Achieved 31% revenue growth in 2025, the strongest annual increase since 2021, driven by balanced performance across betting and media segments.

Realized a record 20% adjusted EBITDA margin, reflecting improved operating leverage and the scaling of high-margin technology products.

Betting revenue growth of 33% outpaced the global sports betting GGR growth of 24%, validated by the expansion of the BetVision in-play wagering suite.

Media segment revenue increased 37% to $144 million, supported by a doubling of revenue in the second half of the year through new partner launches.

Management attributes the Legend acquisition to a shift from selling 'audience access' to 'audience intent,' capturing proprietary behavioral data that AI cannot commoditize.

The acquisition is framed as a technology play rather than a traditional affiliate business, characterized by 95% organic/direct traffic and high-value lifetime revenue share contracts.

Geographic diversification remains a key driver, with the Americas growing 41% and established European markets accelerating to 20% growth.

Reaffirmed 2026 organic revenue guidance of $810 million to $820 million and adjusted EBITDA of $180 million to $190 million.

Expects the Legend acquisition to be immediately accretive upon closing in Q2 2025, accelerating the company's long-term financial targets by two years.

Pro forma 2026 targets include $1.1 billion in revenue and $320 million to $330 million in adjusted EBITDA, representing a 30% margin profile.

Anticipates free cash flow conversion to reach approximately 50% on a pro forma basis, driven by the high-margin nature of Legend's technology platform.

Guidance assumes a transition in Media revenue recognition from gross to net reporting for certain contracts, which will moderate top-line growth but improve margin profiles.

Reporting structure will change in 2026 to two primary product groups: Betting and Media, with legacy Sports Technology revenue reallocated accordingly.

2025 free cash flow was impacted by approximately $30 million in non-recurring exceptional legal and litigation-related expenses.

Management explicitly addressed the risk of AI disruption, arguing that proprietary intent signals from owned environments become more valuable as search-based information is commoditized.

Rights costs are expected to increase in the first half of 2026 due to the onboarding of Serie A, EPFL, and the new term for English Premier League rights.

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Management noted that league partners are positive about the ability to access a larger, controlled North American audience for messaging and viewership.

The acquisition provides immediate cross-sell opportunities to existing sportsbooks and expands the total addressable market by 70% through iCasino entry.

Management is already seeing advertising spend flow from prediction market operators and expects to capitalize on this 'spend boom' through both Genius and Legend channels.

They view prediction markets as a potential new category for data distribution as regulatory frameworks evolve, similar to the sports betting trajectory.

BetVision is expected to scale to 300,000 events, largely driven by the addition of esports, tennis, and FIBA basketball.

Management highlighted that in-play betting generates roughly 3x more revenue; the Legend engine will be used to optimize BetVision in real-time to drive higher in-play mix.

The strategy involves 'curated deals' that bundle Genius audience data with unique inventory like augmented ads, which agencies then input into their buying platforms.

Growth is driven by increasing the number of active deals and expanding the share of unique, owned inventory within those deals to capture higher margins.

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