | $ 0 | |||||
Payment towards loans and advances to related parties | 4,100,000 | ||||||
Inventory finished goods current | 400,000 | 300,000 | |||||
Deferred offering costs | 2,100,000 | 0 | |||||
Impairment of long lived assets held for use | 0 | 0 | |||||
Capitalized costs to obtain contract from customers | $ 600,000 | $ 300,000 | $ 600,000 | 700,000 | 1,300,000 | ||
Capitalized contract cost, amortization | $ 185,000 | $ 118,000 | $ 8,000 | 563,000 | $ 500,000 | 231,000 | |
Percentage of unrecognized tax benefits to be realized for recognition in the income statement | 50.00% | ||||||
Gain on sale of equity method investment | 1,800,000 | ||||||
Class of warrant or right, exercise price of warrants or rights | $ 0.0001 | ||||||
Pointsbet Holding Pty Ltd [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Gain on sale of equity method investment | $ 1,800,000 | ||||||
Equity method investments | $ 0 | 0 | |||||
Executive Officer [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Payment towards loans and advances to related parties | $ 4.1 | ||||||
Related party transaction rate of interest | 2.50% | ||||||
Notes receivable from related party | $ 4,700,000 | $ 4,500,000 | |||||
Accounts Receivable [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Concentration risk percentage | 10.00% | 10.00% | |||||
Accounts Payable [Member] | Supplier One [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Concentration risk percentage | 17.00% | 35.00% | |||||
Accounts Payable [Member] | Supplier Two [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Concentration risk percentage | 12.00% | ||||||
Accounts Payable [Member] | Supplier Three [Member] | |||||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Concentration risk percentage | 12.00% |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 10, 2020 | Sep. 07, 2018 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2018 | Sep. 08, 2018 |
Business Acquisition [Line Items] | ||||||||
Business combination goodwill arising on acquistion | $ 185,030 | $ 200,624 | $ 202,247 | $ 192,980 | $ 182,994 | |||
Business acqusition costs intangible assets acquired | 129,772 | |||||||
Consideration transferred | 303,236 | $ 303,236 | ||||||
Percentage of voting interests acquired | 100.00% | |||||||
Cash for outstanding Genius Sports equity shares | $ 264,471 | |||||||
Cash paid to retire Genius Sports' debt | 33,343 | |||||||
Transaction costs paid on behalf of Genius Sports | 5,400 | $ 0 | $ 4,000 | |||||
Apax Funds Investment [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Consideration transferred | $ 303,200 | |||||||
Oppia Acqusition [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination total consideration | $ 2,900 | |||||||
Business combination goodwill arising on acquistion | $ 2,600 | |||||||
Income from gain on fair value remeasurement of contingent consideration | 300 | |||||||
Sportzcast [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Business combination total consideration | $ 4,400 | |||||||
Business combination goodwill arising on acquistion | 2,200 | 2,200 | $ 2,200 | |||||
Business acquistion transaction costs expensed | 200 | |||||||
Business acqusition costs intangible assets acquired | $ 1,800 | $ 1,800 |
Business Combinations - Summary
Business Combinations - Summary computation of consideration transferred (Detail) - USD ($) $ in Thousands | Sep. 07, 2018 | Dec. 31, 2020 |
Business Acquisition [Line Items] | ||
Cash for outstanding Genius Sports equity shares | $ 264,471 | |
Cash paid to retire Genius Sports' debt | 33,343 | |
Transaction costs paid on behalf of Genius Sports | 5,422 | |
Total consideration transferred | $ 303,236 | $ 303,236 |
Business Combinations - Summari
Business Combinations - Summarizes the fair value of assets acquired and liabilities (Detail) - USD ($) $ in Thousands | Sep. 07, 2018 | Dec. 31, 2020 | Mar. 31, 2021 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||
Cash and cash equivalents | $ 3,407 | ||||
Accounts receivables, net | 12,610 | ||||
Contract assets | 2,925 | ||||
Prepaid expenses | 1,917 | ||||
Other current assets | 427 | ||||
Property and equipment, net | 3,034 | ||||
Intangible assets, net | 129,772 | ||||
Goodwill | 185,030 | $ 200,624 | $ 202,247 | $ 192,980 | $ 182,994 |
Deferred tax asset | 116 | ||||
Other assets | 1,480 | ||||
Total assets acquired | 340,718 | ||||
Accounts payable | 5,643 | ||||
Accrued expenses | 9,672 | ||||
Deferred revenue | 7,669 | ||||
Other current liabilities | 1,625 | ||||
Long-term debt | 202 | ||||
Deferred tax liability | 12,671 | ||||
Total liabilities assumed | 37,482 | ||||
Consideration transferred | $ 303,236 | $ 303,236 |
Business Combinations - Summa_2
Business Combinations - Summary components of identifiable intangible assets (Detail) - USD ($) $ in Thousands | Sep. 07, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 |
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | $ 129,772 | $ 9,800 | $ 7,600 | $ 7,000 | $ 8,900 | $ 33,400 | $ 26,300 |
Data rights | |||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Intangible assets, Useful Lives | 10 years | ||||||
Amortization of Intangible Assets | $ 67,959 | ||||||
Technology | |||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Intangible assets, Useful Lives | 3 years | ||||||
Amortization of Intangible Assets | $ 38,958 | ||||||
Marketing products | |||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Amortization of Intangible Assets | $ 22,855 | ||||||
Marketing products | Maximum [Member] | |||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Intangible assets, Useful Lives | 15 years | ||||||
Marketing products | Minimum [Member] | |||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | |||||||
Intangible assets, Useful Lives | 3 years |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||||
Revenue | $ 53,738 | $ 35,369 | $ 30,578 | $ 57,007 | $ 149,739 | $ 114,620 |
Betting Technology, Content and Services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 38,955 | 27,421 | 21,581 | 47,531 | 110,618 | 88,370 |
Sports Technology and Services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 5,406 | 3,818 | 5,187 | 3,741 | 16,066 | 14,367 |
Media Technology, Content and Services | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 9,377 | 4,130 | 3,810 | 5,735 | 23,055 | 11,883 |
Europe | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 39,726 | 28,898 | 23,347 | 43,524 | 119,393 | 90,453 |
Americas | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | 10,405 | 4,293 | 4,188 | 7,809 | 20,419 | 15,699 |
Rest of the World | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Revenue | $ 3,607 | $ 2,178 | $ 3,043 | $ 5,674 | $ 9,927 | $ 8,468 |
Revenue - Schedule of Disaggr_2
Revenue - Schedule of Disaggregation of Revenue (Parenthetical) (Detail) - Revenue Benchmark [Member] | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | ||||||
Concentration risk percentage | 12.00% | |||||
Malta | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Concentration risk percentage | 17.00% | 14.00% | 12.00% | 12.00% | 16.00% | 12.00% |
Gibraltar | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Concentration risk percentage | 14.00% | 15.00% | 16.00% | 16.00% | 15.00% | 16.00% |
United Kingdom | ||||||
Disaggregation of Revenue [Line Items] | ||||||
Concentration risk percentage | 12.00% | 14.00% | 11.00% | 11.00% | 13.00% |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Remaining performance obligation amount | $ 237,800 | $ 260,900 | |
Performance obligation percentage to be recognized | 36.00% | 36.00% | |
Revenue recognized for variable consideration | $ 7,700 | $ 20,300 | |
Contract assets | 14,368 | 10,088 | $ 5,654 |
Contract liabilities | $ 24,844 | 26,036 | $ 16,015 |
Contract asset increase due to fulfillment of promises prior to billing | 4,400 | ||
Increase in contract liability due to deferred revenue | $ 10,000 |
Accounts Receivable, Net - Summ
Accounts Receivable, Net - Summary of Allowance for doubtful accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||
Balance, beginning of period | $ 760 | $ 1,926 |
Increase (decrease) in provision | 582 | 1,059 |
Write-offs, net of recoveries | (122) | (2,256) |
Foreign currency translation adjustments | 50 | 31 |
Balance, end of period | $ 1,300 | $ 760 |
Accounts Receivable, Net - Addi
Accounts Receivable, Net - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts Receivable, after Allowance for Credit Loss [Abstract] | ||||
Accounts receivable, net of allowance for credit loss | $ 24,600 | $ 26,100 | $ 19,200 | |
Accounts receivable, allowance for credit loss | $ 1,400 | $ 1,300 | $ 760 | $ 1,926 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary Of Property Plant And Equipment Net (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 13,867 | $ 12,038 | |
Less: accumulated depreciation | 8,865 | 7,156 | |
Property and equipment, net | $ 4,583 | 5,002 | 4,882 |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 2,434 | 2,342 | |
IT Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 9,695 | 8,264 | |
Furniture and fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | 1,700 | 1,397 | |
Other equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, Plant and Equipment, Gross | $ 38 | $ 35 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $ 0.3 | $ 1.1 | $ 1.6 | $ 1.7 |
Goodwill - Summary Of Movement
Goodwill - Summary Of Movement Of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 192,980 | $ 182,994 |
Goodwill acquired | 2,211 | 2,569 |
Foreign currency translation adjustments | 5,433 | 7,417 |
Ending Balance | $ 200,624 | $ 192,980 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) $ in Thousands | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2021 | Dec. 10, 2020 | |
Business Acquisition [Line Items] | ||||||
Goodwill impairment loss | $ 0 | $ 0 | $ 0 | $ 0 | ||
Goodwill | $ 182,994 | $ 185,030 | 200,624 | 192,980 | $ 202,247 | |
Sportzcast [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | 2,200 | 2,200 | $ 2,200 | |||
Oppia [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Goodwill | $ 2,600 | $ 2,600 |
Intangible Assets, Net - Summar
Intangible Assets, Net - Summary Of Intangible Assets Subject To Amortization (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 191,201 | $ 185,648 | $ 160,882 |
Accumulated Amortization | 81,469 | 71,106 | 34,442 |
Total | $ 109,732 | $ 114,542 | $ 126,440 |
Data rights [member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Lives | 7 years | 8 years | 9 years |
Gross Carrying Amount | $ 72,378 | $ 71,797 | $ 69,850 |
Accumulated Amortization | 18,541 | 16,621 | 9,186 |
Total | $ 53,837 | $ 55,176 | $ 60,664 |
Marketing products [member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Lives | 12 years | 12 years | 13 years |
Gross Carrying Amount | $ 24,958 | $ 24,757 | $ 23,491 |
Accumulated Amortization | 5,121 | 4,548 | 2,507 |
Total | $ 19,837 | $ 20,209 | $ 20,984 |
Technology [member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Lives | 1 year | 1 year | 2 years |
Gross Carrying Amount | $ 45,114 | $ 44,720 | $ 40,900 |
Accumulated Amortization | 36,592 | 32,625 | 17,726 |
Total | $ 8,522 | $ 12,095 | $ 23,174 |
Capitalized software [member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Weighted Average Remaining Useful Lives | 2 years | 2 years | 2 years |
Gross Carrying Amount | $ 48,751 | $ 44,374 | $ 26,641 |
Accumulated Amortization | 21,215 | 17,312 | 5,023 |
Total | $ 27,536 | $ 27,062 | $ 21,618 |
Intangible Assets, Net - Schedu
Intangible Assets, Net - Schedule of estimated future amortization of intangible assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
2021 | $ 34,345 | ||
2022 | 19,633 | ||
2023 | 12,206 | ||
2024 | 8,703 | ||
2025 | 8,703 | ||
Thereafter | 30,952 | ||
Total | $ 109,732 | $ 114,542 | $ 126,440 |
Intangible Assets, Net - Additi
Intangible Assets, Net - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 07, 2018 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 10, 2020 |
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets acquired, business combination | $ 129,772 | $ 129,772 | ||||||
Amortization expense | $ 129,772 | $ 9,800 | $ 7,600 | $ 7,000 | $ 8,900 | $ 33,400 | $ 26,300 | |
Sportzcast [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets acquired, business combination | 1,800 | $ 1,800 | ||||||
Oppia [Member] | ||||||||
Finite-Lived Intangible Assets [Line Items] | ||||||||
Intangible assets acquired, business combination | $ 300 |
Other Assets - Summary Of Other
Other Assets - Summary Of Other Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other current assets: | |||
Non-trade receivables | $ 4,067 | $ 3,448 | $ 2,995 |
Deferred offering costs | 2,233 | 2,093 | |
Executive notes receivable (1) | 4,714 | 4,659 | |
Inventory | 430 | 384 | 281 |
Total other current assets | 11,444 | 10,584 | 3,276 |
Other assets: | |||
Executive notes receivable (1) | 4,452 | ||
Security deposit | 3,622 | 3,622 | 3,457 |
Corporate tax receivable | 1,256 | 1,256 | 1,985 |
Sales tax receivable | 5,404 | 3,042 | 846 |
Contract costs | 1,575 | 1,576 | 1,340 |
Total other assets | $ 11,857 | $ 9,496 | $ 12,080 |
Other Assets - Summary Of Oth_2
Other Assets - Summary Of Other Assets (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Notes receivable from related party, current | $ 4.1 |
Debt - Summary of Outstanding D
Debt - Summary of Outstanding Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | |||
Investor Loan Notes | $ 85,353 | $ 82,631 | $ 73,061 |
Data Project Srl Mortgage | 106 | 116 | 130 |
Related Party Loan | 10,433 | 10,248 | |
Total | 95,892 | 92,995 | 73,191 |
Less current portion of debt | (10,456) | (10,272) | (25) |
Noncurrent portion of debt | $ 85,436 | $ 82,723 | $ 73,166 |
Debt - Summary of Outstanding_2
Debt - Summary of Outstanding Debt (Parenthetical) (Detail) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Investor Loan Notes [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt maturity month starting | 2028-09 | 2028-09 |
Long term debt maturity month ending | 2029-12 | 2029-12 |
Long term debt effective rate of interest | 10.00% | 10.00% |
Data Project Srl Mortgage [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt month of maturity | 2025-12 | 2025-12 |
Long term debt effective rate of interest | 8.00% | 8.00% |
Related Party Loan [Member] | ||
Debt Instrument [Line Items] | ||
Long term debt month of maturity | 2021-04 | 2021-05 |
Long term debt effective rate of interest | 4.00% | 4.00% |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) $ in Millions | Dec. 08, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Aug. 31, 2017 | Dec. 01, 2020 | Sep. 30, 2019 | Jan. 01, 2018 | Dec. 01, 2010 |
Interest expense | $ 2.3 | $ 1.9 | $ 2 | $ 2.4 | $ 8 | $ 6.9 | ||||||
Barclays Bank Plc [Member] | ||||||||||||
Debt instrument, interest rate, stated percentage | 4.00% | 4.00% | ||||||||||
Line of credit, maximum amount | $ 0 | $ 0 | 0 | |||||||||
Related Party Loan [Member] | ||||||||||||
Debt instrument, face amount | $ 10 | |||||||||||
Debt instrument, interest rate, stated percentage | 4.00% | |||||||||||
Debt instrument, maturity date | May 30, 2021 | |||||||||||
Other Predecessor Loans [Member] | ||||||||||||
Line of credit, maximum amount | 12.4 | |||||||||||
Predecessor Loan Notes [Member] | ||||||||||||
Debt instrument, face amount | $ 20.3 | |||||||||||
Debt instrument, maturity date | Jul. 27, 2021 | |||||||||||
Upfront fees paid | $ 0.6 | |||||||||||
Debt instrument, fee amount | $ 0.2 | |||||||||||
Derivative liability | $ 4.3 | |||||||||||
Unrealized gain (loss) on derivatives | 3.1 | |||||||||||
2015 Loan Notes [Member] | ||||||||||||
Debt instrument, interest rate paid in cash | 3.00% | |||||||||||
2017 Loan Notes [Member] | ||||||||||||
Debt instrument, interest rate, stated percentage | 5.00% | |||||||||||
Debt instrument interest rate paid in kind | 3.00% | |||||||||||
2017 Loan Notes [Member] | Common Class A [Member] | ||||||||||||
Proceeds from convertible debt | $ 3.5 | |||||||||||
Maven Top Holdings SARL [Member] | Data Project SRL Mortgage [Member] | ||||||||||||
Long-term debt, gross | $ 0.3 | $ 0.3 | ||||||||||
Maven Top Holdings SARL [Member] | Unsecured Investor Loan Notes [Member] | ||||||||||||
Debt instrument, face amount | $ 1.4 | $ 56.2 | $ 1.4 | |||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||||||
Maven Top Holdings SARL [Member] | Unsecured Manager Loan Notes [Member] | ||||||||||||
Debt instrument, face amount | $ 5.2 | |||||||||||
Debt instrument, interest rate, stated percentage | 10.00% | |||||||||||
Maven Top Holdings SARL [Member] | Investor Loan Notes [Member] | ||||||||||||
Debt instrument, face amount | $ 1.4 | $ 1.4 |
Debt - Summary of Expected Futu
Debt - Summary of Expected Future Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
2021 | $ 10,450 | $ 10,272 |
2022 | 23 | 24 |
2023 | 23 | 25 |
2024 | 24 | 25 |
2025 | 22 | 23 |
Thereafter | 85,350 | 82,626 |
Total payment outstanding | $ 95,892 | $ 92,995 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Other current liabilities: | |||
Other payables | $ 4,479 | $ 3,576 | $ 3,461 |
Contingent consideration | 140 | 138 | 0 |
Total other current liabilities | 4,619 | 3,714 | 3,461 |
Other liabilities: | |||
Contingent consideration | 2,181 | 2,164 | 2,520 |
Deposits on Incentive Securities | 1,436 | 1,425 | 1,290 |
Total other liabilities | $ 3,617 | $ 3,589 | $ 3,810 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 8 Months Ended | ||
Sep. 07, 2018 | Dec. 31, 2020 | Jan. 01, 2018 | |
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, exercise price of warrants or rights | $ 0.0001 | ||
2015 Loan Notes [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, number of securities called by warrants or rights | 218,852 | ||
Class of warrant or right, exercise price of warrants or rights | $ 0.0001 | $ 0.0001 | |
Fair value portion of warrants | $ 5 | ||
Fair value adjustment of warrants | $ 4.1 | ||
2015 Loan Notes [Member] | Common Stock [Member] | |||
Class of Warrant or Right [Line Items] | |||
Class of warrant or right, number of securities called by each warrant or right | 136,707 |
Preference Shares - Additional
Preference Shares - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 4 Months Ended | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 07, 2018 | |
Preferred stock, shares issued | 218,561,319 | 218,561,319 | ||
Preferred stock, shares outstanding | 218,561,319 | 218,561,319 | ||
Dividend rate, preferred stock | 10.00% | |||
Dividends, preferred stock | $ 8.8 | $ 31.9 | $ 28.3 | |
Apax Investment [Member] | ||||
Preferred stock, shares issued | 213,657,244 | |||
Preferred stock, par value | $ 0.0001 | |||
Other Investors [Member] | ||||
Preferred stock, shares issued | 0 | 4,904,075 | ||
Preferred stock, par value | $ 1.29 | |||
Preferred stock shares subscribed | 0 | 4,904,075 |
Common Shares - Additional Info
Common Shares - Additional Information (Detail) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 | Sep. 07, 2018 |
Class of Stock [Line Items] | |||
Common stock par or stated value per share | $ 0.01 | ||
Common stock shares authorized | 1,873,423 | 1,873,423 | |
Common stock shares issued | 1,873,423 | 1,873,423 | |
Common stock shares outstanding | 1,873,423 | 1,873,423 | |
Ordinary Shares [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, price per share | 0.0001 | ||
Ordinary A Shares [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, price per share | 0.0001 | ||
Ordinary S Shares [Member] | |||
Class of Stock [Line Items] | |||
Shares issued, price per share | $ 0.000001 |
Loss Per Share - Summary of Los
Loss Per Share - Summary of Loss Per Share And weighted Average Shares (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||||||
Net loss attributable to common shareholders - Basic and Diluted | $ (5,322) | $ (7,544) | $ (9,761) | $ (15,527) | $ (30,348) | $ (40,207) |
Basic and diluted weighted average common shares outstanding | 1,873,423 | 1,873,423 | 1,812,601 | 2,983,170 | 1,873,423 | 1,829,947 |
Net loss per share attributable to common shareholders: Basic and diluted | $ (2.84) | $ (4.03) | $ (5.38) | $ (5.20) | $ (16.20) | $ (21.97) |
Loss Per Share - Summary of Ant
Loss Per Share - Summary of Antidilutive Securities Excluded From Computation Of Earning Per Share (Detail) - shares | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 219,395,013 | 219,367,379 | 214,367,027 | 1,453,977 | 219,395,013 | 219,322,713 |
Share Options [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 851,116 | |||||
Staff Loans [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 602,861 | |||||
Prefernce Shares [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 218,561,319 | 218,561,319 | 213,657,244 | 218,561,319 | 218,561,319 | |
Incentive Securities [Member] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 833,694 | 806,060 | 709,783 | 833,694 | 761,394 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Fair Value of Incentive Securities Using The Black-Scholes Model Based On The Following Assumptions (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expected term (years) | [1] | 4 years 6 months | 4 years 6 months | 4 years 6 months | 4 years 6 months |
Expected volatility | [2] | 30.00% | 30.00% | 30.00% | 30.00% |
Risk-free rate | [3] | 1.63% | 2.80% | ||
Dividend yield | [4] | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Current stock value | $ 7.38 | $ 7.41 | $ 7.35 | $ 7.37 | |
Risk-free rate | [3] | 0.30% | 1.70% | ||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Current stock value | $ 15.14 | $ 15.19 | $ 15.06 | $ 26.58 | |
Risk-free rate | [3] | 1.63% | 2.48% | ||
[1] | The expected term is the length of time the grant is expected to be outstanding before it is exercised or terminated. Given the Leaver provisions, the Company estimated the midpoint between the vesting term and estimated time to liquidity event. | ||||
[2] | Volatility, or the standard deviation of annualized returns, was calculated based on comparable companies’ reported volatilities. | ||||
[3] | Risk free rate was obtained from treasury notes for the expected terms noted as of the valuation date. | ||||
[4] | The Company has assumed a dividend yield of zero as it has no plans to declare dividends in the foreseeable future. |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of The Incentive Security Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Disclosure [Abstract] | |||||
Awards Outstanding , Beginning Balance | 833,694 | 0 | 709,783 | ||
Awards Outstanding ,Granted | 709,783 | 73,270 | 52,581 | ||
Awards Outstanding, Forfeited | (970) | ||||
Awards Outstanding , Expired | |||||
Awards Outstanding , Ending Balance | 833,694 | 709,783 | 0 | 833,694 | |
Awards Outstanding,Non-vested awards | 833,694 | 761,394 | |||
Awards Outstanding,Non-vested awards Forfeited | (970) | ||||
Weighted Averaged Exercise Price , Beginning Balance | $ 1.60 | $ 0 | $ 1.66 | ||
Weighted Averaged Exercise Price ,Granted | 1.66 | 1.27 | |||
Weighted Averaged Exercise Price,Forfeited | 1.28 | ||||
Weighted Averaged Exercise Price ,Expired | |||||
Weighted Averaged Exercise Price , Ending Balance | $ 1.60 | $ 1.66 | $ 0 | $ 1.60 | |
Weighted Averaged Exercise Price,Non-vested awards | 1.60 | $ 1.63 | |||
Weighted Averaged Exercise Price,Non-vested awards Granted | 1.28 | ||||
Weighted Averaged Exercise Price,Non-vested awards Forfeited | $ 1.28 | ||||
Aggregate Intrinsic Value , Outstanding | $ 16,243 | $ 14,857 | $ 0 | ||
Aggregate Intrinsic Value | $ 16,231 | $ 16,243 | $ 15,411 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 4 Months Ended | 6 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2018 | Jul. 09, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 10 years | 10 years | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.28 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 16,200 | $ 16,200 | |||||
Deposit Liability, Current | $ 1,400 | $ 1,400 | $ 1,300 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 833,694 | 709,783 | 0 | 833,694 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 1.60 | $ 1.66 | $ 0 | $ 1.60 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 709,783 | 73,270 | 52,581 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 16,243 | $ 14,857 | $ 0 | ||||
Stock Issued During Period, Value, Issued for Services | $ 8,705 | ||||||
Staff Loans [Member] | |||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | ||||||
Shares Issued, Price Per Share | $ 0.0001 | ||||||
Stock Issued During Period, Value, Issued for Services | $ 2,900 | ||||||
Stock Issued During Period, Shares, Issued for Services | 602,861 | ||||||
Employee Stock Option [Member] | |||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 861,116 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.16 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 10,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures and Expirations in Period | 0 | ||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 4.05 | ||||||
Proceeds, Issuance of Shares, Share-based Payment Arrangement | $ 100 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 300 | ||||||
Employee Stock Option [Member] | Apax Funds Investment [Member] | |||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 851,116 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | $ 2.04 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 52,500 | ||||||
Incentive Securities [Member] | |||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 22.59 | $ 13.37 | $ 12.95 | ||||
Shares Issued, Price Per Share | $ 0.01 | 0.01 | |||||
C1 Ordinary Shares [Member] | |||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Line Items] | |||||||
Shares Issued, Price Per Share | $ 0.21 | $ 0.19 |
Income Taxes - Summary of Loss
Income Taxes - Summary of Loss Before Provision (Benefit) For Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest [Abstract] | ||||||
U.K. | $ (9,472) | $ (18,613) | $ (26,846) | $ (43,199) | ||
Foreign | (1,547) | 3,190 | (1,689) | (2,374) | ||
Loss before income taxes | $ (5,585) | $ (9,331) | $ (11,019) | $ (15,423) | $ (28,535) | $ (45,573) |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of The Provision (Benefit) For Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | ||||||
U.K. | $ 0 | $ 0 | $ 0 | $ 0 | ||
Foreign | (126) | 696 | 47 | 114 | ||
Current tax expense | (126) | 696 | 47 | 114 | ||
Deferred: | ||||||
U.K. | (1,171) | (649) | 1,650 | (5,374) | ||
Foreign | 39 | 57 | 116 | (106) | ||
Deferred tax expense (benefit) | (1,132) | (592) | 1,766 | (5,480) | ||
Total | $ (263) | $ (1,787) | $ (1,258) | $ 104 | $ 1,813 | $ (5,366) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation Between Effective Tax Rate On Income From Continuing Operations (Detail) | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||
U.K. provision at statutory rate | 19.00% | 19.00% | 19.00% | 19.00% | ||
Expenses not deductible for tax purposes | (2.20%) | (1.40%) | 0.90% | (3.60%) | ||
Goodwill writeback | (1.60%) | 1.40% | 0.00% | 0.00% | ||
Non-deductible interest expense | (3.40%) | 0.00% | (3.60%) | 0.00% | ||
Income not taxable | 1.30% | 4.30% | 0.00% | 0.80% | ||
Stock based compensation | 0.00% | 47.40% | 2.60% | 1.50% | ||
Chargeable gains/(losses) | 0.10% | (2.00%) | 0.00% | 0.00% | ||
Remeasurement of warrant Liability | 0.00% | (8.90%) | 0.00% | 0.00% | ||
Transaction cost adjustment | 0.00% | (7.00%) | (1.40%) | 0.00% | ||
Leasing | 0.00% | 0.00% | 0.00% | (0.40%) | ||
Foreign rate difference | 0.30% | (5.60%) | 0.00% | (1.50%) | ||
Change in valuation allowance | (2.20%) | (47.90%) | (21.60%) | (4.00%) | ||
Effective tax rate | 4.70% | 19.20% | 11.30% | (0.70%) | (4.10%) | 11.80% |
Income Taxes - Summary of Com_2
Income Taxes - Summary of Components of Deferred Tax Assets And Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Net operating loss carry forward | $ 26,498 | $ 20,474 |
Property and equipment | 159 | 136 |
Other | 187 | 156 |
Deferred tax assets before valuation allowance | 26,844 | 20,766 |
Valuation allowance | (11,240) | (3,427) |
Deferred tax assets, net of valuation allowance | 15,604 | 17,339 |
Deferred tax liabilities: | ||
Outside basis difference | 1,913 | 1,855 |
Intangible assets | 21,783 | 21,534 |
Deferred tax liabilities | 23,696 | 23,389 |
Net deferred tax assets (liabilities) | $ (8,092) | $ (6,050) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||||||
U.K. provision at statutory rate | 19.00% | 19.00% | 19.00% | 19.00% | ||
Valuation allowance | $ 11,240 | $ 3,427 | ||||
Net operating loss carry forward | 113,300 | |||||
Uncertain income tax | $ 0 | 0 | 0 | |||
Income tax benefit | (263) | $ (1,787) | $ (1,258) | $ 104 | 1,813 | (5,366) |
Loss before income taxes | $ (5,585) | $ (9,331) | $ (11,019) | $ (15,423) | $ (28,535) | $ (45,573) |
Effective tax rate | 4.70% | 19.20% | 11.30% | (0.70%) | (4.10%) | 11.80% |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Rental Payments under Non-cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 3,939 | $ 5,209 |
2022 | 5,231 | 5,189 |
2023 | 4,771 | 4,733 |
2024 | 4,139 | 4,106 |
2025 | 1,172 | 1,163 |
Thereafter | 0 | |
Total | $ 19,252 | $ 20,400 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Commitments (Detail) - Sports Data License Agreement [Member] - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Other Commitments [Line Items] | ||
2021 | $ 17,182 | $ 35,414 |
2022 | 35,607 | 34,065 |
2023 | 36,395 | 34,754 |
2024 | 24,869 | 23,640 |
2025 | 2,857 | 2,394 |
Thereafter | 8,722 | 6,969 |
Total | $ 125,632 | $ 137,236 |
Commitments and Contingencies_3
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 4 Months Ended | 8 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2014 | |
Loss Contingencies [Line Items] | |||||||
Rental expenses operating lease | $ 1.1 | $ 1.5 | $ 0.9 | $ 2 | $ 2.9 | $ 3.6 | |
Gain loss on termination of operating lease | 1.1 | ||||||
Barclays Bank Plc [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Letter of credit outstanding | 41.2 | 40.9 | |||||
Barclays Bank Plc [Member] | Letter of Credit [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Interest expenses on bank letter of credit | 0.2 | 0.2 | $ 0.1 | $ 0.1 | 0.8 | $ 0.7 | |
Couchmans LLP Settlement [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Litigation amount payable | $ 1.4 | ||||||
Litigation amount payments | $ 0.1 | ||||||
Long Term Purchase Obligation Related To Cloud Based Hosting [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total purchase commitments | 13.4 | 11.1 | |||||
Long Term Purchase Obligation Related To Cloud Based Hosting [Member] | February 2023 [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total purchase commitments | $ 7 | ||||||
Long Term Purchase Obligation Related To Cloud Based Hosting [Member] | February 2023 [Member] | Barclays Bank Plc [Member] | |||||||
Loss Contingencies [Line Items] | |||||||
Total purchase commitments | $ 5.1 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 4 Months Ended | 8 Months Ended | 12 Months Ended | |
Dec. 31, 2018 | Sep. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Postemployment Retirement Benefits [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Defined benefit plan, employer contribution | $ 0.2 | $ 0.4 | $ 0.8 | $ 0.9 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) $ in Millions | Sep. 07, 2018USD ($) | Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2018USD ($) | Sep. 07, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2021GBP (£) | Dec. 31, 2020GBP (£) |
Executive [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Increase in loan to related party | $ 4.1 | ||||||||
Interest rate | 2.50% | 2.50% | |||||||
Notes receivable from related party | $ 4.7 | $ 4.7 | |||||||
Carbon Group Limited [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Consultancy service expenses paid | 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | 0.2 | $ 0.2 | |||
Football DataCo Limited [Member] | Letter of Credit [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Line of credit, maximum amount | $ 41.2 | $ 40.9 | £ 30,000,000 | £ 30,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | May 06, 2021 | Apr. 01, 2021 | Sep. 07, 2018 | Dec. 31, 2020 |
Subsequent Event [Line Items] | ||||
Exercise price per share of warrants | $ 0.0001 | |||
Consideration transferred | $ 303,236 | $ 303,236 | ||
Definitive Agreement to Acquire Second Spectrum Inc [Member] | ||||
Subsequent Event [Line Items] | ||||
Consideration transferred | $ 200,000 | |||
NFL Enterprises LLC [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Class of warrant or right, number of securities called by warrants or rights | 22,500,000 | |||
Exercise price per share of warrants | $ 0.01 | |||
Class of warrant or right, term period | 6 years | |||
Class of warrant or right, date from which warrants or rights exercisable | Apr. 1, 2021 |