Brightstar Lottery PLC (BRSL) 2026 Q1 法說會逐字稿

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Hello, everyone. Thank you for joining us and welcome to the Brightstar Lottery first-quarter 2026 earnings call. (Operator Instructions) I will now hand the conference over to James Hurley. Senior Vice President of Investor Relations. James, please go ahead.

各位好。感謝各位加入，歡迎參加 Brightstar Lottery 2026 年第一季財報電話會議。(接線員指示) 現在我把會議交給 James Hurley。投資人關係資深副總裁。James，請開始。

(technical difficulty) and our actual results may differ materially from those expressed or implied in the forward-looking statements. The principal risks and uncertainties that could cause our results to differ materially from our current expectations are detailed in our latest earnings release and in our SEC filings.

(技術問題) 我們的實際結果可能與前瞻性陳述中明示或暗示的內容存在重大差異。可能導致我們的結果與目前預期出現重大差異的主要風險與不確定性，已在我們最新的財報新聞稿以及向 SEC 提交的文件中詳述。

During this call, we will discuss certain non-GAAP financial measures. You'll find additional disclosures regarding these non-GAAP measures, including reconciliations with comparable GAAP measures in our press release, slides accompanying this webcast, and our filings with the SEC, each of which is posted on our Investor Relations website. Our statements are as of today, May 12, and we have no obligation to update any forward-looking statements we make.

在本次電話會議中，我們將討論若干非 GAAP 財務衡量指標。您可在我們的新聞稿、隨本次網路直播提供的簡報，以及我們向 SEC 提交的文件中，找到關於這些非 GAAP 指標的額外揭露（包括與可比 GAAP 指標的調節表）；上述資料均已發布於我們的投資人關係網站。我們的陳述以今日 5 月 12 日為準，且我們沒有義務更新我們所作的任何前瞻性陳述。

And now, I'll turn the call over to Vince Sadusky.

接下來，我把電話會議交給 Vince Sadusky。

Great. Thank you for joining us today. Well, we delivered a solid start to the year with first-quarter results reflecting the strength of our global portfolio and disciplined execution against our strategic priorities. While reported revenue growth was modest, underlying performance was stronger and profitability expanded, demonstrating the resilience of our business model and the impact of our operational initiatives.

很好。感謝各位今天加入。我們以穩健的第一季表現為今年開了個好頭，反映出我們全球產品組合的實力，以及針對策略重點的紀律性執行。雖然報告口徑的營收成長幅度不大，但基本面表現更強，且獲利能力提升，展現我們商業模式的韌性以及營運措施帶來的成效。

Revenue for the quarter was approximately $590 million, increasing 1% as reported and 3% on a constant currency basis, excluding service revenue amortization. Growth was driven by strong performance in Italy and a favorable mix in the United States, partially offset by the impact of the UK transition.

本季營收約為 5.90 億美元，按報告口徑成長 1%，按固定匯率基礎成長 3%，並排除服務營收攤銷。成長主要來自義大利的強勁表現以及美國較有利的產品組合，部分被英國轉換的影響所抵銷。

Adjusted EBITDA grew 15% as reported and 5% in constant currency, reflecting both operating discipline and continued benefits from our OPtiMa efficiency program. This level of increase in associated margin expansion is a clear indication that we're executing well while continuing to invest for long-term growth.

調整後 EBITDA 按報告口徑成長 15%，按固定匯率成長 5%，反映出營運紀律以及我們 OPtiMa 效率計畫持續帶來的效益。這樣的增幅與相關的利潤率擴張，清楚顯示我們在持續投資長期成長的同時，也執行得相當到位。

Our balance sheet remains a source of strength. We ended the quarter with net debt leverage of 2.4 times, one of the lowest levels we have achieved, positioning us well ahead of the final lotto payment completed last month.

我們的資產負債表仍是實力來源。本季結束時，淨負債槓桿為 2.4 倍，為我們達成的最低水準之一，使我們在上月完成最終彩券付款之前就已處於非常有利的位置。

Capital allocation remains consistent and disciplined. In the first quarter, we returned more than $70 million to shareholders through dividends and share repurchases. These actions reflect our confidence in the durability of our cash flows and our view that the current share price does not fully reflect the intrinsic value of the business.

資本配置一如既往地一致且有紀律。第一季我們透過股利與庫藏股回購向股東回饋超過 7,000 萬美元。這些行動反映我們對現金流持久性的信心，以及我們認為目前股價尚未充分反映公司內在價值。

Now, let me turn to our strategic priorities for 2026 and the progress we've made in the first quarter. Game innovation and portfolio optimization continue to be a key drivers of performance, particularly in Italy, where same-store sales grew 3%. Scratch and Win performance benefited from the successful launch of new Infinity Instance at EUR5 and EUR10 price points, as well as Milione di Diamanti, our first EUR30 ticket. We are seeing continued consumer demand for premium offerings, reinforcing the strength and evolution of the Italian market.

接下來談談我們 2026 年的策略重點，以及第一季取得的進展。遊戲創新與產品組合最佳化仍是績效的關鍵驅動因素，尤其在義大利，同店銷售成長 3%。刮刮樂（Scratch and Win）的表現受惠於新款 Infinity Instance 在 5 歐元與 10 歐元價位的成功上市，以及 Milione di Diamanti（我們首款 30 歐元彩券）。我們持續看到消費者對高端產品的需求，進一步印證義大利市場的實力與演進。

In draw-based games, product enhancements are also gaining traction. In March, we launched Fai3, Fai4, expanding our portfolio with format modeled on proven US Game mechanics. In the United States, same-store sales were flat and below our expectations.

在開獎型遊戲方面，產品強化也正逐步獲得市場採用。3 月我們推出 Fai3、Fai4，以已在美國驗證的遊戲機制為藍本，擴充我們的產品組合。在美國，同店銷售持平，且低於我們的預期。

Performance varied significantly by jurisdiction. We saw growth in markets such as Florida, Indiana and Michigan, where innovation, cadence, and price point expansion remains favorable. In contrast, large markets, including California, face more challenging comparisons.

各司法轄區的表現差異顯著。我們在佛羅里達、印第安納與密西根等市場看到成長，這些市場的創新、推出節奏與價位帶擴張仍具優勢。相較之下，包括加州在內的大型市場面臨較具挑戰性的比較基期。

One notable highlight was the February launch of Millionaire for Life, a multi-jurisdiction draw game with an enhanced price structure. Early results are encouraging and we see meaningful long-term potential as distribution expands.

其中一項值得注意的亮點是 2 月推出的 Millionaire for Life，這是一款跨多個司法轄區的開獎型遊戲，並採用強化的價格結構。初期結果令人鼓舞，隨著通路擴張，我們看見可觀的長期潛力。

Turning to Digital and iLottery, where we continue to lead globally, we now have 11 iLottery platforms deployed worldwide with e-instants content available across 12 jurisdictions. In the first quarter, Global iLottery wagers increased 30%, reflecting broad-based momentum across our portfolio. In the US, wagers grew 36%, led by strong performance in Michigan, Georgia, and Kentucky, as well as the expansion of e-instants in Virginia.

接著談數位與 iLottery。我們持續在全球領先，目前已在全球部署 11 個 iLottery 平台，並在 12 個司法轄區提供 e-instants 內容。第一季全球 iLottery 投注額成長 30%，反映我們產品組合的廣泛動能。在美國，投注額成長 36%，主要由密西根、喬治亞與肯塔基的強勁表現帶動，並受惠於維吉尼亞擴展 e-instants。

In Italy, wagers increased 27%, supported by new game launches and continued strength in established franchises. Milione di Diamanti contributed to a strong finish to the quarter, including a new single-day wagering record.

在義大利，投注額成長 27%，受新遊戲上市以及既有主力系列持續強勁所支撐。Milione di Diamanti 帶動本季強勢收尾，其中包括創下新的單日投注紀錄。

Beyond iLottery, we're making important progress in our direct-to-consumer digital strategy in Italy. Our offering now includes a full suite of lottery products, about 500 casino games and newly launched sports betting.

除 iLottery 之外，我們在義大利的直面消費者（DTC）數位策略也取得重要進展。我們的產品現已涵蓋完整的彩券產品組合、約 500 款賭場遊戲，以及新推出的體育博彩。

We are particularly focused on converting our approximately 1 million monthly app users into active digital players. Full wagering functionality will be introduced on mobile later this quarter, and we expect those efforts, supported by our retail network, to begin contributing more meaningfully in the second-half of the year.

我們特別聚焦於將每月約 100 萬名 App 使用者轉化為活躍的數位玩家。完整的投注功能將於本季稍晚在行動端推出；我們預期在零售網絡的支持下，這些努力將在下半年開始對業績做出更有意義的貢獻。

Finally, channel expansion and new contract opportunities remain important growth levers. In the US, we continue to expand and enhance our retail footprint through investment in self-service vending machines. These upgrades, including cashless capabilities and optimized game mix, are driving strong engagement and are now being scaled beyond the success we've had in California into additional states such as New Jersey and Indiana.

最後，通路擴張與新合約機會仍是重要的成長槓桿。在美國，我們持續透過投資自助式販賣機來擴大並強化零售據點覆蓋。這些升級（包括無現金支付功能與最佳化的遊戲組合）正帶動強勁互動，目前也正從我們在加州的成功經驗擴大到新澤西、印第安納等更多州。

We are also expanding distribution through new retail partnerships. Our initial rollout in a new national retailer with thousands of locations is currently underway, with additional states expected to follow. This represents a meaningful opportunity to broaden access and drive incremental sales.

我們也透過新的零售合作夥伴擴大通路。我們目前正在一家擁有數千個據點的全國性新零售商進行首波導入，預期後續將擴展至更多州。這代表一項重要機會，可擴大可及性並帶動增量銷售。

In Italy, we are progressing on the rollout of upgraded point-of-sale terminals under the new lotto license, with completion expected in the third quarter. Another growth initiative is San Paolo, where we are currently building a full-service lottery from the ground up, integrating retail and digital capabilities into a modern, scalable platform. A digital launch is planned for the second-half of this year, followed by a retail rollout beginning in early 2027.

在義大利，我們正依新 lotto 特許經營權推進升級版銷售終端（POS）機的部署，預計於第三季完成。另一項成長計畫是 San Paolo，我們目前正從零開始建置一個全方位彩券業務，將零售與數位能力整合至現代化、可擴充的平台。數位端預計於今年下半年上線，之後自 2027 年初開始進行零售端推廣。

In summary, we are executing well against our strategic priorities with solid first-quarter performance and continued momentum across key growth initiatives. We expect these investments to contribute more meaningfully to revenue and profit as the year progresses.

總結來說，我們在策略重點上執行良好，第一季表現穩健，且多項關鍵成長計畫持續展現動能。我們預期隨著年度推進，這些投資將對營收與獲利做出更有意義的貢獻。

With that, I'll turn the call over to Max to discuss our financial results and outlook in more detail.

接下來，我把電話會議交給 Max，請他更詳細說明我們的財務結果與展望。

Please bear with us. It seems like we're having some technical difficulties with Max's mic.

請稍等一下。看起來 Max 的麥克風似乎出現一些技術問題。

We appreciate your patience. Hang on one more minute.

感謝您的耐心等候。再稍等一分鐘。

Hello, can you hear me now? Okay, I apologize. We have some connection issues. I'm connecting here from Italy.

您好，現在聽得到我嗎？好的，我很抱歉。我們有一些連線問題。我這邊是從義大利連線。

So I would like to pick up from slide 10. So thank you, Vincent. Hello, everyone, joining us on the call today. Our first-quarter results reflect modest reported growth, stronger underlying momentum at constant currency and outcomes broadly in line with our expectations for the quarter, demonstrating the resilience of our portfolio and the effectiveness of our operating focus on disciplined cost management, especially as we continue to invest in long-term strategic initiatives.

那我想從第10頁投影片接著講。謝謝你，Vincent。各位今天加入電話會議的朋友大家好。我們第一季的結果顯示，按報告口徑為溫和成長；以固定匯率計的基本動能更強，整體表現大致符合我們對本季的預期，展現我們投資組合的韌性，以及我們在嚴謹成本管理上的營運聚焦成效，尤其是在我們持續投資長期策略性計畫之際。

First-quarter revenue of $587 million increased 1% as reported. More importantly, growth at constant currency and before non-cash service revenue amortization, which is about $50 million higher per quarter with the start of the new lot of concession was 3% or 5% net of the UK transition. As a reminder, the UK transition started in August 2025, so we had one full quarter plus one month left to anniversary the transition in year-to-year comparisons.

第一季營收為5.87億美元，按報告口徑成長1%。更重要的是，以固定匯率計且在扣除非現金服務營收攤銷之前（隨著新一批特許權開始，每季約高出5,000萬美元）之成長為3%；若再扣除英國轉換影響，則為5%。提醒一下，英國轉換自2025年8月開始，因此在年對年比較中，我們還有一個完整季度加上一個月尚未完成轉換的周年化比較。

As for the components of reported revenue growth, instant ticket and draw wager-based revenue was in line with the prior year at content currency, as strong more than 3% Italy same-store sales growth and favorable mix in the US was offset by the impact of the UK transition. Other service revenue increased 14%, primarily on LMA dynamics.

就報告營收成長的組成而言，即開型彩券與開獎型投注相關營收以固定匯率計與去年同期持平；義大利同店銷售成長逾3%表現強勁，以及美國有利的產品組合，被英國轉換的影響所抵銷。其他服務營收成長14%，主要來自LMA的動態。

There are two drivers at play. The first is higher pass-through revenue, which has no profit associated with it. The second is a lower shortfall accrual in Q1 '26 compared to the prior year period. This outcome differed from our expectations.

這裡有兩個驅動因素。第一是較高的代收代付（pass-through）營收，這部分不帶來利潤。第二是2026年第一季相較去年同期，短缺（shortfall）提列較低。這個結果與我們的預期不同。

Initially, we were expecting a break-even LMA outcome in the quarter. Instead, we booked a $10 million shortfall specifically associated with the New Jersey LMA due to the combination of two factors affecting the New Jersey incentive calculation, a constant increase in the contractual annual net income target, which was known. And since the last large jackpot in late December '25, Powerball hit 2 times at or below $250 million.

起初，我們預期本季LMA結果可達損益兩平。但實際上，我們認列了1,000萬美元的短缺，且特別與新澤西LMA相關，原因是影響新澤西獎勵計算的兩項因素同時發生：其一，合約年度淨收益目標持續上調，這點我們已知；其二，自2025年12月下旬上一次大型頭獎以來，Powerball在2次開出時頭獎金額均在2.5億美元或以下。

This phenomenon, in addition to the continuous subdued Mega Million performance in the period, prevented any large jackpot formation in Q1. Since Powerball has also hit multiple times at very low levels to date in Q2, we are currently trending toward incurring a similar LMA shortfall in New Jersey in the second quarter as there is not enough time left in the period to develop a jackpot above $700 million, the level at which we tend to see jackpot sales inflate.

這種現象，再加上期間內Mega Millions表現持續低迷，使得第一季無法形成任何大型頭獎。由於第二季迄今Powerball也多次在非常低的金額水位就開出，我們目前的趨勢是第二季新澤西也可能出現類似的LMA短缺，因為本期剩餘時間不足以累積到超過7億美元的頭獎——通常在這個水位我們才會看到頭獎帶動的銷售膨脹。

This results in an approximate $20 million New Jersey shortfall for the first half of 2026, which is in line with the prior year and represents the maximum capital penalty in this contract fiscal year.

因此，2026年上半年新澤西短缺約為2,000萬美元，與去年同期一致，並且代表本合約會計年度的最高資本罰則。

Our team has developed several strategies to help mitigate the New Jersey LMA's echo sensitivity going forward. One is improved payouts on new instant ticket games, which is already driving stronger sales in March and April.

我們團隊已制定多項策略，以在未來協助降低新澤西LMA對頭獎的敏感度。其中之一是提高新即開型彩券遊戲的返獎率，這已在3月與4月帶動更強勁的銷售。

Another is the increased deployment of self-service vending machines, which have delivered immediate sales lists. Outside of the New Jersey LMA contract, modest jackpot activity did not have a meaningful impact to our sales, demonstrating its limited exposure in the overall business.

另一項是加大自助販售機的部署，已立即帶來銷售提升。在新澤西LMA合約之外，溫和的頭獎活動對我們的銷售並未造成顯著影響，顯示其在整體業務中的曝險有限。

Moving now to our very resilient profit performance, we delivered an adjusted EBITDA of $287 million in the first quarter, a 15% increase as reported, and a 5% at constant currency with a reported EBITDA margin of nearly 49%. The increased upfront license fee amortization artificially bolstered the EBITDA margin, which would have been approximately 42% in Q1 '26, and about 40% last year, excluding that item.

接著談我們非常具韌性的獲利表現：第一季我們的調整後EBITDA為2.87億美元，按報告口徑成長15%，以固定匯率計成長5%，報告EBITDA利潤率接近49%。前期牌照費攤銷增加在會計上推升了EBITDA利潤率；若排除此項，2026年第一季利潤率約為42%，去年約為40%。

Contributors to the strong profit growth included high flow through of strong Italy same-store sales growth, the reduced LMA shortfall, continued progress on our OPtiMa cost savings initiatives and certain expense recoveries. Partial offsets to growth were the UK transition, human capital investments tied to retention, execution and long-term value, and significant investments in growth initiatives during the quarter.

強勁獲利成長的貢獻因素包括：義大利同店銷售強勁成長帶來的高流量轉換（flow-through）、LMA短缺減少、我們OPtiMa成本節省計畫的持續進展，以及部分費用回收。成長的部分抵銷因素包括英國轉換、與留才、執行與長期價值相關的人力資本投資，以及本季對成長計畫的大幅投資。

In fact, approximately $20 million of the year's $50 million investment spend was incurred in Q1. We also experienced inflationary pressures impacting postage and freight and other costs. In addition, we saw a nice year-over-year improvement in income from operations driven by three main items: the adjusted EBITDA growth, just mentioned; FX, which is a non-cash positive impact from a change in the euro/dollar exchange rate on debt balances at the parent company; and a lower tax provision resulting from various strategic actions we have taken to lower our effective tax rate in the last two years.

事實上，全年5,000萬美元投資支出中，約2,000萬美元發生在第一季。我們也面臨通膨壓力，影響郵資、運輸與其他成本。此外，我們看到營業利益年對年有不錯的改善，主要由三項因素驅動：剛提到的調整後EBITDA成長；外匯（FX），這是因母公司債務餘額受歐元/美元匯率變動影響所產生的非現金正面影響；以及因我們過去兩年採取多項策略行動以降低有效稅率而帶來的較低所得稅費用。

For the full-year 2026, we currently expect an effective tax rate in the high 30% range compared to 55% in the prior year and heading closer to our normalized rate in the mid- to low-30s. We expect full-year '26 cash taxes in the range of around $150 million versus $220 million in the prior-year period.

就2026年全年而言，我們目前預期有效稅率將落在30%後段（high 30%）區間，相較去年為55%，並逐步接近我們常態化的30%中段至低段。我們預期2026年全年現金稅款約為1.5億美元，相較去年同期為2.2億美元。

First-quarter cash from operations of $165 million was in line with our expectations and reflect an over $50 million negative impact from timing of working capital items, primarily reflected to the day of the week that the quarter ended on in Italy and the associated collection cycle. While this tracks behind the full-year run rate, the timing impacts are expected to reverse in the second quarter, and we are reaffirming our expectations for full-year 2026 cash generation.

第一季營運活動現金流為1.65億美元，符合我們的預期，並反映營運資金項目時點因素帶來超過5,000萬美元的負面影響，主要與義大利季度結束當天是星期幾以及相關收款週期有關。雖然這使得目前表現落後於全年運行水準，但預期這些時點影響將在第二季反轉，我們也重申對2026年全年現金創造的預期。

Capital expenditures totaled $110 million, with about two-thirds of the investments related to the rollout of new terminals in Italy. We returned over $70 million to shareholders, including $30 million in share repurchases and a cash dividend of $42 million, or $0.23 per share. Our LTM quarterly cash dividend yield is nearly 7%.

資本支出合計1.10億美元，其中約三分之二的投資與義大利新終端機的推廣部署相關。我們向股東回饋超過7,000萬美元，包括3,000萬美元庫藏股回購，以及4,200萬美元現金股利（每股0.23美元）。我們過去十二個月（LTM）的季度現金股利殖利率接近7%。

While no payments were due on the Italy Lotto offering license fee in the quarter, I just want to remind you of the funding requirement. The first two installments totaling $926 million were paid in 2025 and the final installment of $1.67 billion was paid on April 24. While the full amount of the license fee is reported in cash from ops, Brightstar is only responsible for its 61.5% share, with a balance funded by our minority partners.

雖然本季義大利Lotto經營牌照費沒有到期應付款項，但我想提醒各位其資金需求。前兩期合計9.26億美元已於2025年支付，最後一期16.7億美元已於4月24日支付。雖然牌照費全額會在營運現金流中呈報，但Brightstar僅需負擔其61.5%的份額，其餘由我們的少數股權合作夥伴出資。

As a matter of fact, Brightstar balance sheet and credit profile are strong with net debt leverage of 2.4x. We expect leverage to peak around 3.5 times mid-year and anticipate that it will subsequently restart a more favorable trajectory thereafter. Total liquidity following the attainment is around $1.8 billion, providing substantial support for our capital allocation plans.

事實上，Brightstar的資產負債表與信用狀況強勁，淨負債槓桿為2.4倍。我們預期槓桿將在年中左右達到約3.5倍的高峰，之後可望重新回到更有利的走勢。在完成該項支付後，總流動性約為18億美元，為我們的資本配置計畫提供充足支撐。

In April, we successfully refinanced our revolving credit facility, moving its new maturity date to March 2031 with improved terms and subsequently fully repaid the EUR200 million outstanding principal amount due under the euro-denominated term loan due 2027. We have a sound profile on our debt with no near-term maturities and very competitive terms on our senior notes.

4月，我們成功為循環信貸額度進行再融資，將新的到期日延長至2031年3月，且條款更為優化；隨後也已全數償還以歐元計價、2027年到期之定期貸款項下尚未償還的2億歐元本金。我們的債務結構穩健，短期內無到期壓力，且我們的優先票據條款極具競爭力。

Turning now to our outlook. Second-quarter revenue is expected to be below the prior year, primarily due to higher service revenue amortization. Adjusted EBITDA in the second quarter is currently expected to be modestly below the prior year as underlying growth in the business and continuous cost discipline is more than offset by the impact of the UK transition and the likelihood of a higher New Jersey LMA shortfall, in addition to investment in growth initiatives. We are reaffirming our full-year 2026 revenue, profit and cash flow outlook.

接著談談我們的展望。第二季營收預期將低於去年同期，主要原因是服務營收攤銷增加。目前預期第二季調整後EBITDA將略低於去年同期，因英國轉換的影響以及新澤西LMA缺口可能擴大，再加上成長計畫投資，其影響超過了業務基本面成長與持續成本紀律所帶來的抵銷效果。我們重申2026全年營收、獲利與現金流展望。

As Vince outlined, we are executing on many initiatives to drive accelerated revenue and profit growth in the second-half of the year and beyond. We believe that diversity mitigates the risks associated with any single area of focus, as our Q1 clearly demonstrated. In addition, our LTM sales and adjusted EBITDA performance, coupled with the proven resilience of lottery in the face of macroeconomic and geopolitical uncertainty, gives us confidence we can deliver on our financial targets for the current year.

如Vince所述，我們正推動多項措施，以在今年下半年及更長期帶動營收與獲利加速成長。我們相信多元化能降低對單一重點領域的依賴風險，第一季的表現已清楚證明這點。此外，我們過去十二個月（LTM）的銷售與調整後EBITDA表現，加上彩券在面對總體經濟與地緣政治不確定性時已證實的韌性，讓我們有信心在本年度達成財務目標。

Now, we'd like to open the call for your questions.

現在，我們想開放提問。

(Operator Instructions) Jeff Stantial, Stifel.

(接線員指示) Jeff Stantial，Stifel。

Maybe just starting off, Max, that last point that you raised of some initiatives to try to drive re-acceleration in the back half of the year. If you think about bridging between the 1% of growth in global same-store sales were for Q1, and then last quarter, I think you talked about 3%-ish, 2% from retail, 1% from iLottery. If you think about how you go from 1% to 3%, you mentioned some initiatives, retailers, self-service terminals, you mentioned the timing of product.

我先從你最後提到的、一些希望在下半年推動再加速的措施開始問起，Max。如果把第一季全球同店銷售成長1%作為起點，再對照上一季我記得你提到大約3%左右，其中零售貢獻2%、iLottery貢獻1%。若思考如何從1%提升到3%，你提到一些措施，包括零售商、自助終端機，以及產品時程等。

Can you just walk through or help us think about rank ordering, which of these is most material? And then, if you can also think about like which ones you feel like you have the cleanest line of sight to, which ones might require state or lottery partner approvals to roll out and your degree of confidence in this back half acceleration?

你能否帶我們梳理一下，或協助我們思考這些因素的重要性排序，哪些最具實質影響？另外，也請談談哪些你們的能見度最高、哪些可能需要州政府或彩券合作夥伴核准才能推行，以及你對下半年加速的信心程度？

Yeah so to ground everyone up around the 5% organic growth projections for the year, we anticipate effectively 2026 to behave more or less similarly to '25, where we see a second-half that it will be more prominent or expected to be more prominent than the first half of the year as a result of a couple of factors, not least the UK transition, which is still negatively affecting our revenue growth by about 1% -- sorry, 2% each quarter negatively.

好的。為了讓大家回到我們全年5%有機成長的預測基礎上，我們預期2026年的走勢大致會與2025年相近，也就是下半年會比上半年更為突出或更為明顯，原因有幾個，其中之一是英國轉換仍在拖累我們的營收成長，每一季約有1%——抱歉，是每季約2%的負面影響。

While instead in the second-half, we anticipate product sales to be a significant positive contributor with between 3% and 5% contributions for each of the two remaining quarters of the year. So again, that is backed by an order backlog with deliveries expected to be completed between Q3 and the majority in Q4 of the year.

相較之下，在下半年我們預期產品銷售將成為顯著的正向貢獻來源，全年剩餘兩季各季的貢獻約在3%到5%之間。這背後有訂單積壓作支撐，預計交付將在第三季完成一部分，且多數將在第四季完成。

From a same-store sales trajectory, we expect the same-store sales to pick up in the second-half as well on the back of those retail initiatives that Vince and I mentioned during the call, more prominently the game innovation with the introduction of the new price point, the vending machine expansion.

就同店銷售的走勢而言，我們也預期下半年同店銷售會回升，主要受惠於我與Vince在電話會議中提到的零售端措施，尤其是透過導入新的價格帶所帶動的遊戲創新，以及販賣機的擴張。

The new retailer contracts that are also providing additional point of sales overall in the second-half as we roll out the initiative. And so all of that together is supposed to give us a little bit of pickup in the second half of the year versus the first half of the year.

此外，新的零售商合約也會在我們推動該計畫的下半年，帶來更多整體銷售據點。因此，綜合以上因素，我們預期下半年相較上半年會有一定程度的回升。

Then obviously, we would anticipate a normalization of the multi-stage effort. Again, similarly to what has happened last year, the sequence of jackpots in the first four months of the year, 4.5 months of the year has been extremely negative, even worse than a year ago. And so again, we think that some normalization may occur in the second-half that should help us contribute favorably to get to a total retail performance in the year, up 3% versus the previous year.

接著，顯然我們也預期多州彩券的表現會回歸常態。同樣地，類似去年發生的情況，今年前四個月到四個半月的頭獎累積節奏非常不利，甚至比去年更差。因此，我們認為下半年可能出現一定程度的常態化，這應有助於我們全年零售端總體表現較去年成長3%。

And then we have the two growth initiatives, mainly the iLottery, that continues to overachieve our projections in terms of growth rate to contribute 1%. As well as the Italy B2C initiative also to start ramping up more decisively in the second half of the year and finishing up the year with about a 1% contribution on a total-year basis.

另外，我們有兩項成長計畫，主要是iLottery，持續在成長率方面超越我們的預測，預計貢獻1%。以及義大利B2C計畫，也將在下半年更明確地加速爬坡，並在全年基礎上以約1%的貢獻作結。

That's great. Thank you for all that color, Max. And then switching gears, you talked about in the release notes some margin pressure from higher postage and freight cost. Max, can you just help us think about the magnitude of impact here resulting from the spike we've seen in crude?

很好。謝謝你提供這麼多細節，Max。接著換個話題，你在新聞稿附註中提到郵資與運輸成本上升帶來一些毛利壓力。Max，你能否協助我們理解，近期原油上漲所造成的影響幅度大概有多大？

And on the guidance piece, did you assume a consistent impact through the remainder of the year? Did you anchor to the forward curve? Just how do you think about the impact through the remainder of the year?

另外在指引方面，你們是否假設這項影響在今年剩餘期間會維持一致？你們是以遠期曲線作為基準嗎？你們如何看待今年剩餘期間的影響？

Yeah, the inflationary pressure per se is not super significant. We're talking about a few million dollars in the quarter, mostly concentrated in the postage and freight activity. So we think that this is a manageable number within our cost initiatives. We think we can absorb that impact relatively easily during the year.

是的，通膨壓力本身並不算特別顯著。我們談的是單季數百萬美元的影響，主要集中在郵資與運輸活動上。因此我們認為，在我們的成本改善措施之下，這是可控的數字。我們認為今年內相對容易吸收這項影響。

Perfect. And then if I can just squeeze in one quick housekeeping. Apologies if I missed this. Max, did you say what the embedded euro assumption was for the full-year guide? Is it still [EUR115] or did that move just given, I think, the spot moved a little bit higher since you guys reported?

了解。另外我再補一個簡短的例行問題。如果我漏聽了先說聲抱歉。Max，你有提到全年指引中隱含的歐元匯率假設是多少嗎？仍是[EUR115]，還是考量到你們公布後即期匯率走高而有所調整？

Yeah, I mean, fair questions. I think at this point with 4.5 months in, it's probably the right thing to do is to update the FX to the [EUR117]. There is still some volatility associated with that, but we believe the [EUR117] is more appropriate than the [EUR115] at this point.

是的，這是合理的問題。我認為在目前已過了4個半月的情況下，更新匯率假設到[EUR117]可能是較合適的作法。當然仍有一些波動性，但我們認為此時點[EUR117]比[EUR115]更為恰當。

Barry Jonas, Truist.

Barry Jonas，Truist。

I wanted to start on the multi-state lotteries. I believe Powerball is going to be expanding internationally. So I wanted to get your thoughts on any potential upside there and walk us through the timing. And then just on the other side of the coin, clearly Mega Millions hasn't achieved the results we were hoping with the increase to $5. So there's been some talks about tweaks from the consortium and just wanted to get your thoughts on those potential tweaks. Thank you.

我想先從多州彩券談起。我相信Powerball將會拓展到國際市場。因此我想請教你們對此可能帶來的上行空間有何看法，並請帶我們了解一下時程。另外從另一面來看，顯然Mega Millions在調升至5美元後，並未達到我們原先期待的成效。因此聯盟方面有在討論一些調整方案，也想請教你們對這些潛在調整的看法。謝謝。

We cannot hear you.

我們聽不到你。

Sorry, did you not hear the question?

抱歉，您沒有聽到問題嗎？

This is Ellen, the operator. Barry, if you could please repeat your question to confirm our speakers can hear it. Thank you.

我是接線員 Ellen。Barry，麻煩您請重複一下您的問題，以確認我們的講者能聽到。謝謝。

Great. Can you guys hear me now?

很好。你們現在聽得到我嗎？

Yes.

是的。

Okay, great. So my question was a two-parter on the multi-state lotteries. First, Powerball is expanding internationally. So I wanted to get your thoughts on potential upside there and timing.

好的，很好。所以我的問題是關於跨州聯合彩券的兩個部分。第一，Powerball 正在向國際擴張。因此我想聽聽你們對於潛在上行空間以及時程的看法。

And then for Mega Millions, I believe the consortium is talking about making tweaks to potentially improve results. So I was hoping you can give us some color on those tweaks and expectations there. Thank you.

另外，針對 Mega Millions，我相信聯盟正在討論做一些調整，以期改善表現。所以我希望你們能提供一些關於這些調整與相關預期的說明。謝謝。

Sorry, I cannot hear, Vince, unfortunately. So I hope you can hear me and apologize --

抱歉，Vince，我不幸聽不到。希望你能聽到我，並致歉--

I can hear you.

我聽得到你。

We are connected from different locations. So, yes, the Powerball game is expanding internationally and is scheduled to go live in the UK later this summer, pending final regulatory approval. The game would cost GBP4, and the jackpot would be the only shared element of the price structure.

我們從不同地點連線。所以，是的，Powerball 遊戲正在向國際擴張，並預計在今年夏末於英國上線，仍需等待最終監管核准。該遊戲票價為 4 英鎊，而獎金池（jackpot）將是價格結構中唯一共享的要素。

The anticipation is that about $0.68 for every UK ticket will go towards the jackpot, consistent with absolute value per the US-based game contribution. So again, we think that overall, the game will provide some support to the formation of the jackpot in the US, and this is the positive information that could provide an upside gain to the game overall.

預期每張英國彩券約有 0.68 美元會撥入獎金池，與美國本土遊戲的貢獻在絕對金額上保持一致。因此我們認為，整體而言，該遊戲將對美國獎金池的累積形成提供一些支撐，而這項正面資訊可能為整體遊戲帶來上行增益。

And so I think this is a positive development at the end of the day because it will create additional support to the development of the jackpot. So we are not, per se, forecasting any significant sales increase as this type of expansion is unprecedented. So we would like to be very conservative and we need to understand, first of all, how the US players will react to this expansion before we really can take some significant upside.

因此我認為，歸根結底這是一項正面發展，因為它將為獎金池的累積提供額外支撐。不過我們並未、嚴格來說，預測銷售會有任何顯著增加，因為這類擴張前所未見。所以我們希望非常保守，並且需要先了解美國玩家對此擴張的反應，之後我們才可能真正納入較顯著的上行。

Okay, got it. And then just for Mega Millions, are there actions the consortium can take to maybe improve trends there? Or is it just a waiting game to get the jackpots at a sufficient level?

好的，了解。那再就 Mega Millions 而言，聯盟是否有可以採取的行動來改善趨勢？還是只能等待獎金池累積到足夠高的水準？

Yes, so again, as we all now realize, I mean, the sales on the Mega Millions are below the prior-year levels. And it's very clear at this point, consumers don't appreciate the value proposition of the $5 price point. As a reminder, the higher price point was introduced in April of '25. Since then, the jackpot, to be fair, has been hit six times, which has not allowed the formation of a jackpot exceeding $1 billion so far. We got one time barely just below the $1 billion.

是的，所以再次強調，正如我們現在都意識到的，Mega Millions 的銷售低於去年同期水準。而目前非常清楚的是，消費者並不認同 5 美元價位的價值主張。提醒一下，較高的票價是在 25 年 4 月導入的。自那之後，公平地說，頭獎已經開出（被中獎）六次，這使得至今尚未形成超過 10 億美元的頭獎。我們有一次幾乎接近，但仍略低於 10 億美元。

So again, when you take this statistic and compare it to previous years, based on wagers, on average, the jackpot would have been hit two or three times in the same period. So again, the frequency of hitting has been much, much greater than what we have experienced in the previous years. And again, yes, as you said, there has been some discussions around evaluating options to optimize the game, but so far, nothing has been decided from the consortium point of view.

因此，當你把這項統計與過去幾年相比，按投注情況推算，同一期間平均頭獎應該只會被中兩到三次。所以，中獎（開出）頻率遠遠高於我們過去幾年的經驗。另外，是的，如你所說，確實有一些討論在評估優化遊戲的選項，但截至目前，從聯盟的角度來看尚未做出任何決定。

(multiple speakers) Sorry, we had some technical issues. It's been a morning of technical issues here in Rhode Island with otherwise a beautiful day here in New England. Max, I assume you took the question on Powerball and it sounds like multi-state jackpots in general. So if there's anything else I can help out with there, but otherwise, I think we're back.

（多位講者）抱歉，我們遇到一些技術問題。今天早上在羅德島這邊技術問題不斷，不過新英格蘭這裡天氣很美。Max，我想你已回答了關於 Powerball 的問題，聽起來也涵蓋了整體跨州頭獎。如果還有其他我能補充的地方我可以協助，不然的話，我想我們已經恢復了。

Very good. Barry, just to finish up on this important commentary. As you can imagine, we were grounded on two games. Now, one of the two games is definitely structurally underperforming, so that puts more pressure on the one game if you want less Powerball to perform.

非常好。Barry，為了把這段重要評論補充完整。如你所想像，我們主要依賴兩款遊戲。現在其中一款在結構上明顯表現不佳，因此如果你希望 Powerball 表現較弱，這就會讓另一款遊戲承受更大壓力。

And unfortunately, again, also on Powerball, five hits since the beginning of the year, all five below $250 million or one of the five at $250 million is really unprecedented from the last few years of statistics. And so that also has put a lot of pressure on the game. Having said that, our own exposure to the multi-stage jackpot on a year-over-year basis has been very, very limited, with the only exception of the New Jersey LMA contract, as I explained in my prepared remarks.

而且不幸的是，Powerball 方面，今年年初至今已開出五次，五次都低於 2.5 億美元，或其中一次剛好是 2.5 億美元；這在過去幾年的統計中確實前所未見。因此也對該遊戲造成很大壓力。話雖如此，我們對跨州頭獎的曝險在年對年基礎上非常、非常有限，唯一的例外是新澤西 LMA 合約，正如我在事先準備的發言中所說明。

Understood. Maybe just one more follow-up. Now that pro forma leverage after the last Italy payment is 3.5% and the shares are still depressed. How are you thinking about capital allocation here and maybe just timing to hit that mid-cycle target of 3 times or less?

了解。也許再追問一個問題。在完成最後一筆義大利付款後，備考槓桿為 3.5%，而股價仍然低迷。你們如何看待資本配置，以及達到中期目標（3 倍或以下）的時程？

Yeah so I think with the payment behind us, we're probably going to see the peak of debt leverage on or around 3.5, probably on the low-end of 3.5 potentially. And since then, we anticipate that leverage to come down gradually over the next few quarters.

是的，我認為在付款完成之後，我們大概會看到負債槓桿的高點落在約 3.5 左右，可能是 3.5 的較低端。而自那之後，我們預期槓桿將在接下來幾個季度逐步下降。

And so definitely, we are very cognizant of the fact that we have an ability to bring the leverage back to our long-term target of 3 times over the foreseeable future without compromising our investments, our core investments and/or our support to the balanced capital allocation plan that we launched July last year, and that we are in full execution mode.

因此，我們非常清楚，我們有能力在可預見的未來把槓桿拉回長期目標 3 倍，同時不會影響我們的投資、核心投資，及／或對我們在去年 7 月推出並正在全面執行的均衡資本配置計畫的支持。

Since then, we have been able to deliver about 60% on the buyback program, the $500 million program. And the rest of the program is still open for execution. And we anticipate that you will see from time to time the company being able to continue to execute on the remaining part of the program.

自那以來，我們已在 5 億美元的回購計畫中完成約 60%。而該計畫的剩餘部分仍開放執行。我們預期你們將不時看到公司能夠持續執行該計畫的剩餘部分。

Plus, in addition to that, we have been able to also increase our ordinary dividend to the tune of about 15% over the last two quarters. We have taken a pause on the increase this quarter because, again, we had to absorb that large last lot of payments in April. But with that in mind, I think we have the ability to continue to support our capital allocation plan going forward.

此外，我們也在過去兩個季度將普通股股利提高了約 15%。本季我們暫停調升，因為我們必須吸收 4 月那一大筆最後一批付款。但基於此，我認為我們有能力在未來持續支持我們的資本配置計畫。

Chad Beynon, Macquarie Capital.

Chad Beynon，Macquarie Capital。

I was wondering if you could elaborate just a little bit more just in terms of opportunities on the AI front in this business, either from a cost-savings standpoint or just from an efficiency standpoint, if any of that has improved as we've worked through the year thus far? Thank you.

我想請你再多談一點，關於這項業務在 AI 方面的機會，不論是從節省成本或提升效率的角度；以及在今年迄今的推進過程中，這些方面是否有所改善？謝謝。

Yeah. Hey, Chad. I'll take the question. So we've done a lot of work in this area, including using third-party consultants to assist us and then also assess where Brightstar stands relative to others in the industry and then more importantly, I think, outside of the industry. And I think we're in pretty good shape in terms of our evolution.

是的。嗨，Chad。我來回答這個問題。我們在這個領域做了很多工作，包括聘請第三方顧問協助我們，並評估 Brightstar 相較於同業、以及更重要的是相較於產業之外的其他公司所處的位置。我認為就我們的演進而言，我們目前的狀況相當不錯。

So I think I mentioned in the past, a while back, we put in a governance structure for the management and utilization of various AI tools. So we've got the tools in place. We've got our controls and guidelines. We've got a structured program. We had an Innovation Committee where our senior executives sit on a committee. I chair it. And we've got just a lot of best-in-class techniques, including really robust training programs for our managers.

所以我想我過去曾提到，一段時間之前，我們已建立一套治理架構，用於管理與運用各種 AI 工具。因此我們已具備工具。我們有控制措施與指引。我們有一個結構化的計畫。我們設有創新委員會，由資深主管擔任委員。我擔任主席。而且我們採用了許多同級最佳的方法，包括為管理者提供非常扎實的訓練計畫。

So I think we've talked about some of the examples of our initiatives, including the game creation, especially in the area of art. Our e-instant game launches are leveraging AI, our game recommendation engine, which we believe is best-in-class, utilizes a fair amount of AI in its technology stack.

所以我想我們也談過一些倡議的例子，包括遊戲製作，特別是在美術領域。我們的 e-instant 遊戲上線正在運用 AI；我們的遊戲推薦引擎（我們認為是同級最佳）在其技術堆疊中也使用了相當多的 AI。

We've done things like become more efficient and effective in an area such as field services, which utilized a terrific amount of resources on a daily basis in each one of our major jurisdictions to canvas the state and be able to provide strong customer support in the area of troubleshooting and repair, as well as a lot of the typical stuff that other companies are doing in the corporate areas.

我們也做了一些事情，例如在外勤服務等領域變得更有效率、更有效能；該領域在我們每個主要司法管轄區每天都會動用大量資源，走訪各州並在故障排除與維修方面提供強而有力的客戶支援；此外也涵蓋許多其他公司在企業端正在做的典型事項。

So I think a big part of what we've been able to deliver in the first quarter in terms of incremental efficiencies and cost reductions, a lot of that is based upon innovation and AI. And as a team, each quarter is more and more engaged. It's really been the team that's been super helpful in incrementally identifying opportunities for improved services as well as efficiency.

所以我認為，我們在第一季能夠交付的增量效率與成本降低，很大一部分是建立在創新與 AI 之上。而且以團隊而言，每一季的投入度都越來越高。實際上，正是團隊在逐步辨識改善服務與提升效率的機會方面，提供了非常大的幫助。

So our OPtiMa program, which Max continually updates, that we continue to grow the -- what our projected opportunity is over the next several years and much of that is based on the utilization of AI, especially around the area of efficiency on software engineering, which is a significant part of our business, right down to the delivery and maintenance of the servicing. Those are the areas that we've primarily benefited and we see benefits increasing over time, so we get smarter and better at this and take on more projects and refine our execution.

所以我們的 OPtiMa 計畫（Max 持續更新）也在持續擴大——我們對未來幾年的預估機會持續成長，而其中很大一部分是基於 AI 的運用，特別是在軟體工程效率方面；軟體工程是我們業務的重要組成，從交付到維運服務都涵蓋在內。這些是我們主要受益的領域，而且我們看到效益會隨時間增加；因為我們在這方面會變得更聰明、更成熟，承接更多專案並精進執行。

That's great. Thanks, Vince. And then last quarter, we opened up the window a little bit more in terms of M&A opportunities, whether it's iLottery or other areas of the business. Can you just talk about your appetite in M&A, given the second payment will be made in your free cash flow and cash position is maybe just a little bit more understood at this point?

很好。謝謝你，Vince。另外，上季我們在併購（M&A）機會方面把視窗再打開一些，不論是 iLottery 或其他業務領域。鑑於第二筆款項將以自由現金流支付，而你們的自由現金流與現金部位現在可能也更明朗了，你能談談你們對併購的意願嗎？

Yeah, sure thing. So as we report every quarter, the growth opportunities and the growth -- the high growth areas that we've experienced have, of course, been in the area of iLottery. We've got the -- we are the leading global provider of iLottery platforms and content. Our games are performing great.

好的，當然。如同我們每季所揭露的，我們的成長機會以及所經歷的高成長領域，當然是在 iLottery。我們是全球領先的 iLottery 平台與內容供應商。我們的遊戲表現非常好。

We've got 11 or 12 platform customers out there. We have platform customers coming online in 2027, and we've also added our content to customers that don't deploy our platform. So we've invested for years. We feel like we've got the best-in-class team.

我們目前有 11 或 12 家平台客戶。也有平台客戶將在 2027 年上線；此外，我們也把內容提供給未部署我們平台的客戶。我們多年來持續投資。我們覺得我們擁有同級最佳的團隊。

And our acceleration, I think, of the delivery of top-performing games, as well as platform refinement, has been really impressive. So I think we've got the capabilities that we've built organically that have enabled us to achieve that 20%-plus to 30% iLottery growth quarter after quarter. And now, it's becoming more meaningful as the absolute number is getting larger.

而且我認為，我們在推出高表現遊戲以及平台精進方面的加速，確實令人印象深刻。所以我想，我們透過有機方式建立的能力，使我們得以一季又一季達成 20% 以上到 30% 的 iLottery 成長。而現在，隨著絕對數字變大，這些成長也變得更具意義。

And now, we've got a couple of big deployments that are pretty exciting. We go online with San Paolo in July, and of course, it will take time before those numbers become meaningful. But I think it's exciting because it's a mobile-first community. It's got a decent amount of economic activity, and it's a place where you could see a different paradigm with digital exceeding retail right from the start. So the team has been actively involved in the development of that platform and is excited about that launch of e-instant in the third quarter.

此外，我們也有幾個大型部署相當令人振奮。我們將在 7 月於聖保羅上線，當然，這些數字需要時間才會變得有意義。但我認為令人興奮的是，那是一個以行動優先的社群。它有相當程度的經濟活動，而且你可以看到一種不同的典範：從一開始數位就可能超越零售。因此團隊一直積極參與該平台的開發，並對第三季 e-instant 的上線感到期待。

And then, of course, the B2C area in Italy. That's, of course, our home turf. We've got a very, very good team of veterans that have been working on putting together the best-in-class platform and are excited to really launch full functionality around our My Lotteries app in Italy in this particular quarter, end of the second quarter, as well as all of the marketing that goes along with it. And we've increased our iLottery market share a couple of points from a year ago.

然後當然還有義大利的 B2C 業務。那當然是我們的主場。我們有一支非常、非常優秀的資深團隊，一直在打造同級最佳的平台，並且很期待在本季（第二季末）於義大利的 My Lotteries App 上線完整功能，以及配套的所有行銷活動。我們的 iLottery 市占率也較一年前提升了幾個百分點。

So still early days in terms of that focused activity around digital in Italy. And as you know, we've been building up our game library there such that we've got about 500 iCasino games available now, including. live casino games, skill-based games, and sports betting. So I think we're in good shape.

所以就義大利聚焦數位的活動而言，仍屬早期階段。而如你所知，我們也在那裡持續擴充遊戲庫，目前約有 500 款 iCasino 遊戲可用，包括真人荷官遊戲、技巧型遊戲，以及運動博彩。所以我認為我們狀況良好。

And if there's an area where we'd be looking to potentially engage in M&A, I don't expect it would be anything massive. But the ability to gain some incremental expertise or market share, I think, would be something that we would be open to, where we could quickly synergize and have both the cost opportunity and pick up some incremental market share.

如果有我們可能會考慮透過併購切入的領域，我不預期會是非常大型的交易。但若能取得一些增量的專業能力或市占率，我認為我們會持開放態度；前提是我們能快速產生綜效，同時取得成本面的機會並帶來一些額外的市占率提升。

So I think we're in fine shape with our balance sheet. I think we're even considering the payment on Lotto. And so I think any M&A of that magnitude would not be significant in terms of the impact to the balance sheet and those are things that we're currently evaluating.

所以我認為我們的資產負債表狀況很好。即便把 Lotto 的付款也納入考量。因此，我認為若是那種規模的併購，對資產負債表的影響不會顯著；而這些都是我們目前正在評估的事項。

Domenico Ghilotti, EQUITA.

Domenico Ghilotti，EQUITA。

Two questions. The first is on the retail same-store sales performance you were mentioning. So the 3% target and wonder if this is something that you see well balanced between Italy and the US? So if you're expecting some acceleration in the US or any additional acceleration in Italy?

兩個問題。第一個是關於你提到的零售同店銷售表現。也就是 3% 的目標，我想了解你是否認為義大利與美國之間會相對均衡？也就是說，你是否預期美國會加速，或義大利會有任何額外的加速？

Second is a follow-up on the Italian B2C launch and activity. How are you going to exploit your retail network and so your opportunity for, say, omnichannel approach, if any? So I'm interested in understanding how do you want to exploit this asset?

第二個是關於義大利 B2C 上線與相關活動的追問。你們打算如何運用你們的零售網路，以及例如全通路（omnichannel）策略的機會（如果有的話）？我想了解你們打算如何運用這項資產？

And third, just a clarification on the LMA shortfall that you were mentioning in the previous comments. If you can just clarify, so the impact in Q1 and Q2 and expected impact in Q2?

第三點，只是想釐清一下您在前面評論中提到的 LMA 缺口。如果可以的話，請您再說明一下，Q1 和 Q2 的影響，以及在 Q2 的預期影響？

Yeah, I can get started and hand it over to Max. Yeah so as we mentioned, I think we got up to a decent start for the year, global same-store sales were up just over 1%. But given the mix, neutralizing for FX, our revenue was up about 3%. Italy was the driver of the same-store sales growth.

好的，我先開始回答，然後交給 Max。是的，如同我們提到的，我認為今年開局相當不錯，全球同店銷售成長略高於 1%。但考量組合並剔除匯率影響後，我們的營收約成長 3%。義大利是同店銷售成長的主要驅動力。

They were up about 3% in the first quarter; really had a lot to do -- once again, just another quarter -- great game innovation and great vitality of the Italian market. I think the product launch is our EUR30 ticket was very effective. The multi-bed payslips, I think, on Lotto have been effective. And certainly, iLottery in that market being up almost 30% continues to be a driver.

第一季約成長 3%；這很大程度上仍然是—再一次，又是一個季度—出色的遊戲創新，以及義大利市場非常強勁的活力所帶動。我認為我們推出的 30 歐元票價產品非常有效。我認為 Lotto 的多重投注票（multi-bed payslips）也很有效。當然，該市場的 iLottery 成長接近 30%，持續成為驅動因素。

In the US, same-store sales for the first quarter we're flattish compared to the prior year. But again, we had a good mix that enabled us to be up for the quarter. The driver there has also been iLottery. That was up about 30% for the quarter -- actually more than 30% for the quarter.

在美國，第一季同店銷售與去年同期大致持平。但同樣地，我們有良好的組合，使得本季仍能成長。那裡的驅動因素同樣是 iLottery。本季約成長 30%—實際上本季超過 30%。

And we've again got this scenario with a very weak multi-state jackpot. As Max mentioned, the number of hits was really remarkable for the first quarter of this year. And then the rest of the world was fine. Actually, we were up between 5% and 6% in the rest of the world, including Belgium, Poland, Czech Republic.

而我們再次面臨多州頭獎（multi-state jackpot）非常疲弱的情況。如 Max 所提到的，今年第一季的中獎次數確實非常驚人。至於世界其他地區表現良好。實際上，我們在世界其他地區成長約 5% 到 6%，包括比利時、波蘭、捷克共和國。

When we look out to the second quarter, I think the trends are in line with what we've seen. They're in the flattish range to up a bit. And as we talked about -- or Max really talked about, it's the second-half of the year that we get excited about when we think about all the initiatives that are to take place, including not only the lottery ticket sales but also some of the categories in the product area that we feel very confident are imminent.

展望第二季，我認為趨勢與我們所看到的相符。大致在持平到小幅成長的區間。而如同我們談到的—或者說 Max 主要談到的—當我們想到下半年將推動的所有舉措時，我們會更感到振奮；這些舉措不僅包括彩券票券銷售，也包括產品領域中的一些類別，我們非常有信心很快就會推出。

And then shifting on over to your question around Italy B2C. So I'd say the numbers that we've achieved so far have been -- have shown really good progress with minimal marketing efforts so far. A big part of the effort has been to assemble a group of games that we think is really -- really optimizes the offering to consumers as well as putting together features and functionality so that when we do the full launch, the full capabilities launch, the ability to take wagers on the My Lotteries app that consumers are impressed and view this as a viable alternative.

接著回到您關於義大利 B2C 的問題。我會說，到目前為止我們達成的數字—在目前行銷投入很有限的情況下—已展現出非常好的進展。這項工作的很大一部分，是組建一套我們認為能真正—真正—最佳化消費者產品組合的遊戲，同時也打造功能與使用體驗，讓我們在全面上線、完整能力上線後，能在 My Lotteries App 上接受投注，讓消費者留下深刻印象，並將其視為可行的替代選擇。

And the growth that we've had so far, as you'd expect, has been around the iLottery market share. And that was really the design of the plan. That drives the success of the plan and then to a lesser extent, also offering consumers the ability to play iCasino games and sports bet. And I think what's most exciting about that opportunity is the ability to work with our retail network as well as leverage the folks that are using the app and the website on a daily basis.

而到目前為止的成長，如您所預期，主要來自 iLottery 的市占提升。這也正是該計畫的設計初衷。這驅動了計畫的成功；其次，較小部分則是讓消費者也能玩 iCasino 遊戲與運動博彩。我認為這個機會最令人興奮之處，在於我們能與零售網絡合作，同時也能運用每天使用 App 與網站的用戶。

We've mentioned in the past, the retail players primarily have used the app historically for checking winnings on tickets, and that number of monthly visitors here is somewhere around 1 million. So we have a lot of outstanding leadership position touch points with consumers.

我們過去提過，零售端玩家歷來主要使用 App 來查詢彩券是否中獎，而每月造訪人數約在 100 萬左右。因此，我們與消費者之間有非常多、且具領先地位的接觸點。

And so I think when we get this full functionality in place, we'll be able to utilize all these channels, retail and digital, to drive brand awareness. And our thinking is that will help to drive player acquisition, and a lot of it has to do with the retailer engagement, and all that is coming very soon.

因此我認為，當完整功能到位後，我們將能運用所有這些通路—零售與數位—來提升品牌知名度。我們的想法是，這將有助於帶動玩家獲取（player acquisition），其中很大一部分與零售商的參與度有關，而這些都將在近期很快到來。

And I'll hand it over to Max to handle the LMA question.

我把 LMA 的問題交給 Max 來回答。

Yeah, thank you, Vince. So thank you for asking the question. Obviously, we are very frustrated with the recent performance of our contracts, particularly in New Jersey. There are very specific reasons why, at the end of the day, this contract didn't perform.

好的，謝謝你，Vince。也謝謝你提出這個問題。顯然，我們對近期合約表現非常沮喪，尤其是在新澤西州。歸根結底，這份合約未能達標有非常具體的原因。

Some of those are related to some specificity associated with how relevant the multi-stage effort game is in New Jersey versus the rest of the country. We're talking about an exposure or a penetration of multi-stage echo games in New Jersey that is about 3 percentage points higher than the average of the United States.

其中一些原因與新澤西州相較於全美其他地區，多階段累積型遊戲（multi-stage effort game）的相關性差異有關。我們談的是，新澤西州多階段累積型遊戲的曝險或滲透率，比美國平均高約 3 個百分點。

In addition to that, the payout on the multi-stage echo games is around 50% versus over 70% on instant games. So any shortfall on same-store sales that comes to provision as a result of lower multi-stage efforts have an outside impact to the net income generation for the state and, hence, that impact flow through at 50% to the incentive shortfall scheme.

此外，多階段累積型遊戲的返獎率約為 50%，而即開型遊戲（instant games）則超過 70%。因此，任何因多階段累積型遊戲走弱而導致的同店銷售缺口，在州政府的淨收益（net income）產生上會造成不成比例的影響，進而該影響會以 50% 的比例反映到獎勵不足（incentive shortfall）機制中。

Having said that, these are very lucrative contracts. I mean, in the last 13 years, we went back and looked at what have we generated. Over the last 13 years, we've been able to generate, on average, at least $10 million per year on the New Jersey contract. So here, the question is really how to structurally reduce the exposure of the contract to the jackpot volatility by structurally enhancing the underlying fundamentals of the business?

話雖如此，這些都是非常有利可圖的合約。我的意思是，在過去 13 年，我們回頭檢視了我們創造了什麼。在過去 13 年中，我們在新澤西合約上平均每年至少能創造 1,000 萬美元。所以這裡真正的問題是：如何透過結構性強化業務基本面，來結構性降低合約對頭獎波動的曝險？

And the initiatives that Vince and I have mentioned during the call, particularly the expansion of vending machines, the increase in retail point of sales, as well as the game rejuvenation and also the combination of the modification of return to state, which have allowed us to effectively work around the payout. And that transition is underway. We are probably in the middle of it.

而我與 Vince 在電話會議中提到的各項舉措，特別是擴增自動販售機、增加零售銷售點，以及遊戲更新（rejuvenation），再加上調整回饋州政府（return to state）的組合，讓我們得以有效地在返獎率上做出因應。而這項轉換正在進行中。我們大概正處於中段。

We completed 50% of that gain transition, so there is another few months to go to fully rejuvenate the portfolio of game. We are confident that, structurally, we will improve the sales performance of this contract overall and, hence, reduce the exposure to the volatility of the jackpot games.

我們已完成約 50% 的遊戲轉換，因此還需要再幾個月，才能全面更新遊戲組合。我們有信心，從結構面來看，我們將改善這份合約整體的銷售表現，從而降低對頭獎型遊戲波動的曝險。

So once the jackpot games perform, there is definitely an opportunity to overachieve on that net income target and effectively generate an incentive, overall, down the road. So again, we remain positive and optimistic around the importance of this contract in our portfolio, and we continue to work on improving structurally the fundamentals of our business within that contract. Thank you.

因此，一旦頭獎型遊戲表現回升，確實有機會在該淨收益目標上超額達成，並在未來有效產生整體獎勵。所以再次強調，我們對這份合約在我們組合中的重要性仍保持正向與樂觀，同時也持續努力在該合約範圍內，結構性改善我們業務的基本面。謝謝。

David Katz, Jefferies.

David Katz，Jefferies。

I wonder if you could just talk about iLottery in the context of a TAM. Longer-term view, are we talking about, obviously, growth within what's on your plate right now, but future states, is there any update that we can talk about there that's realistic? And then some kind of a global walk around would be helpful there too? Just get a sense for how big the opportunity could ultimately be for Brightstar.

我想請您談談 iLottery 在 TAM（總可服務市場）的脈絡下如何看待。從較長期的角度來看，除了目前你們手上正在推進的成長之外，未來其他州的拓展方面，有沒有任何務實可談的最新進展？另外，如果能提供一個全球性的概覽也會很有幫助。想更了解對 Brightstar 而言，這個機會最終可能有多大。

Yeah, David, it's difficult to say how quickly states will adopt iLottery and which ones they will be -- of course, we've got our board that we're constantly following and tracking. But it's clearly -- as we've reported out the growth for years now, quarter in and quarter out, it's been pretty impressive. And the research we've done shows it not only brings in existing lottery players, but brings in players that just don't have the habit of frequenting retail operations.

是的，David，很難說各州會多快採用 iLottery，以及會是哪些州——當然，我們有董事會，我們一直在持續關注並追蹤。但很明顯——正如我們多年來一直對外報告的成長一樣，一季接一季，表現相當亮眼。而我們所做的研究顯示，它不僅帶來既有彩券玩家，也帶來那些原本沒有習慣經常去零售通路的玩家。

You look at the courier services, for example, they charge a pretty hefty premium for the convenience of digital lottery -- of purchasing tickets without having to go to the store versus the states that have full-fledged iLottery operations that don't charge an incremental premium. And yet the couriers have generated a fair amount of incremental sales.

以代購（courier）服務為例，他們為了數位彩券的便利性——也就是不必到店就能購買彩券——會收取相當高的溢價；相較之下，那些擁有完整 iLottery 營運的州並不會收取額外溢價。然而，代購仍然帶來了相當可觀的增量銷售。

In fact, part of our challenge -- part of -- one of the things in the negative column for us over this past year, continuing into the first quarter, is the decline in sales of one of our big jurisdictions, Texas. And we can attribute that largely to the reversal on couriers and the elimination of couriers, whereas courier sales had been pretty significant in that state that did not permit and still does not permit ILottery.

事實上，我們的挑戰之一——在過去一年、並延續到第一季，對我們不利的一項因素——是我們一個大型轄區德州的銷售下滑。而我們可以將其主要歸因於對代購的政策反轉以及代購的取消；在該州，代購銷售曾相當可觀，而該州不允許、且至今仍不允許 iLottery。

So it's difficult for us to control that. So our focus has been to continue to deliver upgraded platform, including best-in-class game recommendation engine, to continue to prove our superior capabilities in the marketplace. We've got the 11 customers live right now in US as well as in Europe.

因此這點很難由我們控制。所以我們的重點一直是持續交付升級後的平台，包括同級最佳的遊戲推薦引擎，以持續證明我們在市場上的卓越能力。我們目前在美國以及歐洲共有 11 家客戶已上線營運。

And also expand our content offering to the markets where we don't have the platform. And we mentioned we've launched in Virginia, as well as several other markets we expect to be online when Massachusetts launches, et cetera. So I think we're positioned really well.

同時，也在我們尚未提供平台的市場擴大內容供給。我們提到過，我們已在維吉尼亞州上線，此外還有數個市場，我們預期在麻薩諸塞州上線時等也會同步上線，等等。所以我認為我們的布局非常到位。

In terms of what else is going to be launched, we have the platform for a couple of markets, including New Jersey, and we think there's a good chance our lottery launches in New Jersey; Missouri, that is coming up, we believe, in the future. And I think Sao Paulo will be pretty interesting over time.

至於還會推出哪些項目，我們已為幾個市場提供平台，包括新澤西州；我們認為我們的彩券在新澤西州上線的機會很大。密蘇里州方面，我們相信未來也會推進。而我認為聖保羅（Sao Paulo）隨著時間推移也會相當有意思。

And then also the development, I think, of the games, including progressive jackpot games and potentially multi-state games as well. So we're busy constantly innovating. We think that's the thing to do as we see how things progress.

另外還有遊戲的開發，我認為包括累積獎金（progressive jackpot）遊戲，以及可能的跨州（multi-state）遊戲。因此我們一直忙於持續創新。我們認為，隨著情勢演進，這就是我們應該做的事。

But as we've said in the past, we believe the lottery directors around the country are very aware of the success that the states who have launched that lottery, the success they've had, and the accelerated growth profile that they've enjoyed. And clearly, that's -- I think that's something that they're very focused on. Exactly where the next ones come from, we're not sure.

但正如我們過去所說，我們相信全國各地的彩券主管都非常清楚，那些已推出該彩券的州所取得的成功，以及他們所享有的加速成長態勢。而很明顯——我認為這是他們非常關注的重點。至於下一批會從哪些州出現，我們並不確定。

And I would say one other item as well, as you think about the digitization opportunity as being an area for growth for lotteries, and, of course, one of the reasons is it gives you, in addition to convenience, which is what the couriers offered. What the couriers don't offer that we offer in a full-fledged iLottery market is the e-instant games, which in our experience, that's very different from traditional scratch cards and pretty fun and exciting different experience that players clearly enjoy.

另外我還想補充一點：當你把數位化機會視為彩券成長領域時，當然其中一個原因是，除了便利性（也就是代購所提供的）之外，它還能帶來更多。代購無法提供、但我們在完整 iLottery 市場能提供的是電子即開（e-instant）遊戲；依我們的經驗，這與傳統刮刮樂非常不同，是相當有趣、令人興奮的不同體驗，玩家顯然很喜歡。

And just one other item around the area. I'm not even sure if I would call it innovation, but just how lotteries could have potential incremental growth opportunity, and that's been in the area of cashless. So the cashless adaptation in markets is fairly low. And when you think about digital as the way that everybody is transacting, most states aren't even permissive of non-cash transactions, which is astonishing given this 2026.

再補充一點關於這個領域。我甚至不確定是否該稱之為創新，但彩券可能有潛在的增量成長機會，那就是在無現金（cashless）方面。因此，各市場對無現金的採用率相當低。而當你想到數位已是大家交易的方式，多數州甚至不允許非現金交易——考量到現在是 2026 年，這令人驚訝。

And again, I know the lotteries are aware of the trend among consumers to embrace cashless. And I think there's several states that are either adding or considering adding cashless, starting off with the machines, with the lottery machines. And I think that will also -- has the opportunity to significantly increase purchases.

再者，我知道彩券機構也意識到消費者擁抱無現金的趨勢。我認為有幾個州正在加入或考慮加入無現金支付，先從機台開始，也就是彩券機台。而我認為這也——有機會顯著提高購買量。

And we've seen the states that do provide for cashless have had a significantly greater amount of sales per transaction as a result of that. And we're not -- the numbers are difficult, but we also believe that the number of transactions are greater as well.

我們看到，提供無現金支付的州，其每筆交易的銷售額因此顯著提高。而且我們——數字很難精確，但我們也相信交易筆數同樣有所增加。

We have reached the end of the Q&A session. I will now turn the call back to Vince Sadusky, CEO, for closing remarks.

問答環節到此結束。我現在把電話交回給執行長 Vince Sadusky 作結語。

Yeah, it was a solid start to the year based on the strength of our global portfolio and really good disciplined execution by the team. And again, we think that reinforces the continued resilience of lottery. As we look ahead, we're executing well against our strategic priorities. We're investing in our higher return growth initiatives, such as iLottery and B2C in Italy.

是的，憑藉我們全球產品組合的強勁表現，以及團隊非常出色且有紀律的執行，今年開局穩健。而且再次，我們認為這也強化了彩券業務持續的韌性。展望未來，我們正針對策略優先事項執行得很到位。我們正在投資於更高報酬的成長計畫，例如 iLottery 以及義大利的 B2C。

And we also believe that we have good visibility in the second half of the year for good revenue and profit drivers. We remain focused on our execution and our strong cash generation, long-term value creation, and we appreciate everybody continuing to support Brightstar and your interest in the company. Thank you.

我們也相信，對於下半年良好的營收與獲利驅動因素，我們具備良好的能見度。我們仍專注於執行力與強勁的現金創造、長期價值創造；也感謝各位持續支持 Brightstar 並關注本公司。謝謝。

This concludes today's call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位與會。您現在可以掛線。