Codere Online Luxembourg SA (CDRO) 2023 Q4 法說會逐字稿

Good morning.

早安.

My name is Audra and I will be your conference operator today.

我叫奧德拉，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Codere Online fourth quarter and full year 2023 financial results conference call.

此刻，我歡迎大家參加Codere Online第四季及2023年全年財務業績電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

All lines have been placed on mute to prevent any background noise.

所有線路均已靜音，以防止任何背景噪音。

After the speaker's remarks, there will be a question-and-answer session.

演講者發言後，將進行問答環節。

(Operator Instructions) At this time, I would like to turn the conference over to Guillermo Lancha, Head of Investor Relations.

（操作員指示） 現在，我想將會議交給投資者關係主管 Guillermo Lancha。

Please go ahead.

請繼續。

Thanks, operator, and welcome, everyone, to Codere Online's earnings call for the fourth quarter and full year 2023.

感謝營運商，並歡迎大家參加 Codere Online 的第四季和 2023 年全年財報電話會議。

Today, you will hear from our CEO, Aviv Sher; and CFO, Oscar Iglesias.

今天，您將聽到我們的執行長 Aviv Sher 的講話；財務長奧斯卡·伊格萊西亞斯。

Our Executive Vice Chairman, Moshe Edree, will also join us in the Q&A section.

我們的執行副主席 Moshe Edree 也將加入我們的問答環節。

Before turning the call over to Aviv, I'd like to remind everyone that during this call, we will be referring to a presentation we uploaded to our website earlier today, which includes non-GAAP financial metrics, such as net gaming revenue or adjusted EBITDA, for which you can find reconciliations in the appendix of the presentation.

在將電話轉交給 Aviv 之前，我想提醒大家，在這次電話會議中，我們將參考今天早些時候上傳到我們網站的演示文稿，其中包括非 GAAP 財務指標，例如淨遊戲收入或調整後的EBITDA，您可以在簡報的附錄中找到其調整表。

Please note that all growth rates discussed during this call are year-on-year comparisons, unless noted otherwise.

請注意，除非另有說明，本次電話會議中討論的所有成長率均為同比比較。

Let me also remind you that our accounting information is prepared under IFRS accounting standards.

我還要提醒您，我們的會計資訊是根據 IFRS 會計準則編制的。

And that, throughout this presentation, all monetary figures will be in Euro unless expressed otherwise.

並且，在整個簡報中，除非另有說明，所有貨幣數字均以歐元為單位。

Finally, please note that a replay and transcript of this call will be available on our website at codereonline.com, where you can also sign up for us for our investor.

最後，請注意，本次電話會議的重播和文字記錄將在我們的網站 codereonline.com 上提供，您也可以在該網站上為我們的投資者註冊。

With that, I will go ahead and pass the call on to Aviv.

這樣，我將把電話轉給阿維夫。

Thank you, Guillermo, and thanks, everyone, for joining us today.

謝謝吉列爾莫，也謝謝大家今天加入我們。

I'm very excited to present our fourth quarter 2023 earnings and discuss another record-setting quarter for our company, which has allowed us to end the year well ahead of our expectations and continue delivering upon our commitments to investors.

我很高興介紹我們 2023 年第四季度的收益，並討論我們公司另一個創紀錄的季度，這使我們能夠遠遠超出我們的預期結束這一年，並繼續履行我們對投資者的承諾。

These results also lay groundwork for achieving 2024 profitability target, which we will discuss later.

這些結果也為實現2024年的獲利目標奠定了基礎，我們將在稍後討論。

Let's jump straight into the highlights of the fourth quarter of 2023.

讓我們直接進入 2023 年第四季的亮點。

On page 8, we delivered EUR50 million in net gaming revenue, 33% above Q4 2022, despite a tough comparison with the World Cup in prior-year period.

在第 8 頁，我們實現了 5,000 萬歐元的淨遊戲收入，比 2022 年第四季成長 33%，儘管與去年同期的世界盃進行了艱難的比較。

This was partially driven by the increasing contribution from our casino segment, which for the second consecutive quarter accounted for 58% of our net gaming revenue.

部分是由於我們賭場業務的貢獻不斷增加，該業務連續第二季占我們博彩淨收入的 58%。

As we continue to focus, not only on acquiring casino first players, given the attractive CPAs and strong player values we see across the segment, but also on crossing sports betting customer over to casino to maximize overall player yield.

鑑於我們在整個細分市場中看到的有吸引力的註冊會計師和強大的玩家價值，我們不僅繼續關注獲取賭場第一玩家，而且還將體育博彩客戶轉移到賭場，以最大限度地提高整體玩家收益。

The growth in net gaming revenue was driven by a significant 35% increase in average monthly spend per customer to EUR120.

每位客戶的平均每月支出大幅增加 35%，達到 120 歐元，推動了淨博彩收入的成長。

At the consolidated level, our active customers dropped slightly to 139,000 due to a mixed effect, with both Spain and Mexico increasing over 15%, but offset by Colombia and lesser extent Argentina markets, which we have been rationalizing the customer portfolio.

在綜合層面，由於混合效應，我們的活躍客戶略有下降至 139,000 名，其中西班牙和墨西哥增長了 15% 以上，但被哥倫比亞和較小範圍的阿根廷市場所抵消，我們一直在合理化客戶組合。

In terms of customer acquisition, first-time depositors increased on a sequential basis by 17% in our core Spanish and Mexican markets together, acquiring over 5,000 more FTDs than in Q4 last year, which benefited from higher levels of activity around the world.

在客戶獲取方面，我們的核心西班牙和墨西哥市場的首次存款人環比增長了 17%，比去年第四季度增加了 5,000 多個 FTD，這得益於全球活動水平的提高。

Something else we are bringing to our attention, this quarter is the significant uplift in projection for target addressable market across LatAm, which we believe are directionally consistent with what we are seeing on the ground.

我們引起我們注意的另一件事是，本季度拉丁美洲目標可尋址市場的預測顯著上升，我們認為這與我們在實地看到的情況在方向上是一致的。

The substantial bulk of this increase is due to Brazil transitioning to the regulated market, but also with significant increases in Mexico, Argentina, and other markets in LatAm.

這一增長的很大一部分是由於巴西向受監管市場過渡，但墨西哥、阿根廷和拉丁美洲其他市場也出現了顯著增長。

These views further reinforce our conviction about the substantial opportunity that lies ahead in the region, in which, Codere online is especially well positioned.

這些觀點進一步堅定了我們對該地區未來蘊藏著巨大機會的信念，Codere online 在這一領域尤其處於有利地位。

With this, I will now turn the call to Oscar to cover the financial highlights of the quarter and the 2024 outlook.

現在，我將致電 Oscar，介紹本季的財務亮點和 2024 年展望。

Oscar?

奧斯卡？

Thanks, Aviv.

謝謝，阿維夫。

Turning now to the financial performance for the quarter on page 10, consolidated net gaming revenue grew by 33% to over EUR50 million.

現在來看第 10 頁的本季財務業績，綜合博彩淨收入成長了 33%，達到超過 5,000 萬歐元。

This growth was driven primarily by our Mexican business, which grew by 54% to EUR25 million, together with the 17% growth in Spain to nearly EUR20 million.

這一成長主要是由我們的墨西哥業務推動的，該業務增長了 54%，達到 2500 萬歐元，西班牙業務增長了 17%，達到近 2000 萬歐元。

This is the third consecutive quarter in which Mexico is our largest business by revenue, and with no signs of slowing down.

以收入計算，這是墨西哥連續第三個季度成為我們最大的業務，並且沒有放緩的跡象。

Adjusted EBITDA was negative EUR4 million in the fourth quarter, almost EUR11 million better than in the fourth quarter of 2022, and included a contribution of nearly EUR8 million from Spain, more than double that of the prior year quarter.

第四季調整後 EBITDA 為負 400 萬歐元，比 2022 年第四季增加了近 1,100 萬歐元，其中包括來自西班牙的近 800 萬歐元的貢獻，是去年同期的兩倍多。

Mexico also contributed to this improvement, with an adjusted EBITDA loss of EUR2 million versus a negative EUR8 million in the prior year period.

墨西哥也為此改善做出了貢獻，調整後的 EBITDA 損失為 200 萬歐元，而去年同期為負 800 萬歐元。

Colombia was roughly breakeven, and together with the rest of our markets, contributed more than EUR2 million to the overall improvement.

哥倫比亞大致實現了損益平衡，與我們其他市場一起，為整體改善貢獻了超過 200 萬歐元。

Looking now at our P&L on page 11, the nearly EUR11 million improvement in adjusted EBITDA in the fourth quarter was driven by the combination of a EUR12 million improvement in net gaming revenue, together with a reduction of more than EUR6 million in marketing investments, along with the slower growth relative to revenue and most of our other operating expense.

現在看看我們第 11 頁的損益表，第四季度調整後 EBITDA 增長了近 1100 萬歐元，這是由於淨博彩收入增長了 1200 萬歐元，加上營銷投資減少了超過 600 萬歐元，相對於收入和大部分其他營運支出而言，成長速度較慢。

Evidence that the significant investment in brand-building and customer acquisition in the first two years post leaseback is starting to bear real fruit.

有證據表明，回租後頭兩年在品牌建立和客戶獲取方面的大量投資已開始取得真正的成果。

Turning to the Spanish operating and financial metrics, net gaming revenue in the fourth quarter increased 17% versus the prior year, driven by a 15% increase in the number of active customers.

就西班牙的營運和財務指標而言，由於活躍客戶數量增加 15%，第四季度遊戲淨收入較上年同期增加 17%。

Our casino business accounted for 57% of our revenue in the quarter, its highest ever quarterly contribution.

我們的賭場業務佔本季營收的 57%，是有史以來最高的季度貢獻。

In Mexico, net gaming revenue was EUR25 million in the fourth quarter, an increase of 54% year on year and 19% sequentially.

在墨西哥，第四季博彩淨收入為2,500萬歐元，較去年同期成長54%，較上季成長19%。

This strong performance was driven by a 16% increase in the number of active customers, and a 32% higher spend per active customer.

這一強勁業績的推動因素是活躍客戶數量增加了 16%，以及每位活躍客戶的支出增加了 32%。

Moving to Colombia on page 15, net gaming revenue was flat versus the prior year quarter at just over EUR2 million, and up 32% sequentially, despite the 41% decrease in active customers, reflecting the improved quality of our customer acquisitions, and as a result, portfolio of active customers.

轉到第 15 頁的哥倫比亞，儘管活躍客戶減少了 41%，但遊戲淨收入與上年同期持平，略高於 200 萬歐元，環比增長 32%，這反映出我們客戶獲取質量的提高，並且作為結果，活躍客戶組合。

Please note that now that Colombia represents less than 5% of our total net gaming revenue starting with Q1 2024 earnings, we will report its results within the other segment together with Argentina and Panama.

請注意，從 2024 年第一季開始，哥倫比亞僅占我們博彩總淨收入的不到 5%，我們將與阿根廷和巴拿馬一起在其他細分市場報告其業績。

Turning to the balance sheet on page 16, as of December 31, 2023, we had EUR41 million of total cash and the balance sheet, of which, approximately EUR36 million was available.

轉到第 16 頁的資產負債表，截至 2023 年 12 月 31 日，我們的現金和資產負債表總額為 4,100 萬歐元，其中可用資金約為 3,600 萬歐元。

In terms of our net working capital position, we ended the quarter with negative EUR22 million or around 13% of our full year 2023 net gaming revenue, which we believe overall reflects a normalized level of working capital for our business.

就我們的淨營運資本狀況而言，本季末我們的淨營運資本狀況為負2,200 萬歐元，約佔2023 年全年淨博彩收入的13%，我們認為這總體反映了我們業務的營運資本正常水平。

Looking at our cash flow on page 17, in 2023, we have utilized approximately EUR11 million of available cash, and the FX impact on cash balances in the year has reduced our position by another EUR2 million.

看看第 17 頁的現金流，2023 年，我們使用了約 1100 萬歐元的可用現金，而當年外匯對現金餘額的影響使我們的頭寸又減少了 200 萬歐元。

Turning to our 2024 outlook on page 18 and taking a look back for perspective, 2022 was a year in which we deployed a significant portion of the proceeds raised in our public listing, and a year in which we prioritize revenue growth and customer acquisitions through higher levels of marketing investment.

轉向第 18 頁的 2024 年展望並回顧過去的觀點，2022 年是我們部署公開上市籌集的大部分資金的一年，也是我們透過更高的收入成長和客戶獲取優先考慮的一年。行銷投資水平。

In 2023, however, we began shifting our focus towards sustainable growth and started taking our foot off the pedal somewhat in terms of marketing investment, giving priority to Spain and Mexico over other geographies.

然而，到了 2023 年，我們開始將重點轉向永續成長，並開始在行銷投資方面有所放鬆，優先考慮西班牙和墨西哥而不是其他地區。

Despite this lower level of overall marketing investment, we were still able to grow revenue by 40% and reduce our adjusted EBITDA losses by almost 80%.

儘管整體行銷投資水準較低，但我們仍能夠將營收成長 40%，並將調整後 EBITDA 損失減少近 80%。

And while we expect the overall marketing investment in 2024, which will largely be in line with 2023, we expect that 2024 will be a year in which we pivot to profitability, generating positive adjusted EBITDA and cash flow on the back of between EUR185 million and 200 million of net gaming revenue.

雖然我們預計 2024 年的整體行銷投資將與 2023 年基本一致，但我們預計 2024 年將是我們轉向盈利的一年，在 1.85 億歐元和 1.85 億歐元之間產生正調整後的 EBITDA 和現金流。遊戲淨收入2億。

In terms of giving specific guidance for adjusted EBITDA, we would like to get a few more months under our belt before doing so.

在為調整後的 EBITDA 提供具體指導方面，我們希望在此之前再多花幾個月的時間。

In addition to having better visibility over the marketing investments, we will be making in and around the Euro Cup, Copa America and the Olympics; all of which, are taking place this summer, which normally has a lower level of activity in terms of sports betting.

除了更了解行銷投資外，我們還將在歐洲盃、美洲盃和奧運會期間及其周邊進行投資；所有這些都發生在今年夏天，通常體育博彩的活動水平較低。

As was the case with the World Cup in 2022, these events present great opportunity to acquire customers, and we will be defining our campaigns and promotional strategy over the coming months.

與 2022 年世界盃的情況一樣，這些活動提供了獲取客戶的絕佳機會，我們將在未來幾個月內制定我們的活動和促銷策略。

With this, we expect to deliver upon our original commitment to investors to be a profitable company, in this now third year after destocking, and are more committed than ever to creating value for our shareholders.

藉此，我們期望在去庫存後的第三年兌現我們對投資者的最初承諾，成為一家盈利的公司，並比以往任何時候都更加致力於為股東創造價值。

That's all from my end.

這就是我的全部。

I will now hand it back over to Aviv for closing remarks.

我現在將其交還給阿維夫進行閉幕致詞。

Aviv?

阿維夫？

Sorry, to Q&A.

抱歉，進入問答環節。

We can open the line for Q&A.

我們可以開通問答熱線。

No?

不？

I'm sorry.

對不起。

Go ahead, Aviv.

繼續吧，阿維夫。

Let me just take it to summarize.

我就簡單總結一下吧。

Thanks, Oscar.

謝謝，奧斯卡。

Before we open to Q&A, I would like to thank the Codere Online team, as always, for their hard work and commitment to the business and their contribution to achieving this amazing results.

在我們開始問答之前，我要一如既往地感謝 Codere Online 團隊的辛勤工作和對業務的承諾，以及他們為實現這一驚人成果所做的貢獻。

We all feel encouraged by what we have accomplished over the last couple of years and the potential of this company going forward.

我們都對過去幾年所取得的成就以及公司未來的潛力感到鼓舞。

As always, thanks to the analysts, investors, and other market participants for your interest and support.

一如既往，感謝分析師、投資者和其他市場參與者的關注和支持。

We look forward to speaking with you again soon.

我們期待很快再次與您交談。

With that said, I will turn back to the operator to open up the call to the Q&A section.

話雖如此，我將返回接線員以打開問答部分的電話。

(Operator Instructions) [Dave Young], Stifel.

（操作員說明）[Dave Young]，Stifel。

Good morning, everyone, thanks for taking my question.

大家早安，感謝您提出我的問題。

This is Dave Young on for Jeff Stantial.

我是傑夫·斯坦蒂爾的戴夫·楊。

So on a full year guidance, Oscar, you reiterated the profitability target with NGR well above where we were previously forecasting.

因此，在全年指導中，奧斯卡，您重申了 NGR 的獲利目標遠高於我們先前的預測。

So I guess philosophically, can you sort of talk about more about whether where you're waiting focus on getting margin expansion, relative to sort of the returns that you're seeing on user acquisition and the growth is still left in particular within Mexico?

所以我想從哲學上來說，你能更多地談談你在等待的地方是否專注於獲得利潤擴張，相對於你在用戶獲取方面看到的回報以及增長仍然存在，特別是在墨西哥？

Sorry, could you repeat the question?

抱歉，您能重複這個問題嗎？

I missed the second half as it relates.

我錯過了與之相關的下半場。

I know you're asking about the guidance for 2024, but I missed the second half of the question, if you could repeat your question.

我知道您問的是 2024 年的指導，但我錯過了問題的後半部分，請您重複您的問題。

Yeah, just talking about more where you're weighing focus on driving margin expansion, relative to the returns that you've been seeing on user acquisition and the growth is still left in Mexico?

是的，只是談論更多您正在權衡的重點是推動利潤率擴張，相對於您在用戶獲取方面看到的回報以及墨西哥的增長仍然存在？

Well, maybe I can just kick it off by saying, I think a number of things can happen over 2024.

好吧，也許我可以先說，我認為 2024 年可能會發生很多事情。

Of course, Argentina is still a market that's of interest to us.

當然，阿根廷仍然是我們感興趣的市場。

And to the extent that there's a greater stability as the year progresses, and we have an opportunity to step into a license in the province

隨著時間的推移，穩定性會越來越高，我們有機會在省內獲得執照

[wanusyas].

[瓦努西亞斯]。

I think that will be a market that increasingly, but cautiously, I would be looking to step into.

我認為這將是一個我會越來越多但謹慎地尋求進入的市場。

But that said, I think the focus will continue to be our two core markets that we've been investing and focusing on over the large part of the last few years: Spain and Mexico.

但話雖如此，我認為重點將繼續是我們在過去幾年的大部分時間裡一直投資和關注的兩個核心市場：西班牙和墨西哥。

That's where we're seeing strength.

這就是我們看到力量的地方。

We're starting to see some of the momentum over bills based on some of the investments we've made over the last few years, especially some of the brand building and the teams are starting to the CRM function as well, starting to work in a way that we expected, but it's nice to see it working in practice.

基於過去幾年我們所做的一些投資，我們開始看到帳單上的一些勢頭，特別是一些品牌建立和團隊也開始使用 CRM 功能，開始在這是我們所期望的方式，但很高興看到它在實踐中發揮作用。

And I think that's going to continue to be our focus.

我認為這將繼續成為我們的重點。

Aviv, I don't know if you have any other comments you want to make in terms of our focus geographically or otherwise?

Aviv，我不知道您對於我們的關注重點在地理上或其他方面是否還有其他意見？

No, I think I think you covered it well.

不，我認為你說得很好。

Again, we are focusing on our core markets.

再次強調，我們專注於我們的核心市場。

I think we see very good CPAs in terms of the cost of FTDs that we are bringing in, and we see the return a quite fast or even faster than expected.

我認為，就我們引入的 FTD 成本而言，我們看到了非常好的 CPA，而且我們看到回報相當快，甚至比預期更快。

We are always with this dilemma of continuing to invest all in doing the EBITDA.

我們始終面臨著繼續全力投資 EBITDA 的困境。

But as you can see through the revenues, we are growing faster than expected.

但正如你從收入中看到的那樣，我們的成長速度比預期的要快。

So I think we will continue with growth, as I said, and achieving EBITDA positive, cash flow positive going forward.

因此，正如我所說，我認為我們將繼續成長，並在未來實現 EBITDA 為正值、現金流為正值。

Great, thanks.

萬分感謝。

And then, Brazil is targeted to launch this summer.

然後，巴西計劃於今年夏天推出。

It seems like most large global operators are looking to establish a foothold there one day.

似乎大多數大型全球營運商都希望有一天能夠在那裡立足。

So ahead of this, I'm just curious if you guys have seen any incremental competitive interest on any of your Latin American markets, in particular, Mexico?

因此，在此之前，我很好奇你們是否在拉丁美洲市場（特別是墨西哥）看到了任何增量的競爭興趣？

And sort of as a corollary, how do you guys think about long-term value, maximizing strategic outcomes here and whether that's continuing to build and scale and expand geographically or perhaps monetizing the business to global operators rolling up high-quality local leaders?

作為一個推論，你們如何看待長期價值，最大化這裡的戰略成果，以及是否繼續在地理上建立、規模化和擴張，或者可能將業務貨幣化給全球運營商，吸引高素質的當地領導者？

I will take it, Oscar.

我會接受的，奧斯卡。

I think I think regarding Brazil, it's a very interesting market also for us.

我認為巴西對我們來說也是一個非常有趣的市場。

We are looking into it, obviously.

顯然，我們正在調查它。

I've commented on that on the past, so we continue to look into that.

我過去曾對此發表過評論，因此我們將繼續對此進行調查。

Regarding our core markets, we still see huge opportunity for growth for us and the good investment opportunities in terms of media.

對於我們的核心市場，我們仍然看到巨大的成長機會以及媒體方面良好的投資機會。

So we will continue to focus there.

所以我們將繼續關注那裡。

And as I said, they're trying to be a local the local heroes or local leaders with a global brand.

正如我所說，他們正在努力成為本地人、本地英雄或具有全球品牌的本地領導者。

So we continue this strategy and continue our focus in those two markets where we see good, very, very good ROI, and continue to make investments there until we reach our targets.

因此，我們繼續這項策略，繼續關注這兩個我們看到良好、非常、非常好的投資報酬率的市場，並繼續在那裡進行投資，直到我們達到我們的目標。

Great, thank you.

太好了謝謝。

And if I could just squeeze another, it looks like cost per acquisition with a touch higher than recent quarterly trends.

如果我能再擠一點的話，每次收購成本看起來都比最近的季度趨勢更高。

Is there anything going on there that's worth calling out?

那裡有什麼值得呼籲的事嗎？

Yes, it's mainly the cost of acquisition going up.

是的，主要是收購成本上升。

It's mainly because we are shifting more to casino segment players and those players, let's call, they are more expensive than the sports player.

這主要是因為我們正在將更多的注意力轉向賭場細分玩家，而這些玩家，我們可以這麼說，他們比運動玩家更貴。

So it makes sense that on a consolidated mix basis, you will see the CPA goes up, (multiple speakers) but those player values are higher.

因此，在綜合混音的基礎上，您會看到 CPA 上升（多個演講者），但這些玩家的價值更高，這是有道理的。

Yeah, it's also a mix effect, given that we've deemphasized, for example, acquisition over the past year, in a market like Colombia, where you're acquiring it at much lower price points.

是的，這也是一種混合效應，例如，考慮到我們在過去一年中不再強調收購，在像哥倫比亞這樣的市場上，你可以以更低的價格收購它。

So some of that is also a mix effect with the higher CPAs and those payments in Mexico.

因此，其中一些也是墨西哥較高的註冊會計師和這些付款的混合效應。

Pat McCann, Noble Capital Markets.

帕特·麥肯，高貴資本市場。

Hey, guys, thanks for taking my question.

嘿，夥計們，謝謝你提出我的問題。

My first question had to do with something you guys mentioned last call about Q4 and I believe you said that was a good time around the holidays and whatnot to step up marketing spend.

我的第一個問題與你們上次電話中提到的有關第四季度的事情有關，我相信你們說這是假期前後加強行銷支出的好時機。

And then, of course, today, you mentioned the Olympics, Copa America, World Cup.

當然，今天你提到了奧運、美洲盃、世界盃。

As we look ahead, I guess I'm wondering, how marketing spend what that will look like in 2024 and which events we should really keep our eye on as the biggest marketing events for your markets and how long how long of runway to do those events extend to, as far as when you start ramping up maybe marketing around those events, and then when you kind of start to pull back on it?

當我們展望未來時，我想我想知道，行銷支出在 2024 年會是什麼樣子，我們應該真正關注哪些活動作為您所在市場最大的行銷活動，以及開展這些活動需要多長的時間事件延伸到，當你開始加強圍繞這些事件的行銷，然後你什麼時候開始撤回它？

And maybe I'm not thinking of it correctly, but just wanted to get your thoughts on that?

也許我的想法不正確，但只是想聽聽您的想法？

Yeah, I can take I can take that question.

是的，我可以接受這個問題。

Look, I think in terms of just a directional guide for total marketing investment in 2024, I think as we commented in the prepared remarks, similar levels of what we did in 2023.

看，我認為就 2024 年總行銷投資的方向性指南而言，我認為正如我們在準備好的評論中所評論的那樣，與我們在 2023 年所做的水平類似。

Obviously, as a percentage of NGR, with the NGR continuing to grow on a relative standpoint, as a percentage of sales, we'll continue to decline in the same way.

顯然，作為 NGR 的百分比，從相對的角度來看，隨著 NGR 繼續成長，作為銷售額的百分比，我們將繼續以相同的方式下降。

It declined from 80% of revenue in 2022 to something around a little bit below 50% of revenue and '23, you'll probably see a similar trend in '24 of a nominally similar level of overall nominal invest.

它從 2022 年佔收入的 80% 下降到略低於收入的 50%，到 23 年，您可能會在 24 年看到類似的趨勢，總體名義投資水平名義上相似。

In terms of some of these bigger events, and obviously what you saw in Q4 as well is similar to last year, similar to the prior year period where we have the World Cup, we invested into some of the strength we are seeing in Spain and Mexico going into year-end.

就其中一些較大的賽事而言，顯然您在第四季度看到的情況也與去年相似，與我們舉辦世界盃的前一年相似，我們投資了我們在西班牙看到的一些實力，墨西哥即將進入年底。

So that's why you see a similar if we were tracking a EUR20 million a quarter in terms of marketing investment.

因此，如果我們每季追蹤 2000 萬歐元的行銷投資，您會看到類似的結果。

I think we did something like EUR25 million in Q4, and we're starting to see some of the benefit of that in terms of some strength we're seeing opening in the year here over the first two months of 2024.

我認為我們在第四季度投入了 2500 萬歐元，我們開始看到這樣做的一些好處，即我們在 2024 年頭兩個月看到的一些實力。

Around these specific events, what's interesting is, they take place during our seasonally slower summer months, at least from a sports betting standpoint.

圍繞著這些特定事件，有趣的是，它們發生在季節性較慢的夏季，至少從體育博彩的角度來看是如此。

So the start times of these events are a little bit different in Europe Cup is mid-June to mid-July; Copa America which obviously is happening in Central Latin America is June 20 to mid-July.

所以這些賽事的開始時間有點不同，歐洲盃是6月中旬到7月中旬；顯然，美洲杯將於 6 月 20 日至 7 月中旬在中拉丁美洲舉行。

And then, the Olympics start a little bit later end of July until the second week of August.

然後，奧運會將在七月底晚些時候開始，直到八月的第二週。

So it's interesting because it gives us something to keep our customers engaged.

所以這很有趣，因為它為我們提供了一些東西來保持客戶的參與。

In terms of the sequencing of that investment, I think typically, there's a lot of pre-work that's done in terms of making sure we have the inventory that we want going into those events, around those events, leading up to those events.

就投資的順序而言，我認為通常會做很多前期工作，以確保我們擁有我們想要進入這些事件、圍繞這些事件、導致這些事件的庫存。

But mostly the consumption is happening during the during the events themselves.

但大部分的消費是在活動期間發生。

But I'll defer to Aviv on that in terms of any other color he wants to I make around the, let's say, a special sporting events.

但我會尊重阿維夫關於他想要我圍繞特殊體育賽事製作的任何其他顏色的意見。

Yeah, I would just add a few bullets to what Oscar have summarized there.

是的，我只想在奧斯卡總結的基礎上添加一些要點。

First of all, Copa America, Mexico is backplane.

首先是美洲杯，墨西哥是背板。

It hasn't happened for years, so of course, there is a lot of hype around this event.

這種情況已經很多年沒有發生了，所以當然，圍繞這一事件有很多炒作。

We are looking into that.

我們正在調查此事。

In Spain, always the leads the Europe in a very interesting team to follow.

在西班牙，總是以一支非常有趣的球隊引領歐洲。

So those kind of lead us, the more they are the events in those the sports events, the better that we are doing and the more money that need spend into marketing, so we are following those two groups or teams very closely and how they perform.

所以這些引導我們，體育賽事中的項目越多，我們做得越好，行銷上需要花的錢就越多，所以我們非常密切地關注這兩個團體或團隊以及他們的表現。

Olympics, I think it will be an interesting event, I think it's less sporting betting events at least based on the past, but the we will provide with result from Formula and UFC that they are they getting traction.

奧運會，我認為這將是一項有趣的賽事，我認為至少從過去來看，這不是體育博彩賽事，但我們將提供方程式和 UFC 的結果，表明它們正在受到關注。

So maybe the Olympics, this time they will also get traction, so we are looking into that closely.

所以也許奧運會，這次他們也會受到關注，所以我們正在密切關注這一點。

Aviv, speaking of UFC, I think we have a Spanish featherweight champion in still.

阿維夫，說到 UFC，我認為我們還有一位西班牙羽量級冠軍。

Yes, UFC becomes very interesting.

是的，UFC變得非常有趣。

We see a lot of that traction in the social networks, as well as the betting.

我們在社交網路以及博彩中看到了很多這種吸引力。

So I think UFC becomes interesting for us.

所以我認為 UFC 對我們來說變得很有趣。

Yeah, great.

很好。

And then on my other question has to do with how you mentioned strength in the casino revenue.

然後我的另一個問題與您如何提到賭場收入的實力有關。

And I guess, how do the dynamics between the performance of sports betting revenue versus casino revenue affect your marketing strategy?

我想，體育博彩收入與賭場收入之間的動態如何影響您的行銷策略？

And do the customer demographics change in a significant enough way that you'd pivot between different acquisition strategies based on the performance trends of those two revenue categories?

客戶人口統計的變化是否足夠顯著，以至於您可以根據這兩個收入類別的績效趨勢在不同的獲取策略之間進行調整？

Aviv, do you want to get started and I'll jump in?

阿維夫，你想開始嗎？我來加入吧？

Yes, so basically, those are two different products in general.

是的，基本上，這些是兩種不同的產品。

Of course, there are some synergies and some overlaps and we can put some of the players, maybe to a specific casino games such as [leto], blackjack. because they have both the demographics and the agenda of the changes between casino and sports betting.

當然，存在一些協同作用和一些重疊，我們可以將一些玩家放到特定的賭場遊戲中，例如[leto]、二十一點。因為他們擁有賭場和體育博彩之間的人口統計和變化議程。

And so, we treat it like two different products.

因此，我們將其視為兩種不同的產品。

We do the marketing differently, a little bit better product.

我們以不同的方式進行行銷，提供更好的產品。

Of course, the retention and the CRM efforts are totally different.

當然，保留和 CRM 工作是完全不同的。

In terms of revenue, we see more stability because on the casino front.

就收入而言，我們看到賭場方面更加穩定。

And this helps us, let's say, balance of the sports margin that can be quite a bit unstable with higher volatility.

比如說，這有助於我們平衡體育利潤，而隨著波動性較高，體育利潤可能會變得相當不穩定。

This way, we are able to stabilize our revenues.

這樣，我們就能夠穩定我們的收入。

Of course, the so I think the strategy will continue to be as much as we can as I spoke of trying to cross the player that we can into casino.

當然，所以我認為策略將繼續盡可能多，正如我所說的，試圖讓我們可以進入賭場的玩家。

And separately, we continue our efforts to market the casino to different demographic and different segments.

另外，我們繼續努力向不同人群和不同細分市場推銷賭場。

Yes, I would just add that ,in addition to always looking for ways to further harness the omnichannel opportunity for us in certain markets in terms of product offering, trying to get those retail customers offers across the play in both channels, so that's also something that always a work in progress.

是的，我想補充一點，除了始終尋找方法來進一步利用我們在某些​​市場的產品供應方面的全通路機會外，還試圖讓這些零售客戶在兩個通路中提供跨通路的產品，所以這也是一些事情這始終是一項正在進行的工作。

And technologically, it's not always simple to do, but it's also now two for us going forward.

從技術上來說，這並不總是那麼容易做到，但現在對我們來說也有兩個。

Great.

偉大的。

Thanks, guys.

多謝你們。

I will stop there.

我就到此為止。

Appreciate it.

欣賞它。

All right.

好的。

Thanks, Pat.

謝謝，帕特。

(Operator Instructions) I will hand the call over to Guillermo for webcast questions.

（操作員指示）我會將電話轉交給吉列爾莫以解答網路廣播問題。

Thanks.

謝謝。

So it looks like we don't have any questions coming in through the webcast at the moment.

所以目前看來我們沒有透過網路廣播提出任何問題。

So maybe a final reminder if anyone wants to ask?

如果有人想問的話，也許是最後的提醒？

Go for it, and otherwise, we will end it here.

去吧，否則，我們就到此結束。

Okay, so it looks like we have no further questions.

好的，看來我們沒有其他問題了。

If anybody wants to follow up on any of the topics we discussed, feel free to reach out.

如果有人想跟進我們討論的任何主題，請隨時與我們聯繫。

And if not, we will speak again with our Q1 earnings in mid-May, the beginning of May.

如果沒有，我們將在 5 月中旬、5 月初再次討論我們的第一季財報。

Thank you, everyone, for joining.

謝謝大家的加入。

Great.

偉大的。

Thanks, everybody.

謝謝大家。

Thanks for the questions.

感謝您的提問。

And this concludes today's conference call.

今天的電話會議到此結束。

Again, thank you for your participation.

再次感謝您的參與。

You may now disconnect.

您現在可以斷開連線。