Accel Entertainment, Inc. (ACEL) 2025 Q4 法說會逐字稿

Good afternoon.

午安.

Thank you for attending the Accel Entertainment fourth quarter 2025 earnings call.

感謝您參加 Accel Entertainment 2025 年第四季財報電話會議。

I would now like to pass the conference over to your host Scott Levin.

現在我將把會議交給主持人史考特·萊文。

You may proceed.

您可以繼續。

Welcome to Accel Entertainment's 2025, fourth quarter and full year earnings call.

歡迎參加 Accel Entertainment 2025 年第四季及全年業績電話會議。

Participating on the call today are Andy Rubenstein, Accel's Chief Executive Officer. Mark Phelan, Accel's Chief Operating Officer and President of US Gaming, and Brett Summerer, Accel's Chief Financial Officer.

今天參加電話會議的有 Accel 的執行長 Andy Rubenstein。Accel 營運長兼美國遊戲總裁 Mark Phelan 和 Accel 財務長 Brett Summerer。

Please refer to our website for the press release and supplemental information that will be discussed on this call.

請造訪我們的網站查看新聞稿和本次電話會議將討論的補充資訊。

Today's call is being recorded and will be available in the investor relations section of our website under events and presentations. Some of the comments in today's call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risk and uncertainties. Actual results may differ materially from those discussed today, and the company undertakes no obligation to update those statements unless required by law.

今天的電話會議正在錄音，錄音將在我們網站的投資者關係版塊的「活動與簡報」欄位下提供。今天電話會議中的一些評論可能構成 1995 年《私人證券訴訟改革法案》意義上的前瞻性陳述。這些前瞻性陳述存在風險和不確定性。實際結果可能與今天討論的結果有重大差異，除非法律要求，否則公司不承擔更新這些聲明的義務。

For a more detailed discussion of these and other risk factors, investors should review the forward-looking statement section of the earnings press release available on our website, as well as other risk factor disclosures in our filings with the SEC.

有關這些及其他風險因素的更詳細討論，投資者應查看我們網站上提供的盈利新聞稿中的前瞻性聲明部分，以及我們向美國證券交易委員會提交的文件中披露的其他風險因素。

Any projected financial information presented in this cause for illustrative purposes only and should not be relied upon as being predictive of future results. The inclusion of any financial forecast information in this call should not be regarded as a representation by any person that the results reflected in such forecasts will be achieved.

本案中提供的任何預測財務資訊僅供參考，不應被視為對未來結果的預測依據。本次電話會議中包含的任何財務預測資訊均不應被視為任何人對該等預測結果將會實現的保證。

During the call, we may discuss certain non-GAAP financial measures for reconciliation of the non-GAAP measures, as well as other information regarding these measures, please refer to our earnings release and other materials in the investor relations section of our website.

在電話會議期間，我們可能會討論某些非公認會計準則財務指標。有關非公認會計準則指標的調節以及其他相關信息，請參閱我們網站投資者關係部分的盈利報告和其他資料。

Following management's prepared remarks, we will open the call for a question-and-answer session. With that, I would now like to introduce Andy. Please go ahead.

在管理階層發表準備好的演講後，我們將開放問答環節。接下來，我想向大家介紹安迪。請繼續。

Thank you, Scott, and good afternoon, everyone.

謝謝你，斯科特，大家下午好。

Accel delivered a strong finish to 2025.

Accel 在 2025 年取得了強勁的收官成績。

We closed the year with record financial results, continued operating momentum, new growth opportunities, and an enhanced balance sheet.

我們以創紀錄的財務表現、持續的營運動能、新的成長機會和增強的資產負債表結束了這一年。

In the fourth quarter, total revenue increased 7.5% year over year to $341 million and adjusted EBITDA grew 19% to $56 million both all-time quarterly highs.

第四季度，總營收年增 7.5% 至 3.41 億美元，調整後 EBITDA 成長 19% 至 5,600 萬美元，均為歷史季度最高水準。

For the full year, we also generated records in revenue of over $1.3 billion and adjusted EBITDA of $210 million. These results reflect the resilience of our distributed gaming model, growth from our new acquisitions, and our disciplined operating measures and capital deployment.

全年來看，我們的營收也創下紀錄，超過 13 億美元，調整後 EBITDA 為 2.1 億美元。這些結果反映了我們分散式遊戲模式的韌性、新收購帶來的成長，以及我們嚴謹的營運措施和資本部署。

We ended the year supporting more than 4,500 locations and nearly 28,000 gaming machines nationwide, demonstrating the breadth and durability of our platform and its predictable revenue profile.

年底，我們為全國超過 4,500 個地點和近 28,000 台遊戲機提供支持，這證明了我們平台的廣度和持久性及其可預測的收入狀況。

In Illinois and Montana, we continue to optimize our footprint and terminal base, driving steady hold per day improvement and margin expansion.

在伊利諾伊州和蒙大拿州，我們不斷優化我們的業務佈局和終端基地，穩步提高每日持有量並擴大利潤率。

Illinois remains our largest and most established market, and we continue to execute on our strategy to improve unit economics and expand margins through discipline, deployment, and route optimization. We are excited by and are closely monitoring developments in Chicago, following public announcements regarding the introduction of video gaming terminals in licensed establishments.

伊利諾伊州仍然是我們最大、最成熟的市場，我們將繼續執行我們的策略，透過紀律、部署和路線優化來提高單位經濟效益並擴大利潤率。我們對芝加哥的進展感到興奮，並正在密切關注事態發展，此前芝加哥已公開宣布將在持牌場所引入視頻遊戲終端。

As the leading operator in Illinois, we believe Excel is uniquely positioned to participate meaningfully.

作為伊利諾伊州領先的營運商，我們相信 Excel 擁有獨特的優勢，能夠發揮重要作用。

Our existing regulatory relationships, operating infrastructure, route management capabilities, and strong financial position provide a clear advantage in our ability to service and scale this market quickly and efficiently with our existing platform.

我們現有的監管關係、營運基礎設施、航線管理能力和雄厚的財務實力，使我們能夠利用現有平台快速有效地服務和擴展這個市場，這給我們帶來了明顯的優勢。

As we discussed in more detail in our January 8, 2026, press release, the city estimates 2,500 new locations in Chicago over the long-term.

正如我們在 2026 年 1 月 8 日的新聞稿中詳細討論的那樣，該市預計從長遠來看，芝加哥將新增 2500 個地點。

We view this as a highly attractive opportunity that would enable Excel to further leverage its fixed cost structure and generate incremental returns at compelling margins.

我們認為這是一個極具吸引力的機會，可以讓 Excel 進一步利用其固定成本結構，並以可觀的利潤率創造增量收益。

As always, we will remain focused on disciplined execution and creating long-term shareholder value.

我們將一如既往地專注於嚴謹的執行和創造長期的股東價值。

Turning to our developing and strategic growth markets, we continue to generate positive momentum. In Nevada, terminal count increased 13% year over year for the fourth quarter. Supported by recent strategic and accretive route expansions, we are encouraged by the trajectory of new placements and believe the market is positioned for steady improvement.

展望我們正在發展和具有戰略意義的成長市場，我們持續保持積極的成長勢頭。內華達州第四季終端數量年增 13%。在近期策略性和增值性航線擴張的支持下，我們對新航線的佈局軌跡感到鼓舞，並相信市場已做好穩步改善的準備。

After adjusting for the stub period in 2024, Louisiana revenue increased significantly in the fourth quarter. We continue to execute our bolt-on acquisition strategy and optimize the two can gaming platform. Louisiana remains a priority market for consolidation with many tucking opportunities that clearly fit our return thresholds.

扣除 2024 年的滯後期後，路易斯安那州第四季的營收大幅成長。我們將繼續執行補充收購策略，並優化雙罐遊戲平台。路易斯安那州仍然是整合的優先市場，有許多收購機會明顯符合我們的回報標準。

We are well positioned as a buyer of choice, and the market currently has a good pipeline. Nebraska and Georgia delivered strong growth both quarterly and on a full year basis, demonstrating the ongoing expansion and increasing leverage of our operating platform as these markets expand and develop. As our density increases, we expect continued profitability to follow.

我們作為首選買家佔據了有利地位，而且目前市場上有良好的專案儲備。內布拉斯加州和喬治亞州在季度和全年均實現了強勁增長，這表明隨著這些市場的擴張和發展，我們的營運平台正在不斷擴張並發揮越來越重要的作用。隨著密度的增加，我們預期獲利能力將持續提升。

At Fairmont Park Casino and Racing, we completed our first full racing season and ramped up our casino operations following the April 2025 opening.

在費爾蒙特公園賭場和賽馬場，我們完成了第一個完整的賽馬賽季，並在 2025 年 4 月開業後加強了賭場營運。

Customer engagement has been healthy, and monthly performance has continued to build as consumer awareness increases.

客戶參與度良好，隨著消費者意識的提高，每月業績持續成長。

We continue to evaluate the timing and scope of future development phases, as we have highlighted in the past. In addition to being an attractive standalone business, Fairmont diversifies our revenue mix and provides operating flexibility.

我們將繼續評估未來發展階段的時間安排和範圍，正如我們過去所強調的。除了本身就是一項具有吸引力的獨立業務外，費爾蒙酒店還能使我們的收入結構多樣化，並提供營運彈性。

Reflecting our commitment to shareholder returns and our belief that Accel represents an attractive long-term investment. We repurchased approximately 3.8 million shares of common stock during 2025, including 1.5 million shares in the fourth quarter.

這體現了我們對股東回報的承諾，以及我們認為 Accel 是一項有吸引力的長期投資。2025 年，我們回購了約 380 萬股普通股，其中第四季回購了 150 萬股。

Our capital allocation framework, which includes our $300 million revolving credit line, remains disciplined and return focused, balancing organic investment, Bolton and other strategic acquisitions, balance sheet strength, and opportunistic share repurchases.

我們的資本配置框架（包括我們 3 億美元的循環信貸額度）保持嚴謹，注重回報，平衡有機投資、博爾頓和其他戰略收購、資產負債表實力以及機會性股票回購。

As we look ahead to 2026, our priorities remain clear. Drive steady organic growth in our core markets, scale profitability in developing and new markets. Execute accretive tucking acquisitions and consistently convert earnings into free cash flow.

展望2026年，我們的工作重點依然明確。在核心市場實現穩定的有機成長，在發展中市場和新興市場擴大獲利能力。執行增值收購，並持續將收益轉化為自由現金流。

Before my closing comments, I want to touch on our February second press release regarding the leadership transition. As we shared, I've stepped into the Chairman role effective immediately, and in August I'll transition out of the CEO role as Mark takes over day to day leadership of the company.

在我的總結發言之前，我想談談我們2月2日發布的關於領導層過渡的新聞稿。正如我們之前所說，我已經立即就任董事長一職，8 月我將卸任執行長一職，屆時 Mark 將接手公司的日常領導工作。

This new role gives me more flexibility to leverage my local and national relationships to help Mark and the Accel team capitalize on the attractive growth opportunities in front of us, including expanding into the Chicago BGT market.

這個新職位讓我有更大的靈活性，可以利用我在本地和全國的人脈關係，幫助 Mark 和 Accel 團隊抓住擺在我們面前的誘人成長機會，包括拓展到芝加哥 BGT 市場。

I'm excited to keep working closely with Mark as we continue to profitably grow Excel. With that, I'll turn the call over to Mark to review our operations in more detail.

我很高興能繼續與 Mark 緊密合作，共同推動 Excel 獲利成長。接下來，我將把電話交給馬克，讓他更詳細地回顧我們的營運情況。

Thank you, Andy. From an operating standpoint, 2025 was a year of steady execution across each market. With continued focus on route quality, service performance, and targeted investment.

謝謝你，安迪。從營運角度來看，2025 年是各市場穩定執行的一年。持續關注航線品質、服務績效和有針對性的投資。

Our team focused on improving location mix, redeploying underperforming assets, and concentrating investment into higher yielding gaming machine placements. That work continues to drive steady improvements in revenue per machine and overall margin performance, even though it means we largely maintain flat location counts.

我們的團隊專注於改善選址組合，重新部署表現不佳的資產，並將投資集中到收益更高的遊戲機位置。儘管這意味著我們的門市數量基本上保持不變，但這項工作仍然持續推動每台機器的收入和整體利潤率穩定提高。

The rollout of ticket in ticket out technology in Illinois is progressing as expected, with 81% of Accel locations having all gaming machines fully Tito enabled while still early in the penetration cycle. Tito is expected to enhance player convenience, provide benefits to Excel in terms of streamlining cash handling. And improve overall operating efficiency as adoption continues to increase, we believe it will contribute to both revenue stability and cost improvements.

伊利諾州的票入票出技術推廣進展順利，81% 的 Accel 地點的所有遊戲機都已全面啟用 Tito 技術，而目前仍處於滲透週期的早期階段。Tito有望提升玩家的便利性，並為Excel帶來簡化現金處理的益處。隨著採用率的不斷提高，我們相信，提高整體營運效率將有助於收入穩定和成本降低。

Montana continues to benefit from our proprietary content and systems. The strength of that market is not just stability, it's predictability. Our teams there continue to refine gaming machine placement strategy and leverage our in-house technology to support profitability per location. Additionally, our Grand Vision Gaming, wholly owned subsidiary, continues to develop new content which allows us to enhance margins through exclusivity as well as lower our Capex and increase free cash flow.

蒙大拿州將繼續受益於我們的專有內容和系統。該市場的優勢不僅在於穩定性，還在於可預測性。我們在那裡的團隊不斷改進遊戲機擺放策略，並利用我們的內部技術來提高每個地點的獲利能力。此外，我們的全資子公司 Grand Vision Gaming 不斷開發新內容，這使我們能夠透過獨家內容提高利潤率，同時降低資本支出並增加自由現金流。

In Nevada, the focus has been integration, expansion, and operational alignment.

在內華達州，重點是整合、擴張和營運協調。

During the quarter, we completed the accretive acquisition of Dynasty Games, which added 20 locations and approximately 123 gaming machines across northern Nevada.

本季度，我們完成了對 Dynasty Games 的增值收購，在內華達州北部新增了 20 個地點和約 123 台遊戲機。

This transaction expands our footprint into several new communities and further strengthens our route across the state.

這項交易將我們的業務拓展到幾個新的社區，並進一步加強了我們在全州的營運路線。

During the quarter we also entered into a new route partnership with Rebel convenience stores, which adds 55 locations and 424 gaming machines across southern Nevada started in January of this year.

本季度，我們也與 Rebel 便利商店建立了新的路線合作關係，從今年 1 月起，在內華達州南部新增了 55 個地點和 424 台遊戲機。

We leveraged our deep capability across our national teams to accomplish this arduous deployment in only 6 days. The rebel rollout demonstrates our ability to efficiently launch new locations across markets, including new markets like the city of Chicago, so location owners can begin offering gaming entertainment to their patrons as soon as possible.

我們充分利用了全國各團隊的強大實力，僅用了 6 天就完成了這項艱鉅的部署。叛逆者計畫的推出表明我們有能力在各個市場（包括像芝加哥這樣的新市場）高效地推出新地點，以便地點所有者能夠盡快開始向他們的顧客提供遊戲娛樂。

Excel's Nevada operations now deliver state of the art gaming and technology solutions to more than 600 locations supporting approximately 3,000 gaming machines.

Excel 在內華達州的業務目前為 600 多個地點提供最先進的遊戲和技術解決方案，支援約 3000 台遊戲機。

The integration of Toucan gaming in the Louisiana market has progressed well, and our field teams have been focused on route optimization, gaming machine refreshes, and discipline bolt-on acquisitions. The pipeline for acquisitions remains healthy, and we're confident in our ability to continue consolidating attractive opportunities that fit our return profile.

Toucan Gaming 在路易斯安那州市場的整合進展順利，我們的現場團隊一直專注於路線優化、遊戲機更新和相關領域的收購。收購計畫依然充足，我們有信心持續整合符合我們回報預期的優質收購機會。

At Fairmount Park Casino and Racing, our operational teams completed a full racing season while continuing to ramp casino performance following the April 2025 grand opening.

在費爾蒙特公園賭場和賽馬場，我們的營運團隊完成了一個完整的賽馬賽季，同時在 2025 年 4 月盛大開幕後繼續提升賭場表現。

We've gained valuable insight into customer behavior, marketing effectiveness, and operating cadence, which is informing how we approach future development phases. Importantly, we are seeing consistent month over month engagement growth as awareness of the park builds.

我們對客戶行為、行銷成效和營運節奏有了寶貴的了解，這為我們未來發展階段的方法提供了依據。重要的是，我們看到隨著人們對公園的了解不斷加深，參與度逐月持續增長。

Across all markets, our operational approach remains consistent, prudent capital placement, service excellence at the location level, data-driven decision making, and strong local relationships. That operating discipline is what underpins our financial performance and supports our ability to generate growing free cash flow.

在所有市場，我們的營運方式始終如一：審慎的資本配置、卓越的本地服務、數據驅動的決策以及強大的本地關係。這種營運紀律是我們財務表現的基石，也是我們創造不斷增長的自由現金流的能力的保障。

With that, I'll turn the call over to Brett to review the financial results in greater detail.

接下來，我將把電話交給布雷特，讓他更詳細地分析財務表現。

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。

I'll begin our fourth quarter results and then provide additional detail on our full year performance on the income statement, cash flow, and balance sheet.

我將首先介紹我們第四季度的業績，然後從損益表、現金流量表和資產負債表等方面提供我們全年業績的更多細節。

As Andy mentioned, for the fourth quarter, total revenue increased 7.5% year over year to $341 million the highest fourth quarter revenue in the company's history.

正如安迪所提到的，第四季總營收年增 7.5%，達到 3.41 億美元，創下公司史上第四季營收新高。

Growth was driven by continued strength in our core markets, incremental contributions from developing markets, and the continued ramp at Fairmont Park.

成長主要得益於核心市場的持續強勁表現、新興市場的逐步貢獻以及費爾蒙公園的持續發展。

Adjusted EBITDA increased 19% year over year to a record $56 million. Importantly, adjusted EBITDA grew meaningfully faster than revenue, reflecting expense discipline and operating leverage across the platform.

調整後 EBITDA 年成長 19%，達到創紀錄的 5,600 萬美元。值得注意的是，調整後的 EBITDA 成長速度明顯快於營收成長速度，這反映了整個平台的成本控制和營運槓桿作用。

As our network grows, we continue to see margin expansion driven by route optimization, density improvements, and cost discipline.

隨著我們網路的擴展，我們不斷看到利潤率的提升，這得益於路線優化、密度提高和成本控制。

Operating income for the quarter also improved year over year, reflecting both top-line growth and stable overhead.

本季營業收入也較去年同期成長，反映出營收成長和營運成本穩定。

Net income for the quarter was $16 million as noted in the press release. Results benefited from a $0.6 million gain related to the change in fair value of contingent earnout shares compared to a $3 million loss in the prior year period. Excluding this non-cash mark to market item, underlying earnings growth remained strong and consistent with their adjusted EBITDA performance.

正如新聞稿中所述，該季度淨收入為 1600 萬美元。業績受惠於或有獲利股份公允價值變動帶來的 60 萬美元收益，而去年同期則虧損 300 萬美元。剔除這項非現金以市值計價項目後，基本獲利成長依然強勁，與調整後的 EBITDA 表現一致。

For the full year 2025, revenue was a record $1.3 billion, representing 8% growth compared to 2024.

2025 年全年營收達到創紀錄的 13 億美元，比 2024 年成長 8%。

Adjusted EBITDA increased 11% year over year to $210 million demonstrating continued margin expansion and scalability of our operating model. Net income for the year was $51 million. Translated into EPS, this was $0.61 basic or $0.60 fully diluted.

經調整的 EBITDA 年成長 11% 至 2.1 億美元，顯示我們的營運模式利潤率持續擴張且具有可擴展性。該年度淨收入為5,100萬美元。換算成每股收益，基本每股收益為 0.61 美元，完全稀釋每股收益為 0.60 美元。

Turning to capital expenditures, Ful year Capex was aligned with our expectations and remains heavily focused on revenue producing assets.

就資本支出而言，全年資本支出符合我們的預期，並且仍然高度集中於產生收入的資產。

A significant portion of our capital supports growth initiatives including new machine placements, route expansions, and the Fairmont casino opening and track enhancements, with the remainder dedicated to maintaining and optimizing the installed terminal base. This disciplined allocation supports strong returns and sustained cash generation.

我們的大部分資金用於支持成長計劃，包括新機器的安裝、路線的擴展以及費爾蒙賭場的開業和賽道的改進，其餘資金則用於維護和優化已安裝的終端基礎。這種嚴謹的資產配置方式能夠帶來強勁的回報和持續的現金流。

Based on our current earnings and capital profile, we expect to continue generating meaningful cash flow which provides flexibility to fund growth, maintain a conservative balance sheet, and return capital to shareholders.

根據我們目前的獲利和資本狀況，我們預計將繼續產生可觀的現金流，從而為成長提供資金，保持穩健的資產負債表，並向股東返還資本。

Moving to liquidity and leverage, we ended our year with $297 million in cash, in cash equivalents and net debt of approximately $311 million down 1% year over year.

從流動性和槓桿率來看，我們年底的現金、現金等價物總額為 2.97 億美元，淨債務約 3.11 億美元，年減 1%。

Our leverage profile remains conservative relative to our recurring cash flow base, providing significant financial flexibility, including our currently untapped $300 million revolving credit line.

相對於我們經常性現金流基礎而言，我們的槓桿水平仍然較為保守，這為我們提供了相當大的財務靈活性，包括我們目前尚未動用的 3 億美元循環信貸額度。

During 2025, we repurchased approximately 3.8 million shares of common stock, including 1.5 million shares in the fourth quarter.

2025年，我們回購了約380萬股普通股，其中第四季回購了150萬股。

We evaluate capital allocation decisions through a rigorous return-based framework comparing organic investment, Voltton and strategic M&A, data optimization, and share repurchases.

我們透過嚴格的基於回報的框架來評估資本配置決策，比較有機投資、Voltton 和策略併購、數據優化和股票回購。

Looking ahead, our recurring revenue model, discipline, capital deployment, and operating leverage position us to continue converting adjusted EBITDA into cash. We remain focused on maintaining balance sheet strength while pursuing high return growth opportunities.

展望未來，我們的經常性收入模式、紀律、資本部署和營運槓桿使我們能夠繼續將調整後的 EBITDA 轉化為現金。我們將繼續專注於維持資產負債表的穩健性，同時尋求高回報的成長機會。

Overall, our financial performance in 2025 extends our long-term record of growth, and we remain confident in our strong liquidity, scalable platform, and disciplined capital allocation to provide a solid foundation for continued growth in 2026. With that operator, please open the line for questions.

總體而言，我們在 2025 年的財務表現延續了我們長期的成長記錄，我們仍然對我們強大的流動性、可擴展的平台和嚴謹的資本配置充滿信心，這將為 2026 年的持續成長奠定堅實的基礎。請與該接線員聯繫，開通提問通道。

We will now begin the question-and-answer session.

現在開始問答環節。

(Operator Instructions)

（操作說明）

Max Marsh, CBRE.

Max Marsh，世邦魏理仕。

Hi, thanks for taking my question. Andy, Mark, congrats on the new roles. Looks like things are moving ahead in Chicago, IGB just started accepting applications last week. Do you guys do that as just a matter of time, or are there any political or legislative points of failure until you guys can start generating some revenue in that market?

您好，感謝您回答我的問題。安迪、馬克，祝賀你們榮升新職。看來芝加哥那邊進展順利，IGB上週才剛開始接受申請。你們認為這只是時間問題，還是說在你們開始在該市場產生收入之前，會遇到一些政治或立法上的阻礙？

Thanks, Max. This is Andy.

謝謝你，馬克斯。這是安迪。

There's, there is a process, that still needs to happen within the city, but the fact that the IGB has accepted, begun accepting applications is a great sign. So we're still waiting on some of the procedures, related to licensing in the city, and how the cities will either regulate the gaming or facilitate, individual establishments, in getting it started and, obtaining a license from the city, so there is some of that still that needs to happen, but the fact that the IGB is accepting applications is a great start.

雖然市內還有一些流程需要完成，但IGB已經接受、開始接受申請，這是一個好兆頭。因此，我們仍在等待一些與城市許可相關的程序，以及城市將如何監管博彩業或為自僱人士提供便利，幫助他們開展業務並獲得城市許可。所以，還有一些事情需要完成，但博彩管理局接受申請這一事實是一個很好的開始。

Great, thanks for that and as we think about the market opportunity in there.

太好了，謝謝。我們會考慮那裡的市場機會。

Should you think about that as similar to the unit economics of the state at large, or do you guys have the potential to do a little bit better there with your established service routes and, relationships in the state?

您是否認為這與整個州的單位經濟狀況類似？或者，憑藉您在州內已有的服務路線和人脈關係，您是否有潛力做得更好？

So it's a it's a kind of a twofold question. Operationally we have a fantastic platform in order to service, collect, and facilitate play at all the establishments, but the reality is the the actual establishments on a whole have less square footage than the establishments we operate elsewhere in the state.

所以這是一個雙重問題。從營運角度來看，我們擁有一個非常棒的平台，可以為所有場所提供服務、收集和促進遊戲，但現實情況是，這些場所的整體面積比我們在州內其他地方運營的場所要小。

Obviously that's because the city has greater density, real estate's more valuable, and the taverns and establishments aren't allotted as much square footage. So we believe that the rest of the state, many of the locations will easily accommodate 6 machines. There may be some constraints on certain establishments to get to that 6 machines. So we're estimating a lower amount of average equipment. We don't have that exact number than we do in the rest of our portfolio.

顯然，這是因為該市人口密度更高，房地產更有價值，而酒館和商店分配到的面積卻相對較少。因此我們相信，該州其他地區的許多地方都可以輕鬆容納 6 台機器。某些場所可能因種種限製而無法使用那6台機器。因此，我們預計平均設備數量會減少。我們沒有像其他投資組合那樣擁有完全相同的數量。

That being said, the density of population is far greater in the city, and so, therefore, the average per machine should be higher, than, The average play of our existing portfolio.

也就是說，城市的人口密度要高得多，因此，每台機器的平均收益應該高於我們現有投資組合的平均收益。

So the final element of all of this is the difficulties of operating in the city in terms of parking, logistics, will probably impact our cost a little bit, but we'll be able to offset most of that.

因此，所有這一切的最後一個因素是，在城市中運作的困難，例如停車和物流，可能會對我們的成本產生一些影響，但我們將能夠抵消大部分影響。

By the fact that we have a platform and we've got we're able to service it from the outside, we will have to establish some type of warehouse facilities and support within the city but all in all it should be a very positive impact on our business.

鑑於我們擁有一個平台，並且能夠從外部提供服務，我們將需要在市內建立某種類型的倉庫設施和支持，但總的來說，這應該會對我們的業務產生非常積極的影響。

Great, super helpful, and congrats on a great quarter.

太棒了，非常有幫助，恭喜你們取得了出色的季度業績。

Thank you.

謝謝。

Jordan Bender, Citizens Bank.

Jordan Bender，公民銀行。

Hi everyone, thanks for the question. We've been watching Hawthorne play out over the last several weeks. Curious to get your views around the bankruptcy at that track and depending on how that plays out, you could be left with the only operational track in the state. I guess also what is that going to mean for your investment at your track, including the casino.

大家好，感謝大家的提問。過去幾週，我們一直在關注霍桑隊的比賽進程。很想聽聽你對那條賽道破產的看法，根據事情的最終結果，你可能會擁有該州唯一一條仍在運營的賽道。我想，這對您在賽道上的投資，包括賭場，又意味著什麼呢？

Thank you.

謝謝。

Hey Jordan, it's Mark. So I say, as a horse racing fan, it's a tough moment for Illinois horse racing.

嘿，喬丹，我是馬克。所以，身為賽馬愛好者，我認為伊利諾州的賽馬運動正處於艱難時期。

Hawthorne's decline is painful for everyone who cares about sport of racing, particularly in Illinois, and our thoughts are with the Carey family. They carried Illinois horse racing for over a century, and we wish them well and. Whatever comes next for them.

霍桑的衰落令所有關心賽車運動的人感到痛心，尤其是在伊利諾州，我們向凱裡一家致以慰問。他們為伊利諾州的賽馬運動服務了一個多世紀，我們祝福他們一切順利。無論他們接下來會經歷什麼。

That being said, the pari-mutuel horse racing market is facing significant headwinds nationally as well as in the state of Illinois. But we are, as you point out, still standing and still very much excited about the coming season which starts in April and we stand ready to support the Illinois Racing Board.

儘管如此，無論是在全國範圍內還是在伊利諾伊州，賽馬彩池市場都面臨著巨大的逆風。但正如您所指出的，我們仍然屹立不倒，並且對即將於四月開始的新賽季充滿期待，我們隨時準備支持伊利諾伊州賽馬委員會。

In any capacity that they require to help make sure racing operations. Specific, employees, horsemen, and all the backside communities, have a workable path going forward.

以任何必要的身份協助確保賽事順利進行。具體來說，員工、馬術從業人員以及所有馬場相關人員都有了一條可行的前進道路。

Alright, thanks, and then just maybe sticking with you, Mark, as you step into the CEO role, do you have any different views across any aspects of the business of the geographic segments of how they're kind of run today?

好的，謝謝。那麼，馬克，我想繼續問你一個問題。你即將擔任執行長一職，對於公司各個地域部門目前的運作方式，你是否有任何不同的看法？

So, we kind of have talked a bit in the past about how we break our markets up into core developing emerging. I think we're pretty excited about 25 and we're definitely excited about 26 in terms of all those different categories.

所以，我們過去曾討論過如何將市場劃分為核心市場、發展中市場和新興市場。我認為我們對第 25 屆比賽感到非常興奮，就所有不同的類別而言，我們對第 26 屆比賽也絕對感到興奮。

They all sort of benefit from each other and there's all sorts of overlap in terms of, content systems which we think can drive growth in all of them, so I think what we're fundamentally trying to do is shift the route business from a real logistics heavy business to an entertainment and hospitality business that's more nuanced, more niche, and definitely more differentiated with higher margins. I'd say that's really what's driving me in terms of when I take over, but I would point out that, Andy has done an amazing job and, there's a big shoe to fill, and a huge platform to grow off of.

它們彼此之間都有某種程度的互惠互利，在內容系統方面也存在各種重疊，我們認為這可以推動它們各自的增長，所以我認為我們從根本上想要做的，是將路線業務從一個真正的物流密集型業務轉變為一個更加細緻、更加小眾、更加差異化且利潤率更高的娛樂和酒店業務。我覺得這才是真正促使我決定何時接任的動力，但我必須指出，安迪做得非常出色，我面臨著巨大的挑戰，需要在此基礎上繼續發展。

Understood, thank you very much.

明白了，非常感謝。

Patrick Keo, Truest Securities.

Patrick Keo，Truest Securities。

Hey, guys, thank you so much for taking my question. Congrats on a really nice quarter and congrats to Andy and Mark on the transition into new roles. For my first question, there's been some route gaining traction in state sessions like Pennsylvania, Virginia, Missouri, and North Carolina. Could you talk about how you view any of these is likely to legalize this year and could you think or or talk about how you think about building versus buying to get a foothold in these markets if they go online?

嘿，各位，非常感謝你們回答我的問題。恭喜公司本季業績斐然，也恭喜 Andy 和 Mark 順利過渡到新的職位。對於我的第一個問題，一些路線在賓夕法尼亞州、維吉尼亞州、密蘇裡州和北卡羅來納州等州的會議上獲得了支持。您能否談談您如何看待這些產品今年可能合法化的情況？如果這些產品上線銷售，您認為透過自建還是購買來站穩腳跟是明智之舉？

Thank you.

謝謝。

Hey Patrick, it's Mark.

嘿，派崔克，我是馬克。

I would say we formally included Chicago in those emerging markets and thankfully that's now going to be a reality so we're pretty excited about that. That being said, there's these types of situations don't happen often. And so, I'm a little more conservative in terms of the other markets that you mentioned Pennsylvania, North Carolina, Virginia, Missouri. They all have outstanding legislation in terms of legalizing some form of electronic gaming machines for routes, each of them has their own nuances which may or may not make it a higher probability to go legal.

我想說，我們已經正式將芝加哥納入新興市場之列，值得慶幸的是，這現在即將成為現實，所以我們對此感到非常興奮。話雖如此，這類情況並不常發生。所以，對於你提到的其他市場，像是賓州、北卡羅萊納州、維吉尼亞州、密蘇裡州，我的態度會稍微保守一些。它們在將某種形式的電子遊戲機合法化方面都有待完善的法律，但每項法律都有其自身的細微差別，這些差別可能會增加合法化的可能性，也可能不會。

But I would be just caution, a lot of these states except for North Carolina have a casino, which is always an issue with trying to pass legislation for BGTs and always makes it very difficult and it's just naturally difficult to pass gaming laws.

但我還是要提醒一句，除了北卡羅來納州以外，很多州都有賭場，這總是會給通過博彩交易稅 (BGT) 立法帶來問題，總是讓立法變得非常困難，而且通過博彩法本身就很困難。

So we prepare, for the best, but, our budget and our expectations are prepared for, not having this, in this year that helps.

所以，我們做好了最好的準備，但是，我們的預算和預期也考慮到了今年可能無法實現這一目標，這對我們有所幫助。

Your second question in terms of, yeah, in terms of acquiring things, we actually have a pretty good ground game in a lot of these markets like Chicago for example were. Organically we will acquire stores through our own internal customer acquisition group. But certainly, as Andy showed over the last 17 years, we will ultimately acquire other routes over time as that sort of unfolds.

關於你的第二個問題，是的，就收購而言，我們在許多市場，例如芝加哥，實際上都有相當不錯的地面佈局。我們將透過自己的內部客戶拓展團隊，逐步收購門市。但正如安迪在過去 17 年所展現的那樣，隨著情況的發展，我們最終會獲得其他途徑。

Great.

偉大的。

Thank you. And a question on Illinois, if I could. It looks like location counting, declined again quarter over quarter. Could you just give an update on maybe what inning you're in of pruning and where you see this trending over the next few quarters? Thanks so much.

謝謝。如果可以的話，我想問一個關於伊利諾州的問題。看來地點數量又較上季下降。能否簡單介紹一下你們目前的修剪工作進行到第幾個階段，以及你們預計未來幾季的發展趨勢？非常感謝。

Hi, Patrick, it's Andy.

嗨，派崔克，我是安迪。

So, as we've talked about in the past, this is a continuous process of improving and optimizing, our Illinois route and having nearly 2,700 establishments, we're always looking at the performance at the bottom and whether or not, it makes sense to continue operating in those locations. And as we, acquire or, win new locations every, month or every meeting for the, with the IGB, we take an even deeper look at those, locations and oftentimes reallocate our assets to what we expect to be higher performing positions. So, I would expect, That with such large numbers, we'll continue doing this. There may be some, more, loss of locations, but you'll probably see as Chicago comes on, for that trend to be reversed as there'll be a significant increase in locations from the Chicago market.

所以，正如我們過去所討論的，這是一個不斷改進和優化的過程。我們在伊利諾州的路線擁有近 2700 家門市，我們始終關注門市的業績，以及繼續在這些地方營運是否有意義。而且，隨著我們每個月或每次與 IGB 的會議都能獲得或贏得新的地點，我們會更深入地研究這些地點，並經常將我們的資產重新分配到我們預期表現更高的職位上。所以，我預計，在如此龐大的使用者群體下，我們會繼續這樣做。可能會有一些門市數量減少，但隨著芝加哥市場的崛起，這種趨勢可能會逆轉，因為芝加哥市場的門市數量將會大幅增加。

That makes sense.

這很有道理。

Thank you and congrats again.

謝謝，再次恭喜你。

Thank you.

謝謝。

Steve Pizzella, Deutsche Bank

史蒂夫‧皮澤拉，德意志銀行

Hey, good afternoon, everybody, and thank you for taking my questions.

大家好，下午好，感謝各位回答我的問題。

Also wanted to just say thanks to Andy for the time over the years and congratulations to you, Mark. First, just wanted to ask how you think about the increased tax returns here moving forward. Have you seen historically a direct correlation with that, an increased gaming at your locations? And have you maybe seen any impact this far recently as returns start to come in?

另外，也要感謝 Andy 這些年來的付出，並祝賀你，Mark。首先，我想問您對未來稅收增加有何看法。從歷史數據來看，您是否發現這種情況與您所在場所的遊戲活動增加之間存在直接關聯？最近隨著回報陸續到賬，您是否已經觀察到任何影響？

Steve, yeah, so that typically, has got a high correlation in terms of play. February, March, as you can imagine, are usually our best months. And we're, we don't guide, but, certainly, that seasonal impact hasn't changed this year from what we're seeing.

史蒂夫，是的，所以通常來說，這與比賽結果有很高的相關性。如您所料，二月和三月通常是我們業績最好的月份。我們雖然不做預測，但可以肯定的是，從我們目前觀察到的情況來看，這種季節性影響今年並沒有改變。

Okay, that's helpful.

好的，這很有幫助。

Thank you. And then, how should we think about the growth Capex in 2026? And how do you think about balancing the buybacks as versus incremental tuck and acquisitions?

謝謝。那麼，我們該如何看待 2026 年的成長資本支出呢？您如何看待股票回購與逐步增持與收購之間的平衡？

Sure, so from a capital perspective and maintenance versus growth, the way we define those two is probably important to just refresh everybody on, but the way we define it is growth is a new location we're adding machines to it, or it's a location, for example, that has 5 machines and we go to 6. Capital in those two instances would be growth. Most of what's left is maintenance, so largely in our maintenance space we consider a replacement of a brand new machine in an existing location with. That is at capacity for machines even though it's a brand new machine we consider that maintenance that's a little bit different than, other companies, but that's how we think about it.

當然，從資本角度來看，維護與成長，我們對這兩者的定義可能很重要，需要提醒大家。我們對成長的定義是：成長是指在一個新地點增加機器，或例如，在一個有 5 台機器的地點增加到 6 台。在這兩種情況下，資本都等同於成長。剩下的大部分工作都是維護，因此在我們的維護領域，我們主要考慮在現有位置更換一台全新的機器。即使這是一台全新的機器，我們也認為它的維護已經達到產能極限。這與其他公司略有不同，但我們就是這樣考慮的。

So, I want to at least set the table on that. But in terms of like next year and where that's going, if you think about our space and you think about what we just got done talking about in terms of reducing our locations and kind of, firing back customers, so to speak, the need for us to continue to spend a lot to expand our locations in Illinois is low. And therefore most of the maintenance or most of the capital that we're spending next year, in our large market is going to be, on that maintenance side. If you think about the other markets, those are, investing in growth side, however, those are much smaller markets. So, when you look at the company as a whole, you see most of it sitting in maintenance capital. And then, refresh me, any other question? I'm sorry.

所以，我至少想就此打好基礎。但就明年以及未來的發展方向而言，考慮到我們的空間，以及我們剛剛討論過的減少門市數量和回流客戶等問題，我們繼續在伊利諾伊州投入大量資金擴張門店的需求就很低了。因此，明年我們在龐大的市場中投入的大部分維護費用或大部分資本都將用於維護方面。如果你考慮其他市場，那些是投資於成長方面的市場，然而，那些市場規模要小得多。所以，從整個公司的角度來看，你會發現大部分資金都用來維護保養。那麼，請提醒我一下，還有其他問題嗎？對不起。

I guess, how do you think about balancing buybacks versus, incremental tuck and acquisition or maybe something bigger.

我想問的是，您如何看待股票回購與逐步增持和收購，或更大的措施之間的平衡？

Yeah, so I would say our position on that hasn't changed much, over the last, 6 months or so or even longer than that, but, we look at every dollar, of investment and we look at the return on investment we can get from it, and we just measure that against, our internal capital returns versus our M&A versus, debt payoff and shareholder buybacks and that sort of thing, given where things are moving, and kind of just recent studies, I think M&A tends to be the most attractive if we can get the price right, so that tends to be where we focus our energy on the most. But to the extent that there's nothing in the pipeline or things that we don't like, then we'll pursue, alternative activities.

是的，所以我覺得我們在這方面的立場在過去六個月甚至更長時間內都沒有太大變化。我們會仔細審視每一筆投資，評估其投資報酬率，並將其與內部資本回報、併購、償還債務和股東回購等因素進行比較。考慮到目前的情況和最近的研究，我認為如果價格合適，併購往往是最具吸引力的，因此這也是我們投入最多精力的領域。但是，如果沒有正在籌備的項目，或者沒有我們不喜歡的項目，那麼我們將追求其他活動。

I guess maybe if I could follow-up real quick, do you think about the balance sheet any different now moving forward than the current leverage profile historically of the company, which has been fairly conservative, would you be more willing to take on additional leverage of the opportunities present itself, I guess, or potentially incremental capital return?

我想，如果我能快速跟進一下，您認為目前的資產負債表與公司歷史上相對保守的槓桿水平相比，未來會有什麼不同嗎？您是否更願意抓住出現的機會增加槓桿，或尋求潛在的增量資本回報？

Yeah, I think the way that I, so first of all again I would go back to, we're going to evaluate the deals that they come through, but the way that I think about the fact we have an untapped accordion feature out there, a revolving feature out there, is likely going to be for something that would be, significant sort of M&A that would be the ultimate use for something like that. Most of the stuff we're going to do with our current cash balance and, through tuckings and that sort of thing. So, yeah, I wouldn't think that we need to hit that revolver, and I think if anything. You know we're not in the business of wanting to lever up substantially for any particular reason right now there's just not enough evidence of it. It would have to be a very some sort of very large deal or something like that that came up, for us to go down that path.

是的，我認為，首先，我會再次強調，我們會評估他們達成的交易，但我認為，我們目前擁有一個尚未開發的折疊功能，一個循環功能，它很可能用於重大併購，這將是此類功能的最終用途。我們將用目前的現金餘額完成大部分事情，並透過各種方式，例如資金周轉等。所以，是的，我認為我們不需要動用那把左輪手槍，而且我認為如果非要說的話。你知道，我們現在沒有任何理由大幅增加槓桿，因為還沒有足夠的證據支持這個想法。除非是極為重大的事情，或是類似的事情發生，否則我們不會走這條路。

Okay great appreciate it thanks guys.

好的，非常感謝！

David Bain, Texas Capital Bank.

David Bain，德州資本銀行。

Great.

偉大的。

Thank you so much and congratulations, Andy and Mark for the new roles. I know this was asked kind of early on, but maybe looking at Chicago differently, just given your infrastructure and the personnel dedicated to it, can we expect your market share or really like fair share to potentially exceed what you have in the state, again, kind of just given what you have set up today, you're better able to help locations with licensing and maybe, cherry picking if you will that is that a fair assumption versus, if a new state just opened up, I mean, how should we be looking at maybe it from that perspective.

非常感謝，也恭喜安迪和馬克榮任新職。我知道這個問題問得有點早，但或許換個角度來看芝加哥，考慮到你們的基礎設施和投入的人員，我們是否可以預期你們的市場份額，或者說真正公平的份額，有可能超過你們在全州的份額？再說一遍，就你們目前的情況而言，你們能夠更好地幫助各地獲得許可，或許還能進行一些篩選。這樣的假設是否合理？相較之下，如果是一個新州剛開放市場，我們該如何看待這個問題？

So, thank you for the question, David.

謝謝你的提問，大衛。

Looking at Chicago, we see ourselves as an obvious leader from our experience, from the fact that we're the most chosen company to do business with in the state of Illinois, and we expect to continue to win in that market.

就芝加哥市場而言，根據我們的經驗，我們顯然是該行業的領導者，因為我們是伊利諾伊州最受歡迎的合作夥伴，我們期望繼續在這個市場取得成功。

That being said, I don't expect us to greatly exceed our current market share in the city of Chicago. Today we're in the, just shy of 30% range of the market. I don't think we're going to be any more than that, but what I do think is the performance per location will be greater than what we show in the rest of our portfolio, and we've seen things happened over the last, and we're now in our, fourteenth year of operation.

也就是說，我不認為我們會在芝加哥市大幅超越我們目前的市場份額。今天，我們的市佔率略低於30%。我不認為我們會做得更好，但我認為每個地點的業績將高於我們其他投資組合的業績，而且我們已經看到了過去幾年發生的事情，現在我們已經運營了十四年。

That allow us to better select locations, better to equip them, and I think the performance that we'll achieve will exceed the rest of the portfolio's performance.

這將使我們能夠更好地選擇地點，更好地配備設施，我認為我們將取得的績效將超過投資組合中其他項目的表現。

Okay, helpful.

好的，很有幫助。

I guess I'll switch gears to Tito. I mean, a high percentage of of machines now converted, but what inning do you think we're really in in terms of the benefit of that transition and do you still see that as as material going forward?

我想我該把話題轉到蒂托身上了。我的意思是，現在很大一部分機器都進行了改造，但你認為就這種轉變帶來的好處而言，我們真正處於哪個階段？你仍然認為這對未來發展有實質意義嗎？

Yeah. Yeah.

是的。是的。

Okay. Yeah. So, we have, it's a great question, David.

好的。是的。所以，這是一個很好的問題，大衛。

We have about 81% of the, Machines upgraded. But what happens is not all the machines are upgraded in every location.

我們已經升級了大約 81% 的機器。但實際情況是，並非所有地方的所有機器都會升級。

And so, there's machines that they can take their ticket and utilize to, for play, and there's ones that they can't.

因此，有些機器他們可以憑票進行遊戲，而有些機器他們則不能。

I think once we get closer into the 90s, then you're going to see, start to see a real benefit. The other thing that really needs to happen is the player has to change its behavior. They're just learning after playing with cash entirely for the last 14 plus years, that they can use their ticket to go from machine to machine.

我認為一旦我們接近 90 年代，你就會看到，開始看到真正的好處。另一件真正需要發生的事情是，玩家必須改變自己的行為。他們過去 14 年多來一直都用現金玩遊戲，現在才了解到可以用彩票在不同的機器之間切換。

I believe that as far as the innings in the game, we're probably third inning, by the time we talk, again in, at the end of when we, now first quarter earnings will probably be the fourth or the fifth. I think it will start accelerating through the end of the year and, it's something that we're constantly evaluating. We're just starting to optimize because we, we're getting some confidence that in certain establishments the com the customer's comfortable with utilizing the tickets, but it's something that's, again, like 3rd inning, in terms of the implementation and results.

我認為，就比賽的局數而言，到我們再次談話時，可能已經是第三局了，而到第一季末，也就是我們公佈第一季收益的時候，可能已經是第四或第五局了。我認為到年底這一趨勢將會加速發展，這也是我們一直在評估的情況。我們才剛開始優化，因為我們逐漸確信，在某些場所，顧客樂於使用票券，但就實施和結果而言，這就像是棒球比賽的第三局。

Very good. All right, great execution.

非常好。好的，執行得很好。

Thank you.

謝謝。

Thank you.

謝謝。

Chad Beynon, Macquarie.

Chad Beynon，麥格理集團。

Hi, good afternoon, Andy and Mark, thanks for taking my question. Just a couple for me. One, just wanted to ask a higher level question in terms of opportunities maybe in certain markets to partner with, other companies whether it's digital or other consumer companies just to, help drive additional, revenues to the site or, help just acquire customers. Could that be an initiative that that could help your yields within any of your markets in the near term?

嗨，下午好，Andy 和 Mark，謝謝你們回答我的問題。就我一個人用。首先，我想問一個更高層次的問題，關於在某些市場中與其他公司（無論是數位公司還是其他消費品公司）合作的機會，以幫助網站增加收入或幫助獲得客戶。這是否是一項能夠在短期內幫助您在任何市場提高收益的舉措？

Thank you.

謝謝。

Hey Chad, it's Mark. So just to remind everyone we do partner with a fairly significant gaming operator in Illinois and that, that's Fadel with The Fairmont Parks online sports betting license.

嘿，查德，我是馬克。所以，再次提醒大家，我們與伊利諾州相當重要的博彩業者合作，那就是擁有費爾蒙特公園線上運動博彩牌照的 Fadel。

In terms of other markets, we're always looking for partnerships, Route gaming is really just an extension of the local gaming.

至於其他市場，我們一直在尋求合作夥伴，Route 遊戲實際上只是本地遊戲的延伸。

Which if you go to other parts of the world, includes online, includes owning local casinos as well as doing distributed gaming in bars and taverns and things like that. So, there's always a possibility we also do produce our own content, through our subsidiary Grand Vision Gaming.

如果你去世界其他地方看看，你會發現這包括線上賭博，包括擁有當地賭場，以及在酒吧和酒館等地方進行分散式賭博。所以，我們也不排除透過我們的子公司 Grand Vision Gaming 來製作我們自己的內容。

And there's always elements of partnering with content producers as content's a big driver of play in our markets, so it's a great question. We're always looking for those partners, as I mentioned before, to really drive away from being a more commodity like, vendor. We really need to specialize in content and payments and loyalty and things like that, and those are, sometimes best done through other partners, so we're always got our eye on it.

而且，與內容生產者合作總是不可或缺的，因為內容是我們市場中推動遊戲發展的重要因素，所以這是一個很好的問題。正如我之前提到的，我們一直在尋找這樣的合作夥伴，以真正擺脫成為商品供應商的模式。我們確實需要專注於內容、付款、忠誠度等方面，而這些有時最好透過其他合作夥伴來完成，所以我們一直都在關注這一點。

Excellent, thanks Mark. And then I know you just hit on Tito, but around the W2G, jackpot limits, is that something that, you think can also, help drive additional yields across your fleet?

太好了，謝謝你，馬克。我知道你剛才提到了 Tito，但關於 W2G 和獎金上限，你認為這是否也能幫助你的整個車隊獲得額外的收益？

Thank you.

謝謝。

So, the, this is Andy. Thanks, the answer is yes, but the challenge is the, in Illinois, you need legislation for the jackpot to be raised, and then you need the manufacturers to redo the software to accommodate it.

這位是安迪。謝謝，答案是肯定的，但問題在於，在伊利諾伊州，你需要立法才能提高獎金，然後你還需要製造商重新製作軟體以適應新的獎金。

In terms of priorities, the route markets come far after the casinos because they can make those changes right away and have the leverage to be able to distribute distribute the games with the new jackpots to many markets.

就優先順序而言，航線市場遠遠落後於賭場，因為它們可以立即做出這些改變，並且有籌碼將帶有新獎金的遊戲分銷到許多市場。

I expect Illinois probably to be the first one, to be able to experience it because it's the greatest opportunity, but at this, and, probably Nevada will see it because they utilize the same software that's utilized in the casinos. The other markets will follow, but I wouldn't expect, a real bump from that.

我預計伊利諾伊州可能是第一個體驗到這項技術的州，因為這是最好的機會，但目前來看，內華達州可能也會體驗到，因為他們使用的軟體與賭場使用的軟體相同。其他市場也會跟進，但我預期不會因此出現真正的上漲行情。

In we don't expect it to happen in 2026, so eventually it will help us, but it's kind of next step for the manufacturers.

我們預計它不會在 2026 年發生，所以最終它會對我們有所幫助，但這對製造商來說算是下一步。

Okay, thanks, Andy, and congrats on everything.

好的，謝謝你，安迪，也恭喜你所達成的一切成就。

Thanks.

謝謝。

(Operator Instructions)

（操作說明）

Greg Gibbas, Northland Securities.

Greg Gibbas，北地證券。

Hey, good afternoon, Andy, Mark Brett, thanks for taking the question. Congrats on the results. Wanted to follow-up maybe on the opportunity was in Chicago, and maybe what you see as kind of the total establishment count, for that market and maybe if you could share a little bit more on estimated timing there, I know that you mentioned, they accepting applications is a good sign. When do you expect to maybe hear more about that developing?

嗨，下午好，安迪，馬克·布雷特，謝謝你們回答這個問題。恭喜取得好成績。我想跟進芝加哥的機會，以及您認為該市場的總門市數量是多少，還有，您能否再分享一下預計的時間安排？我知道您提到過，他們開始接受申請是個好兆頭。您預計何時會聽到更多關於該進展的消息？

Well, as said, we're very confident the market will roll out given that the Illinois Gaming Board is accepting applications from locations. There are some rules that need to be promulgated. We're helping Chicago leaders work through that. And provide sort of best practices to make, and to expedite the rollout.

正如之前所說，鑑於伊利諾伊州博彩委員會正在接受各地的申請，我們非常有信心市場將會推出。有些規則需要頒布實施。我們正在幫助芝加哥的領導者解決這個問題。並提供一些最佳實踐，以加快推廣速度。

If you really had to push me against the wall to say when we're going to go live, I'd say more likely later in the Q4 for 26 or potentially in Q1 of 27 just given the backlog of applications currently at the Illinois Gaming Board.

如果非要我說出我們什麼時候上線，我會說更有可能是在 2026 年第四季度晚些時候，或者可能是在 2027 年第一季度，因為伊利諾伊州博彩委員會目前積壓了大量申請。

But again, it depends a lot on how quickly the city can roll out these rules, so we're actually away and we're helping out, leadership in terms of helping them do best practices.

但話說回來，這很大程度上取決於市政府能夠多快推出這些規則，所以我們實際上正在外地提供幫助，在領導層方面幫助他們採取最佳實踐。

Okay, fair enough, and if I could ask, I imagine organic growth is pretty close to the revenue growth, but could you maybe break that out, considering I think, Fairmount and, some Louisiana acquisitions closed, I think, late in the prior year

好的，沒問題。如果可以的話，我想問一下，我認為有機成長與營收成長應該非常接近，但您能否單獨列出有機成長數據？因為我記得費爾蒙特以及路易斯安那州的一些收購案是在去年年底完成的。

Yeah, so from a revenue perspective, and we just close this, but, from a revenue perspective those two acquisitions are made up about 5% of our Q4 revenue and about 5% of our full year as well. So in terms of the revenue side, that's about what they are. We don't disclose on the EBITDA side, but those are our emerging investments.

是的，從收入角度來看，我們剛結束這個討論，但從收入角度來看，這兩項收購分別占我們第四季度收入的 5% 和全年收入的 5% 左右。所以就收入方面而言，情況大致是如此。我們不揭露 EBITDA 方面的數據，但這些都是我們的新興投資。

So, our emerging, yeah, investments in the plays that we have there. So, you, we're not making, you know. Double-digit growth or anything like that, on the bottom line, but, on the topline, we've talked before about it and it's about 5%.

所以，是的，我們正在對我們在那裡的投資進行初步投資。所以，你，我們不是在做，你知道的。利潤方面實現了兩位數的成長，但營收方面，我們之前已經討論過，大約是 5%。

Great, thank you.

太好了，謝謝。

There are no further questions at this time.

目前沒有其他問題了。

I will now turn the call back to Andrew Rubinstein for closing remarks. Please go ahead.

現在我將把電話轉回給安德魯·魯賓斯坦，請他作總結發言。請繼續。

Thank you everyone for joining us again today. Accel presents a differentiated investment opportunity with enhanced financial flexibility, expanding market opportunities, and a scalable platform capable of delivering steady growth and improving returns over time.

感謝大家今天再次光臨。Accel 提供差異化的投資機會，具有更強的財務靈活性、不斷擴大的市場機會以及可擴展的平台，能夠隨著時間的推移實現穩步增長和不斷提高回報。

I want to especially thank our partners, our shareholders, and our team members for their dedication and their continued execution. Their hard work is what drives our performance and positions us for sustained success.

我特別要感謝我們的合作夥伴、股東和團隊成員的奉獻和持續努力。他們的辛勤工作是推動我們業績成長並使我們持續成功的關鍵。

We appreciate all of you joining us today and we look forward to updating you again on our progress next quarter.

感謝各位今天蒞臨，我們期待下個季度再次向大家報告我們的進展。

Thank you.

謝謝。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

謝謝各位的出席。您現在可以斷開連線了。