Good morning. My name is Krista, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Genius Sports Fourth Quarter 2023 Earnings Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. And if you'd like to withdraw that question, again, press star one. Thank you. I would now like to turn the conference over to Genius Sports. You may begin your- Thank you, and good morning. Before we begin, we'd like to remind you that certain statements made during this call may constitute forward-looking statements that are subject to risks that could cause our actual results to differ materially from our historical results or from our forecast. We assume no responsibility for updating forward-looking statements. Any such statements should be considered in conjunction with cautionary statements in our earnings release and risk factor discussions in our filings with the SEC, including our annual report on Form 20-F, filed with the SEC on March 30, 2023. During the call, management will also discuss certain non-GAAP measures that we believe may be useful in evaluating Genius's operating performance. These measures should not be considered in isolation or as a substitute for Genius's financial results prepared in accordance with U.S. GAAP. A reconciliation of these non-GAAP measures to the most directly comparable U.S. GAAP measures is available in our earnings press release and earnings presentation, which can be found on our website at investors.geniussports.com. With that, I'll now turn the call over to our CEO, Mark Locke. Good morning, and thank you for joining us today as we conclude another year of consistent execution and outperformance. Over the last few years, we have carried out many strategic and commercial objectives to position our business for structural and sustainable success. The results of these objectives are now clear in our financials as we announce our eighth consecutive quarter ahead of expectations and present a business that is strong, well-positioned, and profitable today as it has ever been. To recap, we reported Q4 revenue of $127 million, beating our guidance of $126 million and representing 21% growth year-over-year. This brings our full-year revenue to $413 million, which is $22 million ahead of our guidance at the start of the year and represents a 21% growth compared to full year 2022. Anchored to a cost base that does not grow in line with revenue growth, we converted 52% of every incremental dollar to our adjusted EBITDA in 2023, demonstrating the clear operational leverage of our business model. Our Q4 adjusted EBITDA of $12 million is also ahead of guidance, and it brings our full-year adjusted EBITDA to $53 million, representing nearly 3.5 times growth over 800 basis points of margin expansion compared to 2022. Importantly, this led to $11 million of positive free cash flow in the second half of 2023, as we have guided to throughout the year. This marks a meaningful inflection point for the business as we expect to maintain positive free cash flow on an annual basis in 2024. There are several growth drivers that have contributed to our outperformance in 2023, and these same dynamics will continue in 2024. Therefore, we expect to grow our 2024 revenue by at least 16% to $480 million and our Adjusted EBITDA by at least 41% to $75 million. We expect these near-term growth dynamics to persist over the long term as well, and with each passing year, we grow more confidence in our long-term strategic and financial goals. Our league partnerships are growing from strength to strength as we expand our suite of technology solutions, empowering new forms of fan engagement and monetization. This ultimately gives us confidence in not only retaining, but also expanding our technology delivery relationships over time. A few notable examples from this year are the extensions of our NFL and Football DataCo partnerships. Most recently, we also announced a 10-year strategic partnership with FIBA, where we plan to deliver our computer vision technology and AI-powered capabilities across the 200+ national federations worldwide, covering tens of thousands of global basketball events per year. With our scale and best-in-class technology suite, we have a diverse number of channels to monetize our different league relationships. This includes opportunities unlocked with broadcasters, content distributors, sponsors, advertising, and of course, sportsbook customers. For our sportsbook customers, this same technology creates new value-enhancing products to better engage their audiences and drive more betting activity. BetVision is a great example of this, which we will cover shortly. Each of these different touchpoints solidifies our position at the heart of the digital sports ecosystem, and more importantly, translates to sustainable improvement in the financial metrics that we are most focused on. This includes consistent revenue growth, disciplined cost control, margin expansion, and free cash flow generation. Given the multitude of growth drivers and high visibility of our cost base, we are more confident than ever in achieving our long-term EBITDA margin target in excess of 30%. Now, let's review how some of these fundamentals performed in the quarter. We'll start with the positive trends we've seen in the U.S. sports betting market through the full NFL regular season.... As a reminder, our revenue share agreements with U.S. sportsbook operators enable us to benefit from multiple growth drivers, including broader market expansion, improvements in operator win margins, and higher in-play betting, where we earn three times higher revenue share relative to pre-match betting. In our third NFL season, each one of these variables have fueled growth in our overall betting revenue and in the U.S., where we expect significant growth over time. The diverse multitude of growth drivers helped us exceed expectations in the quarter, which is a proof point of our rock-solid business model, which insulates us from unfavorable sports outcomes that you may have heard about from our customers. First, we continue to see impressive growth in the total U.S. sports betting GGR, which increased by approximately 50% in 2023. This has come in the form of new state launches, as well as continued growth in existing states. It is worth calling out, Genius is market share agnostic, meaning as long as the market grows, we will grow with it, regardless of which operator ultimately wins. For instance, in Florida, where Hard Rock is the only operator at the moment, we realized immediate revenue uplift off the back of their online sports betting relaunch in the quarter. For the NFL, more specifically, it has been another spectacular year across the board, and particularly on the betting front, with in-play handle and GGR increasing by 60% and 140% year-on-year, respectively. What's more encouraging is that we've also seen a meaningful improvement in in-play win margins compared to our first NFL season in 2021. We have always said that in-play betting would naturally increase as the market matures, and we are beginning to see that now. We also believe that this would be a product-led evolution, and our introduction of BetVision this season is now a proof point of highly engaging product that activates more in-play betting on NFL games. Last quarter, when we first launched BetVision, we discussed how this product simplifies and enhances the discoverability of in-play betting. BetVision brings together many of Genius's best tech assets, live odds, players and team stats, and the next-gen augmentation, to name a few, to deliver a differentiated in-play betting experience, and we expect that this will be critical for sportsbook to attract and engage a valuable, sticky customer base. We also provided some early data points to demonstrate how it helped sportsbooks increase their in-play betting volume. It was a small sample size then, but now, with a full season behind us, we're happy to say those numbers held up consistently throughout to the end of the season. To summarize, 50% of the total number of bets made by BetVision streamers were in-play bets. Of the total betting handle or dollar volume bet from BetVision streamers, 76% was from in-play betting. When comparing the first half of the season to the second half, we've also seen total betting handle and in-play betting handle triple over that time. We are very happy with the early success of this product and the value we have created for our sportsbook partners and to the NFL. However, what excites us most is the innovation roadmap still ahead and the opportunity to develop new features for the NFL and expand this product to even more sports. We have created a platform that now generates millions of eyeballs, which presents a vast opportunity to monetize in many different ways. As the world of sports, betting, media, and broadcast are rapidly converging, we are providing key solutions to keep our partners at the forefront of this trend. We expect to launch even more features to the BetVision product to create a fully personalized and interactive experience, so stay tuned for much more to come. BetVision is just one of the many initiatives that we have delivered on to empower our sportsbook customers to succeed. As such, we view ourselves as a true value-add partner to sportsbooks, providing more tools to help them win and grow their businesses. Consequently, our business model positions us to grow alongside our customers, and the output of this has been steady net revenue retention over the last few years. On slide eight, you'll find updated net revenue retention metrics, which highlight a successful track record of increasing customer value over time. It's important to remember that there are multiple inputs contributing to growth with each customer. For example, when we have revenue share agreements, predominantly in high-growth markets like the U.S., the values have naturally increased based on a handful of factors, including a large handle, high in-play betting, and improving win margins. However, growth has also come in the form of new product offerings like BetVision or digital advertising services, for example, or simply just offering a wide range of content from our rights portfolio. We aim to provide differentiated tools and content to help our sportsbook partners grow over time. Our commercial arrangements then enable us to share in that growth. We have a long history of partnering with hundreds of sportsbooks in this fashion, and we expect to continue the success over time. In the context of our frequent ongoing contract renewals and new negotiations, you should view these as opportunities for us to provide new value-added products and services to help sportsbooks enhance their offerings to customers. This is exactly how we have achieved our strong net revenue retention historically, and how we expect to sustain that success going forward. Importantly, many of these growth drivers, as I mentioned, have resulted in immediate revenue benefits with little or no incremental cost, which is exactly how we've been able to improve our profitability and cash flow profile in 2023. Equally, these same dynamics that supported our financial success in 2023 will continue to drive profitability growth in 2024, particularly as we continue developing innovative products and have many opportunities to bring them to market. With that, I'll now pass the call to Nick to discuss the financial results and initial 2024 guidance in more detail. Thank you, Mark. You've already heard the headlines from Mark, but it's worth reiterating the consistency of the results throughout the year. Each quarter this year, we have exceeded expectations and raised our full year outlook. For Q4, we reported $127 million of revenue, which is above our initial guidance of $124 million and our updated guidance of $126 million. This was also true at an adjusted EBITDA basis as well. As we realized, high incremental flow-through from our revenue growth. We reported nearly 4.5 times growth in adjusted EBITDA, $12 million in Q4, also beating our guidance of $11 million. Throughout the year, you've also heard us reiterate our expectation for positive free cash flow in H2 of 2023, and we're happy to report that we have achieved this very important milestone after generating $11 million of cash in H2. In addition to the revenue and EBITDA growth, it's also worth drawing your attention to the consistent margin expansion throughout the year. Not only have we exceeded our revenue and EBITDA targets through the year, but we've also expanded our Adjusted EBITDA margins by at least 600 basis points in each quarter, as illustrated on slide 11. This is true on a gross margin basis as well. In each quarter, our gross margins have materially improved year-on-year. For the full year 2023, our gross margins increased by nearly 1,600 basis points. This is driven by a stable and highly visible cost structure that can support significantly higher revenues. We have long discussed the operating leverage of the business, which has now been demonstrated across the full year 2023. 2023 marks an important inflection point for the financial model, and fundamentally, these dynamics will not change in 2024, so we expect to continue this momentum. For 2024, we expect to generate group revenue of $480 million, representing 16% growth, as we expect to benefit from the same building blocks that supported revenue in 2023. For instance, we expect continued growth in the TAM, with new jurisdictions such as Florida, North Carolina, and potentially Brazil, representing entirely new revenue opportunities in 2024. Additionally, as you've heard Mark discuss, we continue to see encouraging growth in in-play betting, which can potentially be accelerated by new in-play products like BetVision, as an example. With a long track record of using contract renewals as opportunities to provide more value to our customers based on their needs, whether in the form of additional content, expanded services, new products, increased advertising spend, and more, we're excited about what this can mean for the growth of Genius as well as our customers. And of course, we're always winning new customers. These can be sports books who require our official data, advertisers who buy our media and fan engagement products, or broadcasters buying our augmentation solutions. Again, each of these building blocks come with little or no incremental cost, so we expect much of this revenue growth to contribute to our group-adjusted EBITDA. For 2024, we expect group-Adjusted EBITDA of $75 million, representing 41% growth and a 16% margin. That said, I want to be absolutely clear about the pacing of our EBITDA profitability over the course of the year, as there's a bit of seasonality worth noting. As we've discussed in the past, our rights fees are fixed with predictable increases in each year, and the magnitude of those increases are slightly higher in 2024 compared to 2023. Additionally, as part of our expanded NFL partnership, there are marginally higher rights fees associated with the domestic live video streams we use to power our BetVision product. To be clear, BetVision has been accretive in the business across the full NFL season, predominantly driven by our Q4 results as we recognize three full months of NFL.... However, given the fact that there are simply fewer NFL games in Q1 compared to Q4, the incremental flow-through to EBITDA won't be as meaningful as it was in Q4. As a result, we expect Q1 group revenue of approximately $117 million and EBITDA of $6 million. As you can see on slide 14, we expect year-on-year EBITDA growth and margin expansion to accelerate in each quarter for the remainder of the year, as many of those key tailwinds and growth drivers I mentioned are recognized in the second half. Therefore, we are highly confident in achieving our full-year targets. And finally, we expect our EBITDA to convert to free cash flow across the full year 2024. To be clear, there may be some fluctuations in net working capital and other one-off cash outlays in the first half, and as a result, we expect our Q1 closing cash balance to be approximately $100 million. Like 2023, we anticipate positive cash flow again in the second half of 2024, which should result in a net positive cash position for the entirety of 2024. Lastly, I've spent a bit of time discussing the stability of our cost base, and since it is highly predictable in any given year, it is worth taking a moment to review the approximate shape of our cash operating expenses for 2024. As a reminder, our cost base is relatively fixed, and we don't expect to materially increase in order to achieve higher revenues or adjusted EBITDA this year. For example, all else being equal, our rights fees and related direct costs are unlikely to deviate from our estimates, whether we're selling to 100 sportsbooks or 1,000 sportsbooks. Equally, all other total operating expenses beneath cost of revenue, as presented on a non-GAAP basis on slide 19, have remained relatively steady over the last year, even as we've significantly increased revenue in that time. We expect this will be the case in 2024 as well. To conclude, we feel a great sense of excitement entering 2024 with multiple ways to win. We've established a highly defensible, competitive position through deployment of cutting-edge technology. We've strengthened our partnerships with leagues and federations across the globe. We've launched exciting new products to empower our partners to better engage their customers. As a result, our business is poised to benefit from multiple growth drivers, which we expect will drive continued revenue growth, margin expansion, and cash flow generation in 2024. With that, we now conclude our prepared remarks and open the line to Q&A. Thank you. If you would like to ask a question, please press star followed by the number one on your telephone keypad, and if you'd like to withdraw that question, again, press star one. We also ask that you limit yourself to one question and one follow-up. Your first question comes from the line of Ryan Sigdahl from Craig-Hallum Capital Group. Please go ahead. Hey, good morning, guys. I want to start with BetVision. So appreciate the, the metrics on slide 7. Curious what you can say on plans to launch a similar product across other sports and how difficult from a technological standpoint that is, and efficiently you can do that. And then what is the biggest challenge you're getting from the, the non-core kind of original sportsbooks you have on that platform? Why can't you get others faster? Hey, Ryan, it's Mark. Yeah, I mean, obviously, the plan, you know, was always to, you know, build a scalable platform. That was, you know, the focus of what we, what we did when we started this, and rolling out other sports is a, you know, is a clear focus for us. In terms of the additional sportsbooks, you know, the-- I think one of the sort of challenges they have is the speed of integration and, you know, I think there's a bit of a, you know, a backlog in some of the integration pipeline. So what, what we've been doing is working with the sportsbooks to prove the concept. I think we've, you know, undoubtedly done that. It's a very clear, you know, strong product, and, and, and there's a lot of proof out there of that. So, this is a case of working with our partners to, manage their integration pipeline and get these, sportsbooks, live with the new product. That's great. Thanks, Mark. Nick, one for you. When I look at the quarterly guidance, cadence for this year, Q4 is gonna be the highest and highest ever quarter, up triple digits. So there's this ongoing concern with some that the NFL contract is uneconomical and will never be profitable for you guys. I guess that seems to contradict that, given Q4 is the NFL. So I guess can you talk through the puts, takes, talk through the NFL, and just maybe respond to that risk? Thanks. Hey, Ryan. I guess I'll just point everyone to our sort of performance over the last two years since we won the NFL. Really, Ryan, if you go back, you know, I think 2021, I think we were EBITDA loss-making at that point. 2022, we delivered a margin of 5%. This year, I think we're knocking 13% EBITDA margin in 2023, and I think we're now going to about a 16% margin in 2024. And you're right, you can see that margin expansion, not just in the quarter we've just reported, but the quarter we're forecasting for Q4. So I guess, Ryan, to counter that argument, I would just point out to what we've already delivered and what we're guiding to and we're intending to deliver in 2024. Beautiful. Maybe just quick follow-up, is that a full cash contract, assumed in Q4? Thanks. Good luck, guys. Yeah, yeah, that, yeah, Ryan, that's exactly right. As you know, there were warrants in the outer years in the original contracts, and as part of our contract extension that we did midyear 2023, we exchanged that for full cash, so that's all baked into those numbers. Your next question comes from the line of Bernie McTernan from Needham & Company. Please go ahead. Great. Thanks for taking questions. To start, maybe just to follow up on BetVision. It was a minority of betting operators had access to BetVision during the 2023 NFL season. What do you think the revenue uplift would be, given all the nice detail you provide on slide 7, if BetVision was rolled out to all U.S. sportsbook operators for next NFL season? Yeah, I mean, I think, maybe a minority in terms of numbers, but probably not in terms of market share. You know, we've had some good success with the rollout, including FanDuel. I think, you know, when we think about BetVision, it's really about the way that the revenues and the profit from that compound. So obviously, we're taking shares of, as you know well, we're taking pre-match share, we're taking live share at, you know, roughly three times the amount. And the fact that BetVision is really focusing people on a lot of the in-play, it's a lot of the live betting, really helps that, you know, 3x multiple that we're getting on the in-play come through, on top of the fact that the in-play is growing rapidly. Got it. Thanks, Mark. And then, media technology revenue has been swaying around a lot, you know, as we're, you know, fine-tuning our models for 2024. Should we be thinking about this more as, like, a 10% grow or a 20% grow, or just kind of any puts and takes you think, we should be contemplating as we think about 2024? Yeah. Hey, Bernie, it's Nick. Look, you know that media can be just a question of timings of spend. We saw that in Q4, where some of the sports books saved some of their spend over the Christmas NFL games and spent it in the playoff games instead in Q1. As you know, with a quarterly cadence, that can have a $2 million-dollar swing one way or the other. I think the way we're forecasting 2024 at the moment is, you know, we're not giving specific guides, but we're thinking about around about sort of 15% growth year-on-year for 2024. I'd suggest we're being conservative in that area, but as we stand here today, you know, there's still lots of things to happen in 2024 to make that the case. Understood. Thanks, Nick. Your next question comes from the line of Jed Kelly from Oppenheimer. Please go ahead. Hey, great. Thanks for taking my questions. Just two, if I may. I want to go into the slide. It looks like the data rights costs, I think, are, like, $195 million. It looks like they're growing, you know, I don't know, maybe... I know you will have it, but maybe, like, 30%, so slightly faster than revenue. Can you talk about what's going on? And then bigger question for you, Mark. We're seeing a lot of lot of technology innovation around streaming, particularly with, like, the Apple headset, you know, YouTube TV. Where does Genius in your technology fit in what's going on in the streaming landscape? Thanks. Hey, Jed, I'll take the first one, and I'll pass the baton to Mark to take the second part. So look, I mean, I guess the first thing to say, Jed, is, look, we're delighted with the drop-through that we've experienced in 2023. I think it's running around about 53%. And you can see on a cash basis, we've talked—you've heard us talk about operating leverage a lot, and you can see that that's really motoring over the course of the last 36 months. When you look at 2023 to 2024, and I'll park rights for a second, but I'll come back to that, you can see that the cost base remains pretty flat year-on-year. I think it's something like $208 million-$210 million. So again, that operating leverage is coming through the business clearly. And to be clear, Jed, that's something that should continue to be the case beyond 2024 as well. Now, specifically on rights, you know, let's remember, I guess, first of all, rights are fixed, and we have great visibility, but I guess inevitably, they're not linear. You know, that there is a, you know, they're sometimes lumpy over a right cycle, and you're right, there's a slightly higher step up in rights from 2023 to 2024 than there was in 2022 to 2023. Hence, why we're estimating a drop-through in our guide is around about 33%. You know, but to be clear, Jed, that, you know, that's still you're delivering an EBITDA margin expansion in 2024 to around about 16%. You know, they will be lumpy. I think a sustainable position, probably beyond 2025, is probably somewhere between the drop-throughs of 2023 and where we're estimating for 2024, and that EBITDA margin expansion we'll expect to see continue beyond 2024. Hey, Jed, it's Mark. In terms of your second question, I mean, look, this is super exciting, some of these developments that are coming through, and clearly it's the future. It's where we, you know, really been investing. Investing sort of ahead of the curve over the years, and you know, a lot of the work that we've done with Second Spectrum positions us really, really well. You know, this is part of a wider digitization of the sports ecosystem, which, again, is exactly where we play. It brings in our media business very strongly and gives us really further output score for sports and another way for the fan to engage. There's some stuff that you should probably be thinking about. You know, the content rights are still a big part of what's required to get this stuff. So, you know, there's still a fair bit of work to be done on, in terms of the way that I think Apple are gonna be displaying sports. And, you know, I caution you a little bit on getting too excited about sort of revenue flow-throughs at this stage. This is really about positioning ourselves well, you know, having a partnership with people like Apple, and then what we're doing with the Apple Sports app as well, where we're providing them with a lot of the data. I think it puts us in a strong position, for when this stuff becomes more mainstream, when the data rights market, and the sort of distribution of this becomes a bit more widely featured. Thank you. Your next question comes from the line of Jordan Bender, from Citizens JMP. Please go ahead. Good morning, everyone. I want to follow up on Jed's question. So the incremental margins dropping from 53% into the mid-30s% for 2024, is that all related to the rights increase, or is there any more investment in the business that you guys are kind of stepping back, you know, investing in the business outside of those rights costs in 2024? Yeah. Hey, Jordan. No, I mean, it's. I think we gave a slide specifically in the deck on a cash basis, look at the cost base. If you look at that year-on-year, you can see, I think if you include everything outside of rights, I think our cost base goes from $208 million-$210 million year on year, and indeed is broadly in line with the. If you want to look, go back to 2022 as well. So you've got very little incremental cost in the business driving those additional revenues. As I say, the rights position, it is driving that. We're going from, I think, 154 to the 190-odd that we've guided to, and that's just as I say, it's a function, really, of the rights aren't linear. There are lumpy years. You know, it was a less bigger jump from 2022 to 2023. It's a slightly bigger jump from 2023 to 2024, and we'll be sure to guide when we get, you know, beyond 2024 and any years that arise are slightly more, slightly less than the mean. Understood. And then in play, you know, in your slide, it says in-play represented over 20% of your GGR, which tying that back to the outlook or the guidance that you gave at your Investor Day back in 2022, would represent a significant improvement over those projected levels. You know, I know there's no crystal ball, but is it fair to assume that the shift in play is accelerating faster, just driven by the product roll out? And I guess the second part of that question, Mark, you kind of alluded to it in the prepared remarks, you know, does that help with the ongoing price negotiations? Sure. Yeah, I mean, look, I think I'm cautiously optimistic about this and, you know, we are seeing good growth. I mean, again, if you look at the sort of BetVision numbers and the proportion of in-play betting, it's really being product driven, and I think that's a really good thing for us and puts us in a really strong place. You know, I think the other thing that's worth just having in your mind when you're considering these things is the improvement in margin as well. You know, you've obviously you know, one of the things we've always been very focused on and very excited about with in-play is the fact that, you know, you generate materially better margin. We should do anyway. We're seeing that come through as well. So again, I talk a lot about this compounding effect of, you know, the shift to in-play, the increase in margin and, you know, again, the addition of, you know, quite new product like BetVision, all really sort of, you know, pushing things in our favor. In terms of contracting renegotiations, you know, look, we, as a business, have built this over being good partners, you know, to our sports, our sportsbooks, and it's something we take very seriously. You know, when we think about our contract renegotiations, obviously, you know, we want everybody to be successful. And therefore, you know, the way that we help our bookmaker partners be successful is through new product launches, such as BetVision, such as Edge, you know, which is increasing margins, you know, even though that product's very, you know, very young. And it puts us in a place to be, you know, deeper integrated with our bookmakers, and generally to do a better job and hopefully share from the upside in the industry. So I think, yes, you know, all of these things support the business and the investment strategy we've had over the time, and we feel, as I said, cautiously optimistic. Thank you very much. Your next question comes from the line of Chad Beynon from Macquarie. Please go ahead. Morning, Mark, Nick, team, thanks for taking my question. For 2024, wanted to ask about the guide, particularly the sports betting guide. I think, Nick, you said for 2023, North American GGR rose 50% for the market. You obviously benefited from that, given the NFL contract. I think for 2024, we're all expecting North American GGR to be up, you know, well into the teens or the 20s. But how are you thinking about that non-NFL piece of the betting market? Can that continue to grow, let's call it high singles, low doubles, outside of the U.S.? Thanks. Hey, Chad, it's Nick. Yeah, I mean, Europe sent some really strong growth, as you can see in our numbers this year, and we've commented quite a lot of it, I think, in our Q3 earnings call, Q4 as well. It slowed down a little bit in Q4 in Europe, because it was competing against a much bigger Q4 in 2022. I mean, the way we're looking at it is broadly, I'd say that we're expecting our U.S. business to probably grow at around about 20% year-on-year, and our European business to be growing at around about 15%. So it's still very healthy growth coming from Europe. I think the sort of macro - sorry to, you know, jump in there. One of the macros in Europe is quite interesting at the moment, you know, I mean, there's, you know, even though, you know, there's the, you know, the growth is sort of, I guess, less aggressive than in the States. You're still seeing positive signs. I mean, Belgium, you know, coming online and legalizing, you know, betting for, you know, people over 21 is a good sign. And I think, you know, I think that, you know, there's still a lot of potential left in the market. Great. Thank you. And then as you look at additional technology, kind of tuck-ins or bolt-ons, what are you seeing in the, in the public-private valuation spread? Are there still opportunities to kind of add on to, you know, Second Spectrum, BetVision, et cetera? Just kind of overall, in the market, what you're seeing. Yeah, it's a great question, actually. Look, you know, as you know, as the business has moved to sort of cash flow positive and, you know, we continue to execute, obviously our mind is, you know, much more focused on potential and growth through acquisition. You know, one of the challenges we have is, and to be honest, we sort of have a ton of technology. I mean, we've got, you know, with Second Spectrum and some of the other acquisitions, as well as our own internal development, we've got an awful lot of stuff that we need. So we're not seeing any sort of screaming gaps in our technology stack. So, you know, when we look at, you know, the M&A market, you know, it's got to be quite compelling on a few fronts. It's got to be compelling on the basis that the technology is really required and we can deploy it well and generate, you know, generate real, you know, real profitability from it. We've got to have a bit of a focus on, you know, the level of distraction and stuff. And ultimately, the, you know, the price that this technology, you know, some of these technology companies are going for. And when, you know, we're seeing, you know, we feel, you know, very strong. You know, we feel like we're in a really good place, and we're seeing, I think, other parts of the market, I think, you know, a bit of opportunity. Maybe there's a bit, you know, a few areas that are struggling. But unless the price of these is really compelling, combined with the technology that they're offering, you know, these are harder deals to justify. Thank you both. Appreciate it. Your next question comes from the line of Robin Farley from UBS. Please go ahead. Great. Thank you. So your in-play is growing at a very high rate, and your NFL GGR, I'm sure, is too. I think we only see the total GGR growth for you. I'm just wondering if you could break out the in-play as a percent of total NFL GGR. I see that it's over 20%. I was thinking about, you know, this period versus last year to see that change and kind of share GGR that's coming from in-play. Thanks. Hey, Robin, it's Nick. Yeah, the proportion, it's around about 20% of NFL bets were in-play. Yeah, the GGR up for the year on in-play, I think, was over 140%. And, the margins as well, I think we called out in the prepared remarks, win margins were up in 2023 compared to 2022 as well. Did the share of NFL GGR coming from in-play grow year-over-year, or is it pretty much sort of in line with the growth of GGR overall for the NFL? Yeah, I mean, I think the in-play GGR outgrew the other betting on GGR on NFL, and therefore, inevitably, the mix will have shifted towards in-play position. Okay, thanks. If you could just clarify how much FX movement since Q3 added to your Q4 revenue? Thanks. Yeah, actually, foreign exchange is a slight headwind, not a tailwind in Q4. I think when we guided in Q3, we were at 1.25, and I think the average rate for 2024, for Q4 was around 1.24, 1.24 and a half. So it was around about $300,000-$400,000 headwind, not a tailwind for Q4. Okay, great. Thank you. Your next question comes from the line of Eric Martinuzzi from Lake Street Capital Markets. Please go ahead. Yeah, I wanted to talk about some of the emerging opportunities. So what's your take as far as election year 2024 with any new states that you could potentially, you know, kind of green light the sports betting? Yeah. Hi, Eric. Look, we take a market view in terms of new states coming on board, and we take an average of that. And therefore, we're not particularly beholden to requiring one particular state. You know, as we sit, I think North Carolina opens up, I think it's next week, I think. So that's obviously baked into our numbers. Florida, we continue to be cautious with, but that's baked into 2024 if that continues. And also, to be clear, we're also looking at terms on a global basis. And you know, Brazil is something I think we name-checked in the prepared remarks, and that's a really interesting opportunity. Again, we're being very cautious, given the fact it's Brazil, and that's not always the most straightforward place to do business. But we're expecting, at the moment, betting to be live from broadly around the sort of September time onwards. What's the size of that opportunity, the Brazilian market? You know, just maybe in comparison to the U.S. market for a sense of scale. Yeah, I mean, the great thing about Brazil, I mean, I'll give you the exact numbers. We think it's going to be around about a $2 billion opportunity in 2024. So we're you know, we look for it for Genius. It's not significantly material for us, given the fact that, say, we'd only be probably including our numbers in anything meaningful in Q4. But it's also worth just reminding, Brazil is a really interesting opportunity for us because it really plays into our natural business model in terms of having additional revenues without any really significant additional costs that go with it, given the fact that the events that we have are also relevant for the sports books bettors in Brazil. The likelihood is that a lot of the customers that we get in Brazil for sports books will be already customers that we have on a global basis. So it's a classic example of that operating leverage that we talked about earlier in the call. Yeah, the other thing that's obviously worth calling out as well is the, you know, the NFL are pretty focused on Brazil. There's a September NFL game, and I think they're all in on that. So as you know, I think there's quite a big focus on that market, and we're quite, you know, cautiously excited about it. Got it. Thanks for taking my question. Your next question comes from the line of Mike Hickey from The Benchmark Company. Please go ahead. Hey, Mark, Nick, Brandon, Josh, congrats on 2023, guys. Thanks for taking our questions. Just to, on the BetVision product, just looking at the U.S. market, obviously, shares kind of consolidated across, two primary operators here, and it seems like, from an innovation standpoint on product, in-play is getting a, a lot of heat, and of course, BetVision fits perfectly there. So just curious, as you sort of think about scaling the product, if you thought about, selling it exclusive, versus selling it across, multiple operators? And then the second question is, a follow-up on the M&A. I think the question was directed more towards potential add-ons on tech, but obviously, I think there's at least one asset that's openly for sale that would be more of an addition to your core business and somewhat transformative. So just curious, your appetite for a deal like that versus just sort of tech add-ons. Thanks, guys. Hey, Mike. So on the sort of exclusive, non-exclusive, I mean, our model is to work, you know, work with our partners. You know, we've got to remember that one of our core focus is to distribute sports products as widely as we possibly can. You know, we're looking to get fan engagement, and we're looking to really sort of drive the, you know, growth of the sport. So, you know, from a exclusive, non-exclusive point of view, that's not something we really consider. We're, you know, we're not gonna be doing that. You know, from a, so an M&A opportunity, look, as I think I said, you know, the tech is, you know, the tech is something that, you know, we feel pretty comfortable with. We're in a good place, on and, you know, we'll obviously, you know, look at opportunities, as and when they come up. But, you know, we're pretty price sensitive, you know. You know, we, you know, we're pretty price sensitive when it comes to buying rights. We're pretty price sensitive when we come to, you know, buying other companies. So, you know, if it makes sense, if we can, you know, make those sort of acquisitions, whether it's rights or whether it's companies, in a profitable way, you know, we'll do that. But, you know, they've really got to make sense on that sort of basis. Thanks. Thanks, Thanks, guys. Good luck. Your next question comes from the line of Brett Knoblauch from Cantor Fitzgerald. Please go ahead. Hi, guys. Thanks for taking my question, and congrats on the quarter. Just curious, as you're thinking about 2024, looking at 2023, we've seen win rates do very well, particularly for the NFL. But I guess what is factored in your guidance in terms of win rates for this year? Do you guys just assume that they need to remain constant, or we see some marginal uplift given the in-play's increasing percentage of total handle? Thank you. Yeah. Hey, Brett, I would just say, it's worth just remembering that, U.S. is around about 30% of our revenues, and therefore, you know, specific win rates on particular months or either up or down, although they do have an impact, are not always material impact for Genius's position. But on the specific question, we've forecasted and built in a win rate that's pretty consistent from 2024 to 2023. Yeah, I mean, it's actually, it's actually quite interesting. If you, if you think about, if you think about the win rates, I mean, one, one of the things we've, we've been quite focused on as a business, and one of the things I guess we, you know, we, we, we think a lot about is, is making sure that we have predictability and stability, so in, in our numbers. So almost regardless, regardless, of, of the win rates. You know, the Super Bowl is a good example of that. You know, it was, you know, I think, I think, you know, industry-wide, I guess it was a little bit challenging, but as you can see from our numbers, you know, it's, it's come through very strongly for us. It hasn't, hasn't really negatively affected us. And I think that shows the underlying business model that we've got and the way that we make money, and the way that we partner with our clients in a really good light. Perfect. Thank you, guys. Really appreciate it. We have no more further questions in our queue at this time. With that, that does conclude today's conference call. Thank you for your participation, and you may now disconnect.