Okay. Good morning, everyone. It's great to have you with us today. Before we begin, I just want to very quickly discuss a few housekeeping items. First, just want to point out the location of the restrooms, which is just through this door in the back to my left. Second, in case of an emergency, fire exits will be through the main entrance behind you or through the exits here near the restrooms. Third, I know a few of you have asked for the Wi-Fi. We're going to be using the Genius Sports Wi-Fi, and the password is Intelligent Sports. Now, for the event itself, we expect this will be about three hours in length, including two 10-minute breaks in between. At the end of the presentation, we'll have time for Q&A, so we ask that you just save any questions for the end. And lastly, today's presentation will include certain non-GAAP measures, and you can find the definitions and reconciliations in the Investor Day presentation, which will be available on our website. We will also make forward-looking statements that are subject to risks and should be considered in conjunction with our risk factor discussions and our filings with the SEC. So with that, I am now pleased to welcome to the stage our CEO, Mark Locke. Good morning, everyone, and thank you for joining us here in the room and on the webcast. Today is an important moment for Genius, not because of where we've been, but because of where global sport is going and the position that we now occupy at the center of that shift. When we listed nearly five years ago, many people still thought of Genius as a rights holder or a betting supplier or a data vendor. They didn't see what we were actually building, the foundational technology layer that would one day underpin the digital transformation of sport. That digital transformation is no longer theoretical. It's happening now at full speed, and it will only happen once. And because of the last 25 years of work, Genius is built for this moment. So let me explain why. The architecture of sport is being rewritten. Every part of the ecosystem, leagues, broadcasters, sportsbooks, teams, advertisers, they're all facing the same reality: that sport is becoming digital. Fan behavior is becoming data-driven. Engagement is happening in real time across multiple devices. Betting, media, advertising, content, and commerce are all converging, and none of the legacy systems were built for this world. Leagues are running on outdated, siloed technology. Broadcasters are adapting to streaming. sportsbooks want richer, faster data, and advertisers need precision, not guesswork. Fans want to be active participants through personalized experiences, not passive viewers. We anticipate these market shifts before anyone else, and it's the reason that we are built for this moment. We believe that there is only one successful path forward: a single connected technology platform that captures the action, understands the fan, distributes the data, and powers every touchpoint where sport is consumed. That platform is GeniusIQ. Once it's installed in a venue or league's workflow, it becomes the operating system that they build on, and it's very difficult to replicate. Once GeniusIQ is in place, it captures richer data faster. That data is crucial for coaches, officials, and leagues. It powers next-generation betting products. It creates new forms of broadcast. The broadcast itself being the advertising inventory. Every element that you see, players, kits, boards, the pitch, a digital render of data perceptually identical to real video, meaning that it can be changed or personalized in any way. And because these elements are interactive, they become the channel through which viewers connect directly with the advertiser. The broadcast becomes both the inventory and the interface, and it gets even better. Crucially, that inventory gives us audience data, the most granular data on sports fans anywhere. And that audience data drives more personalized advertising and generates unrivaled results. And those advertising dollars flow back through the ecosystem across the infrastructure that we control. It's not a theoretical flywheel. It's happening now, live in markets with real revenue attached. And because this model compounds, more venues, more data, more apps, more integrations, our advantage expands every year. We don't need to own the sports fan. What matters is that we own more of the revenue pathways of modern sport: betting, media, advertising, and data. Because our technology is embedded in those pathways, we can extract value every time they are activated without paying to acquire the fan ourselves. So where are we today? Well, over the last four years, we've renewed every major league partnership and added new ones. Our media business, once misunderstood, has now nearly tripled in size. Our technology is now deployed in over 300 venues worldwide, with hundreds more planned, now unlocking even more revenue pathways from a wide range of products. We have consistently outpaced the growth of regulated betting markets, and that heavy investment period is now behind us. We're now cash flow positive with expanding margins and rights that are secured for most of the decade, giving us exceptional visibility into the long-term economics. Most importantly, our technology has caught up with our vision, and the market has caught up with the need for it. This brings me to the exciting part: where we're going. Every major shift in sports content reinforces the same conclusion. As sports consumption becomes digital, it generates more data, which drives deeper personalization, powering greater engagement that creates stronger monetization, and ultimately more value flowing through the ecosystem, all of which is powered by GeniusIQ. This is why we say we want our technology installed everywhere. Because when it is, Genius becomes infrastructure, not just a vendor, not just a rights holder, the platform that the ecosystem depends on, the operating system of modern sport. This is what the next decade looks like: a connected, intelligent, real-time sports ecosystem built on GeniusIQ. I'm excited for you to hear from our leadership team, who will showcase this in more detail, and some of our key partners who will share their perspectives as well. So today's Investor Day is structured as a journey. Matt will show you how GeniusIQ captures and generates next-generation data. Jack will show how that data powers our betting products and strengthens our long-term value with sportsbooks. Josh will demonstrate how we combine this data with audience intelligence to build the next era of advertising and fan engagement. And finally, Bryan will bring it all together with our 2028 financial outlook for $1.2 billion in group revenue, $365 million of group-adjusted EBITDA at a 30% margin with a 60% free cash flow conversion. And by the end of today, you will understand that GeniusIQ is the operating system of sport. We believe the data it captures cannot be replicated without our platform. The applications built on top of it open entirely new revenue pathways and how we are positioned for sustainable revenue growth of 20% for the foreseeable future, continued margin expansion, and increasing cash flow conversion. But for now, I'll leave you with this final thought. For 25 years, we've built the foundation. Now the world is moving to the model that we always knew was coming. The digital transformation of sport is here, and GeniusIQ is the platform that will power it. Thank you, and I'll hand over to Matt Fleckenstein, who will take you through. Thank you, Mark. For those who don't know me, my name is Matt Fleckenstein. I'm the Chief Product and Technology Officer at Genius Sports. I joined Genius two and a half years ago, coming over from Disney ESPN. But throughout my career, I've worked on the leading edge of technology, helping companies to innovate and lead in times of digital transformation. From using Bayesian algorithms to help hedge fund managers develop new automated trading strategies to developing LinkedIn's friend and content recommendations to outfitting the U.S. Army with mixed reality headsets for better training and field performance, I've seen how technology can help shape the way we learn, work, and play. And throughout my time leading product at major companies like Salesforce and Microsoft, I've learned that in times of digital transformation, platforms always win. As you heard from Mark, the sports industry is entering a pivotal period of transformation, ushering in a new wave of technology. But technology is only as good as how we use it. Take fan engagement. It's at a crossroads when chasing the latest shiny object often conflicts with investing in long-term fundamentals. Every month, there's something new: ref cams, VR headsets, smart jerseys, AR activations. Fascinating, yes. But they raise a critical question: Are we making sport better? The more time spent chasing technological firsts, the less energy invested in the foundations that build sustainable fandom. So the question really becomes: How can technology amplify what fans already love about sports? When technology blends into the background and the game remains center stage, that's when it delivers on its promise to make sport even better. At Genius, we use three core principles as a guide. We aim to build fan experiences that are first, immediate. They happen as the action unfolds with no delay and no disruption. Second, they're intelligent. They're accurate, smart, and insightful. And third, they're immersive. They allow us to feel as though we're in the experience, enabling us to evolve from passive viewers to active participants. But this can't be done in isolation. Today's fans aren't engaging in a single experience. They're watching sports on TV or in the stadium while placing bets, checking stats, and watching highlights on social media. To optimize fan engagement and maximize revenue, these experiences must be immediate, intelligent, and immersive, but they also have to be consistent and connected across the entire fan journey. The alternative is an unsustainable cycle of chasing shiny objects, creating a fragmented ecosystem of disconnected point solutions. This is not the path forward. When transformation happens, consolidation follows, and platforms emerge. And we're seeing this play out across sports today. Leading leagues, teams, and media companies are moving away from siloed point solutions and turning to Genius for a single system of intelligence, powered by the richest fan and match data to fuel and connect every interaction across that fan journey. This is how we transition into the future of fan engagement and monetization, making sport even better. Let's take a look. Nothing beats sport. The rush, the roar, the moment everything changes. But now, with GeniusIQ, sport is evolving. AI sees what the eye can't. Every move mapped. Every event captured in real time. Every fan understood. Data turned milliseconds into mastery. So fans don't just watch. They're in the game. Brands don't just appear. They own the moment. Betting doesn't just stay fixed. It reacts to every play. And players don't just perform. They rise. We're making sport more immersive, more immediate, more intelligent for everyone involved in the game. This isn't just technology. This is the operating system of sport. A single system of intelligence to make sport even better. Genius Sports, powered by GeniusIQ. You heard Mark talk about GeniusIQ, and you just saw it in the video. But let's dive in a little deeper. GeniusIQ is the data and AI layer of our technology stack. We use computer vision, machine learning, and AI as the underlying singular platform upon which we can build multiple products. One platform, endless solutions. We start by installing a mesh network of iPhones in sports stadiums around the world. Legacy optical tracking relies on a network of clunky, costly cameras and servers, but iPhones enable cameras and compute on a single edge device. This not only saves money, but it lets us run our AI models at the point of capture on the edge, reducing latency, which is foundational for live sports. With iPhones permanently installed in venues, GeniusIQ is our way of seeing, understanding, and capturing every action on the pitch, field, or court. As a data and AI layer, it provides four foundational capabilities that together are powering the next generation of sports. The first of these is optical tracking. We now capture thousands of surface points per player alongside the movements of the ball, all of which is refreshed hundreds of times per second. The output is what we call mesh data, which produces the next level of tracking data to power innovative apps and experiences that I'll discuss shortly. As has always been the case in Genius, real-time game data is the lifeblood of everything we do. And that data is faster, more granular, more accurate, and more sophisticated than ever before. The second capability is auto-eventing. We're capturing billions of data points across the entire game, which is no easy feat. But simply tracking player involved movement is not enough. We've also taught machines to understand these data points at the most granular level, translating every moment into the key statistics of the game. The semantic understanding is critical to power modern sports and to automatically translate this rich tracking data into real-time insights. In doing so, we're modernizing the language of sport. It's worth noting that the more granular and sophisticated the data, the more we've been able to teach the machines about the game, making this even more difficult to replace as it continually learns and builds upon itself. The third area is auto-produced video. With iPhones deployed in stadiums across the globe, our proprietary algorithms create a dynamic understanding of which cameras have the best view of the action, optimizing the view with no manual intervention. This results in video angles and viewing experiences that are unlikely to be found anywhere else, paving the way for automated broadcasts of the future. And the fourth area is digital twins. This ability to triangulate cameras focusing on players and the ball enables a live 3D digital twin of the action on the field. These 3D recreations of players in the playing field can be zoomed in on, viewed from any angle, and used to capture and replay the key moments of the match. It's difficult to overstate the importance of this capability and what it means for the future of fan experiences, especially for younger generations who grew up playing 3D games and living in virtual worlds. These digital twins will become the viewing experience which enables innovative advertising inventory that Josh will discuss a bit later. Together, these four foundational capabilities become the building blocks upon which an entire ecosystem of apps and experiences are built. I'll pause here quickly to reflect on this. These four capabilities are transforming how data is collected and how data is defined. We're not only automating data capture and replacing human statisticians with low-cost, high-powered computer vision systems, but we're capturing a level of data that cannot be replicated without this technology and the rights to deploy it in venue. When coupled with our global distribution network, this builds sustainable shareholder value and unlocks new revenue by monetizing the countless apps and experiences built on a single platform, and already, we've built a variety of apps and experiences being used by the biggest leagues, teams, sportsbooks, and media companies in the world. We organize these apps and experiences into three groups: Genius Perform, Genius Bet, and Genius Engage. Let's start with Genius Perform. The first application is Performance Studio. GeniusIQ enables us to pair tracking data with AI to automatically index video clips across more than 100 metadata points, creating the most filterable video insights and analytics in the sport. Used across leagues such as the Premier League, the WNBA, and the NBA, our next-generation data insights give coaches and analysts a deeper understanding of player and team performance, all in an easily filterable, customizable interface. For example, recently, when asked about his three-point shooting and how he improved, LeBron James mentioned using this data to improve his form from shooting on the left side of the court. With Performance Studio, teams and analysts have almost endless insights at their fingertips to optimize performance while sports journalists rely on our insights to add depth and credibility to their content. But let's take it a step further. If I want to see what the player saw, an open lane or a defender in the way, I can surface a full 3D recreation of the moment captured with our data and reproduced in a digital twin environment. Another application is semi-automated offside, or SAOT. In this case, we're taking the same digital twin environment and running a rules-based engine over the semantic layer to immediately flag an offside call on the field. Because we have such granular data and a system that understands the game, we're uniquely positioned to make those calls. This is why top leagues such as the English Premier League, the Belgian Pro League, and CBF, the top Brazilian league, along with others, rely on Genius to make accurate officiating decisions faster. Take a look at how officials use this technology behind the scenes. Looks like Jacob Murphy's just creeping offside. It could be tight. Technology has been introduced to help us as match officials and VARs in speeding up the process, particularly around those really tight offside decisions. Checking the on-field decision of offside. The advantages, number one, is consistency and efficiency in drawing those virtual lines. And secondly, is speed. It's quicker on offside decisions, which is a benefit for everybody participating in the game. For the new technology, you can see the lines have already been drawn for us, and it's identified the players. So that's already happened before me even having to think about drawing a line, and we're good to go with them straight away. It's important to understand that it is Semi-Automated Offside Technology, and therefore, as VARs, we still have a piece of due diligence to do. So the system will set out its recommendations, and those recommendations are very accurate, but we just need to check those. So the kick point, for example, the correct players are identified and involved, and the body parts that's identified are also the correct body parts. I recommend that you award the goal. Player is onside, award the goal. Moving on to Genius Bet, let's take a look at BetVision, our award-winning interactive betting experience integrated into more than 500 global sports brands. BetVision leverages our full stack of technologies to deliver the first of its kind in-play betting experience. In a single platform, we integrate real-time stats overlays, broadcast augmentation, touch-to-bet functionality, yes, I can touch on a player and place a bet, personalized contextual bet suggestions, and now advertising, all integrated into a video stream with latency of just three-to-five seconds, making it the fastest stream available anywhere. The end result is an immersive, intelligent, interactive tool to convert traditional fans into high-engagement in-play bettors, which, as Jack will explain shortly, are significantly more profitable for Genius and for our sports book partners. For those who haven't already experienced it at home, here's what it looks like. Finally, let's talk about Genius Engage. We're automatically integrating these next-gen data points into the live sports viewing experience. Media companies such as CBS, ESPN, Amazon, Fox, and many others use our broadcast augmentation capabilities to embed next-gen data such as shot probabilities or shot speeds into their broadcasts and on-demand streaming. Or what about highlights? We all know that many modern fans look to highlights and other short-form content across social media as their primary way of watching sports. Yet highlights really haven't changed since the days of black and white TV. That's why we're building a new AI-driven tool called Genius Reels. Soon, you'll be able to see the broadcast of your favorite goal being scored and then watch it from the shooter's point of view, as well as see it through the eyes of the defender, all with integrated next-gen stats to transform key plays into smart, story-driven content that captures modern audiences. We're also enabling third parties to come in and leverage our capabilities to build their own experiences. An example of this is the recent 3D highlight series developed for Man City and their sponsor, Etihad. Created by our partner, Trickshot, it leverages our mesh tracking data and digital twins to bridge the IRL and the virtual worlds, showing a recent goal that extends from the pitch to one of Etihad's travel destinations and back to the pitch again. Let's go ahead and take a look. This is Foden plays a long ball out to Savinho. Savinho up against Fofana. Comes in off the inside, goes around Fofana. Savinho whips it in towards Haaland. 2-0! Absolutely brilliant from Savinho. Etihad, beyond borders. As we just saw, our vision is to create a robust ecosystem of first and third-party apps and experiences, all built on top of GeniusIQ, with access to the best data and the smartest insights to engage modern fans across their journey. Let's take a step back and look at the bigger picture, though. At Genius, our tech stack allows leagues and teams to create a single system of intelligence, one that leverages the power of AI and computer vision to capture what's happening on the field, build apps and experiences to engage sport fans, and monetize those fans through advertising natively built for sports. We're focused on enabling the future of sport built around one really simple premise: one platform, endless possibilities. It should be clear now why leagues around the world are investing behind this technology. GeniusIQ is purpose-built for making sport even better. It powers the entire sports ecosystem, enabling a coordinated and cohesive strategy that's not distracted by the shiny objects, but rather focused on delivering the immediate, intelligent, and immersive experiences that fans really want. More GeniusIQ deployments mean more data. The data fuels the suite of products you've just seen, and in the future, hundreds of third-party applications that we've yet to imagine. Every one of these is generating revenue for Genius, feeding and accelerating our flywheel. This isn't product vision. This is product reality. We're building our competitive advantages, having deployed GeniusIQ in more than 300 venues in nearly 60 countries around the world, with 400 more planned and in progress. When you see press announcements, including the distribution of GeniusIQ, you should now have a greater appreciation for why it's so strategically important and how each installation lays the foundation to support endless revenue opportunities and long-term relationships with our partners. In the next few sections, you'll hear exactly how we're generating revenue through each of these applications. For example, you'll hear from Josh later today about the Genius Media Network, combining real-time game data, audience intelligence, and innovative inventory, all powered by GeniusIQ. This is just one important example of how the GeniusIQ stack is fueling new monetization engines in media and advertising, one of the most exciting opportunities for our business. We aren't just expanding our revenue streams. We're planting our technological roots even deeper into the sports ecosystem in partnership with top leagues around the world. Every league and federation across the globe, no matter how big or small, is increasingly focused on maximizing revenue opportunities in a world of rapidly evolving technology. Even the NFL, the most forward-looking and commercially minded league in the world, must think about the modern fan and what the future of sports content looks like. To discuss that, I'm pleased to introduce our next segment of our presentation, where we'll welcome the NFL Commissioner himself, Roger Goodell, alongside our very own Mark Locke and Steve Bornstein. Thank you. Thank you. Quiet crowd. Good morning. I'm Steve Bornstein. A good question is, why am I up here with Commissioner Goodell and Mark Locke? And I'm going to try to explain to you why I'm up here. I worked for Roger Goodell for over a dozen years before he was the Commissioner, and then subsequently after he became Commissioner. And I spent a lot of time with the NFL and contributed a bit to their media strategy and sponsorship strategy. About five years ago, I was on a Board of a high-tech company called Second Spectrum, which was a target of Genius Sports. They wanted to acquire it, and I got to meet Mark Locke. And they eventually did acquire Second Spectrum. And a lot of what we're talking about today, and a lot of technology that you're going to see today, is from the Second Spectrum acquisition. So it's been pretty successful. We integrated into Genius Sports, and now I work for Mark Locke. He asked me, after we closed the deal, if I would consult with him and his senior leadership team. So I eagerly said yes to that. And consequently, two of the senior leadership team thought it'd be a good idea if I interviewed two of my old bosses, one current and one old boss. I won't mention any names of who they are, but they run IR and communications for Genius Sports. And if this goes well, we'll see if it was a good idea or not. So with that caveat, I'm going to start the first question and go to you, Commissioner Goodell. I want you to go back five years. Sports legalized gambling was just coming on. You had the ability to bid out your data rights and your technology rights. You had a lot of different companies all wanting to have the number one entertainment product in North America on their books, and you picked Genius. So I was curious why you picked Genius Sports. Well, I guess first, we were looking much more at how data is going to change our future and change the relationship between us and our fans. And we saw that as a connection that was incredibly valuable. So it was beyond sports betting. Obviously, that was a period of time where there was a lot of focus on that. But we want partners. We want the best partners in the world. That's what we look for. We're only as good as our partners. And we need partners who are innovative, who are aligned in interests with us, have experience and wisdom in the areas that we want to partner with, and can ultimately make us more successful. So we did a pretty robust process, as you know. And it was clear that Genius was the right partner for us. I think we have tremendous respect for the management, from Mark on through to you and to so many that work with us. But you also brought a tremendous perspective for us about how to look at the future. The technology you have, which is what we ultimately were interested in, is how can your technology help us with our relationship with our fans? And I think we're just scratching the surface right now. I think we're really back on our own 10-yard line, to be honest with you. And that means we've got a lot of field to play with. And I think we're growing in a great way. We're investors also, so I think that, and just extended with you recently. So I think from our standpoint, I think that speaks louder than anything I could tell you right now. So you're happy with the relationship the first five years? Yes, we are very happy. Typically, my experience is that the NFL doesn't extend unless they are somewhat satisfied. We certainly don't invest if we're not satisfied. Mark, let me ask you this question. It's important to the people in this room that sports integrity monitoring is a critical issue going forward. Can you talk about how Genius Sports supports that? Sure. I mean, it's topical at the moment. I mean, and fundamentally, everything comes down to integrity and consumer protection, really. That's the fundamental premise that the sports are operating from when it comes to the sports betting market. And all of that really stems from regulation, a good regulatory framework. Ultimately, you cannot achieve that, and you cannot achieve this trusted and transparent ecosystem without the sports leagues, without the regulators, and without, frankly, technology companies like ourselves, all being aligned and working hand in hand. And ultimately, if you look at the sports betting market in the U.S., that's why it's been such a massive success. You've had the sports leagues, you've had the regulators all working together, all pulling together to create that very, very well-structured framework. And I think the interesting thing at the moment is to look at what's going on with prediction markets. That space is evolving very, very rapidly, but I think it's fair to say that regulation is not clear. So I think it makes it very difficult for the leagues to engage in that without that regulatory framework. And I think what we've learned from what's happened with DFS back in 2017, that this will eventually normalize. Regulation will come in. And ultimately, that will come through partnerships with the NFL, through partnerships with the regulators to build that trusted ecosystem and to create the guardrails, which ultimately protects the integrity of the sport and protects the consumer. And so from my point of view, when we think about it, the opportunities that this new evolution and this increasing TAM present, Genius is very, very well placed to take advantage of it. No matter how that regulation evolves, whether it's very rapidly or slowly or fragmented, and we talk a lot about this later, we do a bit of a teach-in session on prediction markets because we think they're fairly misunderstood. Genius is extremely well placed to win in every single outcome. I think I'd just add one element to that because integrity obviously is incredibly important to us, particularly when it comes to sports betting because that's the backbone of our success, is making sure that whatever you see play out on the field is not being influenced by any outside influences. And we've seen that in sports, and it's a risk that's out there. So our partners help with us. So the ability for you to help us maintain that integrity and use the technology to do that is really valuable to us. On the prediction markets, I'd go the same way that you go, Mark. For us, that's not something we're about to enter into. We are going to see how things play out, both from a regulatory standpoint. There are a lot of legal challenges going on right now. We'd like to be first in the market in a lot of things, but in a lot of things, we're willing to say, "We're going to let things play out. We're going to decide, is this something we want to do?" The risk to the brand is something that we take very seriously, and we won't risk that brand in something until we feel confident that we can do it, and if we see it play out in a way that works for us, whether that's private equity and ownership of the NFL and our teams, or whether it's technology issues in sports betting and/or the prediction markets, that's how we're going to play. That makes a lot of sense. When I was there at the NFL, we didn't always have to be first. We just had to be right when we made those kinds of moves. We don't mind being first, though, sometimes. Fair enough. Well, let me tell you one that we were first on, and it's innovation. I mean, one of the things that I think is a hallmark of your tenure is innovation. And I don't know if you remember this, but 20 years ago today, or this season rather, we launched the RedZone channel. You approved it, and we incubated that on DirecTV. And now I think it's an essential part of Sunday afternoon consumption of NFL programming. My question to both of you is, is BetVision the next RedZone channel? That's a good question and provocative. I mean, look, BetVision for us has been an enormous success. I mean, we've got such a huge amount of empirical evidence, and we'll talk about this later. We'll go through some statistics about how much the NFL fans really do love it and really do engage with it. And I think from our point of view, it sort of showcases the things that Roger's trying to achieve, which is the gold standard in innovation. This is really the accumulation of the most modern technology, understanding the sport, understanding the game, and integrating the fan experience. And ultimately, this product, which we launched with the NFL, we were running 250-260 games initially. We're now running 23,000 games on it through, I think, over 100 sportsbooks globally. So we're in a very, very strong position because of the innovation that Roger and his team have driven through the NFL. Yeah, and I'd say for us, hitting the bar of, is it the same as RedZone? I think RedZone is one of the greatest innovations in sports from a consumer standpoint. So it's a high bar, but I do believe this has the potential to be there. And I think with the partnership we have and the technology, I think we learn a lot. I think we're able to adapt a lot, and we're able to find what the consumers ultimately want. And I think it's got that kind of potential. It's sort of interesting how the broadcast space is changing, as well. The fans want their. It's becoming about personalization, personalized products, making sure that fan is getting what they want, when they want, and how they want. And I think ultimately, that's what drives the next generation of NFL fan. It's what drives the next generation of engagement. And ultimately, technology is providing the opportunity to be able to do that. Well, that really was my next question. I mean, we're trying to express to you here that this is not a betting company. This is a technology company. And how do you see partnering with the NFL to actually increase not just fan engagement, but the broadcast experience itself? Yeah, I'm happy to take, listen, our relationship with our media companies. We don't even call them broadcast relationships anymore, and later today, you're going to see some ratings numbers from last week and Thanksgiving that are, they are going to set records. Let's just put it that way. Can you share any details for this group here? They will break records. In a positive way? It will actually smash records, and I think it's a combination of factors that come into one, we are still believers in the broadcast platforms to be able to bring together large consumers, a large number of consumers. We really work to event everything that we do, right, and Thanksgiving obviously has a tradition for football, but I think we've been able to work to even make it a greater event and a bigger event. We're doing it with Christmas, with Netflix and Amazon this year, which we're really excited for, so the broadcast partners, I think, use and see a lot of the technology that you all create. And that technology then gets adopted into the broadcast, and I think that changes their experience. Technology is helping us even in the measurement side of this. As you know, particularly because we are such an event, a lot of people watch either co-viewing or out of home. And I think that's one of the reasons there is now a measurement tool to be able to try to identify that, is one of the reasons why we think we're getting closer to finding what is the real number of folks who are actually engaging with our games through media platforms. So I think all of it works in an ecosystem that the technology gets people more engaged. They want to watch it more. They have other reasons to watch it, whether it's sports betting, fantasy, or they just love the technology to find out, "Wow, how fast was that guy running?" Or what elements that now are being brought in with technology you all are creating where I can see what's the probability of which linebacker's going to blitz. And when you see that kind of technology, it's just another way for fans to engage in the stickiness. So technology is fundamental to what we do, and that's why the selection of you all was a big step for us and every one of our technology partners. Yeah, I mean, the other way that we're sort of seeing the evolution. I mean, we obviously ran the MaddenCast immersive experience over Thanksgiving, but the thing that we're very heavily focused on is driving value for the NFL sponsors. As the personalization engines come through, as we're able to work more closely with the advertisers, and again, to your point, we've got better metrics coming through. We can drive real value for the sponsors. We can make sure that they're being promoted and given exposure at the right time and really generating improved ROIs for them. And that's something that we're seeing increasingly working across our platform. It improves our game. I mean, there's still people who think the First and 10 marker, the yellow marker, is actually on the field. It isn't? No. I'm going to break news today. But it's just such a part of our game, and it improves the way people experience our game and understand our game. So all of that is, I think, a part of that. That's how we measure it ultimately. Does it change the experience for our fans and our consumers and our partners? That's a good thing. I have to say I'm proud that ESPN, when I was there, developed the First and 10 line despite what David Hill often claims out there. But that's more inside the Beltway comment. The other thing I would add, and I'm not supposed to be, I'm supposed to be asking the questions, but I also think this technology helps you serve new platforms extremely well. Absolutely. I think that TikToks and the YouTubes would benefit greatly from the technology and how we provide the support. One of the things that was so interesting for me, at least, was the latency. A low-latency feed is critical for us, whether it's sports betting or whether it's any aspect. Consumers want to see it live. They want to see it live, not 60 seconds later. And the speed of everything is improved and engaged our fans in a different way. And you've changed that game for us. The technology you've provided has reduced latency for every one of our platforms. And that's a really important thing for us. Let me ask you a question. Do you see the Genius Sports technology helping expand the global footprint of the NFL? Absolutely. You know, many of you may know, international is really one of our highest priorities right now to take our game to the globe. We played seven games last year, likely to play nine next year, and continue on to 16. And who knows where that goes at some point in time. But the basic medium to grow the game is not playing the games. It's a limited amount of inventory. It's really the media. It's what built us here. It's what made the NFL successful. It's a great, in early days, broadcast satellite, now obviously streaming. It's a great media product. And so we want to use that same platform and that same game plan to bring our game overseas. As you're working with fans who may not be as well versed in the game, which they are obviously here in the U.S., we need to engage them in different ways. We need to help them all broadcast, which you guys help us do, whether it's the MaddenCast or Prime Vision. It gives us an ability to be able to reach fans who are at different levels of understanding of the game. Then how do we bring them into that game and build the fan base that way? So it's an important element for us in our international growth. Will GeniusIQ, Mark, help people outside the U.S. understand the game? Yeah, I mean, the NFL have done a remarkable job of driving the international expansion, and it's some interesting statistics. If you look at Sky Bet in the U.K., one of the biggest sportsbooks over there, NFL is now the third largest sport for Sky Bet. It's down from, I think, eighth in 2021, so I think that shows how successful the NFL are in penetrating that international audience, and I think from a sports betting point of view, to bring it back there, the evolution of BetVision, the fact that you can, as you say, educate the fan, you've got the most engaged sports fans. Ultimately, that's what a sports better is, is the most engaged sports fan available, and using that engagement and the personalization and the BetVision product to really sort of educate and drive that has proven to be very, very successful in Europe. So yeah, we think we've got a huge opportunity ahead of us to really drive that with the NFL. I agree. Thanks. Well, listen, we'll wrap it up with this. As we conclude our fifth season of a relationship between Genius Sports and the NFL, what do you both see as the big opportunities in the next season or two for us to accomplish? You want to go first? Look, I think international expansion is a very, very exciting area. Personalization of the broadcast, making sure that we're distributing lots of different alternative broadcasts to the world and really driving value for sponsors. We see a massive opportunity of integrating the advertising platform, the products at the NFL, and really driving that value for sponsors on a sort of U.S., but also global basis. I'd agree with that. I'd just add the latency issue in there. I think that opens so many doors to opportunities for us because I don't think we can imagine today what five years is going to really bring. I think technology is moving so quickly and GeniusIQ and so many other things that we're all working on, that incubation period is becoming more and more condensed. And I think what's exciting to me about our future together is that we're in that space in a partnership that I think the world is something that we're going to be able to exploit in a way that I can't think we can even imagine today, but I know I'm incredibly optimistic that you guys are going to open doors for us, and hopefully, we're going to open doors for you that we could only dream of today. Thank you for taking the time, Commissioner. I know you have a busy schedule. It's been, I think, pretty exciting to have you here and share your thoughts. Mark, I appreciate it. Thank you. I'm going to turn over to Brandon. Thank you. Hey, Brandon. How are you? Thank you very much. Thank you, Commissioner, Mark, Steve. You got to talk to the boss. Really insightful conversation. Hopefully, everybody enjoyed that. For now, we're going to pause here. We're going to take a break, and we will be back in 10 minutes. So we'll take a 10-minute break, and then we'll reconvene. Take care. Where do you want us? Way over here? Is that right? Is that okay? Where'd she go? She didn't even need me to take a picture of some place. I guess back here. All right. Please take your seats. Investor Day 2025 will recommence shortly. Yeah. Everyone here? You should be here. What's that? I'm here at the handshake from Fennell. It's pretty good. I wasn't expecting it. Hi, Bernie. We've not met, but I'm Jack. Yeah, I'm fine. Yeah, yeah, fine. I know your voice from the older school. Sure, sure. You're the prediction market guy? I am. Well, the prediction market guy. I'm going to talk about prediction markets because, well, you'll see. I'm not going to tell you what I'm going to say. Are you in a bad situation right now? Well, sure. Overhyped? I don't know. Well, that's the word. Don't quote me on that. But yeah, good. I mean, what do you think? What do you think? I agree, it's not well understood. I think by default, people think the take rate's 1% because they see the two sides add up to 101, and no one actually uses it, so they don't know there's a fee. It's just as stupid as that is to say. But yeah, it's just an inferior product to sports betting. So it's like, why would anyone use it in a regulated state? Yeah, I think that's something that I will talk about. It's a difficult balance for us because, for me, it's an inferior product, but it is. Please welcome to the stage, Jack Davison. We'll have the music. Welcome back, everyone. I'll just let everyone have 30 seconds to squeak their chairs. Great. Thank you all for coming. For those who don't know me, my name is Jack Davison. I'm the Chief Commercial Officer, and I've been with Genius for almost 14 years. In that time, I've seen the business evolve at breakneck speed into new markets with new products with increasingly higher levels of ambition, much of which you've heard about already this morning. The one constant in all of this has been our crucial role and continued growth in the global sports betting market. This success is because of four pillars that are very simple to understand: the quality of our content, the strength of our products, the scale of our distribution, and the growth of the market itself. That's what I'm going to run you through today. Let's start with content because it remains the foundation of everything that we do. We provide real-time data for more than 300,000 events a year across a 24/7 global schedule of real professional sport. We can only do that because we've built one of the strongest rights portfolios in the industry. For example, Football DataCo, including the Premier League, covering 4,000 of the most bet on sporting events in the world. Serie A, the most important property in Italy, Europe's largest betting market. 8,000 soccer matches across 46 competitions in our groundbreaking European leagues partnership. 200 FIBA basketball leagues and federations. Men's and women's NCAA March Madness tournaments. Major rights across Latin America and Asia. Of course, the NFL, the most important U.S. sports property and rapidly growing in international markets. We spent the last few years locking in long-term stability with our most valuable partners, and we're now contracted through to the end of the decade. This gives us predictability and a platform to continue to scale our products. But the most important point is this: the nature of sports data is changing. As Matt showed, GeniusIQ allows leagues to collect and distribute far richer, far faster, and far deeper data than ever before. Because we create more value across more parts of their ecosystem, we're securing rights on favorable terms and with deeper integrations. This, combined with data providers consolidating over the last few years, strengthens our position even further. The second pillar is product, and this is where we're driving outsized value. Our goal is simple. We build products that help sportsbooks increase handle, improve margins, and engage and retain players. GeniusIQ sits at the heart of this because it allows us to build tools that respond instantly to what's happening in the game. I'll start with the data feed itself, which is of extreme value to our sportsbook partners. Official, real-time data is critical for sportsbooks to offer live betting markets to their customers. Live betting already represents 60%-70% of total volume in mature markets and an increasing share in newer markets like the U.S. In combination with real-time data, our products allow sportsbooks to keep their markets open for longer, meaning more time accepting bets rather than rejecting them. This simply equates to more handle. For example, for the English Premier League, we deliver 97% market uptime. With our newly acquired content, like the European football leagues, uptime is up to 95% from a historical 91%. For Serie A, up to 97% from a historical 92%. If we multiply this across tens of thousands of matches per year for hundreds of customers, the long-term financial impact is significant. Increased market uptime is just one way in which we are helping sportsbooks to maximize revenue. We're also empowering them to improve their win margins. Our automated pricing tool, EDGE, blends machine learning, rich live data feeds, and complex correlated liability calculations to instantly provide optimized pricing tailored to each operator. The result is improved win margins, greater efficiency, and ultimately, more revenue for sportsbooks. For example, EDGE improved soccer win margins by an average of 16%. For one particular European sports book, EDGE improved win margins by 23% for the Premier League and 19% for France's Ligue 1. It's two of their most valuable sports betting properties. These are not marginal gains. These are structural improvements to the economics of in-play trading and another way we're empowering our sports book partners to maximize their revenue, and now, moving to BetVision. As Matt demonstrated earlier, BetVision is the best example of how our content, technology, and product come together. It's the first truly integrated watch and bet experience in the market, delivering ultra-low-latency streams for the likes of the NFL, for Serie A, and hundreds of other basketball and soccer matches. Our total portfolio in BetVision now is in excess of 20,000 events a year, and the engagement numbers are strong. We compared the same period from 2025 versus 2024. In this period, we've increased the number of unique devices from 6.2 million to 11.1 million. In the NFL specifically, we've seen a 38% increase in plays per device and a 22% increase in minutes per device. When our customers integrate the full BetVision capabilities versus a standard streaming experience, the number of unique plays increases by 32% in the NFL and 62% in soccer. The value of BetVision is proven in these results, and it's reflected in the global adoption. What started with a handful of sports book operators in 2023 is now live with hundreds of global sports book brands. BetVision is scaling because it materially improves user engagement, and it sits entirely inside the GeniusIQ stack. We've got premium exclusive content. We wrap that content in value-enhancing products. Now I want to highlight our enormous global distribution, allowing us to monetize at scale. We sell this package of content and product to over 650 licensed sports book customers in regulated jurisdictions across the globe. Our network of sports book customers ranges from the largest global operators like Bet365 and Flutter to U.S. leaders like DraftKings and Hard Rock, to European giants like Tipico and Lottomatica, to local heroes like Caliente in Mexico or EstrelaBet in Brazil. We are serving sportsbooks in every corner of the world, and we're continuously driving greater value every year. To put it simply, we have built a massive advantage through content and technology and distribution that is enormously difficult to replicate. We've seen numerous businesses try, and they've failed to do so. This combination is extremely powerful and continuously builds on itself to support greater size and greater scale. Let's now discuss how we monetize through our two commercial models, revenue share and fixed fee. Starting with fixed fee contracts is very, very straightforward and represents about 70%-80% of our betting revenue today. Think of this as a subscription model with price escalators, which reinforces our revenue reliability and predictability. Moving on to revenue share, which is typically a share of GGR or NGR, which we adopt in the U.S. and other high-growth markets. For example, last year, we renewed all our major U.S. contracts. In doing so, we diversified revenue share across not only GGR and NGR, but also handle. We also added larger fixed minimum guarantees, and we staggered contract term lengths. The result of this refined commercial model is simple. It leads to greater predictability and further insulation from any individual game outcomes. To put a finer point on this, despite recent customer-friendly outcomes, we still delivered consistent and predictable results in our betting segment over the last two years. We are protecting our downside while still enabling us to share in the upside. So any sensitivity analysis related to win margins should point to very little downside. In both commercial models, we've also demonstrated our ability to grow revenue through price increases as we provide more content and more products and as contracts are renewed. This is brilliantly demonstrated on our net revenue retention over the years. As you can see, this is the case for any customer cohort. For our top 25 global customers, our top 10 U.S. customers, even our smaller emerging customers, this is evidence across the board. Putting this all together, as Mark highlighted earlier, our betting revenue consistently outpaces the growth of the broader sports betting market, both on a global scale and in the U.S. This is just another example of how Genius is the best way for investors to track the long-term tailwinds of the sports betting industry. This brings me to the growth of the market itself, which continues to expand and continues to evolve. Global GGR has grown 24% CAGR since 2021, and it's expected to grow 15% CAGR through 2029, and the U.S. market is expected to nearly double over the next five years, and as we have done so historically, we expect to continue outpacing the growth of the market. The in-play shift is also playing out as expected. To remind everyone, in the U.S., Genius typically earns a three times higher revenue share on in-play versus pre-match. In the NFL, in-play betting was around 20% of handle at our last Investor Day. It's now circa 30%. In mature markets, it's at 60%-70%, indicating there is still significant growth ahead of us. This is a major structural tailwind for us. While we are discussing our expanding betting TAM, I want to turn to prediction markets. Prediction markets are a hot topic, and if you saw Polymarket's feature on 60 Minutes last Sunday, you saw a mainstream example of that. The key for Genius is that the rise of prediction markets expands our total addressable market. No matter what the future holds with the industry, we are positioned to win in every scenario. From a European perspective, none of this is new. We've seen this model before. In our view, the closest and clearest equivalent is Flutter's Betfair Exchange. As we'll show you, when it comes to sports, we believe there's practically no difference between Betfair and the U.S. prediction suppliers. The only meaningful difference is regulatory wrapper and naming. Europe calls it an exchange. The U.S. calls it a prediction market. But functionally, structurally, and economically, it's the same thing. And that matters because the economics of exchanges have clearly understood limits. This is why in the U.K., Flutter chooses to heavily promote Sky Bet and Paddy Power, but not the Betfair Exchange. So let me explain how U.S. prediction markets work. At the top, you have consumer-facing platforms. Those already active in the market, like Robinhood, Kalshi, and the crypto-native venues, soon to be joined by FanDuel, DraftKings, and Fanatics. Below this sits the brokerage layer, the CFTC license holders. These companies offer consumer-facing products, but also expose integrations for more sophisticated participants. But fundamentally, they're all trying to do the same thing, and that is capture liquidity. That liquidity comes from three main sources. First and by far the largest are the professional market makers. They are few in number, but make up the majority of the liquidity. Exchanges take only a small commission from them, but they are the backbone of liquidity, and importantly, they all want high-quality data. That's where Genius plays today. We already sell data to these types of firms globally. They always invest in the best data. This revenue for Genius is real, it's recurring, and it is growing. Second is sports book hedging. In mature markets, sportsbooks may decide to hedge unwanted risk onto an exchange. This is because exchanges and prediction markets run thin unit economics, low take rates. Hedging on these platforms is cheap. Again, the books use data. Again, Genius participates. Third and smallest by liquidity is the consumer. They behave much like they would on a bookmaker. They take a position, they speculate, and move on. The consumer share of volume is modest. This is exactly the pattern that we see with Betfair. Structurally, what you see in Europe is exactly what is emerging in the U.S. And the key point is this: the prediction market ecosystem is already a Genius data opportunity today. Beyond the liquidity flow that requires good data, prediction market operators behave like sportsbooks. They need to acquire and retain players. That means investment in acquisition marketing, where appropriate, we already play. It also means delivering best-in-class user experience, which requires live data, League IP and logos, and any of our products that increase engagement. All of these are incremental revenue opportunities for Genius. Ultimately, whether we transact directly with the prediction operators will come down to regulation, the framework that gives all stakeholders the integrity protection that they need. In the guidance you'll see later today, we've built a cautious level of growth from this market into our numbers because the outcome of long-term regulation remains fluid. But we believe each possible scenario is a net positive for Genius because our TAM just expanded with no incremental cost. I've just walked you through the opportunity, but let's talk about why sports betting remains the economic North Star. In mature markets where both products exist, prediction markets or exchanges settle into low single-digit market share. They have a place, but they're small. The economics simply can't compete. We know that lifetime values in exchanges are around 15% of sports book customers. Our data tells us only 9% of prediction market users return within 12 months. And when they do, they deposit far less than a sports bettor. So the commercial implication is clear. sportsbooks will always outspend prediction platforms in acquisition because their users are worth multiples more. And the business model reinforces that. Exchanges take low single-digit commissions. sportsbooks run double-digit margins. They simply have more room to spend. Our data also tells us that users of sportsbooks and prediction platforms are fundamentally different. There's almost no overlap. And that brings me to a discussed concern that the low margins that prediction markets offer will drag down sports book margins. We believe that this is simply not true. There is no evidence of that in Europe where exchanges and sportsbooks have coexisted for decades. Why? Because it's a product difference, not a pricing difference. sportsbooks serve sports fans, people who want to casually enjoy the game and place a bet. They are not hyper-price-sensitive market makers. Consumers don't shop for tiny price differences. If you're betting $20 in play, you're not switching apps to save three cents on the line. The only people who do that are the ones taking $1 million. Our audience data supports this. We see minimal overlap between prediction market customers and sports book customers. Sports book margins are improving because operators are getting better at managing their customers, managing their books, and managing their risk, powered by high-quality data and products. That's exactly what Genius delivers. Nothing about prediction markets threatens that. So prediction markets aren't replacing sportsbooks. They're not even competing with them. They're a different product for a different customer. And for Genius, that's good news. Prediction markets are additive. The market just got bigger. Let me finish by talking about what happens next because we've considered all the regulatory outcomes, and the headline is simple. In every scenario, Genius wins. Scenario one: prolonged uncertainty, conflicting rulings, multiple appeals, potentially pushing this to the Supreme Court in 2028. In that environment, platforms don't disappear. They adapt. Importantly, they don't materially impact the core sports book model. And the prediction market TAM that Genius can play in will still exist. Scenario two: fragmentation. Some states allow prediction markets. Others shut them out. Think Nevada or Massachusetts. Early losses, no emergency stays, and the operating footprint narrows. Painful for them, but liquidity consolidates. Sports betting remains largely unchanged in regulated states. The broader TAM still exists, and Genius continues to benefit. Scenario three: federal clarity. The courts or Congress open the market. More states, more markets, more liquidity. In that scenario, prediction exchanges still do not replace sportsbooks, but the ecosystem becomes larger. Again, positive for Genius. Scenario four: accelerated sports betting. The existence of prediction markets push or encourage some states to move towards regulated sports betting. We think this is unlikely, but if it happens, it's a major win because sports betting remains the North Star. So we will continue to see headlines around prediction markets. But whether it leads to more uncertainty, to fragmentation, to clarity, or even acceleration, the outcome is the same. Every path creates a larger TAM for Genius than we have today. The only unknown is the speed. But whichever way it goes, our opportunity just got bigger. So to summarize, we strengthened our place in the industry through the four pillars I outlined at the start. We have premium exclusive content. We wrap it with market-leading product. We distribute it on a global scale, and we do all of that inside a market that continues to grow and evolve. This sort of scale is extremely difficult to replicate, and every new product we launch strengthens our position further, and as we look ahead, the growth drivers for the betting business are the same as they have always been. First is TAM growth. Second, new customers. As the market expands and new regions launch sports betting, this will lead to new customers and larger contracts. Third is in-play growth. Fourth is content and products cross-sell. No one partner of ours is taking 100% of our product and content portfolio, leaving significant room to provide additional value. Lastly, price increases. We now have a proven track record of excellent net revenue retention across every customer cohort. Finally, as we transition to the media and advertising section next, I want to highlight one last point on BetVision. There are now many millions of people watching the NFL, Serie A, and hundreds of other leagues through BetVision. Because we control the video player, we know who's watching, what bets they place, and how they engage. We can now also serve advertising to them. BetVision is not only a betting product, it's also a major media product. With that, I'd love to invite Josh to the stage, who's going to talk you through this opportunity and many more in our media segment. Thank you. Good morning, everyone. I'm Josh Linforth, Chief Revenue Officer here at Genius. I'm here to take you through our media business. By now, you've seen what GeniusIQ can do, not just the depth of data it captures, but the deep fan engagement it unlocks. Our differentiated technology is already pushing our advertising business into real growth, as demonstrated in our Q3 results. I'm now going to show you how GeniusIQ data turns into advertising dollars and why our media business is a high-margin growth engine for Genius. I'm going to cover three things. First, the shift in the sports media and advertising landscape. Second, the assets only Genius can bring together. And third, how our managed and self-serve models scale to a projected $300 million of media revenue by 2028. Sports remains the most powerful live medium, representing over 90 of the top 100 U.S. broadcasts last year. But fan behavior has changed. Modern fans watch the game on one screen, track fantasy on another, and debate plays on social in real time. They don't watch sports. They absolutely live it. And that passion translates into spending. Sports fans spend roughly 80% more on retail, streaming, and entertainment than the average consumer. But they're also the hardest audiences to reach with precision. Digital ad spend passed $700 billion last year. It's estimated that global spend on live contextual sports advertising is expected to exceed $100 billion by 2028. The opportunity is massive, but the tools built for it are outdated. They see channels, not people. Touch points, not emotion. That is the gap that Genius has built to solve. And that is exactly why we built FanHub, our fan activation platform. It solves the marketer's core challenge: reach the right fan in the right moment with the right message. Think of it as retail media for sport. The same way that Amazon and Walmart use their shopper data and controlled inventory, Genius uses three unique advantages. GeniusIQ, the fastest, richest real-time game intelligence in global sport, spanning over 300,000 games annually. FanHub ID, the only identity graph built for the modern multi-sport fan, providing insight to over 200 million fans globally. I want to pause here for a second and highlight that scale because this combination creates the most powerful sports-focused data set in the world. And then third, our unique advantage is our exclusive inventory: augmented ads, BetVision, and other data-driven premium content. These advantages are the foundation of the Genius Media Network, a system no one else in sport can touch. And FanHub is the platform that connects it all. Reaching today's sports fans requires a marketing strategy that extends far beyond the stadium. That's why Genius Sports created FanHub, the world's only advertising and activation platform that puts sports at its core. With decades of experience working directly with leagues and teams worldwide, Genius Sports has engineered FanHub to reach fans at the right moment with the right message, create personalized ads in seconds reflecting fan preferences like favorite teams and real-time game scores and events. Find your audience with FanHub's exclusive curated marketplaces and deliver your campaigns across multiple channels on any device. Modern real-time dashboards help you optimize campaign performance and understand fans better than ever before. The results? Unparalleled fan engagement, increased brand loyalty, and a game-changing return on your investment. Book a FanHub demo and transform your brand's game plan today. So the first key advantage is our real-time signals, allowing us to respond instantly when a buzzer beater, touchdown, or goal happens. An advantage that is measured in milliseconds. But GeniusIQ goes beyond the scoreboard. It detects the emotional moments that never show up in the box score: a near miss, a loose ball, a momentum swing, a comeback. We've built the first AI engine in sport that links the in-stadium official data to the physiological truth of how fans actually react in real time. We've trained models on synchronized streams of play-by-play, tracking, and contextual NFL signals alongside biometric inputs from fans, such as heart rate variability, micro-expressions, a galvanic response, attention patterns during the live moment. This gives a scientifically validated map of emotion from excitement, tension, anticipation, frustration, and a momentum response. This isn't inferred. It's not guessed. It's measured. Our models understand which game events reliably trigger which physiological states and which creative message generates the strongest behavioral lift inside each one of those states. And here's the part no one else in the market can touch. This training data is only possible because of our official rights. Competitors can copy the language, but they cannot replicate the training sets, the emotional baselines, or the predictive accuracy of these models. Looking ahead, we can scale these models across a variety of sports, compounding our advantage even further. This is what allows GeniusIQ to shape creative pacing and targeting in real time, delivering advertising that truly moves with the rhythm of the game. But it goes further. Our view of the modern fan is built on deep first-party data across our whole ecosystem. For example, our free-to-play games with trivia, brackets, daily fantasy, and more, these experiences give us direct insight into the teams, the players, the competitions that fans care about most. Then with BetVision, it adds another dimension. With Nielsen integrated directly into the player and bet slips built into the viewing experience, we know who is watching. We know how they're betting. This is why scaled global distribution of BetVision matters. It produces a layer of audience intelligence no one else has. Then the Sports Innovation Lab acquisition further strengthened our leadership in audience intelligence. It gives us transactional-level data for more than 200 million U.S. adults across billions of purchases. The same way as many investors in this room track consumer spending patterns to predict a retail company's earnings, we now have the same insight, but we index it to sports fandom. So we know far more than if someone's a WNBA fan. We know if they're a WNBA fan who flies American Airlines, stays at a Marriott hotel, or orders sweetgreen for lunch. When you understand which audiences align with which brands, you drive better results. And we know that fandom is not fixed. It's fluid. It shifts across leagues, platforms, and players as the emotion and the storyline change. Our data is built to follow those shifts in real time and allow advertisers to tap into those emotional moments. FanHub ID is the identity spine that unifies these signals into one privacy-safe view, letting advertisers follow fans wherever their passion goes. Let me bring all of this to life with a few examples. Wendy's partnered with us to reach college football fans during the NCAA season. As part of their partnership with Big Noon Kickoff on Fox, we identified and reached viewers of the marquee game each week. Using our dynamic creative tools and official NCAA data, we triggered real-time Saucy Nuggs ads every time a fumble happened. The creative changed based on the regional demographic sources tied to the teams playing. A great example of how Genius ties brand messaging to live game moments and fan emotion. And this resulted in a 120% lift in view-through rates versus the baseline. This is just one example of the hundreds of campaigns we have executed across our diverse customer base. And we're not just redefining where and when ads appear. We are redefining what an ad can be. Through our augmented ads platform, brands show up inside the action, embedded directly into the replays, highlights, live feeds with no disruption. This inventory is created in the moment, inside the content that fans care about most. Look at our work with the Los Angeles Rams and Verizon at SoFi Stadium. We placed branded replay graphics directly onto the larger screen in stadiums. As a result, fans looked up, not down. We captured attention that would normally disappear into mobile devices and turned it into premium, measurable inventory. We're also leaning into the surge of alt-casts that mix commentary, advanced graphics, and immersive visuals. For the NFL Thanksgiving game, we teamed up with EA Sports and Peacock for the second edition of the Emmy-nominated MaddenCast. It fused live football with a video game feel and a new sky camera that pulled the classic EA point of view straight into the real world. We're even redefining what is possible on the main broadcast. For the WNBA on FanDuel Sports Network, we brought advanced stats into the game and integrated Shopify in a way that added to the moment rather than distracting from it. These are only a few examples of how Genius is creating entirely new advertising inventory, and rights holders see the opportunity. Our recently signed deals with FanDuel Sports Network and NBC demonstrate that. Across these deals, Genius now holds exclusive augmented ad sales rights for 14 NBA teams, resulting in 600 games a year. This is our technology reshaping the ad market. We are building the next generation of live sports ad formats. The momentum is real. Broadcasters and brands are leaning in because augmented ads deliver more revenue and stronger reach. Every piece of it is powered by GeniusIQ. Alongside this, BetVision is establishing a new category of immersive viewing. As you heard earlier, this year, we streamed approximately 20,000 live events across football, basketball, and soccer. And fans on BetVision are three times more engaged than the average sports viewer. That attention is only available through Genius. For advertisers, this is premium inventory with no equivalent anywhere in the market that we're aware of. And every viewing experience we touch becomes new high-value inventory from BetVision, augmented highlights, branded replays. All of it becomes new monetization for broadcasters and leagues and a new way for brands to show up where fans actually pay attention. Before I move on from our unique inventory, I want to come back to something you heard from Mark and Matt. GeniusIQ doesn't just analyze the game. It creates a three-dimensional digital twin of the game built in real time from mesh data. Pause and actually take that in. Because this is one of those ideas that sounds so simple until you realize just how enormous it is. In the future, people will not watch video. Provocative, yes. But once you understand the technology underneath it, the scale of the opportunity becomes impossible to ignore. I want to explain how all of the products you've heard about today act as the building blocks for the future monetization of sports fans. We are not creating video. We are creating a digital recreation of sports, a true digital twin. As you heard earlier, that means a complete graphical reconstruction of the match, generated not from cameras, but from hundreds of millions and soon billions of data points. Here's how it works. Our iPhone mesh capture network filmed the match inside the stadium. On those devices, footage is processed on-device, turning every frame into tens of thousands of data points. That stream of volumetric positioning data (body positions, limb angles, ball trajectory) that's mesh. That mesh feeds into graphics engines, owned or third-party. Those engines render an environment that, to the viewer, becomes indistinguishable from video. A fully synthetic broadcast generated from pure data, delivered instantly to any screen: TV, mobile, console, headset. That is the viewing experience of the future, and let me be crystal clear. This is not vaporware. This is not a concept. This isn't some fantasy pitch deck. What comes next is execution. Rolling this out sport by sport, league by league, enabling Genius and our partners to build on mesh data, and once sport becomes fully digital, everything changes. Because every surface becomes potential inventory: the players, the pitch, the ball, the signage, the crowd. Every pixel becomes personalized, clickable, and measurable, and for fans, this unlocks behaviors that don't even exist today. Choose any angle. Watch through the eyes of the referee, the striker, or the ball itself. Fly the camera anywhere. Blend fantasy, gaming, and betting layers directly into the match. Change the perspective and change the experience, all in real time. This is the ultimate sports advertising platform: fully personalized, fully measurable, fully interactive, and because the entire experience is digital, we know exactly who the fan is, what they care about, and how to connect them to the right brand at the right moment. This is where sports consumption is going, and GeniusIQ is the infrastructure that makes all of it possible. Everything we build, from GeniusIQ to FanHub to BetVision, centers on one principle: connect every signal of sport into one intelligent media network. Advertisers get the richest real-time data and creative tools. Broadcasters gain new monetization and inventory. Leagues capture more value from every moment of live action. It's not a marketplace. It's an ecosystem where Genius connects data, media, and emotion to deliver compounding value across sports' global audiences. Put these capabilities together, and the value unlock is clear. We've built an ecosystem that is unmistakably unique in this industry, with data, live signals, exclusive inventory, distribution, all in one place. And the monetization is already designed to scale. We monetize this through two engines. First, managed spend. Advertisers give us a budget. We run the campaign end-to-end. Revenue is recognized on a gross basis. The second is self-serve packages. Advertisers purchase curated deals of audience data, live signals, and exclusive inventory, all activated inside their existing buying platforms. Revenue is recognized net at nearly 100% incremental margin. This is the model that unlocks hyperscale. Historically, most of our media revenue came from managed spend. But global agencies who control the majority of advertising dollars prefer self-serve. FanHub puts us inside that flow for the first time. That is why the model matters. One system, two monetization paths, both growing, one with nearly 100% margin. We expect $500 million of total ad spend to be flowing through Genius by 2028. A growing share will shift to self-serve, dramatically lifting margins. Every dollar that moves into self-serve contributes at nearly 100% incremental margin. And this is how we expect to achieve $300 million in media revenue by 2028. I want to be clear about how everything you've heard today fits together. Every product in our stack is a building block for the future monetization of the sports fan. None of these products stand alone. They are deliberate steps in progression. We operate on a simple framework: now, next, later. The now products drive our revenue today. The next is already scaling through augmented ads, BetVision, and FanHub. And the later, the fully digital synthetic broadcast, is not in our financials. Not yet. But every investment we have made is designed to bring the industry to that point. And when that shift happens, Genius is not scrambling to catch up. We are already sitting on the infrastructure that makes it all possible. The biggest opportunity now and in the future is the global agencies. They control most of the world's advertising spend. That is where we're focused and where we're winning. We have partnered with PMG, one of the leading independent agencies, with clients like Nike, Peloton, and Beats by Dre. And we recently announced our partnership with Publicis, the largest agency in the world, by a wide margin. So what do these announcements mean? It means that each agency partnership we sign places Genius directly into the demand channels that control billions in spending power, unlocking access to thousands of brands around the world. This translates to everything from five-figure test campaigns tied to a particular sporting event to multi-million dollar strategic partnerships with brands and their respective agencies. These are the building blocks of our media business. The momentum is real. Everything is now coming together. The customer base is growing. Inventory is expanding. Demand is rising. We are winning because our outcomes beat alternatives. When new clients see higher ROI with Genius, they increase spend. It's predictable. It's repeatable. It is the growth engine. The trajectory is straightforward. Advertisers see stronger ROI. Spend consolidates with Genius. We execute more campaigns. Credibility compounds. Growth accelerates. Others watch sports. We read it. Others chase fans. We understand them. Others sell impressions. We are creating moments. This is the value creation in sport. And only Genius has the infrastructure to deliver it at scale. In our next session, we will move from talk to proof. I want you to hear directly from our customers who are reshaping the sports advertising landscape. But for now, let's take a break, and we'll reconvene in 10 minutes. Thank you. Please take your seats. Investor Day 2025 will recommence shortly. Please welcome back to the stage, Josh Linforth. Hi everyone, welcome back. So now we're going to have our media panel for the day. So please join me in welcoming our panelists to the stage. I'm going to let everyone do a bit of a self-introduction here. So I don't know if Sam, you want to kick off for us here. You got it. Sam Bloom, I am with PMG. I lead our partnerships. Excellent. My name is Gina Waldhorn. I'm the former Chief Marketing Officer of Sports Innovation Lab, now SVP of Marketing and Advertising at Genius Sports. Hi all. Erick Estrada, VP of Product and Measurement for Publicis Media within Publicis Sports. Great. One of the topics today has obviously been streaming, the fragmentation of sports rights moving from linear to digital. Erik, can you maybe just walk us through how Publicis' approach to planning for that shift in environment has evolved within the agency? Yeah, great question. I think we've all experienced kind of different platforms, and we're trying to keep track of our own logins within Netflix and Prime and all those things too, so we hear kind of the challenges. We kind of caught it early on, and within Publicis Group, we've kind of developed a way to kind of really look at the migration from linear to OTT, CTV, and addressable TV as well too, so what we've done is kind of create a unified currency to kind of address this kind of shift. What we've done is also kind of create bespoke integrations with our distribution partners to help navigate whether investments go to certain platforms too. Within that, kind of we call it Lift within Publicis Group. Within Lift, it helps us kind of determine where these investments better lie. Within those platforms there. Interesting. Then Sam, obviously with TV rights, sports in particular, moving to digital, that creates a whole new opportunity around targeted advertising. Can you maybe just talk about how bringing precision targeting into the buying practices within the agency has evolved over time as you're now buying more sort of digital and streaming ad content? You got it. The heart of our agency is our platform Alley. When I sort of say when you think about media buying, there's planning, there's execution, and then of course there's measurement. Now with things like FanHub, it's a process all the way through for us. When you think first is every brand has fans. They have their own consumers, and of course they're connected to sports in some way, shape, or form. First is uncovering those insights. The second piece is then being able to activate upon that data. When you think about traditional ad platforms, it's almost impossible to connect in the moment, particularly what you were talking about, those moments in a match or a game. For a Nike, for example, when LeBron breaks a record or something along those lines, being able to do something with that kind of precision for a Nike is really important. Then being able to bring measurement to that, to be able to connect those moments to outcomes for clients, huge. So it's literally across the board for us. Yeah. Excellent. Really interesting. And it's interesting you touched on that. So on the product side of things, and Gina, I know we spoke a lot about this during the process of Genius acquiring Sports Innovation Lab with yourself and Josh Walker and Angela, the co-CEOs. One of the interesting things that we learned through that process was how we had this shared vision of measurement in sports. And it's always one of the biggest challenges, particularly in sort of sponsorship. And we've got this opportunity now where more sports is turning digital, and that essentially drives a massive shift in sort of sponsorship measurement and just measurement in sports advertising in general. Can you maybe just talk about how you think that is evolving in terms of the combination of something like a FanHub ID with sports data and what it unlocks? Absolutely. So I think what's fascinating is this isn't new to brands and agencies and advertisers. A lot of this precision, performance-based, rigorous ad technology has existed in retail media, as you mentioned, in e-comm, and even CPG. These are advanced precision-based performance targeting that exists in other industries that had not been brought to sports. Sports was kind of looked at as emotional, brand building. We'd love some measurement, but that's not really why we're doing it. But as the industry has evolved and Genius Sports and we've brought in Sports Innovation Lab, brought this technology to sports, now, as you say, we can add a whole new layer of attribution, of ROI measurement to truly understand and evaluate sports media against other traditional digital media channels. And so we're welcoming in a whole new host of brands who either maybe kind of stepped away from sports because they were missing that precision, accuracy, and targeting. And for those legacy brands who spend hundreds of millions on these sponsorships, we're now unlocking a new level of attribution and measurement for them that can continue to help them optimize the deployment of their sponsorship portfolio into sports. Interesting. Interesting. And I might just come back to you, Sam, briefly. One of the things that I know we've talked about a lot is the shift in your clients and how they are becoming more and more interested in sports. I think one of the conversations we had at one point was that sort of brands historically thought they needed to make a big bang moment in order to enter the space, and that is shifting. Can you maybe just talk through how you're seeing that evolution with your partners? Yeah. I mean, look, the reality of it is that not every, I mean, when you think about the broadcast buyers of TV, it's 300-500 brands that are basically advertised on national TV in some way, shape, or form. And so when you think about advertising as a whole, not every brand, I mean, when you think about brands, they don't all have national presence when you think about the penetration of those customers. So now we have platforms like FanHub that'll enable us to basically action on sports in the places against the fans, in the places that are most important to those brands. And when you think about digital consumption, when you think about TV consumption, it's usually the diehard fans, but fandom is a much broader thing. And so we've been able to use those insights to be able to activate fans in the places where they consume sports. And some of it is the broadcast, yes, but oftentimes, more often than not, it's digital. And that is extremely important. And then for many of these brands, they're very outcome-focused. As Gina mentioned, one of the things that is really impressive about the data set, it's sort of like having Google Analytics for the real world. So if you have a retailer or a QSR brand and you're trying to measure your association or your ads with a particular sports team or IP or an athlete, to be able to connect that to an outcome is wild. And it's enabled a lot more brands to jump in because they see it no different than they see their Meta and their Google and their other platforms that they're used to seeing those kinds of outcomes. Yeah. Great. And speaking of sort of data and tracking outcomes, Erik, obviously Publicis has Epsilon, right? Yep. And that is sort of the core for the agency in terms of data and understanding. Can you maybe just sort of talk through how you're leveraging multiple data sets from partners like Genius in that environment to drive outcomes for your partners? Yeah. Super important for us. As Gina mentioned, there was enough data, but enough wasn't enough for us. We wanted to expand on that. So within Epsilon, we combined different attributes and data sources to give us an idea of behaviors, preferences. And what we were missing a lot more was that fan dynamic, not only what they understood, but what their behavior was before, during, or afterwards as well too, which is why this unique combination of Epsilon and Genius Sports data gives us a unique advantage to support our clients. We want to, in the future, kind of help understand for our clients how fans feel during the game or after the game. I'm a Jets fan. I lose a lot, but what has happened or what I eventually want to recognize is how do I feel when I lose and how our brands can react to that. Usually, when I lose, I try to order some food, and you might not see it, but hopefully other fans kind of indulge in different ways. But those are things that we want to help understand so that we can help our brands target the real fan itself a little bit more. So that's kind of how we're using Epsilon and kind of the unique partnership that we have with Genius to help kind of activate a little bit more. But not only kind of reach the fan, also kind of look forward. We always want to, I think the goal was try to attack the fan of kind of where they are, but let's attack the fan of where they're going, and that's kind of what we want to try to reach. Yeah. Jets fans are an easy segment for us. They don't move around much. Yeah. We're sort of very static. We're there. We'll stay there. Sooner or later, we'll flip it around. Very nice. We talked about local sort of advertising there. One of the things that we've talked about today is our relationships with FanDuel Sports Network and NBC for this new sort of set of augmented inventory for 600 games. Can you maybe sort of just talk through? I know we've done some work together on augmentation. Maybe touch on particularly around how your partners are reacting when they see that as this new format and what does sort of the local ability to network loads of local content together and bringing that into the sports fandom? Well, I think it's huge. I mean, one is what's crazy is it's enabling an entirely new set of inventory. I think it's the first piece. And I think that's huge. I think the ability to localize, customize, personalize, that has huge implications because with fandom, you have to speak to the fan in an individual way. And to Erik's point, talk to a Cowboys fan is very different than talking to a Jets fan, even though we're equally as. But I think when you speak to people in that common language of love around sports, it has an amazing impact. And particularly what I'd sort of say is it translates over just about anything. I mean, sports really is the lingua franca, and it's also one of the few things in our media business that still has water cooler talk. And so it's the thing that connects us, but it's also the thing that motivates us and drives us. Yeah. Great. And sort of from the technology side of things, Genius is really driving a path here with GeniusIQ and the mesh data that it unlocks. And we've talked a lot about it today. You've seen the experience when you came in of sort of what it looks and feels like. We're obviously laying this roadwork, this sort of pathway, this foundation for this future where video becomes indistinguishable from the broadcast, and graphics ultimately meet to the same standard as what a video feed is today. We believe that creates a massive amount of opportunity in the advertising ecosystem. When you think about someone like Genius bringing you that technology as an agency and being able to leverage that across your full portfolio and taking that to your partners, what are some of the opportunities that you think that unlocks in terms of sort of new inventory, new ways to interact with fans? Yeah. I think this marks kind of a creative point for us in partnering with somebody that gives us the ability to do so. Obviously, we've done it with the ads front kind of leading the way from our side, Publicis Media, with a lot of our clients, and now, knowing the importance of sports and where it's been and where it's going, we want to be able to create new inventory and not only kind of create an inventory, but customizable inventory, so I think that's kind of the importance from our side, really understanding kind of where this partnership can benefit both of us, but unlocking new things and thinking new ways. I think that's really important kind of on the brand side. Obviously, sports right now is very much crowded and fragmented, as we all know. But let's get creative out there with the types of inventory that we can create together, understanding what a fan wants and what a fan needs. Yeah. And I'll just add on the inventory you're describing is personalized, and it's customized, and it's built from the ground up, and it is premium. And we are entering a new age of the internet where, over the past several years, there's been a tipping point, and consumers are spending more time with premium content with the top 100 publishers than inside traditional walled gardens, Google, Meta. They're spending their time with premium content, and they want premium. They want personalized. They want brand safe. I mean, that's critical. I know you guys are getting asked for that all the time. And when you think about real-time, premium, customized, brand safe, you are describing sports. So to have the ecosystem and the technology to see the game like nobody else, know the fan down to the fan that orders the food or the fan that has high propensity to spend on wings, and then connect those two sides in a unique environment is just perfectly positioning Genius and our partners for this coming of a premium internet age where consumers are hungry for this kind of content. One thing I'd sort of say is I think there's a common belief that young people aren't sports fans, and that is categorically false, and this tech is really unlocking that across social, across creators, across all the broadcasts. We're seeing it across the board. From our perspective, I think when the tech is in the hands of what we think of as our operators or people that operate in certain channels, they're starting to translate it for those channels, for those audiences. That is huge because, at the end of the day, we're trying to meet the fan where they are, not necessarily recreate the broadcast. Today, sports is consumed. We were talking about this last night. You open up The Athletic on a Monday morning. It's better than SportsCenter used to be because you're getting the highlights and everything in there and the breakdown of it. The GIFs themselves are some of the assets. You see some of the stuff with the mesh, my gosh. I mean, if you're a Madden fan and you grew up on Madden, I mean, why would you watch football any other way? Yeah. Totally agree. Totally agree. Yeah, and so on to that point, Sam. I'm going to make my kids suffer with me as a Jets fan, so they're going to be brought up sports fans too, but I just want to add one thing more, going back to premium and basically what both of you said. Premium, we want to determine what premium looks like too. One thing that we're looking forward to is looking at the betting data and kind of where those spikes are to determine where people are interacting a little bit more than usual, where the games are getting close, where the interests are so they would create a little bit more customizable premium inventory, but it aligns with kind of what Gina mentioned, so great. It's interesting what you touched on there with betting data, right? Obviously, Genius is tracking all the financial transactions that are going on across sports fans. But when it comes in particular to betting data, betting transactions, understanding the value of a betting consumer, as an agency, when you think about that as a data set you can pull in, how valuable is that to you? We've been doing that. By the way, we have one client in particular who is pretty leaned in on sports and betting. And we've made a ton of our placements based on that and based on the volume, the velocity of the betting data. And some of it is that we know that means that game is going to have attention, and it matters. And so, by the way, it's a massively interesting data set. I dare say it's not Nielsen, but it tells you it's very predictive of the outcome of a broadcast to a large extent. Yeah. Yeah. Agreed. I think it gives us a fuller idea of a fan graph that we want, right? This is what a fan would say. I'm not a big bettor, but you could see where I tend to go, which is tennis, football, and soccer, but also builds out that kind of fan profile that's needed in order to kind of try to predict or try to get a better view of where an ad should be placed or who those ads should go to, depending on kind of what sports you're into or what last-minute interest or last-minute parlays you're trying to put in there, so. Yeah. Great. We're coming up on time. Maybe one last question for each of you. As we look to 2030 and beyond, right, how does the agencies' relationship in sports evolve as you have more brands coming to you looking to tap into the sports fan base? Where do you see it going? Well, look, I mean, it's interesting. I mean, I think the biggest piece for us, the biggest transformation is moving from static data sets to what I'll call actionable, identifiable kind of data sets. And I think as we move along, I mean, sports to me, I mean, we've seen year-on-year growth in just about every major sport. It commands so much attention. It's going to be at the heart of the planning and the buying and the measurement process from here on out. For me, what's really interesting, and this is the conversations that Gina and I have had for the last couple of years, is we may start with the endpoint, which is who your consumers are, and back into the fandom. You might find that the fandom for pickleball, the fandom for women's sports, the fandom for a lot of sports that may not have the broadcast audiences but may have massive fan appeal, drive incredible amount of transactions, large AOVs. To me, that's the piece that I see going forward is that it will be the connector to find those passion points and potentially find emerging trends as they occur. Yeah. I think agencies are going to set up performance buying teams for buying sports, whereas traditionally that would live kind of completely with the sports and the sports entertainment and the sponsorship teams. They're going to have the measurement, the attribution, the data, the insights to deploy that sponsorship capital in meaningful ways to drive actual performance of their business. And that's a different model than we've seen in the past. Yeah. Spot on. Last note for me, it's relationship of the fan and team. More emphasis is going to be put on that, understanding where that lies, how it happened, how it's moving, and where it's going. That's kind of where we're focusing on from an agency point of view. Excellent. Thank you very much, everyone. Thank you. Thank you. Great. Thank you again to our panelists for taking the time and sharing the insight. We had a Jets fan and a Cowboys fan. I don't think things are much easier for me as a Dolphins fan. But anyways, I'd now like to welcome our next session, which will be presented by our CFO, Bryan Castellani. Okay. This is the beginning of the home stretch. Good afternoon, everyone. I'm Bryan Castellani. I joined Genius in October. While I'm the newest person on the stage, I come with a long history across sports, media, and entertainment at Disney, ESPN, and most recently, Warner Music. I'm excited to bring that experience to Genius Sports, particularly given the opportunity we have across the sports ecosystem and in media and advertising in particular. And I'm fortunate to step into a finance team and a company with a strong track record of execution. But what really defines execution in a business like ours? What makes those numbers tell a story of consistency and growth? In the next few minutes, I will take you through our financial execution, our growth algorithm, new 2028 financial targets, and our capital allocation priorities. First, how have we done this? Our performance to date has been built on multiple sustainable revenue growth drivers, a largely fixed and predictable cost base, consistent margin expansion and cash flow growth, and the flexibility to invest for disciplined long-term growth. This isn't theoretical. It's in the numbers. So how have these principles translated into tangible results? Let's take a look. Since going public, group revenue growth has exceeded 20% each year, with a 26% CAGR from 2021 to 2025. That growth, combined with cost discipline, has driven group Adjusted EBITDA from breakeven in 2021 to $136 million this year at a 21% margin. This has been powered by high-quality revenue and betting and media, both of which have more than doubled since our last Investor Day four years ago. The growth is geographically balanced as well. Americas revenue has more than tripled. The rest of the world has nearly doubled, and Europe is up over 60% and well above market growth in that time. In short, this business has come a long way since the last Investor Day, and we've built a consistent track record of financial execution. And based on everything you've heard today, the runway ahead of us is long. I feel we're just getting started, and that's why I'm excited to have joined Genius and to be here today. So what's fueling our next chapter of growth? The building blocks for betting and media should now be clear. We see a path for each of these products to contribute meaningfully to achieving 22% group revenue CAGR through 2028. You'll notice we're only providing betting and media revenue projections. Historically, growth and profitability have come from these two betting and media product groups, not from sports. So beginning in 2026, we will simplify our revenue reporting to align with how we manage the business. We will consolidate sports revenue into betting and media and report only those two segments. We will work closely with you, investors and analysts, to ensure a smooth transition, but wanted to highlight this today. Moving on to costs, our largest expenses are fixed and highly predictable. As you heard from Jack, our major rights agreements are secured for the next 4+ years, and the annual fees for those data rights are entirely fixed with predefined annual increases set from the start of each contract. That gives us strong visibility into our rights fee cost base over the next four to five years. We have the personnel and overhead in place to support the next stage of growth, and therefore, we do not expect material increases in operating expenses from here. That predictability has allowed us to demonstrate operating leverage every year since going public, and we see a clear path for that leverage to continue. The operating expenses shown on the slide reflect cash expenses, which align with our 30% Group Adjusted EBITDA margin target by 2028. This brings me to our new 2028 guidance. At our last Investor Day, we set a long-term target of 30% Group Adjusted EBITDA margin. Given the visibility over our model, we expect to reach that target in 2028 with $1.2 billion in group revenue and $365 million in Group Adjusted EBITDA. While adjusted EBITDA is important, our long-term goal is to become a free cash flow compounding business. In 2028, we expect 60% conversion of adjusted EBITDA to free cash flow, which equates to approximately $220 million of annual cash flow. To be clear, our bridge from adjusted EBITDA to free cash flow, as illustrated on the slide, includes capitalized software development costs, CapEx, taxes, and working capital. This shift towards cash generation is a core part of our story going forward. Because what's the ultimate measure of value creation? Cash generation that funds its own growth. With increasing cash generation, we want to also take this opportunity to reinforce our capital allocation priorities, which fall into three categories. First, organic reinvestment. We will continue investing in GeniusIQ, both development and global distribution, because, as you've heard throughout the day, it is strategically and financially critical to our future and our growth. Second, M&A. As the market moves towards single connected technology partners, we believe Genius is in the best position to combine sports data and technology. Our bar remains high. Any acquisition must be accretive to growth, margin, and our cash flow trajectory. Third, share repurchases. We've authorized a $100 million share repurchase, which we'll deploy opportunistically where it delivers the strongest ROI. The program may also be used to offset share count dilution, and we expect net share dilution to remain a low single-digit percentage per year going forward. Finally, everything we've outlined today reflects our base case assumptions. But we also see multiple avenues for upside, both through 2028 and beyond. For example, our high-margin self-serve advertising model has significant room to scale, and we have the talent and partnerships in place to accelerate that shift. As you heard from Josh, the Genius Media Network has real momentum and the potential to drive upside. Online sports betting could exceed our current assumptions, whether through regional expansion, in-play adoption, or adjacent opportunities like prediction markets, as you heard from Jack. GeniusIQ could, as Matt highlighted, enable third parties to build applications on our platform, creating high-margin incremental revenue streams. And as we expand GeniusIQ globally, we expect increasing data collection efficiency and auto-eventing, removing the manual efforts of statisticians and on-location personnel, which could further reduce costs and improve margins. So while we are confident in the guidance we provided today, the potential for upside is real. And under Mark's leadership, this company has delivered on every major financial commitment it has set. With that, I'll hand it back to Mark to share his closing thoughts. Thank you. Thank you, Bryan. Let me start by reinforcing what you've just heard. Our 2020 outlook is not an ambition. It's a clear line of sight. The strength of these targets comes from three things that are now firmly in place: a scaled platform, a disciplined operating model, and far greater visibility across our ecosystem than at any point in our history. Bryan has articulated the economics of this business with clarity and predictability. His model reflects the underlying performance of the platform, not blue sky assumptions, not the uncertainty, but the fundamentals that you've seen across every part of today's presentation. I want to be explicit that we have high conviction in achieving the 2028 outlook because our platform is delivering exactly the dynamics that we designed it to deliver. The strategic context behind these numbers is exactly what I want to close with because it's where the next decade of this industry is heading. Let me do that. Let me close by shifting the way that we all think about rights because the definition of data rights is expanding faster than at any point in the industry's history. For years, when people said data rights, they were really talking about one thing: sports betting data, a narrow slice of what's really happening. But everything that you've seen today shows that this definition is now outdated. GeniusIQ is redefining what data is, how it's captured, and how it's monetized, and how it powers the entire sports ecosystem: mesh data, automated capture, 3D digital twins, zero-latency event streams. This is not just betting data. It is quite literally a new asset class, and that new asset class unlocks applications far beyond betting: broadcast enhancements, personalized viewing, real-time advertising, sponsorship optimization, fan engagement, and content creation, all built from the same foundation, so the real question for the leagues becomes, what does the future data rights model look like? They will no longer be able to limit themselves to a narrow betting-only construct. They will need to embrace next-generation data that underpins virtually every revenue pathway in modern sport. The answer is clear. Fan behavior is changing. Digital, interactive, personalized consumption is becoming the norm. As a result, the traditional rights model is coming under pressure, and you can see this evolution everywhere across global sport. Our deal with the EFL signed this year focuses on the long-term value of GeniusIQ tech rather than the rights fees alone. Ligue 1 shifting towards direct-to-consumer, DAZN choosing not to continue with the Belgian Pro League, regional sports networks in the U.S. under sustained pressure, Apple shortening its MLS deal, and IMG Arena exiting the space. These aren't isolated incidents. They point to a fundamental shift in how sports content is valued, distributed, and monetized. Outside of the NFL, every league is reconsidering how value flows, how engagement is captured, and how stable their model really is in a fragmented digital-first world. And all of this leads to a simple conclusion. Leagues must live in that digital world. They must adapt to new expectations. They must find new ways to monetize and engage their audiences. This is where Genius comes in. Today, you saw how GeniusIQ elevates every part of the sporting experience and how it powers personalized viewing experience for fans, how it drives deeper fan engagement and new advertising inventory, and how it improves targeting, increases ROI, and lifts the value of league content. Every component feeds to the next. More engagement creates more data. More data creates more value. More value increases the total flow of dollars across the sports landscape. By plugging into GeniusIQ, every part of a league's ecosystem becomes connected, and each partner benefits from the others. This is why leagues are taking a holistic approach to their rights and why Genius Sports is the end-to-end platform capable of monetizing this next generation of data across betting, media, advertising, sponsorship, and fan engagement. This is the foundation of long-term mutually beneficial partnerships, a rights model built for the next era of sport. Everything you saw today sits on GeniusIQ, and the future will demand even more from this foundation. We won't build every new application. The ecosystem will: teams, brands, developers, innovators. But every future application will need the same foundation: real-time data, AI, and a unified operating system. And that is GeniusIQ. And it means that we can share in the upside of everything we've built on top of that platform. Think of Genius as the App Store of sport, a platform that will do what the sports industry—what the App Store did for—sorry, a platform that will do for the sports industry what the App Store did for mobile. It will unlock an entire new economy. The guidance that you've seen today reflects the opportunities directly ahead of us. The even greater long-term upside comes from everything that's still to be created. If you believe in the long-term growth of global sport, there's no better way to participate in that upside than investing in Genius. We don't rely on subscribers. We don't rely on customer acquisition. Our model scales with fan engagement, and sports fans always come back. Global sports consumption more than doubled in the last 10 years to 3 trillion hours in 2024, and this is expected to increase to 4 trillion by 2034, with digital already accounting for 40% and rising fast. When leagues grow, we grow. When digital streaming expands, we expand. When in-play betting accelerates, our financial performance accelerates. When advertising becomes more data-driven, we monetize more pathways, and when new applications emerge, they're built on our platform. Owning Genius means owning a share of every major revenue pathway in modern sport without carrying the cost structure of any of them. It's a hedge against rights volatility, a hedge against fragmentation, and a pure play on the digitization of sport. If you believe the world will keep watching, betting, streaming, sharing, and engaging with sport, then Genius is the company that you want to own. Because every time the fan shows up, our economics scale, and sports fans show up forever. The future of sport will be built on Genius, and so will the returns. Thank you. All right. Thank you. Thank you, everyone. So that's the end of our prepared remarks and presentation. What we will do now is bring everybody back on stage, and we'll open the room to Q&A. If you do have a question, we ask that you just raise your hand, and someone up here will point out who gets the microphone. We have a microphone on each side of the room, so just wait until the microphone is passed to you, and then you can ask your question. So we'll welcome everyone back on the stage now. Bryan here. Yeah. Yeah. I was going to say, do you want to pass some? Yeah. If someone could pass them over. I can emcee this. You just do the mic. While they do that. Yeah. Put your hand up, Bryan. There you go. Thank you. Check me out too. I can repeat your question for the audience. Just shoot. Maybe to start with, Bryan, just because you ended on the free cash flow, it's been something that I think investors have certainly pushed back here on the company. Meaningful conversion to 60%. My math implies basically all the incremental EBITDA is going to convert to free cash flow. So I guess you laid out the building blocks in there, but I guess the confidence, the visibility, and kind of walk through, I guess, why now the EBITDA is going to meaningfully convert to free cash flow, and then that path over the next couple of years. Thanks. It's really about that operating leverage and over the next few years, being able to scale and getting both the revenue flow through as well as the operating expense efficiency. It's not a straight line to 60%. There's certainly a ramp there, but it's not all hockey stick either. And so we feel confident about it because we have a model that is predictable on the cost and the investment side and also gives us flexibility, as you saw in some of the bridge from EBITDA to cash flow, as well as just the space we continue to see great growth and headroom for us to outpace that growth. Jed Kelly, Oppenheimer. Great job today, especially around some of the near-term debates in the industry. Just looking ahead over the next five years, you've obviously done a good job expanding your soccer rights deals with the NFL. Can you just talk about where you think your rights portfolio is now? Are there any other sports you think about as potential opportunities? Thank you. Yeah. It's a good question. I mean, I tried to touch on data rights in this sort of closing remarks, but I think what's happened is you're seeing this very significant fragmentation in the market. You've got the major leagues, the likes of the NFL, who obviously have a very strong position in the market. But I think underneath that very, very, very top layer, you're seeing a lot of the sports leagues really struggling. I mean, I reeled off a list: Ligue 1, Belgian Pro League, MLS shortening their deal with Apple. All of those are examples of where the rights model that has historically existed in sport has really come under a lot of pressure. So what we're seeing is we're seeing new deals that are coming up, and examples of them are the EFL deal that we did earlier this year, Serie A, and also with IMG exiting the market. All of them are examples of that change that's going on in the market. And what sports leagues are having to do is look much more holistically at the market. They're having to understand that they've got to look for new revenue pathways. They've got to look for new ways of monetizing that fan because those old rights models are not working. So from our point of view, we feel very, very confident about our position in the rights space. We've got long-term locked-in major rights deal with the NFL. And I mean, hopefully, you guys understand how close that relationship is with the NFL and how much opportunity we've got there. Outside of that, we've got a very, very strong portfolio of rights. And more importantly than that, we've got a massive amount of technology that we've now started to deploy across that network. If you look at FIBA in 170-odd countries, you've got our technology that's going to be distributed there. EPFL, we're rolling out over 400 stadiums in, I think, 42 different leagues. We've got an enormous distribution network as part of that that will take our technology and allow us to really lock in that long-term position in the market to get access to the data and really push that evolution of the rights model. So we feel very good about it. Can I jump in? Yeah, of course. As well, Jed, I guess on some of the things I was saying today, a bit more near-term, really, in our kind of core betting bit, which happens today, the betting rights that we acquire and things like that. We've got this solid footprint that's really, really great for us. What it really means is we can be really circumspect about other stuff that comes up. There will be rights deals. There are rights deals going on all the time. There's some stuff going on at the time. We can make decisions to say, "Do you know what? We don't want that. We don't need that. We've got enough in our business, and we can make sensible decisions about how we do that because we can show a bit of discipline." The other thing going on is when I talk about distribution and the product power and that, when I look at the competition, they don't have that same level of power, right? They don't have. There's us and Radar who have good distribution, but there are loads of others who play in this space, but they don't have anything like that power, right? And so it's kind of where you see IMG Arena and where that ended up because it didn't have the distribution power. It didn't have the technology step. So eventually, this stuff will evolve. And my own view is actually consolidation will continue. And actually, the historical heat in that betting market rights is going to come right down. Thank you. Mike Cahill, Crispin Capital. Mark, when I think about your ad platform that you've built, sorry, can you speak up a bit? Yeah. Is this on? Yeah. Yeah. Sorry. Mark, when I think about the ad platform that you've built, it reminds me a lot about AppLovin. AppLovin, a few years ago, created an ad platform to go after the mobile gaming market. They started small. They were very disciplined about rolling out their technology. But the mobile gaming market is much smaller than the sports betting market. It seems to me that that would be an interesting analogy to consider. And I was just wondering how you're thinking about that. Yeah. I mean, I'll take that and talk about the sort of size of the market. I mean, obviously, the size of the advertising market that we're targeting is enormous. Anyone in the world who likes sports, which is a pretty decent, pretty decent TAM for us to go after. So we're looking to target that user base, and I think we're very, very well positioned to do that. In terms of AppLovin, I mean, do you want to pick up there? Yeah. I mean, happy to. I mean, it's fair to draw comparisons to what Genius is doing in AppLovin, right? We're incredibly focused on building not just today's sports experiences, but the next generation of sports experiences. Our whole model is taking our data, building these experiences, and then embedding them into other people's apps, right? We're already in thousands of apps around the world. The two things that AppLovin has is unique distribution and audience data on the consumers that are in those experiences. That is exactly the same path that Genius is on because we have our identity solution, and we're creating experiences that people are desperate to have in their apps, which we create new inventory on to monetize. We're on a very, very similar path in that regard. I also think it's fair. It's a very good comparison on another basis, which is that fundamentally, why is AppLovin being so successful? It's because it's able to use huge amounts of data. Not everybody totally understands exactly what that data is or where it's available to make very, very good investments in the inventory. I think that's something that's very analogous to Genius. We have a very, very strong data pipeline. We have a massive, especially with the addition of Sports Innovation Lab, we've got an enormously powerful view of the customer. Bringing that together, I think, gives us by far the strongest view of sports fans anywhere in the world and the moments of sport. I think that plays a very strong part in us being able to generate very high ROIs for our customers. Hi. Barry Jonas with Truist Securities. Really appreciate this very helpful presentation. I especially thought the deep dive into prediction markets that Jack gave was extremely helpful. I just wanted to clarify, is there anything embedded assumption-wise in the guidance around prediction markets and how they may play out? Are there any risks in any of those scenarios to hitting your targets? Thank you. Do I start? Yeah. I mean, I've said it from a big-picture level. I think I laid out in my sort of prepared remarks that it's pretty fluid, right? It's pretty fluid at the moment, as everyone knows. And what can happen can change in quite a short period of time. But it exists. It's there. It exists. It's real. Things are happening. People are placing prediction bets. People are trying to acquire customers. Prediction contracts, not bets. So it's real for us. We've taken a really cautious view of that. As we've modeled out over three years, we start really small in 2026. Really, really small in terms of how we're thinking about it in 2026. If it flies and some of the scenarios that could play out, play out, we'll massively outgrow where we've put in our models today. But there's quite a lot of stuff which is really fluid at the moment. So it's very hard to be super specific on it, but our approach has been a consistently cautious one on it. So if anything, I would be thinking about different developments in the market. It creating accelerated sports betting is a massive major upside from the numbers that you see. I think the other thing as well is worth noting. You probably saw Kalshi's announcement yesterday. I think they raised $1 billion. And if you actually look at what they detailed that they raised that money for, it was for data and apps. When you think about our business model, and again, if you sort of draw back to the diagram that Jack put up on the, I guess, on the wall behind us, it showed you the market, but it also showed you where we're already playing. We already sell data to the market makers. We already work with each of these companies on a marketing basis. So the money that they're raising and some of the momentum that's coming in that market is already coming into our business, and we'll continue to do so. And again, that's evidenced by the announcement that was put out yesterday by Kalshi. I mean, they're going to need to press their product, drive more marketing. So we feel that we're very, very well placed. We already have the relationships. We have the technology. We have the data. We're extremely sensitive and extremely conscious to work with the regulators and to work with the leagues, as we always have done. If any of you guys have followed us over the time, you'll know how cautious we are in terms of regulation. But that puts us in a very, very strong position to work with those regulators and see that evolution through in a really cautious way while still benefiting from the space with our other product sets. Bernie. Thanks. Bernie McTernan from Needham. Great job by the whole team here. This was a great presentation. Josh, I was hoping that you could maybe take us under the hood a little bit in terms of the assumptions that go under the, yeah, the assumptions that go and bring advertising media spend from $135 million to $500 million? I think the chart in the presentation had like a 50/50 split between the gross and net spend. Is that the right way to think about it? And what should we think about the contribution from the existing two agencies that you're signed up with versus signing on more agencies to get to that $500 million? Yeah. Okay. I might take those in reverse. In terms of the agencies, as we said during the presentation, right, these agencies and other agencies in general have hundreds of customers, hundreds of advertisers that they work with. So we're tapping into those demand channels where we're able to work with those. And those come through as sort of advertising briefs based on the seasonality of sports and different things that are going on in those cycles. Our focus with our partners is ensuring that all the different clients across the organization understand the capabilities of Genius and for us to be receiving all of those briefs that are available. And that is essentially how we scale those agency partnerships. And as we said, those can be everything from a five-figure sort of activation through to a multi-million-dollar strategic partnership, depending on the needs of the client. In terms of the sort of revenue split between the sort of managed service activity and the self-serve activity, I'd say it's early days for us, right? We're very early on in this journey of self-serve. But as we have said with the agencies, that is the monetization path that they tend to want to take with Genius. So over time, we expect our margin to increase across the blended margin across the media business to increase. I think it's sort of a bit too early days to put a stake in the ground in terms of exactly what that mix will be, but we're on the right path for that to materialize over the next couple of years. Sorry, I can't see, but yeah. Jordan Bender from Citizens. Thanks for today. You picked up another win yesterday with FanDuel and the NBA. I'm just curious how much investment opportunity there is out there for leagues that you don't actually have the data rights for moving forward. Sorry, I didn't hear that. I don't know if you guys did. I have a question. Yeah, I think the question was around how much opportunity is there for leagues where you don't have exclusive data rights? So we talked about kind of the FanDuel NBA. We've got opportunities on the advertising side of the business. I think the question's around what's the upside there? Jordan said that was relevant. Yeah. It's a great example. I mean, the product sets that we offer are extremely wide and varied. So it's a really great example of we don't have a data rights betting partnership with the NBA, but we still exist in lots of touchpoints within the NBA. So we work with lots of their teams. We're working with lots of their partners, the FanDuel Sports Network being a really good example. So not everything that we do, not every relationship that we have with a sports organization is always anchored in sports data rights. Sometimes our relationships will go rights first, and they'll evolve into a much wider product set. That's kind of a well-trodden path that we've done. But we're also seeing it go the other way around as well. Our relationship with the CBF in Brazil is a great example of the CBF actually don't own the data rights. We do have the data rights for Brazil for betting, but it's through different organizations because of their governance structure. But that is fundamentally a performance deal about semi-automated offside, right, which is great. They're paying some good money to deliver some technology into that ecosystem to fulfill an immediate need. But once we're there, we can then go and create lots and lots of opportunities. To answer your question, there is loads of opportunity for us with lots of sports that isn't centered on having betting data rights at its anchor. Yeah. And I'd probably just add to that from a sort of advertising standpoint, right? Particularly with our identity solution, because we're distributing content into a ton of apps and experiences, we get the visibility of the full sort of fan spectrum, right? And we're able to understand NBA fans, NHL fans, Premier League fans. And it's all from leveraging our sort of technology distribution across the board, particularly with SIL. What we're doing there in terms of indexing sport fandom means that even at the moment, every day we've got NBA campaigns live. When MLB season starts, we'll be running MLB-based stuff. And that, yeah, the media business in particular is not limited by it. When we have official rights, we're able to do even greater things, right? But it does not preclude us from being able to run advertising activity with our partners across every sport in the world. And again, bringing it back to where we started this today, I mean, started this Q&A session, the anchoring of our technology in these leagues to provide other services across a backdrop of a very, very dynamic and changing rights industry just puts us in an unbelievably strong position when those rights renegotiations come up. And examples of that are things like the EPL, Serie A. Those are opportunities where those rights deals have been changed materially, but the technology has anchored us in a really strong position. Mike. Yeah. Thanks, guys. Mike Hickey from Benchmark. Great presentation. Awesome. Just curious on digital twins. I don't think that's in your 2028 guidance, but listening to your agency partners, it seems like that could be a huge unlock for you in terms of growth of your media business. Just curious sort of how you see the path to commercialization for digital twins and if there's any gating factors in terms of technology or what needs to be done to get completion. Thank you. Yeah. Look, I'll take it from a technology perspective, and I hinted a little bit at my background whenever I kind of introduced myself at the beginning of my presentation, but I spent five years at Microsoft kind of leading product for their augmented and virtual reality group, kind of creating industrial digital twins, right? So it's a space that's fairly near and dear to my heart. I think one of the big lessons I learned when I was there was that digital twins are fascinating in terms of the opportunity in the future. You think about kind of headsets that become form factors like glasses and all of the opportunity that exists. But I think what sometimes people look past is the value that you can create from a 3D digital twin, even on a 2D screen today, right? And we talked about it some. When you look at something like SAOT, the ability to have that digital twin and spin around and see that play from any angle is really, really critical, really important, right, and really valuable. And I think you'll see us from a technology perspective. There are some things that unlock bigger and bigger opportunities as we look out on the horizon, and you look at all the developments that are happening with the different form factors of glasses. But I think even in the interim, from a technology perspective, we're well suited to kind of take advantage of it today. That example of Trickshot that I showed, right, with Etihad and kind of that example is a great example of how you start to create new inventory that extends beyond the field, that extends beyond the traditional broadcast to embed your advertising, your sponsorship into, right, to start to reach sport fans across kind of the various short-form content medium, right, that they're consuming today. And so I think there's nothing blocking us from a technology perspective. Over time, it will continue to evolve. The opportunity will get bigger, right? But I think we're well suited to start realizing that sooner versus later. Just to add to that as well, I think one of the reasons why we're so excited about the agency partnerships that we're striking is that these agencies have massive creative teams, right? And Genius is fundamentally a technology company. And what we're doing in those relationships is we're going in, we're educating the agency on the mesh data, and we're letting the most smartest minds in the world who come up with some of the coolest creative concepts that you see on TV and various experiences, right? They're the guys who are cooking up all sorts of use cases for this data as well in partnership with us. So that's also where in the future, they're the guys who are also helping us cook up some of these concepts, and they're the ones that will ultimately buy it from us for their clients and run activity. Look, and you can't understate, I don't think, how important those innovators are who look at these new medium and come up with new ways to engage. I think back to in-game advertising when video game advertising first came into being, it was thought leaders like Publicis, right, that were kind of driving new ways to think about that opportunity. And then everyone else kind of followed. And I think these recent announcements we've made have shown these innovators, right, these thought leaders leaning in saying, "Hey, we want to be on the forefront. We want to lead. We want to drive." And I think you heard that from the wonderful panelists we had. Jason Bazinet, Citi. I just had a quick question. You're a relatively young company, and you're navigating a very complicated space, and your revenues have been predictable and consistent. But when I think about all of the rights that you have, whether they're official data rights or AV rights or exclusive rights or the rights to put cameras inside a particular venue, it all seems very fragmented to me. Is there an example of maybe a tier three or a tier four sport where you sort of have the end-to-end, you have all of it, you have the cameras, you have the data rights, you have audio-visual that you could point to where you've sort of maybe in dollar terms, it's not large from Wall Street's perspective, but the growth that you've been able to generate has been significant? I don't know if that makes sense to help paint a picture for what this could look like as it all gets fleshed out. Yeah. So it's interesting, right? If you walk out into our lobby, right, you'll see kind of the Genius logo in front of this ecosystem that kind of ties this all together. I'm not sure that I'm allowed to say the actual name, but if you think about one of the top, arguably maybe the top football league in the world who we've talked about a lot today and partnered with, if you look at the interactions and engagements we have with them, we're engaged with them at the foundational data collection layer. We're engaged with them at the performance layer. Every single team actually, it's all public. It's English Premier League, yeah. Yeah, English Premier League. Every single team uses our performance technology, right? We are actually integrated into their live broadcast, partnering very closely with Premier League Productions as they decided to kind of take their own production in-house last year. We're engaged with them on sponsorship activation, so across the board, if you look at kind of them as the prototypical customer, arguably one of the top two, three, four leagues in the world, this is not, again, it's kind of why I said in my talk, this is not product vision. This is actually product reality, and I think you're seeing that, and now for us, as we get these entry points into these key customers, we've got lots of different ways to kind of grow, lots of different ways to get into these customers, which I think is foundationally different than even when I joined just two and a half years ago. I think it's really important to think about kind of our strategy on that stuff. We offer an enormous portfolio of stuff to the league, right? Enormous portfolio of stuff, way bigger than any of our competitors. We've got competitors in each of these areas, but our portfolio is enormous from a product point of view, as guys I talked to through today. And certainly, I've never really been fixated on only being interested in deals that we start with all of it because it's quite a hard thing for someone to say, "I'm going to just rip everything and start with everything." So we have this enormous land and expand strategy where we start with one piece of tech, then we roll in another, and then we start doing more, and we start doing more. And we've seen that journey lots and lots of times. We've seen it in the Premier League. We've seen it in the NFL. We see it across lots and lots of sports organizations. We don't really get particularly fixated about going, "We've got to have everything all at once at the beginning." We go, "Okay, let's get our touchpoints. This makes sense to us. CBF in Brazil. Let's start with SAOT." Well, from there, I've got the cameras in the stadiums. Suddenly, I'm talking to Globo, who their broadcast partner. Suddenly, I'm talking to brands who want to engage with them. So it's much more that sort of approach than saying, "We've got to be everything everywhere from day one." I would just double down on that in the sense that, and I do grant I am the newest, so I've tried to boil this down as simple as I can to know the encyclopedia as fast as possible. But when you think about the flywheel, which is whether leagues and teams, sportsbook operators, broadcasters, distributors, advertisers, and marketers, it's a good question. EPL is something we wrap the whole flywheel around, but you can enter that flywheel. It's independent. You don't have to be in all spaces. But once we get you in, it's a great opportunity to lead you into other pieces, and it spins faster. It's easy for us to get in and hard to get us out. Do we have no more questions? No more questions? Okay. Great. All right. Well, look, thank you ever so much for all giving up so much of your time today. We're enormously grateful. We hope it's been helpful, and we're looking forward to doing another one of these at some point in the future. Well, I am anyway. So thank you very much. Thank you, everyone. Thank you.