Genius Sports Group (NYSE:GENI) shares dropped more than 12% on Friday (down 7% today) after the company reported its Q4 results, with EPS of ($0.63) coming in significantly worse than the Street estimate of ($0.11). Revenue was $105.34 million, slightly above the Street estimate of $104.36 million.

The company’s outlook implies consistent 20% growth in Betting Services (65% of revenue) and its Media segment (24% of revenue) reaccelerating to approximately 30% growth in the back half from flat in the first half on easing comps and more client wins.

All in all, this equates to free cash flow inflecting to positive in the second half of the year, and annually in 2024. According to the analysts at Oppenheimer, the quarterly results demonstrate the company's entrenchment in the US sports betting ecosystem and the increasing importance its technology services are serving leagues and broadcasters to generate higher fan engagement, two factors they believe are underappreciated by the market.